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*US. ADM
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COPYRIGHTED IN
VOL. 146.
1938 BY WILLIAM B. DANACOMPANY, NEW YORK.
ENTERED AS SECOND-CLASS MATTER JUNE23. 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, MAY 14, 1938
'"u'dW£"oo3P.?C/0op,~
William cor Spruce SU
brooklyn trust
NO. 3803.
N Y C«tv
THE CHASE
B A NK
company
.
NATIONAL BANK
Chartered 1866
OF
OF
THE
CITY
OF
NEW
YORK
George V. McLaughlin
The
President
N E W
BROOKLYN
NEW YORK
chase is
tra-
ditionally a bankers' bank.
For
many
years
it
has
Member Federal Deposit Insurance
served
YORK
Corporation
large number
a
of banks and bankers
as
New York
correspondent
and
& TRUST COMPANY
depository.
reserve
White, Weld & Co.
Member Federal
Members New York Stock
Deposit Insurance
Corporation
Exchange
Boston
New York
Public
Amsterdam
London
Utility
Bonds
Representatives' Offices
United States
Government
Buenos Aires
Paris
Securities
Brown Harriman & Co.
The
Hallgarten Si Co.
Eetabliehmd It SO
63 Wall
CORPORATION
NEW
NEW
Incorporated
FIRST BOSTON
Telephone: BOwling Green 9-5000
Washington
San Francisco
YORK
Chicago
Philadelphia
Boston
BOSTON
YORK
Street, New York
CHICAGO
Representatives in other leading Cities
SAN FRANCISCO
PHILADELPHIA
London
Chicago
AND OTHER
BEAR, STEARNS & CO.
The
WALL STREET
ONE
PRINCIPAL CITIES
NEW YORK
New\orkTrust
ps
Company
HOMER & CO., Inc.
40
Capital Funds
.
.
and
State
Municipal
Bonds
Barr Brothers & Co.
INC.
$37,500,000
Chicago
New York
Exchange Place, New York
IOO BROADWAY
57TH ST. & FIFTH AVE.
WERTHEIM & Co.
40TH ST. &
120
Broadway
MADISON AVE.
NEW YORK
to
Banks and
Dealers since
New York
London
Service
1888
Amsterdam
HORNBLOWER
European Representative s Office:
8 KING
&
WILLIAM STREET
WEEKS
Established 1888
LONDON, E G 4
CarlM.Loeb,Rhoades&Co.
61
_
40 Wall Street
Paris
Amsterdam
Boston, Chicago,
Philadelphia and
Members New York,
NEW YORK
.
Londoa
NEW YORK
*
BROADWAY
Berlin
^
Member of the Federal Reserve System, „,
the New York Clearing House Association
^
and of the Federal Deposit Insurance
Corporation
Cleveland,
Detroit Stock Exchanges
^
n
Financial
May 14, 1938
Chronicle
Interest exempt from all
present Federal and New York State Income Taxation
$2,000,000
City of Rochester, New York
2% Public
Due $100,000
Improvement Bonds
annually May
Legal Investment, in
our
i, 1939 to
1958, inclusive
opinion, for Savings Banks in
New York and Massachusetts
These Bonds, to be issued for
public improvement
purposes, in the opinion of
legally binding obligations of the City
of Rochester,
payable from ad valorem taxes levied against all the tax¬
able property therein without limitation as to rate or
amount.
counsel will constitute valid and
Prices
to
yield 0.35%
to 2.10%
These bonds
are
offered when, as and if issued and received by us and subject to approval of
legality
by Messrs. Reed, Hoyt, Washburn & Clay, whose opinion will befurnished
upon delivery.
HALSEY, STUART & CO. INC.
SPENCER TRASK &. CO.
DARBY &, CO.
G. M.-P. MURPHY & CO.
INC.
FIRST OF MICHIGAN CORPORATION
BURR &.
MORSE BROS.
COMPANY, INC.
CO., INC.
BROWN & GROLL
Dated May 1,1938. Principal and semi-annual
interest, May 1 and November 1, payable in New York
City. Coupon bonds in the
denomination of $1,000, registerable as to principal and interest. The
information contained herein has been
carefully compiled
sources considered reliable, and while not guaranteed as to
completeness or accuracy, we believe it to be correct as of this
date
from
May U, 1938.
Leading Out-of-Town
A. Becker & Co.
G.
Incorporated
Investment Bankers and Brokers
BIRMINGHAM
Established 1893
Investment Securities
HARTFORD
Commercial Paper
MARX & CO.
Specialists in Connecticut
Securities
New York
Chicago
BIRMINGHAM, ALABAMA
And
PUTNAM & CO.
SOUTHERN
MUNICIPAL
CORPORATION
AND
BONDS
Other
Cities
Members New York Stock
Exchange
6
CENTRAL ROW
Tel. 5-0151. A. T. T.
MILWAUKEE
HARTFORD
Teletype—Hartford
564
J. & W.
ST. LOUIS
WISCONSIN
No. 64 Wall Street
Missouri and Southwestern
CORPORATION SECURITIES
Seligman & Co.
Stocks and Bonds
NEW
YORK
Teletype—Milwaukee 92
EDGAR, RICKER&CO.
750
North
Water
Smith, Moore & Co.
Milwaukee, Wis.
London
Correspondmnts
St. Louis
Street
A- T.A T.
Teletype
SELIGMAN
St. Louis Stock
St. L. 587
BROTHERS
Exchange
Dividends
DETROIT
HOMESTAKE MINING
LISTED
AND
UNLISTED
SECURITIES
Sr/x
4
Co.
BAtNT LOU/0
SO$OUVC 91
PENOBSCOT
BUILDING, DETROIT, MICH.
per share of $12.50 par
able
May 25,
1938
($.37>$)
value Capital Stock, pay¬
to
stockholders
3.00 o'clock P. M., May 20, 1938.
Checks
Charles A. Pa reel Is & Co.
Members of Detroit Stock
Exchange
COMPANY
Dividend No. 805
The Board of Directors has declared
dividend
No. 805 of thirty-seven and one-half cents
will
be mailed
of
by Irving Trust
pany, Dividend Disbursing Agent.
Members St. Louts Stock
Exchange
R.
May 3, 1938.
For other dividends
record
Com¬
A. CLARK, Secretary.
see
page v.
Volume
Financial
146
Chronicle
COMPANY
THE NEW YORK CENTRAL RAILROAD
STOCKHOLDERS FOR THE YEAR
BOARD OF DIRECTORS TO THE
EXTRACTS FROM REPORT OF THE
DECEMBER 31, 1937
ENDED
of
Dec. 31, 1937
The New York Central Railroad
There
was an
YEAR'S BUSINESS
improvement in the business of the company
$16,865,848 (6.45%) in total revenue for
of
that
period compared with the same period of the previous year.
During the last quarter of the year, however, there was an
downward trend in revenues,
abrupt
due to the general
of $11,703,593.49
552,459.25
502,606.74
72,275.32
627,010.91
359,928.44
56,631.11
572,321.91
352,349.09
+ 15,644.21
+54,689.00
+7,579.35
648.22
183,664.63
7,509.04
177,944.77
—6,860.82
+5,719.86
1,795,986.77
1,669,362.66
+126,624.11
58,549,676.17
66,074,725.22
—7,525,049.05
25,163,018.97
26,707,626.73
26,404,466.26
629,578.99
28,777,854.14
1,656,069.37
—1,544,607.76
—2,373,387.88
—1,026,490.38
52,197,064.22
57,141,550.24
—4,944,486.02
6,352,611.95
8,933,174.98
—2,580,563.03
16,111,419
16,225,349
Miscellaneous rents
Miscellaneous tax accruals
Separately operated
proper¬
ties—loss
Miscell. income charges
de¬
miscellaneous
ductions
decline in business, resulting in a decrease
for that period
and reducing the increase for the year to
$5,162,254.51 (1.43%)
of
increase
amounted
5,606,177
$257,541,451.58,
to
Freight revenue
(4.45%).
tons
decrease
a
of
$172,967.79
This decrease in revenue resulted from the dis¬
on December 31,
1936, of the so-called emer¬
(.07%).
Income available for fixed
charges
Fixed Charges—
freight handled amounted to 131,549,445 tons,
Revenue
an
compared with 1936.
as
$11,050,298.25 during that
rates which amounted to
gency
in
and from increased charges against freight revenue
for
1937
pick
service
delivery
and
up
amounting
to
together with
revenues therefrom (before deductions for absorbed switch¬
ing, overcharges, etc.) compared with the previous year was:
Increase
Tons
$18,883,372
2,255,764
—90,055
15,199,983
—1,309,214
+3,235,909
81,169.940
—1,713,410
3,095,353
+193,147
7,049,518
Total fixed charges
and
Manufactures
38,770,475
miscellaneous
+2,782,668
Equipment deprec. charges
included in
Included
+3,648,647
23,135,738
+2,426,767
+ 5,606,177 $270,830,737
+$2,644,320
+296,559
2,503.797
131,549,445
of
creased
Rent
428,617
(6.01%).
2,902,753
(17.92%),
Interline
local
(2.78%).
$66,405,563.93,
Net
credits
and
passengers
come are
which
income
was
operating
the
for
carried to
income
was
$36,028,267.25,
PROFIT AND
LOSS ACCOUNT
December 31,1936.- $189,128,381.65
Dec. 31, 1936
Railway operations:
$
Railway oper. revenues_366,226,126.46
Railway oper. expenses_284,000,438.88
Delayed income credits:
Reversal of accruals to
December 31,
1936,
for excise tax account
serves
82,225,687.58
Increase (+)
tirement Act of 1937-
Decrease (—)
$
361,063,871.95
268,830,436.27
facility rents,
92,233,435.68 —10,007,748.10
(+3.09)
(74.46)
30,812.037.47
50,065,160.54
61,421,398.21 —11,356,237.67
12,424,247.54
—1,701,409.64
3,718,525.03
—404,469.64
36,028,267.25
45,278,625.64
—9,250,358.39
+ 1,348,489.57
net
Net railway operating
income
miscellane¬
710,121.30
655,614.14
+54,507.16
551,341.14
3,525,522.54
632,230.62
3,471,037.79
—80,889.48
+54,484.75
1,335,227.85
1,225,304.13
+109,923.72
527,219.76
11,675,123.26
695,861.99
9,088,453.15
—168,642.23
+2,586,670.11
4,654,454.57
5,098,429.53
—443,974.96
1,186,281.36
1,308,541.17
—122,259.81
114,102.06
175,887.66
—36,231.94
Miscellaneous income
77,870.12
74,233.79
—101,653.87
Total other income
24,317,395.69
22,465,462.24
recovered, of roadway property
required for transportation service
during the year and charged
directly to Profit and Loss Account)..
6,441,703.49
1,033,477.15
Miscellaneous debits
and Loss, December 31,1937.
-
7,841,450.49
$194,657,969.49
OPERATING EXPENSES
Early in the year labor organizations representing em¬
ployees of the company made demand for a general increase
in wages.
A committee representing the railroads was
authorized to handle the negotiations on a national basis,
and as a result of the negotiations and mediation, National
Mediation Board, Docket Cases A-410 and A-395, the basic
rates of train and engine service employees were increased
44 cents per day effective October 1 and the basic rates of
other employees coming under the jurisdiction of the various
other labor organizations were increased 5 cents per hour
effective August 1.
This increase in wages during the
period in which it was effective resulted in additional payroll
amounting to $4,350,317.
Increased cost of ma¬
terials, supplies and fuel approximated $2,041,600, which in
some
measure was due to a more extensive maintenance
+1,851,933.45
60,345,662.94
67,744,087.88
—7,398,424.94
operations
Income from lease of road
and equipment
income
non-operat¬
ing physical property
Separately operated proper¬
ties—profit
Miscellaneous rent
Miscellaneous
Dividend income
Income from funded
ties
$46,348.62
319,921.23
expense
Other Income—
ous
13,371,038.33
retired
$
+5,162,254.51
+15,170,002.61
3,314,055.39
debit
14,861.68
488,928.56
Surplus appropriated for investment in
physical property
Debt
discount
extinguished
through
surplus
Debits from retired road and equipment
Balance to Credit of Profit
Operated
net
debit
6,422,888.04
—139.29 Miles
10,722,837.90
rents,
1,641,391.59
$202,499,419.98
or
(77.55)
Railway oper. income.
required ac¬
Railroad
Re¬
not
count
(represents ledger value, less net salv¬
32,160,527.04
to revenues
$4,781,496.45
Re¬
1925-
accrued
not
expenses
Railway tax accruals
Retirement
Railroad
Act of 1935 repealed.
Balance of Pension
age
Net revenue from rail¬
operations
$6,352,611.95
91,748.10
Income for the year 1937
Credits from retired road and equipment
a
YEAR
Year Ended
Operated
Operating Income—
Revenues from
—188,215
Deductions—
Dec. 31, 1937
Joint
1,701,119
Miscellaneous credits.
amounted to $6,352,611.95,
the credit of profit and loss.
11,079.52 Miles 11,218.81 Miles
Equipment
1,512,904
securities of and advances to terminal and other railroad com¬
on
Donations
year
Year Ended
of
—426,731
Balance to Credit of Profit and Loss,
Including All Leased Lines
way
6,129,779
panies whose properties are jointly used by this Company, as to the major
portion of which a like amount was paid by the Company to those com¬
panies as rental and included in Joint Facility Rents.
Passenger revenue amounted to
INCOME ACCOUNT FOR THE
Percentage
5,703,048
items represent¬
ing interest and dividends
amounting to
received
de¬
decrease of $9,250,358.39.
Net
correspond¬
ing debits amounting to.
increased
increase of $3,829,739.72 (6.12%).
an
railway
Equipment
Also included in Other In¬
6-7
creased 863,963
-113,930
certain intercompany
transactions representing
in¬
passengers
passengers
while "commutation
(22.44%),
3,338,099
for
and
&*r
Income
Leased
are
Company carried 51,171,829 revenue passengers, an
increase
expenses
Other
in
Additions—
traffic
The
125,392,186
carload
Grand total
Net income
+634,118
—812,051
7,780.013
Products of forests
than
(—)
77,144,043
Products of agriculture
Products of mines
less
Decrease
Revenue
-$1,042,588
Animals and products
All
(+)
or
or
Decrease (—)
Handled
Class
Increase
( +)
and
Interest on unfunded debt.
Roads
Tonnage of commodities handled, by classes,
road
leased
equipment...
Interest on funded debt
and
:
$1,989,778.
for
Rent
continuance
year
$
+49,852.51
property
Total
or
—139.29 Miles
$
$
Expenses of miscellaneous
operations
Taxes on miscell. operating
(+)
Decrease (—)
31, 1936
Operated
Operated
from Income—
during the first nine months of the year, resulting in an
increase
Dec.
11,079.52 Miles 11,218.81 Miles
Company:
Miscellaneous Deductions
THE
Increase
Year Ended
Year Ended
To the Stockholders
securi¬
*
Income from unfunded se¬
curities and accounts
Income from sinking
other reserve funds
and
Total income
Together with the increased volume of traffic,
the principal factors responsible for
an increase of $15,170,002.61 in operating expenses.
By groups, operating expenses for 1937 were as follows:
program.
these items constitute
Amount
Group—
Maintenance of way
$41,184,590.75
apd structures
79,377,372.06
Maintenance of equipment
6,780,674.01
Traffic expenses
139,560,842.26
Transportation expenses
Income
$4,442,676.85
2,840,254.29
213,684.08
8,242,030.01
5,722,002.86
489,218.35
11,441,910.55
66,953.61
xl,058,014.72
zl53.75
$284,000,438.88
$15,170,002.61
Miscellaneous operations
General expenses
Transportation for investment—credit—
x
Decrease,
For
z
Decrease in credit.
comparative balance sheet, &c., see Investment News columns
yp Tin'
/C^finanrral
.
Wnmtirialf^rotTtrlp
~~~
Vol. 146/
MAY 14, 1938
No.
CONTENTS
4#'-
Editorials
page
The Financial Situation
3065
The Courts and the Labor Board
3078
—
From Rome to Geneva
3080
PWA's Financings
3081
'
Comment and Review
Gross and Net
Earnings of United States Railroads for
the Month of March
New
-3084
__3087
Capital Issues in Great Britain
The Business Man's Bookshelf.
Week
on
the
3088
3069
European Stock Exchanges
Foreign Political and Economic Situation
—3070
Foreign Exchange Rates and Comment
3075 & 3123
Course of the Bond Market
3087
Indications of Business Activity
3089
Week
on
the New York Stock
3068
Week
on
the New York Curb
Exchange
Exchange
3122
News
Current Events and Discussions.
3101
Bank and Trust
3021
General
Company Items
Corporation and Investment News
3169
Dry Goods Trade
State and
•
..3220
Municipal Department
3221
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
...3125 & 3135
Sinking Fund Notices...
.3129
Dividends Declared
3129
Auction Sales
3168
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations..3136 & 3146
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
3136
..3152
3156
..3158
,3162
Over-the-Counter Securities—Stock & Bond Quotations.3165
Reports
Foreign Bank Statements
3074
Course of Bank Clearings
3123
Federal Reserve Bank Statements
3133
General Corporation and Investment News
3169
Commodities
The Commercial Markets and the
V
Crops.
3209
Cotton
3211
Breadstuff?
3216
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New
York City
Herbert D. Selbert, Chairman of the Board and Editor; William Dana
Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La 8alle Street (Telephone
State 0613).
London—Edwards & Smith, 1 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.
Subscriptions
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. 45 cents
per agate line.
Contract and card rates on request.
NOTE:
On account of the fluctuations in the rates|of exchange, remittances
for
foreign'subscriptionsfand advertisements
must be made in
New York funds.
38oX
The Financial Situation
the
THERE are, that Congress will good groundstime
for
doubting unfortunately, no in its
own
investment
various
effort
give the President just about what he has asked
an
for in
pump-priming funds, but it is
either in Congress or
have
to
elsewhere,
who seems
anyone
great faith that business recovery can be
induced by
Deal
fact none¬
a
almost nowhere is there to be found,
that
themselves
Finance
Corporation only
a
day
or
in a
ago
so
the
address remarked that the failure of
public
Administration
find
to
Indeed
day
Vigorous efforts
the
vince
the
are
likewise in evidence to
have
at
President
ing to squander
Representative Snell
calculated
It
As
they almost to
a man
from
the
very
first have
been
less
than
lukewarm
the
to
has
idea.
whole
the
is
faith in
or
Plainly it
program.
merely the personal in¬
fluence and
of
Nor
organized labor shown
great interest
the
political
President,
power
real
imaginary, plus the
or
oppor¬
tunity presented for what
used
termed
be
to
that
rolling",
"log¬
lending
is
vigor to the movement in
Congress
and
yield
to
as
far
boots
strange
now
finances
is, therefore,
that
spending to
of
means
ordered
and
persuading
or
business
be
are
restored
to
semblance
some
there
is
The
As
enough.
a
technique
previous
on
are
termed
now
to
As to the
familiar
is
too,
occasions, it consists of
threats, and
gestures.
Quite
toward
result
a
(so
the
a
advocate of New Deal methods,
commercial
bankers
lending
of
the
money more
country
a
freely, adding
warning that the matter would be taken out of
their
hands
they did not alter their
course
as
A member of the Securities and Exchange
desired.
Commission,
ranks
if
of
employed
who,
business
as
ministration,
coming
is
very
recently from the
evidently
being
similarly
official pleader in behalf of the Ad¬
has delivered a similar criticism of
All
this, however,
mingles strangely with re¬
vived
efforts
force
to
wages-hours
a
measure
through Congress at this
session, with the
of the President
alleged
message
concerning
concentration
control
in
of
industry, with
the insistence of the Presi¬
dent
of
successful)
(finally
retaining the "prin¬
upon
ciple" of the undistributed
profits
and
with
and
tax,
other
of
number
programs
a
projects
of the Ad¬
which
about
ministration
one
the
is
have
deal
much
with
the
their
been
and
be somewhat puzzling.
distress
President
standing.
no
accompaniment of
that is supposed to
and
Yet,
his
policies
as every
depression in the
Employment in that
has
increased
practically
decline in
no
one
a
good
knows
himself, there
State of Florida.
State during the past year
record of which
substantially—a
other
State can boast—while the
employment elsewhere in the Nation has
been about
of the
said just
its
who has taken the trouble to inform
has
is
hears it said) of the Florida primary
depression
cost
of
so
present.
returns, the situation seems to
unemployment
lecture about not
managers
number of Administration measures as a
Corporation, who seems at the moment to be par¬
read
Deal
apparent change of heart in Congress
It
as an
of
the part of
"cooperate" with busi¬
ness.
at
friendly
to
spokesmen
evidence
on
New
not
here,
seems
fruit, and
pointed to by
course
further
the
to
recently the Chairman of the Reconstruction Finance
ticularly active
some
line!
dotted
strange admixture of condemnation,
what
bearing
willingness
"cooperate" in producing
recovery.
plants
as
to
bludgeoning
au¬
purchase exist¬
area
Administration
national
the
until
public
power
is of
question the solidity of
the essential argument here presented?
Who
in his right senses can ignore the warning
with equanimity?
Yet apparently Congress will sign on the
from
ways
Valley
ing
stability."
Who
emphasis is
shifted
being
not
recovery
months ago
thorities in the Tennessee
minority insists the time has come
the fantastic theory that re¬
sustained
be
to
movement
some
to have various
and security may be purchased with
Treasury I.O.U.'s.
There can be no solid
and
The
ate.
initiated
covery
his recovery
Holding
are
recovery.
abandon
to
so-
conservative and consider-
entail such risks.
never
"The
is concerned.
program
It
as
business
the
Company Act
is
need
baggage to the Presi¬
dent
stimulate
to
of
visions
week
only another New Deal political raid
upon the Treasury of the United States.
"In the face of declining revenue prospects,
the President's program promises a Federal
deficit of at least $5,000,000,000 for the next
fiscal year, beginning July 1, 1938.
"The entire program is based upon the
exploded theory that a nation may spend
its way to prosperity.
That delusion never
has had a
more
extravagant trial than in
the United States during the last five years.
"This trial has cost the taxpayers roundly
$40,000,000,000 and
has led only to the
sharpest and most sudden business depres¬
sion in modern economic history—a depres¬
sion which is experienced now in no other
principal nation in the world.
The Roose¬
velt proposal simply is to start the whole
disastrous cycle all over again.
.
"Coming as it does after five years of
reckless and demoralizing political squander¬
ing, this program threatens to plunge the
nation at last into a cataclysmic inflation,
which easily might wipe out the cultural,
social and
economic progress of an entire
generation of our people.
The sound and
proper administration of adequate emergency
relief, if divorced from New Deal politics,
to serious-minded business
men,
early this
people of the United States are de¬
ceived that this bill is a measure seriously
way
our
depression.
Exchange
called death sentence pro¬
"The
technique of attempt¬
out of the
/
said:
proposed revival of the
old
Yet
Of the President's grandiose spending pro¬
sup¬
time shown
any
and
Commission under the
great enthusiasm for
any
the
the
of
con¬
public in general and the public utility
Securities
gram
porters
as
way
managements in particular that the policies of the
obvious.
was
of
a
reckless bank
upon
Friendly Gestures
a
And
few
check
supervisory
such
in
"excuse" for good banking.
any
"solution" of the economic
ills of the
bank
the
operation in order, presumably, that there may no
longer be
to be Laodiceans
seem
any
busily engaged in
are
Government
virtually to eliminate
The Chairman of the Reconstruction
in this matter.
the
Even New
further fiscal recklessness.
managers
of
Meanwhile
community.
"coordinate"
to
functions
theless
banking
Washington officials
as
striking.
Just why the rank and file
people of Florida had been
expected to be
Financial
3066
influenced
of which
by
depression existing elsewhere and
a
they
ohly from the
aware
were
But whatever the
not
altogether clear.
are
disheartening indications
is
he has been for
more
Chief
good while past.
a
is
After all, however,
question is not whether
important
Executive
his way
is
or
not
the
reason
by business
for
or
positive
a
to the
response
appeals for certain lines of action by those responsible
for the
operating policies of American enterprises.^
A
Drive
advance
The
after
largely
upon
forces
seems
the financial
to
commu¬
public
The
of
defending
manufacturing
a
con¬
proceed to produce goods for which it cannot
cern
find sale
to
demand that
a
difficulty
pile
has
that
or
its shelves—particularly when
upon
been
months
distributing enterprise buy goods
a
said
by this
Government in recent
same
inventories
about
much
so
and
high
sales¬
pressure
manship. Banking, whether it has to do with capital
transactions
always to be
a
commercial
or
Nation have
loans, seems, however,
fair target. The rank and file of the
only
a very
imperfect understanding of
financial transactions and processes, and those who
been
have
President
gathered in Washington
these
on
subjects
understanding than the
however,
are
business
a
As
the unthinking like
is
all
banking matters
to be
better
no
These latter,
through the
adept in making the
reason.
the
is
worse appear
likely to be the
They
the better
when
case
1936 and
ket in
wise
of the later
ago
lend, and
bankers
business
in
are
essence
community.
demands upon
A banker cannot
investment banker cannot finance
an
enterprise, unless there
are
prises desiring loans
permanent financing.
or
an
individuals and enter¬
Ex¬
cept by the process of credit inflation at the banks,
enterprise cannot be afforded fixed capital unless
those who
may
these
own
distinctions
are
willing to invest them.
stantial
tential
as
between
actual
an
owner
are
and
not
so
lenders
clear
only credit
effect.
influential adviser, perhaps
or
sub¬
a
controlling director, of both
po¬
saving banks, insurance companies, invest¬
This, however, is only
of saying that certain
munity play dual
or
groups
in the
an¬
com¬
multiple roles in the economic
The question still remains whether enter¬
prises creating goods should borrow to expand
improve facilities
because
or
they
or
to continue production, not so
see, or
think they
see, an oppor-
which
mar¬
other¬
His
absorbed,
were so
remark
or
puzzling to
was
hut he took the trouble to explain, and his
Not
Good, but Harm
What he had in mind
of
the fact that inflation¬
was
security markets supported by
ary
a
large volume
artificially created bank credit, far from absorb¬
ing funds which otherwise would be employed to fi¬
industry and trade, actually provide
through which
such funds find their
unwarranted amounts to
become potent
and others
soon
a
chan¬
way
in
industry and trade, there
influences in inducing industrial¬
undertake
to
prove
capital commitments
have been
to
can
unwise, since the
at best be operated profit¬
ably only during the period in which the inflation¬
ary process
continues.
economic evil
was
New Era which
Of course, just this type of
startlingly characteristic of the
preceded the Newr Deal, both in this
country and abroad where American funds supplied
the
by
means
a
of
inducing and financing it. We had not
wide margin got through paying for such blun¬
ders
in
1933
when
the
Roosevelt
brought forward essentially the
cure
for the ills from
The
as
borrowers and possible lending institutions
other way
system.
borrowers
practice
ment trusts and the like.
much
It
made to appear, since the banker is rather
likely to be
such
are
be said, and indeed is sometimes said, that
and bankers in
they
funds
credit
remarked cryptically that it would
projects in question
whole
A noted student of the
"absorbed"
forces, but it is
fact nonetheless, that these
inflationary boomlet
question of whether the stock
which
a
permanent social
any
Very little study of the events
probably is not fully realized by Administra¬
demands upon
the
years
many,
ists
tion
to "duty" in
as
explanation is both pertinent and enlightening here.
to
way.
indicated,
times
boom
words to that
country can be employed as instruments for stimu¬
wholesome
reasonable
later date when
to whether, if these groups
as
be much better if
nel
and
earn a
some
might be used to finance industry and trade,
some
to lead many people to suppose
normal
is
pro¬
goods, in the hope that he may
questions.
much vexed
once
nance
a
issue
early 1937 is required to discover the
these
to
answer
lating business in
It
but
of the 1920?s and
under consideration, it appears
magic by which the banks of the
at
proceed with
It is not a question merely
good would result.
are
some
really
should
invested funds at
in the way
easy
relatively
that there is
too
plague.
matters of second¬
with plant expansion, when there is only
or
premises,
acted
of
called
are
hoped that there will be better demand for
goods.
the
are
his outlays or be able to
recoup
ages seem to
a
man
small demand for his
in the grip of many fallacious notions
are
among
also
advise
to have
seem
average man.
which from time to time
spread
to
Question
The question
importance.
whether
it
for this fact is to be found in the
Real
niche in the economic world
tutions of the
reason
alleged duty to the
some
identity of the individuals who
return upon
Possibly the
with other seekers
to the safety of the
to make such decisions and their particular
upon
ary
or
as
be fulfilled.
may
The
purpose
recovery,
whether the investor should place
commitment in order that
nity, the commercial and investment banking insti¬
country in large part.
stimulating
or
capital when in doubt
duction
Against Sound Banking
of Administration
be concentrated
does the query
likely again to have
for the charges of non-cooper¬
profit but for the
a
providing employment
funds with would-be borrowers
but whether he ought to have it, and whether
there is sound
ation
as
influential in Congress at this moment than
more
the
of
there
cause,
May 14, 1938
tunity thereby to earn
is
press,
that the President
now
Chronicle
inflationary
which
program
however, failed to induce
a
we
a
that
was so
fact often the
ful
comment
process
then
suffered.
as a
of the Administration,
marked recrudescence
of the recklessness of industrial
purposes
Administration
same
spending for capital
marked during the earlier era,
subject of sorrowful and
by Newr Deal managers.
ments of the past year,
even
resent¬
The develop¬
however, have amply demon¬
strated the wisdom of industrialists who declined to
proceed,
have
as
liked,
the Washington Administration would
to
"modernize" and to enlarge plant
without careful reckoning of costs and
ful
equally
care¬
study of the likelihood that these costs wrould
prove
to have been
wisely laid out.
At the
same
Volume
Financial
146
time, however,
must not suppose, that we have
we
wholly escaped the
been much
national
ities
undertakings, the
Government, the States, and the municipal¬
evidently have learned nothing from the un¬
pleasant
1929.
experience
of
business
after
enterprise
They have proceeded to employ inflationary
funds with
abandon which should be
an
to the most ardent of the
our
If business has
old evils.
same
restrained in its
more
exponents of squandering
out of the depression.
way
every
satisfactory
Public buildings of
description, parkways, playgrounds, and many
evidences
other
of
boondoggling have made their
throughout the land, and the public is
appearance
yet to learn by actual experience that these projects,
with
few exceptions, will not pay their own
very
and that they will
way,
demand large and
moreover
The demands
being made
of
are
heard in 1933 and for years
in the final
to
come
business
shall
repetition of those
a
thereafter. What they
analysis is
an
insistence that
that what is
it
to
see
the business com¬
upon
only
course
3067
in "other cash"
accounted for most of the decline,
holdings of gold certificates dipped $500,000 to
$10,640,912,000.
Federal Reserve notes in actual
while
circulation
declined $15,660,000 to
probably the
most troublesome of the ills of inflation be inflicted
deposits with the regional banks moved up
$6,025,000 to $9,291,768,000, with the account varia¬
tions
consisting of
man
of
his best
the
in
tion
are
duty to
owe a
anyone
judgment
As to the allega¬
that
friendly gestures by the Administration
laying the basis for sound capital expenditures,
the wise business
will
man
prefer to await develop¬
reserve
a
drop
560,000 to
$1,361,133,000; an increase of foreign
deposits by $8,234,000 to $133,908,000, and an
bank
increase
of
245,000.
82.5%,
other
The
deposits by $8,499,000 to $236,-
reserve
ratio remained
$27,000 in the week to $8,165,000.
continued
vances
unchanged at
Discounts by the regional institutions fell
their
decline
but
$12,700,000.
with
a
Industrial loans
of
fall
commitments
finally showed
$377,000 to
make
to
ad¬
such
small increase of $22,000 to
a
Open market operations
were
confined
bill
holdings
merely to replacements,
as
remained at $550,000 and
holdings of United States
Government securities
were
bankers
similarly motionless at
$2,564,015,000, with the proportions of bonds, notes
same
to incur ex¬
wise commitment in the ordi¬
as a
$7,560,482,000;
Treasury general account balance by $67,-
the week before.
as
Failures in April
sort that does not commend itself to
any
management of his affairs.
nary
increase of member bank
It follows obviously that no business
possibly
can
pense
an
balances by $56,852,000 to
and bills the
itself.
upon
$4,132,337,000.
Total
$16,421,000,
continuing outlays for maintenance.
munity today
Chronicle
COMMERCIAL bankruptcies in April 42% and,
by 2.5% and April, 1937, by exceeded
March
like the four
preceding months,
the
corresponding months of
An
increase
in
larger than in
were
since 1934.
every year
April is contrary to the seasonal
ments, and meanwhile will not lose sight of the ex¬
trend, and prior to the present year there were only
tent to which it would be necessary
four years
since 1914 when April failures
numerous
than
istration
to
to bring about any such condition
go
of affairs—if indeed it is
such
situation at all
a
for the Admin¬
as
possible for it to create
long
its pump-priming
as
is the
MODEST credit and currency changes along ex¬
pected lines
reported in the banking
are
this
week.
member banks,
over
Excess
reserve
balances of
legal requirements, moved
up
$40,000,000 in the week to May 11, to a total of
This
$2,480,000,000.
the
Treasury
its
on
was
due mainly to reliance by
general
balance for
account
ordinary expenditures and for retirement from the
market
of
$50,000,000
month-end
bulge,
recede again,
discount
gold and
use
cerned, the
effect
remains at
cates
credit policy
probably
no
again
So far
the
as
March
appears
to be of slower
intended.
was
The
balance
less than $1,361,133,000, which indi¬
that
excess
well
reserves
may
move
upward in the future to the level of about $3,800,000,000 anticipated when the
announced.
The monetary
credit
gold stock
program
was
was
increased
Of the total
there
ties
there
the
addition
through
only 470 disasters a year ago, with liabili¬
failures
rose
in
the
combined
condition
statement
at
$11,076,-
868,000 as of May 11, down $7,806,000 for the weekly
period.
Specie and other forms of
currency
included
$1,959,000
compared with
as
Commercial service
to 42 from 28 a year ago,
while liabili¬
$440,000 last year.
Construction failures for the
second successive month
trend and
were
no more
than
departed from the general
fewer than
a
year
ago,
numbering
only 39 compared with 62 last year and
involving
$1,175,000 liabilities compared with $1,943,000.
but
the
Dividing
month's
insolvencies
Reserve districts discloses that
by
Federal
in every section of
country there were more failures than a year
and it would be difficult to say that any one
district fared better than another.
this
-
-
of
$5,449,000 from
banks.
of the regional banks are reported
liabilities
with
casualties,
$1,045,000 in April 1937.
ties into the
reserves
184
were
deposit of gold certificates with the Federal Reserve
Total
In the manufacturing division
$3,313,000.
ties involved rose to
ago;
itself for
1,116 failures, 735 were in the retail
sale traders failed for
the
reimburse
involving
$4,383,000, while last year failures numbered 135
and liabilities amounted to $2,165,000; 116 whole¬
record of
failed to
were
of
$10,000,000 in the statement week, to another high
$12,880,000,000, but the Treasury again
786,
and
field, with liabilities of $7,140,000; in this group
up¬
con¬
involving
compared with 1,088 in¬
$8,906,000, in April, 1937.
91 for
desterilization
as
of the large Treasury balance is
new
than
After
and this also contributed to the
building of idle bank funds.
of
bills.
in circulation tended to
money
1,116,
aggregated
$20,106,000 liabilities,
volving $15,567,000 in
statistics,
were
largest of any month since June, 1934.
insolvencies
April's
Federal Reserve Bank Statement
were more
April
30%, and the previous year by 125%; the April
total
activities continue.
in
sharply increased, exceeding March by
more
even
Liabilities
March.
factor in
tricts.
The
both the Cleveland and
Chicago
district made
poorest showing of any, with
$8,007,000
Bringing liabili¬
picture, however, reveals a decrease in
as
190 failures involving
involving only
compared with 105
$1,160,000 last year.
Dallas dis¬
probably the
3068
Financial
Winter Wheat
Crop
Chronicle
May 14, 1938
ings for much if not all of the current
year
made
WINTER wheat prospects improved report of however, indicating again that the general tendency
buyers hesitant. Pronounced selling also was lacking,
ably during April, according to the considerthe
Department of Agriculture, based
ditions, which found general
that date the best in several years.
estimated at
754,153,000 bushels,
446,000 bushels
May 1
con-
as
of
The crop is now
increase of 28,-
an
the forecast of
over
on
conditions
crop
month earlier,
a
and, if realized, will be the second largest in history.
The
private estimates issued prior to the Govern-
ment's
from 719,000,000 bushels to
report ranged
771,000,000 bushels but averaged only 743,000,000
bushels.
Evidently the market had pretty well dis-
counted the official
the close
forecast, which
issued after
was
May 10, for during the following trad-
on
ing session,
of the contracts went
none
than
more
fractionally below the previous close, and all ended
the
day higher than
The
were
57,316,900
exceeded
in
other
one
ceptionally light this
the
and
on
record and
were
was ex-
abandonment being esti-
year,
only 11.6% compared with 18.5% last
ten
(1927-36)
year
only
1937 when 57,612,000
year,
planted. Winter killing however
were
mated at
planted to wheat last fall
nearly the largest
very
acres
the previous day.
on
acres
year
of 18.2%; at
average
April 1 it had been expected that 13% would be
abandoned.
As
left
believed
a
for
than the
which
acres
acres
13,396,000
The 1919
area
of
area
date but it may
50,404,000
yield of 14.9 bushels
exceeds both the 1937
1927-36 average
Gains
gregate
over
is the largest to
year.
In ad-
expected to be harvested,
per
is forecast which
acre
yield of 14.6 bushels and the
last
year's harvest
as
expected to
are
ag-
Washington,
as
Montana
and
remaining wheat growing States there is expected
production of 15,034,000 bushels
a
as com-
Agriculture Department finds seeding
ditions generally favorable in the
and
consequently it would
from
of
a
spring wheat
probable
appear
billion bushels.
The record
1,008,637,000 bushels
harvest of
high of
to
49,449,000 bushels and the 1936
yield 12.8 bushels
bushels.
due
to
1937
The
an
and
per
acre
the ten
was
with the 1937
compares
36,454,000 bushels. This year's
in
any vear
estimate in the May 1 report
only 25,319,000 bushels; the 1927-36
bushels
now
reached in 1915.
was
51,755,000 bushels which
was
con-
area
year's total production might not be far
The rye crop
crop
average
crop
of
crop
is expected
compared with 12.9
year
average
of 11.3
larger anticipated crop, therefore, is
increase
mated acreage
a
Trading
live issue.
the full
m
sessiof on the Ne^ York Stock Exchange approxi1 >000,000 shares early m the week, an
dropped to lower levels in later sessions.
bsted bond market trading
was quiet,
witJi
United States Government securities well maintained,
Dealers and larger institutional investors were inclined to await the June financing terms, and there
a^so some tendency to look for corporate offerings
as a means °f employing the huge total of idle funds,
High grade corporate bonds were in steady demand,
Utility holding company bonds were favorites all
week, and sizable gains appeared in local traction
issues. The more speculative carrier bonds tended
to move moderately higher. Foreign dollar obligaHons were dull and not greatly changed. Commodity markets were calm and generally around
f°rmer levels, despite the crop report, which was
was
pared with 1937.
that this
sec^lties advanced sharply on indications that
the gain for the country
only 69,053,000 bushels it is evident that in the
The
.
84,087,000 bushels in the States
Nebraska,
Oregon alone. Inasmuch
net loss in
^
fashioned after long debate affords mild encouragement, because the evil effects of the undistributed
Pr°fifs an(* capital gains taxes were modified. But
Congress obviously is being dragooned once again
*nf°. lump-sum relief appropriations which are to be
subject to distribution by the President and his
political collaborators.
There were sevf al developments of particular
significance to holders of utility, railroad and New
York City traction securities. Leaders of the utilities
and members of the SEC moved jointly toward some
sort of adjustment of the "death sentence" requirements of the lutility legislation regarding holding
companies. The aw will be exceedingly difficult to
enforce withoyt
l°sses to lholdfs of utiIit^
securities, and the indications that due care and
delicacy may be observed were followed by a mild
sPurt in utill1Y securities. In the railroad field
notic*s were given by the managers, Thursday, of
a
% wa^e cut to be effective July 1. Negotiations
oa this matter presumably will start without delay,
a
National Mediation Board doubtless will
uPon 1 * eveiltually. New York City traction
unification still is
of 14.5 bushels.
much
as
Kansas,
acres
rank second after this
dition to the large acreage
is
acres are
3,731,000
harvested in 1937 and
harvested
of
is
greater than the 1927-36 average.
more
a
50,677,000
consequence,
harvest
now *s
await genuine signs of a trade upturn or a
rapprochement between government and business,
^ ^ere *s immense room for improvement in both
spheres, and not much chance that matters will get
w°rse. Modestly encouraging is now the prospect of
an eariy adjournment of Congress, but ail offsetting
factor is to be found in the further adverse laws
hastily being passed at Washington. The tax bill
over
1937
of
5.7%
to be harvested.
in the esti-
'
viewed favorably from some viewpoints and adversel>r from others- In the foreiS11 exchange markets,
mde swin^ of the BelSa reflected the nervousness
ab°ut Belgian currency induced by the French devaluation and the sizable repatriation of funds to
Baris. Sterling and dollar rates did not vary much,
owinS in a11 likelihood to steady intervention of the
enormous
The New York Stock Market
On
the
stabilization and
New
York
equalization funds.
Stock
Exchange
67
stocks
NARROW and irregular price movements were the touched new high levels for the year while Curb Ex20 stocks
rule this week
the New York
market,
touched
On the New York
stock
on
Small advances in
one
session
usually
were
new
offset by
low levels.
change 62 stocks touched
new
high levels and 24
similarly modest declines in the next, and net changes
stocks touched
for the entire week
York Stock Exchange remained unchanged at 1%.
Business reports
ate
were
made it
negligible, in most
groups.
clearer that
immedi-
ever
an
upturn is unlikely, and the prospect of
poor earn-
new
low levels.
Call loans
on
the New
On the New York Stock Exchange the sales at the
half-day session
on
Saturday last
were
556.240 shares;
Volume
Financial
146
Monday they
on
1,018,250 shares;
were
1,044,140 shares;
Thursday 596,504 shares, and
Tuesday
Friday 604,950
the sales
on
On the New York Curb Exchange
shares.
last
on
Wednesday 978,400 shares; on
on
Saturday
203,835
The
Tuesday
on
198,685 shares; on Thursday
Wednesday
shares, and
shares; on Monday
223,220 shares; on
105,990
were
shares;
movements of
a
see-saw
Motors at 30% against 32%; Chrysler at 43% ex-div.
against 45%, and Hupp Motors at % against %.
In the rubber group, Goodyear Tire & Rubber closed
yesterday at 18% against 18% on Friday of last
week; United States Rubber at 27% against 27%,
and B. F. Goodrich at 14% against 14%. The railroad shares show irregular changes this week. Pennsylvania RR. closed yesterday at 16% against 17 on
likened to the
Friday of last week; Atchison Topeka & Santa Fe at
with advances and declines
29% against 29%; New York Central at 13% against
market this week
stock
131,175
Friday 111,450 shares.
on
3069
Chronicle
was
13%; Union Pacific at 66 against 65%; Southern
Pacific at 13% against 12%; Southern Railway at 8%
after a rather brisk advance the day before. Irregular
against 8%, and Northern Pacific at 8% against 8%.
movements were never pronounced at the short sesAmong the oil stocks, Standard Oil of N. J. closed
sion and closing time found the market quite stable,
yesterday at 48% ex-div. against 49% on Friday of
Final hour rallies have often changed the complexion
last week; Shell Union Oil at 13 against 13, and
of the market and Monday proved to be no exception.
Atlantic Refining at 21% against 22%. In the copper
After earlier irregularity, equities, supported by the ; group, Anaconda Copper closed yesterday at 28%
utility shares moved forward in the final hour with
against 28% on Friday of last week; American
much celerity to close with gains running up from
Smelting & Refining at 37% against 39%, and Phelps
A
Saturday last
being well represented at the various sessions.
minimum of
and in
one
profit-taking occurred
some
issues in the
its main
a
instances
On
touching four points.
increased turnover of sales
an
on
on
Tuesday, utility
morning session furnished the market
Liquidation, however, brought to
forward advance and a gradual decline in
support.
close the
values set in closing
dominant factor in
the day irregularly lower.
The
higher prices this week has been
the
utility shares and the basis for this reasoning is
the
general belief of
the
tween
As
a
result of this the market
moved
ness
better feeling taking form be-
a
government and the power companies.
higher, but in
on
on
Wednesday again
Weak-
moderate sort of way.
a
Thursday caused stocks to lose most of the
previous day's gains and sales turnover too,
suffered
The will of traders to
make any sizable commitments was lacking yesterday
and equities in very narrow trading continued to
drift downward right to the close.
Changes for the
a
sharp reduction in volume.
week
were
mostly irregular.
General Electric closed
yesterday at 35% against 35%
on
Friday of last week;
Consolidated Edison Co. of N. Y. at 25% against
25%; Columbia Gas & Elec. at 7 against 7; Public
Service
of
N.
J.
31% against 30%; J. I. Case
at
Threshing Machine at 79% against 82; International
Harvester at
56% against 59%; Sears, Roebuck &
Co. at 57% against
59%; Montgomery, Ward & Co.
32% against 32%; Woolworth at 43% against 42%,
and American Tel. & Tel. at 131% against 130%;
at
Western Union closed
yesterday at 22 against 23
on
Friday of last week; Allied Chemical & Dye at 149
145; E.
against
I.
duPont de Nemours at
101%
Dodge at 23% against 24%.
Trade and industrial reports fail to reflect
any
improvement from the low level of business. Steel
operations for the week ending today were estimated
by the American Iron & Steel Institute at 30.4% of
capacity, against 30.7% last week, 32.7% a month
ago, and 91.2% at this time last year.
Production
of electric power for the week ended May 7 was reported by the Edison Electric Institute at 1,939,100,000 kilowatt hours, against 1,938,660,000 in the preceding week and 2,176,363,000 in the corresponding
week of last year. Carloadings of revenue freight
for the week to May 7 totaled 536,140 cars, the
Association of American Railroads reports. This was
decline of 6,935 cars from the previous week and
of 227,355 cars from the same week of last year,
As indicating the course of the commodity markets,
the May option for wheat in Chicago closed yesterday
at 81%c. against 80c. the close on Friday of last
week. May corn at Chicago closed yesterday at
58%c. against 57%c. the close on Friday of last week.
a
May oats at Chicago closed yesterday at
29%c. as
against 28%c. the close on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 8.76c as against 8.70c. the close on
Friday of last week. The spot price for rubber yesterday was 12.02c. as against 11.88c. the close on
Friday of last week. Domestic copper closed yesterday at 10c. the close on Friday of last week.
In London the price of bar silver yesterday was
18 11-16 pence per ounce as against 18% pence per
Friday of last week, and spot silver in New
against 104%; National Cash Register at 18 against
ounce on
17; International Nickel at 46% against 47%; Na-
York closed yesterday at 42%c. the close on Friday
of last week.
In the matter of the foreign exchange, cable transfers on London closed yesterday at $4.97 7-16 as
against $4.98 13-16 the close on Friday of last week,
and cable transfers on Paris closed yesterday at
2.80c., the close on Friday of last week.
Dairy Products at 13% against 12%; National
tional
Biscuit at
31
22% against 21%; Texas Gulf Sulphur at
against 30; Continental Can at 39% against 39%;
Eastman Kodak at 156
at
77%
77%; Lorillard at 16% against 16;
16
against 15%; Schenley Dis%
17% against 16%, and National Distillers
against
Canada
Dry at
tillers at
at
against 151; Standard Brands
7% against 7%; Westinghouse Elec. & Mfg. at
20% against 20%.
The
steel
shares
were
mostly lower this week.
United States Steel closed yesterday at 44% against
45%
on
Friday of last week; Inland Steel at 68
against 64; Bethlehem Steel at
and Youngstown
In the motor group,
at
47% against 48%,
Sheet & Tube at 31% against 31%.
Auburn Auto closed yesterday
3% against 3% on Friday of last week; General
European Stock Markets
'
IN QUIET trading on stock markets in the leading
European financial centers, modestly firm sessions alternated with dull periods, and the net resu^ was an uucertain upward trend. Improvement
011 the ^ew York market spurred the exchanges in
London, Paris and Berlin, but monetary incidents
and political dovelopments were even more important. It is now believed that the realistic policy of
3070
Financial
the British Government has made
for
of
time to
some
quiet
improbable
and the occasional periods
come,
strength
war
attributed
were
partly
to that
Chronicle
Currency developments received the closest
rule
with
Suez
whether
the
French
into similar
funds
devaluation
will
as
prod
to
others
Repatriation of French fugitive
steps.
continued
still unanswered
this
week, according to Paris
re-
French
in
Canal
equities
shares
and international stocks,
were
with the issue 500 francs up for the day. Selling was
in
pronounced
more
Thursday's
Rentes drifted lower as
that the armaments loan
Thursday,
reflect
may
fund
the
with
gorging of the French
gold.
The Bank of France
discount rate
trading
the
on
Bourse, despite the lowering of the discount rate,
ports, and a small increase of 1,000,000 francs in
stabilization
conspicuous exception,
a
the
gold holdings of the Bank of France, announced
Eentes drifted
slightly lower, and modest liquidation also was the
study,
question
1938
tied, Wednesday, by rumors that the projected de-
tense loan soon will be announced.
cause.
the
May 14,
week, and French
the impression
deepened
will be announced next
equities also lost ground.
shares were firm among international issues.
Oil
Sharp
was lowered
Thursday to 2%% from
3%, in preparation for the huge armaments loan
gains appeared yesterday, on reports that only part
projected
Rentes
was
by
the French Government.
under pressure as a consequence
The
of the French
and the Belgian National Bank
move,
announced
increase
an
belga
rate
to
of
week
which
had
developments
no
gold movements this
apparent relation to economic
requirements.
or
ment for British account to
A sizable gold ship-
Canada, and
shipment by Sweden to New York, both
garded
cautionary
as
with
smaller
a
war
were
re-
possibili-
ties in mind.
The London
initial
Stock
Exchange
Gilt-edged issues
was
Another cheerful and fairly active
reported Tuesday, at London.
The giltfailed to hold early gains, but indus-
group
trial stocks moved
steadily forward under the lead-
ership of aircraft
again
steady invest-
Gold and base metal
improved.
edged
response to
mining stocks
inquiry, and international securities like-
reflected
session
and
oil
stocks.
Mining stocks
a
quiet and uncertain opening
gilt-edged
issues
closed
moved lower with the
Brazilian
securities
quotations
were
bellion in Rio
small
on
a
marked lower
mild
Wednesday,
on
while
industrials
the
international
issues
were
Dealings
on
as
the Paris Bourse
owners
aided
the
market.
a
fairly active
advanced mod-
a
securities,
French shipping strike also
Rentes
advanced
were
steadily, and
were
in good
dull. The Bourse
Belgium would devalue.
Rentes
soft but strengthened late in the session,
French
bank,
mostly lost ground.
into renewed
Tuesday, with
changes unimportant at the end.
favor.
utility and
on
Most
move-
ments were toward fractionally lower levels, but a
few gains also were recorded.
upward
Wednesday,
on
also
improved.
dull
and
The fixed-income
The tone
firm, with trading still
were
were
in better demand
of the heavy industrial stocks
some
unchanged.
advances
The Boerse turned
scale measured chiefly
on a
in fractions. Electrical issues
than others, but
tions
Thursday
a
Price variain
dull
a
r
market.
B
I
TV/ORLD
Re
S
*
VV
and
groups,
inconsequential
were
was
small scale. Small price
on a
recorded in almost all
yesterday
remained
group
on
few specialties showed larger gains.
#
economic
ort
*
developments
receive
their
usual comprehensive study in the annual re¬
port of the Bank for International Settlements, sub-
mitted to
industrial stocks
International securities
The French market
was
came
unset-
a
general meeting of shareholders at Basle,
port follows the custom of paying special attention
to
prominent phase of the economic problem, and
a
the phase
now
examined
is that of governmental
efforts to lift countries by their bootstraps out of
depression conditions.
sion
started
in
Because the current depres-
the United
States last year,
and
assuredly has attained its greatest incidence here,
the
experience of this country
sort
little nervousness, Tuesday, partly be-
of fears that
opened
levels,
of repatriated capital thus soothed
International issues
displayed
while
were
was
equities of all descriptions also
demand.
quiet
yesterday,
former
investing their holdings in French
French
in
irregular.
the franc quotation
Prompt settlement of
cause
easy
industrial stocks remained at
estly and
dull. Dealings were quiet
were
the Bank's economic adviser, Per Jacobsson, the re-
downward
issues
The international
group was
into
general in equities, while fixed-interest securi-
were
ties
foreign securi-
of
drifted
a
little. Losses
Switzerland, last Monday. Compiled in large part by
liquidation. Dealings
Thursday, with the trend irregular,
Gilt-edged
Monday,
a
re-
steady among the industrials, but other
groups were marked lower. Commodity stocks and
while
occasioned a soft opening on the Boerse, and
gram
late recovery modified the losses only
reports of the
on
Almost all
wave
sur-
as
were
trading.
This indication that all
foreign list,
Gilt-edged issues held their ground, and aircraft
stocks
1,000,000,000 marks.
higher ground.
exception of aircraft stocks,
unsettled
de Janeiro.
ties receded in
were
steady,
an
plus funds are to be drawn into the Government pro-
better, and Anglo-American trading fa-
were
vorites led the international group to
After
as a re-
advices from New York,
steady, and industrial stocks
were
quietly higher in
ment demand.
wise
cheerful in the
was
trading session of the week, partly
suit of favorable week-end
moved
The Berlin Boerse was faced on Monday with
net
measures
inter-
loan of 1,000,000,000 marks, this time to a total of
2%, in order to check the outflow of funds,
were
present,
but
announcement of a second increase of the Reich
from
interest
soared,
at
4%
Also
some
floated
equities
French
and
be
national issues were quiet.
Tuesday
on
of its discount
loan will
defense
the
of
of object lesson
spendthrift nationalism.
port
declares, that
was
set forth as a
to emphasize the futility of
the
It is
mere
now
clear, the
stimulation
of
re-
con-
sumption by government expenditures does not provide
a
country
basis
for
a
experienced
durable
upswing.
No
other
anything like the setback in
the United States, it is noted, despite the most favor-
able
situation
natural
absence of international
enjoy.
In
no
of
this
country
government practically controls
widely spread
annual
report adds.
tion been
so
the
we
country except those in which the
the whole of eco-
nomic life has administrative action been
and
and
political troubles which
as
in
the United
so
strong
States, the
"Nowhere, however, has reac-
violent," the document continues.
"It
Volume
Financial
146
has
proved to be infinitely more difficult to
the
trend
direct
by government action
life
economic
of
and
of
well-studied experience and an attentive survey of
economic developments led many to believe."
in
even
an
country with a very large home market
a
organized banking system than the weight
This studious
report, far removed from our own
political dissensions, points out also that
was
forward
the
on
effect
given
government activities waned in the
of
Some
conditions.
elusions
which
drawn,
are
general con-
highly interesting
applicable every-
are
overlooked, the re-
The fact should not be
where.
ordinary
insufficient last year to carry
movement in business, after the
private activity
3071
Chronicle
Saturday, at an official banquet tendered the visitor
by Premier Mussolini. Mutual declarations of everlasting friendship marked this function, and Chancellor Hitler added the declaration that the Alpine
frontier shall forever be sacred. Each dictator reminded the other publicly of declarations of friendship made previously, and a good deal was made
of the block of 120,000,000 people stretching from
the Baltic to the Adriatic, who comprise the main
fascist group. The impression was fostered that the
German and Italian peoples remain linked, to whateven extent the Rome-Berlin axis links them, but
beyond that even the most experienced foreign press
correspondents were forced to generalize.
The
port states, that the main incentive to recovery over
report circulated in Europe that the two fascist
expectation of a
leaders had agreed on German dominance down the
of profit during a sufficiently
Danube, and Italian importance in the Mediterranean, but there is nothing new in such rumors,
British and French circles found satisfaction in
wide
of the world is still the
areas
sufficient
margin
The interdependence of modern coun-
long period.
tries received due attention in
a
comment that the
States exer-
steep drop of business in the United
cised
and
a
pronounced effect on raw material markets
economic
on
developments everywhere.
It was '
further noted that economic nationalism and freedom to
change monetary parities may allow nations
step, but it was cautioned that "this
to walk out of
does not make them free to move
each other."v
independently of
Experience rather proves, the report
stated, that the "chief effect of this walking out of
ing of living in depression never leaves the world,
i
t>
~vkt
t
4.
is justified in one country or an-
were
submitted by the new Presi-
The report was
dent, J. W. Beyen.
t-4.
t>
f
t
t>
4-1.
o
i no'?
Profits of the B. I. S. for 1937
reported at 9,071,000 Swiss francs, and the
customary 6% dividend was declared.
,
.
Rome-Berlin Axis
i
week
THE
N
ended
that
of
late last
the
world
between
that
and
celebrations
Monday, Chancellor Adolf
understanding which exists
the
Germany and Italy remains in full effect,
unshaken
by the Anglo-Italian treaty or the pro-
The visit of
posed pact between France and Italy.
German
the
unmarred
dictator
to
his
Italian
by
every
colleague
was
Huge military
by untoward incidents.
demonstrations
branch of Italian
arms
impressed the visitor, and almost equally distinctive
costly were the displays of fireworks and the
and
landscaping that Signor Mussolini ordered,
hurried
Chancellor Hitler was duly
sands of
cheered by
many
thou-
Italians, and when he returned to Berlin
Tuesday he was cheered again by thousands of
on
Responsible officials of both countries
Germans.
thanked their stars that no bombs were
the
rest
of
the
world
wondered
accomplishments, if any.
thrown, and
about the actual
The results of the visit,
however, are known only to the two dictators and
their immediate
real
nature
and
advisers, just
as
effectiveness
of
knowledge of the
the
Rome-Berlin
axis is confined to the same narrow circle.
Planned
some
of the
German absorption
pearance
attention because
of Austria and the
of Reich troops on the Brenner Pass.
the limited extent
on
\
A
a ur
e \n el1 'on 0 mo 1
®
effef «P°" Czechoslovakia ot the German Drang
uacli Osten, which received such a startling mam'
„
.
M
.
_■
®
.
.
„
.
jt
testa ,on 111 the annexation of Austria. In obvious
compliance with the Anglo-French understanding,
Ministers of the two great European democracies
common
problems
to make all
week-end
possible concessions to any reasonable
demands by the German minority in order to placate
the Nazi
cate
regime at Berlin.
Prague dispatches indi-
that the British demarche
was
friendly but
independence
lacking.
The French advice was represented as
warmer still, and concern was said to have been
expressed in the representations regarding the political integrity of the small central European republie. In the official circles of Czechoslovakia, these
statements apparently were received with a degree
of relief, since the harshness that a real crisis might
suggest was absent.
The belief was fostered that
there is nothing immediately imminent about the
German threat to Czech independence, and an
absence of further agitation by Konrad Henlein, the
Sudeten German leader, also contributed to that impression. The French Government moved in other
urgent, with commitments as to Czech
directions, as well, to assure a
peaceful settlement
minorities problem. Paris reports of
that Poland had been asked to
state its views as to the Polish minority in CzeclioSlovakia, but Warsaw dispatches on Wednesday sugof the Czech
last Monday stated
make any definite
declaration.
Within Czechoslovakia a
comparatively calm view
German minority
seemed to prevail regarding the
To
demands and the prospect of German Nazi backing
of Herr Henlein.
Fairly comprehensive reports of
the German army maneuvers in Austria were avail-
that they cared to take the rest
themselves
J
.
F1{1f 1 international moves were started last
ap-
of the world into their confidence the two dictators
expressed
Germany's Eastward March
gested that Poland refused to
months ago, the visit by Herr Hit-
ler to Rome attracted additional
the specticular
urged the Czech Government over the last
conversations
Hitler and Premier Benito Mussolini demonstrated
to
importance or unimportance of
meeting between the dictators.
psychosis in which the feel-
ment of the world and a
other."
with the results of the conversations. European
trends hereafter, however, will be a more reliable
guide than any immediate comments to the relative
economic develop-
step is greater disorder in the
because it always
reports that the axis does not exclude agreements
with third parties, but the Anglo-Italian agreement
already has made that point clear. Official circles
in Rome and Berlin were said to be quite content
last
able, and these
suggested that some flagrantly weak
3072
spots
Financial
apparent
were
independent
to
observers,
especially in the tank corps of the mechanized Ger¬
It
divisions.
man
Government
German
the
whether
questioned,
was
accordingly,
is in
really
a
position to risk war, and the obvious dissension that
led
the German
to
in
recalled
was
of early February
purge
army
connection.
that
The
German
absorption of Austria, on the other hand, remains
of
matter
although
general acceptance,
a
incidents
resulting from the change of sovereignty are not
It is clear that the German Government
lacking.
intends to treat external holders of Austrian
obli¬
Chronicle
small
May 14, ms
countries, but
Italian
Spain's Foreign Minister, Julio
conquest.
del
Alvarez
Vayo, brought
international aspects
he
ish
a
When the
Reich
and above
over
be
modest
a
minimum, such
subject to disposal "in
harmony
requirements of German economy."
Hugh R. Wilson pointed out,
the State
with
and
Germany,
the
Ambassador
Department, that this German ruling
States
United
sums
instructions from
on
obvious violation of the 1923
an
fighting
foreigners
with
affair,
both
on
sides.
argument on Ethiopia closed, late Thurs¬
day, the delegate from New Zealand, W. J. Jordan,
return to the laws of the
a
Which seems to summarize the situation
sufficiently.
<
Spanish War
April 26, which requires all Jews of
nationality to declare property holdings in the
any
the Brit¬
as
protested at Berlin, Tuesday, against the Ger¬
decree of
man
to
general sense the United States Govern¬
more
Lord Halifax,
representative, maintained that the war is a civil
remarked that "this is
In
Wednesday the
on
argued that Italian and German intervention
justified League action.
jungle."
ment
up
of the Spanish civil war, and
out to those who trusted German
pay.
might act
they choose on the question of recognizing the
as
gations with the same degree of harshness meted
promises to
Thursday the Council never¬
on
that members thereafter
theless decided
was
treaty between the
which
provides
for
BOTH loyalistsweek in Spain, claimed modest
and insurgents fighting
gains this
as
intensified
following
by rainy weather.
ends in
the
on
Madrid
and
the southern
Heavy
view, and there also
north,
were some
fierce attacks
the French border.
near
But the
loyalists displayed immensely improved morale and
POWER politics dominated of Nations the 101st
League completely
Council,
opened at Geneva
on
reported at various points with such
were
far to the
which
between
Spanish sector still held by the loyalists.
of nationals.
of
communications
cut
to
was
Valencia, and widen their inroads
thrusts
session
The immediate aim of the insur¬
gent forces of General Francisco Franco apparently
reciprocal protection of nationals and the property
League Council
was
comparative lull occasioned
a
Monday.
The proceed¬
checked the drives with
relatively small losses, de¬
spite the continued overwhelming superiority of the
insurgents in
war
In the mountainous ter¬
supplies.
rain of the
north, loyalist contingents managed to
gations, jointly, in accordance with the previous de¬
make small
gains here and there. On Thursday, Gen¬
cisions of those governments to move toward recog¬
eral
nition of the Italian conquest
bombings of Barcelona and Valencia, and casualties
ings
dictated by the British and French dele¬
were
of Ethiopia and
vent
useful action in favor of the
alist
regime in Spain.
the British and
of
cost
whole
open
nations
The
against
frankly.
stripped from the League
their
remarkable
that there is
away
considerable
was
to contribute to its
ever,
very
a
clearly than
ever
policies,
still
care
It may be noted, how¬
Switzerland recently
quested Geneva to formulate for that
re¬
will relieve the Swiss of
trality legislation, which
were
many
League
the principal problems
Council, and the sessions
exclusively to those matters.
no
developments
our
arms
Neville
were
devoted
In accordance with
Wednesday
embargo
that
all members of their commitment not to
State of
Ethiopia.
the
session and
the
member
Haile Selassie, the exiled former
person
at
the
presented long memoranda summarizing
present situation from
a
military standpoint,
and
urging further action in aid of his
was
aided
backed
recognize
full-fledged
Emperor of Ethiopia, appeared1 in
There
were
Spain, but Prime Minister
on
denied
attempt
any
categorically
on
influence
the
to
United States stand had been made.
China and Japan
FIGHTING in presented picture between Japan
China the undeclared war of intense
con¬
a
fusion this
week,
as
the stalemate continued in the
north and the
Japanese extended the area of con¬
flict far to the
south, where the city of Amov was
the eleventh
by the Council which would relieve
of
probable.
are
Chamberlain
desired action
conquest
far has been directed
suggested to Washington the continued maintenance
of
taken in
Italian
circulated
reports in London that the British Government had
previous notifications, Great Britain and France
the
so
and
Ethiopia and Spain
rumors
country a
obligations.
before the
Washington
changes might be made in our neu¬
permanent neutrality measure which, to all intents
and purposes,
In
that
neighbors.
definite trend of small nations
from the League.
time that
only against Spain, but it appeared early this week
other nations
support.
a
war was
fruitlessly at Geneva before the League of
Nations Council.
for
The prob¬
large.
protection of weaker
more
that
effect,
debated
were
powerful
or
more
In
instrument of British and French
it is
and
the helpless civilians
foreign intervention in the Spanish
quite
League was disclosed
as a mere
among
lem of
discussions in which the
attempts at fair dealing,
again to wholesale airplane
realized by
were
put
was
last pretense
every
of
bitter and
matter
resorted
hard-pressed loy¬
These aims
French, but at the
pre¬
Franco
were
a
surprise naval attack, Wednesday.
in progress over an
greatest efforts still
the
on
northeast
of
the offensive
nese
As
started, battles
extremely wide
were
area.
The
being made, however, to
Suchow, where the Chinese were
following the retreat of the Japa¬
force that tried
Everywhere,
warfare
month of the
behind
to
the
cut the
Lunghai Railway.
Japanese
lines,
Chinese
He
guerrilla
valiantly by the Spanish delegation, and
positions
of
The
spectacular of such actions was staged
by Russia and
a
cause.
number of delegations from
most
forces
the
were
operating
invaders
and
making the
increasingly
difficult.
Volume
Financial
146
close to
by communist officers.
Brazilian Revolt
Peiping by the Eighth Route Army, com¬
manded
3073
Chronicle
A force of about
13,000
men
was
said by Chinese authorities to be
PALACE revolutions areitexceedingly common in
America, and
that another
active
near
the
former
incident of this nature occurred in
Brazil, early
Wednesday, with results that
unfortunate for
capital, which
now
is the
supply base for all the Japanese divisions in north
After
China.
remarkably long delay, the Japanese
a
finally began to move troops northward from the
central
Chinese
area
toward the
Lunghai line, and
Latin
appears
the small group
outlawed
toward
of rebels.
the
zilian
of the government
claim
Neither side was able to
the Yangtze.
on
gains
large
in
north
China,
central
or
dictator, Dr. Getulio Vargas, and the seizure
at the
in the expected confusion. Guards
presidential residence joined the malcontents,
but their endeavors to effect the
although it is clear that the invaders are finding the
ment
situation
Vargas himself.
their
increasingly hazardous, owing largely to
long lines of communication.
tended
lines, naval forces of that country attacked
the island
seaport of Amoy, Wednesday, and occu¬
pied the place after a sharp battle.
the
next
massed
day
on
,
It
was
60,000 Japanese
that
reported
soldiers
are
Formosa, only 125 miles away, prepara¬
This move
tory to an invasion of southern China.
by the aggressors mystified all foreign observers.
Some
in it
saw
peration
are
an
indication that counsels of des¬
prevailing among Japanese leaders,
possibly because the stalemate in central China is
A quick victory in
lowering the Japanese morale.
unprepared southern Chinese ports may possibly be
aimed at with the idea of bolstering morale, it was
of
command
also
It
contended.
was
Japan
suggested that the naval
may
be
were
taking
independent
arrived, in
The
to
step, in any event, finds no justification in the
and central
continued and
are
Chinese
areas
Foreign experts at
Shanghai estimate that 300 Japanese soldiers have
been killed
daily since early in February by Chinese
of
course
a
by the military forces of the invaders.
It
to set himself
Because
manner.
all
opposition
once
again at Tokio, last Saturday, that
now
door of the dictator.
regime of Generalissimo Chiang Kai-shek.
Minister Koki Hirota added on
Foreign
Monday that mili¬
will be extended until "friendly"
tary operations
regimes at Peiping, Nanking and Shanghai can be
consolidated into a new Central Chinese Govern¬
ment that the
Japanese can control and recognize.
a
was
the Brazilian
the
for
reported must be laid at the
There
malcontents, who were labeled "fascists."
hoped that more light will be thrown
on
aspect of the matter, and in the meantime it is
well to remember that Dr.
fascist
he
much conjecture in
was
capital regarding possible foreign aid
Vargas
tendencies, possibly with
was
charged with
some
justice, when
engineered his own coup last year.
Discount Rates of
Foreign Central Banks
THE Nationaldiscount of Belgium 2% May4%.
Bank
10
raised its
from on
to
rate
The
2% rate had been in effect since May 15,
at which time it was lowered from
1935,
of France
count rate from
dis¬
The 3% rate had
Nov. 12, 1937, at which time
lowered from 3H>%.
was
2J^%.
May 12 lowered its
3% to 2lA%.
been in effect since
it
on
On May 12 the Bank
its rates for loans on securities from
4% to V/i% and on 30-day loans from 3% to 23^%.
Effect
Date
vious
MayY3
Established
Pre¬
Rate in
Pre¬
Rate in
Rate
Country
Country
Effect
i\Aay\7>
Date
vious
Established
Rate
Argentina..
3M
Mar.
Hungary...
4
Aug. 28 1935
4
July
1 1935
4X
India
3
Nov. 29 1935
4
May
10 1938
2
Ireland
3
June 30 1932
7
—
Belgium..
1 1936
4X
Italy
Bulgaria...
Japan never will make peace with the Kuomintang
suc¬
sternly repressed, much of the responsibility for the
resort to violence
Batavla
declared
was
sus¬
not surprising,
presidential election and the normal
democratic
in China in a manner that took no
apparent account of the difficulties being encoun¬
another
required
cession that would have retired him from office in
also lowered
tered
was
were
600 rebels and
some
year
losses.
Japanese officials continued to discuss their aims
few hours
Vargas preferred last
The Bank
and purposes
a
help
dictator rather than permit the constitutional
up as
Casualties in the war now are estimated
at 1,000,000, and although the Chinese losses ad¬
mittedly are far heavier than those of the invaders,
the Japanese are far less able to withstand the huge
guerrillas.
Only
are
Dr.
for
to assure the
uninterrupted communications which
vital to mechanized forces.
until
detachments.
army
Incidents of this nature
pects.
regarded as far too thinly scattered over the large
northern
govern¬
quell the disturbance, which resulted in about 40
this
principles of strategy as they are known to the
Occidental world.
The Japanese forces already are
attackers
the
deaths, and the arrest of
lack of progress
nese
off
the form of loyal
Navy Ministry in Rio de Janeiro
It is to be
The Japa¬
change in
single-handed by Dr.
The President and his immediate
point of attack.
steps, perhaps because of dissatisfaction over the
by the army command.
frustrated almost
fought
entourage
Notwithstanding the Japanese troubles with ex¬
directed
was
capture or murder of the current Bra¬
rilla force that attacked their
tung,
on
The plot, charged to the
Integralista party, obviously
they claimed last Sunday to have wiped out a guer¬
supply base of Nan-
were
6
Canada
2X
Aug. 15 1935
Mar. 11 1935
Chile
4
Jan.
24 1935
4H
Java
5
Jugoslavia.
3.29
Japan
3
May 18 1936
Apr.
6 1936
Jan.
14 1937
5
3.65
4
4
July
18 1933
5
Feb.
1
Lithuania..
5X
July
1 1936
3
Jan.
1 1936
3M
Morrocco..
6M
May 28 1935
Danzig..!.
Denmark
4
Jan.
2 1937
5
Norway
3X
Jan.
4
Oct.
19 1936
Poland
4X
Dec.
England
2
June 30 1932
3X
2H
Portugal...
4
Aug. 11 1937
4X
Estonia
5
5X
Rumania
4X
Dec.
7 1934
6
Finland
4
Sept. 25 1934
Dec.
4 1934
4X
SouthAfrlca
3^
May 15 1933
4
Colombia..
Czechoslo¬
vakia
..
2M
Iranee
Germany
_.
T'olland
4
—
...
5 1938
17 1937
6X
6
4X
4
5
12 1938
3
Spain
5
July
Sept. 30 1932
4 1937
5
Sweden
2X
Dec.
1933
3
7
Switzerland
IX
Nov. 25 1936
2
May
6
Greece
...
1935
4X
3X
3X
Jan.
2
Dec.
2 1936
10 1935
1
5X
2H
Although they have been proved worthless on many
Foreign Money Rates
occasions, assurances once again were extended by
the
Foreign Minister that the open door will pre¬
vail in the vast
appear
conquered
area.
Official anxieties
to be increasing, however, despite such bland
Mr. Hirota called on the Japanese
IN bills Friday were 9-16%, as against 9-16% on
LONDON open market discount rates for short
on
Friday of last week, and
9-16% for three-months'
against 9-16% on Friday of last week.
statements.
bills,
people last Saturday to prepare for "possible ex¬
call at London on Friday was lA%. At
market rate was lowered on May 12
from 33/£% to 3%, while in Switzerland the rate
remains atjl%.
treme
personal financial sacrifices," and he added
soberly that "no optimistic view of the future is
warranted."
as
Money on
Paris the open
Financial
3074
Bank of
/,
|
;
Bank of
England Statement
.
Germany Statement
_
nPHE statement for the week ended May 11 shows
i
large contraction of £8,342,000 in note circu¬
a
lation
compared with increases in the correspond¬
as
THE statement for in firstcirculation of 227,quarter of May
showed
decline the
note
a
which brought the total down to
000,000 marks,
ing weeks of the two preceding years.
5,859,600,000 marks.
lation, in consequence,
gated
Total circu¬
is down to £482,190,000 in
The
comparison with £479,909,358 a year ago.
ent
pres¬
spread between the amount of currency in
narrow
corresponding weeks of 1937 and 1938
situation in the beginning
circulation in
is in marked contrast to the
the
of
current
when circulation was almost
year,
The effect
£30,000,000 higher than a year earlier.
of the currency
decline
was
slightly offset by a loss of
£28,457 in gold and the gain in reserves therefore
£8,314,000.
The reserve proportion rose to
28.10% from 22.30% last week, and compares with
25.10% a year ago.
Public deposits rose £25,853,000
to a total of £36,595,000, the highest of the year.
At the same time other deposits fell off a total of
£30,021,517, of which £29,508,886 was from bankers'
accounts and £512,631 from other accounts.
Loans
on government securities decreased £12,295,000 and
on other securities £442,280.
The latter consists of
discounts and advances which decreased £587,592,
was
which rose £145,312.
No change
2% discount rate.
Below we show
the different items with comparisons for preceding
and
was
change, the total remaining at 70,773,000 marks,
no
with
compared
68,432,000
COMPARATIVE STATEMENT
ENGLAND'S
of 33,000 marks, in other assets of
102,789,000 marks, in other daily maturing obliga¬
of 77,327,000 marks,
tions
of
May 15,
May 16,
1938
1937
1936
1935
at
and
1.84% two
years
£
£
Other securities
7,601, 817
Disct. & advances.
Securities
...
Reserve notes <fc coin
Coin and bullion
Proportion of
89,883,310
105,471, 164 108 ,337,434
27,011, 769 27 ,167,923
Govt, securities
21,092,190
8,826,368
5 ,893,201
86,906,044
16,733,400
5,708,154
reserve
28.10%
Bank rate
25.10%
30.18%
2%
to liabilities
2%
2%
50.19%
2%
42.31%
2%
STATEMENT
Changes
May 7. 1938
for Wee k
Reichsmarks
Assets—
Reichsmarks
May 7, 1936
Reichsmarks
Reichsmarks
No change
Of which depos.
abr'd
70,773,000
68,432,000
70,969,000
20,333,000
5,395,000
19,359,000
19,520,000
5,338,000
+262,000
5,827,000
—229,652,000 5,623,281,000 5,331,502,000 4,259,174,000
+ 36,466,000
147,665,000
190,607,000
188,719,000
—16,538,000
48,251,000
53,032,000
42,483,000
,*
£17,911,000
415.332.000
548,216,000
—102,789,000 1.358,695,000
749,668,000
503,164,000
—33,000
Other assets
May 7, 1937
No change
Gold and bullion
;
Liabilities—
—227,000,000 5,859,600,000 4,816,000,000 4,147,078,000
775,737,000
685,852,000
953,439,000
—77,327,000
—8,447,000
229,715,000
173,342,000
174,009,000
+ 0.05%
Other liabilities
1.29%
1.54%
1.84%
Propor'n of gold & for'n
curr.
to note circul'n.
New York
75,412,635
15,368,368
5,320,588
21 274,722
11,025,246
10,047,780
12,265,822
19,409, 952
73,603,605
40,312,367 62,989,807
44,981, 000 39 ,616,393
327,172, 966 319 ,525,751 205,102,616 193,310,789 192,046,170
Money Market
THE New York money unaltered continuedof this
market picture
present
week
to
treme ease,
ex¬
an
great abundance of available funds, and
The total of
only a trickle of effective demand.
Statement
Bank of France
bankers' bills
business
in
outstanding continues to decline, with
instruments
these
in
circulation of 441,THE weekly statement dated May 5 showed a
rates.
000,000 francs, which brought the total up to a new
quiet and uneventful.
further
increase
note
Circulation a
aggregated 86,869,757,895 francs and the
year before 83,988,284,680 francs.
French com¬
mercial bills discounted, bills bought abroad and
high of 98,959,824,185 francs.
year ago
creditor current accounts recorded decreases of 443,-
Commercial
91
unidentified
One
000,000 francs,
interest
FRANCE'S
COMPARATIVE
Changes
May 5, 1938
May 7, 1937
May 8, 1936
Francs
Credit bals. abroad
Francs
Francs
b Bills bought abr'd
No Change
20,026,562
—443,000,000 10,424,757,830
795,011,481
—16,000,000
12,780,684
277,619,054
3,878,952,990
1,098,592,516
1,292,904,597
3,906,460,262
3,503,120,023
+ 179,000,000
Note circulation
+ 441,000,000 98,959,824,185 86,869,757,895 83,988,284,680
Credit current accts.
—424,000,000 23,614,167,589 17,263,648,026
9,107,730,343
of
No Change
hand to sight liab.
Includes bills purchased in France,
45.53%
55.08%
actually paid
of $10,000
of
a
premium
these
non-
money
on
for nothing to
the
the New York Stock Ex¬
change held to 1% for all transactions, while time
loans remained at
and
1%% for maturities to 90 days,
1%% for four to six months' datings.
New York
Money Rates
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
was
ruling quotation all through the week for both new
and renewals.
The
market for time
money
quiet, no transactions having been reported
this week.
90
Since the statement of June 29. 1937. gold
Rates continued nominal at
ll/i%
up
to
days and llA% f°r f°ur to six months maturities.
The
market
for
prime commercial paper has been
moderately active this week.
c
The demand has been
good, but the supply of prime paper has been light.
are
quoted at %@1% for all maturities.
Bankers' Acceptances
62.33%
b Includes bills discounted abroad,
Rep¬
credit opened at Bank.
valuation has been at rate of 43 mg.
resenting drafts on Treasury on 10-billlon-franc
the
Call loans
40,133,974,773 19,991,307,016
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept.
gold valuation was 49 mg. per franc; prior to Sept, 26, 1936, there were
of gold to the franc.
bidder
allotment
lending
Propor'n of gold on
a
discount of
bills, the dollar representing a cost to the
Treasury.
Rates
Temp, ad vs. with¬
out int. to State..
bidder
an
an average
annual bank discount basis.
on an
8.058,524,897 17,048,573,580
Adv. against secure.
c
similarly
Francs
+ 374,836 55,807,334,668 57,358,922,736 58,029,973,065
aFrench commercial
bills discounted.,
for
continues
for Week
Gold holdings
$1
loans
STATEMENT
are
The Treasury sold last Mon¬
days, with awards at
0.029%, computed
francs
BANK OF
dull, at unchanged
dealings
paper
day another issue of $50,000,000 discount bills due
in
of
16,000,000 francs and 424,000,000
respectively. The Bank's gold holdings regis¬
tered a slight increase of 374,836 francs, the total of
which is now 55,807,334,668 francs, compared with
57,922,736 francs last year and 58,029,973,065 francs
the previous year.
Advances against securities rose
179,000,000 francs, while the items of credit balances
abroad and temporary advances to State remained
unchanged. The reserve ratio stands at 45.53%; a
year ago it was 55.08% and the year before 62.33%.
The discount rate was reduced on May 12 from 3 to
23^%.
Below we furnish the different items with
comparisons for previous years:
is
ago
year
is furnished below:
REICHSBANK'S COMPARATIVE
Other dally matur. obllg
482.190, 000 479 ,909,358 424,290,249 390,320,982 378,442,751
32 ,519,863
7,367,400
11,215,132
13,330,790
30,595, 000
Other deposits
123,402, 337 124 ,849,070 120,217,347 141,498,622 135,410,854
99,928,490
83,214,574 103,008,172
Bankers' accounts.
87,943, 730 87 ,664,190
38,490,4.50 35,482,304
Other accounts...
35,458, 007 37 ,184,880 37,002,773
..
a
A comparison of the
ago.
various items for three years
1934
Circulation.
proportion
reserve
1.29%, compared with 1.54%
now
Notes in circulation
Public deposits
and in other liabilities
The
marks.
8,447,000
Investments
May 13,
and
year
A decrease
in advances of 16,538,000 marks,
652,000 marks,
in investments
Sliver and other coin...
May 12,
last
year.
appeared in bills of exchange and checks of 229,-
Advances....
May 11,
marks
marks the previous
70,969,000
Bills of exch. & checks..
OF
circulation aggre¬
and the year before
Reserves in foreign currency
The Bank's gold holdings showed
466,000 marks.
Res've in for'n currency
BANK
year ago
262,000 marks and silver and other coin 36,-
securities,
years:
A
marks
4,816,000,000
4,147,078,000 marks.
rose
made in the
record
1938
May 14,
Chronicle
20. 1936,
65.5 mg.
THE market for prime bankers'the week. Only
acceptances has
dull throughout
been
a
limited
very
supply of prime bills has been available
Volume
and the
Financial
146
demand
has
been
change in rates.
no
the
Federal
There has been
light.
Dealers' rates
Reserve
Bank
New
of
reported by
as
bills
for
York
Chronicle
ciate
slightly during the next few months also induced
initial
an
3075
of
return
working capital to Paris.
present it is believed that
7-16%
asked; for bills running for four months, 9-16% bid
and %% asked; for five and six months, %% bid
and 9-16% asked.
The bill-buying rate of the New
tions and the return of French"
York
withdrawals of funds of these countries
to and including 90 days are %% bid and
up
Reserve
1 to 90
Bank is
%% for bills running from
ended and is not
heavy outward movement of
remain unchanged at $550,000.
also
the
drawal
rediscount rates of
the
for
classes
various
of
paper
in effect
at the different
Reserve banks:
RATES
OF
FEDERAL
Date
Established
Rate
IX
—
New York
~
,
Sept.
4, 1937
----- —
.
11, 1935
IX
Aug. 27, 1937
2
21, 1937
2
Aug. 21, 1937
2
2, 1937
2
Aug.
-v..
IX
Sept.
•
-
— -
-
—
IX
San Francisco
---------
Sept.
Course of
Sent.
3.
V
::
2
:
_L_
Sterling Exchange
was
extremely limited during
week and all events affecting exchange rates
resulted from transactions in Europe.
The slightly
quotations for the pound seem to have been
of
the return
French funds
deposit in London.
In the past
relatively firm in terms of the dollar.
few weeks there have been
for
no
indications of
for the dollar rather than the
ence
pound.
a
prefer¬
The
range
sterling this week has been between $4.97% and
$4.98%/compared with
a range
and $4.99 13-16 last week.
fers has been between
with
a
range
more
on
$4.98% and $4.99%
a
franc, and the consequent severe repercussions on
neighboring currencies, is the predominant factor in
foreign exchange
rates for
funds
market.
The slightly lower
sterling reflect heavy withdrawals of French
from
London.
It
is
reported that French
holders of
gold in London
metal into
sterling and buying francs.
are
also converting their
Since May 5
international securities in London in which
capital
was
Paris
tion of
being South African gold shares,
Government
British
Bourse,
panies.
French
invested have been freely liquidated,
those affected most
certain
stocks
listed
the
on
and shares of certain large oil
com¬
Sales of these securities represent repatria¬
French capital for the most part.
Almost
every
French franc for
country has been bearish
a
on
the
long time and it is the covering of
such short positions
the heavy
on
indicate that the
only moderate
downward.
Rail¬
The decline in bank
accelerated
an
activity.
by the Federation of British
making for
are
a slackening in
likely to continue to gain
headway.
London bankers continue to stress the
of
advisability
foreign lending in order to stimulate the export
trade
as
offset to
an
declining domestic sales.
It is
repeatedly pointed out that the bill market which for
than
more
a
century acted as a bulwark of inter¬
trade
national
has
been stagnating since
1931 and
the bill houses have had to resort to other forms of
order to exist.
in
investment
The bankers'
/
acceptance market here closely cor¬
responds to the bill market in London.
Bankers'
acceptances also reflect declining international trade.
Acceptances outstanding during April dropped to the
realignment of the franc with its new tie to
equivalent of 35.8 francs to the dollar or 2.79 cents
the
now
apparent in all countries.
the whole retardation in
depressed, forces that
lowest level
J.
sterling at the rate of 179 francs to the pound, the
a
money
upturn in business
still falling.
are
world trading activity are
for cable trans¬
$4.97% and $4.98%, compared
between
of
range
The
of between $4.98 9-16
week ago.
The
not
Industries for the second quarter of this year states
that while business in the United States continues
tem¬
On the whole, how¬
at present levels sterling must be considered as
ever,
on
while reports from individual industries indi¬
cate
the past
largely to
an
clearings proceeds unchecked and at
2
1937
becoming
receipts
way
2
3. 1937
than in recent
on
with¬
do
lines of trade and
many
but the indices continue to point
weeks.
The foreign exchange
STERLING exchange is ruling fractionally lower
market in New York
porarily
but
chiefly concerned with the
The business forecast
due
money
Thus far the decline in Great Britain is
rate,
easier
the
approve
foreign
Recent business reports
recession is
'
2
Aug. 31, 1937
IX
—
.—_ -
Dallas
Aug. 24, 1937
IX
IX
—
-
Kansas City....... j
bankers
watching anxiously for
2
IX
.
.
Minneapolis.
London
superfluous
this side.
2
May
IX
—
Louis.
of
IX
Aug. 27. 1937
IX
-_
is
2
2, 1937
1
-
Chicago
St.
Sept.
IX
Philadelphia
Atlanta
pound.
clearly evident recession in
Previous
May 13
Richmond..
trade and commercial factors should
on
Financial London is
Effect on
Federal Reserve Bank
Cleveland
now
expect that it will have the slightest effect
RESERVE BANKS
Rale in
Boston.
temporary
rates in London.
DISCOUNT
■
on
It is believed that this trend has
sterling and it is expected that tourist require¬
ments will be an important element of
strength in
The
now
from
some
favor
THERE have been no changes this week banks.
the Federal Reserve in the
following is the schedule of rates
francs
ceased.
From
Discount Rates of the Federal Reserve Banks
French
Belgium, Holland, and Switzerland also caused
deposit in London.
of acceptances
working capital has
likely to Effect sterling further. The
The Federal Reserve Bank's holdings
days.
At
the'covering of short posi¬
which has accounted largely for
demand for francs and the withdrawal of
funds from London.
de facto franc
The assumption that the
new
might hold steady and even appre¬
in
more
W. Beyen,
tional
in his
Settlements,
world recovery
than 21 years.
President of the Bank for Interna¬
survey
tives of 25 central banks takes an
the situation.
is
of prospects for
recently presented before representa¬
He declared that
optimistic view of
once
again the basis
being laid for reestablishment of monetary order,
since progress
rencies
has been made in adjustment of
that
levels
to
may
be
maintained
cur¬
per¬
manently and stated that the burden of international
indebtedness has been reduced by repayments, con¬
versions, &c., to a point where it is not longer an
obstacle to
stability of exchanges.
An important
exchange
was
factor affecting the future of foreign
the
lifting of the
ban
forward
on
dealings and loans in gold by the
orities
ago
on
The ban
May 7.
was
London auth¬
imposed three years
by means of informal restrictions on forward
dealings in gold in the London open market and upon
the
use
of
restrictions
gold
were
unwarranted
as
collateral for bank loans.
The
put into effect in order to check
foreign
time when the former
exchange
speculation
European gold bloc
at
the
was
sub-
Financial
3076
jected to heavy speculative attacks prior to their
eventual suspension of gold.
Evidently the British monetary authorities believe
conditions have
that with devaluation of the franc
become
It
normal.
more
is
possible for the
now
holder of
gold to take the metal to his bank as col¬
for loans exactly as he would offer other
lateral
The lifting of the ban it is believed will
security.
release much of the
capital
locked
now
up
in the form
for
new
gold in a more normal and free way
hedging of foreign exchange commitments. Before
lifting of the ban forward gold sales were permitted
it
possible to
use
On Friday there were no imports
foreign account .
for
Friday that $4,494,000 of gold was
Canadian exchange
11-16% and
The
discount of 9-16%.
tables show the mean London
on Paris, the open market gold price,
a
following
check
rate
paid for gold by the United States:
and the price
MEAN LONDON CHECK RATE ON PARIS
7i
Saturday, May
Tuesday,
against gold banks do not expect any heavy demand
It is known that
explana¬
months ago British
some
banking authorities advised central bank authorities
their gold
reserves
at
points away from Europe, presumably as a safe¬
guard against sudden outbreak of war.
7
139s.
Monday,
May
9
On May 10 a
Tuesday,
May 10
the
that the specie was
of
bank declined to discuss
Officials of the
Canada.
the shipment in any way,
Bank
of the
vaults
but it is generally believed
moved to Canada by the Bank of
Thursday,
May 12__ 139s. lO^d.
Friday,
May 13__139s. lid.
BANK)
Wednesday, May 11
$35.00
7
$35.00
Monday,
9
35.00
Thursday,
May 12
35.00
35.00
Friday,
May 13.
35.00
May
Tuesday, May 10.
day-to-day rates, sterling exchange
Referring to
on
Saturday last ruled slightly under previous close
in
nominal
Bankers'
trading.
cable
$4.98%;
sight
was
$4.98@
$4.98%@$4.98%.
transfers,
$4.97 7-16@$4.97 15-16 for bankers' sight
range was
On Tues¬
$4.97%(§>$4.98 for cable transfers.
cable transfers,
sight
The
on
this side
was
$4.97%@$4.97 15-16;
was
$4.97 5-16@$4.98.
steady.
was
Trading
steady.
wras
Bankers'
limited.
exchange
On
The
Monday the pound was fractionally easier.
On Wednesday
range was
$4.97 3-16@
$4.97% for bankers' sight and $4.97%@$4.97 13-16
the
for cable transfers.
newly developed policy of placing some part of its
steady with rates
England
safekeeping
for
holdings out of
On
with
177.67
Saturday, May
day sterling
in
May 13
177.69
FOR GOLD BY THE UNITED STATES (FEDERAL
PRICE PAID
000,000 and $25,000,000 was received from
Great
177.73
______
Wednesday, May ll__139s. lid.
139s. lOd.
139s. 9Hid.
and
stored
Friday,
8^d.
Saturday, May
quantity of gold variously estimated at between $10,and
May 12_
RESERVE
in other countries to build up
Britain
Thursday,
LONDON OPEN MARKET GOLD PRICE
tion, but thus far no official information has been
safe
9
of such loans.
and from Sweden to the United States need
issued.
Wednesday, May 11
177.79
177.78
177.79
—
May 10
shipments of gold from England to Canada
Montreal
continues steady.
ranged during the week between a discount of
funds
only if the buyer declared he needed the gold for
commercial transactions.
With regard to advances
Recent
was
Francisco from Japan.
May
the granting
It
foreign account.
Monday,
still continue to use their discretion as to
gold held ear¬
reported on
received at San
exports of the metal or change in
or
marked
for
and may
1938
14,
gold held earmarked
exports of the metal or change in
of idle
gold held in London safe deposit vaults. The
conditions in the London gold market now make
May
Chronicle
accordance
in
of bombing raids in time of war.
range
May 10 the first shipment of Swedish gold to
reach the United States since
and
York
consigned
was
The shipment
Bank.
arrived in New
1931
Federal Reserve
to the
consisted of 45
cases
of gold
bars, valued at about $2,500,000 according to private
The transaction
estimates.
and
account
Swedish
means
for
stands in
currency
of
was
The
need of defense by
no
changed from those of
many
four-months
are
bills
are
bills
Street
continue
un¬
offer in the London open
market this week
taken for unknown destination,
largely for private foreign account.
that Dutch and
but there
also
was
believed to be
It is understood
Belgian interests have appeared in
There
was
some
by French interests.
some
French selling of
buying of
On
open
gold
market gold
Saturday last there
was
available
£436,000, on Monday £903,000, on Tues¬
day £713,000, on Wednesday £568,000, on Thursday
£372,000, and on Friday £49,737.
At the Port of New York the gold movement for
the week ended May 11, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, MAY" 5-MAY 11, INCLUSIVE
Imports
1
None
I
Exports
>
Decrease:
was
received
have
at
been
San
above
Wednesday.
$4.96 1-16,
ton and
documents
at
for
$4.96%, 90-day bills at
payment (60 days) at
Cot¬
grain for payment closed at $4.97%.
FRENCH francs of Paris since the de facto and
have been ruling steady de¬
week ended
were no
imports
in favor
more
valuation of
179
francs
dollar,
or
around
established the rate at
May 5, which
the
to
2.79
177.75
pound and 35.80 francs to the
cents
francs
The rate is now
pound and has been
franc.
a
to
the
ruling above 2.80 cents per franc in the New York
market.
There
has
been
prompt
franc and considerable
from
nearby
There is
no
markets,
way
short
covering in the
repatriation of French funds
particularly from London.
of estimating the exact amount of
repatriated funds, but some wrell posted European
authorities place
or
the figure at around 30,000,000,000
This has
market.
it is thought that there will be no;
scale repatriation of French funds
approximately $840,000,000.*
present
further
large
domiciled
for the
on
Continental and Other Foreign Exchange
$5,851,000 came from Japan
On Thursday there
60-day bills
$4.97%,
At
approximately $5,990,000 of gold
Francisco, of which
are
$4.97 5-16@
Closing quotations
greatly relieved the Paris money
$1,050,000
notilied that
figures
Friday
were
None
and $139,000 fro Australia.
The
On
$4.97% for demand and $4.97 7-16 for
transfers.
Commercial sight bills finished at
Friday
cable
and
sight
$4.97% for cable transfers.
francs,
Net Change in Gold Earmarked for Foreign Account
Note—We
bankers'
for
$4.97 7-16
and six-months
the market.
$4.97%@$4.97 11-16.
pound continued steady. The range was $4.97%@
Two,- three-,
weeks.
9-16%,
%%.
on
transfers
cable
continued
$4.96%, and seven-day grain bills at $4.96%.
Lombard
in
rates
and
was
official
gold shipments.
Money
Gold
on
purpose.
obviously
undisclosed
an
transactions.
the
On Thursday sterling
governed largely by European
Bankers' sight was $4.97%@$4.97%;
on
or
await
on
a
the
abroad.
The
bulk of these funds must
general clarification of
Continent.
political conditions
Rjs variously estimated that
Volume
Financial
146
French funds
few
francs.
have
As matters
taken
flight in the past
and
between 85
of the
fugitive capital
probably
billion
100
stand, the Daladier Govern-
now
would count itself fortunate if
ment
will
which
amount to
years
A large part
to return.
were
one-fifth
even
never return.
The position of
the National Treasury has been
Chronicle
3077
when it
was reduced from 2J4%Belgian financial
authorities insist that technically there are ample
resources
that
with
there
which
is
has
available
.
The
few
cheap short-term
_
.
clay rates
Cabinet expects
1
a
from
rate
been
in
reduced from
was
rate is in
new
i
t,
The 3% rate
when it
1937,
12,
The cut in the rediscount
334%.
4% to 334% and
for loans
rate
the
time
same
securities from
on
30-day loans from 3% to 234%-
on
Belgian
At the
policy.
money
Bank lowered its
The
Nov.
since
-i
lowered its re-
conformity with the Daladier Government's
easy
has
currency
exceptional
shown
weakness since the devaluation of the French franc,
On
Monday last belgas fell to the lowest levels in
than
more
three
The unit has
years.
dis-
been
playing weakness for the past six months owing to
trade
depression and
tion.
Speculation
This
the
is
unfavorable budget situa-
an
the
against
has also been facilitated
crisis.
by the
first
exchange
Belgain
menace
of
political
a
major attack which the
belgas has suffered since it
stabilized
was
and for
of
and
France
other
time
a
currency
Belgian franc, five of which make
For
1937
belga futures
and quite
often at
a
wide
at
now
then
discounts.
On
On
Belga futures
May
on
May 7 to 80 points,
has
diminished to
around
on
90-day belgas
was
May 3, widened rapidly to
points on
13
110 points
13, following
signed.
news
As
developed in the belga
on
May
that the Belgian Cabinet had
re-
Thirty-day belgas dropped to 77 points under
spot and 90-day
which
belgas to
closed in New York
result
a
of
pressure
authorities have been
100 points under spot
the
support
on
the unit, the Brussels
compelled to ship considerable
spot
rate.
Gold
has
in order
been
also
with
ment
a
for
of
tion these
5.26K
22.82K to 22.89^
to55'58.
3,1936.
The London check
rate
on
on June 30, 1937.
de facto basis of 179
on a
Paris closed
on
Friday
at 177.67, against 178.12
on
New York sight bills
the French center finished
on
Friday of last week.
In
at 2.80, against 2.80; cable transfers at 2.80, against
2.80. Antwerp belgas closed at 16.8234 for bankers'
sight bills and at 16.8234 for cable transfers, against
16.85 and 16.85. Final quotations for Berlin marks
were
cable
40.183/2 for bankers' sight bills and 40.18J4 for
transfers, in comparison with 40.243/2 and
40.24J4.
Italian lire closed at 5.2634 for bankers'
sight bills and at 5.2634 f°r cable transfers, against
5.2634 and 5.2634Exchange on Czechoslovakia
closed at 3.48%, against 3.4834;
0.74, against 0.74;
and
on
on
on
Bucharest at
Poland at 18.89, against 18.89;
Finland at 2.20, against 2.20%.
Greek
ex-
change closed at 0.9134? against 0.9134'
—♦—
the
on
the countries neutral during the
war is at present featured by sharp declines in
Dutch guilder and in the Swiss franc.
The
Scandinavian currencies continue to
sympathy with sterling.
move
in
close
The decline in the guilder
is due partly to an outward movement of French
also been
a
There has
noticeable movement of Dutch funds to
London, where much of these funds were invested in
gold. The lower ruling rates for the Swiss franc also
reflect an outward trend of funds to Paris.
Considerable emphasis, is being placed on the outlook
for turist trade this summer in Switzerland, one of
the outstanding factors in Swiss economy. The cheap
French franc virtually rules out the French visitor,
always important in Swiss tourist trade.
Austrian
visitors have always played an important part in
imposed following the Anschluss with Germany,
tourist prospects from this source are uncertain.
Bankers' sight on Amsterdam finished on Friday
at 55.37, against 55.51 on Friday of last week; cable
sight bills at
55.33, against 55.47.
transfers,
against
and
22.91.
Copenhagen
against
22.26
and
22.26.
Checks
on
syndicate of Dutch, Swiss, and Swedish
25.6434? against 25.70 and 25.70; while checks on
a
had
been
4% loan in guilders for the
gold
Belgian franc loans
repay-
of
1932
Norway finished at 25.00 and cable transfers at 25.00,
against 25.05 and 25.05.
Owing to the distressed exchange situa-
creased its
22.91
checks finished at 22.2034 and cable transfers at
Sweden closed at 25.6434 and cable transfers at
negotiations
negotiations
May
Swiss francs
closed at 22.8334 f°r checks and at 22.8334 f°r cable
under
5J4%
and 1933.
On
weeks
some
bankers
68'°f6fn v65,35
5.263^ to
"
+•
before devaluation of the European currencies
c 0n May
1938, the franc was devalued
francs to the pound, or 2.79 cents a franc.
22.2034?
shipped to New York.
way
40/0
New dollar parity as
16.76^ to 16.93
8.91
transfers at 55.37, against 55.51; and commercial
16.8234 cents.
quantities of gold, especially to London,
For
16-95
32.67
5.26
this trade, but in view of the exchange restrictions
May 9.
Renewed weakness
to
30-day
3
May 5 this discount had
and
The discount
points.
on
generally quoted flat
were
discount
the
13-90
funds from Dutch securities into francs.
belga.
quoted at four points discount from
were
the basic cable rate.
50
17% below the
one
small premuim.
increased to 26 points,
Since
countries,
long time after devaluation and untill well
a
belgas
com-
below
was
neighboring
devalued French franc is
Now the
enjoyed
Range
2.7Wt(T$W
19.30
—-
between Sept. 30 and Oct.
the first of the European gold bloc
was
to devalue
petitive advantage because its
that
are
a
New Dollar
P3
Stlw?1 ^elga)
Italy (lira)..
T^XCHANGE
Belgium
into
oid Dollar
be France (franc)....
April 1,
on
1935.
countries
and
The following table shows the relation of the leading European currencies to the United States dollar:
Switzerland (franc)
,
ranee
3% to 234%.
effect
and
b Franc cut from gold ancl allowed to "float"
1n
had
J
launch within the next
to
May 12 the Bank of 1
discount
*
defense loan of not less than 15,-
new
000 000 000 francs
C
AI
.,
'ti
On
and day-to-
money
f
.
Pans have fallen below 1%.
m
days
Industry
having provided ample funds.
currency
between Belgian
world prices.
enormously improved, the heavy demand for shortterm issues
defend the
to
disparity
no
were
suspended
10 the National Bank of
rediscount rate from
on
May 5.
Belgium in-
2% to 4%.
The
2% rate had been in effect since May 15,
1935,
—♦"
F^XCHANGE on the South American countries
Hi
follows trends in evidence for many months,
The South American units are held in close relationship to sterling.
The regular fortnightly statement
Financial Chronicle
3078
of the Central Bank of
gold
ratio to notes in circulation of 118.72%.
ratio of gold to total sight liabilities
reserve
The
bank's
stood at
Argentina for April 30 showed
Friday at 33.16
Argentine paper pesos closed on
week; cable transfers at 33.16, against 33.25.
The
unofficial or free market close was 26.10©26.30,
Brazilian milreis are quoted at
Chilean exchange is
against 26.25@26.30.
(official), against 5.90.
5.90
Peru is
(official),
against 5.19.
nominally quoted at 24.00, against 24j^quoted
5.19
at
are
no new
alighment with sterling either through legal
in close
or
Japanese
through exchange control.
continue to be held to sterling at the rate of
yen
Is. 2d. per yen
although economic
pressure
is increas¬
which exercises quasi-
agency
against whom the orders of such agencies are
directed.
The rates in
the
but
question
were
promulgated in 1933,
under the Packers and
complaint
Stock¬
yards Act was filed in 1929, and hearings were held
by the Bureau of Animal Industry of the Depart¬
of
ment
"The bulky record" of evi¬
Agriculture.
dence, made before Secretary Wallace took
according to the Court's
retary's testimony, "placed
EXCHANGE features.Far these currencies held
on the All Eastern countries pre¬
enactment
Federal
judicial functions, and upon the rights of the par¬
was,
—»
sents
duct of every
sight, against 33.25 on Friday of last
for bankers'
bearing upon the con¬
it enunciated have an obvious
ties
83.77%.
May 14, 1938
office,
of the Sec¬
his desk and lie
summary
upon
dipped into it from time to time to get its drift.
.
.
.
Secretary read the summary presented by ap¬
The
pellants' briefs, and he conferred with his subordi¬
analyzed the evidence. We
nates who had sifted and
that the
assume
its
Secretary sufficiently understood
No Government brief, however, was
purport."
ing in Japan and the control has sent large amounts
presented, no statement of the Government's con¬
of
tentions, outside of the oral arguments, was given
gold to both New York and London.
mated that since March, 1937
It is esti¬
approximately $295,-
the
000,000 of gold has been shipped from Japan to
United States.
to the
appellants, and the appellants were not al¬
lowed
to
examine
the
Government
until
findings
they had been served with the order.
Closing quotations for
29.01, against 29.09 on
The Court found this
checks yesterday were
yen
Friday of last week.
Hong¬
an
procedure to be "more than
irregularity in practice," and the order, in con¬
kong closed at 30.90@31 1-16, against 31.10@31Ji;
sequence,
Shanghai at 24^@24%, against 25.92@2634; Manila
quirements of fair play" demand "a fair and open
57 11-16,
hearing, essential alike to the legal validity of the
at
49.80,
Singapore
49.80;
against
at
"fatally defective."
against 57.95; Bombay at 37.11, against 37.21; and
administrative
Calcutta at 37.11, against 37.21.
of
Gold Bullion in
important governmental process.
right to
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
of
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
to
us
are
by special cable yesterday (Friday); comparisons
shown for the
corresponding dates in the previous
four years:
1937
1938
1936
£
£
£
'
£
£
"
205,102,616
193,310,789
192,046,170
641,785,264
3,024,100
612,863,697
90,778,000
63,015,000
90,499,000
74,022,000
53,783,000
66,446,000
84,838,000
77,261,000
49,925,000
347,629,835
464,239,784
2,522,000
2,453,650
87,323,000
2,572,450
89,106,000
Italy
c87,323,000
825,232,000
25,232,000
42,575,000
Netherlands
123,357,000
82,046,000
59,170,000
Nat. Belg'm
89,237,000
102,267,000
Switzerland
75,055,000
83,549,000
97,977,000
48,229,000
Sweden
28,966,000
25,701,000
23,906,000
18,040,000
6,540,000
7,442,000
6,549,000
6,554,000
7,394,000
61,117,000
15,022,000
7,397,000
6,602,000
6,604,000
6,601,000
6,577,000
France
Germany
b
Spain
Denmark
..
Norway
Total week
.
Prev. week..
a
«
Amount held
Dee.
1936, latest figures available,
31.
Bank of Germany are exclusive of gold held abroad,
reported at £1,016.650.
c
b Gold
than
when the gold
was
the
year,
now
Amount held Aug. 1, 1936. the latest figure abailable.
equal to one franc; this
a
holdings of the
the amount of which is
The gold of the Bank of France was revalued on July 23,
within less
6,078,750
1,066,569,782 1,088,878,236 1,046,035,850 1,212,494,153 1,209,329,617
1,066,686.266 1,078,304,764 1,066,439,305 1,213,411.312 1.206,969,807
of gold 0.9 fine,
to
previous
was the second
1937, at 43 milligrams
change in the gold's value
revaluation took
place
on
given a value of 49 milligrams to the franc
as
Sept.
26,
know
claims of the
the
The
meet
them.
that
opportunity,
barren
one.
.
The
opposing party and to
right to submit argument implies
otherwise
Those who
the Government in
the right may
of what the
alacrity
ber of
entitled to be
are
Government
proposes
its proposals before it issues
its final command."
Board has
a
quasi-judicial proceeding aimed
a
and to be heard upon
The
be
brought into contest with
are
the control of their activities
fairly advised
319,525,751
327,172,966
293,722,816
England
1934
1935
.
.
hearing embraces not only the right to
a
present evidence, but also a reasonable opportunity
at
Banks of—
regulation and to the maintenance
public confidence in the value and soundness of
this
European Banks
"The rudimentary re¬
%
with
which
the
Labor Relations
sought to change its procedure in a num¬
pending
cases,
and the attitude of some of the
Federal courts toward its
is
the Board
a
of the Kansas
throw its
own
applications, suggest that
good deal alarmed lest the doctrine
City
case
should be applied to
well-known
counsel for the Board
practices.
over-
On April 30
applied to the Federal Circuit
1936,
compared with
66.5 mgs. previously.
On the basis of 65.5 mgs.. approximately 125 francs equaled
£1 sterling at par: on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
Court
of
Appeals at Philadelphia for
mgs., there are about
a
postpone¬
The rebuke which the
sion in the Kansas
administered to
if
abuses
it
of
National
guilty.
cerned
does
case on
the appeal of the Republic
April 9, which held the corporation responsible for
April 25,
strike in Ohio last
during the "Little Steel"
July, and ordered the reinstate¬
ment, with back pay, of some 5,000 strikers.
The
not
"valid and
wholly eradicate, some of the
administrative
Labor
authority
Relations
Board
of
has
which
long
was
with the National Labor Relations
Court
not
the
been
con¬
Act, but
Secretary Wallace in establishing
for
market
yards at Kansas City.
passed
agencies in the
The sharp criticisms
upon
Secretary Wallace,
however, and the principles of administration which
on
Board, according to counsel, regarded the order
The decision itself, it is true,
the
hearing
the deaths of three strikers
Supreme Court, in its deci¬
City stock yards
sales commission rates
which
Corporation from a ruling of the Board, on
a
Secretary Wallace bids fair to curb,
with the action of
stock
of
190 francs to £1.
The Courts and the Labor Board
even
ment
Steel
43
enforceable," but stated that it
was
as
"seri¬
ously considering the reopening of the Republic and
several other
steps
would
cases
outlined
for the
by the
necessitate
the
taking of the procedural
Supreme
Court,
withdrawal
of
and
these
that
cases
from the courts."
The request for postponement was
refused.
On May
3 the Circuit Court, on the appli¬
cation of
Republic Steel, issued an order restraining
the
Board
from taking
whatsoever" in
"any steps
that case,
or
proceedings
and further directed the
Volume
Financial
146
Chronicle
why the entire record in the
Board to show cause
Court. The order
case
should not be certified to the
was
promptly challenged by the Board as contrary
given of
was
was
Friday
denied and this
perturbed by this prospect, and on
not
was
direct appeal to the Supreme Court
not vacated.
The court, however,
a
if the order
permission to set aside was again
ordered to be certified.
record "as it is" was
apparent purpose of Republic
The
for
the
order,
restraining
Board's record in the case
were
play"
insisted would be
another attack
the
which the Supreme Court
In the meantime
launched in
the Board had been
on
Motor
upon
quickly shown.
On May 2 counsel
Company case.
Circuit
the Federal
applied to
company
Court at
of conformity, of
procedure to the "rudimentary require-
ments of fair
the Ford
Steel, in asking
to get the Labor
before the court. If that
was
done, the conformity, or lack
the Board's
for
warning
Relations Act, and a
to the National Labor
Covington, Ky., for permission to interro-
members of the
Among
the 57 questions to which the Court was asked to
require answers under oath were "whether the
Board or any member read all or any part of a
stenographic transcript or other verbatim report of
the testimony before the trial examiner," "whether
gate the Chairman and some other
regarding their action in the case.
Board
the Board considered
rulings of the trial examiner
objections to admissibility of testimony or ex-
on
hibits," and whether the Board, before issuing its
order which found the Ford Company guilty of violation
Labor Relations Act,
the
of
had consulted
named, among them Benjamin
Thomas Corcoran, two well-known
with various persons
Cohen
V.
"inside"
and
of
advisers
John L.
President Roosevelt,
Lewis, Homer Martin, or "any officer, representative
attorney for the U.A.W.A. or of the
or
C.I.O."
Shortly after this application was made, counsel
applied for permission to withdraw
for the Board
the
order
the
application
tion
was
On May 5
granted, but on May 9 the acby a ruling refusing permission
was
modified
for the Board to
and
Company.
against the Ford
withdraw the papers in the case,
directing that the papers be made a part of the
Company to set aside
record in the suit of the Ford
the
order of Dec. 22,
Board's
this ruling,
Board,
if it prevails, would be to compel the
record
on
which its order
based, and again to show whether the
tary requirements of fair
23 the President of the
announced
that
a
"rudimen-
play" had been met.
Three other cases are also
the
The effect of
in the case of Republic Steel, to proceed
as
with the Ford case on the
was
1937.
to be noted.
On April
Douglas Aircraft Company
decision
of the Board ordering
reinstatement, with back pay, of a number of
employees
would be
involved in the
February, 1937 strike
On May 11 the ap-
fought "to the end."
plication of the company for a restraining order, intended to
prevent the Board from setting aside its
order
in
the
case,
of which proposed step it had
given
notice,
wras
denied by the Federal Circuit
Court
at
Court
at
San
Francisco.
the Court its record in the
case.
On May
5
the
Circuit
Chicago ordered the Board to file with
Inland Steel Company
In this case an order of
April 5 had directed
Committee for Industrial Organization as the sole bargaining agency of
its employees, and to make a collective wage agree-
the company
to recognize the
3079
ment with it. A motion to withdraw this order,
made on May 9, was strongly opposed by the coinpany.
On May 10 the Federal Circuit Court at Cov-
ington, Ky., denied an application of the Board to
enforce an order against the Thompson Products
Company of Cleveland to reinstate certain employees and desist from opposition to the United Automobile Workers of America. The Court sharply
criticized the Board's brief for "mingling statements of witnesses and expressions of opinion," and
declared that the Board's finding "tends to promote
discord among employers and employees instead of
harmonious and joint discussion of their difficulties."
The legal technicalities of procedure involved in
these various cases are, of course, matters for lawyers and judges, and the divergent views held by the
different Circuit Courts must be regarded as resting in each instance upon what the judges felt to be
good grounds. It is clear, however, that the Labor
Relations Board is greatly disturbed over the possible effect of the Supreme Court's decision in the
Kansas City stockyards case upon the validity of
the Board's orders. It is matter of common knowledge that the Board's procedure, in many cases at
least, has not accorded to employer defendants the
fair hearing which the Supreme Court has declared
to be a right that no administrative agency endowed
with quasi-judicial powers may properly deny. The
layman is not likely to see any essential difference,
as far as legal propriety is concerned, between the
procedure which the Supreme Court condemned in
the case involving Secretary Wallace and that followed by the Labor Board and its trial examiners in
the orders whose validity important industrial organizations are contesting.
There is small reason, however, for thinking that
the Board has undergone any real change of heart,
The statement issued on May 2 by J. Warren Madden, Chairman of the Board, in connection with the
Ford Company case, is illuminating testimony on
that point. Since the decision in the Kansas City
case "has no direct bearing upon the procedure" of
the Board, "the Board, accordingly," Mr. Madden
said, "does not consider any change in its procedure
to be necessary as a matter of legal requirement."
Nevertheless, in order to "remove all question"
about the inconsistency of its procedure in certain
cases and the principles stated in the Kansas City
case, the Board will take "such additional procedural steps as may seem wise." If the motion to withdraw its order in the Ford case is granted, "the
Board will then set aside its order . . . , issue
proposed findings to which the parties will be per-
if they so desire, argue
objections before the Board, and thereafter make
its decision and order, or take such further or other
action as may be deemed advisable." vThe Board, in
other words, admits no breach of legal propriety
on its part, but in view of the Kansas City decision
will grant some concessions in procedure. It is the
same Board, with the same temper, concealing its
apprehension by promising some formal improvement in conduct if it is allowed to get back for reconsideration some cases in which proper procedure has been violated. It is to be hoped that the
fundamental issue at stake may not be long in
reaching the Supreme Court.
mitted to file exceptions and,
3080
Financial
~
Chronicle
The
From Rome to Geneva
expected, with
ples
or
policies
be
considerable.
lied
Jf
significance
public
there will be
so,
German
Italian
and
influence
anything resembling
from the
in
to be
clear
dize, and
If
resulted
On the
sur-
explicit than
more
recognition of territorial
other interests which
Yet
alliance
friendship between the two leaders,
less
or
Europe
competition
was
a
and
not to jeopar-
mutual desire for European peace.
a
the
net
It is all very
effect, at
well for Hitler and Mussolini, in what
in general be called their expansion policies, to
may
that neither shall interfere with
agree
But what of the States to which their
pansion activities
the
smaller States of Eastern and Southeastern
to be drawn
into
alliances
of which
other,
respective
conceivably extend?
may
ex-
Are the
Europe
Germany and
Italy will be the respective heads and centers, or,
failing to respond to diplomatic persuasion,
to be coerced?
Are
of
some
for
example,
the
other—destined to go
lose their
cultural
on
identity through
be
no
they
way
of Austria and
and political and
merger
Is Eastern Europe, in short,
hunting ground of German and Ital-
imperialisms under
shall
are
them—Czechoslovakia,
the
quarrel
tacit agreement that there
a
over
the
disposition
Great
Britain, in conformity to the promise which it made
as a part of its agreement with Italy, exerted itself
to obtain from the Council a decision acquiescing,
in effect, in the Ethiopian conquest and thereby
paving the way for a general recognition of Italy as
an
It had, in this task, the formal support
empire.
of France. It encountered, however, determined and
outspoken opposition,
had to listen to
and
some
plain speaking about the injustice of the proposed
action and the encouragement that it would give to
elsewhere. The representative of loyalist
aggressors
tion pretensions of Great Britain and France, and
insisted that the
hence
of
the
had become
war
in which the League
one
public
a
was
and
war
bound to take
an
Meantime the former Emperor of Ethio-
interest.
pia, pathetic figure of
pleaded
before
former
country
manded
a
ruler without
a
hostile Council the
a
and
its
country,
a
of his
cause
Switzerland
people,
renewed recognition of its complete
deneu-
trality, and Chile took further steps toward what
is expected to be its early withdrawal from the
League.
side and Albania, perhaps, on
absorption?
to become the
ian
one
ex-
Spain, in turn, raked fore and aft the non-interven-
point, is disquieting,
one
scene at
of the most
that the League of Nations has witnessed.
re-
kept from overlapping.
visit, it has not been divulged.
renewal of
more
Eastern
military
a
face, the visit produced nothing
a
are
German encroachment
no
the Balkans will be
and
assurances
one
traordinary, and possibly quite the most momentous,
turn out to
may
present Italian territory, and the spheres of
upon
opia has been disposed of at Geneva. The
Geneva during the past week is
general pronouncements
the Berlin-Rome axis is intact and will
upon,
remain
effect until the war in Spain is settled and the vexed
question of recognizing the Italian conquest of Ethi-
some
and intimations whose
as
practically into
go
as
ended,
which the Fuehrer and the Duce
on
It will not
formal statement of princi-
no
agreed, but with
were
Anglo-Italian agreement, however, exists
onjy on paper.
The visit of Chancellor Hitler to Rome
was
May 14, 1938
The outcome
Without
about what had been expected,
was
formal vote, the President of the Council
a
that "the great
announced
majority of members
feel, despite regrets, that it is for individual
hers
decide
to
choose is hardly
known
they choose."
as
What
to question.
open
mem-
they
will
Sweden let it be
Thursday that it intended to accredit
on
a
spoils?
If this is what Hitler and Mussolini have
Minister
in effect
agreed
countries will probably follow suit. Incidentally the
it will be of little advantage
upon,
to the menaced States that the
to be
are
spheres of influence
kept distinct, since into
one
or
the other
sphere some, at least, of the coveted States will
even-
tually fall.
special
terms
or
Great
Britain,
has
accepted,
by implication, important restrictions
activities
East.
in the Mediterranean
If the
plemented,
as
upon
region and the
Anglo-Italian agreement is
the whole
on
seems
in
sup-
probable, by
an
agreement with France, Italy will have renounced
all claim to
political
economic predominance in
or
Spain, it will have no opportunity for territorial
expansion in North Africa, and it will have bound
itself to respect
claims
in
expand
no
a
large part
of Arabia,
part of the Near East in which it
Britain
penetration,
Yugoslavia,
and
without
either Great
nomic
the integrity of Egypt and British
Palestine
There will be
can
coming
or
into
France.
moreover,
collision
with
The field for
eco-
which is offered by
Greece, Bulgaria and
Turkey
is
far
less
important than that afforded by Poland, Hungary and Rumania. If economic rather than politi-
cal
Italian
German Government,
Emperor, and most other
the
on
day, completed
same
its formal recognition of Manchukuo by concluding
treaty establishing diplomatic and consular rela-
a
for thinking that, if such
application because Italy, in its recent
with
agreement
Near
reason
understanding, Eastern Europe will be the
field for its
its
the
tions.
There is
is the
to
advantage
was
in mind in whatever understand-
ings
were
may
not be easy to avoid unless Italy is willing to
reached at Rome, a conflict of "spheres"
accept the lesser share.
Moralists will
admission
makes
that,
right.
in
see
in
the
League action
international
Viscount
case
was
a
special
one,
Foreign
appear
that the
but it would be
useless to deny the obvious fact that, as far
League is concerned,
cessfully encroach
any
upon
great Power that
a
might
British
Halifax,
Secretary, tried hard to make it
Ethiopian
tacit
a
matters,
smaller
one
as
the
can suc-
will be al-
lowed to enjoy the fruits of its victory.
The Cove-
nant of the League still has something to say about
how
an aggressor
nation should be dealt with, and
the condemnation of
Italy implied in the resort to
sanctions still stands in the record, but aggression
has been condoned.
that
the
League is
Anybody who
a
can now
believe
useful agency for promoting
regard for ethical principles in international politics is in
a
state of mind to
Yet there is
no
believe
anything,
contesting the practical soundness
of the British position.
As Prime Minister Cham-
berlain told the House of Commons, he had to deal
with
an
a
world in which there
are
dictators.
amicable agreement could be made with
Unless
Italy
re-
garding the interests of the two countries in the
Mediterranean
sooner
or
and
the
later, would be
Near
war,
East,
the
outcome,
and the devastating
Volume
consequences
It
Financial
146
of such a
essential to
was
could predict.
war no man
such claims
as
Italy based
upon
League, by some action positive or
from
members
its
release
that the
negative, should
obligation that ap¬
any
free to
This
proval of sanctions imposed, and leave them
withhold recognition as they
accord
or
course
has
League, to which Great Britain
itself
past rendered homage, have been
shat¬
tensions of the
in the
tered
but
of Europe has been kept from foundering
by the compelling force of circumstances,
the peace
the rocks of
on
chose.
The high moral pre¬
been taken.
nowT
a
lost
cause
and
an
impossible loy¬
does
Where
Geneva
the
changed, for the agreement is
uation has not been
have been
the
leave
Legally, perhaps, the sit¬
Anglo-Italian agreement?
not to go
settlement
fully into effect until the Italian forces
withdrawn from Spain, and that is not
likely to be until the war is over. It seems
probable,
therefore, that attention will now be centered upon
efforts to
League
bring the
war
to a speedy conclusion. The
Council, having surrendered to Italy and
Britain, is not likely to recognize the conflict
Great
in the legal sense, a public war, since under
League, and there is not a thing that the
Non-intervention,
it.
about
do
can
on
open,
of
League
the
other
The way is
hand, has become a demonstrable farce.
apparently, for Italy to increase its activities
Spain. There can be no valid objection to this by
Great Britain so long as the ultimate aim is peace,
in
and
once
Italian
peace
has been brought about the Anglo-
remains
the question
together, the
conclusion of other bilateral agree¬
ments has been
On the whole, the way
facilitated.
such agreements
easier.
League action
would seem to have been made
If Hitler and Mussolini can
pledge eternal
territorial
hardly have objected
friendship and mutual respect for their
and other interests,
Hitler
can
Italy's agreement with Great Britain, or looked
in¬
superable bar to an amicable agreement between
Italy and France. Nothing that has happened, more¬
over, interposes any obstacle to the agreement with
Germany which Mr. Chamberlain is bent upon mak¬
ing. It is entirely possible, therefore, that something
upon
the Anglo-French military alliance as an
resembling
a
four-Power
understanding
ties.
The uncertain factor in the
with both Italy
before the network can be complete,
but the pressure upon
France will be strong to con¬
cede, since the alternative is a dangerous
which
the
would not
be
problem is France,
which must readjust its relations
and Germany
may
bilateral trea¬
achieved in the form of a network of
military
alliance
wholly overcome.
with
Great
isolation
Britain
If such a result can be
attained, Mr. Chamberlain will be able to claim that
his
policy of recognizing political realities has suc¬
notwithanding that some moral principles
ceeded
of international conduct
have been sacrificed in the
No one can claim that it is an entirely sat¬
isfactory policy or one that clears the future of
process.
peril, but it will have to be accepted
it works.
if in practice
was
created in
Section 203 of that Act
Recovery Act.
provides "(a)
With
view to increasing employ¬
a
ment
quickly while reasonably securing any loans
made
by the United States, the President is author¬
ized and
empowered, through tlie Administrator or
through such other agencies
or
construction
Section
202; (2)
shall
struction,
ject.
States,
to
of
such
any
centum of the cost of the
per
employed
Section
."
.
.
grants
improvement
or
materials
and
such terms as the Presi¬
make
to
such grant shall be in excess of 30
no
[by a later Act 45]
labor
works
prepared pursuant
other public bodies for the con¬
or
repair,
project, but
public
any
program
upon
prescribe,
municipalities,
of >
financing
or
project included in the
dent
he may designate
as
to construct, finance, or aid in the
(1)
create,
202,
upon
might
it
such
be
pro¬
noted,
merely directs the Administrator to prepare a com¬
prehensive
of
program
and
available
acceptable
public works.
From the date of its creation until Jan.
10, 1938,
PWA has made allotments in the form of loans and
grants, or of grants, of more than
a
$146,642,000,
or
slightly less than 4% of all
allotments, has been made for
It
poses.
of further loans and
Jan.
of
grants for power purposes that
primarily concerned.
10,
1938, the latest date for which
official PWA power
data have'been released, a total
projects, located in every
of 301 non-Federal power
the Union
in
State
with the exception of Massa¬
Wyoming, and in some
have received power
chusetts, New Mexico and
of
possessions,
insular
the
allotments
in
amount
total
the
the total cost of these
With
electric power pur¬
these power allotments, the
power projects, and the possibility
with
is
nature of these
As
|3,700,000,000 for
variety of purposes and projects of which
wide
some
whether, taking the
Rome-Berlin understandings and the
to
Industrial
PWA,
as
provisions of Title II of the National
this discussion is
agreement can be given effect.
There
to
1933 under the
the
Covenant the war would then become a concern
the
Emergency Administration of Public
Works, popularly known
to
alty.
as,
The Federal
it, and to pave the
to such recognition it was necessary
has
By Ernest It. Abrams
accept the Ethiopian conquest and recognize*
should
way
PWA'S Power Financings
agreement that Great Britain
an
3081
Chronicle
of $146,641,907.
projects estimated at
$188,608,907, it is evident that only
the total cost,
the
or
communities.
benefited
$41,966,288 of
about 22%%, is to be borne by
Of these allotments,
amounted to $80,$66,321,600, or 45.3% of total
totaling $146,641,907, loans have
320,307, and grants to
the case of eight of the projects
In
allotments.
included in the foregoing
totals, purposes other than
development or distribution are involved, but
these collateral services and activities are so inter-;
twined with those of power that a separation of
power
costs cannot
be accurately determined.
These eight
projects involve total allotments of $92,721,000.
Of the 301 projects to which allotments have been
made, 113 are concerned
new
facilities
and
the
with the construction of
allotments therefor total
$129,502,906, which amount includes
the $92,721,000
previously mentioned.
new-facility projects, 80 are for generat¬
allotted for multiple purposes
Of the 113
ing plants,
their
and
total
their
Thirty-two
cerned
with
with or without distribution systems,
allotments amounting to $114,203,893
total
cost
to $133,640,453.
are con¬
distribution
generation involved, and their allotments
solely
no
estimated
of the new-facility projects
with transmission and
3082
total
Financial
$15,200,833
cost of
compared with
as
Chronicle
the
total estimated
a
$19,750,156.
Additions
to
existing systems
projects
the
concerned
are
would
with
for institutions with allotments
electric
facilities
totaling $2,212,366
and total cost
$3,987,377; and nine projects involve
transmission
lines
$3,051,875 against
The
alone
States
several
with
allotments
of
total cost of $3,392,023.
a
have
by
no
shared
means
by
financed
received
PWA,
14
States
94.4% of all the funds loaned
for this purpose.
received
having
granted
or
Nebraska, with 17 projects, has
$52,212,472 in allotments,
of which $19,-
930,672 has been in the form of grants.
Oklahoma,
with nine
projects, has been allotted $22,730,697, of
$9,199,213 has been grants. Texas, with 18
which
projects, has been
$5,199,003
projects,
allotted
been
has
been
has
grants.
allotted
$6,502,712 has been grants.
two
$16,302,308,
of
Tennessee,
$11,486,612,
South
15
of which
Carolina, with
projects, has been allotted $8,852,000, of which
only $882,000
has
been
grants.
And
California,
with
eight projects, has been allotted $8,004,795, of
which $6,439,795 has been grants.
Altogether, the
14 States of
Nebraska, Oklahoma, Texas, Tennessee,
Carolina, California, Washington, North
South
PWA
having received
Rico
15.5%,
Texas
The
tion
until
States
projects
were
the
unanimous
Court
on
sonville,
Jan.
3
restricting injunctions and cleared
transfer of funds and actual
of
the
$8,393,036 to Flint,
the way
municipal electric system;
total, 63.35%
was
of
land.
Columbus
and
Tri-County
grants
;
projects
and
$18,298,000 in
the Sandusky, Ohio, project, with
a
a
loan of
lina, with combined loans of $7,970,000 and grants
of
$882,000;
nooga,
loans of
and
Knoxville
the
and
Tennessee
Memphis,
cities
with
of
Chatta¬
combined
$4,382,000 and grants of $5,640,000.
It is
system, and
a
for
Tex.,
grant
a
and
Falls, Tex., for
grant of
a
municipal
a
loan of $838,800 and
a
of
municipal
a
grant
a
development.
approved projects receive their
allotments, PWA will have advanced for
total
a
of
power
$216,510,942 to 387 projects
estimated
of
cost
$312,546,728,
or
These allotments will
$112,899,307 in loans and $103,611,635—
not
complete list of applications to PWA
a
available,
requests for Federal funds
many
for power purposes are
is
probably
file, and there
on
strong possibility that PWA's
cated
figures.
power
,
than the indi¬
So far, most of the PWA-financed
projects have shown
original
loans and
power
grants will be substantially higher
estimates of
cost
allotments to complete the
tendency to exceed
a
and
require
additional
undertakings.
It might,
therefore, be worth while to inquire into
the
important
more
by PWA.
The
projects
major public
Columbus
have
wholly
financed
grants, there having been
benefited communities
although the data
as
a
few of
financed
of Jan.
on
or
no
and
by
PWA
territories.
in
Ne¬
Tri-County—
loans
contributions
and
by the
Furthermore,
PWA allotments used herein
10, 1938, PWA made
the
projects
power
braska—Sutherland,
been
far
so
~
three
$1,061,000 to
PWA, preferring to borrow
system;
power
loan of $963,000
a
Wichita
to
is
from
a
loan of $3,300,000
a
loan of $1,925,000 and
a
San Antonio,
plant;
interesting to note in this connection that Memphis
loan
and
water
received
no
loan of $2,855,000
a
$682,200 to Wisconsin Rapids, Wis., for electric
consist
grant of $430,000; the Greenwood
County and Santee-Cooper projects in South Caro¬
grant of
a
47.6% of total allotments—in the form of grants.
and
Ne¬
a
municipal
a
and
grant of $2,700,000 to Camden, N. J., for
a
is
in
a
grant of $2,335,000 to Columbus, Neb., for
a
Although
allotted; the Suther¬
braska, with $30,663,000 in loans
$1,085,000 and
municipal electric system;
with
the
grant of $1,242,000 had been
of
loan of $780,000 and
a
roughly 69.3% of such cost.
their
The major projects freed by
Imperial Irrigation District
California, for which a loan of $1,518,000 and a
were
grant of
for the creation
loan of $563,000
a
purposes alone a total of
the balance in grants.
this decision
system;
In all,
in the form of loans
municipal
a
grant of $1,575,000 to Albuquerque, N. Mex., for a
full
$99,637,952 in allotments against a total estimated
cost of
$146,917,808 were released, and of this allot¬
ment
its
grant of $638,182 to Meridian, Miss., for
for the
construction.
Mich.,
are a
electric
an
$1,127,000 to Jack¬
for improvements to
Fla.,
If and when these
United
dissolved
$123,938,533.
system; a loan of $10,259,000 and
power
power
under construction
decision
of
cost
distribution system; a grant of
power
last, 61 projects having been in litiga¬
Supreme
or
recom¬
$69,869,035, consisting of $32,-
grant of $12,542,310 to San Francisco for
of
11.1%,
Ohio, Alabama, Michigan, Illinois, New York and
Virginia have received between 1% and 2% each.
of Jan. 10
examined and
as
major projects tabulated in this release
$787,000
Tennessee
Not all of these
to
total estimated
a
$2,770,000 to
7.8%, South Carolina 6.0%, California
5.4%, and Washington 2.2%, while North Carolina,
as
develop¬
power
transmission and distribution,
Total allotments for these 86 projects
amount
electric
Oklohamo
ap¬
additional
579,000 in loans and $37,290,035 in grants, against
a
grants.
projects,
awaiting
by examining divisions for 55% loans and
combined
Nebraska, it will be noted, has received 35.6% of
all the funds allotted
by PWA for non-Federal
power
2,714
April 10 release by PWA
municipal electric system;
Virgin Islands, have received but $8,270,047,
5.6% of total allotments, of which $5,799,350 was
in the form of
that
An
transmission alone,
mended
and
Wyoming
and the
or
recently
municipal distribution system;
remaining 31
allotments—plus Puerto
no
L.
$459,000 to Cambridge, Neb., for improvements to
$138,371,960, of which $60,522,250 has
and
Harold
file
approved projects involving
45% grants.
the
States—Massachusetts, New Mexico
$450,000,000 for
on
are
ment, or power
would
and
Administrator
Subcommittee
funds for allotment.
power
total of 148 projects, have
been in the form of grants, while the
loans
reported to have advised the House Appro¬
lists 86
and
been allotted
for
Furthermore,
projects
power
by the Congress
added $1,450,000,000 in the hands of
an
Administrator, of which $1,000,000,000
priations
Carolina, Ohio, Alabama, Michigan, Illinois, New
a
consideration
be available
Ickes is
York and
Virginia, with
place
grants.
which
with
under
now
proved
equally in the allotment of Federal funds for power
projects
would
market, but it did
open
outright gift from PWA of $3,092,000.
an
Bills
responsible
were
projects for which $11,972,940
against a total cost of $27,838,186;
has been allotted
51
required funds in the
receive
for the creation of 129
May 14, 1938
Sutherland
a
further loan of
project
on
Jan.
13,
Volume
Chronicle
Financial
146
eration for the doubtful power supplies of the hydrodistricts. Accordingly, it has been proposed that
these projects buy all the private utilities in the
State and form a State-wide grid—a little
Tennessee Valley Authority or a little Ontario
thereby bringing the total allotments to the three
Of these
allotments, $32,997,000 has been in the form of loans
projects to $52,336,000 as of April 10.
and
$19,339,000 in the form of grants.
Sutherland
The
project
was
business interests of central
by the
promoted
Hydro.
Nebraska, partly as a
One small private utility has already come to
terms with the projects for the sale of its property,
which terms have been reputedly approved by the
Federal Power Commission, while negotiations have
lands
already prepared for irrigation, but also as a method
of securing much-needed Federal funds to relieve
distressed conditions in a region already weakened
of
means
by
on
severe
Primarily, the project was an irrigation
droughts.
incidental power features, and
with
undertaking
when
water
agricultural prices and
in
slump
the
much-needed
putting
application
was
first made to the Reconstruc-
tion Finance
Corporation for funds, the cost of the
project
set
"was
at
$4,805,000.
PWA came into
existence, however, before funds had been advanced
by; the RFC and, taking over this
project, it not
only revamped the scheme into a power project with
incidental
irrigation, but its first allotment con-
sisted
a
of
of
loan
$6,000,000
and
grant
a
of
$1,500,000—$7,500,000 against an original cost estiof
mate
Today, a total allotment of
$1,805,000.
$11,226,000 has been made to the Sutherland project
—$8,616,000 in loans and $2,580,000 in grants—and
the ultimate cost of the undertaking promises to
exceed
The
$12,000,000.
project, purely a power develop-
Columbus
irrigation features, was promoted by
ment with no
Neb., interests solely as a
Columbus,
vehicle for
bringing Federal funds into that section to
This
distress.
too,
alleviate
made application
to
funds, the original estimate of cost
for
the RFC
project,
being $5,961,000, and this application was likewise
transferred to PWA for action.
The first allotment
Columbus undertaking was a loan
the
to
of
$6,300,000 and a grant of $1,000,000, while the total
allotments now amount to $11,014,000—loans of
grants
and
$7,798,000
of $3,216,000—against
an
original cost estimate of $5,961,000.
The
Tri-County project, a combined irrigation and
electric
undertaking, was promoted largely
power
until prohibited
preparing to
vast territory south of the Platte River
by southern Nebraska interests and,
by the Nebraska Supreme Court, was
irrigate
a
However, when the court ruled that water
Yallev.
from
one
river valley
benefit of the
could not be diverted for the
valley of another stream, the lands
to be
irrigated by this undertaking were reduced to
some
200,000 acres, all in the Platte watershed.
record is
of
cost
available
this
1 he
total
project, but it has already received
with the necessity
been
of finding an immediate
developed power, since their costs
market for the
have
tremendously
it
will
feasible to irrigate
the
districts.
no
longer be
advanced to
economically
the arid and semi-arid lands in
electricity is now amply served by
private and municipal plants of the
even
the
a
Unfortunately, all but the doubtful
farm market for
the
Otherwise, the
the irrigators must be
cost of water to
where
by the undue
increased
expansion of their power features.
point
projects, whose
expected to exceed $75,000,000, are
ultimate cost is
faced
at
$50,000,000.
operate successfully, these three
To
while
of the undertaking is estimated
cost
than
more
No
of the original estimate of the
$16,533,000 in loans and $13,543,000 in grants,
State, and
municipal electric systems have shown no
disposition to give up their dependable steam gen-
3083
been carried on for months looking to the acquisition of other small private systems in the State,
However, over three-quarters of the electric power
and light business in Nebraska is now conducted by
the strong private utilities serving the Omaha and
Lincoln territories—over half the electric energy
consumed in Nabraska is used in the City of Omaha
alone—and these utilities are now producing power
at a fuel cost well under half the delivered cost
of the energy generated by the projects. Yet, should
these districts be successful in the plan to acquire
all the private electric utilities in the State, a further investment of around $100,000,000 is indicated,
to be reputedly obtained through the sale of revenue
bonds to the investing public,
Another instance of PWA power financing is that
of the Lower Colorado River Authority, created by
the Texas Legislature and approved Nov. 13, 1931.
A flood-control, reclamation and power development undertaking, the Authority has so far received
a loan of $10,000,000 from PWA, secured by its 4%
revenue bonds, and grants of $11,500,000, either
directly from PWA or indirectly through the
Reclamation Service. The interest rate on the total
funds received to date is equivalent to 1.68% per
annum.
The Authority proposes to opertae four
power dams, the Buchanan—the old Hamiltondam, some 60 miles upstream from Austin; the Inks
dam, further downstream; the Marshall's Ford dam,
still closer to Austin, and the present Austin dam.
The Buchanan and Inks dams have been completed
with power plants of maximum combined rated
capacity of 37,500 kw., the Mashall's Ford dam is
under construction, and the capacity of the power
plant at the present Austin dam, which has been
leased from the city, is being increased. Under the
terms of that lease, provision is made for serving
the City of Austin with the produced power,
A vociferous minority and a political clique in
Fort Worth have for years been agitating for a
municipal power system in that community, the
pressure having become particularly strong in the
spring of 1934, but substantial rate reductions succeeded in temporarily quieting that outcry. Recently, however, agitation for municipal ownership
has started anew. Under date of April 1, 1938, the
Federal Power Commission issued a statement to
the effect that the Mayor and City Manager of Fort
Worth, and the officials of the Lower Colorado
appealed to it to make a preliminary estimate of cost for a publicly-owned electrie distribution system in Fort Worth, and a forecast of the power requirements of the city during
River Authority, had
the next decade.
The Acting Chairman of the Commission, according to the press release, had advised the City Manager
that the Commission would
undertake the
the
the
work, beginning about April 10, and that
charges to the city would be the actual cost to
3084
Financial
Commission.
be
It was
contemplated the survey could
completed in not to exceed 60 days.
"The pro-
Chronicle
May 14',
spending Federal
offering Tennessee
agency
inanities the funds
1938
com¬
construct electric
necessary to
posed survey," the release states, "does not contem-
distribution systems
plate appraisal and valuation of the privately-owned
ments, and with TVA conducting a vigorous cam-
electric facilities
serving the city, but
now
engi-
an
paign to induce the larger cities of the State to
neering estimate of the cost of constructing
a new
desert
distribution
the
entire
power
some years
in the
system capable of
serving
city at the present time and for
future."
The
city has been negotiating with
Authority for
Federal
and while
power,
funds
has
been
approved by PWA, there is
should
that
receive
such
application for
made
as
to
or
to believe
every reason
application be filed it would
an
favorable
no
reported
the
consideration
by PWA, particu-
larly since it would have the blessing of
sister
a
bureau.
not
only
the funds
are
illuminating, since
of the
taxpayers,
whom the electric utilities of the
among
country bulk large,
but
generation and distribution of electric power,
Federal
the
ported
Power
Commission, likewise
by the taxpayers, has
seen
sup-
fit to compete
present
serving
As
third of the
Electric
operating
Power
Co.;
Knoxville,
roughly 80% of the operating
Service
would find it
A
third
of
engineers
impossible to exist.
important
financings
and
private
are
example
PWA's
power
the cities of Chattanooga, Knoxville
Memphis, all in Tennessee, and the major cities
State which have
that
distribute
TVA-generated
Gross and Net
far voted
so
to
publicly
With this free-
energy.
Operating statistics of the railroads for the month
pression.
on
carrier
earnings by the current de-
we
the business
minated in
the
Co., and Memphis, which supplies
revenues of Memphis
Power & Light Co., will be lost to the private utili-
ties
serving them.
now
In the light of past experience, it would
improvement that started in 1935 cul-
March, 1937.
The situation
industry
faced
now
not,
however,
poor
earnings.
,
The absolute 1
position
of
carriers
many
J
has become
funds to PWA
but have
can
precarious, and the danger at length is
being
recog-
of
which
roads
of the
It is well known, and quite
country.
sufficiently obvious, that
soundest
the
now
in
systems
witstand
United
the
the drains
of
high
time of business prostration
a
prevails.
problem
of the largest and
some
rail
long
operating costs in
as
slowly is
The national importance of
being realized,
wide-
and
spread attention is being directed toward solutions,
Although
operations
the
for
financial
March
statistics
make
cheerless
should be borne in mind that the
be
at
to
the
prelude to
the
end
of
a
of
railroad
reading,
figures
that month
that
the
by
the
On the other
business
Interstate
hand, there is
well
It
was
carriers
Commerce
no
began
per-
Commission,
indication
as
yet of
advance, and the inadequate rate increases
cannot solve the real
problem of the railroads.
problem is best reflected by
railroads
it
may
modest improvement.
place in effect the advances in freight rates
mitted
of
only
facilities,
be negligible.
may
are
allotted
publicly-owned
the
gen-
effect
on
But where large
communities which form the very heart of operating
systems
weaned
are
from private operation,
away
bankruptcy with its certain loss to investors would
appear
the probable result.
$376,997,753 in March of last
of
this
heavy loss
could
decrease of
year, a
less than $94,426,288, or 25.04%.
area
gross
$282,571,467
of the country was
nary
Only
small part
by
offset
be
no
a
operating
decline,
in
That
earnings of the
March
against
which
affected by this extraordi-
we
set forth in
now
tabular
form:
Month of March—
Mileage of 136 roads
im
mc. <+) or Dec. (—>
235,829
—1.001
228,468,764
Ratio of expenses to earnings,
One really
(so.85)
necessary
—$57,398,923
51.48%
and advisable step toward
was
initiated by the railroad
April 26, when employees
on
a
13.95%
(70.42)
$111,501,626
relief from this plight
executives
25.04%
—37,027,365
265.496.129
$54,102,703
Net earnings
0.42%
—$94,426,288
.....$282,571,467 $376,997,755
expenses
to accept
1937
234,828
...
Gross earnings
already takes in nearly one-tliird of the rail-
such
of
on
Where isolated
medium size
or
distribution
and
large systems
large additions to the insolvent mileage,
cannot
adverse effect
an
the electric utilities of the country.
Operating
nized
States
appear
that any further appropriation of the taxpayers'
$54,102,703 against $111,501,626 in March, 1937, a
drop of $57,398,923, or 51.48%.
Every region and
is especially adverse, for
is
ordinarily
supplies
of Tennessee
present the contrast with the
now
question of comparatively
a
which
revenues
economies, and net earnings for the month fell to
transportation
merely
one-
Tennessee
earn-
similar month of last year
by
startling depreda-
In the tabulation of gross and net
ings which
the
Earnings of the United States Railroads for the Month of March
of March continue to reflect the
tions made
offer,
about 60% of the operating
eration
of
of
revenues
funds for the construction
which
so generous an
result, Chattanooga, which supplies about
a
communities of small
under
public
surprising that Chattanooga, Knoxville and
no way
Memphis should have accepted
and
terms
for
offered these cities electric energy at far below the
directly with the recognized engineering profession,
upon
utilities
in which campaign they have
true cost of generation and transmission, it is in
possibly to be used to compete with private capital
in the
their
distribution,
Public
This Fort Worth situation is
basis of only 55% repay-
on a
15% cut in
asked
were
effective July 1.
wages,
The
railroad brotherhoods announced they would resist
the cut, but it
seems
inevitable that
tion will take place.
It
increases granted last
year
now
a
time.
wage
and above
annual basis,
managers now
and also
a
was
by the
response to
These
arbitrary
increases
over
added to operating costs,
seeking to
more
so
on
The railroad
that burden
remove
of the crushing weight of
costs occasioned by wages.
roads.
an
most unfortunate
by such advances.
are
little
legislative steps
in
reduc-
the high scales prevalent in 1929,
even
and $135,900,000
an
raised
were
wage
constituted
addition to operating costs at
Levels
a
is clear that the wage
Less pertinent
are
the
far contemplated by Congress
the Presidential message
comprise such items
as
on
the rail-
greater free-
dom of lending to the railroads by the Reconstruction Finance Corporation, special loans for equip-
Volume
nient
Financial
146
purchases, payment of full rates
traffic
ment
and
rates,
favored
now
drawback to railroad
and
The
grant
program
it is still in the discussion stage.
conditions
Weather
govern¬
on
land
the
ameliorations.
similar
remains vague, as
under
not, as a rule, a great
are
operations in March (January
February being the bad winter months), but
in the
early part of March the present year Southern
California
reached
which
visited
was
by
in
climax
a
rainstorm
five-day
a
gigantic flood which
a
the
swept through five counties and caused one of
railroad
worst
tieups in the history of the State.
More than 170 persons were
ing; 10,000
persons were
reported dead or miss¬
the
3085
of the gross
case
embrace
roads
gross
and
systems of all classes and in
of the country.
every part
amount.
Only
solitary road—the Florida East
one
Coast—is able to show
earnings in
show
all
or
and net
gross
In the table which follows
small.
changes for the separate roads and
systems for amounts in
increases
gain in both
a
of $100,000, and in both cases the
excess
increase is very
we
The decreases, too (both
and net), are in numerous instances of large
of $100,000, whether
excess
decreases, and in both
and net:
gross
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF MARCH.
1938
Decrease
Increase
Florida East Coast.
$258,692
Decrease
1
Det Toledo & Ironton
Pacific
Pennsylvania
In order
the business prostration.
course,
$11,787,912
al0,630,506
5,517,488
Baltimore & Ohio
5,362,376
Southern Pacific (2 rds).
3,587,053
Norfolk & Western
3,549,343
Union Pacific.
3,366,065
Louisville & Nashville
2,955,516
Atch Topeka & S Fe
2,526,098
Erie (2 roads)
2,376,752
Southern
2,349,791
Illinois Central
1,996,960
Reading
1,977,313
Missouri Pacific
1,860,665
Chicago Burl & Quincy..
1,712,293
Elgin Joliet & Eastern..
1,517,656
Lehigh Valley
1,346,815
Texas &
New York Central
Central of Georgia
C N O & Texas Pacific..
Chic Milw St P & Pac__
of
was,
Monongahela
Chesapeake & Ohio
indicate
to
trade
in
activity in relation to its bearing
the
of
enues
review
have
we
table the
railroads
of
form the measure
simplified
a
during
the rev¬
on
month
the
under
brought together in the subjoined
figures indicative of activity in the more
important industries, together with those pertain¬
ing to grain, cotton and livestock receipts and rev¬
freight
enue
1938,
in
ioadings for the month of March,
car
compared with the corresponding month
as
On examination it
1937, 1936, 1932 and 1929.
will be
readily
tries covered
that the output of all the indus¬
seen
was on
greatly reduced scale as com¬
a
pared with March a year ago, the falling off in the
of
case
steel
production having been particularly
reaching (according to the figures compiled
severe,
by the American Iron and Steel Institute) no less
1,336,836
1,334,225
1,306,881
1,300,132
1,283,534
1,199,402
1,184,482
1,179,974
1,121,196
1,062,964
840,659
831,876
808,073
772,014
723,447
662,301
Pere Marquette
N Y N H & Hartford...
Wabash.
Northern
Pacific
Grand Trunk Western.
_
Pittsburgh & Lake Erie..
N Y Chic & St Louis
Chicago & North Western
Boston & Maine
Del Lack & Western
Great
Northern
Delaware & Hudson
Wheeling & Lake Erie..
St Louis-San Fran (2 rds)
Western Maryland
Bessemer & Lake Erie
634,486
Chic R I & Pac (2 rds)..
500,529
487,130
469,925
Central of New Jersey..
Missouri-Kansas-Texas..
than
of revenue
cars
smaller
much
of
follows,
It
61%.
in
March
last
Receipts
year.
Southern outports, however, were
at the
cotton
Chic & East
397,643
.391,095
385,320
384,590
Illinois
St Louis Southwestern..
Yazoo & Mississippi Vail
Milw St P & SS S M_*__
Long
_
.
too—with the single exception of
much heavier than a year ago, due to the
recent bountiful harvests.
-1929
1932
1936
1937
1938
March
Automobiles (cars):
(passenger
Production
cars,
trucks. &c.).a__
119,344
420,922
494,121
221,951
585,455
Building ($060):
Maine
Central
Clinchfield
Central Vermont
$112,235
$198,762
$231,246
$226,918
$484,818
Coal (net tons):
Bituminous.c
...—
Pa. anthracite-d
26,800,000 51,315,000 31,527,000 32,250,000 40.068,000
3,995,000 4,865,000 3,061,000 4,789,000 4,859,000
201,619
N O Texas & Mex (3 rds)
190,467
Pittsburgh & West Va_.
183,807
Virginian
175,680
167,343
Colo & Southern (2 rds).
ern
South¬
receipts,
ports
Chic St P M
& 0
Chic & Illinois Midland..
Mobile & Ohio
Spokane Portl & Seattle.
125,076
Montour.
107,156
106,576
105,257
Denver &
— .
...
Lake
Salt
Gulf Mobile & Northern.
.$92,574,104
Total (81 roads)
IN
CHANGES
NET EARNINGS
MARCH,
FOR THE
Decrease
$6,334,923
4,257,717
Chesapeake & Ohio.
3,353,902
Pennsylvania
3,086,158
Norfolk & Western
2,998,954
Baltimore & Ohio
2,399,787
Southern Pacific (2 rds).
2,044,260
Atch Topeka & S Fe
1,961,378
Louisville & Nashville—
1,872,974
Erie (2 roads)...
1,589,174
Southern
1,407,736
Reading1,165,855
Chic Burlington & Quincy
1,152,621
Missouri Pacific
1,142,271
Union Pacific—
1,109,334
N Y N II & Hartford.
978,817
Grand Trunk Western.
New York Central
a
„.
_
294,409
261,746
193,078
644.554
375,133
7,318
7,405
11,954
16,762
3,013
3,222
3,389
4,813
7,116
Northern
1,839
Chicago (cars)..
(cars)
j
2,237
2,272
4,135
6,298
Iff
Lehigh Valley
Boston & Maine—
Livestock receipts g:
Kansas City
Illinois Central,
Elgin Joliet & Eastern._
N Y Chicago & St Louis.
—
Omaha (cars)
"j
Chic Milw St P & Pac..
Pacific
m
mm'mm
mm
mm
mm
mm
mm'mm
— -
1,502
1,507
1,453
1,785
7,208
9,895
8,324
17,014
13,271
10,488
24,419
—
1,557
9,681
18,162
—
4,180
3,503
8,840
4,185
7,815
Chicago & North Western
Pittsburgh & Lake Erie. .
Wheeling & Lake Erie—
St Louis-San Fran ( 2rds)
Seaboard Air Line
Missouri-Kansas-Texas-
5,636
2,960
8,164
2,194
3,401
Great
791
898
1,677
576
992
967,235
1,403,723
3.714.473
Western flour and grain
:
-'■
receipts h:
barrels)...
bushels)._
Corn (000 bushels)
Oats (000 bushels)
Barley (000 bushels)..
Flour (000
Wheat (000
Rye (000 bushels)
20,125
.
Del
Northern
Lackawanna & West
954,243
933,380
933,369
881,649
821,235
817,172
815,799
792,172
738,920
660,653
438,678
434,881
430,538
417,973
412,012
400,533
396,185
MONTH
1938
Decrease
$373,267
372,759
Maryland
$210,362 Western
Florida East Coast.
7,228
(bales).f—
167,123
158,911
151,161
147,551
141,137
135,772
131,049
Pacific—
Illinois Terminal
Alabama Great Southern
Internat Great Northern
Northwestern
OF
PRINCIPAL
Pere Marquette
Freight Traffic:
Car loadings, all (cars).e x2,222,864 x2.986,166 x2,415,147 x2,280,837 x3,837,736
Cotton
203,666
_
Atlantic Coast Line
the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie, the result is a decrease of $11,814,988.
—
Constr. contr. awarded b
237,611
237,026
235,255
213,247
211,475
211,285
.
Alton
Pacific
Western
rye—ran
256,563
241,542
Island
Chicago Great Western.
Nash Chatt & St Louis..
Det & Tol Shore Line.
Increase
products,
341,466
334,757
285,823
Chic Ind & Louisville
These figures cover
a
considerably larger, and the receipts of the different
farm
372,850
Pacific
Western
that the number of
too,
freight moved by the railroads was
than
$465,743
456,073
438,001
416,720
Denver & Rio Gr West..
Seaboard Air Line......
operating results for March
poor
and of the net, are very long
(totaling 81 in the former and 73 in the latter), and
made homeless, and prop¬
erty losses were estimated at $65,000,000.
Underlying the
Chronicle
C N O & Texas Pacific..
371,735
349,153
345,262
337,707
334,975
Chicago & Eastern 111—
333,741
Yazoo & Mississippi Vail.
330,583
305,551
295,707
Delaware & Hudson
Det
Toledo &
Ironton..
Atlantic Coast Line
Bessemer & Lake Erie—
MStP&SSM..
Central of New Jersey
-
290,672
Line...
269,471
262,763
209,514
206,870
203,181
Western.
201,028
Virginian
Central of Georgia
Alton
Pacific
Clinchfield
Texas &
Det & Tol Shore
Chicago Great
Maine
(2 rds).
Pacific—
rds)..
Chic Ind & Louisville—
Colo & Southern
Northwestern
Chic R I & Pac (2
Mobile & Ohio
N O Texas & Mex
St
(3 rds)
Louis Southwestern..
125,869
Monongahela
Great Northern
Terminal
124,760
124,479
123,512
117,436
Port! & Seattle.
109,480
Louis..
106,884
Chic & Llinois
Midland.
Alabama Great Southern
Internat
Llinois
.
182,737
170,128
160,604
153,142
149,567
145,339
140,716
126,204
Central—
Spokane
Nash Chatt & St
Total (73 roads)
$55,590,049
*
Iron & Steel (gross
tons):
Pig iron production.k-.
1,452,487
3,459,473
2,040,311
production.I.
2,011,840
5,216,243
3,342,619
Steel ingot
5,058,258
Lumber (000 cubic feet):
z872,034 zl,162,855 zl,077,535
z973,321 z1.304,999 zl,147.159
Shipments-m...
Orders received _m
These figures cover
Cincinnati Northern,
z515,634 z1,538,058
z951,821 zl,254,918 zl,181,869
Production _m
the operations of the New York Central
lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
and Evansville Indianapolis & Terre Haute.
ing Pittsburgh & Lake Erie, the result is a decrease of $6,773,601.
a
leased
z691,753 zl,713,863
When the roads
Z697.686 zl,642,197
are
arranged in groups, or geo¬
graphical divisions, according to their
Note—Figures in above table issued by:
a
United
States
east
States
of
d United States
Bureau of the Census,
b F. W. Dodge Corp.
(figures for 37
Rocky Mounrains).
c National Bituminous Coal
Commission,
Bureau of Mines,
e Association of American Railroads.
# Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
in each city,
h New York Produce Exchange,
k "Iron Age."
i American Iron
and Steel Institute.
m National Lumber Manufacturers Association (number of
reporting mills varies in the different
In view of the
that
when the
years),
x
Four weeks,
foregoing, it is
no
z Five weeks.
surprise to find
figures of earnings of the separate
roads and systems are
roads
scrutinized that the lists of
reporting losses in excess of $100,060, in both
and tne
Central,
Includ¬
location, it is
the enumeration
of widespread losses above, that all the three great
districts—the Eastern, the Southern and the West¬
ern—as well as all
the different regions grouped
found, as would be expected from
under these
and net
in
the
districts, show decreases in both gross
alike, these losses being
case
particularly heavy
of the net earnings, and
already said, to all the
extending,
as
different regions and dis-
Financial
3086
In the
tricts.
of the Great Lakes region, in
case
district, the loss in the net is
the Eastern
less
no
63.11%, and in the case of the Pocahontas
than
region, in the Southern district, 62.94%.
by
mary
plained, we group the roads to conform with the
May 14,
1938
56,752,000 bushels in the corresponding weeks
In the subjoined table we give the
of 1929.
of the Western
4
ex¬
11993387
with
sum¬
As previously
is as below.
groups
Our
Chronicle
19387
grain movement in
WESTERN GRAIN
Weeks
AND
our
FLOUR RECEIPTS
Flour
Wheat
Corn
Oats
Barley
(Barrels)
([Bushels)
(.Bushels)
(.Bushels)
(Bushels)
End.
March 26
details
usual form:
Rye
(Bushels)
Chicago—?>'■
1938
Month of March—
1937
Inc.
(+) or Dec. (-
$
%
Eastern District-
%
%
20.18
<10 roads)12,291,759
51,703,703
54,591,296
15,400,082
75,069,486
79,679,699
—3,108,323
-23,305,783
-25,088,403
31.04
118,640,758
170,149,267
—51,502,509
30.26
41,787,740
15,490,503
52,070.474
24,813,098
—10,282.734
19.74
—9,322,595
37.57
57,278,243
76,883,572
—19,805,329
25.50
Great Lakes region (24 roads)
Central Eastern region (18 roads)..
31.48
Southern District—
roads)
Southern region (28
229,000
1938...
1,808,000
1,319,000
414,000
2,015,000
272,000
1937...
1,493,000
327,000
104,000
1,187,000
253,000
605,000
375,000
2,191,000
232,000
717,000
158,000
11,000
76,000
107,000
70,000
30,000
456,000
30,000
1937.
57,000
8,000
407,000
67,000
1,593,000
694,000
50,000
54,000
414,000
508,000
320,000
2,000
3,000
615.000
145,000
430,000
1,000
19,000
Pocahontas region (4 roads).
817,000
2,257,000
960,000
4,000
638,000
1,796,000
1,184,000
24,000
71,000
472,000
864,000
442,000
810,000
50,000
686,000
2,820,000
1,725,000
142,000
430,000
111,000
22,000
1938
189,000
119,000
180,000
71,000
117,000
1,612,000
982,000
303,000
168,000
122,000
267,000
140,000
54,000
3,195,000
626,000
50,000
2,251,000
812,000
132,000
206,000
150,000
205,000
134,000
108,000
Minneapolis—
119933787
8
Toledo—
1938
Detroit—
1937...
11993387
Indianapolis & Omaha—
1938..
Total (32 roads)....«.—-
—
Western District—
29,820,953
35,474,317
51,926,467
64,492.648
24,899,046
29,997,951
15.93
—5,653,364
—12,506,181
Southwestern region (21 roads)
—5,098,905
Northwestern region (15 roads)
—
—.
19.48
16.99
Peoria—
Total (52 roads)............ 106,646,466
129,964,916
—23,318,450
17.94
Total all districts (136 roads) ....282,571,467
376,997,755
—94,426,288
25.04
District and Region
-Net
1938
Mileage
Month of March
Eastern District—
1938
1937
Inc.
(+)
Dec.(-
or
$
)
%
4,703,973 —2,499,350
53.13
8,508,328
12,090,908
23,064,356—14,556,028
23,496,733—11,405,825
63.11
58,315
58,051
22,803,859
51,265,062—28,461,203
55.47
48.54
Southern District—
Southern region
38,752
17,349,813 —7,083,907
40.83
6,039
6,046
10,265,906
4,545,937
12,269,041 —7,723,104
62.94
44,719
44,798
14,811,843
29,618,854—14,807,011
49.91
Northwestern region. 45,886
Central West'n reg'n 56,758
46,092
57,103
3,512,787
7,708,088
49.36
38,680
region..
Total....
Western District—
1938.
—
—
1937..
29,521
5,266,126
132,058 132,716
16,487,001
30,617,710—14,130,709
46.15
Total all districts.234,828 235,829
54,102,703
111,501,626—57,398,923
51.48
29,414
38.08
741,000
3,000
433,000
3,000
36,000
1938
237,000
15,000
31,000
8,000
57,000
137,000
82,000
10,000
3,000
1,557,000
9,681,000
18,162,000
4,180,000
5,636,000
791,000
1,502,000
7,208,000
8,324,000
3,503,000
2,960,000
898,000
-
2,000
1937
-
Total all—
..
1937
..
WESTERN
GRAIN
AND
FLOUR
Flour
Wheal
Corn
(Barrels)
March 26
(Bushels)
(Bushels)
2,359,000
2,810,000
2,181,000 16,496,000
RECEIPTS
Oats
Barley
(Bushels)
(Bushels)
Rye
(Bushels)
Chicago—
1938.....
and regloas:
EASTERN DISTRICT
2,105,000
492,000
5,559,000
5,894,000
1,592,000
8,278,000
1937...
Commerce Commission, and the following indicates the confines of the different
718,000
8,848,000
3,485,000
2,034,000
2,867,000
1,401.000
1938
NOTE—Our grouping of the roads conforms to the classification of the Interstate
groups
171,000
Sioux City—-
3 Most. End,
Total
92,000
.......
Wichita—
1938.....
49.01
6,890,317 —3,377,530
15,222,181 —7,514,093
8,505,212 —3,239,086
Southwestern region.
Kansas City—
St. Joseph—
2,204,623
Central East'n region 24,735
....
Earnings
1937
$
6,982
26,532
24,801
New England region.
6,972
Great Lakes region.. 26,344
Pocahontas
-
1937.....
St. Louis—
Central Western region (16 roads).
Total.
155,000
Milwaukee—
-Oros8 Earnings
District and Region
roads)
614,000
1937
SUMMARY BY GROUPS
Total (52
952,000
377,000
1938..
Duluth—
'
New England region
5,928,000
1,856,000
1,161,000
443,000
1937
and regions are indicated in the
groups
footnote to the table:
902,000
1938
of the
797,000
1937
The boundaries
772,000
1938..——
different
ICC.
of the
classification
5,733,000
779,000
410,000
3,614,000
1,040,000
862,000
1,995,000
720,000
5,761,000
3,000
968,000
2,116,000
516,000
26,000
405,000
383,000
—
1937...
Minneapolis—
Duluth—
New England
Great Lakes
Region—Comprises the New England States.
Region—Comprises the section
*
-
the Canadian boundary
on
New England and the westerly shore of Lake Michigan to Chicago,
a
line from Chicago via Pittsburgh to
1938..
between
and north of
New York.
Milwaukee—
215,000
Region—Comprises the section south of the Great Lakes Region
east of a line from
Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W.
and
a
line thence to
the southwestern
corner
of
Va.,
Maryland and by the Potomac
River to Its mouth.
of the Ohio River to
DISTRICT
a
point
near
Kenova, W. Va., and
a
line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas
Virginia,
Region—Comprises the section north of
east of
and south of
a
Kentucky and the Ohio
River
the
north
to
98,000
6,435,000
1,405,000
126,000
3,347,000
305,000
189,000
1,116,000
1,773,000
758,000
9,000
31,000
1,184,000
580,000
1,616,000
6,000
71,000
48,000
1938
1937
...
Detroit—
boundary
W.
of
Va.,
line from Parkersburg to the southwestern corner of Maryland and
WESTERN
DISTRICT
Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of
line from Chicago to Omaha and thence to Portland,
a
47,000
2,000
40,000
64,000
2,588,000
9,893,000
3,185,000
5,000
1,817,000
6,850,000
3,599,000
1,359,000
2,622,000
16,194,000
2,389,000
6,940,000
1,374,000
2,423,000
363,000
1,537,000
557,000
333,000
5,963,000
855,000
839,000
553,000
336,000
3,555,000
432,000
900,000
254,000
533,000
149,000
9,188,000
3,903,000
480,000
178,000
6,983,000
2,993,000
472,000
518,000
904,000
Indianapolis & Omaha1937
81,000
184,000
St. Louis—
southern
Parkersburg,
thence by the Potomac River to its mouth.
Northwestern
678,000
18,000
Toledo—
1938
SOUTHERN
Southern Region—Comprises the section east of the Mississippi River and south
eastern
37,000
182,000
1937..
Central Eastern
and by the Columbia River to the Pacific.
1938...
541,000
82,000
53,000
Peoria—
Kansas City—
1937
St. Joseph—
Central Western Region—Comprises the section south of the Northwestern
Region
west of a line from
Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas
to
City and thence to El Paso
and
by the Mexican boundary
the Pacific.
south of St. Louis and
a
roads, taking them collectively, had the
advantage of a very much larger grain traffic in
March the present year
although it by
was
the
which
the
rye,
cereals, in greater
or
the receipts of
receipts, the increase in the
the
rye,
four
same
all
case
of
corn
Altogether,
corn,
oats, bar¬
at the Western primary markets for
weeks
38,450,000 bushels
the
year,
less degree, helped
receipts of the five items, wheat,
ley and
ended
as
four weeks
March
26
aggregated
2,547,000
1,596,000
35,000
2,000
34,000
24,000
1938
85,000
1,051,000
70,000
94,000
52,000
219,000
517,000
244,000
26,000
7,000
....
Sioux City—
Total all—
1938
...
1937
...
4,639,000 28,769,000 68,545,000
5,260,000 22,756,000 32,861,000
Regarding the cotton traffic
this
so
was
far
as
the port
over
Southern roads,
receipts of cotton
but fell far below last
of overland
are
concerned,
year's movement in the
shipments of the staple.
It is
case
proper
to
state, however, that the overland movement of cot¬
ton
in
last year
all
March
recent
the
was
the largest recorded for March
years.
Gross shipments overland in
present year
were
only
153,749
bales
against 189,912 bales in March, 1937, but comparing
with
only 92,310 bales in 1936; 43,122 in 1932, and
80,093
of
movement of the
1937, but comparing with
13,371,000 21,006,000 3,079,000
12,181,000 11,008,000 2,822,000
considerably larger than in March, 1937,
against 22,893,000 bushels in
45,590,000 bushels in 1936; 30,714,000 in 1932, and
735,000
Wichita—
year
largest for the month since 1931.
having been particularly pronounced.
the
a
equaled that of 1936,
considerably smaller than last
the different
swell the
than in the month
no means
single exception of
were
504,000
355,000
1937
line from St. Louis to Kansas City and thence to El
Paso,
Western
which
313,000
1937...
Region—Comprises the section lying between the Mississippi River
and by the Rio Grande to the Gulf of Mexico.
With
1937......
1938...
Southwestern
ago,
1938....
bales in March, 1929.
Details of the port
staple for the last three
set out in the table which follows:
years are
Volume
Financial
146
MONTH OF MARCH
1938, 1937 AND 1936
RECEIPTS OF COTTON" AT SOUTHERN PORTS FOR
SINCE JAN.
AND
1
TO MARCH 31,
3087
Chronicle
NEW CAPITAL
THE UNITED KINGDOM BY
ISSUES IN
[Complied by the Midland Bank Limited]
Since Jan. 1
Month of March
MONTHS
1938
1935
1936
1937
£16.592,347
12,620,080
£33,963,149
19,687,120
£27,614,265
12,386,235
4,108,238
6.961,500
11,257,125
10,456,037
11,947,382
£7,464,872
19,248,438
6,391,772
5,038,715
45,706,900
71,067,806
6i,490,63,0
38,143,797
£19,727,811
£19,505,122
£11,410,592
,
Ports
January
145,208
110,729
3,734
199,699
288.127
11,827
443,147
32.894
11,065
424,815
66,032
Galveston
69,302
45,502
44,535
333,520
Houston, &c
51,713
33.345
51,455
7,667
1,106
3,908
328,287
12,264
Corpus Christl
1199254
Fensacola
23,309
June
20,610,166
18,410,698
24,514,648
16,090
14,795
July...——...
53,909,166
24,402,925
2,173
653
August...
20,305,459
7,141,184
7,243
3,670
September
6,194,413
9,546,101
11,596
6,639
October..
November
6,682,428
7,719,440
4,706,804
12,543,554
11,217,941
6,115
5,042
787
_
_
8,215
5,724
3,274
Charleston
4,290
4,553
16,310
13,298
105
847
1,102
Wilmington
4,584
3,329
287
Norfolk
3,219
3,111
2,208
20
11
118
35
159
294,409
261,746
193,078
1,212,255
821,084
865,256
Lake Charles
Jacksonville
...
Total...
the
In
following
furnish
we
of the railroads of the
to and
of the
summary
a
,
Mileage
Gross Earnings
Month
1910
—
1912
.
237,735
234,258
+5.77
238,218
234,692
249,230,551
238,634,712
249,514,091
253,352,099
238,098,843
294,068,345
312,276,881
365,096,335
347,090,277
458,462,330
+ 10,595,839
+ 4.44
240,510
237,295
+660,166
+ 0.26
245,200
243,184
—6,00
246,848
243,598
+24.67
+ 9.27
247,363
248,185
+ 16.16
230,336
246,548
247,317
228,835
238,157,881
296,830,406
.....
321,317,560
362,731,238
1918
375,772,750
408,582,467
.....
456,978,940
473,433,886
533,553,199
504,016,114
485,498,143
528,905,183
1922
1923
-v...
1924
1925
.....
1926
529,899,898
504,233,099
1927
1928
516,134,027
1929
452,024,463
375,588,844
289,633,741
219,857,606
292,775,785
1930
1931
.....
-i..,
iJiiC
.....
226,086
225,631
213,434
234,832
212,770
—0.32
233,839
+3.51
234,986
234,202
+ 12.62
235,470
—3.74
235,424
235,715
236,559
+ 9.00
236,774
+432,610
+0.08
237,804
236,500
236,948
—26,410,659
457,374,460
473,747,009
534,644,454
504,362,976
485,236,559
529,467,282
530,643,758
—4.98
239,649
238,729
—5.73
236,520
236,048
+10,884,477
452,261,696
+ 2.15
241,115
240,427
—64,595,796
505,249,550
516,620,259
376,997,755
307,833,663
1937
+ 2.92
+ 17.72
—1,483,390
+ 16,059,426
+ 59,806,190
—30,618,340
—18,864,833
+43,668,624
375,617,147
288,880,547
217,773,265
292,798,746
280,484,056
307,749,980
280,492,018
1936
1938
+ 10,676,415
+ 61,492,190
282,571,467
.....
1934
1935
—15,194,218
+ 58,731,563
+ 27,249,215
+ 50,484,357
377,085,227
1932
1933
226,965
—4.72
+ 12,955,678
.....
1917
220,421
+ 15.98
223,563
230,263
224,608,654
250,174,257
1916
Preced'g
1937—Janury
—12.50
242,325
241,964
—76,672,852
—85.983.406
—69,022,941
+ 75,002,520
—12,306,728
+ 27.349,607
—16.95
242,566
242,421
—22.89
241,996
241,974
—23.89
240,911
241,489
+ 34.44
239,228
"4.20
238,011
237,054
236.158
DISTRIBUTION
March
$69,613,713
$55,309,871
Decrease
August
September.....
October
November.
December.....
Year.
69,168.291
64,889,423
—4,275,145
+ 1,000,350
—7,911,240
117,117,122
1924
114,754,514
1925
109,230,086
1926
1937
133,642,754
135,691,649
131,840,275
139,639,086
101,494,027
84,648,242
67,670,702
43,100,029
83,939,285
67,659,321
71,711,908
111,515,431
1938
54,102,703
1927............
1928
1929
1930
1931
1932..
1933...
1934
_
1935
1936
New
87,309,806
—4,748,470
—5.44
82,011,451
—52,414,969
+ 13,669,908
—-63.91
"
27,202,867
39.882,602
58,831,644
113,697,798
117,668,590
114,677,751
109,081,102
134,064,291
135,874,542
132,122,686
139,756,091
101,541,509
84,706,410
68,356,042
42,447,013
83,942,886
68,205,090
+ 18,656,316
+ 54,637,199
+ 50.26
•
+46.78
+ 92.87
+3,419,324
+ 3.01
—2,914,076
—2.47
—5,447,665
—4.74
+24,561 652
+ 1,627,358
+22.52
—1,034,267
—2.96
+ 1.21
+ 7,516,400
+ 5.69
—38,262,064
—27.38
—16,893,267
—16.64
—17,035,708
—25,256,013
—20.11
—36.95
+ 41,492,272
+ 97.75
—16,283,565
—19.40
+ 3,506,818
+ 5.14
71,708,880
+39,806,551
+ 55.51
111,501,626
—57,398,923
—51.48
Capital Issues in Great Britain
following statistics have been compiled by the Midland
Bank Limited. These compilations of issues of new capital,
subject to revision, exclude all borrowings by the
British Government for purely financial purposes; shares
issued to vendors; allotments arising from the capitalization
of reserve funds and undivided profits; sales of already issued
securities which add nothing to the capital resources of the
are
whose securities have been offered; issues for con¬
redemption of securities previously held in the
Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans of municipal and county
authorities which are not specifically limited.
In all cases
company
version
or
United
the figures are
based
upon
the prices of issue.
SUMMARY TABLE OF NEW CAPITAL
ISSUES IN THE UNITED KINGDOM
[Complied by the Midland Bank Llmltedi
Month of
April
1929
_
1930.
1931.
1932.
1933.
£34,767,000
21,271,000
1,687,000
18,013,000
8,248,000
1934.
9.590,000
1935.
4,108,000
10,456,000
11,947,000
5,039,000
1936.
1937.
1938.
73,000
10,456,000
426,000
3,071,000
377,000
71,068,000
27,000
2,014,000
268,000
128,000
19,505,000
18.411.000
153,000
24,403,000
6,194,000
_
2,939,000
3,537,000
1,770,000
1,528,000
4*51*666
30,000
155,000
9,546,000
2,069.000
1,572,000
26,944,000
568*666
1,487,000
24.802,000
20,939,000
20.211,000
3,060,000 217,221,000
1,090,000 22,264,000
190,808,000
....
78,000
3,763,000
407,000
27,614,000
17,000
2,405,000
2.581,000
1,467,000
10,672,000
11,257,000
kf.ooo
9,756,000
34,000
April....
7,135,000
4,792,000
2"o"666
11,947,000
49,736,000
65,000 11,245,000
445,000
61,491,000
830,000
678*666
141,000
4,481,000
586,000
1,125,000
53,000
24,515,000
20,305,000
32~666
680,000
4 months....
1,000,000
396,000
8,313,000
22,611,000
14,558,000
May
June
July
6,503,000
August
October.......
"2*666
7,141,000
1,964,000
13,855,000
90,000
1,867,000
13,141.000
September...;.
11,411,000
2,097,000
November..
11,372,000
1,015,000
13,000
12,400,000
December
10,667,000
2,273,000
4,885,000
17,825.000
138,768,000
1,634,000 23.304,000
7,200,000 170,906,000
38,144,000
5,039,000
311,000
4,728,000
31,400,000
4 months
7,465,000
19,248.000
6.392,000
945,000
3,000,000
87,000
2,402*666
2,402,000
6,520,000
13,847,000
6.305.000
February
March
4,342,000
■
+4.78
+3,104,528
The
which
6.961,000
1,356*000
—8.18
88,807,466
1923
84.000
232*000
8,043,000
+42.96
1917.......
1921.......;..:.
1922...::.;::.;.
33,963,000
10,687.000
221*666
February
+ 1.48
+ 29,378,627
1916
64,893,146
67,993,951
68,452,432
97,771,590
82,561,336
29,596,482
40,872,775
58,538,958
113,468,843
£
751,000
964,000
—6.18
67,452,082
68,392.963
96,718,706
1913
1919.......
194,000
Total
+ 1.24
78,357,486
68,190,493
1920..
£
—11.67
69,658,705
69,038.987
1918
£
March
+25.86
+ 12.44
+ $14,303,842
+ 848,494
78,322,811
69,209,357
1912
1914...
£
17,196,000
15,344,000
20,712,000
4,346,000
8,018,000
22,730,000
18,271,000
16,997,000
.....
July
Cent
(—)
+ 8,664,106
—9,048,129
1910.......
1911
1915
■
Countries
67,193,000
April
1909
Countries
6,877,000
.......
June.
Per
Increase (+) or
Year
Preceding
Ceylon
33,019,000
Year....
Year
India and
£
1938- -January...
Given
THE
Foreign
Brit.
Other
United
Kingdom
4 months
May
ISSUES IN
CAPITAL
BY MONTHS
•
Month
Of
NEW
[Compiled by the Midland Bank Limited]
8,795,000
235,829
.
OF
KINGDOM
UNITED
18.502,000
236,607
234,828
Net Earnings
£170,906,191
April..........
238,226
+ 22.53
—25.04
+ 9.75
£217,221,225
£182,824,210
GEOGRAPHICAL
241,194
239,246
+ 69,335,247
—94,426,288
20,211,176
1,963,697
13,855.183
12,400,174
17,824,624
26,943,859
20,939,125
February
.1
March.........
237,564,332
.....
1920
Dec. (—)
+ 12.09
.....
1913
Preceding
$205,700,013 $183,509,935 + $22,190,078
+ 32,887,440
238,725,772 205,838,832
227,564,915 238,829,705 —11,264,790
1909
Year
Year
Inc. {p) or
Given
March
Year
Per
Given
Year
of
........
Year..
country for each year back
including 1909:
April
May..—
December...*...
comparisons of the gross and net earnings
March
1936—Janury
1,522
7,940
4,281
70,528
29,894
Savannah
10,671,858
4,603
130,398
12,154
Mobile
February
March..—.....
350
2,312
_
135,910
New Orleans
....
6,783
275,565
35,240
6,957
16,226
13,711
662
Beaumont
1936
1937
1938
1936
1937
1938
4 Months to
April 30
Year to
The Course of the Bond
corded
86,601,000
105,204,000
130,229,000
161,364,000
208,185,000
207.644,000
147.559,000
a new
high point since Jan, 1.
high-grade railroad bonds
2 to 106%;
Chicago Burlington & Quincy, 111. Div. 4s, 1949, gained %
at 100%; Oregon Short, Line os, 1946, were % point higher
at 113%.
Medium-grade and speculative railroad bonds
have been characterized in many cases by vigorous price
recoveries.
Alleghany 5s, 1944, advanced 7% to 69%;
Southern Pacific 4%s, 1981, gained % point at 44; New
York Central 3%s, 1946,
were up 2% at 68.
Defaulted
Displaying a firmer undertone,
improved.
have
Atchison gen. 4s, 1995, advanced
railroad bonds have
High-grade
issues
vidual
registered gains.
utilities have been firm, with certain indi¬
at new highs for the year.
Brooklyn Edison
105% were up %; Cleveland Electric Illumi¬
% at 112; Consolidated Gas of
Baltimore 3%s, 1971, advanced 1 to 107%.
Lower grades
have fluctuated within a narrow range, but issues influ¬
3%s, 1966, at
1965, gained
nating 3%s,
enced by the
Tennessee Valley
Authority have been strong
developments. Tennessee Elec. Pr.
5s, 1956, advanced 1 to 86; Mississippi Pr. & Lt. 5s, 1957,
gained 3 at 87; Kentucky Utilities 5s, 1969, rose 1 to 81%.
Registration of new utility issues indicates a fairly large
on
reports of favorable
volume
April 30
1389,565,000
195,470,000
192,497,000
week, resulting in
New liighs for the year have
again been recorded by lower-grade utilities, while lowergrade rails advanced vigorously.
The average of 30 Aaa
bonds now stands midway between the year's high and low,
whereas United States Governments this week have re¬
gains for almost all groups.
A
£149,014,000
90,735,000
47,073,000
45,008.000
37,173,000
34,533,000
45,707,000
71.068,000
61,491,000
38,144,000
bonds has continued this
The rally in
Market
of new financing in
coming weeks.
moderately rising trend has been
this
week.
trial
bonds
3%s,
1961. have risen %
1962,
evident among indus¬
In the steel group,
Inland Steel
gained 1 at 71.
Associated
building
3%s,
group,
to 107%, while Otis
Steel 4%s,
Oils have held up well, Tidewater
1952, advancing 1% to 103%.
In the
the principal advance has
Certain-teed Products
been made by
5%s, 1948, with a rise of 2% to 61%.
3088
Financial
Outstanding in the
paper
has been the
group
week with
I11
the
show
to
gain of 2 to OTVz.
improvement, while
MOODY'S
other
Brazilians
quiet.
May
by the attempted
BOND PRICES
been
not
(REVISED)
visibly
Moody's computed bond
are
(.Based
All 120
120 Domestic Corporate *
120 Domestic
Govt.
Domes¬
by Ratings
Corporate by Groups *
tic
S.
Mayp3__
Aaa
Aa
Baa
92.28
111.82
AU
114.09
104.48
92.90
104.48
RR.
(67.97
P.
TJ.
102.12
109.24
(REVISED)
f
Individual Closing Prices)
120 Domestic
Corporate by Groups •
x
tic
Corp.
on
by Ratings
Domes¬
Averages
Indus
72.00
averages
120 Domestic Corporate *
120
1938
Daily
Corp.*
Averages
prices and bond yield
MOODY'S BOND YIELD AVERAGES
Bonds
U.
Siemens & Ilalske 6%s.
given in the following tables:
f
1938
May 13..
Aaa
Baa
4.43
RR.
P. U.
Indus
6.42
Aa
3.75
3.26
4.47
6.03
3.88
3.50
111.85
92.43
113.89
92.90
68.37
72.43
102.12
109.05
12..
4.46
3.75
4.43
6.38
5.99
3.88
92.43
113.89
104.48
92.59
68.37
72.54
101.94
109.05
11-
4.46
3.27
3.75
4.45
6.38
5.98
3.89
91.97
113.68
104.30
92.59
67.58
71.68
101.94
109.05
10—
4.49
3.28
3.76
4.45
6.46
6.06
3.89
3.51
111.73
91.97
113.68
104.30
92.43
67.58
71.68
101.94
108.85
9—
4.49
3.28
3.76
4.46
6.46
6.06
3.89
3.52
7- 111.58
91.51
113.48
104.11
92.12
66.99
70.94
101.76
108.85
7—
4.52
3.29
3.77
4.48
6.52
6.13
3.90
6- 111.54
91.20
113.48
103.74
91.06
66.51
70.20
101.76
108.85
6-
4.54
3.29
3.79
4.51
6.57
6.20
3.90
3.52
5- 111.68
90.44
113.48
103.74
91.35
64.82
68.97
101.23
108.66
5-
4.59
3.29
3.79
4.53
6.75
6.32
3.93
3.53
4— 111.77
89.99
113.48
103.56
90.90
64.27
68.57
100.88
108.46
4—
4.62
3.29
3.80
4.56
6.81
6.36
3.95
3.54
3.. 111.73
89.69
113.48
103.20
90.59
63.91
68.07
100.53
108.46
3-
4.64
3.29
3.82
4.58
6.85
6.41
3.97
3.54
111.72
89.55
113.07
103.20
90.59
63.73
68.17
100.35
108.27
2—
4.65
3.31
3.82
4.58
6.87
6.40
3.98
3.55
3.30
3.83
4.59
6.85
6.40
3.98
tions
3.51
10._ 111.76
12.
9.
u
30
Por¬
11- 111.76
•«*
issues
Japanese receded further.
(Based on Average Yield.s)
DaUy
all
almost
except for some strength in French and Belgian bonds, and
South American issues
have
1938
14,
In the European section,
coup.
slight recession has been noticeable in
a
further gains by Rumanian 7s and
foreign list, Argentine obligations have continued
remained
have
Remington
1956 (w. w.), have continued their rise of last
a
affected
rise of 2%
points to 90V2 in International Paper 5s, 1947.
Rand 4}4s,
Chronicle
2.
Weekly-
3.27
3.51
3.52
Weekly—
Apr. 29.. 111.42
89.69
113.27
103.02
90.44
63.91
68.17
100.35
108.27
4.64
89.10
113.07
102.12
Apr. 29..
22.. 111.48
89.55
3.55
63.04
67.58
99.48
108.08
22-
4.68
3.31
3.88
4.65
0.88
6.46
4.03
3.56
110.08
87.35
111.64
100.53
87.78
61.98
66.22
97.78
106.17
14—
4.80
3.38
3.97
4.77
7.07
6.60
4.13
3.66
8— 109.69
87.49
111.84
100.18
87.93
62.15
67.38
96.94
105.04
8..
4.79
3.37
3.99
4.76
7.05
6.48
4.18
3.72
1— 109.58
85.24
111.64
14.
98.97
86.07
58.70
63.73
96.11
104.30
1-
4.95
3.38
4.06
4.89
7.47
6.87
4.23
3.76
110.34
88.51
113.07
If 3.66
89 65
61 41
6.. 58
9* 45
106 73
Mar.25—
4.72
3 31
3.80
4.05
7.13
6.46
4.09
3 63
18.. 109 97
89 34
113.89
103.93
90.44
63.64
69.48
99.14
,67 88
18-
4 63
3 27
3 78
4.59
6.88
6 27
4.05
11— 110.67
4„ 110.70
91 66
114,61
105.98
92.75
o5.66
72.98
99 48
108.46
11—
4 61
3 24
3.67
4.44
6.67
5.94
4.03
3.54
94.01
14.93
10C 54
94.49
69.58
71.60
100.00
108.46
4-
4 30
3.22
3.64
4.33
6.26
5.54
4.00
3.54
110.50
94.49
115.14
106.92
94.81
70.62
79.20
99.48
108.46
Feb. 25-
4.33
3.21
3.62
4.31
6.16
5.41
4.03
3.54
Mar.25.
Feb.25..
3 57
93.85
114.93
107.73
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
93.63
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
110.16
92.28
113.89
105.79
92.28
67.68
75.70
98.45
106.92
4„
4.47
3.27
3.68
4.47
6.45
5.70
4.09
3.62
Jan. 28- 110.07
91.81
114.09
105.04
92.59
00.41
73.99
98.62
107.69
Jan. 28—
4.60
3.26
3.72
4.45
0.58
5.85
4.08
3.58
21- 110.52
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
14- 110.15
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
109.97
95.02
115.78
107.88
95.40
72.00
81.35
99.83
108.46
7-
4.20
3.18
3.57
4.27
6.03
5.24
4.02
3.54
Hlgh1938 111.85
95.95
116.00
108.27
95.95
72.65
82.13
102.12
109.24
High 1938
4.95
3 38
1.00
4.89
7.54
6.87
4.23
3.76
Low
1938 109.58
85.24
111.64
98.97
86.07
58.15
63.73
96.11
104.30
Low
4 24
3 17
3.55
4.24
5.97
5.18
3 88
3 50
l|Yr. Ago
May 13'37 108.04
101.23
112.25
109.44
100.00
86.50
95.29
101.06
108.27
May 13-37
2 Yrs.Ago
3.93
3.35
3.49
4.00
4.86
4.28
3.94
3.55
100.53
113.48
108.66
98.11
84.83
93.37
100.88
108.08
May 13'36
3.97
3.29
3.53
4.11
4.95
4.40
3.95
3.56
110.21
18.
4-
7-
94.01
1
2 Yrs.Ago
May 13-36 109.87
1938
3.50
Yr. Ago
*
Theae 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,
t The latest complete list of bonds used In
n
the issue of April 23,
computing these Indexes
Seven Kinds of Inflation, and What to Do
About Them
By
Richard
New
The
York:
Dana
Skinner.
Whittlesey
273
House.
pages.
$2.50
types of inflationary forces which Mr. Skinner
One, which he calls absolute,
comprises those which increase the market value of bonds
and notes, those that raise short-term interest rates, those
seven
that increase the market value of
common
stocks and prop¬
erty titles, and those that raise general prices and living costs.
The other, which he calls relative, includes the
growth of
total debt in
comparison with wealth, of interest rates in
comparison with income, and of living costs in comparison
with income.
Each of these types is examined with refer¬
ence to its nature, origin and course and the
ways in which one
type can be discriminated or compared with' others.
The
main purpose of the book is to enable laymen to weigh the
contentions of pessimists and optimists, and to warn
against
inflation "scares" where inflation does not exist.
For the measurement of the various forms of inflation the
author
specially commends the weekly reports of the Federal
The banks, he maintains, are "the most
intimate and accurate registers we have of the economic
condition of the American people, of the
'psychology' of
the people, of the probable trend of business (to
appear
months later in corporation reports), of the actions of men
with their money rather than of money upon men."
The use
and limitations of index figures are also
explained.
Each
of the seven types of inflation receives a chapter, with an
appended "arithmetic" of the situation for those who wish
to go more deeply into the technical details of the
subject.
The author's explanations are
notably clear when the in¬
herent difficulties of the subject are considered, and tend to
bear out his belief that "a daily newspaper and a little
simple
arithmetic" are all that the layman needs "to determine
the truth for himself."
It is obvious, however, that the
layman must be intelligent and willing to devote more than
passing attention to the subject.
One of the striking chapters of the book is concerned with
the question of debt.
The author traces rapidly, as a form
Reserve Board.
relative
inflation,
"the
outlines of growing 'creditor
affairs, and the instinctive appeal
of the masses of ordinary individuals to government for pro¬
tection against that dominance." He emphasizes the fact that
"every one of us must pay and does pay his proportionate
share of the entire aggregate indebtedness of the
country."
The so-called "emergency" of 1932 and 1933
appears to
him as "a struggle of gigantic proportions between the two
conflicting principles of ownership capitalism and creditordominance' in
our
national
ship capitalism."
published,
It
was not, in the usual sense, a class war,
massing of great groups according to their
in our economic divided house" and perhaps a
portent of "future economic earthquakes."
The problem,
the author concludes, is not that of steering a middle course
between capitalism and communism, but of finding "a way
in which the basis of ownership capitalism can be strength¬
ened, brought to a far higher sense of integrity, and held to
the full exercise of the moral responsibility that is an
integral
part of the very idea of ownership."
In support of the
argument for minimizing the importance of the debt system,
a later
passage notes that most of the aviation industry in
this country and the larger part of British
industry have been
financed through sales of common stocks rather than by
bond issues.
The argument is further elaborated in appen¬
dices which discuss a
possible technique of non-debt banking
and trustee investments under
equity financing.
The bear¬
ing of the debt factor upon the general subject of inflation
but "an instinctive
function
considers fall into two groups.
of
was
1938, page 2594.
in the author's contention that over-extension of
appears
ownership is "one of the real and deepest meanings of infla¬
tion."
The greatest inflation, probably, in our history was
reached, he thinks, in 1932, and "from 1932 to early 1937
we were
whole
in the
course
of
a
deflation that perhaps
principle of private
rescued the
ownership from imminent col¬
lapse."
Current Economic Delusions and Their
Probable Future Effects
By E. C. Harwood.
Rufus
112
S.
pages.
Institute
The
"current
Including articles by
Henry H. Villard.
Cambridge, Mass.: American
Tucker
for
and
Economic
economic
Research.
delusions"
which
$1.00
this
pamphlet
(1) "that all economists are fools," (2) "that
gold has not been a good servant," (3) "that devaluation
will double prices,"
(4) "that prices should behave," (5)
"that the competitive system has failed," (6) "that all specu¬
lation is evil," (7) "that we save too much," (8) "the
pur¬
chasing power fallacy," and (9) "that inflation can be
closely controlled."
The "probable future effects" include
uncertainty about the ability to obtain and use the wisdom
of economists for the
public good as long as politics dominates
the executive and legislative branches of the government;
continued economic uncertainty and instability due to diffi¬
culty in returning to the gold standard; a continuing trend
away from the competitive system and toward Socialism;
disastrous deficits, and uncontrollable inflation if pumppriming, lavish expenditure and increasing taxation persist.
examines
are
Financial
146
Volume
by Messrs. Tucker and Villard comprise,
article on "The Essential Historical Facts
About 'Sensitive' and 'Administered' Prices," reprinted from
"The Annalist," and, for the latter, extracts from an article
The contributions
for the former, an
in the "American Economic Review"
offering some searching
and investments found in
publications of the Brookings Institution.
criticisms of estimates of savings
several
Year
Statistical
Book of
International
Tin Research andDevelopmen t
206 pages.
1938 Edition.
Council
New York
$1.50.
Office: 149 Broadway
of the
Council,
compiled by the Council's statistical office at The Hague,
has just appeared.
With the help of this Year Book we may
follow the progress of tin mining in any part of the world
from the beginning of the industry until the present time.
British Malaya, for example, has increased its mine output
from about 7,000 tons in 1870 to a record of 77,542 tons in
1937.
The Cornish industry, on the other hand, produced
over 10,000 tons in 1870, but less than 2,000 tons in 1937.
The^book also contains a complete history in figures of the
of
edition
1938
The
International
Tin
Statistical
the
Research
Year Book
Development
and
International Tin Control scheme.
3089
Chronicle
Among the
new
features in this year's edition is a chart
arranged in the style of a genealogical
table, by measn of
which tin may be traced from the form in which it leaves the
smelter through all the processes to which it is subjected,
to the numerous applications in which it is finally used.
The Year Book
gives statistics for all the industries
which
tin, including tinplate and canning, solder, bear¬
ing metals, bronze, collapsible tubes, tinfoil and pewter.
It is estimated that the world now uses 65,000 tons of tin
consume
annually for tinplate manufacture, 30,000 tons for solder,
12,000 to 15,000 tons for bearing alloys, 10,000 to 12,000
tons for collapsible tubes, 9,000 to 11,000 tons for bronze,
5,000 to 6,000 tons for tinfoil and 2,000 tons for pewter.
The quantity of tin used for foil is considerably smaller than
the amount
used ten years ago,
so
but in most other indus¬
tries, particularly in tinplate and canning, the
of tin is
consumption
increasing.
by a large number of graphs,
the annual average price of tin over
a period
of nearly 70 years, and clearly shows variations
analogous to trade cycles, with a general trend upwards.
Those interested in the development of foreign markets will
find comprehensive statistics of international trade in tin
and all its products, the quantities imported and exported
by each country being given in full detail by origin and desti¬
The Year Book is illustrated
one
of which represents
nation.
■
r;:.
.
Indications ot Business
EPITOME
OF^TRADE—COMMERCIAL
STATE
THE
activity shows no appreciable change, the
Business
noticeable
as
concerns
badly
slumping
and
have
the
are under way for a
Happenings at Washington are
preparations
substantial slash in wages.
far from
trend
most lines.
This is especially
the railroads, where earnings are
in
downward
continuing
stimulating.
Opponents of the wage-hour
bill now
hope of defeating the measure.
According to
"Journal of Commerce," business activity was lower
little
the weekly index declining to 69.1 and compares
revised figure of 69.7 for a week ago and 103.0 for
last week,
with
the
a
corresponding week of 1937.
According to this author¬
ity, steel production was off 1.3 points for the week, petro¬
leum runs-to-stills were the lowest
since the middle of
March, and bituminous coal production Continued to show
a downward trend.
Electric output and car loadings were
week, while automotive activity
No sustained upward trend in steel pro¬
duction can be expected before late summer or early fall,
and ingot production in the meanwhile is likely to go lower
rather than higher, "Iron Age" says in its current summary.
unchanged
about
registered
It
is
for the
gain.
a
suggested, however, that the appearance of some gov¬
projects and possible rail¬
liberalization of
carrier 'loans, may prevent production from slipping much."
The production rate for the country is substantially un¬
changed at 30.5%, with Pittsburgh holding at 26% for the
third week, the magazine states.
Showing the influence
of the decided lack of automotive buying, the Cleveland
and Detroit districts have fallen to 18% and 20% of opera¬
ernment-sponsored construction
road
buying,
as
a
result
of congressional
tions, respectively, it is noted.
tion activity is in
"A fair amount of construc¬
"Steel scrap
prospect," the journal says.
to have hit bottom.
For the first time in
many weeks there has been no downward revision of No. 1
prices
appear
heavy
melting steel in any important center."
The "Iron
Age" scrap composite price is unchanged at $11.75, having
deflated more than $10 a ton from the 1937 peak."
Pro¬
duction
of
electricity
in
the
United
States
amounted
to
1,939,100,000 kilowatt hours in the week ended May 7, a
decrease of 10.9% when compared with the corresponding
week of last year, according to the
Edison Electric Institute.
Output for the latest week registered a gain of 440,000 kilo¬
watt hours over the previous week's total of 1,938,660,000,
but
was
237,263,000 kilowatt hours below the total of 2,176,-
363,000 in the same week last year.
tion
awards
for
the
week
total
Engineering construc¬
$70,520,000,
the
fourth
94% above last week,
and 12% above the corresponding 1937 week, "Engineering
News-Record" reported yesterday.
Almost $25,000,000 in
waterworks contracts and over $14,000,000 in highway lettings boost public construction volume to the highest week
since Jan. 9, 1936.
The current week's public volume is
158% higher than last week, and 66% above the 1937 week.
Private construction is 9% above last "week, but 44% below
a
year ago.
The upturn in demand in recent weeks has
encouraged manufacturers of sporting goods to hope that
sales for the coming season will register only a moderate
decrease from the 1937 level, despite the recession.
De¬
highest weekly volume of the year,
partment store volumes in some districts have continued to
show gains, while sales in other regions were registering
declines of 15% and more.
The Association of American
railroads, repre¬
senting 79.3% of total operating revenues of all Class I
lines, had estimated operating revenues of $212,144,437 in
April compared with $280,840,733 in April, 1937, and $358.-
Railroads
reported today that 89 Class I
988,143
the
in
same
month of
The April operating
1930.
24.5% below April last year and 40.9%
below April, 1930.
As a result of manufacturers tapering
revenues
1938,
Friday Night, May 13,
were
production earlier than had been expected, output of cars
and trucks in United States and Canadian plants this week
dropped to 47,415 units, a decrease of
5,970 units from the
53,385 last week, according to the estimate of Ward's Auto¬
motive Reports, Inc.
In the corresponding week a year
ago, the output amounted to 139,507 units.
A definite turn
of the seasonal trend toward lower levels was seen by
revised its estimate of May production to
This compares with approximately 242,000
units in April and 540,377 in May last year.
With bleak
weather discouraging spring apparel buying, retail sales
this week fell as much as 3% below the previous week,
Ward's,
which
units.
190,000
to 12%
from 5%
and
under the 1937
comparative, it was
national trade survey by Dun & Bradstreet.
Car loadings of revenue freight by the Nation's
railroads last week amounted to 536,140 cars, a decrease
revealed today in a
of
6,935
from a week earlier and 227,355 cars below
Association of American Railroads
cars
the same 1937 week, the
Unusually cool weather in many sections
nearly the entire western half of
the country during the past week, was the outstanding
weather feature.
This cool weather retarded growth of
announced today.
of
the
East,
and
over
decidedly and there was more or less frost
reported rather generally from the central and
Plains States westward to the Sierra Nevadas and
vegetation
damage
northern
Washington and Oregon.
Tftie
serious, being confined largely
to truck crops and gardens, and here and there to fruit.
The cold, wet weather in much of the West was reported
as
decidedly unfavorable for young lambs.
East of the
Mississippi River temperatures were more favorable, though
the latter part of the week was too cool for good growth of
tender vegetation.
Farm work made satisfactory progress
in most of the Eastern area, but in the West, especially
in the upper Mississippi Valley, and the central States be¬
tween the Mississippi and Rocky Mountains, outside opera¬
tions were largely at a standstill because of heavy rains
and cold weather.
In the New York City area it was cold,
eastern
the
portions
of
damage in general was not
cloudy and rainy during most of the week.
Today it was
and cool here, with temperatures ranging from 42 to
fair
56
degrees.
The forecast was for
partly cloudy and con¬
Saturday. Overnight at Boston it
was 44 to 66 degrees;
Baltimore, 44 to 66; Pittsburgh, 34
to 52; Portland, Me., 44 to 56; Chicago, 40 to 50; Cincin¬
tinued
nati,
cool tonight and
34
to
Charleston,
to
54; Cleveland, 40 to 58; Detroit. 34 to 50;
60 to 82; Milwaukee, 38 to 48; Savannah, 56
Kansas City, 48 to 70;
80; Dallas, 62 to 78;
Mo., 54 to 72; Oklahoma City, 62 to 78; Salt
52 to 72; Seattle, 54 to 58; Montreal, 42 to 52,
peg,
Springfield,
Lake City,
and Winni¬
36 to 60.
♦
Moody's Commodity Index Advances
Moody's Commodity Index advanced moderately, from
136.7 a week ago to 137.8 this Friday.
Cocoa, rubber,
wheat, corn, hogs, steel scrap and cotton were higher.
Silk, wool and sugar declined, and there were no net changes
for hides, silver, copper,
The movement of the
lead and coffee.
index during the
week was as follows;
May 6----—
136.7 Two weeks ago, Apr. 29-Sat.
May 7
136-9 Month Ago, Apr. 13-Year Ago, May 13
Mon.
May 9---.— ----—-.136.5
Tues.
May 10
136.4 1937 High—Apr. 5
Low—Nov. 24
Wed.
May 11
137.0
-Jan. 10
Thurs. May 12
137.2 1938 HighLow- -May 2
Fri.
May 13
137.8
Fri.
136.9
139.6
—203.4
228.1
144.6
152.9
136.1
3090
Chronicle
Financial
"Annalist"
Weekly
Prices
Off
Gain Since March 16
For the first time since March 16 the "Annalist"
Index of Wholesale
For
May 11 the index stood at 80.4,
in the
preceding week and 93.0
announcement issued
an
had
the
following to
gain.
a
compared with 80.0
as
In noting this,
a year ago.
by the "Annalist"
on
May 12 also
say:
responding week of 1936.
Loadings for the week ended
April 23, 1938, showed a loss of 30.7% when compared with
1937 and a drop of 21.4% when comparison is made with the
Meat prices scored the widest gains, with quotations for steers and cows
Dairy products also had
higher.
respite from selling, and prices for
Although several bearish crop reports
cheese and butter improved.
a
eggs,
were
Interest in the futures markets continued relatively limited.
again weak, falling to new lows for the past four years.
last
week's gain.
advanced in
Cotton, silk and wool
anticipation of
a
"ANNALIST"
THE
were
Cocoa
was
Coffee lost all of
but cottonseed oil
easier,
good April consumption report.
WEEKLY
INDEX
week of 1936.
same
Issued during the week wheat and corn made slight advances.
OF WHOLESALE
COMMODITY PRICES
The first 18
major railroads to report for the week ended
May 7, 1938 loaded a total of 250,228 cars of revenue
freight on their own lines, compared with 253,422 cars in the
preceding week and 354,504 cars in the seven days ended
May 8,1937. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED
(1920=100)
'/'t
"i
'
1.3%
Loadings of revenue freight for the week ended May 7,
1938, totaled 536,140 cars.
This is a decline of 6,935 cars
or
1.3% from the preceding week; a decrease of 227,355
cars, or 29.8% from the total for the like week a year ago
and a drop of 132,726 cars or 19.8% from the total loadings
for the corresponding week two years ago.
For the week
ended April 30, 1938, loadings were 30.2% below those for
the like week of 1937, and 19.1% below those for the cor¬
Weekly
Commodity Prices has shown
1938
14,
Freight Car Loadings in Week Ended May 7
Revenue
Index of Wholesale Commodity
Week Ended May 11 Shows First
During
May
FROM
CONNECTIONS
(Number of Cars)
May 11, 1938
May 4, 1938
May 11,1937
Loaded
Own Lines
on
Received from
Weeks Ended—
Farm
products
Food products
Textile products--
77 0
70.7
79.6
♦57.7
X57.9
83.6
Fuels
♦84.9
x85.0
102.4
102.4
108.5
Connections
Weeks Ended—
,
90.3
Metals-
71.2
8, May
1937
71.2
Baltlmore & Ohio RR
22,431
23,069
Chesapeake & Ohio Ry
16,682
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Faul & Pac Ry.
15,355
12,731
12,703
17,067
17,166
12,330
12,294
19,921
2,913
69.7
81.4
80.0
93.0
Revised.
Gulf Coast Lines
3,156
7, AprilSO May 8,
1938
88.0
66.8
88.0
80.4
All commodities.
x
1938
18,195
70.1
-——-
-
♦Preliminary,
7, Apr. 30 May
1938
18,340
88.0
—
-
May
Atchison Topeka & Santa Fe Ry_
66.8
Chemicals.
-
100.6
Chicago & North Western Ry...
———
—
Building materials
Miscellaneous
76.0
22,371
35,882
22,769
1938
1937
4,871
4,920
6,920
12,273
12,129
19,082
7,510
6,662
10,952
14,036
6,381
20,122
6,421
6,139
5,545
8,359
8,684
7,783
11,077
3,193
7,850
1,493
1,577
1,516
International Great Northern RR
2,060
2,015
2,274
2,583
3,728
3,720
4,292
2,634
2,708
2,401
2,291
MIswouri-Kansas-Texas RR
2,894
Missouri Pacific RR
Declining
Trend
Smaller
Retail
in
Than
in
Prices
During April Was
According to Fairchild
March,
Retail prices
declined 0.5 of 1% in April, as compared
with March and were 5M% below the corresponding month
13,883
8,037
7,417
9,441
31,664
46,772
29,678
28,530
42,064
3,954
5,439
7,641
7,455
10,027
Norfolk & Western Ry
12,825
3,930
13,652
20,955
3,508
3,601
4,880
46,957
47,053
72,418
30,510
29,353
48,617
4,372
4,468
7,017
3,937
3,703
3,770
3,344
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
3,447
3,253
7,771
3,640
7,886
24,767
24,079
30.486
7,513
7,819
4,762
4,707
5,183
7,062
6,642
8,985
8,683
Wabash Ry
according to the Fairchild Publications retail
ago,
year
11,579
30,633
N. Y. Chicago & St. Louis Ry.—
Pennsylvania RR
Publications Retail Price Index
a
11,313
New York Central Lines
Total,
253,422 354.5Q4 154.080 148,024 215,294
price index.
The decrease under the preceding month was
somewhat smaller than in March, when it amounted to
0.7
of
1%.
Prices
1937 and
were
index
of
90.2
(Jan.
Nov.
1,
1936.
above
the depression low recorded in
went
1931=100)
However,
issued
retail
May
12
was
prices
by
the
The latest
lowest
remained. 30.0%
May 1,
Fairchild
1933.
The
April except infants'
The greatest decline below March was
which remained unchanged.
The greatest
blankets.
piece goods, which
number
were
decrease
below
a
year
ago
was
recorded in
of
influenced mainly by the reduction in prices of
individual
items
showed
no
as
compared
with
Fur
and shoes.
although at
pared with
a
a
prices again led the decline below the preceding month,
slower rate.
Furs and sheets have declined most as com¬
a year ago,
according to A. W.
22,176
24,022
Illinois Central System
25,518
25,846
30,286
St. Louis-San Francisco Ry
11,078
11,237
12,927
58,825
59,250
67,235
Total
in retail prices has probably been
The Association of American Railroads, in
ended April 30, reported as follows:
Loading
543,075
Zelome^c, economist
stability, with
some
THE
the
of
under shoe supervision the index
advances being recorded during the later
PUBLICATIONS RETAIL PRICE INDEX
19,308
May 1,
1933
1937
Feb, 1,
1938
Mar.
1,
1938
May 1,
1938
the
Grain
in
above
the
for
85.6
85.4
90.9
90.7
90.2
89.9
sponding
93.4
92.9
92.2
91.4
90.8
Forest
97.2
96.8
96.8
96.8
95.3
95.3
94.6
94.2
93.5
67.4
65.0
65.0
65.0
64.1
64.1
69.2
86.4
86.4
85.9
85.8
85.6
114.5
109.6
107.4
106.8
106.6
below
Woolens
...
68.6
Sheets
65.0
107.3
99.9
98.4
98.1
Blankets <fe comfortables
108.7
109.0
109.0
109.0
108.0
Ore
the
76,471
of April
Hosiery
Aprons <fc house dresses.
69.2
76.7
75.5
75.1
75.0
74.8
75.5
106.2
107.5
107.5
106.6
Corsets and brassieres..
93.0
93.0
93.0
92.7
Furs
92.7
06.8
114.1
106.8
102.8
99.9
Underwear
86.3
86.6
86.6
86.2
84.5
87.8
87.7
87.7
89.5
89.3
89.1
88.5
1937.
of
Coke
the
but
In
9,739
increase of
an
94,352
lot
freight
below
cars
totaled
the
week,
but
149,952
decrease
a
1937.
increase
an
48,249
products
week
and
of
above
1,112 cars
below the corresponding
cars
week, but
Western
cars,
below the
loading
2,389
cars,
an
of
352
cars
corre¬
of
live
cars
below
cars
increase
10,317
the
care
decrease of 204
a
26,560
decrease
of
alone,
of
2,081
above
cars
increase
2,192
districts
9,426
increase of
an
6,358
an
decrease
a
a
car6,
cars,
decrease of
a
the
loading totaled
in
12,630
to
and
22,382
increase of
an
April 30 totaled
of
below
cars
the
corre¬
2,398
care
the
corre¬
cars
above
1937.
10,928
decrease
a
cars,
an
increase
of 59,272
cars
of
1,486
below the corresponding
1937.
loading
preceding
amounted
week,
and
to
a
3,618
decrease
care,
of
decrease
a
6,696
cars
of
below
227
the
cars
below
correspond¬
1937.
87.7
87.7
.
86.0
76.5
64.9
increase
an
was
97.6
09.2
in
preceding week,
week in 1937.
ing week in
106.0
83.6
of
preceding
cars,
30 totaled
amounted
loading amounted to
in
the
decrease of
a
preceding week, but
week
carload
above
cars
preceding week,
above the preceding
96.3
72.9
Women's apparel:
than
preceding
the week
the
sponding
Silks
less
1,871
loading
sponding week
89.9
Cotton wash goods
Domestics:
the
stock
71.8
95.7
30
grain products loading totaled 35,338 cars, an increase of
above the preceding week, and 7,879 cars above the
corresponding
In the Western districts alone,
grain and grain products
above
70.7
76.4
totaled
1937.
87.0
70.2
30
30.2% below the
and
cars
92.4
Home furnishings
Piece goods:
decrease
a
below the corresponding week in
cars
2,575
95.2
86.1
April
or
1937.
88.6
-
merchandise
loading amounted to
in
65.1
wear
of
preceding week, but
week
69.4
Women's apparel
preceding week, but
increase of
an
21,553
Coal
Piece goods—
Men's apparel
90.2
ended
cars,
or
the
Loading
Composite Index
90.6
week
234,752
corresponding week in 1937.
stock
91.2
of
1930.
week,
corresponding week in 1937.
Apr. 1,
1938
reviewing the
decrease of 363,804 cars, or 40.1% below
a
freight for the1 week of April
3.7% above the preceding week.
freight loading totaled 227,578 cars,
cars,
above
.cars
Live
May 1,
in
the
for
decrease
a
revenue
Miscellaneous
cars
Copyright 1938 by Fairchild News Servloe
*
was
loading for the week
JANUARY, 1931=100
freight
revenue
This
week
same
week
FAIRCHILD
of
cars.
corresponding week in 1937, and
seen,
months of the year.
Infant's
May 8, 1937
week
of
Recline
However, some further decreases during the next 60 to 90
likely.
After somb further decline has been recorded, prices should
show greater
•
22,229
cars,
/v
is compiled.
are
'■
•
Chic Rock Island & Pac
whereas men's, women's, and infant's shoes remain
year ago.
The greatest part of the
days
^
'
April 30, 1938
Loading of
change
These items include silk, piece goods, corsets, men's and
women's shoes, men's clothing, men's shirts and infants'
underwear, hose
above
'V,'v
May 7, 1938
1938.
March,
CONNECTIONS
to say:
on
sheets.
A
V;1 ;
Publications
recorded in home furnishings and was due mainly to the decrease in sheets
and
FROM
(Number of Cars)
since
Each of the major groups showed a decline during
wear,
RECEIPTS
Weeks Ended—
only 2.6% above the 1936 low.
announcement
LOADINGS AND
6.6% below the high reached in
were
3,
TOTAL
...
...
Shoes
Men's apparel:
Hosiery
Underwear
69.6
93.2
92.7
92.7
92.1
Shirts and neckwear
91.8
74.3
88.3
87.4
87.3
86.7
Hats and caps
86.7
09.7
84.0
84.5
84.5
83.4
82.5
Clothing, lncl. overalls..
70.1
92.9
94.5
93.5
92.9
Shoes....
76.3
93.0
96.8
74.0
100.7
100.7
100.7
100.6
100.6
Underwear
74.3
94.0
95.0
94.8
94.8
Shoes
92.5
96.0
96.0
96.0
districts
1937
and
reported decreases
compared
with
the
corresponding
weeks
1930.
1938
1937
Four weeks in January
Four weeks In
February
2,256,423
2,155,451
2,714,449
3,347,717
Four weeks in March.
1930
94.8
80.9
All
in
Infants'
96.8
96.8
92.9
96.8
wear:
Socks
....
......
Furniture
96.0
69.4
100.2
101.7
100.7
100.0
Floor coverings
114.2
117.2
115.8
114.5
114.0
60.8
60.7
60.5
59.9
59.7
59.3
2,763,457
3,506,236
2,222.864
2,986,166
3,529.907
2
523,489
721,229
885,324
9
521,978
711.079
908,059
537,585
746.523
911,316
523,767
756,248
892,706
543,075
777,827
906,879
9,284,632
12.176,978
14.888.144
Week of April 16
Week of April 23.
Week of April 30
Total
.
1.
.......
98.9
79.9
Musical Instruments
Week of April
Week of April
Luggage..
.....
-
Elec. household appliances
China
60.1
79.2
80.2
79.9
78.7
78.4
72.5
81.6
83.1
83.1
83.0
83.0
81.5
94.4
95.5
95.0
95.0
95.0
In the
following
undertake to show also the loadings
for the week ended April 30,
period only 12 roads showed increases
when compared with the same week last
year:
we
for separate roads and
systems
1938.
During this
Volume
Financial
146
REVENUE
FREIGHT
LOADED
(NUMBER OF CARS)—WEEK
RECEIVED FROM
AND
Toial Revenue
from Connections
1938
from Connections
1937
1938
1936
1937
1938
1937
1938
Total Loads Received
Freight Loaded
Railroads
Southern District—(Concl.)
>■
Eastern District—
1,403
537
576
485
1,798
6,665
1,486
2,334
9,061
1,700
230
363
8,080
1,465
1,387
8,486
1,560
12,161
2,169
Ann Arbor
Bangor A Aroostook
Boston A
1936
1937
ENDED APRIL 30
Total Revenue
Total Loads Received
Freight Loaded
Railroads
3091
Chronicle
Maine
Chicago Indianapolis A Loulsv.
916
26
28
14
46
75
1,284
3,775
7,982
1,722
6,210
12,101
1,142
6,484
11,347
1,625
5,864
5,378
2,455
8,435
7,608
276
442
252
100
125
2,845
929
1,288
3,009
16,007
8,089
2,340
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna A WestDetroit & Mackinac..
-
3,151
1,428
Detroit Toledo & Ironton
187
421
376
1,549
10,419
3,391
16,169
12,394
5,473
8,708
Detroit A Toledo Shore Line
Erie.
Grand Trunk Western
5,791
278
Lehigh & Hudson River.
Maine Central
Monongahela
274
_.
New York Central Lines
3,745
190
272
1,962
39,191
30
25
3,163
4,037
2,458
31,664
N. Y. N. H. A Hartford
1,507
1,012
6,177
2,474
11,162
865
Montour
8,517
1,289
47,727
12,126
1,617
-
317
2,817
9,993
2,837
f;
2,523
1,697
6,614
2,297
2,782
Lehigh & New England
Lehigh Valley
5,301
1,242
9,286
3,201
44,440
13,687
28,530
10,861
9,654
1,423
7,455
3,580
3,703
21
2,068
3,930
3,313
4,468
5,821
6,812
1,894
4,812
6,636
6,236
Pittsburgh A Shawmut
210
133
238
Pittsburgh Shawmut A North..
309
313
341
183
180
Pittsburgh A West Virginia
631
1,202
942
1,076
Rutland
581
688
622
856
1,887
1,273
Mobile A Ohio
1,459
1,920
2,624
1,025
1,930
2,274
1,647
3,135
1,048
2,056
3,065
1,860
2,821
1,224
Nashville Chattanooga A St. L_
Norfolk Southern
917
449
814
916
287
418
357
8,934
17,932
9,247
21,279
8,179
21,053
4,711
3,811
12,176
4,701
4,129
Tennessee Central
337
514
347
488
607
Winston-Salem
165
180
155
546
824
89,778
104,163
97,527
57,655
68,239
17,119
2,392
18,976
7,783
2,078
5,545
2,488
10,616
2,894
7,811
3,752
837
325
417
4,121
19,025
2,584
19,850
3,852
22,979
1,353
9,034
7,288
4,055
7,021
416
466
395
148
180
9,998
20,856
10,718
2,358
3,540
525
688
529
468
637
Piedmont Northern
438
382
...
Richmond Fred. A Potomac
Seaboard Air Line
Southern System
Southbound
Total
15.065
Northwestern District—
Great Western
12,662
2,464
MUw. St. P. A Pacific.
17.046
St. P. Minn. A Omaha.
Chicago
Chicago
Chicago
Chicago
3,519
1,720
A North Western
Duluth Missabe A I. R
349
Duluth South Shore A Atlantic.
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
Great Northern
3,862
3,473
214
138
8,998
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
7,826
10,016
7,332
5,853
26
.....
Green Bay A Western
230
1,895
Minn. St. Paul A S. S. M
4,683
Northern
8,163
1,703
6,738
9,803
Pacific
130
156
366
324
1,137
1,242
1,134
1,271
69,510
123,552
84,811
33,194
47,075
18,195
2,597
23,106
3,188
19,774
2,754
4,920
1,690
7,444
2,221
304
492
339
87
133
12,703
14,163
6,139
7,964
1,528
11,401
2,249
14,409
1,433
11,890
2,716
1,460
11,561
2,510
531
719
667
5,437
5,019
5,402
3,061
2,081
3,936
115,944
177,809
153,886
117,088
179,213
398
631
683
479
719
23,069
1,522
33,585
6,943
29,257
12,129
18,624
3,448
915
2,927
798
932
1,615
2,531
2,142
Bingham A Garfield
Chicago Burlington A Qulncy..
Chlcago A Illinois Midland
262
403
307
5
6
Chicago Rock Island A Paciflc.
721
950
873
6
15
5,404
8,229
7,425
9,099
13,413
Cornwall
540
565
853
31
57
Denver A Rio Grande Western.
Cumberland A Pennsylvania...
165
124
258
27
23
Denver A Salt Lake
77
122
95
11
42
Fort Worth A Denver City
Total................
Total
Central Western District—
Atch. Top. A Santa Fe System.
Alton
Alleghany District—
Akron Canton A Youngstown..
Baltimore
Ohio
A
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey.
Ligonier
Valley
Long Island
597
676
869
Penn-Readlng Seashore Lines..
781
1,213
1,169
Pennsylvania System
47,053
72,627
Reading
11,275
18,370
60,699
16,567
5,157
16,374
12,812
Union
Co
(Pittsburgh)
Colorado A
Southern
1,610
13,377
1,108
Nevada
2,714
1,541
2,865
222
355
349
20
■■".."'r 18
1,196
2,203
1,125
1,021
1,900
966
1,018
1,458
395
597
1,167
1,831
1,289
74
130
731
772
753
312
344
35
109
106
0
68
M lssourl-Illlnois
49,517
18,624
6,523
1,107
2,177
1,048
1,944
Terminal
Illinois
8,889
6,865
1,980
Northern
North Western Pacific..:
Peoria A Pekln Union
•
w p.
-
-
250
280
V"
.
12
44
54
0
0
Southern Pacific (Pacific)
19,273
21,851
20,095
4,261
5,660
2,992
3,549
3,153
4,668
6,917
Toledo Peoria A Western.
359
289
335
977
1,287
11,393
13,227
12,102
6,275
7,874
100,025
164,405
138,522
74,528
122,550
West Virginia Northern
Western
Chlcago A Eastern Illinois
3,515
2,267
1,053
29,353
8,630
1,818
2,729
3,788
108
Spokane Portland A Seattle
2,538
o
....
Wheeling A Lake Erie
1,598
2,007
2,633
5,264
1,611
Spokane International
6 642
Wabash....
63
70
1,240
1,898
3,354
Minneapolis A St. Louis
Lake Superior A Ishpeming
Maryland
Union Pacific System
Total..............
111
261
196
10
8
1,393
1,653
1,619
1,564
2,040
89,330
104,907
95,504
41,256
54,645
Utah
Western Pacific
V:
Pocahontas District—
16,682
13,652
4,088
33,591
Norfolk A Western.....
22,812
3,257
Chesapeake A Ohio
49,809
Virginian.^..................
22,909
21,714
20,329
11,632
6,662
3,601
961
3,288-
Total...
5,011
.•
:
.
885
Southwestern District—
134
215
157
Burlington-Rock Island
17,528
11,224
425
325
Southern District—
Alabama Tennessee A Northern
247
277
257
151
161
Atl. A W. P.—W. RR. of Ala-
676
831
868
1,175
91
90
171
240
3.193
3,510
3,323
2,015
2,271
2,453
1,577
2,708
1.046
1,708
1,788
International-Great Northern..
45,331
76
Gulf Coast Lines.
Total...............
Fort Smith A Western
159
147
203
Southern
1,778
Louisiana A Arkansas.
1,571
1,883
1,718
1,981
1,721
Kansas Oklahoma A Gulf
Kansas City
593
627
622
893
9,017
10,382
4,474
9,445
3,553
4,129
3,943
2,511
410
413
455
984
1,100
1,223
1,086
1,604
1,208
1,075
4,683
2,923
1,295
1,942
336
452
267
264
298
Missouri-Kansas-Texas Lines.
154
153
153
372
390
Missouri Pacific
Florida East Coast
1,992
1,590
1,371
846
879
Galnsville Midland
31
42
44
88
91
Quanah Acme A Pacific
St. Louis-San Francisco—
977
929
Atlanta Birmingham A Coast..
Atlantic
Coast Line...
Central of Georgia
Charleston A Western Carolina
Cllnchfield
Greenville
Columbus A
Durham A Southern
899
143
107
346
432
235
291
240
698
1,001
502
410
468
313
126
218
104
188
308
4,529
14,120
4,583
2,401
13,851
7,417
3,328
9,672
Midland
Valley
Missouri A Arkansas
St.
1,373
1,598
510
489
976
Texas A Pacific.
11,599
5,947
19,415
17,017
....
22,049
20,709
4,562
Macon Dublin A Savannah
102
178
155
625
108
195
174
274
289
7,519
3,436
2,110
2,676
2,847
3,432
4,391
133
5,381
2,237
6,547
4,551
211
245
242
23
54
54
28
53,182
51,031
33,411
4,619
92
6,475
4,292
——........
'
Wichita Falls A Southern
Wetherford M.W.AN.W
4,786
52
,
•
40
585
Mississippi Central*
97
7,680
2,430
7,713
91
Texas A New Orleans
1,038
8,775
131
127
6,317
Southwestern
322
341
2,252
44,897
Louis
303
17,734
Illinois Central System
Louisville A Nashville
3,710
.
11,603
1,974
1,564
18,037
Gulf Mobile A Northern..!
1,115
111
Litchfield A Madison
262
Georgia A Florida
932
1,883
1,055
Louisiana Arkansas A Texas
1,527
Georgia
3,026
Now—Previous year's figures
of Labor Index of Wholesale
Declined 0.5% During Week
Prices
Ended May 7
prices of farm products,
together with lower prices for foods, hides and leather prod¬
products, and building materials, largely ac¬
a decline of 0.5% in the index of the United
State Department of Labor, Bureau of Labor Statistics,
during the first wreek of May, Commissioner Lubin announced
oh May 12.
"Nine of the ten major commodity groups car¬
ried in the index showed declines," Mr. Lubin said.
"The
ucts, textile
counted for
placed the combined index of over 800 price series
at 77.9% of the 1926 average, the lowest level reached since
early in January, 1935.
It is 0.8% lower than it was a
month ago and 10.8% below a year ago.
The Commissioner
decrease
added:
products, textile products, and
were
the farm products, foods, hides and leather
building materials groups, smaller declines
registered by the fuel and lighting materials, metals and metal products,
chemicals and drugs,
and miscellaneous commodities groups.
nishing goods remained unchanged at
Prices
of
raw
materials in
the
Housefur-
wholesale markets
of the
country fell
during the week ended May 7.
that
April,
raw
materials prices are down 0.8%
for the week ended May
modities prices
ber, 1936.
8, 1937.
Finished or manufactured
com¬
declined 0.5% to the lowest point reached since mid-Novem¬
The current index—82.4—is 0.8%f, below a month ago and 5.7%
below a year ago.
According to the index for
"all commodities other than farm products,"
non-agricultural commodities prices declined 0.5%
from a month ago and 7.2%
from a year ago.
prices,
as
.
They are down 0.7%
Industrial commodities
measured by the index for "all commodities other than farm
products and foods," decreased
below the level for the
that of last year.
They are 0.2%
0.2% during the week.
corresponding week of last month and 5.0%
,
'
below
in
an
an¬
by the Department of Labor, from which
the following is also taken:
decrease of
1.5%
together with lower
caused the hides and leather products
in wholesale prices of shoes,
prices for cow hides and sole leather,
group
index to fall 0.9%
.
Higher prices were reported for calf skins, kip
skins and luggage
The building materials group
decrease of 3.0%
also declined 0.9%
group
largely because of a
,
lath and timbers, hem¬
The paint and paint materials sub¬
in lumber, including yellow pine
lock, oak, Ponderosa pine and poplar.
declined fractionally as a result of weakening prices for
naval stores.
of brick and tile, cement, and structural
No changes were reported in prices
steel.
Wholesale food prices fell
in fruits and
0.7%
largely as a result of decreases of 2.1%
,
vegetables, and 1.4%
in meats and cereal products.
Lower
hominy, grits, corn meal, bananas,
onions, white potatoes, cured and fresh pork, veal, dressed poultry, cocoa
beans, canned salmon, lard, pepper and raw sugar.
Quotations were
prices were reported for oatmeal, flour,
higher for citrus fruits, mutton, canned spinach and sweet potatoes.
This
latter part of July, 1934.
week's food index—71.4—is the lowest since the
It is 1.1%
below the corresponding week of April and
ended May
Decreases of 1.2%
cows,
0.8% in grains
0.6% to the lowest level
in livestock and poultry prices and
products group index to recede
reached since mid-August,
rye,
15.7% below the week
8, 1937.
caused the farm
last week's level.
Compared with the corresponding
.
They are 19.9% lower
than they were a year ago.
Notwithstanding a decrease of 0.3% in whole¬
sale prices of semi-manufactured commodities prices, the May 7 index is
0.5% above that for the corresponding week of April.
It is 14.6% below
0.4%
week of
Commissioner Lu bin's remarks were contained
nouncement issued
A
Continued weakness in wholesale
In addition to the decreases in
39,772
* Previous figures.
revised.
United States Department
Commodity
Total
Quotations were lower for corn, oats,
1934.
hogs, sheep, live poultry, cotton, applies
(New York), alfalfa
Quotations were higher for barley,
wheat/calves, lambs, eggs, apples (Seattle), lemons, oranges, peanuts,
and sweet potatoes.
The current level of farm products prices—67.4—
is 1.0% lower than it was a month ago and 25.9% lower than a year ago.
Lower prices for clothing, cotton goods, raw silk, and Manila hemp
caused the textile products group index to fall 0.6% to 66.1.
Burlap and
raw jute averaged higher and hosiery and underwear prices were steady.
Average wholesale prices of cattle feed declined 4.3% during the week.
Crude rubber dropped 3.2% and paper and pulp decreased 0.1% .
Auto¬
hay, hops, onions, and white potatoes.
mobile tire and tube prices remained
As
a
result of lower prices for
firm.
anthracite and Pennsylvania fuel oil, the
fuel and lighting materials group
declined 0.1%
.
Bituminous coal prices
remained unchanged.
in non-ferrous metals, including antimony, quick¬
averaged slightly higher and coke
A
decrease of
0.8%
silver, solder, pig tin and pig
zinc, caused the metals and metal products
Financial
3092
index to fall 0.1%
group
Chronicle
and
since the summer of
the chemicals and drugs group index to
No changes
Prices of palm kernel oil were higher.
decrease 0.1%.
since
fertilizers.
selling at lower prices
is now
for other
changes
Price
1934.
in
ported in prices of drugs and pharmaceuticals, fertilizer materials and mixed
White bread showed only a negligible decrease.
1933.
1.6% and
declined
Rice
were re¬
March
the steady decline which was first reported last
The price of flour decreased 2.2% and reached the lowest level
continuing
April,
August.
last week's level.
Ik Declining prices for tallow caused
1938
14,
decreased 0.4% between
bakery products
cereals and
of
cost
The
The agricultural implements, iron and steel,
.
plumbing and heating sub-groups were unchanged from
motor vehicles and
May
items
than at
time
any
the group
in
unimportant.
The index for the housefurnishing goods group remained steady at 88.6%
of the
numbers for the main
The following table shows index
five weeks and for May 8, 1937, May 9, 1936, May 11,
1935, and May 12,
1934.
(1926=100)
of
2.3%.
Apr
23
16
30
7
Commodity Groups
Apr
Apr.
May
9
May
8
May
9
May
showed
steak
round
increase
an
of
11
1938
1938
1938
1938
1937
1936
1935
77.9
78.3
78.6
78.6
78.5
87.3
78.6
79.9
reported
73.8
67.4
67.8
69.1
68.9
68.1
91.0
76.2
80.8
60.5
1934
decrease
products..
71.4
71.9
72.2
72.3
72.2
84.7
78.0
84.1
67.3
Hides and leather products..
92.2
93.0
92.6
92.0
92.5 107.7
94.9
88.1
Textile
66.1
66 5
66 7
67 0
67.0
—
products
78.3
69.6
68.7
77.1
77.2
77.3
77.5
77.6
78.2
77.2
74.4
96.3
96.4
95.9
95.9
95.9
94.8
86.0
85.2
91.7
91.0
91.2
96.8
85.6
84.7
Chemicals and drugs.......
77.0
77.1
77.3
77.5
77.3
84.4
77.5
80.7
88.6
88.7
88.7
88.7
90.8
82.8
82.0
COMMODITY
83.0
Miscellaneous...
73.0
73.3
73.3
73.1
73.1
80.4
68.4
68.9
70.3
70.6
71.5
71.3
70.9
87.8
76.0
GROUPS
70.1
90.9
materials...
Building
——
Raw materials
.....
91.1
smaller decreases
OF FOOD BY
'■'(3-Year Average 1923-25=100)
75.3
88.6
Mo., with
OF RETAIL COSTS
NUMBERS
INDEX
88.8
Housefurnishing goods.
and in St. Louis,
cities.
other
four
in
Columbus, Ohio,
in
quart
73.0
Metals and metal products..
a
were
are
73.5
Fuel and lighting materials..
to
the group.
Price levels for butter, cheese and
lower than at any time since the summer of 1936.
decrease of 1.0% for fresh milk resulted from a drop of lc. a
milk
The average
89.3
Foods
1.9%, due in large part
butter. c Lower prices
of
the
in
for each item in
evaporated
commodities
3.6%
of
declined
price
products
dairy
seasonal
12
1938
;
for
index
The
Apr.
May
Farm
and
Cirloin
The advance of 1.4% for pork was due entirely
to price increases of 4.4% for pork chops, 1.7% for loin roast, and 1.9%
for whole ham.
The cost of lamb rose 1.2%, with higher prices reported
for each item.
The price of roasting chickens showed a seasonal increase
groups of com¬
modities for the past
All
3.1%.
increased
Beef
slightly more than 5.0%.
stationary.
were
were
which turned upward in March, advanced 2.1% during April.
Meat costs,
Wholesale prices of both furniture and furnishings
1926 average.
early
87.4
12, Mar. 15, Feb.
Apr.
Commodity Group
1938
*
15, Apr. 15,
1938
1937
1933
78.6
79.4
AUfoods
15, Apr. 13, Apr.
1938
x
78.4
85.6
60.1
93.2
1929
100.8
8eml-arnnufactured articles..
74.9
75.1
74.6
74.1
74.5
87.7
74.4
Cereals & bakery products.
92.5
93.8
69.8
Finished products
commodities other
82.4
82.8
82.9
83.0
83.1
87.4
80.8
Meats...
94.8
92.9
90.6
97.7
63.4
120.7
79.8
81.4
81.9
81.6
60.4
102.9
Eggs
Fruits and vegetables
than
All
farm
All
*
80.2
80.6
80.7
80.7
80.8
86.4
79.1
79.7
76.6
82.0
products..
82.2
82.1
82.1
82.2
86.3
78.9
77,5
79.1
92.9
98.2
than
products and foods,.
Not computed.
56.9
57.4
59.4
64.7
40.7
62.6
58.5
58.8
80.0
54.4
87.3
Fresh
61.2
56.6
56.9
79.5
54.0
85.1
Canned...----.--
other
commodities
farm
—'
Dairy products.......—
78.9
79.1
79.4
82.8
65.2
97.3
76.4
59.8
59.9
60.6
76.4
48.2
101.7
67.2
67.7
67.7
69.6
68.4
111.0
Fats and oils
68.6
69.5
69.5
80.2
44.7
93.7
Sugar and sweets
64.9
65.6
65.9
66.0
58.1
72.8
Dried.«_.....
Beverages and chocolate.
Wholesale
Commodity Prices Again Decline in Week
May 7 Reaching New Low Level in the
Recession Which Began Last Summer According
Ended
National Fertilizer Association
to
Preliminary.
x
The
to say:
on
while only one advanced.
Declines, however,
generally small. Changes
prices were relatively slight, the net result being
rise in the group average.
Farm product prices receded to
for the current decline, dropping to
65%
were
in the week preceding.
61.4%
a
a new
of the 1926-1928
by slight increases in
were
oats, rye,
corn,
and barley.
offset
were
Wool and burlap
were
in the textile group to move upward and these increases
than
more
counterbalanced
by declines in
other fibers
and
cotton
The indexes representing the prices of fuels, building materials,
goods.
fertilizer
increase
materials,
and miscellaneous commodities
were
also fractionally
lower.
of
factor
and
fruits
this
and
the
in
A
than
This
Other
Sugar prices
fruits and
In
from
18.
during the
to
of
the most important
was
the
doubled
respectively,
in
items,
staple
items
marked
a
advance of
contrary
showed
price,
cabbage
their
to
cost
decreases
result. of
Fats
3.0%
oils
and
decrease
Lower prices for each item in the
1.2%
group
for
which
higher
than
1.2%,
lower.
lard.
price
and sweets.
sugar
the
to
1.1%
advance
food
in
ranked
second,
month,
last
1.0%
of
or
with
showed
lower
vegetables
and
these
In
costs,
2.7%,
of
vegetables
reported
were
1.0%.
1.3%
up
rise
a
fruits
and
more
Houston,
and
costs,
In that city the cost of
20.7%, and the price of potatoes went
rose
and
the
unimportant.
were
contributed
Decreases
fruits
1.2%
were
in
of
a
group
of
the controlling factor in the decline
was
down 1.9%.
cities—Mobile,
and
due
was
than
more
dried
chocolate.
Rochester,
4.3%
were
meats
and
stable
been
The seasonal
increase of 3.6%, ranked first.
an
increased. 11.8%.
two
and
decline
a
vegetables
pound.
per
the
were
to
Chicago, with
meats
products.
0.5%,
and
0.8% for coffee
41 ~cities~ which
the
has
This
Prices
canned
price changes in the
Of
prices
the corresponding
1.0%.
largely
contributed
which
which
change.
The
for beverages
was
higher
higher in 39 cities,
Lettuce,
5.8%
trend.
decrease of
0.6%
and
April.
in
fresh
of
were
unusual
decreased
seasonal
less
6.9%
cost
increase.
most
onions,
usual
of
the
cities,
32
vegetables,
increased
8.1%
in
less than the usual seasonal decline.
was
from
is 12.1% below the level of
eggs
14.0% for potatoes, which
recorded
eggs
reported
year.
for
months,
four
past
from
Cotton and livestock had moderate losses
during the week; in the grain group lower quotations for wheat
the only items
low point
last
of
0.8% for
were
price of
index
The
fractional
average
prices
average
month
of
Six of the 11 principal commodity group indexes declined during the week
in foodstuff
decrease of
The
Lower
Continuing the downward trend of the two previous weeks
the wholesale commodity price index of the National Fer¬
tilizer Association in the week ended May 7 dropped to a new
low point in the recession which began last summer.
Last
week the index (based on the 1926-28 average of 100%)
registered 74% as compared with 74.2% in the preceding
week.
A month ago it stood at 75 % and a year ago at 87.3 %.
In 1937 the high point was 88.8%, recorded in July, and the
low i>oint for the year was 78% reached in December.
The
Association's announcement, under date of May 9, went
.
from
only
cities
contrary
both
the
to
general movement for those commodity groups in other cities.
Thirty-one price series included in the index declined during the week and
15 advanced; in the preceding week there were 41 declines and 16 advances;
in the second preceding week
WEEKLY
there
WHOLESALE
were
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
(3-Year Average 1923-25=100)
26 declines and 10 advances.
COMMODITY
PRICE INDEX
Compiled by the National Fertilizer Association.
Regional Area
(1926-1928=100)
1938
United States
Per Cent
Latest
Each Group
Bears to the
Preced'g
May 7,
Total Index
Apr.
30,
Month
15, Apr. 13, Apr.
1937
1933
78.6
79.4
1938
78.4
85.6
60.1
Year
New England
76.3
76.5
82.0
59.8
Ago
Ago
Middle Atlantic
80.0
79.3
79.0
85.1
61.3
100.8
May 8,
East North Central
81.4
79.7
79.2
87.5
59.2
102.5
West North Central
81.9
101.8
77.0
1938
1938
1937
81.0
80.9
90.7
59.5
77.5
77.1
77.5
84.5
58.4
98.7
71.8
73.4
83.4
East South Central
72.9
73.0
73.6
83.2
56.8
101.4
59.9
Foods
Fats and oils
Cottonseed oil
23.0
59.8
61.1
78.6
West South Central
77.5
77.2
77.1
84.0
58.7
101.0
79.1
78.8
94.1
Mountain...
81.8
81.1
80.6
91.7
60.7
97.8
65.8
85.9
Pacific
77.3
76.7
76.5
85.3
61.9
89.9
49.2
47.1
74.9
64.8
114.2
63.9
commodities..
69.2
70.5
79.4
80.1
Preliminary.
x
78.9
*79.2
Miscellaneous
63.8
*68.0
Livestock
Fuels
10.8
77.6
65.0
47.9
Grains
17.3
83.5
76.6
76.7
76.5
8.2
Textiles
59.3
59.6
58.9
81.4
7.1
Metals
96.1
96.1
96.2
105.2
6.1
Building materials
Chemicals and drugs
81.1
81.2
82.3
95.3
94.9
94.9
94.9
94.2
*71.8
71.9
72.0
71.4
1.3
Atlantic
*64.1
Farm products
Cotton
89.7
.3
Fertilizer materials
.3
Fertilizers
76.9
76.9
77.8
Farm machinery
98.0
98.0
98.0
74.2
75.0
87.3
Industrial
Operations in April Less Stable
March, Due to Irregularity in First Part
Month, Says A. E. Arscott, General Manager of
Than in
of
Canadian Bank of Commerce
94.3
*74.0
Canadian
77.0
.3
Industrial operations in the first part of April were quite
irregular, and therefore less stable than
100.0
All groups combined
•New 1938 low.
in the preceding
month, said A. E. Arscott, General Manager of the Canadian
Bank
of
Commerce,
Toronto,
in
monthly
his
review
Canadian business, issued under date of May 9.
Food
Cost
Labor
of
Index of
Increased
United
1.1%
States
During
Department
Month Ended
April 12
sharp upturn in the cost of fruits and vegetables and
advance of 2.1% in the cost of meats caused the retail
index
cost
The
rise
to
by
recession
culties
in
well
as
A
an
seasonal
the
May
included
6.
in
"Prices
lower
were
the index,"
for ; SO
Mr. Lubin said.
Labor announced
of
the
"Costs
84
rose
foods
in 41
cities, fell in 8 and in 2 cities they remained unchanged."
The Commissioner added:
The
April
index
was
79.4%
below the level of April of last year,
modity
group
current
advance for
is
21.8%
registered lower costs
fruits
and
below that shown
the
1923-25
average
when the index
over
was
the year period.
and
85.6.
was
Each
1937.
com¬
In spite of the
vegetables, the present level for this
for April,
7.2%
group
failure
economy
crop
advisable
we
had
as
to
to
against
warn
have
for
end
more
the
of
found
a
were
rising
of
this
past
crop
demand
given
was
respond
stressed
to the
the
form
we
the
fact
that
of greatly
have
found
crop
favorable moisture
con¬
summer.
the first to benefit from this
Prairie
have recently
Thus, partly
Provinces.
as
a
automobile plants
production well above that of March, and even
prospective
able to increase their
fully to
regarding the Western
the
outlook, but other industrial units
from
diffi¬
change for
a
While
in
depressants.
undue optimism
months
developed since last
greater
activity to
recognition
external
Farm implement manufacturers were among
comparatively good
owing to
during the winter,
month, however,
counter-balancing factors,
prospects,
ditions which had
general business
the
up
of
He added:
several manufacturing groups
of
Toward
apparent
improved
result
of
was
Canadian
it
States Department >of
the
influences.
outlook,
the United
to
better
tics
of
deepened in
disposing of stocks of finished goods built
as
1.1% during the month ended
April 12, Commissioner Lubin of the Bureau of Labor Statis¬
on
99.6
72.1
South
food
1929
100.8
1938
25.3
Retail
15, Apr. 15,
1938
x *
Apr. 9,
Week
Weekt
Group
12, Mar. 15, Feb.
Apr.
"
purchasing
power,
beyond that planned early in April.
New
construction
March, but
like
month
were
last
of
contracts
awarded
in
April
50%
were
above those of
disappointing volume in comparison with those of the
year,
when
they
were
more
than
a
third
larger.
The
Volume
Financial
146
total
construction
were
about
the first of the current year
undertaken since
projects
of
1937, but
practically all of this downswing took place in Ontario and New
Brunswick.
25%
of
those
below
corresponding period
the
in Department Store Sales from March to
April Reported by Board of Governors of Federal
Decrease
Reserve
System
Department store sales showed less than the usual seasonal
increase from March to April, the Board of Governors of
the Federal Reserve System announced May '9, and the
Board's adjusted index was 83 in April, as compared with
85 in March.
The index is shown below for the last three
months and for
April, 1937:
„
INDEX OF DEPARTMENT STORE
SALES
1923-25 Average=100
March,
February,
April,
1938
1938
1938
1937
83
85
88
93
85
77
70
89
Adjusted for seasonal variation....
Without seasonal adjustment
sales in April
Total
3% less than in April, 1937,
were
and in the first four months of this year were
8% less than
corresponding period last year.
The smaller decline
in April than in the first four months reflects the fact that
the date of Easter was April 17 this year and March 28 in
1937, said the Board, presenting the following compilation:
in the
REPORT
BY
DISTRICTS
RESERVE
FEDERAL
Drug chains, 132.0 against 124.5 in March, and 131.3 in
April, 1937.
Apparel group, 116.0, unchanged from March, and com¬
pared with 130. in April last year.
Grocery index—98.2 against 98.4 in March and 104.5 in
April, 1937.
Shoe, 111.0 against 121.0 in March and 129.0 in April 1937.
Living of Wage Earners in United States In¬
Slightly from March to April, According to
National Industrial Conference Board
Cost
Year Ago
slightly, 0.1%, from March to April, because of an
increase in food prices, according to the National Industrial
Conference Board.
The other major groups of the budget
averaged lower in cost in Apiil than in March. Living costs
in April, however, were 1.7% lower than a year ago and
12.3% lower than in April, 1929, but 21.1% higher than at
the low point of 1933.
The Conference Board, on May 10,
further reported:
Food prices advanced more than seasonally, 1.0% , from March to April.
In the latter month,
*
of
51
32
.
_
Richmond
—1
—5
55
30
—12
31
15
—7
—12
36
11
than in
+ 10
—2
54
28
+4
—3
27
18
—13
ro
33
—4
—5
35
18
+8
:
Atlanta
—1
37
17
—5
25
...
...
Chicago
■
Louis
Minneapolis
.
.
0
Kansas City
_
March, because of
—10
...
„
Cleveland........
Dallas
0.2% lower than in
prices of housefurnishings and
candy. In April of this year the cost of sundries was 1.0% higher than in
April of last year, 8.2% higher than at the low of 1933, but 2.7% lower
■-
_
...
.
_
_
.
•:::+
:+
:
April, 1929.
The purchasing
value of the dollar was 115.2 cents
with 115.3 cents in March, 113.3 cents in
21
97
—8
559
269
from Mar., '38
in Family
39
Item
1923.
% of Inc. (+)
or Dec. (—)
Cost of
Living—1923=100
Importance
9
—8
in April, as compared
April, 1937, and 100 cents in
Indexes of the
Relative
19
+ 2
0
....
_
—4
+3
...............
Philadelphia
■
•
•
slight declines in carfare rates and in the
....
New York.
•
from March to April. They were,
Since April, 1929, coal prices have
,
-
—13
Boston
.
seasonally, 0.9%
higher than a year ago.
6.7%,
The cost of sundries in April was
Federal Reserve districts:
St.
23.7% higher than at the
'
of 1933.
receded
in March, 1.4% lower than
lower than in April, 1929, but
24.0%
however, 1.7%
Included
above the low of January,
Clothing prices in April were 0.5% lower than
Cities
Reporting
Months
April
0.3%
below the level of April, 1929.
1934, and 5.3%
year ago,
21.3%
higher than at the low of 1933.
from March to April, which brought them to a
above that of April, 1937, 39.1%
2.3%
Coal prices declined
Number
of
Stores
declined
Rents
level
lower than a year ago, and
they were 7.2%
April, 1929, but 32.7%
lower than in
a
Number
Four
in the United States
The cost of living of wage earners
low
P. C. Change from
of
creased
rose
,.
April,
3093
Chronicle
.
_
+2
_..
month had the same number of
but in April this year there were five Saturdays
April figures preliminary; in most cities the
business days this year and last year,
as
■
—3
Total
*
■■
to Apr.,
compared with four a year ago.
Budget
Apr., 1938
Mar., 1938
Food*
33
81.1
80.3
20
87.2
87.5
—0.3
Clothing
12
75.1
75.5
—0.5
81.2
81.7
—0.6
69.0
69.2
—0.3
85.7
86.2
—0.6
85.3
86.1
—0.9
86.4
86.4
30
97.6
97.8
100
86.8
86.7
+ 0.1
115.2
115.3
—0.1
Men's-
——
Women's.
Fuel and light
5
-
Coal
Electric
Output for Week Ended May 7, 1938,
Below
,
Edison Electric
The
port, estimated that
a
10.9%
Year Ago
Institute, in its current weekly re¬
production of electricity by the electric
light and power industry of the United States for the week
ended May 7, 1938, was 1,939,100,000 kwh.
This is a
decrease of 10.9% from the output for the corresponding
week of 1937, when production totaled 2,176,363,000 kwh.
The output for the week ended April 30, 1938, was estimated
to be 1,938,660,000 kwh., a decrease of 11.6% from the like
week
a
year ago.
Sundries
Weighted avge., all items...
Purchasing value of dollar.
*
May 7, 1938
Week Ended
Week Ended
April 30. 1938 April 23. 1938 April 16. 1938
13.7
10.5
12.1
11.4
New England
3.3
6.0
5.7
3.5
17.7
18.4
18.7
to
statement
a
be
sharper
6.1
22.5
nouncement,
8.7
3.5
0.4
1.4
10.9
11.6
10.8
9.9
WEEKS
(THOUSANDS
6.4
The
to
Total United States.
RECENT
OF
KILOWATT-HOURS)
and
and
Cent
Change
1938
1938
1937
1936
1932
1929
5..
12
Feb.
19-.
mm
Feb. 26
Mar,
5—
Mar. 12
mrn
mm
Mar. 19
Mar. 26
Apr.
Apr.
Apr.
Apr.
Apr.
May
mm
2-_
9
16
23---.
30
7
mm
mm
mm
mm
mm
--
1,938,660
2,201,057
2,199,860
2,211,818
2,207,285
2,199,976
2,212,897
2.211,052
2,200,143
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
1,939,100
2.176,363
2,082,447
2,052,302
2,059,165
2,031,412
2,035,673
2,014,729
2,017,653
1,975,239
1,978,753
1,990,447
1,957.573
1,951,456
1,962,827
1,952,476
1,950,278
1,941,633
1,903,363
1,893,311
1,900,803
1,862,387
1,867,093
1,916,486
1,588,853
1,578,817
1,545,459
1,512,158
1,519,679
1,538,452
1,537,747
1,514,653
1,480,208
1,465,076
—9.9
1,933,610
—10.8
1,914,710
1,932,797
1,928,803
1,480,738
1,469,810
—! A
*
—6.7
—
6.9
—8.0
—7.5
—9.0
—8.7
—10.2
—7.8
—8.5
—11.6
—10.9
Easter Trade Boosts Chain Store
1,454,505
1,429,032
1,728,203
1,726.161
1,718,304
1,699,250
1,706,719
1,702,570
1,687.229
1.683.262
1,679,589
1,663.291
1,696,543
1,709,331
1,699,822
1,688,434
Sales
April chain store business expanded moderately under the
given buying by the Easter: holiday.
Volume
touched the highest level for the current year.
The index
of sales last month advanced to 105.2 of the 1929-1931 aver¬
metal
York State Department
April
of
$9,646,099.
Losses in Six Out of Seven
Six
of
out
and
ment
seven
payrolls
in April.
The
April sales index for the other groups compared as
follows:
was
in both employ¬
the only district which showed
gains
and
The metal and machinery group in
metal groups.
road
were
made
of
products
net
leather and wood.
In Syracuse, this month, the metal and
had greater net declines than last month, with par¬
losses in iron and steel and instrument and appliance
All reporting shoe factories in
Binghamton-Endicott-Johnson
group
heavy
ticularly
concerns.
City reduced
York
City
forces and payrolls.
Most men's clothing
either keeping the same forces or
were
steel
showed net gains.
and
In Buffalo the metal
iron «nd
had net gains due mainly to expansion in
automobile plants, but declines in some of the other
machinery group
groups,
factories in New
decreasing them.
reported a net loss in employment, hut women's
millinery and underwear concerns
and
Albany-Schenectary-Troy
losses in employment and payrolls, especially in rail¬
equipment and repair and machinery plants.
Some knit goods mills
much busier than last month.
In Rochester sharp reductions were
in several men's clothing factories and in individual concerns making
severe
Women's clothing factories
chain group advanced to 108.6 in April
A year ago the index was 113.3.
Utica
this month.
However, three districts, Buffalo, New York City
Binghamton-Endicott-Johnson City, reported net losses in employment
of only slightly more than 1.0%.
In Utica, increased forces in the cotton and automobile, airplane, &c.,
industries were largely responsible for the net gains in the textile and
net
the seasonal factor.
Sales of the variety
Industrial Districts
industrial districts reported net losses
machinery
from 107.0 in March.
of Labor's index of factory
The corresponding payroll
the average of the years
75.4.
was
from 103.3 in March, according to the monthly review
by "Chain Store Age," published on May 12.
Business
was still under a year ago when,, reflected by the index, it
stood at 111.0.
In each instance adjustment is made for
age,
leather and rubber, textile,
more.
or
reported
impetus
gain in forces,
employment
index was 67.4.
These
indexes are based on
1925-27 as 100.
These
reports are collected and
analyzed in the Division of Statistics and
Information under the direction of Dr. E. B. Patton.
This month's report¬
ing factories were employing 372,165 workers on a total weekly payroll
for
1937
and
millinery,
3.0%
March
reflecting seasonal building
clothing
and machinery industries showed net losses of
net
The wood manufactures, fur,
The New
from
reported a
which
demands.
Per
computed from the average movements from
the last, 23 years, are approximately 0.7% for employment
for payrolls.
The stone, clay and glass industry was the only
over
1.7%
group
which went on to say:
decreases,
usual
April
in his an¬
the Commissioner stated
usual,
than
3.7
8.5
24.6
7.2
10, by Industrial
Payrolls fell off about
May
in Albany,
F. Andrews.
Although declines in both forces and payrolls were
expected during this period, these net losses were
4.5%.
to
issued
Elmer
Commissioner
9.1
Rocky Mountain
Feb.
2,042 reporting factories in
drop of over 2.0% in employment
the middle of March to the middle of April, according
26.8
5.5
Pacific Coast
Feb.
.of Labor Statistics
.
Preliminary tabulations from
8.6
Week Ended
^^1
"
Factory Employment in New York State Declined 2%
from Mid-March to Mid-April—Payrolls Down 4.5%
21.3
West Central
Southern States
FOR
of the United States Bureau
15, 1938.
.
17.7
Middle Atlantic
Central Industrial
DATA
_
Based on food price indexes
April 12, 1938, and March
for
—0.2
from
PREVIOUS YEAR
Week Ended
Week Ended
Regions
Gas and electricity
New York State showed a
PERCENTAGE DECREASE FROM
Major Geographic
'38
+ 1.0
Housing.
San Francisco
especially wood manufactures, offset
these gains.
industry
3094
Financial
Chronicle
March to April, 1938
Producers'
Employment
Albany-Schenectady-Troy
Rochester
—6.1
-
Syracuse
Payrolls
—5.7
—2.8
—1.3
—7.0
—1.2
—3.7
Buffalo
—1.1
—1.8
+ 1.6
+0.4
—
Utlca
Report
Lumber
of
Movement—Week
on
Ended
48% of the corresponding week of 1929; shipments, about
54% of that week's shipments.
Reported shipments and
since 1934.
the
the
preceding
9%
was
week
week;
above
ended
April 30, 1938, gained
production
less.
was
shipments
April 30, 1938,
output,
New
over
business
18%
above.
All items
appreciably lower
during the corresponding week of 1937.
National pro¬
duction reported for the 1938 week
by 10% fewer mills
wras 9% below the output (revised
figure) of the preceding
week; shipments were 5% above shipments, and new orders
8% above orders of the previous week, according to reports
in
ended
the week
were
than
to
National
the
regional
Lumber
Manufacturers
associations covering the
hardwood and softwood mills.
Association
from
operations of important
In the week ended
1938, production, shipments and orders
as
feet
of
hardwoods
booked orders
of
Mills,
were:
feet;
orders
but
above
Southern
production
records,
for
the
and
week
and
below
all
similar
but
California
items
regions reported
in
the
production
Redwood
and
corresponding
below
the
1937
18% above production.
or
Reports
from
89
6,145,000 feet,
26%
or
mills
Shipments
above
Last
week's
a
183,154,000
feet
and
production of
year
ago
feet
it
and
reported
shipments
All
softwood
business
for
Production
4,987,000
as
the
feet,
week
identical
softwood
feet,
and
4,870,000 feet.
was
mills
shipments
154,920,000
was
respectively,
received,
orders
were,
169,827,000
feet.
and
Shipments
Lumber
of
During
Four
Weeks Ended April 30, 1938
We give herewith
ended
data
April 30, 1938,
on
identical
the
An
of
average
525
Barometer
for
mills for four weeks
as
mills
the
reported
four
follows
as
weeks
ended
to
April
1935
the
30,
Lumber
National
Lumber
1938:
Shipments
Orders Received
(In 1,000 Feet)
1938
Softwoods
1937
1938
1937
1938
1937
674,091
978,153
27,363
45,408
700,634 1,032,896
24,925
44,481
647,121
22,880
994,173
33,860
701,454 1,023,561
725,559 1.077,377
670.001
1.028,033
Hardwoods
Total lumber.
Production
during the four weeks ended April 30, 1938, as
reported by
31% below that of corresponding weeks of 1937.
Soft¬
1938 was 31% below that of the same
weeks of 1937
these
mills,
wood
and
was
22% below
the
records
of
comparable
mills during the same period
below production of the 1937 period.
Shipments during the four weeks ended April
30, 1938, were 33% below
those of corresponding weeks of
1937, softwoods showing loss of 32% and
1936.
Hardwood output was
40%
hardwoods
Orders
below
were
weeks
loss
of
44%.
received
during the four weeks ended April 30, 1938, were 35%
corresponding weeks of 1937.
Softwood orders in 1938
35% below those of similar period of 1937 and
23% below the same
those
of
of
1936.
corresponding
Hardwood
weeks of
orders
showed
loss
of
32%
as
compared with
1937.
On
April 30, 1938, gross stocks as reported
by 440 softwood mills were
M feet, the equivalent of 106 days'
average production
(threeyear average, 1935-36-37), as compared with
3,239,395 M feet on May 1,
1937, the equivalent of 92 days' average production.
3,715,689
On
were
April
30,
506,988
pared
with
average
M
1938,
feet,
unfilled
orders
as
reported
the equivalent of 15
1,245,770 M
feet
on
days'
May 1, 1937,
by
433
average
softwood
production,
the equivalent
of
production.
36
mills
com¬
days'
Smallest Since 1934
April
was
of
again
rayon
about
yarn
equal
in
to
the
United
States
Organon," published by the Textile Economics Bureau, Inc.,
York.
As a result, surplus stocks of
yarn held at the
for
1935;
for
1937 ;
52,200,000
quarter
any
69,400,000
pounds
for
pounds
1934,
and
The
demand.
1937,
the
the rapidity with which rayon adjusts itself to
Despite the high rate of operations during the fourth
rayon
production to 22%
industry
rayon
quickly than
any
has
less
industry
than
attuned
able to curtail its first-quarter
reported for the previous quarter.
was
that
itself
to
the
decline
in
demand
more
other branch of the textile industry.
Petroleum and its Products—Crude Oil
Price Struc¬
ture
Sags in Mid-Continent and West Coast—Texas
Orders
Five-Day
Week
for
Producing
Wells—
Oklahoma Slashes
Output 55,000 Barrels—Daily
Average Crude Oil Output Off—Petroleum Stocks
Decline
Crude oil
price reductions in Kansas, northern Oklahoma,
Wyoming and one California field during the past week
the Ohio Oil Co. announced
a
reduction of 12 cents
whereby
a
barrel
in the
price of Grass Creek heavy Wyoming crude oil to 50
cents a barrel, effective
immediately.
This was not too
serious at first glance,
however, as the price changes there
have little effect upon the
general mid-continent area.
The
following day, however, further weakness
in the
structure became apparent
price
when the Kanotex Refining Co.—
a
small independent refiner
buying about 5,000 barrels
daily—dropped its purchasing price for Kansas and Oklahoma
grades 25 cents a barrel. Under the new schedule, effective
immediately, Kansas and northern Oklahoma crude begins
at 93 cents a barrel for 34. to 34.9
gravity crude, with a top
of $1.05 for 40 gravity, and above.
Also
on
Wednesday came news of a reduction of 23 to 26
barrel in the price of Santa Maria
grade crude oil by
the Union Oil Co.
This oil is of low
gravity and is used
a
mainly for production of gas and fuel oils. On the preceding
day, Standard of California had posted a 10-cent a barrel
reduction for these refined
products and the crude cut in
turn reflected the
weakening retail market.
regulatory authorities in Texas
immediate
action
to
crude price structure
bolster
the
and Oklahoma took
technical
position of the
by making further drastic reductions in
Corporation Commission
allowable schedules. The Oklahoma
had indicated that it would
pare production to around the
400,000-barrel mark last week-end but it was not until the
price cuts had been posted and Texas took action, that the
official quota
In
was
set.
Austin, the Texas Railroad Commission ordered
all wells
on
a
five-day week for the balance of the month, paring
production by about 215,000-barrels daily by this step. A
decision
on
what quota will be set in the future will be made
May 17 when a hearing on protests of operators against the
original Sunday shut-downs initiated early this
year is
scheduled. Since then, however, the Commission has broad¬
ened
the
shot-down
order
this past week.
to
include
Saturday
as
ordered
Up to a late hour last night (Friday) no suit had been filed
against the Texas Railroad Commission but J. C. Schroder,
President of the East Texas Petroleum
Association, said early
in the day that a suit
asking an injunction to restrain the
Commission from enforcing its 5-day week order for all
pro¬
ducing wells was being prepared. The suit also may involve
the whole current method of oil
proration, it was indicated.
Corporation Commission in setting the May allowable at
405,000 barrels daily, the 260,000-barrel combined slash is
expected by oil men to bring daily average production far
below the 3,318,100-barrel
during
the
consumption demand
for the period, according to records
compiled by the "Rayon
New
pounds
pounds
for
according to the
With the 215,000-barrel reduction in the Texas
quota
added to the 55,000-barrel slash ordered in the
Oklahoma
Rayon Production During April Equal to
Consumption
Reports "Rayon Organon"—Output for Quarter
Production
78,100,000
years,
show
they
of
quarter
1938
production in
of
of
smallest
average.
changes in
State
Production
64,400,000
Second,
cents
reported by the National
Manufacturers Association on
May 10:
Trade
total
a
the
was
quarterly output of recent
in the opinion of the "Organon," bring out two significant
facts:
First, they show that, although the first quarter production of
1938 is below any quarterly figure for 1936 or
1937, it exceeds the average
quarterly production for 1933 and 1934 and is not far out of line with
were
same
Reports
236,962,000 feet;
was
263,108,000
247,256,000
Production
407
Mill
for the first three months
The average
top-heavy stocks of refined products combined with over¬
production of crude oil have weakened the basic market
structure for crude petroleum.
First crack in the price structure
appeared Tuesday when
1937.
of
reported
as
Economics
testified to the seriousness of the current condition
but
156,861,000 feet.
was
new
production.
Identical
feet, and
give
Textile
All
week.
Production
hardwood
2% above production.
the
reported
1938.
All regions reported
reported for the week ended April 30, 1938, by 418 soft¬
wood mills totaled 171,534,000
feet, or 9% above the production of the
same
mills.
Shipments as reported for the same week were 184,644,000
or
The following is
year.
by
These figures,
161,731,000
Lumber orders
feet,
announcement
Hardwoods
Cypress
week
as
30,
April
Northern Hardwoods reported shipments above
output.
orders,
months,
12
April 30,
mills produced
Northern
an
show
1936 ;
shipped
ended
3.5 months' supply,
previous
March.
53,400,000 pounds for 1933.
reported by 407
190,789,000 feet;
figures for the preceding week
feet; shipments, 180,980,000
Revised
178,004,000
Cypress
in
491
combined;
176,521,000 feet.
production,
163,757,000 feet.
regions
1938,
softwoods
548;
orders,
All
and
from
The output
reported;
During the week ended April 30,
in
Bureau bearing on its publication:
softwood mills were, respectively, 35%, 30% and
31% below
similar items in corresponding week of 1937.
The Associa¬
tion further
the
over
3.3
pounds for the first quarter of last
also
in
of
Production of rayon yarn in the United States aggregated
lumber
orders
shipments
index
57,500,000 pounds during the first quarter of 1938, states the
"Organon," compared with a total of 73,800,000 pounds dur¬
ing the final quarter of 1937, and with a total of 76,800,000
industry during tbe week ended April 30,
1938, stood at 49% of the 1929 weekly average of production
and 59% of average 1929 shipments.
Production was about
new
stock
a
month.
base used.
April 30, 1938
Tlie
monthly
average
with
the
no
this
in
change for
no
stocks of yarn on April 30 amounted to a
Poundage yarn stocks
change from the end of March to the end of April, the increase
index being caused
entirely by the decrease in the shipments
showed
—2.7
Blngharnton-Endlcott-Johnson City
New York City
based
compared
—10.8
—5.1
.......
.—-
Weekly
April showed virtually
publication stated;
The
City
1938
of
end
May market estimate for crude
by the United States Bureau of Mines in its monthly
forecast.
Should the industry be able to hold
production
oil set
around
would
200,000
mean a
barrels under the Bureau's estimate, this
weekly reduction of approximately 1,000,000
barrels in crude oil stocks.
Volume
r The Oklahoma Corporation Commission set the 405,000barrel quota at the request of Governor Marland, it was
reported in dispatches from the mid-continent. The reduc¬
tion is off about 55,000 from recently issued orders and is
about 80,000 barrels less than the actual daily average out¬
put in Oklahoma.
Governor Marland indicated that he
believed the emergency would last only until midsummer
when the statistical position of the refined branch of the
industry is likely to be better.
A wire expressing regret at the price cut was sent to C. M.
Boggs, President of the Kanotex Refining Co., by Charles
F. Roeser, President of the Independent Petroleum Asso¬
ciation of America.
"While the producers are all extremely
sympathetic with the present plight of the refiners," Mr.
Roeser wired, "we deeply regret that you feel it necessary
to take this step and do not believe it is the solution of your
probk-m.
'
"During the past 10 years the two best year's the refiners
have enjoyed were the two years of highest prices for crude
petroleum," he continued, "Since 1930, we have had eight
years during which the price of crude was lower than the
previous year. In seven of these years, the refiners' margin
was also below the previous year.
Reduction in the price of
crude which in many cases is below the cost of production,
emphasizes and enlarges an already depressed situation and
must affect a great portion of the United States, which in
turn will react on the petroleum outlet.
In the interest of
all the people, I sincerely trust this is only a local situation
and will not spread."
Daily average production of crude oil in the United States
during the initial week of May was off 13,800 barrels to
3,382,350 barrels, according to the American Petroluem
Institute. This was about 65,000 barrels above the 3,318,100barrel market estimate for May of the Bureau of Mines, and
compared with actual production in the corresponding 1937
period of 3,489,200 barrels daily.
Substantial reductions in California and Kansas contrasted
with gains in production for the other members of the "Big
Five."
California was off 19,400 barrels to 689,600, which
compared with the Bureau of Mines' estimate of 667,800
barrels, and the Central Committee of California Oil Pro¬
ducers market recommendation of 620,000 barrels daily.
Kansas was off 14,850 to 162,900 barrels, against the Bu¬
reau's 168,700 and the State quota of 173,000 barrels.
producers opened up their wells after the montha gain of 12,900 barrels lifting the total to
486,800 barrels daily, against the State quota of 475,000 and
the Federal"recommendation of 510,300 barrels.
Texas
showed a nominal gain of 2,000 barrels to 1,354,700, against
the State quota of 1,543,268 barrels and the United States
suggestion of 1,322,500 barrels daily.
A gain of 1,650 barrels
for Louisiana lifted the total to 262,250 barrels, against the
State quota of 251,450 and the Federal recommendation of
243,200 barrels.
A decline of 57,000 barrels in stocks of domestic and foreign
crude oil during the final week of April was reported by the
Bureau of Mines, stocks dropping to 307,147,000 barrels.
Oklahoma
end cut-back with
The Second District Court in Mexico City on May 13
postponed until June 10 the hearing on the plea for an
injunction restraining the Mexican government from expro¬
priating foreign oil interests.
President Cardenas has also
made it known that payment for the seized properties cannot
be made in cash at the present and must be urade in "sub¬
soil products."
The Mexican President offered to pay the expropriation
debt with 60 % of the total annual production over the 10-year
period as provided in the national expropriation law. The
remaining 40% would be retained for domestic requirements.
When questioned concerning Mexico's other foreign indebted¬
ness, he said that it would be taken care of once the oil
"These
reductions,"
mand."
Representative price changes follows:
cents a barrel to 90 cents,
U. S. Gasoline (Above 65 Octane), Tank Gar Lota,
.08
Shell Eastern
Richfield OlKCal.)
New
Orleans.
.07 H
Gulf
.08 X
Gulf
ports
.07 H
.07 H
Warner-Qulnlan..
Kerosene, 41-43 Water White,
SI.05
Diesel
04
.03 %-
$.90
California 24 plus D
i New Orleans'C
S1.00-1.25 Phlla., Bunker C
(Bayonne)—
Bunker C
05 H
INew Orleans.$.05)i-
$ 04
...$.05^ I Los Angeles.. 03H-.05
ITulsa
Fuel Oil, F.O.B. Refinery or Terminal
(Bayonne)
N. Y.
Tank Car, F.O.B. Refinery
iNorth Texas...
New York—
$.05
- 05 H
.00M- 07
05 H
.04H- 04 H
Tulsa
1.05
1,95
Terminal
Gas OH, F.O.B. Refinery or
N, Y. (Bayonne)—
S.027A- .03
ITulsa
| Chicago—
5 04H\
27 plus
I
S.053
28-30 D
Included
$.1651 Buffalo
Gasoline, Service Station, Tax
•
Brooklyn
*
I Newark..
$.19
New York....
%
|
.19
......
$.17
.1851
Boston
Not Including 2% city sales tax.
Crude Oil Production During Week
1938, Placed at 3,382,350 Barrels
Average
Daily
Ended May 7,
Institute estimates that the
crude oil production for the week ended
May 7, 1938, was 3,382,350 barrels. This was a decline of
13,800 barrels from the output of the previous week, and
the current week's figure was above the 3,318,100 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during May.
Daily average production
for the four weeks ended May 7, 1938 is estimated at
3,401,000 barrels.
The daily average output for the week
ended May 8, 1937, totaled 3,489,200 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
Petroleum
American
The
daily
average gross
week ended May 7 totaled
States ports for the
United
771,000 barrels,
compared with a daily average of 76,571
ended April 30 and 120,429 barrels daily for the four
daily average of 110,143 barrels,
a
barrels for the week
weeks ended May
7.
week
10,857 barrels,
compared with a daily average of 8,571 barrels for the week ended April 30
and 16,000 barrels in the four weeks ended May 7.
Reports received from refining companies owning 89.0% of the 4,159,000
barrel estimated 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, 89,464,000 barrels of finished and
unfinished gasoline and 129,848 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8 % of the poential
charging capacity of all cracking units indicates that the industry as a whole,
on a Bureau of Mines' basis, produced an average of 715,000 barrels daily
Atlantic and Gulf Coast ports for the
Receipts of California oil at
ended
May 7 totaled
76,000 barrels, a daily average of
during the week.
DAILY AVERAGE
PRODUCTION
CRUDE OIL
(Figures in
Barrels)
Four
R.
of M.,
Dept. of
Week
Allowable
Ended
May 1
May 7
Week
1938
Change
Weeks
from
Ended
Ended
Previous
May 7
Week
State
1938
May 8
1937
—
—
...
Illinois..
Western Kentucky
Mid-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above--..-.
Smackover. Ark., 24 and over
$2.05
1.25
26 cents a barrel
East Central Texas
$1.27
1.35
Rusk, Texas, 40 and over
1.27
Darst Creek
1.09
1.35
1.40
Central Field, Mich..
East Texas
186,200
—6,250
65,100
79,450
+ 2,150
+ 450
62,000
70,800
29,750
32,800
197,050
102,450
209,450
+ 1,500
+ 700
432,700
30,100
200,100
1.42
1.22
...
1.30 Huntington, Calif., 30 and over... 1.22
1.42
1.25 Kettleman Hills, 39 and over
2.10
0.90 Petrolia. Canada.
FUEL STOCKS' SHOW HEAVY
DROP—DRASTIC SLASH IN REFINERY RUNS PARES OUTPXJT—WEST COAST FUEL OIL PRICES CUT
gasoline dropped nearly
2,000,000 barrels during the initial May week, the sharpest
drop to date this season and the heaviest in many months.
The American Petroleum Institute report placed the May
barrels, which is the equal of nearly
60 days' supply, against 55 days' supplies a year earlier.
Refinery stocks, reflecting the sensational slash in opera¬
tions at producing points, were off 2,325,000 barrels to
56,420,000. Inventories held in bulk terminals gained only
388,000 barrels to 25,566,000 barrels. Stocks of unfinished
gasoline were up 62,000 barrels to 7,748,000 barrels.
Gas
104,750
433,900
—
Coastal Texas
Total Texas
207,550
...
—.....
1,322,500 bl543268 1,354,700
243,200
Eastern
Michigan
-
Wyoming...--------Montana.
---------—
Colorado
— -
.
-
Total east of
California-.
667,800
Total United States.
a
52,000
These are
April
77.050
+ 1,650
262,150
252,750
—6,000
+ 5,250
52,550
27,250
140,250
52,850
113,950
+4,200
+ 3,000
49.400
50,500
—350
13,350
+ 150
3,950
4,050
—2,350
105,600
113,850
2,692,750
wmuu aie
44,800
16,450
+ 5,600 2,688,950 2,845,400
689,600 —19,400
c620,000
3,318,100
auowaDies
i
175,700
49,350
13,500
3,800
103,650
103,900
Calif-- 2,650,300
—
79,200
48,550
4,800
New Mexico
203,500
182,950
150,950
56,300
47,400
12,600
103,900
207,000
+ 2,000 1,345,300 1,389,850
262,250
251,450
44,500
139,800
Arkansas
+"850
121,900
459,950
229,450
+3,000
—1,350
79,700
182,550
Louisiana
Total Louisiana
77,900
233,350
234,400
-
North Louisiana
Coastal
+ 2,600
.
Southwest Texas.
PRODUCTS—MOTOR
7 total at 89,464,000
645,150
168,100
,
North Texas
West Texas
Eldorado, Ark., 40
Stocks of finished and unfinished
489,450
162,900 —14,850
64,450
168,700
West Central Texas—
Barrel at Wella
Sunburst, Mont
486,800 + 12,900
a475,000
al73,000
510,300
Kansas
Panhandle Texas
gravities where A. P. I. degrees are not shown)
Oil Co.)
08H
Socony-Vacuum..
Tide Water Oil Co
Oklahoma
Bradford. Pa
REFINED
Chicago
9.07H
Texas
Stand. Oil N. J__$.07tf
F.O.B. Refinery
Other Cities—
New York—
New York—
(.May)
Prlce« of Typical Crudea per
Corning, Pa..
and $1.55 respectively at San Pedro.
lations
barrel to $1.05 for 40-gravity and over.
(A
prices 10
May 10—Standard of California reduced fuel and Diesel oil
Grass Creek heavy Wyoming crude 12 cents a
May 11—Union Oil cut Santa Maria heavy crude 23 to
Lima (Ohio
"reflect
announced,
company
Calcu¬
May 11—Kanotex Refining cut Kansas and northern Oklahoma crude
a
the
the very serious situation which exists in California owing
to the production of crude oil far in excess of market de¬
„
barrel to 50 cents.
25 cents
were up 1,478,000 to 129,848,000 barrels.
drop of 3.4 point, in refinery operations pared production
to 75.9% of capacity with daily average runs of crude oil to
stills dropping 135,000 barrels to 3,080,000.
The produc¬
tion of cracked gasoline was cut an average of 30,000 barrels
daily to 715,000 barrels.
A reduction of 10 cents a barrel in prices of fuel and Diesel
oil at California points was posted on May 10 by Standard
of California. Under the new price list, fuel oil is 90 cents a
barrel and Diesel oil $1.55 a barrel at San Pedro.
A
changes follow:
May 10—Ohio oil cut
U
and fuel oil stocks
Interior
situation is settled.
Price
3095
Financial Chronicle
146
712,050
643,800
3.382.350 —13,800 3,401,000 3,489,200
tu
uc
tommuou uuvu way
auunauiw
May 1. Sunday shut-downs continued as previously,
Committee of California Oil Producers.
N0te—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
definitely set.
b Effective
Recommendation of Central
are
c
Financial
3096
Chronicle
May 14, 1938
SUPPLY AND
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE
AND
ENDED
OIL WEEK
FUEL
AND
GAS
1938
MAY 7.
OF ALL OILS
DEMAND
(Thousands of barrels of 42 gallons)
(Figures In thousands of barrels of. 42 gallons each)
Jan. to
Finished and
Unfinished Oasollne
to Stills
Gas
Unfln'd
C.
Dally
P.
Aver¬
Oper¬
At Re¬
age
Reporting
ated
fineries
tial
C.
P.
Total
Rate
and
In
March,
1938
1937
&c.
Supply—
Domestic production:
495
74.0
8,349
13,224
1,266
Benzol,
10,246
669
Appalachian.
Ind.,Ill.,Ky.
146
129
88.4
96
74.4
1,4.54
1,688
241
1,365
529
489
92.4
402
82.2
10,418
3,404
818
7,841
4,481
2,070
2,819
546
201
294
10,464
1,298
312
1,827
3,443
3,413
3,316
3,908
12,551
11,205
143
132
255
422
729
110,993
98,683
110,887
320,166
310.398
3,580
3,524
3,577
3,557
3,449
3,812
1,582
8,679
3,099
3,436
-
gasoline
a...
Total production
Daily
307,193
94,662
3,381
3,889
106,724
4,326
Daily average
Oil
Distil.
106,524
Crude petroleum
Fuel
Terms., Nap'tha
East Coast..
average.
-
298,464
Im ports :b
Ok la., Kan.,
Mo
452
383
84.7
273
71.3
Inland Texas
355
201
56.6
121
60.2
Texas Gulf..
833
797
95.7
697
87.5
La. Gulf....
174
168
96.6
136
81.0
45
641
321
481
No. La.-Ark,
91
58
63.7
96
105
Rocky Mt_.
California...
89
62
69.7
44
71.0
2,143
114
746
90.9
499
66.9
11.512
2,561
1,506
89,154
3,702
89.0
2,808
75.9
77.6
petroleum:
Crude
Receipts for domestic use.
Refined
52,510
24,946
272
457
3,910
620
25,566
25,178
131
136
613
136
1,752
1,922
5,934
3,654
products:
969
1,686
Receipts in bond...
641
2,420
4,299
5,085
639
710
885
1,827
2,401
115.887
102,245
116,250
332,839
321,674
3,738
3,652
3.750
3,698
3,574
5,650
7,300
7,566
24,243
15,496
110,237
94,945
108,684
308,596
306,178
3,556
3,391
3,506
3,429
3,402
5,328
3,196
17,402
10,569
Receipts for domestic use..—
oils
Total new supply, all
Daily
...
Estd.unrepd.
373
2,196
Receipts in bond
799
821
Reported
March,
1937
New
Natural
689 100.0
March,
1938
of
-
District
Poten¬
Feb.,
1938
Stocks
•
.
Jan. to
March,
Stocks of
Crude Runs
Dally Refining
Capacity
average..
7,198 127,218
280
2,630
Increase in stocks, all oils.
Demand—
xEst tot.U.S.
May 7 '38.
4,159
4,159
3.080
56,420
Apr. 30 '38
4,159
4,159
3,215
58,745
7,478 129,848
Total
demand
Dally average
7,416 128,270
Exports:b
Crude
U.S. B. of M.
50.759
z3,240
xMay 7 '37
22,429
6,121
—
•
9,204
8,605
7,014
25,797
21,685
41,259
31,861
40,561
108,296
106,257
Refined products
94,975
7,284
petroleum
Domestic demand:
Estimated Bureau of Mines basis,
x
May 1937 dally average.
z
fuel
Motor
5,150
4,786
15,527
Gas oil and distillate fuels
10,487
11,651
10,800
34.780
36,228
Residual fuel oils
25,696
23,627
29,682
75,167
85,144
2,195
1,311
2,490
4,977
5,659
Kerosene
March Natural Gasoline Statistics
Lubricants
daily
production of natural gasoline showed a
material increase in March 1938, over February, but was
under the January daily average, according to a report
prepared by the Bureau of Mines for Harold L. Ickes, Secre¬
tary of the Interior.
The daily average in March was
5,861,000 gallons, compared with 5,833,000 gallons in
February and 5,295,000 gallons in March, 1937. The greatest
gains in March occurred in the East Texas, Texas Gulf,
Oklahoma City, and Kettleman Hills districts.
Stocks at refineries and plants and terminals increased
from 210,714,000 gallons the first of the month to 232,302,000
gallons on March 31, most of the gain being in terminal stocks
-
14,309
90
82
88
287
—
308
416
401
1,259
1,365
Asphalt.
1,444
883
1,273
3,404
3,194
Wax
The
5,017
average
Coke
Road
260
131
168
159
450
601
4,901
4,428
4,981
14,266
13,848
137
132
245
406
591
oil
Still gas
Miscellaneous
—
3,114
1,436
3,008
6,578
6,468
94,912
81,012
265,397
273.924
/ 3,062
2,893
98,474
3,177
2,949
3,044
309,403
306,349
297,496
309,403
297,496
16,069
15,563
5,531
5,017
4,799
5,531
4,799
257,226
255,650
231,847
257,226
231,847
588,229
582,579
534,142
588,229
534,142i
165
172
152
172
Losses
Total domestic demand
Dally average
Stocks—
Crude
petroleum:
Refinable In United States
Heavy In Callfornia.c
Natural
gasoline
Refined products.c...
Total, all oiLs.
PRODUCTION AND STOCKS OF NATURAL GASOLINE
Days'
supply
d
d
16,069
157
(In Thousands of Gallons)
From Coal Division,
a
other
Production
Slocks
c
Imports and
Feb.
28,
PRODUCTION
Jan.-
Feb.,
Mar.,
Mar.,
At
1938
1938
1938
1937
Refin¬
At
Ter¬
&
&
42,511
Kansas
4,368
55,476
.
Texas
210
PETROLEUM
4,326
3,318
396
2,310
404
29,303
2,562
950
42
910
13,238
59,625
11,382
223
17,973
5,678
16,509
1,848
51,497 165,052 149,637 103,362
1,870
2,562
1,836
2,174
98,196
2,186
Total........ 181,692 163,338 527,142 470,610 131,880 100,422 123,942
Dally aver.
5,861
5,833
5,229
5,857
Total (thousands
86,772
Rocky Mountain
6,112
California
56,750
5,491
2,584
barrels)
Dally aver.
4,326
3,889
12,551
11,205
140
139
139
Kettleman
2,066
petroleum
months
The
the
47.7
4,183
2,337
973
34.8
3,104
3,240
82.3
2,254
80.5
7,330
6,980
in
in
lower
Texas;
than
the gain
in
for
production.
State
daily
February.
of
Mines,
the
Production
Kansas
and
in
stocks
the stock
in
March,
picture
New
small
Mexico
was
shared
Oklahoma
and
Louisi¬
declines,
Arkansas and Illinois continued
that
so
compared
with
about
only
5,141
5,569
40.6
3,606
3,965
522.6
45,876
723.9
20,606
736.0
65,057
33,221
52,975
116
3.7
104
3.7
334
374
1,330
42.9
1,108
39.6
3,566
1,121
73
2.4
70
2.5
209
190
5,292
170.7
4,786
170.9
•15.758
16,612
457
14.8
406
14.5
1,274
1,303
5,554
15,018
179.2
4,968
177.4
15,938
1,249
40.3
1,236
44.2
3,796
Rest of State.*
1,211
39.0
1,020
36.4
3,347
1,914
8,014
258.5
7,224
258.0
23,081
1,610
52.0
1,429
51.0
4,603
21,604
2,839
Coast
to
Michigan
408
decline
....
3,000,000 barrels
about 150,000
added
were
barrels
to
1,152
1,471
9,320
8,703
14.6
1,308
1,315
258
9.3
807
853
3,919
126.4
3,492
124.7
11,607
15,591
3,753
121.1
3,461
123.6
11,146
12,234
9.7
301
City...
8,625
278.2
8,033
286.9
25,939
28,521
16,297
525.7
14,986
535.2
48,692
56,346
Pennsylvania..
1,653
53.3
1,466
52.4
4,68f
4,447
Texas—Gulf Coast
9,742
314.2
8,173
291.9
27,260
26,550
6,220
200.6
5,181
185.0
17,229
17,602
13,738
443.2
12,146
433.8
40,310
40,887
2,101
1,082
67.8
1,738
62.1
5,902
34.9
859
30.7
2.580
3,594
8,631
278.5
7,542
269.4
24,719
25,420
41,514
337
1,339.2
35,639 1272.9
118,000
120,643
10.9
294
10.5
921
510
16.5
439
15.7
1,422
1,441
989
31.9
822
29.3
2,803
2,954
1,499
48.4
1,261
45.0
4,225
4,395
Rest of State
Total
West
Oklahoma
Texas
East Texas
...
Panhandle
Rodessa
Rest of State...
_
Virginia
Wyoming—Salt Creek
Rest of State.
Total Wyoming
February.
in
13.2
103.8
409
Ohio
West
runs,
369
2,905
14.7
York
increase,
crude
in
13.2
101.9
455
Mexico
New
Total Texas
the
4,672
3,159
Montana
New
Seminole
The Louisiana Gulf Coast established another record
Production
57.5
1,611
1,136
14,634
22,441
California
Oklahoma—Oklahoma
Texas
of
Texas
of
California
in
The
affected
districts
major
March
in
outside
production
did the output in the Eastern
States,
increase
in
output, combined with
as
monthly
its
in
figures of production
average
All of
March.
declines,
slight increase.
a
the
fact,
in output in
showed moderate
ana
in
56.9
39.0
511.5
Rodessa
The Bureau's report further disclosed:
principal feature in
gain
was
2,337
1,335
1,209
Illinois
Products, March, 1938
statement, reported that after declining for six
daily average production of crude petroleum
from 3,380,800 barrels in February 'to 3,436,300
barrels in March.
3,442
1,114
50.4
Indiana
the
increased
39.8
43.0
1,762
Total Louisiana
Bureau
741
15,857
Rest of State.
Louisiana—Gulf
Crude Petroleum and Petroleum
States
7.9
34.2
Kentucky..
United
1937
1938
Average
221
2,552
Hills
Long Beach.
Total
2,951
2,391
Total
7.4
1,061
Colorado
125
3,140
Daily
1,562
Kansas
The
AND
Jan. to March
February, 1938
Average
1,332
Total Arkansas
California—Huntington Beach.
Santa Fe Springs
oi
1938
230
Rest of State
1,004
252
Total
Arkansas—Rodessa
47,159
126
186
1,697
STATES
29,111
42
879
1,982
BY
FIELDS
Dally
3,939
42
6,679
segregated
been
6,300
5,039
420
Louisiana
Arkansas
Commerce,
Domestic
Ter¬
126
0,370
993
Oklahoma
and
minals
eries
5,124
20,498 22" 168
995
3,091
3,032
38,076 123,155 107,465
4,596
13,985
14,124
47,342 156,365 133,219
7,087
21,532 21,872
6",821
Foreign
(Thousands of Barrels)
March ,
East Coast.
Appalachian
111., Mich., Ky__
of
PRINCIPAL
Plants
Refin¬
minals
eries
CRUDE
OF
At
Plants
Bureau
d Not available.
1938
At
Jan.-
Mar.,
from
exports,
Beginning Jan. 1, 1938, unmixed heavy crude in California has
from residual fuels,
March 31,1938
b Imports of crude as reported to Bureau of Mines; all
Other
,
6
a
6,590
921
18
15
307,193
298,464
5
Refined Products
Gasoline
by
curtailed
was
slight drop in the yield.
a
due
production
the
to
general
rise
in
month, hence the decline
stocks
than
March
was
Exports
total
was
demand
March
31
The
4%
totaled
pared with
demand
for
The
or
(gasoline,
yields
residual
of
a
domestic
nearly
(nearly
increase of
light
fuel
fuel, and
others,
two
oil
than the usual seasonal decrease.
the
and
runs
the
latter
much smaller
demand
2%
50%
for
higher
above
a
or
three million
declined
sharply,
in
distillate
fuel)
asphalt
all
and
declined
in
March,
oils,
According to data of the Bureau
of
petroleum
products in March, 1938,
February and 58.6 in March, 1937.
The
eries
These
refinery data of this report
having
an
refineries
aggregate
operated
78% in February.
daily
at
were
crude
77%
of
Labor
was
Statistics,
the
hence
rose
ap¬
price
index
57.9, compared with 68.0 in
compiled from schedules of refin¬
oil
capacity
capacity
in
of
3,994,000
March,
94,662 3380.8
barrels.
compared
with
on
April 1, 1938
showed that stocks of bituminous coal declined
in the first quarter of
This
below the
reserves
with the stocks
to
Hands
Department of the Interior in its latest
1938, and
on
the first
April 1
on
17,773,000 tons,
or
on
April 1 stood at 35,380,000
decrease of 11,694,000 tons,
was a
more
preciably.
for
coal report
Consumers
in
net tons.
considerably
unfinished
Coal
of
The United States
making
The yields of the three principal products
particularly
106,524 3,436.3
Includes Missouri, Tennessee and Utah.
Stocks
ago.
barrels.
or
a
....
the
fuel
year
ago),
year
Total United States
increase in
motor
than
a
of
part
higher than in March, 1937.
Stocks of gasoline on
92,320,000 barrels, a gain of only 40,000 barrels, com¬
normal
a
effective
supply resulted in
barrels,
3,562,000 barrels
were
by reducing crude
Shipments exceeded expectations, probably
freight rates
in
anticipated.
41,259,000
March
in
day of the
a year ago,
year.
on
24.8%,
the decrease amounted
33.4%.
The amount of unbilled bituminous coal in
2,280,000 net tons
or
Compared
April 1,
an
cars
increase of 28%
stood at
over
Jan. 1.
Stocks of bituminous coal at the head of the lakes have
continued their seasonal decline and stood at 4,962,000 net
tons
on
April 1.
This is 36.7% more, however, than the
the corresponding date a year ago.
amount of coal in storage
Volume
Financial
146
STOCKS
INCLUDING
P C.
of
Change Change
From
From
Prev.
Quar.
Ago
Dealers—
a
35,380,000 38,484,000 47,074,000 53,153,000
36.7 days
39.8 days
35.2 days
35.7 days
Total tons
—32.9
—22.7
Industrial, net tons.. 30.280,000 32,284,000 39,174,000 45,153,000
Ret'l dealers,net tons
7,900,000 8,000,000
6,200,000
5,100,000
Days supply..
—35.4
—36.2
—24.8
—33.4
—10.3
—2.7
Anthracite
24
+28.0 +242.9
2,230,000
1,781,000
665,000
3,936,000
—37.2
1,263,000
—45.7
4,962,000
5,764,000
8,271,000
3,630,000
—40.0
+ 36.7
35
days
days
—30.6
+ 4.2
39,760
—51.2
—20.3
days
—31.4
+ 26.3
19
days
—41.3
+ 47.0
preceding month,
b Sub¬
859,437
1,263,600 1,410,846 2,154,429
Calculated at the rate of deliveries to customers in the
V'-'■S.-
:^v^V'vV:^.7,'uy A
ject to revision,"'"
+ 18.2
Total
22
days
—14.0
—43.6
281,792
24
days
64,944
+ 46.6
1,828,000
5,523,000
2,748,000
2,367,000
Lake Michigan
3,469,000
1,493,000
36
days
42,958
producers'
storage yards
a
2,280,000
in
26
days
31,678
Coke, net tons......
429,306
294,765
242,338
25
Anthracite, days supply a
Coke, days supply.a.....
Coal in Transit—
Unbilled loads b
Stocks
lake docks
on
c
Lake Superior....
Figures for industrial consumers
Coal in bins of householders is not included.
a
below.
mines
b Coal in cars unbilled at the
Figures for retailers from sample data,
reported to the Association of American Railroads,
Covers all commercial American docks on Lake Superior and on the west bank of
in classification
or
c
Ago
Retail Stocks, 341 Selected
Anthracite, net tons
Consumers' Slocks
Year
Year
1937
1938
1938
1938 d
1937
April 1,
1,
From
Prev.
1,
Apr.
1,
1938
1938
1938 b
••
Jan.
1,
From
Quar,
Mar.
April I,
Change
C. of
P.
Jan.
March 1,
April 1,
ANTHRACITE AND COKE
YARDS
RETAIL
IN
SUMMARY OF STOCKS OF DOMESTIC
COAL,
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS
3097
Chronicle
yards
Lake Michigan as far
as
south
including
Racine and Kenosha, Wisconsin, but not
as
Based on figures courteously supplied by the Maher
Coal Bureau for Duluth-Superior and Ashland docks and on direct reports from all
Chicago and Waukegan, 111.
certain
stocks,
that Bureau. Figures include
is also included in reports of consumers'
other commercial operators, not reporting to
tonnage
of railroad
fuel
which
:
d Subject to revision.
Industrial Bituminous Coal
of industrial consumers
Stocks of bituminous coal held, by different classes
have continued to decline since December,
stood
at
30,280,000 tons,
a
compared With those on hand
On April 1, 1938, they
1937.
decrease of 2,004,000 tons,
6.2%
or
by-product coke ovens where stocks fell off 10.2%
The
of bituminous coal at
consumption
February.
March showed
calculated on a
industrial plants showed an
consumption in
month,
daily basis, the amount of coal used in
decrease of 6.4%
a
.
THE
UNITED
STATES,
BITUMINOUS COAL IN
EXCLUDING RETAIL YARDS
(Determined jointly by F. G. Tryon, Market Statistics
Coal Commission, and Thomas W. Harris Jr.,
of
Working
Day
of April
Days
(Net Tons)
(Net Tons)
c
22,195,000
per
,
Apt it, 1938 (prelim.)—
881,000
107,233,000
25
124,300
74,300
26
2,858
15,477,000
393,300
26,745,000
Anthracite.b
25.2
3,108,000
27
991,000
4,015,000
97,300
Bituminous coal.a.....
27
148,700
3,604
...
Beehive coke
March, 1938 (revised)—
A nthracite
.
b
_
_
_
Beehive coke
_
_.
27
April, 1937 (revised)—
Unit, National Bituminous
Chairman, Coal Committee, National
Association of Purchasing Agents).
Beehive coke
March, 1938
Feb., 1938
(Revised)
Change
Net Tons
Net Tons
—1.0
8,565,000
5,823,000
Includes for purposes
919,000
—8.9
253,000
320,000
—7.1
Other industrial.d
9,270,000
10,230,000
—9.4
Railroads (class I).e
5,881,000
6,174,000
—4.7
30,280.000
32,284,000
—6.2
3,011,000
2,888,000
+4.3
3,795,000
154,000
3,539,000
+ 7.2
787,000
725,000
144,000
138,000
228,000
169,000
+ 34.9
8,710,000
8,630,000
+ 0.9
6,420,000
6,169,000
+ 4.1
23,249,000
22,423,000
1,225,300
of historical comparison and
—10.2
Cement mills.b
8,479,000
5,231,000
837,000
235,000
347,000
19,242,000
11,785
statistical convenience, the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania,
b Total production, Including colliery fuel,
washery and dredge coal, and coal
shipped by truck from authorized operations,
c Preliminary, d Not available.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar years.
Per Cent
(Preliminary)
161,064,000
274,200
26
306,400
..
1,033,000
25
25.2
26,041,000
6,854,000
Bituminous coal.a
Anthracite.b
a
Stocks, End of Month, at—
Year to End
Working
for
Bituminous coal.a
INDUSTRIAL STOCKS AND CONSUMPTION OF
Calendar
Average
Number
Total
Month
...
.
This is accounted for by the three additional days in the
and if consumption is
compared
corresponding month last
year and 26,745,000 tons in March,
1938.
Anthracite
production during April, 1938 totaled 3,108,000 net tons,
as against 6,854,000 tons a year ago and 4,015,000 tons in
March, 1938. The consolidated statement of the two afore¬
mentioned organizations follows:
occurring
during March, 1938, in comparison with
increase of 3.7%
the month of
1938, amounted to 22,195,000 net tons,
with 26,041,000 net tons in the
(Net Tons)
except the cement mills, shared in the decline, the largest decrease
at
United
Bituminous Coal
Commission, bituminous coal output during
April,
when
,
for Month
According to preliminary estimates made by the
States Bureau of Mines and the National
All classes of consumers,
March 1, 1938.
on
Preliminary Estimates of Production of Coal
of April, 1938
+3.7
Electric power utilities.a.»
By-product coke ovens-b
Steel and rolling mills.c
Coal-gas retorts.c.
Total industrial stocks
+8.4
April Anthracite Shipments
net
Industrial Consumption by—
Electric power utilities.a
By-product coke
b.
ovens,
Beehive coke ovens, b
..
Steel and rolling mills.c
Coal-gas retorts. c... .".
Cement mills
...
b
Other industrial
d
Railroads (class I)
.
.
.
...
...
.
_
.
e
+ 8.6
+ 4.3
v
tons.
This is
a
decrease
compared witli shipments
as
during the preceding month of March of 574,226 net tons,
or 16.56%, and when compared with April, 1937, shows a
decrease of 3,087,738 net tons, or 51.63%.
Shipments by originating carriers (in net tons) are as fol¬
—6.7
165,000
Off 16.56%
Shipments of anthracite for the month of April, 1938, as
reported to the Anthracite Institute, amounted to 2,892,822
lows:
March,
April,
Total industrial consumption .......
April,
1938
1937
574,285
651,558
1,326,310
223,000
225,000
—0.9
125,000
_......
123,000
+ 1.6
565,620
618,928
1,187,575
193,014
303,303
582,642
378,109
428,877
579,109
804,359
301,834
279,662
578,750
538,631
432,821
251,348
385,935
601,736
439,932
280,344
315,900
386,682
286,890
117,816
147,523
183,383
144,714
179,678
185,130
329,123
214,645
2,892,822
Lehigh Valley RR...._.___~.
Central RR. of New Jersey
3.467.048
5,980,560
4.235,094
.. —..
Delaware Lackawanna & West.
Days Supply
Days Supply, End of Month, At—
Days Supply
83 days
RR..
Delaware & Hudson RR. Corp
%
+4.8
1937
966,902
834,450
Reading Company
Additional Known Consumption—
Coal mine fuel
Bunker fuel, foreign trade.....
March
1938
Electric power utilities
87 days
By-product coke ovens
43 days
46 days
—6.5
Erie
Steel and rolling mills
33 days
35 days
—5.7
New York Ontario & Western
Coal-gas retorts
51 days
47 days
51 days
0.0
Lehigh & New England RR..
53 days
—11.3
33 days
33 days
0.0
28 days
28 days
0.0
40 days
40 days
0.0
...
Cement mills
Other industrial
..
.
_
Railroads, (class I)
Total industrial
.......
v:
Pennsylvania RR. -
Total
Commlssino. b Collected by the U. S. Bureau
of Mines,
c Collected
by National Bituminous Coal Commission,
d Estimates
based on reports collected jointly by the National Association of Purchasing Agents
and the National Bituminous Coal Commission from a selected list of 2,000 re¬
a
presentative manufacturing plants. The concerns reporting are chiefly
and afford a satisfactory basis for estimate,
e Collected by the
of
American
large con¬
Association
Railroads.
Industrial
Anthracite
days' supply of anthracite by electric power
utility plants, Class I railroads and miscellaneous manufacturing plants
Stocks, consumption, and
are
AT
POWER
ELECTRIC
OTHER INDUSTRIAL
RAILROADS,
UTILITIES,
AND
PLANTS (NET TONS)
P.
Ry
Weekly Coal Production
The National Bituminous
Statistics
Coal Commission in its current
■weekly coal report disclosed that the total production of soft
coal in the week ended April 30 is estimated at 5,155,000
net tons.
This is a decrease of 31,000 tons, or 0.6%, from
the output in the preceding week, and is in comparison
6,915,000 tons in the corresponding week of 1937.
The
cumulative production
with
of soft coal in 1938 to date
33.1% behind that in 1937; the cumulative total of
both hard and soft coal to date, 31.7% behind 1937.
The United States Bureau of Mines, in its weekly report,
showed
C of
Change
Change
Feb.,
Dec.,
March,
1938 d
1938
1937
1937
From
From•
Prev,
Year
Quar.
March,
Electric Power Utilities
„ „ _ - . - -
stands
shown in the following table:
ANTHRACITE
i
.
Collected by the Federal Power
sumers
... .
RR
Ago
.
a
Stocks, end of month.... 1,411,046 1,433,259 1,442,333 1,067,685
173,074
166,348
127,528
145,001
Consumed during month.
days
299 days 315 days 269 days 191
Days supply, end of mo.
—2.2
+ 32.2
—12.8
—16.2
+ 11.2
+ 56.5
that
a
further decrease
marked the production of
Pennsylvania anthracite in the week ended April 30.
Total
output is estimated at 655,000 tons, a loss of 2% over pro¬
duction during the week of April 23.
Compared with the
same week a year ago, there was a loss of 55%,
ESTIMATED
UNITED STATES PRODUCTION
DATA ON PRODUCTION OF
COMPARABLE
.
(In Thousands of Net
Railroads (Class I) b—
Stocks, end of month....
203,281
229,468
275,475
261,069
—26.2
140,306
136,836
146,599
155,248
—4.3
—9.6
—22.4
Tons)
—22.1
Consumed during month.
OF SOFT COAL WITH
CRUDE PETROLEUM
—13.5
Days supply, end of mo..
Other
Indust. Consumers
45
47
days
days
58
days
52
days
Apr. 30 Apr. 23
—
1938
(Selected representative
plants c):
Stocks, end of month
Consumed during month.
Days supply, end of mo..
278,673
134.662
64
days
days
161,972
127,663
136,426
61
289,667
269,796
290,304
66
days
55
days
+3.3
—3.8
+ 5.5
—16.9
—3.0
+ 16.4
Calendar
Week Ended
1938
Bituminous Coal a—
Daily average
c5,155
d5,186
859
Total, including mine fuel.......
864
5,440
5,511
1938
1937
Collected by the Federal Power
c
for December, 1937; and
b Collected by the Association
121 firms for March, 1937.
Domestic
Stocks and days'
Commission,
102 firms reported for February and March,
d Subject to revision.
Coal equivalent of weekly
a
Includes for purposes
output.
5,602
of historical comparison and
1929
92,349
90,755
72,256
statistical convenience the
Pennsylvania,
production of lignite and anthracite and semi-anthracite outside of
b Total barrels produced during the week converted to equivalent coal,
Anthracite and Coke
supply of anthracite and coke for domestic purposes
by 341 representative retail
of
1938; 109 firms
1937
6,915 107,232 160,099 176,602
1,749
1,584
1,062
1,153
Crude Petroleum b—
a
American Railroads,
Year to Date e
May 1
held
dealers' yards are shown in the following table:
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
to revision,
d Revised,
e Sum of 17 full weeks ended
sponding periods in other years.
assuming
pound of coal, c Subject
April 30, 1938, and corre¬
3098
Financial
PRODUCTION
ESTIMATED
OF
PENNSYLVANIA
ANTHRACITE
AND
BEEHIVE COKE
v.,V,.::
Chronicle
bined
•...
.
-
current
Calendar Year to Dale
April 30, April 23,
1938
Present
1938
1937
1937
1929
c
4.
c
buffer
If
stock
scheme
655.000
Daily average..
Comm'l produc'n b
624,000
666,000 1,464,000 15,507,000 19.114,000 24,371,000
111,000
244,000
154.300
242,500
190,200
634,000 1.391,000 14,769,000 18,158,000 22,616,000
109,200
Beehive Coke—
17,200
2,867
United States total
Daily average..
17,000
73,500
12,250
2,833
393,600
3,821
1,227.400
2,073,800
11,917
buffer
national
Tin
Committee in
(In Thousands of Net Tons)
subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.]
Week Ended
Monthly Production
State
Apr. 23 Apr. 16 Apr. 24
1938 p
1938 p
1937
Mar.,
Feb.,
Mar.,
1938
1938
1937
r
r
2
2
2
13
221
226
21
10
14
5
-
Alabama.
.........
Arkansas and Oklahoma
61
76
9
9
980
970
1,448
86
220
228
72
429
1
1
3
3
2
Illinois.
548
579
504
2,904
3,619
6,918
Indiana
196
223
168
1,203
1,351
2,292
Colorado
..........
...
Georgia and North Carolina
47
Iowa...
Kansas and Missouri
*
52
19
536
283
767
Non-Ferrous
86
42
447
624
790
3.975
2,043
89
97
101
572
627
1,236
20
21
15
110
115
196
Michigan
5
10
2
60
58
83
Montana
33
239
328
20
New Mexico
33
38
197
32
21
96
108
199
22
20
20
130
250
137
281
298
354
1,465
1,300
2.877
1,312
1,368
1,992
6,537
5,983
12,895
75
76
46
296
372
597
15
16
15
66
66
67
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
-
27
40
32
201
267
4 35
151
Utah
186
193
926
927
26
24
1,064
1,107
372
391
73
73
Washington
West
Virginia—Southern
a
Northern b
Wyoming
Other Western States
*
c
Total bituminous coal
30
117
124
1,623
5,314
1,936
5,294
9,474
465
1,660
71
396
365
594
3
2
3
51,540
*
2
178
5,186
5,520
6,647
26,745
27,440
666
1,012
1,639
4,015
3,539
Grand total
6,532
8,286
30,760
30.979
Panhandle
District
Mason, and Clay counties,
Grant, Mineral, and Tucker
and
b Rest of State, lncl.
counties,
Includes
e
Arizona, California, Idaho,
Nevada, and Oregon,
d Data for Pennsylvania anth¬
published record of the Bureau of Mines,
e Average weekly
rate for
racite from
month,
entire
Prellnlnary.
p
and South Dakota Included
r
Revised,
Alaska, Georgia,
s
with ' other Western States."
North Carolina, and
* Less than 1,000 tons.
first
three
months
of
the
current
totaled 44,363 tons, against 46,755 tons in the
last year.
Production
1938.
the
same
May 12 re¬
inactive in
was
and lead
un¬
reported:
;
;
.
-
.
foreign
producers
copper
effective
for
three
been successfully
has
beginning
years
July
1,
quiet all week, with sales for
was
Many in the industry anticipate only
a
moderate increase in do¬
April, as curtailment in mine output, plus expected higher
deliveries here, and fairly large exports of domestic copper
tons)
(around 10,000
The
will aid in improving the statistical picture in this country.
price continued at 10c. Valley.
Prices abroad moved within
In steady
limits
narrow
during the week, with metal
demand for near-by delivery.
Copper production of the world, excluding the United States,
basis during the first quarter of
ing
the American
to
of Metal
Bureau
on a
smelter
1938 totaled 378,400 short tons, accord¬
This
Statistics.
with
compares
399,000 tons in the fourth quarter of 1937.
United States exports of refined copper—foreign and
Feb.
To:
Belgium
Denmark
period
same
February
January
domestic—during
270
300
3,148
2,046
2,578
British India....
China
400
400
360
900
900
....
56
.•*.
2,536
2,449
Malaya
5,053
6,738
2,685
1,381
6,035
1,148
23,730
25,094
2,264
Other countries........
2,762
1,916
168
246
Italy
Netherlands
2,879
Totals..
to 2,690 tons, which compares with 2,083 tons in the
Again the demand
period.
some
orders for June shipment material.
also stood out
Cable makers
Sheet lead and pipe fabricators
buyers.
as
Quotations continued at 4.50c., New York, the contract settling basis
of the American Smelting & Refining Co., and at 4.35c., St. Louis.
was
East at
a
Busi¬
booked by St. Joseph Lead on its own brands for delivery in
The undertone of the market
premium.
small
tons of lead
producers
announced
of operations,
suspension
the
steady.
was
pending a
This action will curtail output by at least 1,500
month.
a
production of refined lead during March
tons, which compares with
151,113 short
totaled
146,951 tons in February and 161,036 tons in
January.
Zinc
April zinc statistics, showing
large increase in stocks, exerted a de¬
a
5,026
120
pressing influence in the industry.
190
190
made
812
601
910
dropped
1,408
971
1,136
48
50
50
shy
consumers
the
away
quotation
to
be
active.
160
165
175
Belgian Congo...
850
850
900
the week ended
400
400
400
Western division
16,320
13.642
14,401
more
The trade believes the gain in supplies
from
the
4.00c.,
to
change in business volume, but
Great Britain....
4.15c.
St.
Shipments of
On
10, sellers
report
to consumers during
Unfilled orders of the Prime
25,242 tons.
against 6,052
tons,
little
of High Grade zinc appear
grades
common
May
Galvanizers
some consumers
May 7 totaled 2,676 tons.
total
level.
Louis.
The Prime Western division of the zinc industry reports sales for
of 9,427
Argentina, Portugal and sundries.
preceding seven-day
chiefly for near-by metal.
was
showed buying interest in the market for the first time in weeks and placed
120
Elsewhere
1,131
2,167
1,536
Great Britain...
4,270
South Africa.,
729
China and Hongkong
Germany..............
125
Slam
1,511
Japan
200
Nigeria
583
414
Sweden
4,582
1,316
.
March
Feb.
Poland and Danzig...
675
2,600
900
Netherland India.
Indo-China
To:
France.1,541
World
280
Bolivia
March
348
2,729
.......
...... .
Czechoslovakia........
Two
Australia
Includes Mexico,
on
London indicate that the production and mar¬
become
higher market for lead.
a
governments
financed
period totaling 4.526 tons, compared with 5,720 tons In the previous
week.
year
by countries, for the first three months of
Totals.
be
-Copper
among
will
and
further
Business in the domestic market
mestic stocks for
ness
March
a
appears.
signatory
should
agreed,
publication
■
keting agreement
concluded
1938, in long tons, follows:
Japan
it then
to
Buying of lead was in fair volume last week, the quantity sold amounting
Bureau of Metal Statistics reports that
production of tin on an ore basis during March
amounted to 16,320 long tons, which compares with 13,642
tons in February, and 17,664 tons in March last
year.
world
the
made
Lead
American
Production in
The
\
March World Tin Production
The
if
February and March, by countries of destination, in short tons:
and on the B. & O. in Kanawha,
the
been
has
Metals—Foreign Copper Agreement Ex¬
Reduced to 4c. St, Louis
Unofficial advices from
56,405
Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G„
a
the light of position as
stock,
inter¬
be made by the Inter¬
will
fixed
the week, tin was up about lc., with copper
changed.
4,865
5,852
Pennsylvania anthracite d
buffer
in
definite
to
as
In reference to the London meeting of copper pro¬
ducers, the industry here understands that the foreign agree¬
ment has been extended.
Zinc declined 15 points during
3,431
•
be
to
decisions
11.
Because of a moderate ex¬
pansion in the movement of finished products, and on pros¬
pects that this improvement will continue, sentiment ap¬
peared to be more cheerful.
Reports from Washington that
Tenessee Valley Authority and the utilities are moving
closer together were viewed as a highly favorable develop¬
1,490
....—.........
Virginia
accepted
the week that ended May
4,126
Western
held
"Metal and Mineral Markets" in its issue of
930
473
Maryland
be
tended—Zinc Again
550
308
87
428
Kentucky—Eastern
substantially
then remain
would
ment.
-
Alaska
would
production
ported that buying of non-ferrous metals
[The current weekly estimates are based on railroad carloadlngs and river ship¬
are
to
general lines as former official buffer pool.
ESTIMATED WEEKLY & MONTHLY PRODUCTION OF COAL, BY STATES
ments and
buffer
that
is
is
which
Recommendation
5.
concerned
Adjusted to make comparable the number
c
near
or
20,134
Includes washery and dredge coal, and coal shipped by truck from authorized
a
operations,
b Excludes colliery fuel,
of working days In the three years.
of
stock quotas
and
Anthracite—
Tot.,incl.col.fuela
of production
rate
one-fourth
national
Pa.
to
amount
stock.
May 1,
1938
will
quotas
of 55%.
Effect of this would be to reduce
to 40% or thereabouts and allocate 15% quota for
roughly
unchanged,
international
quota
quota
export
stock.
buffer
Week Ended
and
international
present
(In Net Tons)
May 14, 193S
stock
buffer
tons
in March,
April
February and
6,393 tons in
9,871 tons in January.
Tin
International
Tin
Committee
Quotas of Tin
Effect
Under
Proposes to Fix Export
Buffer
Stock
Draft
Plan—
Would
Reduce Current
55% Export Quota
40% and Allocate 15% to Buffer Stock
to
The following announcement
made by the Chairman
was
There
was
May 6, but
don
fair
a
over
market steadied
buffer
Research and
stock
draft
be accepted
governments
under
now
there will then
be
consideration
two
Tin
Chinese tin,
of
6ignatorv
New York market
was
slow.
official confirmation that plans for
on
on
Friday
The Lon¬
the proposed
The latest
acceptable.
for current
basis, allocating 40%
the 55%
Committee is to
United States
Straits tin settled at 37.80c.,
Development Council:
scheme
the
buffer pool had been revised and may prove more
International
If
in
consumption and the remainder to be used in building the reserve.
operations in the
1.
on
plan provides for production
on
national Tin
for tin
the remainder of the week business
of the International Tin Committee at
its meeting in
London
May 5, issued through the New York office of the Inter¬
demand
99%
,
or
meet
on
June
about 50%
2.
The
Tin-plate
of capacity.
about lc. higher than a week ago.
nominally
was
Paris
in
holding at
are
as
follows: May 5th, 36.125c.; 6th,
36.125c.; 7th, 36.500c.; 9th, 36.350c.; 10th, 36.500c.; 11th, 36.300c.
quotas:
DAILY
(a) The ordinary international export quota which
the International Tin Com¬
can vary from time to
time, and
PRICES
OF
METALS
("E.
M.
.1 "
QUOTATIONS)
mittee
bufteF
Quota which should, It Is contemplated,
until buffer stock which
may be agreed upon
As
the intention
quota
2.
is to
would normally be
Draft
scheme
to
international
stances
was
might
quotas
stock in
six
Dom.,Refy. Exp., Refy.
amount
manner
of
change materially and
It
they
was
have
recognized
so
New
York
St. Louis
St. Louis
5
9.775
9.325
37.625
4.50
4.35
4.15
May
6
9.775
9.300
37.625
4.50
4.35
4.15
May
7
9.775
9.325
38.000
4.50
4.35
4.15
May
9
9.775
9.275
37.850
4.50
4.35
4.15
4.00
May
buffer stock which should be
in which stock should with reference
be accumulated.
Mew York
months, buffer stock
15% of standard tonnages.
obtained but did not prescribe
Zinc
Lead
Tin
has been accumulated.
accumulate that
suggested total
Straits
Electrolytic Copper
continue In operation
changed
that
circum¬
May 10
9.775
9.325
38.000
4.50
4.35
since
scheme
May 11
9.775
9.300
37.800
4.50
4.35
4.00
9.775
9.308
37.817
4.50
4.35
4.10
drafted.
3.
In present circumstances and
is
accepted
is
to
fix
in
near
quotas
future,
under
(a)
Average..
assuming that buffer stock draft scheme
intention
and
(b)
of
of
the
International
paragraph
one
Tin
above
so
Committee
that
com¬
Average prices for calendar week ended May
refinery,
9.775c.;
export
copper,
9.304c.;
Straits
7 are:
tin,
Domestic copper, f.o.b.
36.729c.;
New York lead,
4.500c.; St. Louis lead, 4.350c.; St. Louis zinc, 4.150c.; and silver. 42.750c.
Volume
Financial
146
The above quotations art "M. & M. M.'s" appraisal of the major United
markets,
based
sales reported by
on
to the basis of cash.
New York
producers and
St. Louis,
or
They
agencies.
are
PRODUCTION
OF
COKE
PIG
Pig Iron
Copper, lead and zinc quotations
are based on sales for both
domestic copper prices
trade,
delivered
plants.
consumers'
at
charges
As delivery
basis; that is,
the destination,
with
vary
the figures shown above are net prices at refineries on the Atlantic
Export quotations
burg,
for copper are reduced to
net
De¬
basis.
seaboard.
livered prices In New England average 0.225c. per pound above the refinery
refineries on the Atlantic
at
On-foreign business in copper sellers usually name a c.I.f. price—Ham¬
seaboard.
Havre,
Liverpool.
and
1,429,085
March
_
3,211,5G0
1.298,268
1.452,487
...
February....
basis
commands
premium
a
2,999,218
3,459.473
3,391,665
20,205
21,194
18,607
24,228
27,757
26,765
34,632
3,537,231
May
3,107,506
34,415
19,706,593
170,857
3.498,858
3.605.818
29,596
3,410,371
2.892,629
26,348
November
2,006,724
25,473
June
of 0.350c.
above our f.o.b. refinery quotation
per pound
1937
23.060
22,388
1,376,141
January
April
1938
1937
October
c.i.f.
The
Ferromanganese y
x
1938
quoted on a delivered
are
FERROMANGANESE
prompt and future
deliveries; tin quotations are for prompt delivery only.
the
OF
(GROSS TONS)
reduced
pound.
In
AND
IRON
All prices are in cents per
noted.
as
3099
Chronicle
States
Half year
Daily London Prices
July
August
Copper, Std.
Zinc
Lead
Tin, Std.
Copper
September
Electro.
3M
Spot
(Bid)
3M
Spot
3M
Spot
3M
Spot
43
169%
169%
15
15%
13%
1,490,324
22,674
324,961
13%
38%
43
165%
166%
14%
14%
131,6
135,6
38"
6
May
393ia
38%
5_-
May
9
...
26,100
36,611,317
December
May
23,913
is
38'is
38%
43
167%
16S%
149i«
14%
12%
393i«
39%
43
167%
168%
14n,«
14%
13
13%
May 11
38%
39»ia
42%
167%
168
14%
14%
13
Year
131,6
May 10.
i
138,6
buyers'
All are in pounds sterling per long ton (2,240 lb.).
April Production and Shipments of Slab Zinc
The
Zinc
American
Institute
5 released
May
on
the
following tabulation of slab zinc statistics:
ZINC STATISTICS
SLAB
United
buyers' prices for the first session of the
Prices for lead and zinc are the official
London Metal Exchange; prices for copper and tin are the official closing
prices.
These totals do not Include charcoal pig Iron,
x
(ALL GRADES)—1929-1938
(Tons of 2,000 Pounds)
Steel
States
y
Included In pig Iron figures
Corp. Shipments Smaller
Shipments of finished steel products by subsidiary com¬
panies of the United States.Steel Corp. for the month of
April, 1938 were 501,972 tons.
The April shipments com¬
pare with 572,199 tons in March, 1938, a decrease of 70,227
tons aud with 1,343,644 tons in the month of April, 1937, a
decrease of 841,672 tons.
For the year 1938 to date, ship¬
ments wer A 2,067,216 compared with 5,041,685 tons in the
comparable period of 1937, a decrease of 2,984,469 tons or
59.0%.
Retorts
(a)
Average
Unfilled
Retorts
During
End of
Shipped
Stock at
Shipped Operating
During
During
Period
End of
for
.Export
Period
Period
Period
602,601
436,275
75,430
6,352
57,999
196
since
26,651
18,273
list the figures by months
we
18,585
143,618
the table below
In
Orders
Produced
Period
Period
End
of
January, 1934:
TONNAGE
Year 1930.
504,463
31,240
Year 1931.
300,738
41
19,875
23,099
213,531
314,514
218.517
129,842
Year 1932.
124.856
170
21,023
18,560
INDICATED
8.478
Year 1933.
324,705
344.001
105,560
239
27,190
23,653
15,978
PRODUCTS BY MONTHS FOR
SHIPMENTS OF STEEL
OF
YEARS
68,491
47,769
Year 1929.
631.601
Year 1938
Year 1934
Month
Year 1935
Year 1936
Year 1937
721,414
1,149,918
518,322
January
331,777
Year 1934.
366,933
352,663
119,830
148
32,944
28,887
30,786
February
385,500
534.055
582,137
Year 1935.
431,499
465,746
83,758
59
38,329
32,341
51,186
March
588,209
668.056
676,315
783,552
1,133,724
1,414,399
474,723
572,199
Year 1936.
523,166
561,969
44,955
0
42,965
37,915
78,626
April
643,009
591,728
979,907
1,343,644
1,304,039
501,972
May
1937
January..
40.047
51,227
33.775
40,285
40,613
February
37.794
46.953
24.616
42,786
39,948
77,969
53,202
59,635
18,183
43,635
40,588
189,846
*38,979
*38,417
.,
March
43,660
13.963
41,177
*39,019
56.229
62,009
April
43,724
43,429
50.219
44,186
14.081
49,701
13.561
43,205
46,171
50,643
47,737
48,520
51,715
40,345
42.534
589,619
,106187
,75,086
49,350
^61.151
48,812
49,300
48.339
*46,192
47,437
avge.
45,383
1938
24,931
88,532
201
41,146
21,540
108,138
0,
March.......
43,399
33,528
118,009
0
38,035
20,806
135,238
0!
February
42,423
44,623
*38,030
48,687
...._
January
*41,659
39,267
41,644
*38,160
*34,583
,45.400
38,891
I..
34,691
35,321
681,820
418,630
.661,515
882,643
1,067,365
—(23,750)
—(40,859)
Steel
a
489,070
from
"Iron
in total shipments.
Unchanged
30.5%
districts is still subject to the
familier in recent months, but
substantially unchanged at 30.5%
The
present level.
slipping very much below its
Age" further reported:
Production by
Export shipments are Included
Substantially
Production
Ingot
The "Iron Age" in its issue of May 12 said that no marked
change has occurred in the character of steel business nor is
any expected during the next month or two at least.
Gener¬
al opinion in the trade is that no sustained upward trend can
be expected before late summer or early fall.
Meanwhile
ingot production is likely to go lower rather than higher,
though the appearance of some Government-sponsored con¬
struction projects, together with whatever railroad buying
may be induced by the bill soon to be passed by Congress
liberalizing loans to the carriers, may prevent production
*31,769
36.466
12,825,467
10,784.273
7,347,549
5,905.966
at
come
Equivalent retorts computed on 24-hour basis,
792,310
587,241
1,107,858
1,047,962
923,703
366,119
127,069
*29 710
*
38,923
*34,977
29.023
*33,130
April...
1,007.417
>92,319
569,241
49,135
Total for yr.
961,803
686,741
November.
Total for year
*46,158
*45,704
65.333
28,675
51.474
950,851
614,933
624,497
,59.209
50,578
*48,110
*47,552
December....
——- „.
547,794
^82,596
49,511
25,817
32,676
.
Yearly adjustment- —(19,907)
*46,311
52,645
49.393
.....
November
„
_
*49,766
50,324
13,517
.
'67,143
*47.190
51,809
11.227
50.027
50,163
*49,860
48,309
-
.
1,268,550
1,186,752
*45,147
*48,387
August
September....
August.
September.
886,065
343,962
July..-..-.---—--.
984,097
578,108
369,938
378,023
..
December
181,448
*42,186
46,199
*45,175
...
July.
Monthly
-
598,915
370,306
A-
-
October.
*42,519
*43,007
50.526
49,181
June...
76.544
*38,936
*43.270
13,774
55,201
55.012
May..;,......
October.
i
_
745,064
985,337
.
June
fluctuations that have be¬
the rate for the country as a whole is
.
For the third consecutive week the
26% , but the Chicago average has
Pittsburgh rate has remained steady at
dropped
Production
of
coke
pig
in
iron
April
totaled *1,376,141
tons, compared with 1,452,487 tons in March, accord¬
ing to the "Iron Age" of May 12.
The daily rate last month
showed
a
loss of 2,1% from
to 45,871
tons
that in March, or from 46,854
The "Iron Age" further reported:
tons.
there were 79 furnaces making iron, operating at the rate
May 1
blew
producers
out
or
on
three.
banked
blown
furnaces
Edgar Thomson,
gahela, National Tube Co.; one Ensley, Tennessee Coal, Iron & RR.
the Niagara furnace, Tonawanda Iron Corp.; one Haselton, Republic
Corp.;
Steel
Riverside,
&
Iron
Wheeling Steel
Corp.;
Co., and one Woodward
DAILY AVERAGE
one
Co.;
Steel
City furnace, Sloss-Sheffield
Iron Co. furnace.
land having dropped to
PRODUCTION OF COKE PIG IRON IN THE UNITED
MONTHS SINCE JAN. 1, 1.933—GROSS TONS
Attention
1934
1935
1936
1937
1938
39.201
47,656
65.351
quarter which are
the independent
45,131
57.448
62,886
46.367
52,243
57,098
65,816
111,596
46 854
20,787
57,561
55.449
80.125
113.055
.45,871
28.621
65,900
55,713
85.432
114.104
42,166
64,338
51,570
86.208
103,584
17,484
March
April
——
May
—
— .
June.-..—.-
-
First six months
:
24,536
54.134
54,138
74,331
108,876
57,821
39,510
[ 49.041
83.686
112,866
be
no
disposition in the steel industry to
maintenance of
Steel
many
scrap
Having been deflated more than $10 a ton
be in a position to reflect
decided change for the better in the steel outlook.
Refrac¬
prices have been reduced.
buying is likely to be one of
the first activities to be
stimu¬
by Government lending.
more money
will be spent for equipment
for new equipment
construction.
probably will make it impossible
repairs and for maintenance work
In any event, delays in Congress
for much business to result
before June
Current railroad buying of importance is confined to the placing
10.967 tons of rails by the Erie with three mills and court authorization
July.
or
56,816
87.475
116,317
of
29,935
59,216
91.010
113,679
for
96,512
93.31J
November.
36,174
31,898
63,820
68,864
98.246
66.891
December
38,131
33,149
67,950
100,485
48,075
26.199
43.592
67,556
63,658
100.305
$11.75.
However, the clause in the pending bill
which provides that 75% of all loans shall be used to return to work men that
have been furloughed since Sept. 1, 1.937, unless revised, indicates that
30,679
mos. average.
For the first time in
downward revision of No. 1 heavy melting
The "Iron Age" scrap composite
market center.
peak of 1937, steel scrap appears now to
Railroad
lated
50.742
12
prices appear to have hit bottom.
price is unchanged at
43,754
34.012
reduce \yages, the chances favor
the present price schedule.
weeks there has been no
from the
tories
that price cuts are not
reductions, and, as there appears to
has definitely gone on record
feasible without corresponding wage
October..-------
59,142
by the leading
commitments as to third quarter prices, al¬
inquiries.
Despite some irregularities in prices in recent weeks, there has been no
intimation of a reduction in formal quotations for the next quarter.
The
September.-.-—
August-i——
companies are naturally awaiting action
though there have been a few
than
July..
price announcements for the third
on
expected before the end of the month.
As present wage
prices were established by the United States Steel Corp.,
producer before making any
46.100
19,798
107,115
-
February
18,348
103.597
-
January.
becoming focused
is
quickly any
1933
18% operation, while Detroit has been running at
for several weeks.
under 20%
steel in any important
BY
STATES
the Cleveland
leading producer
or banked were the following:
Two
Carnegie-Illinois Steel Corp.; one Monon-
out
the
two
Among
Duquesne,
blast
unchanged or a little
decided lack of automotive buying,
and Detroit districts are making the poorest showing, Cleve¬
rates and current
of
April 1, produc¬
ing at hte rate of 46,480 tons daily.
Eleven furnaces were blown out or
banked and none was put in operation.
The United States Steel Corp.
took off six units, independents took two furnaces off blast, and merchant
On
42,310 tons daily, compared with 90 furnaces in
The Wheeling-Weirton and Buffalo districts
.
slightly, while in other areas output is
Showing the influence of the
lower.
gross
to 33%
point
a
have moved up
April Iron Output Drops 2%
A
the
the Wabash.
in prospect.
Four contracts
awarded for the Delaware aqueduct of the New York water
purchase of 5,750 tons by
fair amount
that have
been
of construction activity is
supply system will require
Thirty dump barges
15,000 tons of shapes and 900 tons of
that may be bought by the City
bars.
of New York call for
Financial
3100
Structural steel lettings in the week totaled about
9,000 tons of steel.
15,000 tons, of which 10,000 tons is for the Main Street bridge, Cleveland,
Among pending jobs of nearly 12,000 tons are two of private character,
1,500 tons for
house for the Consumers Power Co. at Kalamazoo,
a power
Mich., and 1,500 tons for a manufacturing building for the Toledo Scale
Outstanding public projects are bridges in Oklahoma,
and a municipal auditorium in Little
requiring 1,250 tons,
Rock, Ark.,
Awards of reinforcing steel bars totaled nearly 6,000
calling for 1,000 tons.
tons, with 6,900 tons in the market for bids.
11993354665
this week, the immediate outlook is not promising.
further gain
Com¬
plete shutdowns of some plants are expected by mid-June or early July.
Great Britain is now overstocked with pig iron and semi-finished steel.
So many blast furnaces have
buy
may
been shut down that the British Government
large pig iron war reserve to take the surplus off the market.
a
buyers are holding off pending the renewal of the
Export
Steel Cartel and in
anticipation of lower prices.
"IRON
THE
j
May 10, 1938, 2.605e. a Lb.
One year ago
...
...
2.605c.I
.
Hioh
...2.605c.
IvOto
2.330c.
9
Mar.
Mar.
2
2.330c.
-
2.084c.
Mar. 10
Oct.
1
2.124c.
Jan.
8
2.199c.
1935
Dec. 28
2.130c.
1936
1934
the
Apr.
24
2.008c.
Jan.
in
was
the
One Week ago
1937,
...
and
Philadelphia,
Buffalo,
Valley
Southern Iron at Cincinnati.
23.25
23.25
-
High
*23.25
1937
16
18.84
Nov.
5
17.83
May
May
1
16.90
Jan.
[Based on No. 1 heavy, melting steel
quotations at Pittsburgh, Philadelphia
..*11.75
and Chicago
12.58
18.75.
One month ago
One year ago
High
1038
*14.00
1937
21.92
Low
*11.75
12.92
4
Jan.
Mar. 30
May
3
Nov. 16
17.75
Dec.
21
12.67
June
13.42
Dec.
10
10.33
Apr.
13.00
1934
Mar. 13
9.50
9
23
Sept.25
American
The
Iron
Steel
and
Institute
9
May
on
an¬
telegraphic reports which it has received in¬
dicated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 30.4% of
capacity for the week beginning May 9, compared with
30.7% one week ago, 32.7% one month ago, and 91.2%
one
year ago.
This represents a decrease of 0.3 point,
or 1.0% from the estimate for the week ended May 2, 1938.
Weekly indicated rates of steel operations since April 5,
1937, follows:
1937—
Apr.
19
1
48.6%
Feb.
Nov.
8
41.0%
Feb.
14
30.7%
31.0%
Nov. 15
Feb.
21
30.4%
Nov.
Feb.
28
Mar. 14
29.3%
29.9%
32.1%
Mar. 21
33.7%
Dec.
36.4%
22
31.0%
29
29.6%
6.....27.5%
13
27.4%
20
23.5%
Mar. 28
Dec
27
April
35.7%
32.6%
May 24
19
82.5%
26.....84.3%
91.3% Aug.
2
85.5%
92.3% Aug.
9
84.6%
91.0% Aug. 16. —.83.2%
91.2% Aug. 23
83.8%
90.0% Aug. 30
84.1%
91.0% Sept. 7
71.6%
May 31
77.4% Sept. 13
Apr. 26
May
3
May 10.
May
17
7
Sept. 27
Oct.
76.2%
76.6%
75.9%
June 28.....75.0%
July
5
67.3%
July 12
82.7%
4
Oct.
11
Oct.
18
Oct.
Nov.
Dec.
Dec.
80.4%
76.1%
74.4%
66.1%
63.6%
55.8%
52.1%
Sept. 20
June 14
June 21
June
1938—
1937
Nov.
90.3% July
12
Apr.
1937—
89.9% July
5
Apr.
25
7
7
Mar.
19.2%
4
April 11
18.
1938—
32.7%
32 4%
Jan.
3
25.6%
April
Jan.
10
April 25.....32.0%
May
2
30.7%
Jan.
17
Jan.
24
27.8%
29.8%
32.7%
Jan.
31
30 5%
30.4%
9
May
"Steel" of Cleveland, in its summary of the iron and steel
markets,
due
April
the
to
February,
since
Output
13,110,853
for
tons
four
month.
This
and
year,
months
the
for
1,470,211
with
this
Total
1933.
since
shorter
the
aggregated
period
same
of
decline of
a
production regained some of its lost
ground
last week with
50,755
the preceding week, but still below
23.
Last week General Motors made
23,285 cars, compared with 14,670 the week before ; Chrysler, 11,400 com¬
pared with 13,050; Ford, 11,885 compared with 15,785, and all others,
6,815 compared with 7,250.
53,385
the
compared
units,
with
60,563 units of the week of April
,
in
week
and steel
continues
prices
scrap
dropping
to
12c.
a
slower
rate,
the composite
Scrap weakness also caused the iron
to $38.52.
The finished steel
com¬
$61.70.
steady at
Steel ingot production for
about 31% of capacity,
at
but at
$11.59.
composite to move down 2c.
posite continues
the week ended May 9 is placed
according to the "Wall Street
of May 12.
This compares with 32^% in the
previous weeks.
The "Journal" further reported:
Journal"
two
S.
Steel is estimated at a shade under 30. against 31%
week before and 30two weeks ago.
with around
31%
Leading independents
compared with 33j^%
,
in the
credited
are
in the preceding week and 34%
two weeks ago.
the approximate
comparison of the percentage of production
of the previous
years,
together with
changes, in points, from the week immdeiately preceding:
u. s
Industry
1938
Steel
Independents
1936
Consumers show
no
and wherever
smaller
volume
brought
no
specifications than
indication of
Factors
in
automobiles,
March,
for
the
With April showing
in
first week
steel
found
for
the
in
unusual
an
model
new
from
this
public
the seasonal
last
pattern,
week
ability of
awarded
and
like
a
About
45,000
volume
of
naval
and
59
+2
28 ^
+ 1
39J4
+ 1H
46
+1
48
+ 1
45
+ 1
1930
76
72
—1
half.
be
will
an
The
from
This
various
to
volume
in the same
following
of
steel
Eastern
and placing
yards,
out
June
assures
investigate
can
&
Drydock
Co.,
Chester,
Continued
of
Pa.
promise
22
for
four
on
fair
a
total
tonnages
destroyers
5,550
freight
bought.
and
The
cars,
The orders
the steel
Erie
steelworks
dull
K
95^
H
+
—1
—
l
April Steel Output Below March Total
of open-hearth and Bessemer steel ingots
during April declined slightly from March, amounting to
1,925,166 gross tons, as against 2,012,406 gross tons in the
preceding month, according to a report released May 7
by the American Iron and Steel Institute.
In April, 1937,
production totaled 5,070,867 gross tons.
The decline in tonnage between March and April re¬
flected
principally one less working day in the month, as
weekly output in April of 448,757 gross tons
only slightly lower than March when weekly output was
the calculated
was
454,268
gross
tons.
As
compared with April, 1937, however, when an average
1,182,020 gross tons of ingots were produced per week,
the figure for last month represented a decline of 62%.
Steel operations in April were equivalent to 33.44% of
capacity, which compares with 33.85% in March and with
90.25% in April, 1937.
of
MONTHLY
PRODUCTION
OF
OPEN-HEARTH 'AND BESSEMER STEEL
1937, TO APRIL, 1938
(Calculations based on reports of companies
is
for
in
operations
conditions
which in 1936 made 98.26% of the
open-hearth and 100% of the Bessemer ingot production)
Calculated Monthly
Calculated
Number of
Weekly
Production
Weeks in
Production
Month
Period—
*Per Cent
of Capacity
{Gross Tons)
1938—
al,732,764
al,703,726
a29.15
■391.143
4.43
February
a31.74
a425,932
4.00
March
a2,012,406
a33.85
a454,268
4.43
a5,448,896
a31.58
a423,709
12.86
1,925,166
33.44
448,757
4.29
January
-
...
April
1937—
b4,718,436
b81.32
bl,065,110
4.43
February
b4,414,699
b84.27
b5.218.326
b89.94
bl.103,675
bl,177,952
4.00
March
bl4,351,461
b85.20
bl,115,977
12.86
b5,070,867
b5,151,909
b4,184,723
b90.25
bl, 182,020
4.29
b88.79
bl.162,959
4.43
b74.48
b975,460
4.29
bl4,407,499
b84.55
bl,107,417
13.01
b28,758,960
b84.88
bl,111,672
25.87
b4,556,304
b78.48
4.42
b4,877.826
b83.83
bl,030,838
b 1,101,089
b4,289,507
b76.30
b1,002,221
4.28
Third quarter.
bl3,723,637
b79.58
bl,045,212
13.13
Nine months
bl
First quarter
April
May
June
Second quarter
the
their
order
total
indicate
receded
for
this
one
week
4.43
in
since
July
....
August
■
September
4.43
b42,482,597
b83.09
,089,297
39.00
October
b3,392,924
b58.31
b765,897
4.43
November
b2,154,365
bl,473,021
b38.23
b502,183
4.29
b25,37
b333,263
4.42
b7,020,310
b40.68
b534,270
13.14
b49,502,907
b72.38
b949.423
52.14
well distributed
construction
market
three
About 15,000
the largest
were
during
and
a
will
tonnage of
point last
may
be
6ee
a
December
soon.
week
Fourth quarter
lower
Pittsburgh declined one point to 25%, Chicago one point
to 32.5%, Wheeling five points to
41%, and Cleveland four points to 28%.
Youngstown advanced one point to 30%, Cincinnati 10 points to 40%, and
New Ehgland three points to 30%.
At five centers the rate held unchanged
73
Confirmation
this month having the largest
cars were
sections
activity.
80
—2
the
of
fastenings, with the probability of 10,000 tons being bought
rate
—I
87
Production
January
orders.
builder at Tampa, Fla., makes
a
holds
opened
several mills.
national
31%.
level of
the
the
tonnage,
tapering,
is
equal number to be built in navy yards.
shapes will be required.
year.
89
—1
+2
t 1932 not available.
First six months
building
railway has awarded
a
to builders in
rails and
in
bought
activity
Shipbuilding
carriers to
cargo
navy
+
+
—1
80
First quarter.
to handle so large a contract.
Four ships
Shipbuilding & Drydock Co., Kearney, N. J.,
Sun
to
100^
H
97^
-
-
bidder
April, 1937, when 9,772
bought
felt
little
that
abeyance until the Commission
the Federal
plates and
than
implement
offers
half
tons of steel will be required for these eight.
Bids
Southern
more
than
more
is
700
80
H
—
+2
84 H
1929
1928
+2
the
and
placed.
now
of
field
structural
awarded
in
the low
to
submarines, with
tons
held
is
four
Impending
last
been
number
of award of
12
and this
48
34^
a
cargo ships on which the Maritime Commission opened
have
remaining four
were
the
Agricultural
Eight of the 12
bids
work
being somewhat
year
last year.
—2 X
1934
for
season
"pump-priming" effort of the government is problematical
time lag is likely to put this over for some time at best.
Aside
1
Tons
the
total
—2H
—1K
1933
has
May
private shipbuilding already placed, and the hope that government aid may
bring additional railroad purchasing.
How much effect may be felt from
period
45
93
73M
1931
an
specifications
41
H
+
31
XA
+2
—
Gross
upturn.
mid-year revival are
a
63
87
45
1935
tendency to buy for the future, covering only current
possible resorting to inventory.
of
—1
69
-
H
—
INGOTS—JANUARY,
Spring seasonal factors having failed to support the market in expected
a slightly downward movement is apparent in steel buying.
needs
30^
91
1937
May 9 stated:
on
—1 to
31
-
degree,
to
for
tons, compared
gross
1933.
compared with
57.2%.
tons,
lowest
output
since
1927
nounced that
of
monthly
27
Aug. 11
1938, $11.75 a Gross Ton
May 10,
the
the
March,
of
Steel Scrap
One week ago
_
under that
14
17.90
....
Nov. 24
slightly
partly
with the nearest corresponding week
Feb.
19.73
.
the
5.6%,
The following table gives a
Low
*20.25
18.73
9
Mar.
fell
1,388,008
of
April
any
Automobile
U.
[Based on average of basic Iron at Valley
*23.25^
furnace and foundry Irons at Chicago,
.
for
and
was
loss
a
smallest
5,609,414
Pig Iron
One year ago
March,
tons
1934,
April
in
production
2
May 10. 1938, *23.25 a Gross Ton
One month ago
December,
since
85% of the United States output.
,
1937
April
in
rate being 46,267 gross tons, which was 2.5% lower than
47,426-ton daily rate in March.
This was the lowest for any month
last
wire, rails, black pipe, sheets and hot
rolled Htrips. These products represent
production
daily average
Decline
/Based on steel bars, beatns. tank plates,
2.605c. j
2.605c. j
One week ago
Eastern Pennsylvania at 27.5%, Buffalo at 28%,
Birmingham at 66% and Detroit at 18%.
36.3%,
at
iron
1938
May 14,
previous week,
Louis
Pig
PRICES
COMPOSITE
AGE
International
,
Finished Steel
One month ago
St.
lowest
Although automobile production edged upward last week and may make
a
the
from
exhibition building at the New York World's Fair.
and 15,000 tons for an
Co., Toledo, Ohio.
Chronicle
Total
operated are calculated on weekly capacities
of 1,341,856 gross tons based on annual capacities as of Dec. 31, 1937, as follows:
Open-hearth and Bessemer ingots, 69,964,356 gross tons,
Note—The percentages of capacity
a
Revised,
b Adjusted.
Volume
Financial
146
3101
Chronicle
Current Events and Discussions
Commercial, industrial and agricultural loans declined $32,000,000 in
The Week with the Federal Reserve Banks
New York City, $19,000,000 in the Chicago district, and
During the week ended May 11 member bank reserve
balances increased $56,000,000.
Additions to member bank
reserves
arose
from decreases of $11,000,000 in money in
circulation and $68,000,000 in Treasury deposits with
Federal Reserve banks and increases of $10,000,000 in gold
stock and $2,000,000 in Treasury currency, offset in part
by increases of $19,000,000 in Treasury cash and $16,000,000 in non-member deposits and other Federal Reserve
accounts.
Excess reserves of member banks on May 11
were
estimated to be approximately $2,480,000,000, an
increase of
The statement in full for the week ended
May 11 will be
found
on pages 3134 and 3135.
Changes in the amount of Reserve bank credit outstand¬
.
ing and related items
were as
follows:
(+)
rO::V j' _'V
May 11, 1938
or
Decrease (—
SitlC€
'• 1
•*''
1,000,000
+38,000,000
Industrial
advances (not including
$13,000,000 commitm'ts—May 11)
+ 1,000,000
—7,000,000
—6,000,000
2,589,000,000
12,880,000,000
+ 10,000,000
+ 998,000,000
Treasury currency
2,695,000,000
+ 2,000,000
+ 150,000,000
Member bank reserve balances
7,560,000,000
—1,000,000
16,000,000
Other Reserve bank credit
United
Gold stock
Government
New York
district
New
York
City,
reporting
all
at
declined $70,000,000 in
City and $69,000,000 at all reporting member banks.
Demand
in
Chicago
the
$123,000,000 in New York City,
declined
deposits-adjusted
district
Cleveland
the
$14,000,000 in
and
outside New
district, and increased $38,000,000 in the New York district
district and $11,000,000 in the
York City, and $18,000,000 in the Boston
Minneapolis district, all reporting member banks showing a net decline of
Time deposits declined $13,000,000 in New
$148,000,000 for the week
City and
San Francisco district, all
$12,000,000 in the
increased
showing
banks
decrease of $4,000,000 for the
net
a
$14,000,000 in New York City and
Government deposits declined
banks.
Deposits credited to domestic banks increased $23,000,000 in the
Richmond districts, and $88,000,000 at all
York City and in the Boston and
reporting member
Deposits credited
banks.
to foreign
banks declined
Weekly reporting member banks reported
$9,000,000 in New York City.
borrowings
Chicago
$10,000,000 each in New
$11,000,000 in the Cleveland district,
district,
May 4i
on
+ 617,000,000
—9,000,000
—841,000,000
—68,000,000 +1,255,000,000
+56,000.000
of the principal assets and liabilities of the
reporting member banks/together with changes for the week
and year ended May 4, 1938, follows:
A summary
Increase
+ 19,000,000
.-v ;•••.
-
.
;•
!.
••
(—)
or Decrease
Since '' •
"
■
$
20,842,000,000
8,517,000.000
Assets—-
Loans and investments—total
(+)
..
May 4, 1938
.
+138,000,000
+ 16,000,000
632,000,000
;•
j,
Loans—total
Less than
in
$123,000,000
and
Holdings of "Other securities"
—11,000,000
Non-member deposits and other Fed¬
*
$77,000,000
increased
Chicago
the
in
banks.
increase of
Holdings of obligations fully guaranteed by the
+ 13,000,000
Money in circulation
6,396.000,000
Treasury cash
2,215.000,000
Treasury deposits with F. R. bank.. 1,361,000,000
eral Reserve accounts...
States
$17,000,000
member
no
Total Reserve bank credit
increased
obligations
direct
the Chicago district and $12,000,000 in the
$17,000,000 at all reporting member
—8,000,000
—4,000,000
2,564,000,000
Bills bought...
.
...
XJ. S. Government securities
Government
States
$14,000,000 for the week.
week.
May 12,1937
May 4,1938
8,000,000
United
reporting member
$
discounted
of
Cleveland district, all reporting member banks showing a net
York
Increase
Bills
Holdings
$21,000,000 in New York City and $11,000,000 in the Richmond district,
and declined $21,000,000 in
$36,000,000
$10,000,000 for the week.
$61,000,000 at all
reporting member banks.
April 27, 1938
May 5, 1937
$
$
—2,000,000 —1,398,000,000
—70,000,000 —1,016.000.000
..
.
Commercial, industrial and agri¬
8500,000.
cultural loans:
+15,000,000
—76,000,000
390,000,000
—3,000,000
646,000,000
—6,000,000
—695,000,000
593,000,000
+ 2,000,000
+1,000,000
+ 3,000.000
—7,000,000
—21.000,000
8,001,000,000
—3,000,000
—3,000,000
+14,000,000
—333,000,000
1,322,000,000
3,002,000,000
5,943,000,000
Cash in vault
361,000,000
Balances with domestic banks.--. 2,266,000,000
+123,000,000
—69,000,000
—117,000,000
—11,000,000
+10,000,000
+157,000,000
—206,000,000
+636,000 000
+24,000,000
+ 469,000,000
561,000,000
securities
Otherwise secured and unsec'd
Returns of Member Banks in New York
City and
Open market paper
securities.....
the
Below is the statement of the Board of Governors of
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
Reserve
ASSETS AND LIABILITIES OF WEEKLY REPORTING
CENTRAL RESERVE
IN
MEMBER BANKS
Other
for
loans
carrying
purchasing
or
securities..........
1,150,000,000
107,000,000
Real estate loans
Loans to banks
On
securities..
692,000,000
.......
813,000.000
Otherwise secured and unsec'd
U.
S. Govt, direct obligations
Obligations
1938
Assets—
May 4
Reserve with Fed. Res. banks
1938
$.8
,,
Loans and investments—total..
7,694
3,018
Loans—total.
industrial
Commercial,
agricultural
7,702
3,056
May 12 May 11
1937
1938
$
$
1,830
551
8,322
3,805
1,838
556
1,994
650
and
loans:
221
350]
22
423
143
144
159
21
348
22
468
515
1,133
27
28
42
206
207
284
65
66
118
118
130
12
12
2301
1,348
1,3451
Loans to brokers and dealers.
1,607
■
,
29
Other loaas for purchasing or
carrying securities
.....
Real estate loans
Loans to banks-....
—
92
..-..-
80
80
Other loans:
■
218
On securities
+
TjjQ.hH,Hies
Time
'' -'
-
::
:
■■
Otherwise secured & unsec'd
197
U. S. Gov't direct obligations...
3,076
2191
198/
3,060
....
....
3
-
21)
35/
58
412
21
3,027
35
869
873
banks.'
—.
116
293
771
28
192
51
95
296
599
31
158
64
Foreign banks
♦
—17,000,000
+335,000,000
6,720,000,000
328,000,000
+ 88,000,000
+ 496,000,000
—9,000,000
........
.........
—193,000,000
—38,000,000
Comparable figures not available.
People Back Expropriation of British and American
Oil Properties, President Cardenas Says—Mexican
Chamber and President Roosevelt Exchange Greet¬
953
116
294
798
—
29
198
52
Cash in vault
51
50
Balances with domestic banks.-
67
65
488
481
434
1,056
2,480
55
72
481
6,037
633
148
5,947
6,338
1,404
ings, Designed to Promote
704
53
464
116
1,376
464
116
2,353
277
2,359
287
653
7
654
7
568
6
19
19
21
244
244
236
Act
Seizure—Proposed
of
1,485
643
165
Other securities..
560
1,040
—
2,957
Reserve with Fed. Res. banks..
Other assets—net
Liabilities—
Demand
Time
541
1,045
2,926
United States Govt, deposits...
449
81
Inter-bank deposits:
Domestic
321
.
—
336
1,936
502
8
393
1,488
banks
V Foreign banks
1,487
1,476
Borrowings
Other liabilities—
Capital
account-..-..,
on
Reserve
As
Member Banks of the Federal
System for the Preceding Week
Returns of
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business May 4:
The
condition
statement
of weekly
reporting
member
banks in
101
principal changes for the week ended
May 4: A decrease of $61,000,000 in commercial, industrial and agricultural
loans, an increase of $123,000,000 in holdings of obligations fully guaranteed
by the United States Government, and a decrease of $69,000,000 in "Other
securities"; decreases of $117,000,000 in reserve balances with Federal
Reserve banks and of $148,000,000 in demand deposits-adjusted, and an
increase of $88,000,000 in deposits credited to domestic banks.
leading cities shows the following
Cordial Relations After
Payment
of Mexico, in
an
address in Mexico
supporting the government's
Mexican
expropriation of
properties.
Diplomatic ex¬
April 27, reiterated his assertions that the
people were
oil
and British
States
changes incident to the seizure
described
in
the
"Chronicle"
of American properties were
of April 9, page 2293.
On
April 23 the Department of State in Washington made
public an exchange of greetings between the Mexican Cham¬
ber of Deputies and President Roosevelt, indicating progress
toward the reestablishment of cordial relations since the
United
Complete
Cardenas
President
City,
United
*
deposits—adjusted
deposits
—899,000,000
+77,000,000
568,000,000
Borrowings..........-.....---.
Obligations fully guaranteed by
United States Government...
v'
—14S,000,000
—4,000,000
United States Government deposits
Domestic
•'
*'*<•'''
14,450,000,000
5,226,000,000
deposits—adjusted
deposits
14
228
Otherwise secured & unsec'd
paper
-
Demand
*
81
Oh securities.............
Open market
Chicago
May 4 May 12
1938
1937
$
$
♦
by
guaranteed
fully
Other securities
New York City
*
Other loans:
United States Government
CITIES
(In Millions of Dollars)
May 11
*
Loans to brokers and dealers in
Chicago—Brokers' Loans
Federal
*
*
3,565,000,000
On
the
recognized
States
right
of expropriation,
companies concerned be indemnified.
A
dispatch of April 23 to the New York "Herald
vided the
ton
quoted from these communications as
The
address
of
the Chamber of
pro¬
Washing¬
Tribune"
follows:
Deputies, dated April
18, expressed deep
President Roosevelt's attitude, and his restatement in his
speech Thursday [April 14] before the Pan-American Union of the United
States adherence to the principle of settling
international differences by
approval
of
peaceful negotiations.
Text
The
text
of
the message
of Mexican Message
of the Mexican Deputies
follows:
April 18, 1938.
His Excellency,
Franklin D. Roosevelt,
President of
the United States of
D. C.:
Washington,
North America,
,
„
„
,
■
,
of Mexico, through
with regard to the
economic liberation of the Indo-Spanish peoples and believe that the statement made
by you that "International differences of all kinds can be settled by peaceful nego¬
tiations" is a foundation for good relations between all the peoples of America.
World democracy has found in our President Cardenas and yourself its two most
vigorous representatives; those composing this Chamber set a historical precedent in
clasping your hand, and, in the name of the people of our own country, and that of
the American people, which now Joins the rest of the continent in interpreting laws
which will achieve happiness for all our peoples by the deepest sentiments of social
of Deputies of the 37th Congress
with deep approval your attitude
The members of the Chamber
the channels of Its bloc, see
Justice.
president of the Bloc,
DEPUTY
LEON GARCIA.
3102
Financial
Chronicle
President Roosevelt's Reply
To
loan
of
half-heartedly today to the floating of
77,000.000
the first
($35,000,000),
Australian
an
"new
money" loan since 1929.
City to deliver the following reply:
Underwriters
determination to solve our problems in a spirit of friendly
cooperation.
had
dealings in the
It is withjslncere appreciation that I have received your eloquent message on
behalf of the 37th Congress of Mexico, uniting with me In expressing the common
aspiration of the peoples of the New World for Justice and peace, and our common
new
discount,
It Le our
amount
to a
view of
satisfactory conclusion responsive alike to the desires and interests of
our respec¬
to
take
issue
about
up
the
on
66%
of the
offered and
amount
Stock Exchange started with
1-point
a
98, compared to the issue price of 99.
or
Market
present responsibility mutually to apply these principles of fairness and equity to
the tasks confronting us, and I am confident that thereby those tasks will be carried
tive citizens.'
May 14, 1938
investors responded
Australian
this, President Roosevelt directed the United States Charge d'Affaires
.Mexico
at
British
attributed the lukewarm reception of the issue to
men
the large
offered and the fact that the public lacks interest in securities in
uncertainty in world politics.
I
.
I have been moved by the gracious action of the Congress and I should be happy
to have you convey to your eminent colleagues my thanks and my personal good
s
yjojh^g.
-
1
i
'
:'
FRANKLIN D.
Free Grain Market and Continuance of Futures Trading
-
ROOSEVELT,
System of the
ITesldent of the United States.
Ambassador
Josephus Daniels, who
ding anniversary, expressed the hope today, after
Welles,
the people of
mated
fair
Under-Secretary of
and
State,
that
Commons
conference with Sumner
a
the spirit
of
cordiality
Justice W. F. A.
Turgeon, in liis report on grain and grain
marketing, presented on May 9, in the House of Commons,
which ani¬
Mexico and the United States would make possible "a
friendly solution"
of
properties of the American
oil
the
dispute
the
over
expropriation
of
recommended the continuance of the futures trading system
the Winnipeg Grain Exchange.
He also urged that vol¬
the
companies.
on
untary flexible wheat pools selling in line with world con¬
should be encouraged.
The report is the result of
According to United Press advices from Mexico City
yesterday (May 13) a hearing on a plea for an injunction
restraining the Government from expropriating foreign oil
interests was postponed by the Second District Court as
President
Cardenas offered
United
and
States
The
plea also involved
June
until
ditions
study and investigation extending over more than a year,
comprises 350 pages, embodying historical, statistical
and
and analytical
British oil
companies a plan for payment of their seized holdings.
part the United Press added:
contracts between the
companies and their employees.
It
was
Continuance
postponed
10
ten-year period.
He said that Mexico's economic salvation
he told foreign correspondents,
at present.
Futures
entirely out of the question
was
that
of
return
the
holdings—demanded
by
Great
markets
Britain—
with 60%
of the total
remaining 40%
would
be retained
for
domestic
re¬
Payments, he said, could be arranged after experts decided the amount
of the debt.
Press
extracts from aii
advices of April
address
27
the following
President Cardenas in Mexico
by
gave
City:
to operate
"The
public
:
for
of
was
the
no
basis
people
Kingdom
from
ciose
to
President
for
among
rumors
themselves
Japan had
are
manager
the
deal
of
for
offered
It
of
the peasants.
armed
ready
to
revolt,
declar¬
maintain
the
to
pay
cash
on
the
barrel
said, however, that Gustavo
the National Petroleum Export Co.,
fear
of
stirring
up
opposition
from
Roosevelt's
10,
before
the
given in
was
Governing
our
issue of
Increases
to
Original
Loan
of
Meet Heavy Oversubscription
total of
1,600,000,000.
The
over¬
subscription and it is reported to be the largest peace issue
subscribed for.
A Berlin dispatch of
May 7 to the New York
the
on
success
of the issue
Public subscription to the loan ceased last
Wednesday,
the loan
this
was
total,
as
follows:
following which
raised to 1,450,000,000 marks to absorb
oversubscription.
250,000,000 marks
and, according to
official
an
Of
subscribed by unrevealed institutions
were
announcement,
the second boost today was
made to comply with the "urgent wish" of these
institutions for additional
amounts of the loan.
;
What
these
nouncement
institutions
that
social
are
may
insurance
be inferred,
perhaps,
from
the
an¬
organizations
now
have the duty to
of their surpluses in governmental securities instead of
25%.
Despite the huge amounts thus subscribed, the
money market, which
is strictly controlled for the
government's special purposes, was again
extremely liquid today, and the demand for first-class investments remained
invest 50%
unsatisfied.
According to
all
the subscriptions from Australia also exceeded
press reports,
expectations.
Australia
Floats
£7,000,000
writers
The
This
Loan
in
London—Under¬
Obliged to Take 66%
floating of
000,000)
is
on
an Australian loan of £7,000,000 ($35,the London market was announced on May 3.
the first
time
"new money."
since
1929
that Australia is
seeking
The loan which includes £2,000,000 to be
spent in Britain for defense and £5,000,000 for redeeming
Treasury bills held by the Commonwealth Bank in London,
bears interest at the rate of 3 %
% and will be redeemable
1952-56.
According to London advices of May 6 the loan
was received
poorly and it was estimated that underwriters
had to take up about 66% of the amount offered.
The issu¬
ing price of the loan was 99.
Regarding the subscription
to the
offering
we
Press advices of
take the following from London Associated
May 6:
pools,
selling
Board should
line
in
be
with
continued
world
report
receive
share
proper
have
London
of
market,
overseas
representative
on
a
on
by
"The
eom-
buyers in United
but
prices
"Globe
Mail"
and
of
the
Grain
appointment
Grain
of
Exchange
of
drew
May 10
to obtain
conditions prejudicial
also
is
officer,
an
Commissioners.
For
also
recommended,
the
the public
is
also
in
made
basis
in
the
1930,
free and
that
the
event
of
Canadian
another
Commissioner
open
practicability of
a
Wheat
Board
the
Commissioner
its
such
while
recom¬
be
maintained
as
struck
desirability
of
the
main¬
market.
compulsory
for
a
Board
compulsory government Board.
will
not
stand
analysis either
domestic! conditions,"
wrote.
stress
and
the
of
and be required
interest.
emergency
emphasizes
to
qualified,
protection
full information
to
supervision of the Winnipeg Exchange is urged, and
a
criticism
we
technically
from the point of view of overseas markets nor that of
the
grain
I
have authority
any
skeleton
taining
reasonable
with
investigate
to
better
producers
gave
of the Winnipeg
Board
mendation
country
wheat
,■
Toronto
public he would
to
conditions,
because World
buyers.
out
the
is
placed
dependence
upon
upon
the
good
future
of
the
wheat
sales policy and
the
industry
growing of
in
a
good product.
Member
made in order it is stated to meet the
"Times" commented
Grain
of
Total of 1,600,000,000
Hjalmar Schacht, President of the Reichsbank, an¬
nounced on May 7 that the latest German
public loan,
originally placed at 1,000,000,000 marks and increased to
1,450,(XX),000 marks on May 5, was raised still further by
a
Board
practical;
following:
carried
Dr.
150,000,000 marks to make
by
Marketing Board not
The report condemns any suggestion
address
1,000,000,000 Marks Twice
were
wheat
operations
the
Particular
Government
increases
recom¬
;
the
Canada
German
Exchange
,
Supervision
be
2464.
page
Wheat
Wheat
should
overseas
under
was
Board of the Pan-American Union
to
should
From
Mexican and United States labor.
April
pro¬
/.
While
said
sources
Mireles, general
hesitant
Winnipeg
supervised
Canadian marketing methods must be made acceptable to
the
incompetence
$3,000,000 worth of gasoline.
Espinosa
was
in
be
uncertain;
plaints;
peace."
Government
head
there
and
confidence
ability of the petroleum
industry and said the reduction in agricultural
result
a
said
army
his
the oil
not
was
He likewise
ing:
flexible
Dominion
take
President reasserted
production
to
system
outstanding
given in the Montreal
encouraged;
McFarland
Associated
workers
trading
The
as
selling policy;
quirements.
The
table.
Winnipeg should
at
Canadian
Canada
Cardenas offered to pay the expropriation debt
The
be
Present
annual production over the ten-year period provided in the national
expro¬
law.
trading
Voluntary
should
would not be granted.
priation
futures
of
Compulsory government
Payment
1
and
the
Commissioners;
rests on the
The President emphasized that seizure of the foreign oil
properties must
stand
to
mended;
payment of its obligations in sub-soil products and not in cash.
in cash,
field
posals in Justice Turgeon's report,
"Gazette" of May 10, were:
Cardenas proposed to pay the petroleum expropriation debt in oil over
a
material about wheat, its growth and move¬
the
from
ment
In
injunction setting aside the termination of
an
Winnipeg Grain Exchange Recom¬
by Justice'Turgeon in Report to House of
mended
here to celebrate his fiftieth wed¬
is
Trading on New York Stock and New York
Exchanges During Week Ended April 16
Curb
An increase
during the week ended April 16 in trading in
Exchange for the account of
all members, except odd-lot dealers, in relation to total
trading, was made known by the Securities and Exchange
Commission yesterday (May 13).
During the same week,
however, the percentage of trading by members of the New
York Curb Exchange for their own account to total trans¬
actions was below the previous week ended April 9.
The
week ended April 16 included one holiday, Good
Friday
(April 15), when the Exchanges were closed.
During the week ended April 16, according to the SEC,
the total round-lot volume of trading for the account of
members of the Stock Exchange was 2,071,519 shares,
which was 21.64% of total transactions on the Exchange of
4,786,840 shares. In the preceding week ended April 9 the
Stock Exchange members' transactions of 1,942,180 shares
was
20.14% of total trading of 4,822,400 shares.
On the
Curb Exchange, member trading for their own account
during the week ended April 16 was 231,490 shares, or
17.97% of total trading of 644,160 shares; this compares with
a
percentage during the previous week of 19.51%, member
trading during that week having amounted to 299,110 shares
stocks
on
the New York Stock
and total volume to 766,715 shares.
The data issued by the SEC is
in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936 on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer." The figures for the
week ended April 9 were given in the "Chronicle" of
May 7,
page 2936.
The Commission, in making available the
data for the week ended April 16, said:
The figures given for total round-lot volume in the
York
Stock Exchange
and the
volume of all round-lot sales
effected
on
those
tinguished from the volume reported by the ticker.
volume for
the
week
4,786,840 shares,
On
the
New
was
York
ended April
8.7%
Curb
table for the New
New York Curb Exchange represent the
of stock
exchanges
as
dis¬
The total round-lot
16 on the New York Stock Exchange,
larger than the volume reported
Exchange,
on
the ticker.
total round-lot volume in the
same
Volume
Financial
146
week7644,160 shares exceeded by 7.1%
the ticker volume (exclusive of
;/■:'.X.
I The data published are based upon reports filed with the New York
Stock Exchange and the New York Curb Exchange by their respective
V;'v
rights and warrants).
These reports are
members.
Stock
.
No.
i.,
38
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer, as well as those of the specialist.
The number of reports in the
various classifications may total more
Totals
Week Ended April 16,
than
Initiated
Cent
Week
4,786,840
effected on the Exchange
12,418,260
$335,333,004
43,686,626
1,761,068,984
40.31
324
56,104,886
$2,096,401,988
$37.36
f$95.08
Totals—
54
$660,548,185
$628,073,359
339
4,424,061,172
3,462,565,001
f78.26
393
$5,084,609,357
$4,090,638,360
f$80.45
1,125
745,981,856 $10,035,115,672
*$13.45
747,140,258
10,447,518,333
*13.98
31, 1938
1,125
1,123
744,101,064
8,399,747,953
11.28
1,120
708,388,141
9,335,307,623
13.17
.
......
31, 1938...
Jan,
Jan.
31, 1938
7.52
floor—Bought.—...—
170,035
.........
*
202,054
Sold
Total
in
stocks
In
which
—
10.23
979,860
Total.
of members, except transactions
of odd-lot dealers in stocks in which registered—Bought..
Total round-lot transactions
1,020,895
1,050,624
Sold
dealers in stocks in which
lots—Bought
240,480
.....
Sold
130,160
-
(including odd-lot transactions
In odd-lots
Bought
932,136
-
-
CURB
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
OF MEMBERS *
Week Ended April 16.
transactions
Round-lot
ALL
IN
STOCKS
Exchange..—
specialists in stocks in which registered:
1. Initiated on the floor—Bought
Shares
v
floor—Bought
Cent a
Preferred
—
2.89
37,265
transactions of specialists In stocks in
registered—Bought—....
Sold
which
—
—
—
—
6% preferred....
Barker Bros., 514%
85,450
Belding Heminway
-
— —
Works, common (v. t.)
preferred.
transactions for accounts
i. .>>
Sold
231,490
Odd-lot transactions
of specialists in stocks in
Bought
-—
which registered:
—-
—
Sold -U.
Total
1,470
303,678
53,500
54,400
56,011
"members"
.
Duplan Silk Corp.,
91,453
includes all exchange members, their firms and their
including special partners.
a Percentage
of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions Is compared with
twice the total exchange volume for the reason that the total of memoers' trans
actions includes both purchases and sales while the total exchange volume Includes
preferred.
I
'
General Motors Corp., common....
—
......
— . — - —
Utilities Corp., $6 preferred
5% preferred.
II. L. Grenn Co., Inc., common
Household Finance Corp., common..........
International Mining Corp., common
International Paper & Power Co., common...,
5% preferred.
—........
International Salt Co., common
...— , —
April 30 Totaled $9,335,307,623,
$8,399,747,953 at End of March
New York
Compared with
Curb Exchange on May 4
monthly tabulation which shows by classifications, the
number of issues, the amount of securities outstanding, and
the total market value thereof of securities on the Exchange
as of April 30,
1938. For comparative purposes the tabu¬
lation also indicates the monthly totals of all stocks and all
bonds and market value thereof beginning with Jan. 31,
1938. With the issuance of the monthly tabulation the Curb
Exchange said:
usual
PAll stocks on the Exchange had a
market value at April 30, of $9,335,-
$8,399,747,953 as at March 31, 1938. The average
price of each share is $13.17, compared to $11.28 per share as at the end of
March, an increase of $1.89 in average price per share.
The total value
of all bonds was $4,090,638,360 or $80.45 per $100 par value at April 30, as
307,623, as against
22,749
3,527
3,327
.
656
1,420
None
500
300
2,000
831,045
•
850
400
1,271
3,000
700
None
4,693
579,815
None
2,700
1,275
1.000
2,505
473
37,000
485
38,100
4,226
4,114
—
Jewel Tea Co., Inc., common..
released the
733
17,148
.
Smelting Co., preferred..
;
Federal Water Service Corp., class A common—.......
Federated Department Stores, Inc., 4J^% preferred
Fiorsheim Shoe Co., class A common
Foster Wheeler Corp., $7 preferred....
Gannett Co., Inc., $6 preferred.
Federal Mining &
32,360
None
_
3
32,340
.
W. T. Grant Co.,
Curb Exchange Issues Monthly Report on
Market Value of Listed Securities—Value of Stocks
None
.
General Realty &
York
1,498
6,576
4
......
.....
- ... ..—.
——
798
6,287
...
Eitingon-Schild Co., Inc., common
Electric Auto-Lite Co., common
Gabriel Co., class A.
only sales.
56.000
.
Co., Inc., capital...
Douglas Aircraft
-
term
The
None
.303.668
Co., capital..
Detroit Edison Co., common
partners,
New
139
12,222
.
Davega Stores Corp., 6% preferred..—
Delaware <fe Hudson Co., capital...
43,601
2,700
20
Co., common
Alkman Corp., 5% preferred
47,852
1,180
6,532
17,416
None
Continental Diamond Fibre
17.97
6,000
12,414
Continental Oil Co., common
Total
17,377
—
7% preferred
Consolidated Oil Corp., common
116,200
115,290
267
742,555
14,916
Century Ribbon Mills, Inc.,
Collins <fc
of all members:
Bought
8
535
1,086
Clark Equipment
Total round-lot
None
32,643
6,032
Co., common.....
Celotex Corp., common
13.10
8,185
..742,463
7,559
Bristol-Myers Co.. common
83,250
168,700
Total
9,961
11
-
Baldwin Locomotive
12
62,000
74
Ry, Co., common
Atlas Corp., common
Total.
200
None
None
60,500
2,415
6,285
3,000
10
32,642
.
Alcohol Corp., common
American-Hawaiian Steamship Co., common
American Water Works
Electric Co., common
American Woolen Co., 7% preferred
Anchor Hocking Glass Corp., common
Armour & Co. of Illinois, common
American Commercial
Atchison Topeka & Santa Fe
2,743
5,100
1,603
5,000
l,o03
Co., common
Agricultural Chemical Co., common
Alpha Portland Cement
American Cnicle Co., common
1.98
Report
2,143
5% preferred
Allied Stores Corp.,
American
644,160
17,950
19,315
—...——-
Sold
Per Latest
Reported
Atlantic Refining Co., common
2. Initiated off the
•The
rer
25,525
Total
x
previous list was given in these columns of April 16, page
The following is the list made available by the Stock
Exchange on May 12:
Shares
Previously
12,800
12,725
Sold
Round-lot
monthly list of companies listed on the New York
reporting changes in the reacquired holdings
of their own stock was issued by the Exchange on May 12.
The
Company—
except transactions of
of members,
Stock Reacquired
York Stock and
York Curb Exchanges
(SHARES)
1938
Week
round-lot sales effected on the
securities not necessarily
2457.
Total for
Total volume of
Includes warrants and debenture
b Includes
A
1,747,991
YORK
80.45
Stock Exchange
Total
NEW
3.87
of specialists):
.....—815,855
—
Sold
.......
Revised.
New
370,640
Total
2.
4,090,638,360
Changes in Amount of Their Own
by Companies Listed on New
registered:
1. In round
75.80
5,084,609,357
21.64
2,071.519
Total
Transactions for account of odd-lot
80.97
3,856,561,998
dividends or assets, or both, rank
489,830
490,030
—
Sold—
$79.97
4,149,560,132
5.087,310,157
393
.......
rights.
designated as "preferred" but which as to
prior to junior securities.
c Represents as to listed securities, amounts actually outstanding as at dates of
above tables. As to unlisted securities, the amounts outstanding are as per the latest
report issued prior to the date of each period indicated in the above tables.
d Based on last sale price on last trading day of each period, or in absence of a
sale on such day, the mean of the closing bid and asked price on such day. In some
Instances, in the absence of both sale and asked price on the last trading day in each
period, the closing bid price was used in computing market values.
e Average price found by dividing the total market value by the total shares of
stock or principal amount of bonds outstanding,
f Expressed in dollars per $100 of par value,
a
3.89
372,089
-
$4,163,134,843
5,124,613,832
393
,
—
Mar. 31. 1938
$5,205,858,132
395
397
-
Feb. 28, 1938
Apr; 30. 1938
specialists
......
—». ..
Unlisted
All Bonds—
361,030
Total.
of
$27.00
119
205
Mar.
719,670
transactions
registered—Bought
$11.09
isw.
Feb. 28, 1938...——
of
Round-lot
$7,238,905,635
All Stocks—
a
358,540
2. Initiated off the
14.42
652,283,255
Unlisted..........-.,.—.
Totals.. ...........
Per
Total for
Sold.
-
.
.
1938
the floor—-Bought
on
... ...... .
Apr. 30, 1938
(SHARES)
members except transactions of
specialists and odd-lot dealers in stocks in which registered:
1.
$4.83
6,143,025,317
Bonds—
,
Total volume of round-lot sales
.
Listed
,"
transactions
e
$1,095,880,318
Preferred Stocks b—-
classification.
FOR ACCOUNT OF MEMBERS *
Round-lot
Price
226,421,671
425,861,684
389
.....
-Listed;
EXCHANGE—TRANSACTIONS IN ALL STOCKS
STOCK
YORK
Average
because, at times, a single report may
of reports received
entries in more than one
NEW
Outstanding c
796
Unlisted—.
Exchange the round-lot transactions of specialists
in which registered" are not strictly comparable with data similarly
number
Total Market
Value d
;
Amount
of
Issues
638
266
*Noto—On the New York Curb
carry
*
-
407
Listed...
82
510
.........
.......
Reports showing no transactions
the
Y'':
.
275
t
Initiated on floor
Initiated off floor....
stocks
OF
1938
Common Stocks a—
I Other than as specialists:
"in
MARKET VALUE OF SECURITIES AS
104
....
f
by the New York Curb Exchange
APRIL 30.
850
206
Reports showing transactions:
specialists*
$100 par
May 4 follows:
■■
1,083
Number of reports received
i
The tabulation released
on
per
l938.|g
Exchange
York
New
As
value of bonds at March 31,'
NEW YORK CURB EXCHANGE
New York
Curb
market^value, and $75.80
compared with S3,856,561,998 total
classified as follows:
Exchange
3103
Chronicle
Julius Kayser
& Co., common..
.——
McCall Corp., common
Mead Corp., $5.50
preferred.
$6 preferred
Murray Corp. of
4,703
91,420
91,120
1.600
-
—
6,617
6,273
4,704
2,400
700
200
...
1,309
1,089
common—39,837
-
America,
National Department
Omnibus Corp., common
(v. t.).
——
—
:
.-----—--..---—-—-—
— — —
—- — — — — -
3,600
672
None
Pathe Film Corp., common.
Virginia Railway Co., capital
Plymouth Oil Co., common
—
Public Service Corp. of New Jersey, $5 preferred
Remington Rand, Inc.. $4.50 preferred
Republic Steel Corp., common....
—
6% preferred
:—— — ——— ————
31,750
21
8,800
—
& Manufacturing Co., common..
Panhandle Producing & Refining Co., 8% preferred
Outboard, Marine
Pittsburgh & West
556
Stores Corp., common
6% preferred.....-...---—National Tea Co., common
8% preferred..—
19,837
_
27,100
1,128
35,941
1,216
17
9,451
42,950
2,253
9,100
4.001
704
3,722
2,649
30,000
985
20,347
240,161
None
3104
Financial
Shares
Chronicle
Shares
May
Value
Market
of
Previously Per Latest
Xante—
lleported
Safeway Stores, Inc., 5% preferred
6% preferred—
711
1,417 '
.
—
--'1,434.
7% preferred
3,014
W. A. Sheaffer J'en Co., common
2,770
Sirnonds Saw & Steel Co., common...None
Standard Oil Co. (Indiana;, capital..*.
2,820
80,635
80,641
1,003
38,200
12,360
—
-....
—
...
—
$5 preferred--...-.*-—
United Stores Corp., $6 preferred..
——
4,805
3,100
....
Vadsco Sales Corp., preferred
Cominon
•
—
None
—
1,254 stock issues aggregating 1,427,320,146 shares, listed
the Exchange April 1, with a total market value of
$31,858,461,871, and with 1,232 stock issues aggregating 1,386,653,884 shares with a total market value of $57,962,789,210
on
94,075
•.*.*
13
■■
.
-----
Wheeling Steel Corp., 6% preferred.....
S. S.
584
728
2,615
2,655
38,088
40,533
11
15
...
White Dental Manufacturing Co., capital
—.—.
Wrn, Wrigiey Jr. Co., common
Yellow Truck & Coach Manufacturing Co., class B
*
Including Indirect holdings of Its own stock through
The
New
York
May 1, 1937.
Exchange said:
As of
Curb
Exchange announced on May 12
that the following fully listed companies have
reported
changes in the amount of reacquired stock held:
Shares
Aero Supply Manufacturing
Co., Inc., class A....
400
9
Air Investors,
Inc., conv. pref.
American Cities Power & Light
Conv. A opt. dlv. ser-.
12
4,200
650
None
A opt. dlv. ser. 1936
ser.
pref—
3,300
100
Common
Aviation & Transportation Corp., capital-....
Common
Edison Bros. Stores, Inc., common
5,250
300
2,110
None
2,255
8116,000
Common
24,213 71-100
Lane Bryant, Inc., 7% pref
650
Lion Oil Refining Co., conv. 4^s, 1952.None
-----
A warrants....
4,400
B warrants
Prudential Investors, Inc., 86 pref
Root Petroleum Co., 31.20 conv. pref
84 21-24
282 8-24
None
215
221
17,200
1
9
5,157
420
...
—
Common
Steroid Bros. Stores, Inc., 6% 1st pref
2,148
2,462
5% 2d preferred...
Stroock (S.) & Co., Inc., capital—
7H % preferred,
b Series A preferred,
c
24,360,971
4.82
21.92
19.12
1,471,177,605
23.37
4,346,532,002
171,936,974
13.24
1,742,360,344
997,371,278
2; 792,089,641
21.86
1,199,665.295
1,273.175,790
3,774,737,886
240,373,994
1,596,601,987
2,307,290,224
1,535,066,198
150,090,547
1.606.236,229
10.27
878,894,998
9.05
74.39
66.20
113,383,842
10.50
2.40
15.32
24.94
Ry.
2,473,949,198
20.90
oper. &
holding co.'s & eqpt. mfrs.
Steel, iron and coke...—....
1,696,504,293
...
294,643,402
12.81
Business and office equipment
Shipping services_.*
Ship operating and building
206,507,507
26.06
6,301,973
3.01
7.74
20,838,396
72,776,320
136.490.261
1,236,535,316
18,684,397
426,467,111
887,118,541
Stock
Exchange
Trading Data
At
the
request
on
of
23,431,908
85,362,304
14.41
153,022,628
22.40
1,344,747,321
20.995,944
47.94
532,727,072
16.40
1,019,729,193
24.80
Miscellaneous businesses
U. S. companies operating abroad
Foreign companies (lncl. Cuba & Can.)
All
ILsted stocks
We
35.864.767,775
give below
requesting data
the
on
11.55
20.15
9.57
9.40
23.73
6.88
12.29
19.97
44.09
SEC
and
on
25.15 31,858,461.871
11.13
13.21
21.47
22.32
Average
Market
Value
Average
Price
Value
311 148-160
Price
1
$47,774,402,524
$35.74
$57,323,818,936
54,882,327,205
59,393,594,170
56,623,913,315
49,034,032,639
*44,669,978,318
40,716,032,190
$41.27
1936—
1937—
May
June
1
d Series B preferred
July
Aug.
1
49,998,732,557
50,912,398,322
1
54,066,925.315
1
54.532,083,004
June
1
37.35
July
1
38.00
Aug.
1
40.30
Sept.
1
Request
for
40.56
Oct.
1
1
—
55,105,218,329
40.88
Nov.
1
Nov.
1
——
58,507,236,527
43.36
Dec.
Exchange
1
Dec.
on
1-
60,019,557.197
44.26
Jan.
—.
1—..
59,878,127,946
61,911,871,699
62,617.741,160
62,467.777,302
57,962.789.210
44.02
Feb.
1
38,869,140,625
39,242.676,837
45.30
Mar.
1
41,172,861.535
45.46
Apr.
1
47.26
May
1
1937—
Com¬
May 7 sent to
the Exchange forms
—
Jan.
1
Feb.
1
Mar.
1
Apr.
1
May
1
—..
39.21
42.30
40.51
35.07
*31,77
28.92
1938—
27.53
27.59
28.94
31,858,461.871
——
22.32
35,864.767.775
25.15
41.80
Revised.
trading in 20 representative stocks for
period Marcli 21 to April 2.
The information requested
positions existing at the opening and close of
the period and a report of each transaction made for
the
includes
the
account
of
member
firm,
individual
an
or
member, a general partner of
for the account of the firm itself.
The stocks for which this information is
American Can Co
Atchison Topeka &
....
Santa Fe Ry. Co.
Case
(J. I.) Co
Chrysler Corp
Douglas Aircraft Co., Inc
General Motors Corp
Loew's, Inc...
^......
Montgomery Ward & Co., Inc
York Central
RR. Co
Radio Corp. of America
Standard Oil Co. (New Jersey)
U.
...
......
—...
—
L.
Fisher,
Secretary
circular issued to members says.
The Committee
Common stock
Common stock
(JMP)
(LW)
(M)
....
S. Steel Corp
Western Union Telegraph Co
Westinghouse Electric & Mfg. Co....
Youngstown Sheet & Tube Co
Robert
Common stock
Common stock
(GM)
HIl)
(IP Pr)
International Harvester Co
a
are:
(AC)
(All)
(T)
(SF)
(CTM)
(DOU)
...
International Paper & Power Co
Johns-Manville Corp
New
requested
(C)
American Smelting & Refining Co
American Tel. & Tel. Co
tion
30.93
Market
64,134
68,067
mission, the New York Stock Exchange
registered
13.55
19.49
two-year compilation of the total market
value and the average price of stocks listed on the
Exchange:
20 Common and Capital Stocks
its members and to firms
19.64
21.71
a
6,085
5% preferred,
Securities
12.51
dl,123H
5,505
Transmits
the
19.45
5,033,713
Oct.
Y.
34.18
2,484,719,151
103,284,943
215,979,182
269,967,727
Sept.
N.
22.62
271,825,426
1,834,227.932
b2,996
311 139-160
....
a
11.98
5.84
1,385,684,088
.....
9,600
Ja2,996
\cl,123^
United Profit-Sharing Corp., common
Wentworth Manufacturing Co., conv. pref
Weyenberg Shoe Manufacturing Co., common...*.
24.62
39.73
572
8.400
Ulen & Co
215,809.057
750
4,667
...
14.27
25.08
Land and realty.............
Machinery and metals
Mining (excluding iron).
.___*...
2,865
None
.
Standard Steel Spring Co., common
Stein (A.) & Co., 6H % preferred
43.16
17.69
2,267,654,491
260.803.183
533,434,292
257,613,521
29,460,364
....
44.93
17,300
2,840
...
Sonotone Corp., common
28.64
27.90
579,563,032
Amusements
Garments
4,614
...........
Rustless Iron & Steel Corp., common
Seeman Brothers,line,, common.
........—
To baeco
69,883
700
303,343,273
.
Rubber and tires.
Leather and boots
2,712 4-5
4,604
28.53
21.34
33.02
Aviation
256^
None
3,975,805,989
376,388,161
1,100,975,385
454,123,474
1,274,279,448
2,522,726,007
Miscellaneous utilities
9,156
Oilstocks, Limited, capital..
2,307
Paramount Motors Corp., common...66,334
48.89
4,360,284,379
......
Communications (cable, tel. & radio).
15,678
None
:*.***.**..***.*—.—
13.43
...
Electrical equipment manufacturing..
Foods..
Gas and electric (holding)
23,736
200
Chemicals
Gas and electric (operating).
None
8,956
199 2-6
16.93
699,712,597
Textiles
194
5,100
1,963,489,539
Paper and publishing
813,000
22,536
$
19.06
15.30
Retail merchandising.....
$13,200
24,174 46-100
3,065
5% first preferred
$
Petroleum.—
851,000
None
7% preferred
Price
$
797,209,730
Farm machinery.
1,510
Hygrade Food Products Corp., conv. 6s A, 1949—388,000
Conv. 6s B, 1949.
87,100
Value
2,211,652,572
Financial
Building*.
70,867 65-100
5,050
100
None
Heller (Walter E.) & Co., 4s, 1946, w. w.._
Autos and accessories
359 62-75
11,991 6-10
1,114
2,765
2,775
Aver.
Price
8
2,775
11,791 6-10
April 1, 1938
Market
Value
1,800
56
— —
Louisiana Land & Exploration Co., capital
Michigan Gas & Oil Corp., common....
Navarro Oil Co., common
Niagara Hudson Power Corp., common...-..-...
and
Aver.
1,665
None
.
May 1, 1938
None
8,565 65-100
*.*
value
33,477 5-20
Derby Oil & Refining Corp., A conv. pref...—__ 31,151
....
market
Market
4,027
•
Cooper-Bessemer Corp., $3 prior preferred
*--None
Crown Central Petroleum Corp., common........
352 32-75
Crown Drug Co., 7% preferred...—200
Common..........-....-.—
aggregate
660
53,171 1-20
277
-.
the
3,800
3,927
—
Electographic Corp., common...........-.-Equity Corp., 83 conv. pref———
General Water, Gas & Electric Co., $3 pref.......
Gilbert (The A. C.) Co., preferred
Helena Rubinstein, Inc., common..
groups with
price for each:
2,403
33
Electric Shareholdings Corp., 36 conv. pref..
average
None
2,063
...
borrowings to the market
1.64%.
by leading
146,650 78-100
None
Blue Itidge
Commonwealths Distribution, Inc., capital
Consolidated Iietail Stores, Inc., common
.
April 1, 1938, New York Stock Exchange member
borrowings on collateral amounted to $521,116,919.
industrial
4,952 5-10
13,300
Bickfords, Inc., preferred.
Corp., $3 conv. preferred..
Brlilo Manufacturing Co., Inc., class A
Carman & Co., Inc., class A.*-.-—-—--.—
The
of all listed
value of all listed xtock, on that date, was therefore
In the following table listed stocks are classified
150
3,752 5-10
146,643 71-100
-—*—
——
borrowings to the market value
therefore
The ratio of these member total
None
None
American General Corp., $2.50 div. ser. pref.—.
$2 div.
As of
total net
Corp.—•
——
was
1.30%
Member borrowings are not
down to separate those only on listed share collateral
from those
other collateral; thus these ratios usually will exceed the
true relationship
between borrowings on all listed shares and their market
values.
600
Agfa Ansco Corp., common
this date,
on
bor¬
net
collateral amounted to $466,766,529.
broken
Report
.
May 4 the Stock
on
per Latest
Reported
stocks,
Shares
Previously
V:
...
Xante—
on
of these member total
ratio
announcement of
May 1, 1938, New York Stock Exchange member total
rowings in New York City
50% owned company.
a
In its
on
4,177
-
Stock
May 1, 1938, there were 1,257 stock issuesjaggregating 1,425,976,429 shares listed on the New York Stock
Exchange, with a total market value of $35,864,767,775.
the Exchange announced on May 4.
This compares with
38
15,439
..—...
998
Tranaamerlca Corp., capital-....
--.*--*--..-———...
32,800
United Engineering & Foundry Co., common—...,—14,020
United Gas Improvement Co., common..........—
.....
2,664
Tide Water Associated Oil Co., common
1938
14,
York
As of
3,000
36
New
on
Stocks
3,067
16,239
Sweets Co, of America, Inc., capital.*...............*......
Swift & Co., capital...-...-...--.-....----.-.-----
Stocks
Exchange May 1 $35,863,767,775, as Compared with
$31,858,461,871 April 1—Classification of Listed
Report
701
——
—
Listed
Common stock
Common stock
Preferred stock
Common stock
Common stock
Common stock
(CN)
(RCA)
(J)
(X)
(W)
(WX)
(YB)
of
Capital stock
Common stock
Common stock
the
Capital stock
Capital stock
Balancing Budget and Maintaining Sound Economic
and Monetary Policies Most Effective
Way Toward
Recovery Says The First National Bank of Boston
The
First National
Bank of
Boston in its current New
England "Letter" says that "based upon the experience of
150 years of our own economic
history as well as the results
achieved by other countries that have made the best
showing
during the past few years, the most effective way toward
recovery is through balancing the budget and
sound
maintaining
economic
and
policies that inspire con¬
country," says the bank, "continued
emphasis has been placed upon large public expenditures as
a means of
restoring purchasing power and of bringing about
recovery.
Under such a policy we have spent about
17,000,000,000 on recovery and relief since 1933 and w^e are now
fidence."
"In
monetary
this
considering embarking
Capital stock
Common stock
most of the
years
upon
a
newr
spending-lending
pro¬
gram
Common stock
Common stock
Common stock
of another $5,000,000,000.
Accordingly, wre find that
Great Britain and Sweden, with balanced
budgets
throughout
since 1929, have made the
gains while the United States and
Exchange,
in
the
Business Conduct requests that the
desired informa¬
be reported to it on forms provided for the
purpose, not later, than
have
trailed far
most
satisfactory
France, with hugh deficits,
behind."
In conclusion the bank said:
on
Saturday, May 21.
Based upon the above analysis, it would
appear that the requisite for
covery are that
an
re¬
we maintain sound monetary and financial
policies, provide
incentive for business to make reasonable
profits, and make it possible
Volume
Financial
146
Recent de¬
encouraging and
should be followed by the modification of other laws that are hampering
recovery.
Serious attempts should be made to clear the atmosphere of
misunderstanding.
All interests—capital, labor, government and the
general public—should work harmoniously in a common battle against the
that consumers can afford.
for goods to be produced at prices
velopments in Washington in regard to tax measures are
If this is done, business will move forward.
depression.
Market Value
Bonds Listed
of
New York Stock
on
Exchange May 1 Above April 1
following announcement showing the total market
on the New York Stock Exchange as of
The
value of listed bonds
May 1
As of
issued by the Exchange on May 6:
was
May 1. 1938, there were 1,373 bond issues aggregating
3105
Chronicle
$48,279,224,-
New York.
However,
exchange.
The report for April 30 was
by the New York Federal Reserve Bank:
April 30, 1938
Federal Reserve District
March 31, 1938 April 30, 1937
On April
3. Philadelphia
199,751,151
10,755,928
2,366,823
..............
4. Cleveland.........—.......
Market
Aver.
Price
Value
974,412
1,959,081
7. Chicago
8. St. Louis
9,052,587
723,431
10,639,959
813,271
16,089,332
1,189,771
1,430,176
1,274,949
............
Minneapolis
Kansas City
12.
"435*991
"387*868
23,074,137
25,307,083
2,168,329
27,031,625
$278,707,940
$292,742,315
$395,031,279
San Francisco
Grand total..................
&c.)_
U. S. Govt. (incl. States, cities,
-
-----
Financial
Chemical.
$
-
.
27,358 ,098,747 106.59 26,873,342,686 104.70
1,784,Z89.355 56.35
1,816 ,688,935 57.74
73.64
14 ,268,346
12,8/3,863 66.40
241 583,450 100.66
234,775,509 97.83
_
Electric equipment
_
—V.
...
Rubber and tires._
.i-.._.
-
—
_
93.16
Imports.............
212,995,069
91.52
Exports
143,718,822
63,458,399
8,518,691
48,125,423
113,401,493
415,196,694
71,034,582
33,437,149
96.37
Domestic shipments
72.24
Domestic warehouse credits
42.02
Dollar exchange
84.36
Based on goods
69 ,380,776
_.
.
_.........
89.72
118 ,436,796
Mining (excluding iron)
'
44.45
50 ,501,930
Machinery and metals
78.98
9 ,012,188
..
Land and realty
Petroleum..
32,943,900
98.61
90.86
61.16
228 ,577,311
.
Amusements
55.24
425 ,994,616 102.84
... _...
78 ,080,402
90.84
32 ,432,058
Paper and publishing..........
■
Retail merchandising
......
88.23
Steel, Iron and coke
Gas and electric (operating)
(holding)
Communication (cable, tel. and radio)
.
_
— .
.
_
Business and office equipment
Shipping services
Shipbuilding and operating
74.50
44.37
10 ,189,118
4
87.46
151 362,346
77.20
16 830,675
12 665,231
1,814,792
1,245,479
61,279,757
62,372,373
76,280,447
countries
BY ACCEPTING
HELD
BILLS
BANKS
$140,616,389
Own bills
88.513,713
42.74
4
,430,216 105.13
431,826 105.24
42 495,423 123.36
154 ,383,318
43.39
1,011 ,271,242
64.26
988 612,128
62.09
34 ,150,000
97.57
87.82
41,450,248,311
85.71
table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
PRIME
ON
RATES
MARKET
CURRENT
MAY 10.
BANKERS* ACCEPTANCES
Market
Average
Market
Average
Value
Price
Value
Price
$
1937—
May
1
41,524,856,027
93.90
May
1
43, 920,989,575
93.88
1
39,648,252,468
93.83
June
1
44, 170.837.675
July
1
94.24
July
1
44, 001,162,031
1
94.78
Aug
1
44 296.135.580
92.98
Sept.1
42,235,760,556
95.39
Sept. 1
43, 808,755.638
93.93
1
43,305.464,747
95.79
Oct.
1
43 270.678.790
92.76
Nov. 1
43,179,898.504
95.92
Nov, 1.....
42 591,139,774
91.61
43,779,640,206
97.01
Dec.
1
42, 109,154,661
90.11
45,053,593,776
97.35
Jan.
1
42, ,782.348.673
45,113,047,758
45,007.329,915
96.83
Feb.
1
42
89.48
Mar. 1_
44,115,628,647
96.64
Apr^
Y
9-16
150
%
7-16
Y
90..
120...
7-16
60...........
180
%
9-16
\'
9-16
The following table, compiled by us, furnishes a record
of the volume of bankers' acceptances outstanding at the
close of each month since
April 30, 1936
1937—
1937—
1936—
$343,694,299
Apr. 30
Jan.
330,531,460 Feb.
316,531,732 Mar.
315,528,440 Apr.
308,112.141 May
315,000,590 June
330,205,152 July
May 30
June 30
31
Aug. 31
Sept. 30
31
349,053,490
372,816.963
Nov. 30
Dec. 31
Oct.
.$346,246,657
348,026,993
343,065,947
30
30
$387,227,280
27
31
401,107,760
396.471,668
30
395,031,279
29
385,795,967
30
364,203,843
Jan.
31
325,804,395
31
351,556,950
343,881.754
Feb.
28
307.115,312
Mar. 31
344,419,113
Apr. 30--.,
Aug. 31
Sept. 30
Nov. 30
.
Deo. 31
.
1938—
292,742,315
278,707,940
93.89
Aug.
Buying Rates Selling Rates
93.33
41,618,750.056
41.685,172.818
Days—
7-16
K
30..:........
Dealers'
Dealers'
Dealers'
Dealers'
Oct.
June
1938
Buying Rates Selling Rates
Dags—
July
S
...
—...
41.35
131 678,471
42,398,688,128
Total..
$229,130,102
6,982,416
Decrease for month
85.50
9 815,910
The following
1936—
54,573,468
37.64
35 005,000 100.01
-.
between foreign
97.85
184 183,173
50.85
Miscellaneous businesses
....
50,999,654
8,301,604
...
99.84
969 309,849
42 ,592,397 123.64
_
abroad....
(incl. Cuba and Canada)
All listed bonds
$90,976,797
74,703,281
99.87
85.85
1 477,335
2,814 846,668
U. S. companies operating
Foreign cos.
$167,074,407
82,520,054
11,701,523
56,209,369
$85,758,547
70,502,029
8,679,552
stored In or shipped
81.94
5,455 206,402
483 763,197
—
.
March 31. 1938 April 30, 1937
50.96
Leather and boots
Tobacco
52.77
5,677 ,675,606 53.04
91.64
506 ,752,124
80.88
1 ,556,844
2,850 ,549,492 101.93
82.04
160 ,851,033
99.63
986 ,971,714
39.04
189 ,055,754
93.62
is ,430,081
47.13
12 .709,938
Textile
...
CREDIT
Bills ol others.
and holding com
panies and equip, manufacturers...
Miscellaneous utilities...
$116,323,339.
56.97
Railway operating
Gas and electric
April 30, 1938
84.45
150 ,802,208 101.12
manufacturing-..
Food
ACCORDING TO NATURE OF
35 ,653,937 100.82
„,
Decrease for year,
$14,034,375.
Decrease for mbnth,
83,55/,812
17,250,230
88 ,247,729
18 ,504,822
_
.
_
Building,....
571,369
Price
$
Foreign government- *
Autos and accessories
2,323,081
1,582,433
1,842,962
2,430.125
959,771
1,561,501
11. Dallas.....................
Aver.
Value
11,167,682
0. Atlanta......
6. Richmond--.--.
9.
Market
$43,607,692
281,378,994
17,160,513
828,423,917
209,208,741
$28,836,849
1. Boston—..................
2. New York
........
10.
April 1, 1938
May 1, 1938
STATES
—BY
value of $42,398,688,128.
1,1938, there were 1,373 bond issues aggregating
$48,360,358,911 par value listed on the Exchange with a
total market value of $41,450,248,311.
In the following table, listed bonds are classified by
governmental and industrial groups with the aggregate
market value and average price for each:
issued as follows
ACCEPTANCES OUTSTANDING—UNITED
FEDERAL RESERVE DISTRICTS
BANKERS DOLLAR
York Stock Exchange, with a total market
071 par value listed on the New
outstand¬
estimate of the amount
an
ing at the end of 1916, when the acceptance market was
only in the development stage, was smaller, the total being
placed at about $250,000,000.
The April 30 figure is
$14,034,375 below March 31 total of $292,742,315 and when
compared with a year ago it is $116,323,339 below the
total of $395,031,279 on April 30, 1937.
The declines during April in the volume was due to losses
in all classifications of credit excepting those drawn for
domestic warenouse credits, while the year-to-year loss is
attributed to decreases in all lines of credit except dollar
Oct.
Dec.
1..—_
Feb.
1
Mar, 1
Apr.
89.26
1938—
1937—
Jan.
1
May
486,316,399
89.70
1
42 854.724.055
88.68
41 450,248,311
....
85.71
398,688,128
87.82
42
-
Thereabouts, of 91-Day
Dated May 18, 1938
Tenders to a new offering of $50,000,000, or thereabouts,
of 91-day Treasury bills, to be received at the Federal Reserve
banks, or the branches thereof, up to 2 p. m., Eastern
of $50,000,000, or
New Offering
Bills—To Be
Treasury
invited on May 12 by Henry
Morgenthau Jr., Secretary of the Treasury.
The tenders
will not be received at the Treasury Department, Wash¬
Standard Time, May 16, were
ington.
Reported
by New York Federal Reserve Bank—Total April 30
of $271,400,000 Compares with $296,600,000 March 31
The following announcement showing the total value of
commercial paper outstanding on April 30 was issued on
May II by the Federal Reserve Bank of New York:
Commercial Paper Outstanding as
Value of
Reports received by this bank from
commercial paper dealers show a
outstaiding on April 30 1938.
total of $271,400,000 of open market paper
figure for April 30 compares with $296,600,000
outstanding on March 31, and with $285,000,000 at the
close of April, 1937.
This
Below
we
furnish
30.....$271,400,000
296.600,000
Mar. 31
Feb.
Jan.
28...-..292,600.000
Dec.
299,300,000
31
1937—
31
a
two-year comparison
■
,
Aug. 31
$329,000,000
Dec.
31
$279,200,000
31 ......324.700,000 Nov. 30. .....191,300,000
31......198,800,000
June 30......284,600,000 Oct.
July
May 31
286,900,000 Sept. 30
Nov. 30
311.000.000
31
323.400,000
197,300,000
30.
.285.000,000 Aug. 3.205,200,000
187,600.000
31......290.400,000 July 31
.168,700,000
Feb. 28
267,600,000 June 30
184.300,000
Jan.
31......243,800,000 May 31..
Mar.
331,400,000
Apr.
30
from Secretary
Morgenthau's announcement of May 12:
They (the bills) will be issued in
denominations
of
$1,000,
$10,000,
173,700,000
bearer form only, and in amounts or
$100,000, $500,000 and $1,000,000
(maturity value).
No
tender
for
tender must be in
on
an
amount
the basis of 100,
Tenders
considered. Each
The price offered must be expressed
than three decimal places, e.g., 99.125.
less than $1,000 will be
multiples of $1,000.
with not more
Fractions must not be used.
$215,200,000
Apr
■
Sept. 30
Oct.
of the figures:
1936—
1937—
1938—
Apr,
The Treasury bills will be sold on a discount basis to the
highest bidders.
They will be dated May 18, 1938, and will
mature on Aug. 17, 1938; on the maturity date the face
amount of the bills will be payable without interest.
There
is a maturity of two series of Treasury bills on May 18 in
amounts of $50,063,000 and $50,048,000.
The following is
,'
will be accepted without
,
cash deposit from incorporated banks
recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
and trust
bank
or
companies and from responsible and
trust company.
for receipt of tenders on May 16,
Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
immediately after the closing hour
1938, all tenders received at the
Decrease of
$14,034,375 in Volume of Bankers' Accept¬
ances
During April—Lowest Figure in 21 Years—
Total
of
$278,707,940
Compares with $292,742,315
Below Year Ago
March 31—Is $116,323,339
The volume, of
bankers' acceptances outstanding on
April 30 totaled $278,707,940, the smallest amount reported
since the issuance of monthly statements started in the
May 10 by the
Analysis Unit of the Federal Reserve Bank of
beginning of 1925, it was made known on
Acceptance
funds
on
The
any
May 18, 1938.
Treasury
bills
will
gain from the sale or
be
exempt, as to principal and
other disposition thereof will also
interest, and
be exempt, from
3106
Financial
all taxation, except estate $nd
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
Chronicle
bill at
May 14,
1938
premium, lose the small yield which it would ordinarily be entitled
a
State tax.
to, in order to escape the
gift tax.)
shall be allowed
any
as a
deduction,
tax now or hereafter imposed by the United States
or
of its pos¬
;v'\V Vifr;
any
sessions.
Treasury Department Circular No.
418,
as
prescribe the terms of the Treasury bills and
amended, and this notice
govern the conditions of their
Henry Morgenthau Jr.,
Secretary of the Treasury, beamingly told
porters at his press conference that the rate
time low
on
last week's offering.
bills maturing Aug.
10, 1938, was 0.032%
,
Treasury bills fell to
on
The low
on
an
re¬
all-
the $50,000,000 of 91-day
compared with 0.036%
for the
last offering.
issue.
Liquidation
of
33 Receiverships of National
Completed During April
Announcement
of
Banks
Total
Treasury Department Amends
Securities
the
completion of the liquidation of
33 receiverships of National banks during April was made
on
May 12 by Marshall B. Diggs, Acting Comptroller
of the Currency.
This makes a total of 1,070 receiver¬
ships finally closed or restored to solvency since the banking
holiday of March, 1933.
Acting Comtroller Diggs said:
solvency,
these
of
1,070
aggregated
liabilities,
to an average of
receiverships,
$407,188,261,
while unsecured
or
exclusive
an
of
average
the
42
restored
of
creditors
received dividends amounting
Dividends distributed to creditors
66.62% of their claims.
The following circular dated
May 5
[Circular No. 1843, May 5, 1938.
was
for
Government
issued by President
Reference to 1932 Treasury.
Department Circular No. 92 Revised,
amended.]
as
Special Deposits of Public Moneys Under the Act of Congress
Approved Sept. 24, 1917, as Amended
To designated special depositaries of public moneys and other
banks and trust companies in the Second Federal Reserve District—
There is enclosed
of all active receiverships
during the month of April, 1938, amounted to
$2,512,090.
Total dividends paid and distributions to depositors of all
receiverships from March
16, 1933, to April 30, 1938, amounted to
Regulations Governing
Collateral
as
Harrison of the New York Federal Reserve Bank:
to
of 80.27%
return
Eligible
Deposits
disbursements, including offsets allowed, to depositors and other
creditors
total
Record Low Interest
otherwise recognized, for the purposes of
or
to
a
of the
copy
Treasury Circular No. 92
Eighth Supplement dated April 27, 1938,
(revised).
•
GEORGE
$901,513,511.
The Treasury
The
following are the 33 National banks liquidated and
finally closed or restored to solvency during April:
L.
HARRISON, President.
Department's notice follows:
Special Deposits of Public Moneys Under the Act of Congress
Approved Sept. 24, 1937, as Amended
INSOLVENT
NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF
APRIL, 1938
1938—Eighth Supplement, Department Circular No. 92 (Revised)
Treasury Department, Office of the Secretary,
Total Dis¬
Per Cent
Per Cent
Date
bursements
Total Dis-
Dividend
of
Including
Offsets
bursern'ts
Declared
to Total
to All
Name and Location of Bunk
Failure
Allowed
10-22-31
$178,799
Ogden National Bank, Chicago, 111...
10-31-31
345,344
Roseland National Bank, Chicago, 111.
First National Bank, Marengo. III.--,
*3-29-37
66,193
8-29-32
First National Bank, Morrison, 111—-- al2 -7-33
Commercial Nat. Bank, Wilmingtoh,
536,993
85
393,400
105
67.53
43
102.64
257,704
103.70
1-A.
74.95
104.56
73.44
103.92
1,338,603
101.32
101.57
185,305
99.3
99.3
2 -2-33
343,868
92.76
88
Jackson Nat. Bank In Jackson, Minn.
1-16-33
First National Bank, Swanville, Minn. al2 -7-33
First Nat. Bank, West Concord, Minn
a6 -6-34
Norfolk National Bank, Norfolk, Neb.
First National Bank, Itoxboro, N. C__
12 -2-31
10-19-31
Coolville Nat. Bank. Coolville, OhioFirst National Bank, Wauseon, Ohio—
3-18-31
245,865
8-22-31
Tecumseh Nat. Bank, Tecurnseh, Okla
11-18-32
-7-32
10-26-34
827,795
106.88
115.74
a7-12-34
303,312
71.91
63.85
Tyrone, Pa
12-12 30
First National Bank, Woodruff, S. C— a 11-10-33
First National Bank, Channing, Texas al0-14-33
Itasca National Bank, Itasca, Texas..
1 -2-32
370,653
157,710
81.62
78.2
99.87
101 4
Park, Mich
First National Bank, Burns, Ore.
Farmers N. B. & Tr. Co., Bedford, Pa.
First National Bank, Hoovcrsville, Pa.
—
Farmers & Mercnants National
7
—
a
63.1
262,028
96.26
62.15
92.26
63.55
464,379
76.06
69
258.440
83.12
251,736
87.95
of Treasury Morgenthau Seeks to Effect
Uniformity in Bank Examinations—Confers with
Government Heads, Bankers and Others
76.35
At the request of President
Roosevelt, Secretary of the
Treasury Morgenthau is seeking to standardize the bank-
65.9
83.43
78.55
30
44.23
26.01
Federal
-3-32
89.03
68.05
5-19-31
247,073
107.93
116.37
9-11-33
1.232,904
419,931
107.8
111.17
70,296
108.626
2
a
a
10 26-33
101.01
,
Reserve System, the Federal Deposit Insurance
Corp. and the Comptroller of the Currency presented to
Mr. Morgenthau, preliminary recommendations for bank
102
examining methods agreed
*
Receiver appointed to levy and collect stock
in value of assets sold, or to complete unfinished
assessment
covering
deficiency
liquidation,
7.4%
partial
interest
paid
to
Reference to the liquidation of National banks
completed
during March was made in our issue of April 16, page 2461.
$211,547,000 Received to Offering of $50,000,000 of
91-Day Treasury Bills Dated May 11—$50,109,000
Accepted at Average Rate of 0.029%—New Low
Rate
$211,547,000 had been re¬
$50,000,000 or thereabouts of 91-day
Treasury bills, dated May 11 and maturing Aug. 10, 1938,
was
made May 9 by
Secretary of the Treasury Henry
Morgenthau Jr.
The tenders were received
up to 2 p. m.
Eastern Standard Time,
May 9 at the Federal Reserve banks
and the branches thereof.
Of the tenders
received, Secre¬
tary Morgenthau said, $50,109,000 were
accepted.
Refer¬
ence to the
offering of bills was made in our issue of May 7,
page 2939.
The
following is from Secretary Morgenthau's
May 9:
announce¬
ment of
Total accepted $50,109,000
Range of bids accepted (excepting one bid of
$10,000):
High,
99.995; equivalent rate approximately
0.020%.
Low,
99.992: equivalent rate
approximately 0.032%.
Average price, 99.993; equivalent rate approximately
0.029%.
(89% of the amount bid for at the low price was
accepted.)
Pointing out that the above offering set two unprecedented
records, a Washington account, May 9, to the New York
"Herald Tribune" added in part:
For the first time in the history of
premium for the privilege of buying
cost
of
a
Treasury financing
an
a
bidder paid
all-time
new
a
Secondly, the
low.
"When bids for last
were
opened
$10,001 for
and
make
a
week's$50,000,000 offering of tax exempt 91-day bills
today, Treasury officials were stunned.
A
bank offered
$10,000 91-day Treasury bill.
The bidder will get his security
on
personal bank deposits instituted by
it is believed that this lone institution chose to
deal with definitions for classi¬
reported,
valuing investments,
accounting of invest¬
Among those with whom Mr. Morgenthau conferred
May 4, according
to the Associated Press
on
were:
Tom K. Smith of St. Louis, former
president of the American Bankers
Association; Thomas Jefferson Coolidge of Boston, former Under Secretary
of the Treasury;
Joseph P. Broderick, of New York, former member of the
Reserve
Superintendent;
president
Board;
Robert
William
M.
of the American
R.
Hanes,
Bankers
White,
of
New
York
Winston-Salem,
Association
and
State
N.
brother
Banking
C.,
a
vice-
of Securities
and
Exchange Commissioner John W. Hanes, and Thomas J. Groome, of
Washington.
Under date of May 9 advices
New York "Times" stated:
from Washington
to
the
Federal experts who conferred with
Secretary Morgenthau this morning
did not unanimously agree upon the uniform bank examination worked out
by representatives of the Federal bank examining agencies,
thau asked them to study the
winning unanimous
this
the
approval,
so
Mr. Morgen¬
proposal for another week in the hope of
the Secretary said at
his
press
conference
afternoon.
majority of those who met this morning favored the proposal,
a
Secretary said he wanted
asked
those
examiners
present
for
the
to
"do
Federal
to
get
little
a
Reserve
unanimous
more
heads and William R.
present.
White,
approval and therefore
homework."
System,
Federal
Corporation and Comptroller of the Currency,
were
as were
The
Deposit
chief
bank
Insurance
several department
New York State Superintendent of Banks,
,
,
Secretary Morgenthau indicated that if he could
not
obtain complete
agreement he might submit the facts he has collected to President
velt, who asked him to call conferences in
an
Roose¬
effort to effect uniform bank
If he obtains full agreement among the
Federal officials, Secretary Morgenthau plans to submit the
proposed form
to State bank examining officials in the
In
buy
a
some
States,
tax-exempt Treasury
hope that they also will adopt it.
address yesterday (May 13) at Atlantic City before
the New Jersey Bankers' Association Marriner S.
Eccles,
Chairman of the Board of Governors of the Federal Reserve
an
System
history.
Because of the tax
was
examinations without legislation.
Government security.
financing through bills reached
in a series of conferences.
Washington on May 3 it
profits and similar subjects.
Although
Total applied for $211,547,000
it
fying various kinds of loans,
ment
from
stated:
The recommendations,
Federal
of
upon
In Associated Press advices
was
creditors.
waiver certificate holders.
Announcement that bids
ceived to the offering of
TAYLOR, Acting Secretary of the Treasury.
53.7
Olympla Nat. Bank, Olympla, Wash..
Farmers Nat, Bank, Pomeroy, Wash..
First N. B.
Trust Co.. Baraboo, Wis.
Formerly in conservatorship.
7.62% interest in full to regular
Home Loan Banks; all at face value.
C.
834,284
1,758.163
9-16-31
b
BONDS AND
OBLIGATIONS
OF
BANKS—Bonds of the Federal Land Banks
examining methods and definitions of the Comptroller of the
Currency, the Federal Reserve System and the' Federal
Deposit Insurance Corporation.
On May 3 representatives of the Board of Governors of the
Plalnview Nat. Bank, Plalnvlew, Texas
a
BANK
LOAN
Secretary
Bank,
First National Bank, Nelllsvllle, Wis—
LAND
HOME
WAYNE
25.45
70.18
follows:
as
FEDERAL
and obligations of the Federal
89.68
64.54
11.
FEDERAL
85.1
844,036
333,776
principal and
30.7
89.65
to
as
94.1
121,726
321,903
Security":
OBLIGATIONS GUARANTEED BY THE UNITED STATES—
amended to read
113.28
Webster Nat. Bank, Webster, Mass- all -3-33
First National Bank, Alrnont, Mich.. alO -9-33
Lincoln Park National Bank, Lincoln
State—
any
Paragraph 11 of the collateral security provisions of the circular is hereby
106.6
99,870
291,781
of
or
Obligations fully and unconditionally guaranteed both
interest by the United States; all at face value.
111.65
90.7
155,688
the caption "Collateral
81.35
blOO
107.83
1,259,583
incorporated under the laws of the Lniled States
Treasury Department Circular No. 92, dated Feb. 23, 1932, as amended,
is hereby further amended by the addition of the
following paragraph under
42
57.8
Deposits
To Federal Reserve Banks and other banks and trust
companies
Liabilities Claimants
First Nat. Bank, Baldwin, Park, Calif.
111
all -1-33
First National Bank, Clinton, Ind
alO -3-33
First National Bank, Chelsea, Iowa.. a 10-30-33
Farmers Nat. Bank, Kingsley, Iowa.„ a 10-30-33
Lynch National Bank. Lynch, Ky..-- a 10 -3-33
Washington, April 27, 1938,
Accounts and
advocated
examination
a
policies,
business activity.
revision
in
of
order
Federal
to
and
stimulate
State
credit
bank
and
Volume
Return
Financial
146
Washington of President Roosevelt Follow¬
to
Cruise—Hope
Recent
ing
pressions
to
Future
Avoid
De¬
following his recent vacation cruise in Southern waters,
expressed the hope yesterday (May 13) that Congress in its
coming anti-monopoly study would cover methods of avoid¬
ing future depressions through avoidance of unabsorbed
inventories and unwarranted high prices in some com¬
modities.
He made the remarks (at his press conference)
in denying that his administrations original lending and
spending program was a failure.
nJn part the Associated Press, in indicating this, further
reported:
conference whether he had any definite program to combat
a press
but this
surplus inventories and high prices, the President said he had not
part of the anti-trust
was
prices were factors in
he
said,
were
national recovery act,
the
under
factors,
two
com batted
in
experimental way
an
but he pointed out that this had been
Therefore, he said, the
halted when the NRA was held unconstitutional.
Asked about contentions that the first spending program was a
ran
Congressional
a
anti-trust
of
study
misnomer to call his proposal for
a
laws
an
anti-monopoly
because it was a far wider problem and that the inventory-price
would go hand in hand
last week,
program,
situation
with it.
President's cruise
The
failure,
said certain economic and business methods
He said it was
with the ball.
away
referred to in these columns
2939.
page
well
of Freedom
Embraces Freedom of Speech, Education and Press
as Well
as Liberty of
Conscience and of Thought
—In Message to Jewish Fraternal Order Warns
Against Alien Influences
Warning against 4'alien influences" seeking to undermine
voiced in a message addressed on
American institutions, was
May 9 by President Roosevelt to the convention of B'nai
B'rith, Jewish Fraternal Order on which shortly before had
Sigmund Livingston, Chicago, warning against the
spread of anti-Jewish propaganda in the United States in
an attempt to undermine democracy.
An Associated Press
advices from Washington, where the Convention was held,
Mr. Livingston was quoted as follows:
heard
not Communists
and do not promote Communism, he declared
the American ideal of liberty
against Communism, Fascism and Nazism, which he called
calling on Jews and non-Jews to preserve
freedom
"the mortal enemies of
democracy."
The President in his message,
James Roosevelt,
the
on
occasion
For almost a century
for
greetings to the members of B'nai
of the organization.
B'nai B'rith has effectively served the well-being
Its philanthropic achievements are
within the walls of hospitals, orphanagas, and
bless humanity in every section of our land.
realm of education exhibit a far-sighted understanding
enshrined
permanently
homes
read by his son,
was
of :the triennial convention
Jewry and the Nation.
of American
which
said:
gives me great pleasure to extend
It
B'rith
the aged which
Its endeavors in the
No less important is B'ani
America
safe for democracy, while its program of good will strives toward harmony
among the component elements comprising our American society.
problems of the younger generation.
the
in
B'rith's program
of Americanism which fortifies the effort to keep
In the conflict of
policies and political principles which the world witnesses
today, this Nation
remains unshaken in its devotion to the ideals and the
Except in so far as we deplore ill treatment
institutions
of democracy.
of human beings
concern
anywhere, the domestic policies of other
to the United
States.
dermine the foundations
Nations
are
of no
When, however, alien influences seek to un¬
of our own institutions we become definitely con¬
cerned.
The
from President Roosw It which Mr. Hull
message
read follows:
It
is
of these broadcasts dealing with
fitting that the first
economic
cooperation in the Americas should be given from the Pan American Union.
This building is a symbol of international cooperation.
cooperation
As
need for
It is
creation of
a
American republics.
the
among
regard the world scene today,
we
cannot but be impressed by the
we
Co¬
joint effort in constructing a new and better world order.
a
There is
approaches to the task which the world must undertake.
that
growing realization
Nation
no
or
of Nations
group
a
general
enjoy
can
prosperity and plenty when a large part of the world is in economic distress.
The
resolutions
adopted
at
recent
inter-American
conferences
it
make
apparent that the Nations of this Hemisphere are prepared to accept these
action is
Such
A start already has been made.
integral part of and is in entire harmony with our inter-American
an
structure and the general system of inter-American cooperation.
peace
Government of the United
The
States is pledged to a course of international
economic cooperation and will spare no effort in loyally continuing on that
course.
advices
from
Washington,
May
8,
the
York
New
"Times" said in part:
here through the facilities
Hull
for its own guidance and for the guidance
of the Columbia Broadcasting System.
Secretary of Commerce
State
of the
officials
were
and
Department
Daniel C.
Roper,
together with
and of the Latin-American
embassies,
audience of several hundred.
among an
Speaking from Washington on the program this afternoon on "Economic
Cooperation in the Americas," a subject directly suggesting the principal
of rivalry between the United States and the European dictators
cause
respect to Latin Anerica, were Secretary Hull, Dr.
Minister
Guachalla,
of
Bolivia,
Dr. Pimentel
Brazil and Ricardo Castro Beeche, Minister
with
Don Louis Fernando
of
Brandao, Ambassador
of Costa Rica.
States, the
From their capitals, speaking via short wave to the United
Foreign Ministers of Chile, Colombia and Cuba spoke but only the Cuban
reception could be heard clearly in the Hall of the Americas due to inter¬
ference.
♦
Naval
Expansion Bill Carrying $1,000,000,000 for Con¬
struction Sent to White House After Senate and
House
Adopt Conference Report
•
The Administration's billion-dollar Naval
Expansion Bill
yesterday (May 13) for the Presi¬
dent's signature after the Senate adopted a conference report
on the measure.
The House passed the conference report on
the bill on May 11 by a vote of 67 to 31 following the
approval of the compromise bill by the Senate-House Con¬
ference Committee on May 9.
The conference group, which
was
appointed to adjust differences as both branches of
Congress had adopted separate measures, approved a com¬
promise draft carrying appropriations estimated at $1,091,000,000. The Associated Press, reporting this in its May 13
advices from Washington, likewise said:
sent to the White House
was
The measure,
pending in Congress since February, authorizes construc¬
tion of 46 new fighting ships, 26 auxiliaries and
carry out
950 airplanes.
A joint com¬
Separate bills originally were passed by both chambers.
worked
mittee
Funds to
the program must be appropriated later.
out
compromise
a
carrying
authorizations
at
estimated
$1,090,000,000, and this was approved in the House by a 67 to 31 vote
Wednesday.
Three
new
battleships and two 20,000-ton aircraft carriers are provided
The battleships will be limited to 35,000 tons,
by the compromise bill.
unless the President finds that larger vessels are necessary
Upon such
of national defense.
of other Nations
if they will follow it, has ever held aloft the torch of freedom.
Our con¬
ception of freedom embraces complete liberty of conscience and of thought,
freedom of education, freedom of the press, the right of free speech and of
assembly.
On that conception of liberty all of our happiness as a Nation
This country,
on
fair dealing and non-discriminatory treat¬
The program originated in the Hall of the Americas of the Pan American
President Roosevelt Says Our Conception
and
Nations than expanding international trade, functioning
among
ment.
Mr.
are
determined
being everywhere, for social stability within Nations and for durable
peace
the basis of mutual advantage,
Union
Jews
are
It is our firm conviction that
there is not In the world today a more potent force making for economic
In
was
this policy vigorously forward.
conclusions and to act upon them.
inventory-price problem continues to exist.
the President denied this and
as
people and the Government of the United States
carry
and
recessions but not the only ones.
These
ed
was quo
operation in the solution of economic problems offers one of the practical
study he recommended to Congress.
unabsorbed inventories and high
that
said
He
to
United Press advices from
saying:
In the
cooperation.
Washington he
The
President Roosevelt who arrived in Washington on May 9,
Asked
economic
Result of Anti-Monopoly Study
as
3107
Chronicle
a
In the interest
finding, ships of up to 45,000 tons could
built.
be
The bill also carries authorization for a $3,000,000 dirigible provided
the
President finds one is needed.
President Roosevelt is expected to
work
funds to start
on some
ask Congress before adjournment for
of the vessels.
has been built.
Representative Bankhead, Speaker of the House, addressed
Convention and according to the Associated Press he
asserted that the United States, Great Britain, Ireland,
France, the Scandinavian countries, Switzerland, Czecho¬
slovakia and other democratic Nations constituted "a body
Passage of the bill by the Senate on
issue of last week, page 2943.
public opinion invulnerable in their
of
assaults of any or all
do
I
but
as
not
a
utter
totalitarian States."
this suggestion in the sense
token or great comfort and
will not perish from
President
the face of the earth.
and Secretary Hull Inaugurate
International Broadcasts—President Re¬
Roosevelt
Series of
asserts
of a threat, or challenge,
Policy of
Cooperation—Mr.
Hull Restates
Principles of Trade Treaty Program
inauguration of the first of a series of international
on
"economic cooperation in the Americas"
occurred on May 8 when a message from President Roosevelt,
read by Secretary of State Hull, opened the series.
"The(_
need for a joint" effort in constructing a new and better
world order" was emphasized by the President, who added
The
broadcasts
that
one
"cooperation in the solution of economic problems offers
practical approaches to the task." Secretary Hull
delivered an address in which he restated the prin¬
of the
later
ciples of his reciprocal trade treaty program and said that
it was the United States contribution to the need for world
Bill
Passes
Senate
Amending
Federal
of
tion
was
noted in
Reserve
Deposit Insurance Sec¬
Act
Affecting
Double
Liability of Closed Banks
might against the
He added:
security, that democratic institutions
May 3
our
the
A
bill
which
passed the House
on
April 14 and which
passed the Senate in amended form on May 5, affects the
deposit insurance provision^ of the Federal Reserve Act.
As explained in a report by the Senate Committee on Bank¬
ing and Currency, every State but four have removed the
double liability of
bank stock holders, and in the Senate on
May 5 Senator Wagner stated "all our National banks have
removed it, as have most of the State banks."
Under the
bill
Federal
the
Deposit Insurance Corporation waives its
right of subrogation to the assets of closed banks in so far
as
the double liability of stockholders is concerned.
In
advices from its Washington bureau, May 5, the
"Journal
The bill,
of
Commerce"
New York
said:
be
Under
in effect, seeks to establish a uniform rule of subrogation to
applied by the
FDIC with respect to stockholders' double liability.
provisions the FDIC will waive that portion of any claim
its
person
excess
the
againBt any
which arises out of stockholders' individual liability which is in
of the liability of the stockholders to the bank or its creditors for
amount unpaid
The
after
bill
the
applies,
date
upon
his 6tock in such bank.
however, only with respect to banks which are closed
and any such waiver is to apply only in
the bill is enacted,
Financial
3108
person
corporation is not subrogated.
As
on
claims
of
account
conditions
and
terms
will
as
Agricultural Adjustment Act of 1938 is taken from
"Congressional Record":.
in the
the
which the
to
:
,./■
what the farmers asked for.
The bill as passed is
but as to the cotton provisions they have carried them
purport of the bill,
Each farmer has been apportioned his acreage for
according to law.
out
to the House for concurrence.
Some of them did not want it after they got it.
cotton.
would take it, but this
be that in another year they
by Congress Extending for One Year Time
Within
Which
Loans
to
Executive Officers of
Passed
Bill
Repaid
Member Banks Must Be
A bill
to
to
on
they did not want
acres," that is, acres alloted to farmers who did not want to use
"frozen
that the State will not lose its acreage in cotton?
As to the amendment
passed by Congress, and signed by President Roose¬
They said it might
year
reference to cotton is, shall what are called the
The only question in
it.
them, be redistributed so
April 25, extends for one year (from June 16, 1938,
June 16, 1939) the time within which loans made prior
June 16, 1933, by member banks of the Federal Reserve
velt
I do not think the
Administration has carried out, so far as tobacco is concerned, the real
Senate changes, the bill was returned
result of the
a
such
on
dividends
of
recoveries
increase
not
and
manner
and is
liability may be asserted
whom such
against
such
in
effected
be
to
the
of
favor
May 14, 1938
Chronicle
affecting flue-cured tobacco, Senator
George, Democrat of Georgia, had the following to say in
the Senate on May 4:
be adopted and finally become law, it would
If this amendment should
poundage 4%
just
has been done in the case of cotton.
System to their executive officers must be repaid.
The bill,
which amends the Federal Reserve Act, passed the Senate
increase the total
passed it on April 14. Under
Reserve Bank of New York
made public as follows, through its President, George L.
Harrison, the provision of Reserve Act as amended under
and,
early April, cotton acreage was increased 4% ,
therefore, the quota for each State was increased 4% .
At the same
time
I
March 25, while the House
on
the
29 the Federal
of April
date
new
TO
The
OFFICERS OF
EXECUTIVE
MEMBER BANKS
of the Federal Reserve Act as Amended April
22(g)
following bill
the Second Federal Reserve
in
Member Banks
To All
first sentence of subsection
(g) of section 22 of the Federal Reserve
thus amended, reads as follows:
No executive officer of any member bank shall
borrow from or otherwise
bank of which he is an executive officer, and no
extend credit in any other manner to any of its
executive officers: Provided, That loans made to any such officer prior to June
become Indebted to any member
member bank shall make any loan or
16, 1933, may be renewed or extended for periods expiring not more than six years
of the member bank shall have satis-
from such date where the board of directors
renewal Is in the best interest of the bank
and that the officer indebted has made reasonable effort to reduce his obligation,
fled themselves that such extension or
the minute book
majority of the entire board of directors, any member bank may extend credit to
any executive officer thereof, and such officer may become indebted thereto, in an
amount not exceeding $2,500.
text
found
the
in
Federal
the
of
remainder
subsection
of
Appendix to Regulation
Reserve
System, effective
(g)
of
section
will
22
be
O of the Board of Governors of the
Jan.
1,
propriations of $2,519,425,000 for lending and spending under
the President's new lending-and-spending program.
The
bill also carries authorizations of $535,000,000.
1936.
The bill was introduced in the House
Rayburn,
tive
House in
Production
Allotments—Also Provides for
An
by Senator Connally, Democrat of Texas, would make
amendment
possible the early payment of $130,000,000 which Congress provided as
bonus
1937 cotton crop for producers who complied with the
the
on
a
The Connally amendment would enable the
Department of Agriculture
with the 1938 program on the basis of acreage
to determine compliance
planted, instead of waiting until harvest time.
The
quotas
Senate
on
George,
mean
an
also
accepted
amendments
by 2%
flue-cured, dark air cured and dark fire cured tobacco.
Democrat of Georgia,
said
that
1938
the
Senator
the flue-cured increase would
addition of about 14,000,000 pounds to the total crop.
1938.
The
new
measure
was
The upset came when
April 9, page 2292, while its text appeared on page 2619
our April
16 issue.
During the discussion in the Senate
May 4 on the pending amendments, Mrs. Caraway (of
Arkansas) explained that "the trouble in my State in the
case of cotton is that in many of the counties faTmers do not
want to grow cotton on the acreage that has been alloted,
while other farmers who want to grow cotton have insufficient
of
allotments.
What
we
want to
do is
allow the
to
Administration
bloc,
power
to be realloted to the cotton growers." At the same
time, according to Washington advices May 4 to the New
York "Herald Tribune," Senator Josiah W. Bailey, Demo¬
crat of North Carolina, one of the few southern Senators
recommended in
was
April 14, given in
on
with
by
headed
proposal to furnish the Rural Electrification
additional
an
$60,000,000.
Representative
John
E.
Mississippi, succeeded in stepping the R. E. A.'s
The vote
000,000.
on
the Rankin amendment
Amendments
Otherwise, throughout
leaders
able to
were
seven
beat
Instead,
was
the
aroused
Democrat,
Rankin,
new
of
fund up to $100,-
259 to 139.
Down
Beaten
hours of hit-and-miss debate the Democratic
down
of amendments ranging from
scores
the
Republican proposal to turn the problem of relief back to the States to
bi-partisan drive to eliminate the
a
formula for making loans by the
new
revived Public Works Administration.
The adoption of two minor amendments, both dealing with rural relief,
had been the only successful assaults on the bill before the Appropriations
Committee stepped into its difficulty with R.
were
These minor affairs
E. A.
language changes which would permit "needy" farmers to
on
go
on
Progress Administration rolls in rural sections and which would
permit WPA to institute "lime" distributing projects in rural
Representative Mark Wilcox, Democrat, of Florida, who
areas.
defeated
was
for the! Senatorial nomination in the recent Florida primary, made a stiff
to
strip WPA of all its opportunity to function
'
ganization.'
''
.
as
a
political
o'1" '
or¬
•
rejected by
was
vote of 110 to 79 as was a
a
similar attempt by Representative Bruce Barton, Republican of New York,
whose amendment would have brought the WPA organization and its activi¬
ties within the scope
on
of the Federal corrupt practices Act,
the
on
Barton
amendment
87
was
Four amendments calculated to fix
were
in
enforced
now
political parties, their officials and their campaign contributions.
vote
offered
a
The
to 48.
WPA wage in one form or other
Representative Clifton A. Woodrum, Democrat, of Virginia,
as
charge of the bill* for the Roosevelt Administration, pleaded with the
House
to
not the
remember
Wage-Hour
they
a
considering
were
measure.
One amendment to fix
.
.
permit differentials not in
Hearings
before
draft
of
a
a
month
defeated,
was
voice vote, and still another to
went down by a vote of 78 to 57.
of
the
House
Appropriations Com¬
May 6 the subcommittee, in completing its
on
the
recovery
of 10%
excess
subcommittee
a
by
the President's program had since been held
on
mittee, and
"relief and recovery" bill,
a
.
WPA flat minimum of $40
91 to 17; another to make it $32.50,
'frozen
acres'
The
the House overturned the Appropriations Com¬
mittee's fairly conservative
referred to in these columns
"on
program
the
keep
upon.
passed the House at 9:10 p.m. May 12 with only
major upset, said advices from Washington on that date
the New York "Herald Tribune" which in part added:
The Wilcox amendment
The text of the Agricultural Adjustment Act of 1938 was
given in our issue of Feb. 26, page 1305. Later a bill was
passed by Congress and signed by President Roosevelt on
April 7 embodying a number of amendments to the Act of
acted
The bill
effort
The amendment also provided for establishment of quotas on the basis
of pounds rather than acres.
would
he
was
page
Works
to increase
Congress
said
measure
one
1938
quotas.
leader,
the
our April 16
2466; a further reference to the proposals ap¬
peared in these columns April 23, page 2622.
Under bill
passed by the Senate on May 5, payments of
subsidies on the 1937 cotton crop would be expedited and the
use of "frozen" cotton production allotments, made under
the Agricultural Adjustment Act of 1938, would be per¬
mitted.
The bill would also increase by 2% the quotas for
several types of tobacco provided under the recent amend¬
ments to the Agricultural Adjustment Act of 1938.
Regard¬
ing the Senate action, May 4, Associated Press advices, May
4, from Washington said:
until
lending-spending
to
message
to
Increased Allotments for Tobacco
majority
session
President's
a
Agricultural Adjustment
May 9 by Chair¬
Representa¬
on
Taylor of the Appropriations Committee.
man
Act of 1938—Would Allow Reallotment of "Frozen"
Cotton
by
Administration's $3,054,425,000 recovery bill, de¬
signed to assure jobs for 4,135,000 persons next year, was
passed by the House on May 12 by a vote of 329 to 70;
11 Democrats and 59 Republicans voted against the bill.
Before the iinal vote a Republican motion to recommit the
bill wa. rejected by a vote of 308 to 89—The measure was
favorably reported to the House on May 9 by the House
Appropriations Committee, and the House prepared for
immediate debate on the measure, which makes direct ap¬
issue,
Senate Passes Bill Amending
Passed
Mayor La Guardia
be evidenced by resolution of the board of directors spread upon
of the bank: Provided further, That with the prior approval of a
these findings to
The
This amendment merely brings it back
.
•
The
"six."
own
bill,
agreed
direct
program
appropriations
make
to
to
relief
agencies
for
instead
who voted
the Chief Executive.
a
the
of
to
dispatch of May 9 to the New York "Times" said:
against the original farm bill, said it had "brought
degree of resentment, unrest and complaint in my State
the like of which I have not known since I have been in the
Senate."
The account from which
we
course, every one
knows it.
If
we
took the same Act and applied it to the
other activities in America we would have Fascism.
about that.
I am sorry,
I voted against the
we
Mr. President, that conditions
That fact does not give
bill.
for what is going on.
shall reap
dragons.
Comment
in
the
There is
We
Mark
are
my
Senate
me
no
are as
question
they
satisfaction.
I
are.
words.
May 4 by Senator Smith
Democrat of South Carolina, regarding the legislation carried
the
on
after
Chairman
mittee
made
approval
over
discussing the bill,
legislation
indicated
control
that
the
were
The bill
a
a
the hearings
during
attempts
funds.
Taylor's return from
alteration
of the
In
proposed
Committee
the President's
Washington
the
of
Appro¬
to
curtail
to be made
was
so
drawn, but today,
White House conference,
the
com¬
by inserting this phrase in pencil: "Subject to the
President."
Administration
am
sowing dragon's teeth in the South and
on
Reports
priations
quote added:
The Agricultural Adjustment Act is a perfect model of Fascism and, of
sorry
,
House—Measure Designed to Provide 4,135,000 Jobs
Next
Fiscal Year—Recovery
Plans Approved by
was
by the Senate and House of Representatives of the United States of America
Assembled, That subsection (g) of section 22 of the Federal Reserve Act,
as amended (U. S. C., title 12, sec. 375a), is amended by striking out the word
"five" in the first sentence of such subsection and Inserting in lieu thereof the word
(g)
4%.
District:
by both houses of Congress,
April 25, 1938:
Be it enacted
as
2%
percentage was reduced to
to
1938)
in Congress
The
increasing the tobacco poundage by 4%
offered the amendment
but in conference the amendment which I offered was cut in half, and the
$3,054,425,000 Recovery Appropriation Bill
25,
3400), passed
(S.
approved by the President on
Act,
as
legislation:
LOANS
(Section
,
By an amendment made in
opponents
fight
on
the
floor
ment
of
the
President's
for
indicated
decentralization
control
tonight
that
they
of relief spending
would
and
make
a
the curtail¬
the
program.
Representative Snell,
minority leader, has summoned all Republicans of the House to meet with
him
on
tomorrow
its
to
provisions.
study
the
over
bill and
agree
on
the
attitude
to
be
taken
Volume
Mr.
Snell
explain
that
said
the
Financial
146
tonight that the
would probably
there
decentralization
of
be
preparation for the debate.
in
no
had
relief
of the meeting was chiefly to
purpose
He added
formal action by the meeting, but that
to members
program
long
been
and
policy
Republican
a
he
(expected the minority to be solidly for it.
allocation.
obtain
May 6
(according to the Associated Press):
provides
1. For the Works
-
committee
grants
for
fund for loans
having
4. For
tion
the National Youth Administration;
In the May 9 advices to the
The WPA
"Times" it was stated:
utilities, con¬
servation, rural electric transmission lines, sewer systems, water supplies
and like projects.
The sum of $250,000,000 is earmarked for education
and
for
other white-collar
public
public
parks,
buildings,
Mayor
The
The bill embodies the Woodrum amendment, now
over
the
in the law, to govern
months ending Feb.
seven
this
point in
ministration,
the
Committee
June
1,
It also
1939.
It
also
have
Farm
and
Industries
Prison
liberalize
would
framers
that
National Youth Ad¬
National Resources
Board
until
the
Reorganization
the
WPA jobs.
for obtaining
regulations
registered
although not
on
Per¬
the relief rolls, would
sought to avoid competition with private industry by proworker shall
relief
"no
for employment on
eligible
be
any
project of the WPA who has refused to accept employment on any other
Federal
non-Federal
or
project at
than the wage Tate established
when private
rate of
pay
jobs would be eligible to return to WPA work
jobs carried by the pending bill, the committee said, the
Conservation
employ
already has received its
which
Corps,
for public
and the Federal program
300,000 youths,
funds,
1939
He
making
500,000,
fiscal
next
receiving Federal jobs
aside from nearly 1,000,000 in the regular Federal
of 4,935,000
grand total
a
year
and
committee gave a breakdown
The
National
Public
Administration
Youth
Federal
Buildings
Works
.....
60,000
—
:
7,500 projects at
has
to
the
that
an
in
aided
March
works
contemplates
program
7,000
The PWA at present
New projects totaling from 4,300
of $240,000.
an
analysis of persons receiving relief showing
unduplicated
an
total
20,100,000
of
persons
were
being
February, 1934, of 7,900,000 house¬
1937, of 4,800,000 households, including 14,000,000 persons.
Appropriations
reported
Committee
joint
a
resolution carrying
a
supplemental appropriation of $2,500,000 to the Social Security Board for
administration of State unemployment compensation in 1938.
It
of State
at a
programs
the budget for
the time
fiscal
1838
greater
rate than
was
that
it
here all
stay
Appropriations,
on
Ways
committee
the
from
senior
Means,
and
seeking to draft
summer
a
bill which
one
distinction between relief of the present
a
permanent recovery program.
.
.
.
Mayor appeared at the final day's hearing on the recovery
testified that unemployment has increased from
Green
depression,
current
and
that
Mr.
"serious" situation.
to meet the
is necessary
program
the
during
11,200,000
to
Roosevelt's
Republican members of tne Appropriations Committee on
May 11 filed a minority reoort or the bill, in wnich they
charged that the program threatens National solvency.
The report also said that the plan was inadequate for its
purpose.
It was summarized in the following United Press
Washington advices of May 11:
Declaring the program "inadequate to meet the serious condition of the
Wigglesworth of Massachu¬
administration of relief be returned to the States.
setts, demanded that the
They recommended a congressional investigation of the "WPA.
Their report charged
a
that the program, which the President said would
$4,512,000,000, in reality was "part of a broad program which in¬
draft
new
of $6,000,000,000 upon the
Treasury of the United
States."
The minority concluded
the warning:
their report with twelve recommendations and
"
1
"Words are not sufficient; action
lending-spending program recommended:
lation for the administration's
1.
with
,
is imperative now."
Republican members of the committee which drafted legis¬
The three
That relief be administered by
a
bi-partisan board in Washington,
bi-partisan local administration, on the basis of Federal relief grants
limited to
80%
of each State's needs.
pending bill which appropriates $965,000,-
3. An amendment forbidding use of any
WPA or PWA funds on projects
competing with private business or enterprise if
two are not
4.
of
recommendations one and
incorporated.
Congressional investigation of administration of WPA and expenditure
funds—"especially in Pennsylvania and other States where charges
politics and flagrant misuse of funds have been made
5.
publicly."
Outright repeal of the undistributed profits tax and revision
quated Federal tax structure."
of "anti¬
.
6.
Elimination of tax exempt securities.
Reduction at once of "unnecessary and
burdensome" social security
taxes.
8. Elimination of harassing restrictions
9.
and administration assaults on
<
Restrictions of Government competition
Revision
10.
of the national
with private enterprise.
harmony
labor relations act to promote
"and not discord, as at present" between employees
and employers.
11.
Repeal at once of the Thomas greenback law.
12.
Elimination of waste and extravagance throughout the entire
Government to reduce expenditures
Senate and
Federal
and bring about a balanced budget.
year
consideration
the
permits
bill
of the recovery
can
debate
of
start
general
debate
be
read
because
today,
for
for
10
hours.
a
The
unanimous
a
rule for
does not interfere
The action, however,
bill.
on
consent
agreement
rule will be necessary
before
amendments.
The first action of the House was to approve
unanimously the $2,500,000
unemployment compensation.
Republican opponents indicated that they would concentrate their fight
on
the relief program, demanding that its administration be given over
to
the
States.
Representative John Taber, Republican of New
York,
ranking minority member of the deficiency subcommittee which drafted
the bill, charged that waste is tremendous under the present system.
Under a
previous unanimous consent agreement, general debate will
be limited to 10 hours, but a rule covering amendments is necessary before
appropriation
the bill
can
the
measure
this
Security
to
the
Senate, but
it
was
not certain
that the House
would
report
on
temporarily tomorrow
the $5,330,000,000
1938
tax
so
that the
bill—approved
con¬
yesterday
by the Senate—can be considered.
The recovery bill appropriates lending and spending funds direct to the
This differs from the practice of previ¬
appropriations were made to the President for
agencies which will handle them.
years,
tax
revision
bill
was
when lump sum
sent
to
the White House for
ference report on the measure.
The conference report was
adopted by the Senate May 9 without a record vote.
The
new revenue bill is designed to raise $5,300,000,000 in taxes.
The bill represents a compromise between the wishes of
President Roosevelt and the group in Congress who believe
that one of the most important means of recovery is to free
business and industry from harsh taxation and penalties.
Passage of the bill by the House was described in the following
Washington dispatch of May 11 to the Associated Press:
"You
are
Representative Allen T. TreadWays and
Injure busi¬
leaving in this bill," asserted
of Massachusetts,
Means Committee,
the ranking minority member of the
"the seed of what may spring up again to
ness."
"We have done our dead level
week.
Tax
President Roosevelt's signature on May 11, after the House
on that date, by a vote of 242 to 89, had approved the con¬
way,
who conferred yesterday with Mr. Roosevelt, hoped to speed
They plan to put the bill aside
ference
Board
be disposed of.
House leaders,
act
Social
for
on
Bill—Measure, Intended to Raise $5,300,-
000,000, Sent to President Roosevelt for Signature
The
until tomorrow a vote
Approve Conference Report
House
Revision
The committee added that the $40,000,000 budgeted
1939 probably would prove insufficient by $15,000,000 or
The House Rules Committee deferred
ous
Committees
recruited
personnel
anticipated at
The amount already appro¬
made up."
was
$20,000,000.
the
House
its
economic situation and
7,500,000
priated is $38,840,678.
with
members,
explained that the additional money was made necessary "due to the
expansion
for
the
business.
sources.
compared with a peak in
holds, including 27,600,000 persons receiving relief, and low in September,
The
same
7.
file.
on
various government
from
This total
cost
.4,135,000
.
be started.
may
The committee submitted
that
public
average
2,700 project- applications
4,800
the program
plight as we are now.
former member of the House, said he was asked
a
15
after Mr.
program
-1,000,000
Administration
report showed
the
Mayor said there must be
of relief
to
is being spent so that when
money
000 for the PWA.
—._—2,800,000
275,000
Total
The
\\
committee.
2. Elimination of title II of the
of the employment as follows:
Administration
Progress
American
presented by October.
emergency
persons
service.
Works
the
of
proposed that various bills for permanent recovery go to this com¬
be
could
roads,
parks, flood control and similar work will provide employment for another
the
of
cost about
Principal provisions of the bill were given as follows in
United Press Washington advices of May 10:
in
about
number
volves
will
3,500,000
',
President
Green,
Robert L. Bacon of New York and Richard B.
locality.
Civilian
<
country," the report, filed by Representatives John Taber of New York,
employment stopped. The measure also provides for the same
WPA projects as is being paid for similar work in the
to
before the
will not be in
we
mittee
on
In addition
William
for
provide jobs
Judiciary, Labor, Agriculture, Interstate Commerce, and Banking.
rate comparable with or higher
wage
a
for similar work of the WPA."
Wage Bate Begulated
Persons taking private
followed
Roosevelt's pro¬
indorsed Mr.
to
'
of Labor,
The New York
equal eligibility.
The
Visions
0.
as
persons.
Mayor LaGuardia,
expenditures.
Administration,
Security
the
"actual need,"
in
first insertion was made to provide
WPA
1939.
30,
sons
of all
would extend the life of the WPA, the
measure
I.
drafted
Mayor told of the economic situation in New York and other cities.
he told the committee that there should be a
great deal of
The
the
the measure
Presidential approval
C.
the
so
what he would suggest.
continue to be available.
The
be
it
said
over
It would prorate the money to be spent on a
year
At
for
Lewis of
L.
LaGuardia
members
provides that any unexpended balances remaining at the end of the present
fiscal
John
thinking about where the
is
however, Mayor LaGuardia indorsed
study,
a
current
urged that
Federation
to
month-by-month basis
and
unemployed
projects.
funds.
of such
He recommended that the House set up a permanent recovery
JVoodrum Amendment Included
the spending of WPA
We quote from United Press
May 2, which also stated,
lending-spending program, on which the com¬
hearings today.
...
concluded
gram
He
appropriation allocates $425,000,000 for highways, roads and
$575,000,000
streets;
the
plans during
recovery
October for enactment at a
next
Washington, on
Pending outcome
mittee
Chairman
$175,000,000 for rehabilitation
farmers.
$75,000,000.
For post offices and other Federal buildings, a $25,000,000 appropria¬
and an authorization for future appropriations of $25,000,000.
5.
study
to
bill
a
Subcommittee, on May 2,
York proposed that it set up a
if necessary.
from
President Roosevelt's
connection with grants.
no
3. For the Farm Security Administration:
loans and grants to
session
accounts
for
locally sponsored projects, authority to lend $250,000,000 to local sponsors
and the right to use up to $500,000,000 or more from the PWA revolving
r
and submit
agencies must
spending
projects.
their
Before the House Appropriations
summer
the
that
however,
in part:
-
$750,000,000
provides,
approval for
Mayor LaGuardia of New
special
Progress Administration works-relief program; $1,250,-
000,000, to last until next Jan. 31.
2. For the Public Works Administration;
bill
The
presidential
permanent
The bill approved by the House subcommittee on
3109
Chronicle
Democrat,
of
Kentucky,
to the House a bill
The
an
bill, re-enacting much
the revenues
best," said Representative Carl Vinson,
Administration tax spokesman,
that will be helpful to
of $5,000,000,000
incomes of less than $25,000
"to bring
business."
of the existing law, is estimated to yield
annually.
It exempts corporations with
from the tax on undistributed profits.
rations with income above that
Corpo¬
figure would pay an income tax of 16H%
Financial
3110
if all profits were disbursed to stockholders
For
retained.
were
for the
blame
of the
share
depression—all corporations
present
their earnings, and an added impost of 7 to 27%
such portions of those earnings as are not converted into dividends.
tax of 8 to 15%
pay a
on
on
While the smaller corporations are exempted by the new law from the
operations of the undistributed profits tax, they are required to pay a flat
to 16%
corporate income tax of 12H
graduated in accordance with the
,
of their profits.
extent
The
drastically revised the tax on capital gains—which
bill also
new
also has been blamed for depression
ills.
Instead of the present graduated
capital gains, it would impose the regular income tax rates upon
tax on
gains from assets held no longer than 18 months.
A flat 20%
held from 18 to 24 months and
levied upon gains from assets
a
would be
15%
rate
applied to gains from assets held longer than two years.
would be
While the Senate struck out the undistributed profits tax in its
the House had approved a bill
entirety,
compromise retaining the House view
A
the profits tax and the Senate
on
This,
attitude toward the capital gains levy was finally worked out.
ap¬
proved by the Senate on Monday, was brought before the House today.
The bill
referred to in the "Chronicle" of April 30,
was
A Washington dispatch of May 9 to the New
outlined the Senate's action in approving
the conference report as follows:
2779v
page
"Times"
York
Senator
which
Vandenberg read
statement, also signed by Senator Capper,
a
Mr. Vandenberg said the
they issued nearly two weeks ago.
promise bill was a "long step toward restoration of tax sanity,"
com¬
but he
Roosevelt for insisting that the principle of the un¬
President
criticized
distributed profits tax be retained.
Senator
Connally asked if he had signed the conference report of his
"own free will and accord."
"Yes, we signed it of our own free will and accord under the circum¬
stances," Mr, Vandenberg replied.
Chairman
Doughton,
Representative
the
conferees,
said
tonight
spend tomorrow in preparation of a report showing the changes
wrought in the conference room.
House leaders believe the
and expect
of
will
debate
advices from Washington on
consume
no
than
more
hour
an
than
two weeks
principle
profits
penalty of
tax
retained in
was
maximum of 2H%
a
a
modified form
The bill
for full retention.
provides, however, that this provision shall expire at the end of two years.
Silent
Borah
In return
Tax
on
re-employment of furloughed or part-time
for equipment purchases. Originally
the bill said 75% should be used for ro-employment and 25%
for
equipment.
for their concessions on
the undistributed profits tax, the
24 months and 15%
on
The profits
assets held longer than 24 months.
within 18 months of their
assets realized
on
gains realized on property held bweteen 18 and
on
purchase would be taxed as
at first accepted
by the Finance Committee,
regular income.
The
Borah
amendment,
providing for taxation of the income from future issues of Federal securities,
Mr.
deleted.
was
measure
had said that he would oppose the conference
Borah
because of this elimination, but today offered no objection, stating
that he would have
something to say later
The bill retains the added 25 cents
House amendment,
comes
this subject.
on
gallon tax
a
the
a
Present law provides publicity on
incomes above $15,000.
11 to the
take the following:
we
The President would like to have
May
by agreements between employees and carriers prevailing at the time the
In advices from its
As the bill goes to the
he
out
won
New
York
over
16H%
the
Senate in the
on
of the corporations—
These corporations will be subject
the first $5.00 of income, 14%
the
on
Corporations with incomes in
excess
of $25,000 will be subject to an undis¬
to 19%
the amount of income disbursed.
on
their net incomes, depending
Under the bill this tax would expire,
Senate consideration of the measure is expected today in view of the
return of Senator
The bill is
Wagner, who is sponsoring the bill in the Senate.
.
The rider
kept by the House Committee
was
the objections of
over
representatives of bondholders* committees and banks that it would upset
reorganization plans of railroads who borrowed from the RFC before they
went into
bankruptcy.
would be reluctant to make railroad loans unless this protection was pro¬
vided, RFC officials said.
The effect of the rider, it
was
explained to the
Committee, would be to prevent any bankruptcy court from enjoining sale
of collateral while the road
The bill
as
limit
under its supervision.
was
approved by the Senate and House Committees sets no maxi¬
the
on
tion of
of loans
amount
which
may
come
The
be made.
money
from the recent authoriza¬
$1,500,000,000 RFC money for loans
to
businesses,
but the
pro¬
which would go to the carriers would be determined by
sum
the RFC.
The liberalizing provisions of the measure would allow loans to railroads,
receivers
for
trustees
or
tenance or construction
financing,
reorganization,
without certification
consolidation,
main¬
by the Interstate Commerce
not in need of reorganization.
are
The ICC would have to find only that prospective earning power of the
roads
together with the character and value of the security offered give
assurance
of repayment.
last until June 30,
The relaxed requirement
on
such loans would
1939.
Testimony to the effect that the legislation would tend to
injure rather than aid railroads in difficulties was offered
before the House Banking Committee on May 9, according
to advices May 9 from Washington to the New York
"Times" from which we also take the following:
committee of the Chicago, Rock
counsel
of the
railroad,
Island & Pacific, and Marcus Bell, general
objection
based their
of the proposed amendment.
on
the closing paragraphs
These would have the effect, they said, of
creditors of the railroad going through
Mr.
reorganization proceedings.
Root objected particularly to the application
"The
question
RFC Made Preferred Creditor
here
is
whether
the
RFC should be
"whether
or not
the RFC, which is
acting only in the public interet, using
taxpayers' money for its loans, should be subjected to an injunction im¬
pounding the collateral it holds if it should want to protect itself and the
Mr. Root said the theory behind the bankruptcy law, for the purpose of
aiding in reorganizations and preventing
what
they could in
a
mad scramble,
a
a
rush of holders of liens to realize
was
to bring about a suspension of
foreclosing. The provision in the amendment, he declared,
*
Would Delay Reorganizations
16^%
"Its enactment would have the effect of delaying reorganizations and
All corpo¬
.
postponing their good effect," he said.
value
Government
June 30 of this year and every three years thereafter.
Numerous changes are made in excise provisions,
the most important
gallon in the present $2 per gallon tax
on
dis¬
Another change in present law is complete elimination of
the 3c per $100 of commodities futures transactions.
To aid home
con¬
struction the bill will permit free entry of Northern white pine, Norway pine
that other
as
a
lending
agency
Arguing that the
Before adopting the conference report and sending the
bill to the White
lending agencies take, he said:
"The country is
10 Representative
so
strong that it can afford to be merciful and not jeo¬
witness if he
McKeough
was one
interrupted
at
this
point
25,000 to 40,000
the bill.
now
Mr. Vinson is
that the tax bill
the
"It is not in any
On May 6 Chairman Jesse Jones of the Reconstruction
Representative Vinson (Dem. Ky.) for his work
on
asked
impaired."
Finance
few days,
and
of those who still considered the national credit good.
House, members of the Ways and Means Committee paid high tribute to
a
States
pardize the holdings of other security holders."
way
Resignation of Representative Vinson
United
could well afford to take the same risks
"Its credit is perfectly good,'* answered the witness.
white spruce.
expected to resign from the House within
from
■
tions coming out of bankruptcy would pay af lat tax of
a
singled out
preferred treatment," Mr. Root said.
"The question appears to me to be this," interjected Chairman Steagall,
rations will be permitted to make a new declaration of their capital stock
being the increase of 25c
of this provision to
had the effect of changing the bankruptcy act.
Treatment of Banks
has been
.
backing.
Banks, insurance companies, corporations in receivership and corpora¬
and Western
.
product of the White House rail conference and subsequent
a
meetings of Administration officers and rail leaders and has Administration
liens and not
however, at the close of 1939.
tilled spirits.
railroad in reorganization
taxpayers against loss by selling this collateral."
the last $5,000.
on
tributed profits tax of from 16K%
on
a
under Section 77 of the Bankruptcy Act.
among all the other creditors to ha vie
White House complete exemption from the undis¬
sliding tax scale of 12J^%
upon
liberal terms neared
more
on
in Congress yesterday with the prospect that it will retain the rider
which would allow the RFC to sell collateral of
loans made by the RFC "heretofore."
profits tax principle.
those with net incomes of $25,000 or less.
a
RFC railroad loans
Legislation to allow
passage
capital gains taxation, but he is believed
tributed profits tax is granted to approximately 88%
next $15,000 and
Washington bureau May 12 the "Wall
Street Journal," said:
the conference committee adopt
seen
this defeat since
matter of the undistributed
to
provision that workers put back
loans are made.
.
the principle of the House bill on
be reconciled to
a
exempting the RFC from court orders impounding the collateral held by
advices
Washington
"Journal of Commerce"
to
advices said:
same
payroll shall be hired af wage rates and working conditions covered
The two who testified, Elihu Root Jr., representing a security holders
distilled spirits,
on
and includes the House provision for publicity on in¬
of $75,000 annually and above.
From
The
[House] Committee also inserted
The
on
Commission that the roads
Exemption
Senate conferees, led by Senator Harrison, insisted on changing the capital
gains tax to a flat 20%
we
workers and what part
portion of that
undistributed
2943,
con¬
ference over two provisions, the undistributed profits tax principle and the
a
page
May 11 said that the principal
available for railroads under the bill would
of bitter debate in
capital gains levy.
The
week ago,
should be used for
mum
with
a
change made in the bill approved by the Senate Committee
would allow the RFC to determine what portion of the loans
at the latest.
more
issue of
our
•
to send the measure to the Wbite House by Thursday or Friday
The bill is the result of
In
maintenance.
indicated that the Senate Banking and Currency Committee
had favorably reported a similar bill.
Associated Press
The potent argument offered by the RFC for the provision was that it
Douyhton to Analyze Changes
that he would
On May 11 the House Banking and Currency Committee
approved the bill authorizing the Reconstruction Finance
Corporation to make loans to railroads for equipment and
developed between the two Houses, in which
Roosevelt intervened in defense of the principle of the tax.
President
Banking Committee Approves Bill Providing for
Loans
to
Railroads
Through
RFC—Provisions
Affecting Reorganizations Opposed
retaining the remnant finally approved today.
A delicate conference situation
May 14, 1938
House
figures.
By comparison, under the present law—upon which business has laid a
major
Chronicle
partial disbursement of profits the rate is graduated be¬
a
10 and 19%
the
tween
and of 19% if all profits
tenance
Corporation indicated
and
disposed of, to accept his appointment to District of Columbia
men
that
back to work
railroads might put
under the RFC main¬
equipment loans.
Court of Appeals.
Republicans
In the debate
on
Voice
Bill
Criticism
the report Republicans critized retention
of the
un¬
Removing
$25,000,000
Government
Bonds
distributed profits tax principle, warning that the House was leaving in
Loan
the law "the seed that may spring up again to injure business."
ment by Secretary
Representative Crowther (Rep., N. Y.) called for simplification of the
tax laws
be
made
and
expressed hope that further study of the structure would
next
session
with
this
end
in
view.
Representative
Jenkins
(Rep., Ohio) said that public sentiment was against the tax and appealed to
the
Republicans to
"stand
taxation."
together
against
this nefarious
principle
of
Act
Reported
Limitation
Issued
Under
on
Amount
Second
of
Liberty
by House Committee—State¬
Morgenthau
A bill removing the restrictions on the amount of bonds
the Treasury may issue under the Second Liberty
which
Loan Act was favorably reported to the House on May 6
by the House Ways and Means Committee. The action it
is stated was taken after a closed hearing of the Committee,
Volume
at which
Financial
146
served
Secretary of the Treasury Henry Morgenthau Jr.
United Press advices from Washington May 6 said:
testified.
any
one
time and restricts the
aggregate
has
of outstanding
The
bill
would
$45,000,000,000
merely
eliminate
the
amount
that
total
the
of
restriction
may
categories.
Following
the
meeting
issued
Secretary Morgenthau
Treasury
adjusted in order to give the
can
In the months of June,
latitude as to the kind of
1938, the Treasury
September, and December,
Treasury notes aggregating
than $1,600,000,000 face
more
probably be necessary during this period to raise addi¬
amount and it will
between
cash
more
bills should be
issue.
has maturities of
tional
limita¬
I believe, sufficient for the present but the division as between
bonds and notes, certificates of indebtedness and Treasury
securities it
$500,000,000
total
$1,000,000,000 making the
and
financing during the next eight months' period, exclusive of Treasury bill
operations, of
desirable, from the standpoint of the public debt pro¬
maturing notes and to raise whatever additional cash is necessary,
or
a
States
would
This might
nection
the
I should like to
limitation
total
may
this
during
further
for
only
period,
bond issues
under
$1,450,000,000
present limitation.
the
be sufficient to meet the Treasury requirements in con¬
not
with
bonds
savings
be available
maturing
the
be outstanding at
but
asking for an increase in the
we are not
of the
aggregate
debt
public
Senator
we
asking only for
are
a
consolidation of the
in that act
present limitations on the two classes of securities mentioned
so as
give the Treasury greater flexibility in its financing operations.
to
From advices from Washington
"Journal of Commerce"
The
bill introduced late
we
yesterday by Chairman
Robert L.
than
Doughton
more
than $20,000,000,000 of short
on
outstanding
.
the
value)
(maturity
veterans'
of
term securities consisted of
of
United
States
bonds.
service
term
.
Bonds
bonds and
Outstanding short
savings
$11,309,276,050 of Treasury notes, $767,455,000
$1,753,268,000 of Treasury bills.
idea
amended
by
the
legislation,
a
total
of $37,131,975,106 has
leeway in financing operations of but $7,868,024,894.
The
Committee
Tables
Resolution
Nye
to
Foreign Relations Committee by a vote of
Senate
17 to 1 yesterday (May 13) tabled the resolution of Senator
Nye to repeal the embargo on United States shipment of
Spanish Government.
The Committee acted
after Secretary Hull opposed action at this time.
Associated
Press advices from Washington yesterday added:
of
arms
the
Secretary Hull told the Committee in a communication that
now
action
on
States in the circumstances
prevail, I would not feel justified in recommending affirmative
be
which
"rather than to rewrite it piecemeal in relation to
aspects
a
broader
leaders
be made
predicted
this
week that no
during this session in neutrality
President Roosevelt would not urge
the introduction of a resolution by
Senator Nye of North Dakota, one of the original authors
of the legislation, to repeal the application of the measure
to civil wars and thus lift the general embargo on
ship¬
ments of arms to Spain.
It was unofficially reported that
the President did not wish a change in the law at this time.
In discussing probable congressional action, a Washington
dispatch to the New York "Herald Tribune" of May 9 said:
legislation
such
and that
despite
action,
for
Spain.
party
to the
individuals and
at the White House today, Representative
leader of the House, declared that the
discussed incidentally, and that speaking for
himself he could say:
"I am against monkeying with the neutrality laws
at
this time."
Putting it in a little stronger terms, later, he added:
"The House is not going to make any change in the neutrality legislation
After
Sam
seeing
Rayburn,
Act
the
held
had
floor
B.
As
strife.
that,
to
But as to the main body
has
Board
Control
down
that
against
shown
Germany
from
South
to
although
embargo,
neutrality
a
is
revealed
was
and other
Africa
become
to
United
the
ago
for
company
20
planes were intended
the Non-intervention Committee, but
that the French Government was a
show
to
French
a
that the
convinced
member of
a
months
few
a
license
export
an
that
plan.
the
record
the press
at
United
the
of
reference
with
States
to
continuation of the one
conference, which was a
yesterday, when questions were asked concerning neutrality and
other
Hull
Secretary
it
denied
again
had been
States
United
the
that
"con¬
Government to help it violate treaties and help
German
rearm.
United
Nov.
he
States
exports of
1930,
30,
he
added,
which
$391,000
sold
were
"The
$5,000
materials to Germany for the year ending
war
valued
were
$502,587.20.
at
that amount,
engines
$92,000
and
comprised propellers."
"was there was about
it
of
declared,
Hull
Mr.
military supplies that went
sporting rifles and revolvers."
was
Of
"for commercial airplanes, most of
different countries by Germany after they were put in
for
was
$4,000 or
and much
into Germany,
strictly
of
that
of
to
planes,
result,"
said,
During the year ending Nov. 30, 1937, the Germans bought $1,042,000
worth of war materials, of which $856,000 was for engines for commercial
$10,000
less than
the
for the commercial planes.
That
and the latter went to individuals,
$181,000 for propellers
for other items,
and
left
not
German
Government.
"
$103 in Exports in January
munitions
planes,"
Hull
Mr.
"This
exclusion
our
"We
to be
"For
1938,
we
armament
of
January,
feverish
that
to
licensed for export
nation
great
a
to the teeth by this
getting armed almost
licensed
we
for
export
of
is
evidence about
still
Then
time.
$14,780."
Germany
to
"there
that
commented
Hull
Mr.
aid
$4,757.35.
seem
March
in
of
propellers for commercial air¬
and
people that is arresting the attention of everybody here to the
of everything else.
Then for February we licensed for export
Germany
to
"In
declared.
worth
$70,000
licensed
States
for engines
$103.
is
65,000,000
United
the
all
Germany,
to
Germany
to
1937,
December,
"In
ulterior
our
here," and then he added:
exports to Germany of
for
licenses
April
this character—not one
single penny."
information
Official
the
commercial
obtained,
airplanes sent
went
propellers,
and
Mr.
to
Africa, away from
South
with
the war zone
after being equipped
Germany,
to
"a large portion
said, is that
Hull
entirely."
Government
The British
of Commons
States
it
that
May 11 denied in the House
on
seeking
embargo
the
continue
to
was
persuade the United
of arms to
to
on
shipment
Spain. A London dispatch of May 11 to the
today
States
British Government
lifting its embargo on
from
Asked
information
for
North Dakota
out
the
on
the
they
that
were
was
the
'Times" said:
House of
trying to prevent
to Spain.
was
arms
on
in
Senator Gerald
of
such shipments,
Commons
the United
P.
Nye of
Mr. Chamberlain
prohibited under a joint resolution of
impossible to say what further action
take.
would
States
Henderson,
now
it
that
denied
resolution
that would lift the ban
and declared
United
Arthur
Chamberlain
the
that
pointed
Neville
Minister
Prime
Laborite,
asked
whether
it
was
a
fact that popular
embargo "a gross betrayal
time Geoffrey Mander, Liberal,
feeling in the United States considered the arms
of
Spanish
asked:
"Is
democracy,"
and at the same
for the belief
foundation
there
that
the British
trying to discourage the American Government from
"No foundation
at all,"
Mr. Chamberlain replied,
Government
taking action?"
and the discussion
V"
ended.
been
President or not is unknown, but Speaker
Rayburn could also have told
the
President
that the House Foreign Affairs Committee would have
nothing to do with lifting the embargo.
Notice to this effect has been
Whether
it
officially
niving" with the
Appeals Court Rebukes NLRB in Denying
Board Tends "to Promote
Discord Among Employers and Employees"
United States
Enforcement Order—Says
this session."
William
civil
to
foreign policies.
President
majority
Munitions
laid
reshipped
defended
Hull
Mr.
neutrality provisions.
Neutrality
the
has
having
nothing
disarmament
is
from
by
issue
France
was
Congress
pressure
relate
may
to Germany has been transshipped to Spain,
States
to
planes,
there
organizations demanding a lifting
of the embargo on arms shipments to Spain will come to naught for the
time being.
The activity of these individuals, who have wanted to help
the Spanish loyalists or, as they put it, to counteract German and Italian
aid to the rebels, resulted in a series of mistaken reports that the Roose¬
velt Administration
and congressional leaders were all set for repealing
Thus,
intent
no
it
as
elimination from the law.
an
time
same
refused
engines
would
for
"I wish somehow I could get
whatsoever to repeal or alter the
legislation I would confine any change to a move toward
been
have
the
States
of
Congressional
be
United
the
At
particular
situation."
changes
arms
new
pressure
interview:
an
have
observation
airplanes
legislation, Secretary Hull said,
until effects of the law can be viewed in its
delayed
I
except
the shipments
of
purposes
the resolution under consideration."
Reconsideration of the present neutrality
should
a
increasing
with
discretion."
Careful
none
"from the
standpoint of the best interests of the United
which
agitating
quoted the Secretary:
airplanes
Repeal
Arms Embargo—Would Have Amended Neutrality
Act to Permit Export of Arms to Spain—Secretary
Hull Opposed Amendment
Senate
to whom
loyalists,
the
Secretary of State Hull, in analyzing United States ex¬
ports of arms and ammunition, on May 7, sought to show
they were a negligible factor in German rearmament.
A
Washington dispatch of May 7 to the New York "Times"
securities that may be outstanding at any time
present
been issued, leaving a
been
and thus lift the general embargo
wars
of
.
that
the neutrality
commercial
provisions of the Second Liberty Bond Act that is proposed to
under the
have
open,
said today, in
there ought to
recapitulation it shows that of the total limit of $45,000,000,000
a
of bonds and short
be
.
Treasury was
indebtedness and Treasury bills.
adjusted
of certificates of indebtedness and
Under
.
Sympathizers
;.
policy
neutrality
of April 30 consisted of $20,927,252,250 of Treasury bonds
as
$1,546,000,000
$828,713,806
term securities outstanding.
within $6,169,990,950 of the $20,000,000,000
notes, certificates of
be
result.
across
limit of the law on maximum amount of bonds
that may be outstanding and
limitation
Department from having
Committee showed that the
Figures submitted to the
within $1,698,033,944 of the
Relations Com¬
Foreign
Senate
resolution which would repeal the application
a
legislation to civil
Spain.
supply might
this
In
outstanding at any time.
be
$25,000,000,000 of bonds might
the restriction that not more
addition to this limitation the law prohibits the
Chairman of the
would probably act whichever way the Administra¬
Nye has offered
to
arms
on
American
(Dem., N. C.) at the request of the Secretary, amends the present authority
of the department to issue bonds by removing
body
embargo
that
in
the Spanish
end
to
places.
New York
May 6 to the
take the following:
resolution
impetus
y
the neutrality
of
which
obligations
time under authority of the Second Liberty
any one
Bond Act, as amended,
aggregating more than $1,600,000,000.
notes
emphasize that
on
strong
Nye's viewpoint was explained in the following
Washington dispatch of May 8 to the "Herald Tribune":
eliminating
United
Nye
to the Senate Foreign
a message
no
Senator
rather than through
the issuance of Treasury notes.
give
the neutrality law.
Key Pittman,
major portion thereof, through the issuance of additional Treasury bonds,
$248,000,000 to meet the estimated additional issues of
drafting
as
would
pending
said his group
of
After reserving
which
the
of
Senator Nye
and the Government security market, for the Treasury to meet the
before the House, I
come
opposition."
advised.
tion
than $2,600,000,000.
more
It may be highly
gram
changing
Senator
The total combined amounts that may be issued under the two
tions are,
adoption
mittee,
"The House committee
repeal of any neutrality
said:
should
kind
that
described
Committee
by
a
of
most stubborn
Representative
Today,
committee.
chairman,
Hull, Secretary of State, who conferred with Mr. Roosevelt soon
Relations
.r/v
bill
a
his return, was
for
statement which said:
If
it would meet with
after
in both
the
by
committee
reporting out any neutrality bill or
this session.
Cordell
fixing at
bonds,
outstanding
be
leaders
House
McReynolds,
idea of
no
law
know
notes, certificates of indebtedness and bills to $20,000,000,000.
the
on
D.
8am
Existing law limits to $25,000,000,000 the amount of bonds that may be
outstanding at
3111
Chronicle
they so informed the
Bankhead of the House and Mr.
'
The
Sixth
United
States
Circuit
Court of Appeals at
Covington, Ky., on May 10 denied a petition by the National
Labor Relations Board for an enforcement order against
Financial
3112
Chronicle
Mackey & Herlick,
Thompson Products Co. of Cleveland, for an alleged viola¬
of the Wagner National Labor Relations Act.
The
Court ruled that the NLRB order "tends to destroy the pur¬
pose of the Labor Relations Act and to promote discord
among employers and employees, instead of harmonious and
joint discussion of their difficulties."
The opinion, written
by Judge El wood Hamilton, said the Board's findngs were
"not sustained by substantial evidence," and remarked that
tion
the company would have been justified in discharging three
men "had there been no effort to organize employees in a
Further comments on the ruling were given in the
union."
following Associated Press advices of May 10 from Cov¬
ington:
Judge C. C. Simons concurred, although Judge Florence E. AUen dis¬
sented in part to
observe that two of the workers were discharged "because
The Board last August directed the company to reinstate three employees
America,
United Automobile
opposition to the
purported
cease
Workers
of
C. I. O. affiliate.
a
Hamilton wrote, adding:
be
should
There
cleancut
a
reasoning by which the Board arrived at its findings.
The Board's finding tends to promote discord among employers
employees instead of harmonious and joint discussion of their
The court's action
two
to withdraw its record in
Board
of the
efforts
Ford Motor
the
tion.
case
is referred to elsewhere in this issue today.
Their
diction
York State
Act-
Labor Relations
question," Mr. Mackey said, "is whether financial institutions are
by the 0. I. 0. and other labor unions.
The Bank of
Yorktown is a small bank with only 44 employees, clearly not laborers,
be
invaded
added that
'
that
Ruling Given by State Supreme Court in Action by
of Yorktown in New York City to Enjoin
Conducting Employee Election—
Views of State Banking Superintendent
In
New
the
F.
Thomas
York
Court,
Supreme
denied
Noonan
Yorktown, in New York City, for
the New
May
on
application
an
York State Labor Board from conducting an
tion among the
bank's employees.
of Justice Noonan
is
country, known
of May 6 it was stated:
The bank
it
has
is
maintained
since
that
governmental
a
it
is
depository of government
from the provisions
a
thus
and
agency
exempt
did
not
also
contended
"There
banking
is
would be
Mackey,
counsel
A.
that day,
The
ruling
ruling
counsel
upholding
as
which
the
Bank
precludes
that
under the
application
its
to
declared.
Yorktown,
said
for
the
the wide
Board,
the other
on
hand,
powers
of
sought to block
an
would
welcomed
Board.
the
election to determine whether
Mr. Zorn said the
proceed.
now
Labor
the
fication
that
time
Oct.
26
Relations Board
to
secure
official
certi¬
bargaining agent for the bank's employees.
as
it
was
that
this
stated
in
"Wall
the
brought into the
Street
Journal"
for the first
open
At
of
time
the campaign
of the union to organize bank and brokerage
employees.
Mrs. Elinore M. Herrick, regional director of
the National Labor Relations Board, informed the Financial
Workers Organizing Committee
on
to
Labor
be
nothing in the National
Nov. 6 that "there
seems
Relations Act which
denies to bank employees the same rights accorded to other
employees.
In
Nov. 7 added:
stating
America,
C.
this,
the
was
made
I.
0.,
who
had
asked
New
Office and
for
an
rights of bank workers.
same
Superintendent
York
"Times"
of
Professional
opinion
on
the
Mr.
This
Workers of
month
of
Banking,
sent
the
following
letter
your
letter
of
Nov.
11,
asking
for
information
'
banking law of this State, the only law which this department is
authorized
to
which
have submitted,
you
bearing
In
that
upon
view
you
contains
nor
no
are
we
may
provision
aware
which
wish to inquire of the National
right
of
relative
any
to
the
question
precedent having %
inquiry.
the nature of the question
of
cerning the
administer,
your
The
G.
it
In
Mr.
the
ever
possible.
I.
of
employees
of
National
have raised,
Labor Relations
banks to
bargain
we
suggest
Board
con¬
collectively
of the State Labor Relations Board concerning the right
of employees of State
banking institutions.
a
a
V
.
complaint with the Board
on
letter
a
Vice-President
received yesterday from Charles
Metropolitan, declining to bargain
of
0. union.
said the Board
Taylor
insurance
and
company
had
illegally
"assumed
appeal would
an
The letter also attacked the Act,
discriminatory
well
as
jurisdiction"
be taken
as
as
the Board,
soon
as
as
being
employers.
against
Illinois Court Holds Sit-Down Strike
Tribunal
That
in
Fansteel
x
sit-down
The
Illegal—Appellate
Unanimously Rules
Case
Wagner Act Will Not Aid Violators of State
Laws
strike
is
illegal and the Wagner Labor
protect strikers who violate State
laws, it was held on May 10 by a unanimous decision of the
Second Illinois Appellate Court at Ottawa, 111. The tribunal
Relations
will not
Act
sustained the Lake
County Circuit Court in imposing fines
imprisonment upon two organizers for the Committee for
Organization and on 37 sit-down strikers in
1937, for refusing to leave the plant of the Fansteel Metal¬
lurgical Corp. at North Chicago until police drove them out
with tear-gas bombs. United Press advices of May 10 from
Ottawa, 111., quoted from the Appellate Court decision as
"The
seizure
detention
and
a
of
.
.
.
property
.
strongly worded opinion.
lower court's opinion that refusal
illegal,"
was
the
The judges concurred in the
of the strikers to evacuate the Fansteel
works in compliance with an injunction was contempt of court.
The Wagner Act takes no precedence
State court of equity in
over a
a
labor dispute, the Appellate Court held.
The strikers and organizers
were
arrested by the Lake County Sheriff
the Fansteel corporation.
The plant had been closed by Illinois's first sit-down strike which ended
when
police and Sheriff's deputies,
mounted
on
employing
a
wooden
"battle tower"
truck, fired hundreds of tear gas projectiles into the plant
a
and drove the strikers off.
The Lake County Circuit Court convicted those arrested and sentenced
them to pay fines and serve jail terms for
contempt.
and sentences, the Appellate Court asserted:
In upholding the fines
"There is nothing in the Wagner Act which deals with the subject of
violence or any illegal acts comm tted by employees in the course of in¬
dustrial disputes and in our opi lion Congress did not by enactment of the
Wagner Act deprive the States of police powers to protect property rights
or punish
illegal acts committed in the course of labor disputes.
"Because an employer refuses to bargain with its employees collectively
does not justify those employees in their conduct of a strike in
seizing the
factory of their employer and, without authority of any kind, evict their
foreman, barricade the doors, deny the rightful owner admission to his own
property and defy those whom they know to be officers charged by law to
Ford
Motor
Order
Co.
Resists Efforts
hearing in the case,
had
on
reserved
Feb. 8, when Supreme Court
decision, Richard Mackey, of
of
NLRB
to
Withdraw
Against
Company and Avoid Court Case—
Attempts to Vacate Orders in Cases
Also
Affecting Inland Steel and Republic Steel—Court
Permits NLRB to Withdraw Douglas Aircraft Co.
Order
on
May 9 obtained
an
order from the
Sixth United States Circuit Court of Appeals, at
Covington,
Ky., directing that the National Labor Relations Board's
record of its case against the
company be made a part of
the
company's suit to set aside the order of the NLRB of
Previously, on May 5, the Court granted the
Board's request to withdraw the record, but the
May 9
order amended that
ruling.
As a consequence, the NLRB
on
May 11 abandoned its efforts to rescind its order, which
Dec. 22 last.
directed
reinstatement
who
were
of
29
workers
Ford's
in
Michigan
union activity,
hear, in June, the suit brought by
discharged for asserted
and asked the Court to
the company.
Press dispatches
of May 11 quoted Philip H.
Regional Director of the NLRB, as saying:
We
At
based
was
Second
with the C.
Union filed
com¬
charging refusal to bargain to the Metropolitan.
complaint
Taylor,
plants
you
and to strike, and
Justice Noonan
dispute
no jurisdiction over insurance
subject by the State Insurance Department.
are
The Ford Motor Co.
acknowledge
Acts.
the
claims the Board has
company
Meanwhile the Insurance Agents'
to
there is any law or precedent which would
deny to bank employees the
rights accorded other employees under the State and Federal Labor Rela¬
The
on
,
panies, since they
Nov. 19 William R. White, State
concerning the right of State and National bank employees to bargain
collectively and to strike, and requesting this department to advise you if
tions
bearing
auspices.
The
it was indicated in the New York
on
Lewis:
will
important
Yesterday the Metropolitan Life Insurance Co. declined to bargain with
union or to recognize an election won by it under the State Labor
organizational
Lewis:
Dear
an
the
Board's
>
"Herald Tribune" that
Mr.
have
to
companies.
NLRB
Later the
expected
between the Insurance Agents' Union and the C. I. 0. and the life insurance
public by Richard Lewie, Chairman of the
subdivision of the United
a
workers
carry out the orders and decrees of a court."
Mrs. Merrick's letter
committee,
the
13 months ago for refusing to heed an injunction to surrender the
plant of
The issue had been pending since last October, when the
C. I. O. affiliate referred to indicated that it planned to go
before
of
follows:
appeal
an
the United Office and Profes¬
Workers, Committee for* Industrial Organization.
election
are
Justice Noonan
of
employees wished to be represented by
sional
50%
the New York "World-Telegram" said:
is
Court asserted in
Zorn,
The bank's petition had
the
for
that banks
Superintendent of Banking.
statute
banking employees,"
or
unconstitutional;
was
workers, and
taken.
Burton
the
the
in
Labor Act
the
of the State
nothing
institutions
Richard
that
to white-collar
apply
exclusive supervision
depends whether
said
Industrial
Appeal to Be Taken
The bank
He
Board,
and
the Labor Relations Act.
it
Relations
as
employees
be within the jurisdiction of the provisions of the New
York State Labor Relations Act.
In the New York "Post"
funds
Labor
In its May 6 issue, commenting on Justice Noonan's ruling
elec¬
to
of
decision
Noonan's
State
white-collar employees, are included within the
provisions of the Labor Relations Acts, national and State.
the
in
The effect of the action
banks and banking
hold
to
the
Justice
G,
by the Bank of
injunction to restrain
an
for
counsel
Zorn,
Justice
on
bargaining."
strike might start a run on the bank.
a
A.
Burton
wants this bank to submit to collective
0.
I.
and the C.
Bank
Labor Board from
con¬
"The
to
Employees Held to Be Within Juris¬
New
of
He
not industrial labor¬
were
and
System
this morning,
Banks and
institutions.
the
the
as
Feb. 9 added, in part :
Co. case, in which it ordered reinstatement of 29 workers in Michigan plants.
The Ford
much
a member of the Federal
Federal Deposit Insurance Corpora¬
In reporting this, the New York "Herald Tribune" of
Reserve
by the NLRB in
Yesterday, the tribunal amended a previous order and thus
days.
blocked
the second reversal suffered
was
difficulties.
bank
as
governmental institution as it is
the
and
apply to financial
not
argued that
that the Superintendent of Banks is expressly charged
ers,
without
facts
bank,
with the supervision of banks, and that the bank is a semi-
of
of the ultimate
statement
the
over the bank in
tended that employees of a
The Board's brief had "mingled statements of witnesses and expressions
of opinion," Judge
does
statute
for
counsel
jurisdiction
Board had no
membership and activities."
of union
and
May 14, 1938
are
confident that
We would like to
desire to avoid
a
see
its
our
procedure in this
validity tested
as
case
quickly
determination of this matter.
as
was
Phillips,
valid and legal.
possible.
We have
no
Volume
Kvents
leading
follows:
as
davit
Financial
146
in
Circuit
the
charging
tlie
to
up
above
The Ford Motor Co.
that
the
Court
NLRB
of
ruling
so
preme
Court.
The
NLRB
Appeals at
were,
Covington,
Ky.,
"improperly influenced by
extraneous considerations, political and otherwise," in arriv¬
ing at the findings contained in its order against the com¬
pany last December.
It was contended by counsel for the
was
company that the company had not had a full, fair and open
hearing, an argument which influenced the United States
Supreme Court to set aside commission rates authorized by
Secretary
the
of
Kansas
April 25.
Agriculture
City
in
a
for market agencies
in
ruling handed
Wallace
Stockyards
on
down
(See April 30 issue of the "Chronicle," page 2780.)
Press dispatches of April 28 from Covington
intention
affidavit,
union
activity.
Neither
Board's
the
"findings,
decision
nor
the
order
of
the
Board
actually made by the Board," Mr. Wood set forth, "but were made
were
by its subordinates."
"The
object
respondent
The
to except,
reasonable opportunity
a
submitted to the court a list of questions
company
asked
and
accorded
not
was
that
members
different
the
of
NLRB
the
be
required to give answers to them under oath. The company
also requested the court to permit it to determine whether
tlie
NLRB
had
consulted
various individuals,
including
Benjamin V. Cohen and John L. Lewis,
Thomas 'Corcoran,
before rendering its order in
the Ford case.
May 2 the NLRB asked the court to permit it to with¬
On
draw
against
order
its
Chairman
Ford Co.,
the
asserting through
that it was motivated by
Madden
desire to be
a
Court decision in the Wallace
It was indicated that a new hearing
consistent with the Supreme
mentioned above.
case
would
called
be
if
the
motion
was
granted.
A
petition
Board's request was filed by the company,
counsel for the company remarking that the Board was
"prompted by a desire to patch up its record if it can and
also to avoid judicial inquiry into the manner in which it
proceeded in this case."
opposing
the
That the Board
other
NLRB, according to
New
the
Board
Madden,
would
to withdraw
orders in
Madden of the
Washington dispatch of May 2 to
a
announced today that the
in which it may be alleged that
Chairman of the NLRB,
reexamine
certain
cases
in order to eliminate unnecessary
court decisions.
The Board's action, according to
Mr. Madden, was not taken as a
matter of legal requirement but so that it may be consistent with the
Supreme Court ruling in the case of Morgan vs. United States decided
last week.
The court held that in the Morgan case Secretary Wallace had
employers did
have fair hearings,
not
legal controversies before the eases are refiled for final
personally reviewed the dispute but had accepted the
not
of
findings of one
hiB bureaus.
Acting
upon
the Board's decision,
as
announced by Chairman Madden,
filed in the Circuit Court of Appeals in Covington, Ky.,
asking leave to withdraw the request for enforcement of the court's order
a
petition was
Motor Co.
against the Ford
Similar action
several
others,
simplified
will
be taken in
including
the H.
the Republic Steel Co.
J.
Heinz Co.
examiner would make an
and possibly
over the stage at which
interim report and serve copies on the
procedure and skipped
its
case
In these cases the Board
the trial
interested
was
aside. As a result,
file with it a
record
Advices from
the Chicago bureau of the "Wall Street Journal'11 of May 10
court
on
contained the following:
sufficient
cause
the
to
Steel
the
the order,
Workers
understanding in
a
States
Inland
to
made on April 5, 1938.
told to bargain
and
Committee
Organizing
written agreement, was
case,
submit
come
to
a
definite
made for the purpose of further
Fearing that
its merits.
decision handed down by the
the procedure in the
the NLRB is reversing its stand permitting the trial examiner
precedent set
United
Co. that
will vacate and set
in which the Inland Steel was
proceedings before the Board to try the case on
the
it
shown
is
contrary
finding and order in the company's case
Withdrawal of
with
attorneys for Inland Steel
has served notice upon
NLRB
The
unless
Kansas stockyards' case
in
Court would throw doubt on
Supreme
another
report.
taking this procedure under Section
The Board is
reasonable notice, to modify or set aside in
finding or order made or issued by it.
On May 4 Inland Steel filed a petition to set
upon
10-D, which permits it,
whole or in part any
aside the Board order
and
The
prejudiced against the company
company's cross-examination of the Board's witnesses.
company also claimed it should not be forced to sign a contract with
SWOO because it is not a labor organization, under Section 2-5 of
Labor Act and therefore, incapable of representing the employees.
charging that the trial examiner was
the
the
the
Aircraft Co., the NLRB's efforts to
with a greater degree of success.
The action in this instance came before the Ninth Circuit
Court of Appeals in San Francisco, which on May 11, in
an oral decision,
overruled application of the company to
obstruct withdrawal and granted tlie Board the right to
cancel its order of April 21, which found the company guilty
of violating the Wagner Act and ordered it to reinstate,
with back pay, 45 C. I. O. sitdown strikers.
This gives the
Board the opportunity of reopening the case and correcting
possible procedural defects.
It is said that this case differed from that of the Ford Motor
Co. in that no transcript of the record of the Douglas case
had been filed in a Circuit Court.
It appears that the Wag¬
ner Act empowers the NLRB to withdraw or make changes
in its orders until such time as the record has been so filed.
In the
case
of Douglas
withdraw its orders met
Secretary of State Hull Restates U. S. Policy Toward
Territory Acquired by Force— Remarks Respecting
Attitude Toward Italy's Conquest of Ethiopia
r
"Times," which said:
York
Warren
J.
seek
intended to
also was indicated by Chairman
cases
that com¬
in case against
May 6 ordered the NLRB to
of the Inland Steel Co. proceedings.
the
limited
to the findings," he added.
or argue
Steel Co. of its
Inland
notified
its order
ing that the order of the Board be set
prepared
by Frederick H. Wood of New York, company
of a hearing scheduled for May 9 to permit
the taking of depositions from 32 officers and attaches of the NLRB,
including Chairman Madden.
Mr. Wood petitioned that the hearing on
the Ford Co.'a contest of the order be delayed until the June session.
Citing 11 reasons why, in his opinion, the court should permit the
taking of depositions, Mr. Wood contended that ''neither the Board nor
any member thereof heard, read or judiciously weighed or appraised the
evidence in the proceedings before the Bord," which in January denied a
rehearing of the case, based on the discharge of 29 workers for alleged
9
May
on
issued April 5, mention of which appeared
in these columns April 16, page 2472.
The May 9 action of
the Board followed the filing of suit by Inland on May 4 in
the United States Circuit Court of Appeals in Chicago ask¬
aside its
The
counsel, sought continuance
<
,
withdraw
to
which
pany
Associated
said:
United States Su¬
that the case could go to the
briefly,
April 28 filed an affi¬
situation
on
3113
Chronicle
Secretary of State Hull said oil May 12 that the United
has not changed its policy of refusing to recognize
States
violation of existing treaties.
territory acquired by force in
reported
ington advices of May 12:
His remarks
were
follows in United Press Wash¬
as
presented by
whether any change
of National policy was contemplated in view of the debate in the League of
Nations' Council today over recognition of Italy's conquest of Ethiopia.
The Secretary said the United States has not deviated and that this
Government does not intend to deviate from the basic principles governing
international relations laid down by him in a public statement last July 16.
This statement of principles, of which the non-recognition of territory
gained by force was a keystone, was sent to every Government in the world
The restatement of American policy
Mr. Hull in response to press
in this connection was
conference questions as to
through diplomatic channels.
An overwhelming
majority of the world governments
advised the United
wholeheartedly to these principles.
Japan,
Italy, Germany and Portugal entered reservations.
Asked whether there was prospect of a change in the American nonthat
States
they subscribed
parties.
recognition policy, in view of an
However, Republic Steel Corp. forestalled action by the
Board when, according to a dispatch of May 3 from Phila¬
position by the League of Nations
delphia to the "Times," the corporation,
move, obtained from tlie Federal Circuit
at Philadelphia an order restraining the
ing any steps or proceedings whatsoever"
its case against the corporation.
The
in an unheralded
Court of Appeals
Board from "tak¬
before May 13 in
"Times" advices
absolutely
outline
and
issued
a
certify
This
rule,
rule
to
restraining order the court,
"The
not
the entire record of its case against Republic.
court observers pointed out, that pending argument on the
means,
10 days hence, the NLRB cannot even
Raise
withdraw its order against the
considered to "patch up" the
record.
:
;
''vVU
The Board on April 8, as a result of testimony given before one of its
examiners, directed that the corporation reemploy immediately 5,000 work¬
ers who engaged
in last summer's' "little steel" strike and that, upon their
application, it give them back pay from April 8, the date of the order,
in
any
steps
that
it
might
have
other earnings.
The
Board's April
ruling was referred to in our issue of
April 16, page 2472.
According to the "Wall Street
Journal" of May 10, three
United States Circuit Court of Appeals on
May 9 reserved decision on the petition of the NLRB to
vacate a restraining order so that the Board can reopen
its case against the Republic Steel Corp.. declining, bowever.
a
request by the Board's counsel for an immediate
judges of the
on
alter in any way our general
position with
principles."
Budget Director Bell Estimates That Spendings Under
Administration's Recovery Appropriation Bill Will
Fiscal
preparatory to reopening the case under a modified procedure.
The immediate effect, according to some observers, would be to halt the
less
comment
intended to affect or
»
corporation
Board
President's
through Judge Joseph Buffington,
requiring the Labor Board to show cause why it should not
the court
of international order and normal
not deviated and we do not
policies.
the recent British-Italian conversations
peaceful relations between nations. We have
of those principles or
intend to deviate from any
regard to any of these
the
With
of
maintaining any satisfactory structure
was
added:
apparently impending recession from that
concerning Ethiopia, Mr. Hull said:
be said in that connection. Our policy remains
unchanged. I may add that on July 16 of last year I gave an
the basic and fundamental principles deemed necessary for
"There is nothing new to
Deficit
Year
to
Over $3,000,000,000 in
Beginning July 1—Views
Budget for
of Harry L.
Hopkins and Secretary Ickes
Starting
with
the
deficit predicted in the
$950,000,000
original budget for the fiscal year beginning July 1, Budget
Director Bell told a subcommittee of the House Appropria¬
tions
Committee
from
Washington,
(according
May 7)
to
Press advices
addition of these
raise the figure to
Associated
that
the
prospective
appropriations
would
$3.722.000.000:
Highways, $110,000,000; flood control and reclamation, $87,000,000 ;
public buildings, $25,000,000; national defense, $50,000,000 ; agricultural
adjustment
program,
$50,000,000;
Civilian Conservation Corps, $50,000,000 ; Works Progress Administration, for first seven months, $250,000,000 more than the $1,000,000,000 included in the original budget for
relief,
and $900,000,000 for the remaining five months;
Public Works
Administration,
$1,000,000,000;
National Youth Administration, $75,000,000, and Farm Security Administration, $175,000,000. „
3114
Financial
Chronicle
Ilarry L. Hopkins, Works Progress Administrator, during
sound tax structure.
testimony before the House Appropriations Subcommit¬
tee, was asked about the possibility that private industry
From
persons.
May 7 Associated Press accounts
the
be minimized.
3.
"I do not
He
the
increase
the
efficiently
"I
by
think
will
itself automatically?"
correct
ever
by
increase in
of
Federal
said Mr.
the working population.
1,000,000 and
over
there
is
Since
1935
increase
net
a
to save
Hopkins.
we
every
the
be
Ickes
told
he
the
problem
of
and
administered
be
attacked
most
better
by
the Federal
than
readily available in substantial amount to legi¬
committee
that
if you
Public
the
be required to use relief labor
WPA
were
from
standpoint
Government
on
do not have to
Works
Adminis¬
view to
more
The
far-reaching, permanent aid by the next Congress.
President
purchasing
has
additional
recommended
measures
one
suggestion to each of
cease
the Government is the enemy of business.
you
individually, I believe
harping on the theme that
And it shall be my everlasting
go
relief rolls for
to
was
utilities.
between
There is
much
publicly
the thought that business is the enemy of government.
an
stimulate
to
power.
that the time has come for businessmen to
putting
its projects.
initial effort now
going through the wringer, and study of the
endeavor to dissuade government officials from uttering
explained that the PWA program required labor that
skilled
the railroads
I should like to make
administrative
an
it," he said.
He
a
funds.
from
far
could
said.
get better labor
can
relief
financial
a
counties,"
should not
"You
the door
information available through the Interstate Commerce Commission with
5.
administration
from
can
3,100
Secretary
tration
opens
The President has recommended that Congress give immediate at¬
tention to the plight of the railroads, and has suggested
be entirely corrected,"
ever
committee
that
program
than
constant
a
an
told
It
ahead.
Its spur to our economic life should not
The President has recommended, and Congress has passed, legisla¬
4.
500,000 workers."
of
year
think it will
have
had
less burdensome and a more
timate enterprise through the RFC lending program,
Representative Ludlow of Indiana inquired.
"We
a
It helps restore confidence.
tion to make capital more
quote:
"Do you think that the situation
have
improved,
an
It encourages business to go
of investment to private capital.
would be able, eventually, to absorb all the Nation's employ¬
we
It means
corporate taxpayers.
his
able
May 14, 1938
or
privately
The importance of
end to this sort of talk may be illustrated by reference to the
For the past two years, the struggle for regulation went on
the utilities and the Government.
good in fighting it
no
more
Let
over.
us
This battle has been fought.
have peace.
If
have peace
we
and have teamwork and cooperation between the utilities and the Govern¬
workers.
ment, a conservative estimate would indicate that several hundred million
dollars of
Move by
Utility Holding Companies to Cooperate With
SEC in Solution of Differences—Chairman
Douglas
of SEC Regards Action as Constructive
Step
Cooperation
on the part of 14 utility holding
companies
the Securities and Exchange Commission in
working
with
out
for compliance with the utility holding com¬
has been proposed in a letter by the executives of
the companies to William O. Douglas, Chairman of the Com¬
mission.
It was indicated therein that
they have named a
a
program
pany act
committee of
five
So far, it
vital for loose talk.
It is too vital for
utilities and Chairman Douglas on the same
said to have viewed the move as a constructive
step.
From the Washington Associated Press advices
date
was
May 10
take the following:
we
The letter of the utility executives to Mr.
Douglas expressed the opinion
"the fundamental principle of
diversity of investment" should be "preserved
in the public interest."
Such diversity, the executives
added, was an im¬
portant factor in raising additional capital.
Members of the utility committee are C. E.
Groesbeck, Chairman Electric
Bond and Share Co.; J. F.
Fogarty, President North American Co.; Wendell
L. Willkie, President Commonwealth
and-Southern Corp.; P. L. Smith,
President Middle West Corp., and John E.
Licensing
Seeks
Use
In the discussions with the Commission
they will represent,
their own companies, American Gas and
Electric
Works and Electric Co.,
Co.,
as
well
American
Water
Power and Light Co., Columbia Gas and
Electric Corp., Engineers Public
8ervice Co., New England Power
Association, Standard Gas and Electric
The
Emerging
Play" Between Government
Business—Remarks
Before
Pennsylvania
Investment
Bankers'
Association
of
America
In addressing the Western
Pennsylvania group of the
Investment Bankers' Association of America at
Pittsburgh
on
May 6, John W. Hanes, a member of the Securities and
Exchange Commission enumerated five steps taken by the
President and Congress to
bring about business recovery,
and said "if you admit that
they are necessarily the first
steps, you will also have to admit that
they will fail utterlv
unless Government and business
of individual
initiative,
are
able to relight the fires
smoldering, to renew the flow
of private
capital, to stimulate the machinery of idle in¬
dustry." In United Press accounts from Washington, Mr.
Hanes
also
was
If government
effort, then
.
we
now
reported
effort is
could have
not
as
saying:
followed through
by private and business
spite of
an extreme view here and there I feel that out of the confusion
of tongues in America there is
emerging a new spirit of reasonableness, fair
play and honorable compromise.
In the New York "Times" of
was given
in part
as
May 7, Mr. Hanes' address
follows:
Government and business,
bringing to bear to the uttermost
their joint efforts, arrest this
deflationary spiral and again put the Nation
back on the road to
recovery?
Can we, all working together,
really move
the life of the Nation forward?
My answer is "Yes," but a qualified
We
miss in/a hundred ways, and each of
these ways can seem
sound.
But there is at least one
way, it seems to me, in which we can do
it, and I am going to have the
temerity to state that way.
We can do it
can
only by whole-hearted, tolerant, determined
cooperation.
if
we
We
disapprove, let
us
examine
some
it has taken.
1.
do it
can
will to do it.
The Government has been at work at
it for the past five months.
we approve or
matters.
As
use
This action
seems
new
of the more important steps
building, both
on
small scale and
on
a
sub¬
large scale.
to be making for a rather substantial
pick-up in con¬
struction.
It is worth while, I
think, to remind you that the erection of
houses for the past eight
years has not gone forward at a rate sufficient
even to balance the
depreciation and the destruction of houses during the
new
same
2.
period.
Congress has passed,
Revenue
Bill.
and
the
President may
soon
sign,
the
1938
This bill gives great relief and
promise to individual and
Seen
Possible
as
alternative
to Federal licensing the SEC
Federal taxing powers to make it more
difficult for corporations to use the statutes of certain States
an
of
which were "noteworthy for their
liberality to corporate
organizers and their disregard of the interests of security
holders."
In
summarizing its conclusions and recommendations,
by the SEC said:
a
The Commission states that it study and investigation of management
plans without aid of committees demonstrates the necessity of providing
means for the protection of investors affected
by these plans.
The Com¬
mission's recommendations
closure, restrictions
of
to that
end
include requirements
for full dis¬
solicitation of proxies, deposits and assents, and the
on
conflicting interests
Suggestions
were
the part of those engaging in such
on
also made
as to measures
designed to correct
the situation created by lax State corporation laws, and as to the formation
of protective agencies
for investors.
The Commission's recommendations
and suggestions are as follows:
(1)
Because of the failure of corporate managements in the past, with
some
exceptions, to make full and informative disclosure of the scope and
operation of proposed voluntary plans and their effect upon both investors
and management, it is recommended that legislation be enacted
requiring
full disclosure in the
of substantially all plans of reorganization or read¬
case
justment effected without
is
because
necessary
portion of the field.
resort to
judicial proceedings.
Such legislation
existing statutory regulation touches
only
a
small
Thus the great majority of management plans effected
by charter amendment, sale of assets, consolidation
or
merger,
or
by
an
exchange of se{mrities if certain conditions
are fulfilled,are not subject to
the registration and prospectus requirements of the Securities Act of
1933,
amended.
as
Act of 1934
on
Furthermore the powers conferred by the Securities Exchange
over
the solicitation of proxies are limited to securities traded
National securities exchanges.
(2)
On the theory that the requirement of full disclosure, althrough im¬
portant, is not sufficient of itself to correct the abuses resulting from
of interests,
con¬
the Commission further recommends the enactment of
legislation designed to limit the right of corporate managements to solicit
proxies, deposits and assents to
do not conflict with
those
cases
of the
recommended for other persons
where the interests of the management
investors.
Similar disqualifications
having adverse interests.
are
The Commission
also takes the position that solicitation should be permitted
only by the
beneficial owners of the securities solicited, or their representatives.
In
addition, the Commission states, the necessary legislation should prohibit
unless they are free from unfair and oppressive provisions.
(3)
The Commission points out that many of the abuses prevailing in
or readjustments are based on loose corporate
voluntary reorganizations
practices made possible
by lax State corporation laws.
With respect to
this broader problem, the Commission states;
"It
be that
may
Government.
corporation
of investors
One
ficult
and
an
effective solution requires action
approach to the problem is by
way
by the Federal
of
a
Federal in¬
licensing law imposing uniform standards for the protection
on
corporations engaged in interstate commerce.
Another
or
approach is to
Whether
Congress has amended the Federal Housing Act to stimulate
stantial increase in
Power
appropriate restrictions and limitations for the protection of investors and
the
"Yes."
Reorganization Abuses—
Taxing
such solicitation unless the deposit agreements, proxies or assents contain
Appeals for Joint Effort
Can
or
Investors—
of
to
suggested
flicts
threat to democracy.
a
Federal
Incorporation
Protection
and Exchange Commission on May 10
Congress a report dealing with voluntary
reorganizations, in which the Commission advocated a
Federal incorporation or licensing law, with uniform stand¬
ards for the protection of investors in corporations engaged
in interstate commerce, and the establishment of a central
protective agency to represent security holders in corporate
solicitation.
of
the
Securities
elimination
Group
Law for
Way to Eliminate
of
transmitted
as
Co. and United Light and Power Co.
and
patriots.
statement issued
Associated Gas and Electric Co.; Cities Service
John W. Hanes of the SEC Believes
There Is
a
New Spirit of "Fair
to be good
Substitute for Licensing
Zimmermann, President United
Gas Improvement Co.
The issue at stake is too-
It is too vital for any of us to hold malice in our hearts.
us not
SEC Urges Congress to Adopt Federal
cooperate with the Commission "to
bring about sound and constructive solution of the problems
action of the
new con¬
both the President and business have received
to me,
seems
good response to the efforts they are making.
to
confronting these companies." In Associated Press advices
from Washington on
May 10 it was stated that President
Roosevelt expressed gratification when informed of the
capital would flow annually into investments for
new
struction and replacement.
less
the Federal taxing power in a manner to render
use
attractive
the
migration
of corporations to
more
dif¬
States
whose
noteworthy for their liberality to corporate
izers and their disregard of the interests of
security holders."
organ¬
corporation statutes
(4)
are
Finding that voluntary reorganization plans often embody primarily
viewpoint and reflect its self-interest, leaving the in¬
the management's
terests of investors to be
protected only by the exigencies of the
dictates of the management's conscience,
there is need that security
case
and the
the Commission concludes that
holders be afforded
means for
taking collective
action.
Pointing out that the formation and financing of independent
protective committees is particularly difficult in this field, the report calls
attention
in
this
connection
to
proposals which have been advanced by
various writers for the establishment of
a
central protective agency,
whose
Volume
function would be
matters
an
By
would
margin
a
significant functions would be the representation of investors in the
Mondays,
field of voluntary corporate reorganization.
fall.
of
Wallace
Regards
Farm Program
to
as
"Corn
Belt"
regardless of
The
poor
man
RFC
leave
f
Explanation of Wallace
According to the explanation offered by Mr. Wallace, farmers received
comparing
but upon
with their neighbors, found them all right.
acreages
A considerable part of
the opposition to allotments is of political origin,
he said, expressing the opinion that this was true of the Macomb, 111., corn
belt Liberty League meetings.
The Department has
a
approved
a
bill which
Day,
Memorial
the week
day of
become
to
effective,
which they may
even
ff wthe
on
however,
until New York and
Frank
S.
Republican
Farley,
that it
Atlantic
report on who was
County,
who
designed to "give the
:.,;y.• V:V;;:vA:
break."
a
of
"unique" and
was
■:/:\v:AV',!
♦
rv-
to
of the Federal
May 18
Jess© H. Jones, Chairman of the
Reconstruction Finance
May 10 announced that on May 18 the
Federal National Mortgage Association, the entire capital
stock of which is owned by RFC, will offer $25,000,000 of its
2% notes maturing in five years. The notes and the income
derived therefrom are exempt from Federal, State, municipal
and local taxation except surtaxes, estate, inheritance and
gift taxes.
The notes will be offered by the RFC.
They
will be dated May 16, 1938 and will bear interest from that
date at the rate of 2% per annum.
They will mature May 16,
1943. .■■■
vs '.■:' 1;.::/ v;-; v:
The organization of the Association by the RFC was noted
in our issue of Feb. 12, page 1010.
•
for the commodity.
their allotments, at first thought they were lower than expected,
9
Washington,
approved by the Governor,
bill, said
Corporation,
it" attitude with regard to protests against corn allotments, the Secretary,
general changes made
May
on
and
Offer $25,000,000 of 2% Notes
National Mortgage Association on
"Journal of Commerce" which also had the following to say:
no
the
..vjy'Vf'S;
opposition which has developed in the "corn belt"
against
the
Agricultural
Adjustment
Administration's
acreage allotments was ascribed by Secretary of Agriculture
Wallace on May 4 to "politics" and misunderstanding,
according to Washington advices May 4 to the New York
in the acreage quotas
not
it and it is
Assemblyman
The
however, indicated definitely that there will be
the calendar
is
measure
introduced
standing
or
House
Lincoln
of
Pennsylvania adopt similar laws.
Opposition
Due to Politics and Misunder¬
Denying that the Farm Administration had assumed "a take it
votes, the
birthdays
July, Columbus Day and Armistice Day to be celebrated on
Senate passes
Secretary
of 31
the
cause
the Fourth
being under proper government supervision, one of its
agency come into
most
of security holders in all corporate
The report points out that, should such
the representation
involving their interests.
3115
Chronicle
Financial
146
on
-
behind that meeting, but does not care to make a statement at this time,
it
added.
was
Farmers understand their allotments better now, the Secretary is con¬
vinced, and
are more
Report of Operations of RFC Feb. 2, 1932, to
March 31,
$12,227,012,727 Authorized During
$1,858,536,177
Canceled — Secretary of
1938—Loans of
content with them than they were two weeks ago.
State and country acreage allotments are fixed by legal formula and the
Period
farmers
Treasury Canceled $2,688,151,334 of Corporation's
Notes in March—$6,877,589,464 Disbursed for Loans
pretty well satisfied with the over-all situation, although fault
are
has been found with individual allotments, he said.
■of
While
a
certain degree
flexibility is possible in these. Secretary Wallace pointed out that corn
planting started three weeks
ago and
Authorizations
late date."
Hasty inauguration of the
"We hope
difficulty.
new
very
farm
program
much we
before another crop year comes around,"
explained that the
it
new program got
can
was
go
He
under way only in February and that
to get the allotments out in a hurry.
was necessary
blamed for most of
into this whole question
Secretary Wallace stated.
A good many million
computations were involved, he explained, acknowledging the possibility
of
He declared allotments would be made known earlier next year
error.
farmers might have more time to appeal from their allotments before
so
planting time.
On
April 28 Claude R. Wickard, director of the north
region of the AAA was reported as stating that
changes would be made in the 1938 corn program which
has been subjected to widespread jirotest in the corn belt.
From Associated Press accounts from Washington April
central
no
28
quote:
we
The director said AAA officials had decided that, under terms of the new
control law, the National as well as State corn acreage allotments
crop
could not be enlarged in order to give individual growers
larger acreages.
In Macomb, 111., leaders of the Corn Belt Liberty League
for
after
a mass
meeting last night.
Commenting
Congress
as
on
complaints received by the Department and members on
well as on protest meetings in mid-western States, Mr. Wickard
said "a misunderstanding of the program was
He said local AAA committees
to
projected plans
agnation-wide agrarian revolt against Federal crop control programs
were
largely to blame."
being instructed to hold meetings
explain the program to farmers who had protested against their allotment.
Senator
Edwin
he was not
C.
Johnson,
Democrat of Colorado, said, meanwhile,
surprised at protests against the new farm program.
revised,
or
because, he said, "it has not yet gone into operation in the
total
$12,227,012,727, it
Jones
continued:
During March, loans were authorized to 11 banks
tions
and
those in
Houses
of
New Jersey Legislature Pass
Bill For¬
bidding Retailers to Sell Motor Fuels Below Cost
and
Selling Expenses
sidetracking
After
a
Through March
passed
by
the
New »Jersey
which created a State Board to fix prices for
retail sale of gasoline, the New Jersey Senate adopted and
Assembly,
passed a measure on May 9 which forbids retailers from
selling motor fuels below wholesale cost plus marketing
expense.
tailers
to
The bill also prohibits rebates and requires re¬
post prices, including taxes.
The 'bill likewise
passed the Assembly, May 9, when it awaited the signature
of Governor A. Harry Moore.
The "Jersey Observer" of
May 10, in advices from Trenton,
houses
of
can
said, in part:
.
Foran, Republi¬
Hunterdon, forbidding retail sales of gasoline below net cost plus
Both
last
night passed
the measure by Senator
"-"'J
of Assemblyman Kerner of Union and Wilensky
Passaic, the former amending the Fair Trade Act to bring within its
selling expenses..
The companion
of
measures
provisions products sold from gasoline stations, and the Wilensky measure
increasing from $2 to $5 a year the license fee for retail gasoline dealers
were
also
bill
the
passed.
legislation
Herbert J.
had been passed.
New Jersey
Assembly Approves Monday for Observance
of Most
Holidays
approved on May 9 by the New Jersey Assembly
would cause most holidays to be celebrated on Mon¬
A bill was
which
of the calendar day of the week on which
The measure, however, does not become
-effective unless similar laws are adopted by New York and
Pennsylvania. The New York "Sun," in advices from Tren¬
ton, May 10, reported the action as follows:
days, regardless
they
may
fall.
$54,804,279
drawn,
been
31,
companies
trust
disbursed and
1938, loans have been authorized
(including those in receivership)
Of this amount $475,328,427 has been with¬
available to borrowers, and $2,006,474,822
this latter amount $1,859,191,747, or 93%, has
from
$8,242,460
and
trust
company.
Through March 31, 1938, authorizations
of preferred stock, capital notes and
6,757 banks and trust companies aggregating $1,272,675,944
amount of
made
been
of
debentures
and
includes
owing by open banks and that
is
mortgage
authorizations were made to purchase preferred stock,
and debentures of seven banks and trust companies in the
notes
aggregate
for
loans
1,121
secured
one
March,
During
have
Of
Only $9,913,887
repaid.
capital
remains
disbursed.
been
by
$623,600.
the
purchase
authorized
were
stock,
preferred
a
in
total
the
amount
authorization
of $23,322,755
for preferred
to be
stock,
debentures in 6,840 banks and trust companies of
$1,295,998,689 ; $169,388,052 of this has been withdrawn and $34,880,600
remains available to the banks
when conditions of authorizations have
capital
notes
and
been met.
'
March, loans
During
nine
closed
banks
were
the
in
amounted
drawals
amount
$1,697,274,
to
•■■■
for distribution to depositors of
$1,559,207, cancellations and with¬
authorized
of
disbursements
repayments amounted to $2,744,114.
have been authorized for distribution to
and
amounted
to
$543,930,
Through March 31, 1938, loans
depositors of 2,756 closed banks
of this amount has been with¬
to the borrowers; $969,824,045
92%, has been repaid.
During March the authorizations to finance drainage, levee and irriga¬
tion districts were increased $1,371,000, authorization
in the amount of
$248,194 were withdrawn, and $61,168 was disbursed.
Through March 31,
1938, loans have been authorized to refinance 623 drainage, levee and
irrigation districts aggregating $141,066,419, of which $18,506,456 has
been
withdrawn, $42,739,947 remains available to the borrowers, and
$79,820,016 has been disbursed.
Under the provisions of Section 5(d), which was added to the Recon¬
struction
Finance Corporation Act June
19, 1934, 44 loans to industry
aggregating
drawn
Pascoe of Union explained that while hie original
for a price-fixing board to regulate the industry has been dropped in
final settlement, yet he took satisfaction in the fact that some remedial
Speaker
and
(including
aggregating $2,536,607,528.
has
bill
banks
Cancella¬
in
amounted to $1,697,274; $444,422 was
liquidation)
7,521
to
and trust companies
the amount of $1,611,707.
withdrawals of loans to banks and trust companies
liquidation)
in
those
$3,365,487 repaid.
Both
was
This latter amount
Chairman.
Jones,
(including
wheat region."
authorizations through March 31, 1938, -and
end of the month
announced on April 14 by Jesse H.
includes a., total'of
$1,040,567,066 authorized for other governmental agencies
and
$1,800,000,000 for relief from organization through
March 31, 1938.
Authorizations aggregating $2,508,416 were
canceled or withdrawn during March, Mr. Jones said, mak¬
ing total cancellations and withdrawals of $1,858,536,177.
A total of $662,490,622 remains available to borrowers and
to banks in the purchase of preferred stock, capital notes
and
debentures.
Under authority of \ an
Act approved
Feb. 24, 1938 (Public No. 432—Seventy-fifth Congress), the
Secretary of the Treasury, during March, canceled notes
of the Corporation in the total principal amount of $2,688,151,334, such amount being equal to the outstanding funds
of the Corporation disbursed prior to March 31, 1938, for
allocation to other governmental agencies and relief, to¬
gether with the interest paid to the Treasury thereon.
During March, $27,846,153 was disbursed for loans and
investments and $14,621,984 was repaid, making total dis¬
bursements through March 31, 1938, of $6,877,589,464 and
repayments of $4,926,673,980 (approximately 72%).
Chair¬
of
man
Senator Johnson added that he had received no protests from his area,
Reconstruction
the
tentative commitments outstanding at the
"I think it will either be drastically
repealed, at the January session of Congress."
of
Corporation
making
"My prediction is that the Farm Act eventuaUy will cause a political
revolution in aU farm sections," he said.
commitments
and
in
the
recovery
program
during
March
amounted
to
$31,030,171, recissions of previous
authorizations and commitments amounted to $2,942,939,
Finance
Hasty Inauguration Blamed
the
Investments—$4,926,673,980 Repaid
and
asserted that "as a practical proposi¬
tion you just cannot do anything about it at this
—
and
has been
aggregating
the
$296,605,182
$1,321,919,698;
$55,490,470 remains
available
disbursed, and $890,707,648, approximately
amount
$5,615,074
of
were
$238,668
authorized during March.
were
canceled
or
Authorizations in
withdrawn
during
March.
mortgage. loan companies
to assist business and industry in cooperation with the National Recovery
Administration program,
the Corporation has authorized 2,340 loans for
Through
March
31,
1938,
including loans to
Financial
3116
the
Of this amount $57,-
$177,153,666.
industry aggregating
of
benefit
borrowers.
withdrawn and $22,504,023 remains available to the
In addition, the Corporation agreed to purchase participations
amounting
to
has
489,072
been
businesses during
11
to
$12,396
aggregating
authorizations
similar
loans
in
$1,362,300
were
March
withdrawn.
Through
authorized or has
having
blocks
three
(two
issues)
of
amount dis¬
by direction
the provisions of an Act
bursed for allocations to
and the interest paid thereon, pursuant to
approved Feb. 24, 1938.
(Public No. 432)
authorized and authorizations canceled or with¬
The loans
railroad, together with the amount disbursed
drawn for each
repaid by each are shown in the following table (as
March 31, 1938), contained in the report:
to and
of
Authorizations
Canceled
securities
Authorized.
value of $3,075,000 and sold securities having par value of
par
a
Works
Public
of
Administration
has
Corporation
the
1938,
31,
1938
14,
of $2,688,151,333.72, equivalent to the balance of the
other governmental agencies and for relief
In the amount
of Congress
and
agreed to the
purchase
of participations aggregating $23,527,223 of 418
businesses,
$9,628,888 of which has been withdrawn and $5,966,953 remains available.
During March the Corporation purchased from the Federal Emergency
March
May
Chronicle
or
Disbursed
Withdrawn
Repaid
$
$
$
$
$2,767,800 at a premium of $53,796, but securities having a par value of
Aberdeen & Rockfish RR. Co—.
127,000
127,000
not actually paid for and delivered at the close of
1938.
The Corporation also collected maturing PWA
Ala. Tenn. & Northern RR. Corp.
275,000
2,500,000
275.000
2,500.000
634,757
634,757
Ashley Drew & Northern Ry. Co.
400,000
Baltimore & Ohio RR. Co. (note) 95,358,000
400,000
400,000
95,343,400
12,150,477
41,300
41,300
$1,241,000
were
March
business
31,
$715,477.
Through March 31, 1938, the
Corporation has purchased from the Federal Emergency Administration of
Public Works 3,850 blocks (2,862 issues) of securities having par value
->f $600,437,874.
Of this amount securities having par value of $412,12,859 were sold at a premium of $12,328,061.
Securities having a par
securities
of
value
agreed
sold
having
at
$169,246,152
still
are
held.
addition,
In
the
Corporation
with the Administrator to purchase, to be held and collected
a
later
date, such part of securities having an aggregate
of
value
of
value
par
$90,701,599
the Federal Emergency Administration
as
Works is in a position
has
or
par
of Public
to deliver from time to time.
report
ments
listed
(receivers)..
Birmingham & So'eastern RR.Co.
as
Repayments
$
%
434,757
41.300
9,569,437
53,960
549,000
3,124,319
-—
Buffalo Union-Carolina RR
Carlton & Coast RR. Co
Central of Georgia Ry. Co......
53,960
3,124,319
220,692
36", 701
464.299
464,299
32.000
5,916.500
155,632
1,000
46,588.133
4.338.000
Central RR. Co. of N. J
Co
Charles City Western Ry.
9,569,437
53 5" 800
13,200
1,289.000
12.000.000
838
150.000
24,000
150,000
Chic. Milw. St.P. & Pac. RR. Co.
123,632
140.000
140.000
Chicago & Eastern 111. RR Co...
5,916,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR.Co.1.289.000
11,500,000
537
3.840.000
500,000
597,000
Co.
Chlo. Milw. St.P. & Pac. RR
3.840.000
(receiver)..
Chic. No. Shore & Milw. RR. Co.
Disbursements
14,600
605,367
500,000
Boston A Maine RR
Chic Gt. West. RR. Co.(receiver)
follows disbursements and repay¬
for all purposes from Feb. 2, 1932, to March 31, 1938:
The
Alton RR. Co
Ann Arbor RR. Co.
127,000
1,150,000
1,150,000
Chicago R. I. & Pac. Ry. Co
13.718,700
Cincinnati Union Terminal Co...
10,398,925
2,098,926
8.300.000
8,300,000
Banks and trust companies
Colorado & Southern Ry. Co
28,978,900
53,600
28.925,300
1,481,000
Railroads (Including receivers)
Columbus & Greenville Co
60,000
60.000
Loans under Section 5:
(lncl. receivers)....1,991,114,369.95 1,847,187,623.43
550,659,239.11
*182,188,521.08
Federal Land banks
387,236,000.00
379,715,074.01
Mortgage loan companies
411,431,295.91
279,959,515.62
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations (Incl. receivers).
117,934,752.39
115,608,471.64
Insurance companies
89,675,416.42
87,113,678.97
Joint Stock Land banks...
20,030,851.30
16,125,069.10
Livestock Credit corporations....
12,971,598.69
12,971,598.69
State funds for insurance of deposits of public
......
.....
moneys
...............
........
Federal Intermediate Credit banks
9,250,000.00
5,643,618.22
719,375.00
600,095.79
Agricultural Credit corporations
Fishing industry
Credit unions
Processors
or
13,064,631.18
13,004,631.18
9,250,000.00
5,555,125.15
243,699.42
458,033.21
distributors for payment of pro¬
cessing tax
14,718.06
Denver A Rio Grande W. RR Co.
Total loam, under Section 5
to
Secretary
of
3,783,589,602.74 3,122,699,400.28
Agriculture
to
purchase
cotton
3,300,000.00
Loans for refinancing drainage, levee and irriga¬
tion districts
Loans to
of
public school authorities
teachers'
salaries
and
for
for
3,300,000.00
79,820,016.29
2,298,173.39
refinancing
out¬
standing Indebtedness
and other catastrophes..
Loans to mining businesses
on and purchases of assets of closed banks..
62,768,121.74
5,810,435.30
20,224,586.66
99,390,118.26
3,507,500.00
15,360,451.99
20,177,690.67
26,702,513.51
1,017,251.64
12.004,123.28
227.434
8,176,000
Fredericksburg & North. Ry. Co.
15.000
15,000
Gaineeville Midland Ry. (receivers)
10,539
10,539
Gainesville Midland RR. Co
78,000
Georgia & Fla. RR. Co. (receivers)
665,066,428.54
18,580,463.74
2,425.46
Total loans,excl.of loans secured by
pref.stock.5,144,747,237.57 3,962,727,027.55
of preferred stock, capital notes and
debentures of banks and trust companies (In¬
J18.148.730 disbursed and $7,840,404.17 repaid on loans secured by pref.
stock)—1,091,730,036.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Purchase of stock of the National Mtge. Assn
527,158,689.78
Lehigh Valley RR. Co
Litchfield & Madison Ry. Co
1,162,105,036.56
Administration
of
7,047,609.94
534,206,299.72
Publlo
570,737,189.68
8,500,000
800,000
800,000
2,550.000
2.550,000
50,000
197,000
1,729,252
6.843,082
100,000
744.252
985,000
100,000
62,500
2,300,000
2,300,000
2,300,000
23.134,800
23,134,800
Meridian <fe Blgbee River
Ry. Co.
Minn. 8t. P. & SS.Marie Ry. Co.
Missouri Pacific RR. Co
429,740,652.79
6,877,589,463.81 4,926,673,980.06
6,843,082
lb", 200
785.000
785,000
785,000
1,070,599
1,070,599
25,000
770,599
27,499,000
27,499",000
25,000
New York Central RR. Co
27,499,000
18.200,000
7,700,000
29.500.000
Pennsylvania RR. Co.
Pere Marquette Ry. Co
Pioneer & Fayette RR
18.200.000
9 91
Puget Sound & Cascade Ry. Co..
St. Louis-San. Fran. Ry. Co
(receivers)
28,900.000
18,672.250
200,000
162,600
162",600
1,200,000
22,000,000
22,000,000
19,610,000
2.264,336
100,000
100,000
100,000
5,147,700
147.700
7ob"666
700*,000
30,000
39,000
39,000
108,740
700,000
30,000
6,000
45,000
Wabash Ry. Co. (receivers)
Western Pacific RR. Co
2,805,175
18.672.250
7,995,175
117,750
5,147,700
108,740
Texas Southern-Eastern RR. Co.
750,000
300,000
300,000
19,610,000
Co
10,500
4.475.207
23,200,000
Texas Okla. & Eastern RR. Co..
28,900,000
3,000,000
3,000,000
17,000
200,000
162,600
Ry. Co
18.200,000
175,102
7.699.778
600,000
3,000,000
17,000
4,975,207
300,000
7,995,175
18,790,000
Pittsburgh & W. Va. RR. Co....
Sand Springs
♦6,843,082
99,200
99,200
Mobile & Ohio RR. Co
Mobile <fe Ohio RR. Co. (receivers)
Murfreesboro-Nashville Ry. Co..
15.731,583
30,000
15,731.583
1.403:666
4,366,000
4,366,000
(trustees).
1,000,000
1,000,000
Wichita Falls & Southern RR.Co.
400,000
400,000
100.000
22,526
22,525
22,525
Western Pac. RR. Co.
Total
8,500,000
3,000
Texas & Pacific Ry.
Emergency
105,000
200,000
Sumpter Valley Ry Co
Tennessee Central Ry. Co
34,375,000.00
Works security transactions
520,000
35,290.000
22,667
1.000,000
9,500,000
800,000
Tuckerton RR. Co
Federal
13,915
520,000
2,550,000
Southern Ry. Co
by preferred stock of Insurance
(Including $100,000 disbursed for
.
6,000,000
13,915
13,915
Gulf, Mobile & Northern RR. Co.
620,000
Illinois Central RR. Co
35,312,667
Southern Pacific Co.......
secured
Total.
6,000,000
Co
Salt Lake <fe Utah RR.
11,000,000.00
companies
354,721
99,422,400
105,422,400
St. Louis-Southwestern Ry. Co..
cluding
the purchase of preferred stock)
Green County RR.
1,061,000
1,061,000
354,721
N. Y. N. H. & Hartford RR. Co.
Purchase
Loans
3 93" 706
227,434
8,176,000
N. Y. Chic. & St. L. RR. Co
760,115,408.05
19,484,491.78
31,757,000.00
Other..
627", 075
W.Ry.Co.(reoeivers)
Worth & Den. City Ry. Co..
Missouri Southern RR. Co
ing of agricultural commodities and livestock:
Loans to Rural Electrification Administration
90,000
Fla. E. Coast Ry. Co. (receivers)
Ft.Smith &
Ft
Mississippi Export RR. Co
293,760,506.48
Loans to finance the carrying and orderly market¬
Commodity Credit Corporation
71.300
582,000
3,000
717,075
Eureka Nevada Ry. Co.
(trustee)
11,987,555.32
Loans
3,182,150
16.582,000
Missouri-Kansas-Texas RR. Co.
22,300,000.00
Loans for repair and reconstruction of property
damaged by earthquake, fire, tornado, flood
Loans to aid In financing the sale of agricultural
surpluses In foreign markets
Loans to Industrial and commercial businesses...
3,182,150
16,582,000
3,000
Erie RR. Co—
Maryland & Penna. RR. Co
22,450,000.00
Loans to aid in financing self-liquidating construc¬
tion projects
500,000
1,800,000
1,800,000
(receivers)..
Denver & Salt Lake West.RR.Co.
Maine Central RR. Co
payment
53",500
8,081,000
219"660
Denver & Rio Grande W. RR.Co.
Great Northern Ry. Co
Loans
63.500
53,500
8,300,000
Copper Range RR. Co
Galv. Houston & Hend. RR. Co.
14,718.06
13,718,700
Wrightsville <fe Tennille RR
Allocations to Governmental agencies under
pro¬
visions of existing statutes:
Totals
Secretary of the Treasury to purchase:
Capital stock Home Owners' Loan Corp
Capital stock of Federal Home Loan banks.
Farm
Loan
(now
Land
Bank)
*
200,000,000.00
124,741,000.00
.
The loan to Minneapolis St. Paul & Sault Ste Marie Ry. Co.
was
secured
Commissioner
Pacific Ry. Co.'s notes for $5,500,000, maturing over a period of 10 years.
for
principle,
of
specified
40,500,000.00
97,000,000.00
Stock—Disaster Loan Corporation
held In revolving fund)
44,500,000.00
3,108,278.64
12,938,252.92
May 27, 1933
J.
IIIII
Total allocations to Governmental agencies
909,150,399.09
For relief—To States directly by
Corporation
To States on certification of Federal Relief
299,984,999.00
Appropriation
on
Grand total
*
499,997,748.11
500,000,000.00
labor
out
Act,
Starts
..*.1,799,982,747.11
Contracts
"One-Man
or
Grants—
Crusade''
to
House Judiciary Subcom¬
a
as
al7,159,232.30
...
In addition to the repayments of funds disbursed for relief under
the Emergency
Relief and Construction Act of 1932, the Corporation's notes have been
canceled
announced
campaign" to amend
well
as
for business
letters
management
said
the
protected
Mr.
more
Senator
conduct
He said he would
men.
labor
the
groups
United
as
send
States
well
as
a
of
to
indi¬
Wagner Act.
reporting the testimony of Mr. Madden, United Press
bill
would
prompt and "effective,"
now
27,
would
he
the law for the benefit
throughout
and
April
on
that
Washington advices of May 3 said
He
9,619,900,029.83 a4943,833,212.36
Meanwhile,
grants.
01*
Nebraska
viduals seeking their reaction to the
In
33,177,419.82
May 3 urged
on
200,000 form
business
Does not include $5,500,000 represented
by notes of the Canadian Pacific Ry
which were accepted in payment for the balance due on loan made to
the
Minneapolis. St. Paul <fe Sault Ste Marie Ry. Co.
of
"one-man
Co.,
a
loans
Burke
notes issued for funds for allocations
and relief advances
Burke
Board,
tracts,
al7,159,232.30
500,000,000.00
Total for relief
Supports Bill to Bar Violators
mittee to strengthen and approve a bill prohibiting violators
of the Wagner Labor Act from receiving government con¬
126,871.85
1935
the performance
upon
Warren Madden, Chairman of the National Labor Re¬
lations
114 921 13
...
Under Emergency Appropriation
Act—1935...
Under Emergency Relief
Corporation has approved,
Amend Legislation
Since May 26, 1933
Administrator
the
$61,155,984.65
Government
from
Senator
$37,000,000
Administrative Expense—1932 relief
loans authorized
conditions.
Law
of
10,000 000 00
.....
above
NLRB Chairman Madden
pro-
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl.
to
the
115,000,000.00
Credit Corporation
Administrative
to
loans in the amount of
48,521,074.55
„
fund to provide capital
ductlon Credit corporations..
addition
in
10,000,000.00
Sec. of Agrlcul. for crop loans to farmers
(net)..
Governor of the Farm Credit Administration for
revolving
In
2,600,000.00
55,000,000.00
To create mutual mortgage Insurance
fund..
For other purposes
Interest
Line)
145,000,000.00
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to
farmers.
Federal Housing Administrator:
Expenses—Prior
(The Soo
guaranteed by the Canadian
by its bonds, the interest on which was
Pacific Ry. Co. and when the "Soo Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 In cash and Canadian
for loans to:
Farmers
Stock—Commodity
106,393.556 550,659.239 *187688,521
651,597,795
Madden
than
30
by
the
said
partial modifications."
Labor Board orders
more
and extend the benefits of the Act to persons not
Act.
Circuit
orders,
:
make compliance with
"and
Court
I
...
decisions
remember
of
had
only
been
two
handed
down
reversals,
and
on
two
Volume
Mr.
Madden
contracts
on
To
1.
sisted
abor
To
To
upon
before
provide
ployer
bill
the
"not likely"
was
provide that
Ivan
G.
Labor
employer signing
that an em¬
contract with the government
a
composed
production."
selling below cost of
Burke's
such
plans
the
but to amend
Senator
amplified
were
Burke
in
follows
as
adumbrated
labor
have
made.
a
Labor,
and
Federal
labor
hope
no
various
Burke
is
in
Labor
public.
the
defeat
his
consider
but
have
business and
assurances from labor
criticisms which
of
C.
Judge
He
concerning
testifying
was
Nation's
reconstituted,
applicable
evidence
of
mass
be
be
bill
amended
that
so
the
in place of the NLRB.
jurisdiction
should
the
that
in
Burke's
Senator
in
representing management,
opinion,
labor and the third the
are recommended rather
one
courts
hearsay testimony which make up the records before the
New Procedure, Giving More Liberty to
Employers in Collective Bargaining Cases—Decides
Union Members May Change Allegiance
The National Labor Relations Board on May
9 instituted
procedure as a result of tlie Supreme Court decision
the Kansas City Stockyards case
(referred to in our
new
posed findings of fact" are intended to give employers the
right to file exceptions, present oral arguments or file briefs
dite
where formerly
decisions.
fact"
The
matters
NLRB
speeded
were
issued
"proposed
to expe¬
up
findings
of
Wood Products, Inc., of Oregon,
but in its decision held that workers might transfer from
against
Smith
the
Committee
for
Organization during the life of a contract.
In
American
the
Industrial
Federation
of
Labor
the
to
United Press Washington advices of
describing the ruling,
May 9 said:
The
Smith
Co.
Wood
of
reinstatement
175
was
that
notified
America
As
in
discharged
employees
by
the
proposed
company
order
to
after
they
local
the
when
of
America.
Woodworking Co. case, where a similar question was
O.'e
did not
union
pass
upon
to
local
the contract between the
whether
became extinct
change affiliation.
It did hold, however, that
union "legally withdrew" from the carpenters'
legally passed to
voted
their
and
Woodworkers
I.
M.
workers
workers
International
C.
&
the Board
carpenters'
the
the
to
the M.
involved,
the I.
W.
A.
or
union.
Board said
The
that
Ulett,
George A.
company
Vice-President and Man¬
the employees from bolting to the C. I. O.,
telling them the plant would be forced to close because of a boycott ordered
sought
ager,
dissuade
to
Union
by the Carpenters
indefinite
said,
and declared
their
State
per
on
Mr. Ulett offered
0.-produced lumber.
C. I.
employment if they stayed with the Federation, the NLRB
them
pay
he would gladly
capita tax to the American Federation of Labor."
Labor
that
"if
the law would
Relations
Board
permit
Makes
him,
Two
Important
The State Labor Relations Board
two
on
May 8 made known
important decisions.
One of these ordered an election
a collective
bargaining agency by employees of
a plurality had previously voted not to be represented
union, and the other ordering an election among em¬
ployees of a concern which already has a closed-shop union
contract.
An item in the New York "Herald Tribune" of
declared that they were
In
election
an
on
"a constant threat to the public at
invitation to violence and bloodshed."
He asserted that "a disregard of healthful political living"
an
caused the
present business and economic depression.
ciated
Press
open
advices
of
from
May 7
Asso¬
reported
Binghamton
His additional remarks as follows:
labor
leaders
whose
Judge Knox said, "thanks may be given to certain
lust
for
and
power
position
outstrip
their
true
represent."
,
"When," he added, "the executives of labor unions, without interference
allegiance to the workers whom
molestation
or
collect
the part of
upon
of
dues
they
union
members
public
authorities, and
refuse
who
to
assume
voluntarily
in
effort to
an
to pay
them,
can
stability and security of capital,
prevent willing workers from earning a livelihood and increase the burden
of home relief, it would appear that the time has come for officialdom
to recognize its obligation to the public which as yet is unorganized."
He charged that efforts are now being made in the New York constitu¬
tional convention
to make the
"theory that labor is always right and
the
stop
hum
of
industry,
impair
"certain
of
their
"But,
will
be
whose
part of the State Constitution.
not
always been
well behaved," and that
responsibility," he added:
who
of
the law cuts into the shoulders of the guilty, it
unjust if the thong
is permitted to smite the faces of those
that they confided
sin is
only
I have neither sympathy nor excuse.
have offended,
the lash
as
most
diligent
"has
the
corporate managements are not to be credited with a proper sense
those
"For
wealth
that
government
too strongly in men against whom
offered protection."
agencies should have
Railway Workers Notified of Proposed Wage Reduction
The Nation's railroads
started
on
May 12 the machinery
by which they hope to reduce their employees' basic rates
of pay 15%.
Through the Carriers Joint Conference Com¬
mittee the roads notified Chairmen of the various railway
labor organizations of the intention to reduce pay, effective
on
July 1.
spokesmen for the railway brotherhoods already have
Since
announced their unwillingness to accept any
reduction, the
provided by the Railway
requires several months.
Labor
Act,
which
ordinarily
Meantime, both sides must maintain the status quo.
is for the Brotherhoods to refuse formally
the reduction, after which the carriers will ask the
The next step
to accept
National Mediation Board to act.
A 15% reduction would amount to $250,000,000 or more
annually.
The carriers' committee said its action "is compelled by
conditions now confronting the railroad industry."
"The railroad industry faces a crisis more difficult than in
1932," it added in a public statement.
"Present railroad
difficulties are due to the simple fact that present costs of
operation are higher than the industry can carry under
existing conditions.
"Railroad carloadings are less than they were in 1932.
The railroads are receiving a lower average revenue per
ton-mile than in 1932.
Railroad taxes are higher than in
rates
below 1932. Yet railway wage
approximately 20% higher than they were
Net earnings are far
noAv
are
in 1932."
Strength
among
employees of Daniel Reeves, Inc.,
Employees of America,
Committee for Industrial Organization affiliate; 421 voted for Local 21519
of the
American
Federation
of
Grocery Employees,
American Federation of Labor, and 626, a plurality,
affiliated with the
voted against
repre¬
sentation by either.
In the new election, which
will be held within 30 days, only the names of
the two unions will appear on the
gave as reason
ballots, the Board ordered.
The Board
for its order the fact that a majority of the employees who
of the two unions.
voted wished to be represented by one
The second election order affects more
than 188 men in the Triboro Coach
Corporation, which operates bus routes in Queens, and follows a petition
from the
Transport Workers Union of America, a C. I. O. affiliate, alleging
the existence of a labor controversy
workers
on
and requesting a poll of the company's
their choice of bargaining representative.
The T. W. U., which
has grown to dominate the transportation field in
Board membership application cards
However, in order to get its franchise, the Triboro
city only recently, showed the
from
109 of the
188.
Coach Corporation
had to conclude a contract with a bona fide labor or¬
of Nation's Banks Described as Feature of
Situation—Leo T. Crowley Tells New
Economic
Jersey Bankers Convention FDIC
ness of Financial Institutions
The excellent condition
April 21
store chain, 531 voted for the United Retail
grocery
the
a
large and
a
May 9 said in part:
a
former Assistant United States
a
May 7 in
on
choose
whom
by
City,
speech before the Broome
Judge Knox
attacked sit-down strikes, as to which he is reported to
have said that tlie government had countenanced, and he
Attorney, charged
1932.
Decisions
to
"the
controversy must take the course
Board
the
shifted from the A. F. of L.'s United Brotherhood of Carpenters and Joiners
of
by
under which the Board's "pro¬
April 30 issue, page 2780),
cases
threatened
is
system
of government," Federal Judge John C.
octopus
capital always wrong" an integral
NLRB Begins
in
Open
Threatened
economic
Knox of New York
Declaring
in
Are
Strikes
Sit-Down
Says
Economic System
The
passage
holding government
persons
NLRB today.
a
Knox
Invitation to Violence and Bloodshed-Sees Nations'
For labor's discontent,
Federation of
Subcommittee, accused the
the American
for
Judiciary
House
demanded
have
Board
Rules of
the
to
dratted,
been
not
receipt
counsel
Padwav,
counsel
member
one
Congress
for
have
They
prejudice."
would
courts
The
his
wish to repeal
obtaining government loans or grants to abide by the Wagner
or
The
than
is
Walsh-Healey bill, which would require
Act.
with
A.
before
"bias
of
the
contracts
J.
invalid because only 50 employees
was
the Act amended.
want
appearing
NLRB
there
conformity to
today Joseph
much
so
favor
will
intended.
was
Senator
that they
Only
of
in
Wagner
emphasized that he does not
session.
next
he will have
predicts,
Senator
even
If it is not amended, he claims, it will
it
admits
before
that
force
it.
which
for
amendments
groups
It also held that a ratification meeting
attended.
ast summer
voracious
Senator Burke
year,
Nebraskan
The
purposes
been
the
convincing
amendments.
the Act,
they wished to be represented by it.
County Bar Association, at Binghamton, N. Y.
the end of
of
However, the Board ruled that
Labor Board.
who had necessarily joined the Amalgamated under the
employees,
had an opportunity to show whether
farmers produce
everything the
Tribune":
By
and check-off of dues, expires
The A. F. of L. union contended that its existence pre¬
1939.
closed shop agreement, never have
exemption
organizations, urged
producers'
of
pointing out that
Washington dispatch of April 27 to the New York "Herald
data
Jan. 9,
on
representing the Agricultural Producers
McDaniel, Los Angeles,
Senator
or
F. of L.
to continue violations.
an
agricultural workers,
is
without violations,
had passed
Electric Railway and Motor Coach Employees
The contract, which provides a closed shop
the
labor practices.
unfair
to engage in unfair labor practices."
Committee,
mated Association of Street,
vented intervention by the
enacted.
was
ganization, which it did in Jan., 1936, with the Local 1104 of the Amalga¬
per¬
by the
made
order
an
3117
Chronicle
of America, affiliated with the A.
who
employer
an
bill,
of
private
or
suggested:
he
from
the
of
passage
withdrawal
provide
government
provide that disqualification for contracts terminate automatically
To
now
business
of
for remedying past
would agree "not
of
after
to
on
Other amendments
withdrawal
"adequate period"
an
4.
work.
bill
occur
the
violations
Board finding that remedial action had bee ntaken by an employer,
a
that
for
disregarding,
Board
2.
broadening
whether
government
provide
in
3.
proposed
grants
or
contract
Financial
146
is the most notable feature
Has Aided Sound¬
of the country's banking system
of the current economic situation,
Crowley, Chairman of the Federal Deposit Insurance
Corp., told the annual convention of the New Jersey Bankers
Association at Atlantic City yesterday (May 13).
A large
Leo T.
part of the blame for the banking system's record during the
past decade, he said, must be ascribed to "the unprecedented
breakdown to which our whole economy was subjected.
Banks
joined heartily in the general feeling of optimism that
period and they were not
led to the excesses of the boom
exempt from the effects of the deflation which followed ex¬
plosion of the economic bubble."
He continued, in part:
The past few years have seen a notable improvement in the quality of
assets held
assets
by our banks.
have
Nearly three and one-half billion dollars of bad
been eliminated since
1933.
This housecleaning was made
possible by the injection of large amounts of new capital into our banks by
the Reconstruction Finance Corporation and by local investors, by the
revival
of values,
and by improved bank earnings.
For the most part
3118
Financial
sound and acceptable assets have been taken into our banks to offset the
occurredjduring the
growth in deposits which
due from banks at the end of 1937 constituted
commercial
made
Only
of
banks
of the country.
another 25%.
up
Cash and
United States Government securities
loans
Bank
past four years.
28% of the assets of insured
appear
the whole to be sound.
on
relatively small proportion of the securities held by the banks
a
are
low credit status.
a
Chronicle
W We
May 14, 1938
passing through a time of great disillusionment, great perplexity,
are
and it is true, as some one has said, that today the world is in a sort of winter
bleak and forbidding that spring, with its quickening, seems
many of our sister Nations even now men of goodwiU
of the spirit, so
Yet in
far behind.
the power
Thus, despite violence and strife in parts of
that will endure.
still believe,, without being blandly optimistic, that
The world at various periods in the
the globe, can we not
a mutual proposition, aimed at safety
the soundness of the whole banking system. Mutu¬
real reason to despair ?
M|Deposlt insurance is essentially
there is
for depositors through
past has faced prospects
no
just
ago,
for the turn of his quaint phrases,
the
participants shall play according to the same rules.
I consider it
responsibility of bankers in each State to discover and to remedy factors
retarding their
are
state a drain upon
and which
progress
the Corporation's
likely to develop in that
are
resources not commensurate with the
volume of deposits insured.
Programs—Would
Foreign
Reopen
of production,"
intensified
Commerce
of
Washington
United
the
Clayton went
L.
said W.
& Co., of Houston,
Clayton
annual dinner in
by
government
Clayton, of Ander¬
Tex.,
in
speaking at the
May 5 of the Chamber of
"Such measures," Mr.
on
States.
to say, according to the Washington "Post,"
on
of the mistaken
out
notion
United
States
such
that the
fix the price of world crops,
can
cotton
The experience of 2,000 years cries
wheat.
as
Abandonment of the New Deal farm programs
and rehabilitation of American agriculture through reopened
foreign
markets, with consequent
removal
Mr.
of
barriers
other
Clayton, who
"Journal
saying
"To
of
of
trade
tariffs and
by
urged
were
quoted in advices to the New York
was
Commerce"
from
its
Washington
bureau
as
:
the agricultural
farm
products.
other
barriers
And this
must
we
foreign markets for
reopen
waits primarily upon
world
to
reciprocal
problem
the lowering of tariffs and
(reciprocal)
modest, approach
agreements
program,"
principle
are
Clayton
Mr.
program,
believed,
powerful foes of the
of
the
he
continued,
"is
the
is
effective,
first
division
labor
of
on
basis.
international
an
trade agreements program.
a
"If
there
is
one
thing
on
which
economists
protect
the
level
of
wages
in
the
high
where
proportion
the
Later,
he
of
is
reverse
capital
that
on
interest,
Release
already have their gold.
the
economic,
"The
farmers
rest
of
to
given
a
in those countries enjoying
to population,
resources
and
low
available
to
other
materials
at
competitive world prices
have
the
has
country
the
meaning
ever
the right
to
is
great
elsewhere.
subsidy.
of
our
for payment.
deterioration in
continued
here and
fabric
they will
nations
things than gold valid
The alternative
learned
that
assume
other
political
and
Surpluses
raw
make
We
mistake
the tariff
make
must
will
social
It
would
be
demand
it
on
the
basis of
subsidy
"Government
subsidy and regimentation walk hand in hand.
Do not
make the mistake of thinking that agriculture can be regimented in this
country and industry remain free, or that we in the United States can
regiment ourselves without taking the remaining democracies with us. . . .
work
only
our
remove
way
other
If
out.
way
will
we
ever
get out of this
will
we
impediments
to
depression
lower the barriers to
domestic
and
foreign
is
international
trade,
and
trade,
release the
people in the field of capital investments, there
will
want
work
of
which
they do today,
tlie
all
who
resolutions
reference
markets
to
work."
of
adopted
made
was
for
in
these
convention,
the
at
last
columns
to
week,
agriculture, instead of
attempting to
Social Sciences
Thomas W. Lamont,
a
solving their
prob¬
lems.
Mr. Lamont, who presented a gold medal to Walter
S. Gifford, President of the American
Telephone & Telegraph
Co., warned the audience that "we must not turn our sturdy
Americans into robots, marching to the
goose-step of regi¬
Institute's
own
gold
medal, presented Mr.
awarded "for distinguished
Gifford by Mr. Lamont, was
service to humanity."
Similar medals
were presented to
John W. Davis, former Ambassador to Great Britain, and
Thompson,
special
Writer
for
the
New
York
Tribune."
Mr. Lamont said that business men nowadays accept the
fact that corporations are now subjected to a greater degree
of governmental supervision than formerly, "yet the proper
a
product
monument to the pos¬
to avoid either extreme of government
we are
such as is now prevalent on the continent of
with charity for those in need, with fairness to employees and to
with fair profits to the public who provide the capital
Bernarr Macfadden
Proposes Government Lift Taxes on
$5,000,000,000 Recovery
Business for Year and Use
Fund
.
A
from
suggestion
business
that
for
the
one
May 8
of
use
program
Macfadden,
be diverted for the
revival
encouraging trade
the
that
made
was
on
York magazine pub¬
radio debate with Senator Lewis B. Swellenbach
by
lisher, in
with
collect no
proposed
government
and
year
$5,000,000,000 "pump-priming"
exclusive
Debates
Schwellenbach
recovery
taxes
Revival—Publisher
Trade
for
Senator
Bernarr
a
New
a discussion of the Administration's re¬
Mr. Macfadden declared against some New
Deal methods,
including "Hitlerized restrictions" in the
Wagner Labor Act, and he charged that the National Labor
Relations Board has proved "just a modern Spanish inr
quisition."
Extracts from both addresses follow, as given
in United Press Washington advices of May 8:
Washington, in
policies.
The
wages-hours
pending
another
bill,
he
barrage their Congressmen with
they vote against it.
New Deal
harmony
with "Hitler's
American
letters and telegrams
plan
understand
this
that
is
the
huge relief fund
as
fund would be used for political
the
business
could
Senator
government.
are
hidden away
now
Schwellenbach
threatened
ridiculed
from
who
those
right to control
a
instead
that for
year
one
would
there
would be only a sufficient amount
would
invested in frozen securities."
or
contentions
want
and
it to encourage and promote
Billions
.
by New Deal policies.
comes
have
taxes
.
could make our officials
is now considering
use
told
be
.
we
prosperity and they would then
which Congress
proposed would
now
Suppose
of
source
taxes and that thereafter the
support
released which
is
business
dispensing it
no
in
are
and threaten
democracy.
"Imagine what would happen," he said "if
to
said,
of government"
and vigorously condemned the pump-priming policy.
purposes
of
demanding that
he
policies,
regulatory
Mussolini's
or
He questioned whether the new recovery
take
be
would
said,
Macfadden]
[Mr.
"sledge-hammer blow to business," and he appealed to the people
to
billions
be
American
democracy
upon
that
But if it is in danger, he said, "the
the
government
to
ignore
the people
it."
Newspaper Publishers Annual Convention Adopts Reso¬
lution
Pledging Defense of All in Fight for Freedom
of Press—Condemn NLRB for "Lawless" Actions
cluding
its
officers
annual
and
convention
adopted
a
on
April
resolution
28,
in con¬
reelected all
criticizing
activities of the National Labor Relations Board.
resolution
United
with
States
United
States
attended
whose
that
of
Supreme
the convention
the
senatorial
Justice
Another
rights to a free press are infringed,
those rights will be upheld by the
Five hundred editors who
Court.
charged the NLRB with
direct violation of "the constitutional
dom
"lawless"
pledged the Association to defend anyone in the
confidence
press."
committee
acting in
guarantee of the free¬
Still another resolution criticized the
formerly headed by Supreme Court
Hugo L. Black for "unconstitutional activities" and
praised publisher Frank L. Gannett for resisting an "illegal
demand"
for private
controversy
In
over
the
commenting
on
records in connection with the recent
government reorganization bill.
the A. N. P. A. resolutions, the New
lrork
"Times"
of
The
convention
held closed
regulation of large business should by no means imply a
supervision reaching down into the details of management."
tive
He continued:
withheld
a
The American Newspaper Publishers Association,
member of the firm of J. P. Morgan
& Co., speaking on May 5 at the annual dinner of the Na¬
tional Institute of Social Sciences in New York
City, declared
that capital and labor are capable of
Dorothy
It is
for the enterprise.
danger
T. W. Lamont Warns Against Turning Americans into
"Robots"—Financier Says Capital and Labor Can
Work Out Own Problems—Presents Gold Medal to
Walter S. Gifford at Dinner of National Institute of
"Herald
free society.
Europe, it will be by making individualism work, as Mr. Gifford is making
the public it serves, and
who
The
If
personal achievement.
management of our lives,
business.
control production.
mentation."
The Telephone Co. is
they did yesterday.
Mr. Gifford, are, through personal public service in private life, the exemplar
2948 and 2949, urged government efforts to increase
foreign
as
of these qualities, exercised in a
be
One
pages
for
Nation truly great and
sibilities of private enterprise, just as, in this American world of ours, you,
to trade and
initiative of the American
be
a
Intelligence, integrity and the gift of leadership will win out tomorrow
as
a
surrender their subsidies until the
for none.
"The
exercised both within and without its borders—
the achievements that will make
are
powerful.
covery
we
which
terms
of generosity
and
that these
of
surpluses of food and fiber and
and
that
Assuming
run.
observed:
our
no
material
things of this life; that capital and labor are capable of solving their own
a
standard
true."
Would
"In
natural
or
it is
agree,
long
stage of technological advance, wages are high
a
our
possessions, we are not losing our real wealth which consists in the higher
if
living.
cannot
hatreds have
or
multiplying
problems in a spirit of goodwill; that America can give an example of toler¬
There
argued
It is
reduction in the tariff would lower wages and reduce the American
of
We should demonstrate that class slogans
part in the American scheme of things; that, in
broad front to the problem of measurably restoring
a
on
the
Yet at least
trade."
trade
step in the right direction.
"The
just, a better order world.
capable of ordering its own internal affairs with intelligence and
is
ours
success.
it work,
solve
The
lowering
world
of
a saner, a more
ought to try to show clearly to the world that a democratic State like
we
out to the
contrary."
very ex¬
As to how America can offer encouragement to such revival and renewal
of the individual, as contrasted with the State, I cannot say.
ance
"grow
Government
and
greatly
cling to the conviction that the
of these foreign experiments in government will finally bring
tremes of some
thus lead to
been
lias
a
reaction, will restore once more the old time liberties of the individual, and
economic
new
government price-pegging and government-subsidized
curtailment
son,
for
Products
nationalism,
they might be uttered today:
Lord, to take all Nations in a lump; I think God Almighty
quarrel lately with all mankind, and hath given the reins to the ill
spirit to compass the whole Earth, for within these 12 years, there have been
the strangest revolutions, the horridest things, happen d, not only in Europe,
but all the World over, that have befallen mankind
so that it
seems the whole Earth is off the Hinges."
"And now, my
hath
And so I am one of those who
Deal Farm
Markets
"Agricultural distress, resulting from the
loans,
James Howell wrote these words to the Earl of Dorset, and except
...
W. L. Clayton Urges Abandonment of New
Farm
Nearly three centuries
bleak or bleaker.
as
ality implies not only that the costs shall be borne by all bankers but also
that all
which
Physical force Is never
steadily working to bring about appeasement.
are
of
the
the
April 29 said:
Association
names
of
made
sessions,
and when the
publicity
public copies of the resolutions
those who had
representa¬
adopted he
proposed and seconded them.
.
.
.
Volume
freedom
in
The
•
i..-;
by
to
the
said
Court
Ga.
First Amendment
the
to
adjudicated—that
28
was
of
'
keep
must
for
fight
their
up
State and local
Federal,
and in
the Press,
Freedom of
on
took
"again
in
the
the
pleasure
upheld
in
decision
Constitution
which
Lovell
the
extended
was
the
in
against the City
protection of the
to
field
a
hitherto
not
abandon¬
ment by Mayor Frank Hague of Jersey City of a local ordinance involved
in his recent dispute with the Committee for Industrial Organization over
the distribution of union literature on public streets.
Not only should the decision "silence those people who have been pre¬
that
tending
selfish
Newspaper
Freedom
on
the
but it also
the Association's resolu¬
or
sought to compel
will take
takes
it
place
is invited again to avail
the
Association
threatened, which
Merchants'
stated
whoever
is
responsible.
itself of these services
of
any
and
infringements,
is
The
asked
actual
or
of
Congress
New
York
Urges
in
Vote
Letter
to
Wage
Against
"Times."
Mr. Fahey declared further that the shortage
in the country's history, that
on some
Loan Corporation's foreclosure
70,000 homes, that "the outstanding fact is not that the corporation
may
of foreclosures but that 85%
ultimately have 15%
were
he
of houses was the greatest
the housing problem was one of the nation's
greatest and, concerning the Home Owners
or more
of homes
Mr. Fahey announced that
absolutely lost have been saved."
opposed to any reduction in the interest rates.
was
•
Literary Digest Purchased by Time
It
on May 9, by Ralph McAllister Ingersoll,
publisher of "Time" weekly news magazine, that "Time"
had purchased the "Literary Digest" and that beginning
with the May 23 issue, the two magazines would be issued as
one with both names being used on the mast-head.
From
the New York "Herald Tribune" of May 12 we take the
following regarding the purchase:
The
The Merchants' Association of New York urges that you vote against the
Wages and Hours Bill amending S. 2475.
The Association, after careful
investigation and study, opposed the Wages and Hours Bill, S. 2475, while
under consideration by the Senate.
Except for
a
announced
was
name
"The Literary Digest" will be continued on
"Time's" masthead.
"The Digest," which had absorbed "The Review of Reviews,"
on
May 12 that it had sent a letter to each member of the
New York State delegation in the House of Representatives
urging a vote against the Wages and Hours Bill which is
now before the House.
In part the letter says:
change in adminis¬
trative methods and the fact that the minimum wage of 40 cents an hour
maximum work week of 40 hours is arrived at in several steps, the
a
May 6 by John H. Fahey, Chairman of the Federal
on
Home Loan Bank Board, at the closing session of the con¬
ference who was also reported to the following effect in the
and Hour Bill
and
A better and sounder mortgage structure is being built out
the experience with past mortgage difficulties, it was
of
Com¬
its
The Merchants' Association of New York announced
was
1933 faced countless
benefit of any group
class.
or
interest in every attack upon
an
and
promptly
Association
of
through
Association,
to the attention of any member."
come
Members
it
Under it, the creation of an intelligent
market in the United States is encouraged, a
with loss of their shelters to no profit or
owners
that
in
Board.
Publishers
of the Press,
wherever
freedom
inform
in
of the press has been a
freedom
referred to
cases
Relations
and unified home mortgage
"implied threat of fine and imprisonment," the report 6aid:
American
membership
to
resulted
citing two cases in which the NLRB compelled
"The
that
It
special privilege," the report said,
the
Labor
National
testimony by
mittee
a
sharp relief"
the
After
maintain
to
"into
on
circulars.
long battle to maintain
our
effort
threw
tion
distributing
3119
syBtem to replace the previous disorganization which in
home
that
reporting
in
Alma
^ J
v
through enlightened self-interest.
freedom of the press
the
of
case
Chronicle
•.
general counsel to the Association.
committee
decision"
This
they
the Committee
March
on
that
•
prevent encroachment by
Elisha Hanson,
unanimous
Griffin,
warned
were
report by
a
report
Supreme
another
of
•
the press
of
address
an
•
•
members
officials,
Financial
146
..
The
Work" and "Current Opinion," is the second old-established
chased by Time, Inc., in the
the
last two
years.
In 1936, the
"World's
weekly pur¬
company
bought
53-year-old humorous magazine "Life" and changed it into a news
picture weekly, retaining the name.
In commenting on the sale of
"The Digest," which
founded in 1890
was
by Isaac Kauffman Funk and Adam Willis Wagnalls, Mr. Ingersoll said:
"
'The Literary Digest' has held an honored place in American
for
more
than two generations.
In
the worthy journalistic successor
not
our
We do
of these giants of an earlier age.
that the spirit of these great magazines,
propose
remained loyal to the very
publishing
generation we hope that 'Time" is
whose subscribers
end, shall disappear from the American scene.'*
effect of the amended bill would be substantially the same as the Wages
and Hours Bill, S.
2475, which
was
Several
passed by the Senate.
The Merchants' Association of New York has taken the stand that "the
of children
objectives
and the maintenance
and
wide
deserve
of fair working conditions
support."
However,
are
while the
bill would saddle the Federal Government with supervisory
new
and administrative activities which would be extremely cumbersome, com¬
plicated, extensive and probably costly.
.
.
.
In any case, the objectives outlined in Section 2 could be
accomplished
by the States themselves, with the added advantage that the State laws
could be made more workable and easily administered.
Because the States
could and undoubtedly would develop in their own jurisdictions
of
standards
wages
and
hours,
competition
between
equitable
employers
State
such
of
Since
this
laws.
result
.
...
amended bill
the
in
different States would be conducted on a greatly improved basis as a
has such serious and
adverse implications
for
business, particularly at a time when the welfare of the country requires
that business receive as much encouragement from government as
we
trust
you
will vote
against it
possible,
and discourage any similar legislation
which would make the Federal Government the arbiter of hours and wages,
or
assign to it responsibility for the nation-wide supervision and adminis¬
tration of activities of this
type.
railroad
situation
adopted at the annual meeting, in New
York
City of the National Association of Mutual Savings
Banks (given in our May 6 issue, page 2947), a resolution was
also adopted "urging that in the interest of general business
recovery there be a cessation of Government competition in
the public utility field."
We quote from the New York
"Times" of May 5, which likewise said:
The resolution declared that when and if the Government withdrew from
competition its action would encourage institutional investors to produce
the "funds needed for improvement and
The
association
adopted another resolution advocating State laws re¬
quiring more uniformity in the financing and accounting methods of munici¬
cents.
On April 30 the suspension of publication by the St. Paul
(Minn.) "Daily News" and the Providence (R. I.) "Tribune"
was announced.
As to the reasons for halting publication
the St. Paul paper,
item of
An
a
The St. Paul "Daily
newspaper
on
the
outlook for
a
In
statement
a
losses to
as
and
a
He said:
a
half years we have insured 230,000 mortgages
amounting to
We have selected out of counties thousands of applications
400,000 mortgages for $1,660,000,000, and of that number have accepted
for insurance 300,000 for
$1,200,000,00°.
various reasons, either have not or
In other words, about 22%
,
for
could not materialize as mortgages as
worthy of Government insurance.
In
explaining the functioning of the FHA, Mr. McDonald
The
paper,
publication costs
May, 1935.
suspension leaves St. Paul with only one morning dally and Sunday
"The Pioneer Press," and one evening daily "The Dispatch."
Regarding the Providence paper, an
Providence dispatch of April 30 stated:
the system is uiique in that it seeks to encourage what is
considered sound practice rather than
generaUy accepted as bad practice.
attempting to forbid what is now
Its success depends entirely upon the
and that cooperation comes
voluntary cooperation by established lenders,
Associated Press
The Providence
The "Providence Tribune" suspended publication today.
Journal Co., which had
since it
published It in regular form at and later as a tabloid
bought all assets of the paper at a receivership sale
last winter, made
been published
As "The Star-Tribune" the paper had
previously by Walter E. O'Hara, former Narragansett Race
In
our
issue of Feb. 26, page
1338
we gave a
Track manager.
list of numerous
throughout the country which have raised prices
production costs.
*
due to higher
Ralph T. Crane, Vice-President and Director
Co.—Was Former President
Investment Bankers Association
Death of
of
Ralph T. Crane, Vice-President and Director of Brown
Harriman & Co., Inc., died suddenly of a heart attack at
his home in Montclair, N. J., on May 10.
Mr. Crane, who
formerly President of the Investment Bankers Associa¬
of its Board of Governors and
tion of America was a member
engaged in the work of the Investment
Inc. as a member of its Governing
Committee.
He was at his office as usual on May 9, had
suffered no recent illness and was apparantly in the best of
health.
The following regarding Mr. Crane's career is from
was
also actively
Bankers
an
continued in part:
In many ways
"the present depression has intensified
declining revenues the paper had operated at a loss since
was
$930,000,000.
the paper said
point where it is no longer possible to maintain the newspaper
daily publication," and added that because of rising
a
better
Donald, Administrator of the Federal Housing Administra¬
In three and
"The St.
free distribution.
The "News" was established March 1, 1900.
of Brown Harriman &
stabilized mortgage and realty market was made before the
conference of the Association on May 6 by Stewart Mc¬
tion.
News" suspended publication as a daily subscription
today and will be printed twice weekly henceforth as
Paul Shopper,, for
week ago.
optimistic statement
Associated Press advices from St.
April 30 said:
on
newspapers
our
Due
Papers
raised their prices from 2 to 3 cents on May 2.
were announced for 3 Philadelphia papers;
the "record," and "Inquirer," morning dailies, and the
"Evening Bulletin" the change in price becoming effective
May 9.
Both the Syracuse "Herald" and the Syracuse
"Journal" raised the rates for their daily editions on May 2.
The weekly rate for editions delivered to homes was increased
from 18 to 20 cents and the newsstand sale price from 3 to 5
palities and other State divisions.
The resolution with respect to the utilities followed an
address by Thomas N. McCarter, President, of the Public
Service Corp. of New Jersey to which reference was made in
Costs—Two
Similar increases
the announcement.
expansion" in the utility field.
Prices
newspapers,
Cessation of Government Competition in
In additions to the resolutions for the betterment of the
Production
York
New
Raise
the Eastern section of the country.
The New York "Times"
and New York "Herald Tribune," both daily morning
Paul
Public Utility
Urged by National Association of Mutual
Savings Banks—Better Outlook for Mortgage and
Realty Market Viewed by Stewart McDonald of FHA
in
Including
Tribune"
Substantial increases in the costs of newspaper publishing
has made necessary increased rates for daily newspapers in
on
Field
East,
in
"Herald
Suspend Publication
objectives
"Findings and Declaration of Policy," may be desirable, it is convinced
that the
and
Increases
to
worthy
by the amended bill, as outlined in Section 2, under the heading
sought
Newspapers
"Times"
universal payment of fair wages, the elimination of industrial exploitation
Conference,
announcement in the matter:
Mr. Crane was
born in Montclair,
N. J., on May 22, 1878.
After ob¬
training in New York he became an executive of
the Montclair Savings Bank.
In 1914 he became a member of Ludwig &
Crane, a municipal bond house in New York, and during the war was
taining his early business
Financial
3120
Federal
of the
In 1921 he became associated with
Bank.
Reserve
Co. and was admitted to partnership in that firm In
Brown
Brothers &
1929.
He continued as a partner
of the successor firm of Brown Brothers
until the organization in June, 1934, of Brown Harriman
Harrlman & Co.,
Vice-President and Director.
Co., Inc., of which he then became
&
He
also
was
Director of American Ice Co.,
a
Knickerbocker Ice Co.,
for
of 959, and it s said to be the largest vote east
election.
William McC. Martin, Jr.,
G. Edwards & Sons, was elected to the newly created
uncont sted
an
of A.
Chairman of the Board of Governors for a one-year
post of
He received 913 votes.
In addition to Mr. Martin:
27 Governors of the Exchange were elected.
The names of
term.
For
Corp and was a member of the Board of Mana¬
Bank.
He was President of the Bond Club
Voting Trustees of Valspar
>
1935-1936, and a member of the Chamber of Commerce
work of the Investment Bankers Association
Mr. Crane was active in the
over
which drafted the fair practice provisions of the Invest¬
Committee of 22
of the Investment
Bankers Conference, worked untiringly and with great
standards of the business and to promote harmonious
to raise the
843
E. A. Pierce & Co..--.-
898
& Co.--
Benjamin H. Brinton, Brinton
841
861
876
Oakley, Maynard, Oakley & Lawrence
R. Lawrence
Jas. H. Oliphant & Co
Winton G. Bossiter,
Wardle
H. Allen
latterJy, as a member of the Governing Committee
Bankers Association and
success
his capacity as President of the Investment
and in
Bankers code
ment
He was a member of the National
period of more than 12 years.
a
followsf
for the Term of One Year—
Five
Edward E. Bartlett, Jr.,
of the State of New York.
are as
Fifteen Governors
(Members of the Exchange)
.
of the Montclair Savings
gers
of New York in
received
these and the number of votes they
Indies Sugar Corp.. a member of the Board of
Grand Union Co., and West
1938
vote last year
At the
Manager of the Member Banks Relations Depart¬
end of the war he became
ment
Federal Reserve Bank of New York.
by that firm to the
loaned
May 14,
Chronicle
for the Term of Two Years—
Five
Joseph D. Gengler.
—
—
Charles B. Harding, Smith, Barney
between
Harry K. Smith, Shearson,
generally and those charged by Congress with responsibility for the
administration of the Securities Act and other regulatory laws.
& Co
911
Jacob C. Stone, Asiel & Co
relationships
the
within
and
community
banking
investment
dealers
Coe,
Charles H.
Death of
Vice-President of Federal
a
Bank
Reserve
Vice-President of the Federal Reserve
of a heart attack on May 7 at his
home in Maple wood, N.J.
He was 59 years old. Mr. Coe
had been connected with the Federal Reserve Bank of New
York since it was established in 1914.
He was made an
Charles II. Coe, a
Bank of New York, died
Deputy Governor in 1928 and Deputy Governor
Assistant
1936, when provisions of the Banking
titles of Federal Reserve officers, Mr.
Vice-President.
In February,
Act of 1935 changed the
in 1934.
Coe became
a
793
Sachs & Co
Term of Three Years—
Spencer Trask & Co
912
William Kurt Beckers,
899
896
Curtis & Co
Coleman & Co
John A. Coleman, Adler,
& Co
859
Stott & Co
878
Joseph Klingenstein, Wertheim
Robert L. Stott, Wagner,
For Six Governors
(Non-Members—Residing in the Metropolitan Area of the City
of New York)
'
the Term of One Year—
John M. Hancock, Lehman Brothers
Two for
Robert V. White, Jackson & Curtis
Two
919
918
-
for the Term of Two Years—
920
761
Drysdale & Co.
Robert A. Drysdale,
Donahey Named to Head Joint Congressional
Committee Investigating TVA—House Committee¬
Senator
Paul V. Shields, Shields & Co
Two
for the Term of Three Years—
906
881
Gayer G. Dominick, Dominick & Dominick
Propose Questioning TVA Heads
men
900
Robert P. Boylan, Clement,
York
New
of
891
Hammill & Co
Sidney J. Weinberg, Goldman,
Five for the
895
Philip W. Russell, Fenner & Beane
April 27 the membership of the Joint Congressional
Committee named to investigate the Tennessee Valley Au¬
-
On
thority elected Senator Donahey, Democrat of Ohio,
its
Chairman, and Representative Mead, Democrat of New
York, Vice-Chairman.
Although the actual inquiry is not
expected to start until after the adjournment of Congress,
the committee authorized
Senator Donahey to employ a
of the
to take care
clerk
TVA Board to make detailed statements of the con¬
According to Associated Press advices from
Washington, May 7, Representative Mead had the following
to say regarding this plan:
troversy.
Vice-Chairman, said he
thought the committee should call Arthur E. Morgan, Harcourt Morgan and
Mead,
Lilienthal
David
which
man
led to
the
of
"Our
"tell
to
is
idea
that
soon
Frazier,
the
about
Arthur E.
and
appear
cross-examination or
expedient,
as
audit
an
controversy
Morgan as
Chair¬
a
minds,
a
examine the records and,
hearings."
start
North' Dakota,
of
group
could make
we
our
statements
questions," Mr. Mead
tour of the Tennessee
make whatever
many
of the books,
in
thing
Republican
there be
proposed that
should
they
the whole
got
Senator
know"
they
a
committee
member,
922
919
Co., Richmond, Va._
for the Term of Two Years—
Ralph S. Richards, Kay, Richards & Co., Pittsburgh, Pa
Two
921
H. Newbold's Son & Co., Philadelphia, Pa... 920
C. Newbold Taylor, W
for the Term of Three Years—
Paul H. Davis, Paul H. Davis &
William Cavalier, William
For the Term
921
—
911
of the Gratuity Fund
of Five Years—
William D. Scholle, Scholle
Gn
Co., Chicago, 111.
Cavalier & Co., San Francisco, Calif..
For Trustee
913
Brothers
an informal meeting of the new Board
Governors which will take office on Monday (May 16),
May 12, at
decided to elect William McC. Martin
as
President
of
it
pro
Exchange, pending the selection of a permanent
The Board also decided to elect (on May 16)
tern of the
President.
Board. Mr.
May 16 Mr.
Board will appoint the Executive,
Charles B. Harding as Vice-Chairman of the
serve without compensation.
On
Martin will
Martin
as
Chairman of the
and
Admissions
tour after Congress adjourns.
Estabrook & Co., Boston, Mass..!
William R. Trigg, Davenport &
was
without
to,
"Then, as
we
what
us
Roosevelt's removal of
President
Valley Authority, start
after
New York,
of
directors.
they want
said.
Democrat
for the Term of One Year—
Richard Pigeon,
be expedited by asking the three directors
that the inquiry
Representative
Two
Metropolitan
City of New York)
Area of the
Two
preliminary work.
The House members of the committee on May 7 proposed
of the
For Six Governors
(Members or Non-Members—Residing outside of the
as
Arbitration Committees
and
as
President
he will appoint the Committees on Floor Procedure,
Member Firms, Public Relations and Stock List, subject to
pro tern
Chamber of Commerce of State of New York Elects 23
the annual
At
the
elected
York,
of
Chamber of Commerce
meeting of the
of New
State
the approval of the Board.
Reference to the slate chosen
Membership
to
May 5, 23 business executives
on
James H.
Rand Jr., President and Chairman of the Board of Rem¬
ington Rand, Inc.; Albert W. Hawkes, President of Congoleum-Nairn, Inc. ; Harry C. Beaver, President of Worth-
were
ington
to
Pump
President
of
President
of
membership,
Machinery
&
Consolidated
W.
T.
Corp.;
Oil
Grant
whom
among
Co.,
and
R.
Karl
D.
Wilson
P.
Gallagher,.
Gardner,
Jr.,
Foss
Chairman of the Board of New York Trap Rock Corp.
others elected were:
Albert
C.
Harry
Bruce,
Brandon
President United
of
Anglo-French
States
Drug
Hoffman
Machinery
The
Corp.
Co.
Benjamin J. Buttenwieser of Kuhn, Loeb & Co.
Charles D.
Arthur
S.
Herbert
F.
Draper of H. N. Whitney & Sons.
President Consolidated Laundries Corp.
Kalmus, President Technicolor Motion Picture
Carlton
Thomas
Arthur
John
F.
J.
A.
Italo
P.
W.
E.
Craft
Gude Winmill
of
&
&
Verrando,
war
a
Co.
to maintain the
prices and
a
high traditions of the Exchange.
of many member firms and in the
In
a
period of declining
face of increasing demands
of securities exchanges, it
in discharging the duties
required unswerving loyalty to sound principle
of President of the Exchange.
Italian Line.
world distraught by
administration of the Exchange to cope witn the new duties and
obligations imposed by the Federal regulation
has
a
into economic disorder by a major reces¬
required calm judgment and steadfastness of purpose
vastly reduced volume of business which has threatened the
very existence
upon the
In
period of profound difficulty.
and plunged again
sion in business, it has
Sayre.
Manager
May 16, 1938, Charles R. Gay completes his third consecutive term
of the New York Stock Exchange.
His incumbency has
President
threats of
Vice-President National Biscuit Co.
General
The Governing Committee of the New York Stock Ex¬
change at its meeting on May 11 adopted a resolution
recording "its gratitude to Charles R. Gay and its respect
and warm affectioA for him" and paying tribute to him for
the part he played in the advancement of the Exchange.
Mr. Gay's term as President expires on May 16 after serving
the Exchange for three consecutive years.
The resolution
coincided with
& Co.
Pickhardt, Chairman of the Board, Agfa Ansco Corp.
President Pennsylvania Coal & Coke Corp.
Smith, President Home Insurance Co.
Stilwell,
Governing Committee of New York Stock Exchange
Adopts
Resolution
Honoring Charles R.
Gay,
Retiring President
On
Canada Dry Ginger Ale, Inc.
Newhouse
issue of^April 16, page
♦
as
Studios.
Potter,
V.
S.
Metal
by the Nominating Com¬
our
2475.
Corp.
President Morris Plan Industrial Bank.
Moore, President
Harold
Clyde
of
Newhouse
William
Mark
Partner
McCarthy, President Austin, Nichols
Morris,
Morris
Roy W.
Robert
Loeber,
April 11 appeared in
follows:
Jenkins,
T.
on
were
Herbert
Corp.;
mittee
Mr. Gay possessed these qualities in high
degree and in addition absolute impartiality in representing the interests
of every member of the
New
York
Stock
Exchange
Elects
Entire
Slate
in
Exchange irrespective of the nature of his business.
With tireless energy and
unselfish devotion, he has subordinated his per¬
Record Vote—W. McC. Martin Chosen Chairman—
sonal interests completely to
27 Others Named to Board—924 Members Cast Vote
due in
At the annual election of the New York Stock Exchange,
held
May 9, the entire official slate of the Nominating
Committee was elected without opposition.
The total vote
cast was 924 out of 1,375 members, compared with a total
no
small part to
the advancement of the Exchange and it is
his personal qualities that its administrative organi¬
zation has been modernized and
equipped to meet tne demands of a rapidly
changing world.
THEREFORE BE IT
the
RESOLVED, that the Governing Committee of
Exchange, in behalf of the entire membership of the Exchange, records
its gratitude to Charles R. Gay
and its respect and warm affection for him.
Financial
146
Volume
Davis Re-elected President of
of
United
States—Two
George H.
Commerce
Presidents
Chamber of
New
Elected—18 Directors Named
another year by
for
States
the Board of Directors
May 5. The Board also re-elected John W. O'Leary, Chi¬
cago manufacturer, as Chairman of the Chamber's Executive
Committee. Two new Vice-Presidents were elected; W. Gib¬
Yale & Towne Manu¬
Angeles, Execu¬
California Edison Co. The
Carey, of New York, President of
facturing Co. and W. C. Mullendore, of Los
of Southern
tive Vice-President
re-elected
Vice-Presidents
vice-president of Roanoke Public Ware¬
Co.; James S. Kemper,
Chicago, president Lumbermen'6 Mutual Casualty Co., and Fred H. Clausen,
Horicon, Wis., President of Van Brunt Manufacturing Co.
house; Joseph W. Evans, of Houston, Tex., Evans &
V.
Robert
Fleming,
of
Chairman
Washington, D. C., President and
of Riggs National Bank, was re¬
Board
the
Directors.
Clifford
They
S.
Treasury's announcement:
Dr. Blough is well known as a
on
tax
was
associate
and economist and writer
director
of
a
tax study
recently completed by the
Twentieth
of the resulting book, entitled "Facing
He has contributed numerous
articles on tax problems to technical journals.
He is Chairman of the
Committee on Social
Security Legislation and Administration of the
National Tax Association and has acted as consultant to the Bureau of
Research and Statistics of the Social Security Board.
He participated in a
Century Fund and was co-author
the Fund.
The Tax Problem," published by
Treasury Department in
W. Prentis, jr., Lancaster,
August and Septem¬
Secretary Magill.
the direction of Under
ber of last year, under
Charles West Resigns as
♦
were:
Worcester,
Anderson,
Mass.;
H.
Chattanooga,
1'enn.; Raymond H. Berry, Detroit; Sterling Morton, Chicago; Thomas J.
Strickler, Kansas City; F. A. Irish, Fargo, N. Dak.; Rober D. Lapham,
San Francisco; Clinton H. Haskell, Chicago; William Fortune, Indianapolis;
R. E. Campbell, Lincoln, Nebr.; Charles F. Zimmerman, Huntingdon, Pa.;
James W. Spangler, Seattle; J. H. R. Timanus, Philadelphia; Jesse A.
Bloeb, Wheeling, W. Va.; James F. Owens, Oklahoma City, and Samuel T.
H. Slattery
Pa.; Thomas C. Boushall, Richmond, Va.; Thomas R. Preston,
Under-Secretary ofjnterior—
Nominated by President Roosevelt
Under-Secretarymrthe^Interior,
13). Shortly*after his
resignation was made known at the White House, President
Roosevelt nominated Harry' Slattery of South Carolina to
Charles West
it
was
resigned
as
announced yesterday CMay
succeed Mr. West.
to
Chicago.
Bledsoe,
tax statistician
Before joining the faculty of the University of Cincinnati
Chief Statistician of the Wisconsin State Tax Commission. He was
problems.
convention elected 18
Delegates to the chamber's annual
of Tax Research
Announced by Secretary
versity of Cincinnati, as Director of Tax Research in the
Treasury Department, the appointment to be effective
June 1.
The following regarding Mr. Blough is from
the
study of tax problems for the
Treasurer.
elected
Treasury Department
Secretary of the Treasury Henry Morgenthau Jr. an¬
nounced on May 9 the appointment of Roy Blough, Ph.D.,
Associate
Professor
in the Department
of Economics,
Graduate School of Public Administration, of the Uni¬
he
were:
Clem D. Johnston, Roanoke, Va.,
in
Morgenthau
on
son
Appointment of Roy Blough as Director
Vice-
George H. Davis, Kansas City, Mo., grain operator, was
re-elected President of the Chamber of Commerce of the
United
3121
Chronicle
Mr. Slattery is now a
Secretary Ickes in the Interior
personal assistant
Department.j
tirer*
f.»
New York Stock Exchange
Brinton
Building Co. Elects B. H.
Reduced to Five
as
Members
The New
ing
on
Stock Exchange Building Co., at a meet¬
May 10, elected Benjamin H. Brinton, President; Ed¬
Bartlett Jr., Vice-President;
John A. Coleman,
E.
ward
John Rutherford,
Assistant Treasurer.
together with William McC. Martin Jr.,
will take office on May 16 as Chairman of the Board
Treasurer,
and
These four officers,
who
Building
which
Co.,
was
The 39 Broad Street Corp., which is a
members.
subsidiary
similar changes in its
of the Building Co., made
company
officers and Board of Directors.
O. C. Billings Elected
President of New York Quotation
meeting on May 11,
elected Oliver C. Billings, President; Dean K. Worcester,
Vice-President, and John A. Cissel, Treasurer.
These three
officers, together with Arthur F. Broderick and A. Heyward
McAlpin, "will constitute the Board of Directors of the
Quotation Co., which was reduced from seven to five
The New York Quotation Co., at a
members.
Betts Nominated
ernors
of
as
Chairman of Board of Gov¬
Chicago Stock Exchange—Annual
Elec¬
tion to Be Held June 6
Arthur
M.
of the brokerage firm
the Chicago Stock Ex¬
Committee of
the Nominating
Chairman and appointed
constitution
President on March 31 under the
a temporary organization.
Mr.
effect
to
Betts, who became a member of the Exchange in 1930, has
served as a member of the Governing Committee continu¬
The annual election of officers of the
Chicago Stock Exchange will be held on June 6.
The following were nominated to serve three years on the Board of
Governors:
Laurance H. Armour, Thaddeus R. Benson, William T. Bacon,
John J. Bryant Jr., Richard W. Phillips, Alfred E. Turner, Herbert M.
ously
since 1931.
Weil and
Hugh II. Wilson.
nominated to serve two years and Warren A.
on the Board of Governors.
following were nominated to serve on the 1939 Nominating Com¬
mittee:
Leeds Mitchell, Chairman; John R. Burdick Jr., Wentworth P.
Ralph
Lamson
Chapman
to
serve
was
one
the
appointment of Mr. Draper
J.
A. Elbe Elected President of New York
American Institute of Banking
At the annual
meeting of the New York
Mackenzie, Winthrop H.
Smith and John C.
Stewart.
Of the 10 nominees for the Board
of Governors, the Ex¬
change said, Messrs. Armour, Bacon,
succeed
terms
Messrs.
Kingman
Wentworth P. Mac¬
Harold J. Mills, whose
Douglas,
Mansfield and
also expire June 6 next.
Alfred
President
W.
Roosevelt
Nominates
John
W.
Hanes
as
Assistant Secretary of Treasury
President
Roosevelt
on
May
12
nominated John
W.
Hanes, a member of the Securities and Exchange Com¬
mission, to be Assistant Secretary of the Treasury.
Mr.
Hanes has been a member of the SEC since last Dec. 10
but did not assume his
in
our
duties until, Jan. 14, as was noted
Jan. 22 issue, page 538.
The appointment wa« made
following a brief conference between the
Morgenthau and Mr. Hanes.
Chapter of the
present First Vice-President, will assume office on June 1,
succeeding J. Stanley Brown of the Chemical Bank and
Trust Co.
:
He becomes the administrative head of the local chapter
.
from the financial institutions of
the largest single unit of the 238
chapters of the American Institute of Banking*scattered
throughout the country.
Other officers elected for a concurrent term were:
of 4,800 members drawn
the metropolitan district,
P Daniel
F.
O'Meara,
Public National Bank
& Trust Co., First Vice-
President.
Clinton
W. Schwer,
Chase National Bank, Second
Vice-President.
Trust Co., Treasurer.
Joerndt, National City Bank, Chief Consul.
Clarence V.
ITEMS
ABOUT
BANKS,
President, Secretary
TRUST
COMPANIES,
&c.
Arrangements were made May 12 for the sale of two New
York Curb Exchange memberships at $10,800 and $11,000
gain of $3,000 over the
respectively. The latter showed a
last previous sale on April 7, 1938.
■-
♦
Directors of the Grace
announced that Edward
Adams, Jr., Assistant Cashier, was made Assistant VicePresident of the Grace National Bank.
Mr. Adams gradu¬
ated from Rutgers College in 1927 and joined the Grace
National Bank in Sept., 1928, and has been connected with
meeting of the Board of
National Bank, New York, it was
At
a
the institution since that
time.
■■■
♦
,
of the Board of Directors of
the Union National Bank of Troy, N. Y., and associated
with the institution for 58 years, died at his home in Troy,
on May 9, after a long illness.
He was 71 years old.
Edward Strecker, Chairman
Bryant, Phillips, Tur¬
whose terms expire June 6, were renomi¬
nated.
Messrs. Weil, Wilson and Chapman are not now
members of the Board of Governors and are nominated to
and Lamson,
kenzie,
Chapter of
held May 10, John A. Elbe,
Cashier of the Lincoln Savings Bank of Brooklyn, was
elected to the office of President of the Chapter. ^Mr. Elbe,
year
The
ner
appeared in our March 25
issue, page 1978.
Chicago, was nominated on May 5
change for the office of Chairman of the Board of Gover¬
nors
to
succeed Thaddeus R. Benson, who was elected
new
Richard C.
of New York, to be Assistant Secretary of
Commerce to take the place left vacant since the appoint¬
ment of Ernest G. Draper as a member of the Board of
Governors of the Federal Reserve System.
A reference to
Patterson Jr.,
H. Miller Lawder, Irving
senior partner
Betts,
of Alfred L. Baker & Co.,
by
of^Commerce
April 29 nominated
on
American Institute of Banking
Co.—Other Officers and Board Chosen
A. M.
byiPresident]Roosevelt
will constitute the Board of Directors
of the Exchange,
the
of
reduced from nine to five
Assistant Secretary
Roosevelt
President
York
Named
Richard C. Patterson Jr.
President-—Board
as
«
Vice-Treasurer of the Provident
Institution for Savings of Boston, Mass., and a partner for
more than 30 years in the recently dissolved Stock Exchange
firm of Blake Brothers & Co. of New York and Boston, died
suddenly of a heart attack at his summer home in Beverly
Farms, Mass., on May 9.
The deceased banker, who was
58 years old, was born in Boston and was graduated from
Harvard University in 1902.
Subsequently for two years,
1910 and 1911, he served as
Comptroller of Harvard
University. Mr. Blake had only been associated with the
Provident Institution for Savings as Vice-Treasurer for a
week at the time of his death. Among many other interests,
he was a director of the Plymouth Cordage Co., the Union
Twist Drill Co., the Gilchrist Co. and the Nashua Manu¬
facturing Co.
He was 'also a Lieutenant Colonel in the
Tenth Regiment of Infantry, Massachusetts State Guard.
John A. Lowell Blake,
3122
C.
Financial
Barton Brewster has been elected
Vice-President of
a
the Provident Trust Co. of Philadelphia and has assumed
charge of its real estate and mortgage departments, accord¬
ing to "Money and Commerce" of May 7, which went on
to
say:
Mr.
Brewster
Brewster,
a
practicing
Co.
in
Trust
&
Philadelphia, the grandson of Judge F. Carrol
General of Pennsylvania.
he
attorney,
Title Insurance
became
Co.,
and
officer
an
is
now
After
the
of
President
some
old
of
years
as
Commonwealth
the Provident Title
(an affiliate of the Provident Trust Co.), which office he will continue
hold
to
born
was
former Attorney
for
the
present.
♦
■
At
recent
meeting of the directors of the People's Trust
Co. of Tamaqua, Pa., E. G. Wade, who had been Secretarya
Treasurer
of the bank since its
while
organization, was promoted
continuing as Treasurer.
He suc¬
office
the late John
Vice-President
to
ceeds
in
from
Tamaqua,
March
P.
his
7,
P.
from
Teller,
was
Plans
of
the
in
printed
the
in
have
Nester.
M.
and
been
the
Bank
Commerce
of
was
Howard
organized,
B.
Reiman,
on May 16
Cleveland, Ohio,
of
quarters formerly occupied
of which it is a reorganization.
Co.,
of
for the opening
completed
Union
institution.
banking
Trust
Advices
Commerce"
Solicitor since the bank
a3
Secretary-Solicitor of
elected Trust Officer.
new
"Money
which this is learned, added:
Krebs, who has served
elected
was
new
by
the
On
Union
the
same
date, Union Trust Co. depositors will receive by mail checks
drawn
the
on
bank and
new
$38,(100,000, representing
in
the old bank.
This will
by depositors to 80% of
being paid in the form
Union
went
Properties,
to say,
on
The
bank
deposit slips aggregating almost
35% dividend on their deposits
bring the total amount received
a
Inc.
their claims,
of
five-year
Cleveland
in part:
the remaining 20%
creditors' notes of
advices
in
the
matter
■
will
be primarily a commercial
banking institution.
It will
including commercial checking accounts, commercial loans,
collateral loans, collections, correspondent bank
facilities, foreign banking,
offer
services
acceptances,
letters of credit,
travelers' checks, checking
individuals, safe deposit, and safe keeping of securities.
Officers
Oscar
are:
accounts
for
Cox, President; Clare W. Banta, Executive Vice-
L.
President;' C. B. Anderson, H. F. Burmester, H. E. Hills and E. N.
Wagley, Vice-Presidents; G. It. Herzog, Cashier; G. W. Andrews, Louis L.
Cox and E. F. Meyers, Assistant Cashiers.
Capital funds consist of $4,000,000 of common stock, $1,000,000 of
preferred stock, $2,000,000 surplus, and $1,000,000 undivided profits.
...
Howard
S.
Alsip, for 16 years an employee of the First
of Chicago, was elected President of the
Chicago Chapter of the American Institute of Banking, at
the annual meeting on May 10. Over two thousand members
voted in the election. T. Alex
Vaughey of the City National
Bank & Trust Co., was elected Vice-President and
George
S. Allen of the Harris Trust &
Savings Bank, Treasurer.
The American Institute of
Banking, with over 60,000
National
Bank
members, is the educational section of the American Bankers
Association.
The
Chicago Chapter is
in the organization, with
A charter
Bank of
issued
was
on
April 30 for the Skala National
Chicago, Chicago, 111.
represents
conversion
a
talized at $200,000.
bank and W. P.
The
one of the largest units
4,000 members.
over
of
The
the
institution, which
new
Skala
State
Bank, is capi¬
Skala is President of the new
Joseph
Ilorvat, Cashier.
directors
of
Mich., have elected
the
II.
First
Lee
National
Rauch
Bank
President
of
of
Monroe,
the
First
National Bank of
Monroe, Mich., to succeed his father, the
Edward C. Rauch, who had served as President since
late
1915, it is learned from the "Michigan Investor" of May 7,
which
Mr.
Since
of
added:
Rauch
Augi
was
9,
recently named President of the Consolidated Paper Co.
1921,
Mr.
Rauch
has
been
a
member
of
the
Directors.
Carl
P.
Officer
Los
bank's Board
/
Smith
of
elected
Vice-President and Trust
National Trust & Savings Bank of
was
the Citizens
Angeles, Calif., at the May meeting of the Board of
Directors.
As
Assistant Trust Officer he had long been
closely associated with the late Halcott B.
Thomas, whom
he
succeeds.
For
trusts
a
the
training but
to
the
and
late
an
J.
following
Assistant
The
bank's
number of years Mr.
for
Citizens.
announcement
continued:
Smith has had immediate charge of
corporate
To
that
work
he
brought
not
extended experience in corporate affairs.
Ross
the
General
to enter the trust
Clark,
who
built
merger
of
that
Manager
of
the
the
line
latter
Los
with
Angeles
the
system.
He
&
Union
He
only
his
was
Salt
that
CURB
became
EXCHANGE
Higher prices and a moderately increased turnover were
outstanding features of the trading on the New York
Curb Exchange during fore
part of the present week.
There
occasional periods of
selling that checked the advance
temporarily, but the trend of the market generally pointed
upward until Thursday when prices turned downward.
Public utilities and
mining and metal stocks have been in
good demand and there has been considerable interest ap¬
parent in the industrial specialties, but the gains in these
groups have been less pronounced.
on
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
Stocks
Bonds (Par
EXCHANGE
Value)
(Number
Week Ended
of
May 13, 1938
Shares)
Foreign
Government
Domestic
Foreign
Corporate
Total
position
the
were
the Curb market was fairly brisk during the
Saturday, and while there were brief bursts
selling apparent from time to time, it was quickly absorbed
without noticeable check to the steady upward trend.
Min¬
ing and metal shares were particularly active and some
modest gains were recorded in this group.
Public utilities
were strong
during the early trading but slowed up as the day
advanced.
Industrial specialties also attracted some specula¬
tive attention and registered a few small advances, and oil
shares were quiet.
The transfers for the day were ap¬
proximately 106,000 shares against 34,000 on the preceding
Saturday.
The gains included among others Aluminium,
Ltd., 2 points to 8934; Babcock & Wilcox, 134 points to
2334; and Sherwin-Williams, 134 points to 8934Prices held fairly steady during the morning trading on
Monday but turned sharply upward in the final hour and a
number of trading favorites among the industrials and public
utilities registered substantial gains as the market closed.
There were some wide swings among the odd lots, but the
market, as a whole, held most of its gains to the close.
Industrial specialties were in good demand and a number of
the trading favorites moved higher in the closing spurt.
Prominent among the leaders registering substantial ad¬
vances were Aluminum Co. of America, 4
points to 82; Fisk
Rubber pref., 5 points to 60; Niagara Hudson 2 pref. (5),
6 points to 66; Singer Manufacturing Co., 2 points to 230;
Newmont Mining, 234 points to 59 and Technicolor, 234
points to 2234Industrial specialties assumed the market leadership on
Tuesday and many prominent stocks in the group climbed
upward from 1 to 3 or more points. In other sections of the
list the gains were less pronounced though there were some
scattered advances of a point or more among the preferred
stocks in the public utility issues.
Oil shares were quiet and
mining and metal stocks were steady but showed few changes.
The volume of sales moved up to approximately 223,000
shares with 371 issues traded in.
Noteworthy advances
included among others, Brown Co. pref., 434 points to 25;
Consolidated Gas & Electric of Baltimore, 2 points to 66;
Mead Johnson, 234 points to 100; Safety Car Heating &
Lighting, 934 points to 75; and United Shoe Machinery pref.,
234 points to 6634Curb market trading fell off to some extent on Wednesday
but prices continued to hold fairly steady and in some
instances, notably the public utilities and industrial specialty
stocks, a number of modest gains were registered.
There
were a few scattering advances
among the slow selling and
generally inactive stocks and modest gains were apparent
among the mining and metal shares.
Outstanding among
the gains at the close of the market were National Power &
Light pref., 434 points to 61; American Potash & Chemical,
7 points to 42; Humble Oil, 134 points to 6834; Newmont
Mining, 1 point to 60; Bridgeport Machine Co., 434 point
to 8034; Pa. Salt., 134 points to 12334 and United Shoe
Machinery, 134 points to 68.
Stocks were slightly higher during the opening hour on
Thursday, and while some of the more active shares slipped
back as the trading progressed, the losses were largely in
minor fractions.
Profit taking was apparent in some of the
public utilities but this was generally absorbed with only
small losses.
Some of the oil issues showed fractional gains
but the mining and metal stocks and industrial specialties
were off as the market closed.
The transfers for the day
were down to 131,285 shares
against 198,985 on the preceding
day. Prominent on the side of the decline were Aluminum
Co. of America 1 point to 82; Carrier Corp., 1^4 points to
2534; Newmont Mining, 1 point to 59; Standard Power &
Light pref., 434 points to 18; Nehi Corp., 1 point to 39 and
Niagara Hudson Power 1 pref., 1 point to 77.
Declining prices and quiet trading were the features of the
market on Friday.
Public utilities and industrial specialties
attracted moderate buying during the morning dealings, but
lost part of their gains as profit taking appeared.
The
volume of transfers was comparatively light, the total sales
reaching approximately 111,000 shares. As compared with
Friday of last week prices were slightly higher, Aluminum
Co. of America closing last night at 79 against 78 on
Friday
a week
ago; American Cyanamid B at 1834 against 1734;
Consolidated Gas of Baltimore at 67 against 64, and United
Shoe Machinery at 6634 against 6234on
short session
of
Assistant
department of the Citizens in 1924.
THE
Trading
May 14, 1938
legal
Lake RR.,
Pacific
left
Chronicle
Saturday
Monday
105,990
39,000
223,220
1,793,000
34,000
12.000
1,839,000
198,685
1,598,000
29,000
27,000
131,175
1,697,000
44,000
6,000
1,654,000
1.747,000
203,835
Tuesday....
Wednesday..
Thursday
Friday
$5,000
$5,000
$1,172,000
4,000
1,795,000
111,450
Sales at
York
1,690,000
13,000
22,000
1,725,000
974,355
Total..
New
$1,162,000
1,752,000
$9,692,000
$164,000
$76,000
$9,932,000
Week Ended May
13
Jan. 1 to May
13
Curb
Exchange
Stocks—No. of shares-
1938
1937
1938
1937
974,355
1,416,231
16,001,421
59,228,372
$9,692,000
$7,899,000
$200,977,000
164,000
151,000
76,000
88,000
$119,433,000
2,785,000
2,521,000
$9,932,000
$8,138,000
$124,739,000
$212,733,00"
Row ds
Domestic
Foreign government..
Foreign corporate
Total
6,247,000
5,509,000
THE
Financial
146
Volume
ENGLISH
GOLD
AND
MARKETS
SILVER
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 27. 1938:
•Vy X;:-
We
Quotations:
i-VVV
EXCHANGE
FOREIGN
139s. 7d.
Imports
MAY
Central & South America.
France
Netherlands
Switzerland
Sweden
£1,312,462
the week under
Bombay during
imports and exports
The following are the details of United Kingdom
Rate for Cable Transfers in New York
in
United States Money
Value
Unit
May 7
May 9
May 10
May 11
May 12
$
S
$
$
$
.167655
.168226
.168252
Europe—
Belgium, belga...
012525*
012525*
Bulgaria, lev—
Czechoslov'la, koruna
168277
$
168980
.012525*
012500*
May 13 \
.012525*
.012525*
.034814
.034814
.222400
krone
Engl'd, pound sterl'g 4.981041
.022020
Finland, markka....
.222154
.222137
.222025
.222012
.222003
4.976208
4.976042
4.974458
4.973541
4.973402
.021987
.021975
.022002
.021962
.021975
.028002
.027991
.027994
.027980
.027987
.027988
.402033
.401911
.401880
.401729
.401831
.401806
.009132*
.009126*
.009125*
.009112*
.009114*
.009100*
.197775*
.197775*
.197825*
.197775*
.197775*
.197775*
.052605
.052609
.052609
.052607
.052603
.052603
Netherlands, guilder-
.555289
.553710
.553967
.553792
.553933
.553794
krone
Poland, zloty
.250303
.250058
.250041
.249900
.249893
.249875
.188533
.188600
.188566
.188533
.188533
.188566
Portugal, escudo
Rumania, leu
.044933
.044925
.044925
.044908
.044912
.044908
Denmark,
Union of South Africa
Exports
869,784
86,455
1,029,512
British West Africa
British East Africa-British India
£6,035
161,340
726,222
25,747
614,041
18,642
556,822
New Zealand
Canada
British West India Island and British Guiana
United States of America
Venezuela
19,930
7,685", 941
272,260
76,097
Mexico
...
32",695
Central and South America (foreign)
Peru
Norway,
Netherlands
I
271,158
2,261,654
9,925
1,268,740
11,124,099
.007414*
.007342*
.007346*
.007350*
.007342*
.007346*
.057500-
.058333*
.057916*
.059000*
.059000*
.256757
.256483
.256495
.256345
.256350
.256337
.228721
.228671
.228575
.228255
.228300
.228250
.023320*
.023275*
.023275*
.023320*
.023275*
.023275*
.243750*
.247083*
.246250*
.251250*
.248333*
.246666*
Hankow (yuan) dol
.247083*
.246250*
.251250*
.248333*
.246666*
.243750*
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar.
.246562*
.245312*
.250625*
.248125*
.245625*
.242812*
.245937*
.244687*
.250312*
.247500*
.245000*
.242187*
Chefoo (yuan) dol'r
.309531
.309093
.309093
.308343
.308656
.308531
British India, rupee..
.371582
.371350
.371442
.371000
.370943
.370875
Japan, yen
Straits Rettlem'ts. dol
.290268
.290133
.290071
.289710
.289683
.289700
.576375
.575812
.575750
.575312
.575562
.575312
3.967875
3.964187
3.965000
3.962687
3.962750
3.962625
pound. 3.997864
3.996250
3.995125
3.993562
3.993645
3.993750
South Africa, pound. 4.931770
4.927375
4.933750
4.924500
4.924895
4.924479
Australasia—
Australia, pound
Africa—
541*,572
924", 046
1,522,788
1,455,629
Sweden.
Switzerland..............i....................
251,805
Yugoslavia
597,053
25,655
...—-
Other countries
30,398
£28,829,197 £12,972,584
SILVER
Conditions have been quiet and during the past week prices have shown
Sales have been made on Continental account
and there has been some speculative selling, offerings having been offset
by buying by the Indian Bazaars and demand to cover bear sales.
The outlook for the moment appears fairly steady and the low level
to which stocks have declined in Bombay would indcite the likelihood of
shipments of silver being made to that quarter in the near future.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 16th instant to mid-day on the 25th instant:
r2,572
£39,900
10,030
11,313
12,035
British Ipdia
11,382
__z25,785
11,458
5,694
Canada
Germany
2,780
1,465
Austria
Sweden
Aden & Dependencies
x2,500
2,413
*30,213
Palestine
*5,901
Egypt
*3,410
4,423
Other countries
£121,470
£91,275
Coin not of legal tender in the United Kingdom,
in coin not of legal tender in the United
,994105
.993629
.993533
.993473
.993496
.993242
Cuba, peso
.999166
.999166
.999166
.999166
.999333
.999333
Mexico,
.231928*
.227833*
.229600*
.228083*
.228083*
,226900*
.991679
.991152
.991074
.990937
.990937
.990625
.332112*
.331875*
.331883*
.331550*
.331560*
.058740*
.058540*
.058540*
.058740*
.058540*
.058540*
.051680*
.051680*
.051680*
.051680*
.051680*
.051680*
export.
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
peso.....
.553300*
.553300*
.553287*
.558625*
.556375*
.556350*
.655558*
.654585* 1
.654790*
.654378*
.654502*
.654375*
peso
Kingdom,
x
dollar.
Newfoundl'd.
South America—
Argentina, peso
milreis..
Brazil,
Chile,
peso—official.
"
Colombia,
Uruguay, peso
*
z Including £16,666
Coin of legal tender
OF BANK CLEARINGS
COURSE
Bank clearings this
week will again show
a
decrease
com¬
Preliminary figures compiled by us,
telegraphic advices from the chief cities of the
a year ago.
based upon
country, indicate that for
the week ended today (Saturday,
May 14), bank clearings from all cities of the United States
from which it is
possible to obtain weekly returns will be
12.5% below those for the corresponding week last year.
Our
preliminary
total
stands
at
$5,337,593,563, against
At this center
$6,097,809,035 for the same week in 1937.
there is
a
loss for the week ended Friday of 7.3%.
comparative
Kingdom.
.331600*
Nominal rate.
pared with
Exports
U. S. of America
£29,471
North America—
Canada, dollar
"
only small fluctuations.
Imports
;.
China—
New Zealand,
66.198
..............
.034814
.057000*
_
Soviet Union
Germany.............¥......................
.034810
Asia—
Hong Kong
.
lira
.034816
Spain, peseta
Sweden, krona
£8,737,712
531,926
Southern Rhodesia
pengo
.034812
.168196
Switzerland, franc
Yugoslavia, dinar...
Imports
in the United
RESERVE
1930
OF
Hungary,
2,575
of gold for the month of March, 1938:
Other countries
FEDERAL
13, 1938, INCLUSIVE
Greece, drachma
gold shipments were made from
Eire
A
Germany, reichsmark
28,200
Other countries
review.
Germany
...
France, franc.
Yugoslavia-.........—-
£8.095.927
Belgium
France.......^...........—.
BY
CERTIFIED
Country and Monetary
Italy,
Australia
RATES
Noon Buying
£7,500
295,219
17,578
10,812
389,315
55,685
505,578
;
Deposit Insurance Corporation
7, 1938, TO MAY
Exports
British India.
United States of America.
£2,831,336
16,553
British India..
216,784
British Guiana
10,584
Australia
461,980
New Zealand
27,120
Canada
17,396
U. S. of America
207,932
Peru
38,392
Soviet Union
2,273,322
Belgium
1,801,140
France
28,876
Switzerland
132,344
Netherlands-.v.-..—...
19,567
Other countries...
12,601
British East Africa
• .•V-'.'l-. '
'"■!
System
'
.v-y'v ■ V
Clearing House Association
BANKS TO TREASURY UNDER TARIFF ACT
139s. 6.42d.
The following were the United Kingdom imports and exports of gold.
registered from mid-day on the 16th instant to mid-day on the 25th;instant:
British South Africa
DEPARTMENT
,
Member Federal
139s. 5^d.
I-.
FOREIGN
STREET, NEW YORK
Member New York
_
COMPANY
TRUST
Member Federal Reserve
;v.
139s. 7Mid.
139s. 6d.
_
France
clean
of the
foreign countries.
on
v:-'"
'V'
139s. 6d.
Average...w———
*
BROAD
55
"Vf."'1
22
23
25
26
27
Japan..
Belgium
or
part
European Representative Office: 1, Cornhill, London, E.C.3
Per Fine Ounce
139s. 6^d.
'
New Zealand.
any
PRINCIPAL OFFICE AND
.
,
April 21
Australia
on
MANUFACTURERS
April 20 showing no change as compared with the previous Wednesday.
the open market about £2,940,000 of bar gold changed hands at
In
No
documentary
drawn
United States and
£326,407,160
the daily fixing during the week. There was a good demand—mainly from
the Continent for holding purposes—and the fixed prices included a premium
over dollar exchange parity.
April
April
April
April
April
collect
drafts
GOLD
>
The Bank of England gold reserve against notes amounted to
on
3123
Chronicle
summary
Our
for the week follows:
Quotations during the week:
IN
IN
LONDON
—Bar
Silver per Ox. Std.Cash
2 Mos.
April 21..
April 22
April 23
April 25
April 26—
April 27
Average.
.18 13-16d.
.18 13~16d.
—18 15-16d.
18^d.
18 15-16d.
18 13-16d.
18.865d.
April 20...
18%d.
18^d.
18^d.
—
NEW
18 ll-16d.
18%d.
18^d.
18.677d.
April
April
April
April
April
-.——.43 cents
;
43 cents
21
22.
23
25
26
43
43
-.43
43
cents
cents
cents
cents
of exchange on New York recorded during the period
from April 21 to April 27 was $4.99^ and the lowest $4.98.
1937
$2,588,789,531
226,745,079
$2,792,437,890
279,091.253
—18.8
Philadelphia—————————
274,000.000
319,000,000
—14.1
Boston........
162,516,088
193.961,000
—16.2
Kansas City—.—-——————-——
62,850,561
79,152,458
—20.6
St. Louis
60,500,000
78,200,000
—22.6
108,061,000
—11.3
63,631,257
121,866,000
124,679,838
101,631,912
90,059,003
50,391,328
59,256,806
—15.0
$3,739,965,531
$4,239,336,160
808,307,935
—11.8
New York.......
Chicago..
...
_
Pittsburgh
Detroit
Cleveland.
83,862,600
.
58,618,087
-
_—
i—
Baltimore.
NOTICES
Eleven cities, five days
Other cities, five days
—Embree H.
with
Jackson
Cent
1938
San Francisco
The highest rate
CURRENT
Per
Clearings—Returns by Telegraph
Week Ending May 14
YORK
(Per Ounce .999 Fine)
708,029,105
—7.3
—32.7
—42.3
—29.3
—12.4
Henderson and John A. Edwards have become associated
Bros.,
Boesel
&
Co.,
members
of the
New
York
Stock
Total all cities, five days..
All cities, one day
$4,447,994,636
889.598,927
$5,047,644,095
—11.9
1,050.164,940
—15.3
$5,337,593,563
$6,097,809,035
—12.5
Exchange.
—George P. Williams, formerly
a
partner of F. M. Zeiler & Co., is now
associated with Langill & Co., 134 S. La Salle St., Chicago.
—Hoit, Rose & Troster, 74 Trinity Place, New York
an
City, have prepared
analysis of American Distilling Co. of Maryland.
—S.
Marshall
Kempner
has
been
admitted
as
a
general
partner
in
Heidelbach, Ickelheimer & Co.
FOREIGN
EXCHANGE
RATES
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
a
record for the week just passed:
We
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, whi6h we
present further below, we are able to give final and complete
for the week previous—the week ended May 7.
For that week there was a decrease of 8.8%, the aggregate
results
of clearings for the whole country having amounted to
$5,842,632,291, against $6,404,222,695 in the same week in
3124
1937.
Financial
Outside of this city there was
decrease of 12.3%,
the bank clearings at this center having recorded a loss of
6.2%.
We group the cities according to the Federal lieserve districts in which they are
located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a decrease of
6.9%, in the
Chronicle
May
Boston Reserve District of 12.4%, and in the
Philadelphia
Reserve District of 6.8%.
In the Cleveland Reserve Dis¬
trict the totals are smaller by 15.2%, in the Richmond
Week Ended May 7
Clearings at—
,
Dec.
1936
%
$
%
$
8
Seventh Feder al Reserve D istrict
—
1935
Chi cago—
Mich.-Ann Arboi
408,84*
480,94s
—15.0
290,981
524,761
Detroit-——-
79,735,352
108,088,755
3.812,493
—26.2
2,006.899
+ 5.8
75,518,679
1,813,449
1,123,828
1,404,681
21,693,000
—26.0
86,778,281
2,707,641
1,234,497
1,149,799
—19.4
15,442,000
16,064,000
1.701,086 —12.2
5,593,066 J—23.5
1,288,338
1,053,333
4,031,665
16,671.249
1,270.226
9,885,622
2,762.559
Grand
Rapids.
Reserve
Wayne
Indianapolis.—
17,490,000
South Bend
Lansing
Ind.—Ft.
—
Terre Haute.
—
1,493,413
4.281,252
—28.0
802,930
Wis.—Milwaukee
19.993.451
22,016,216
—9.2
4,305,744
18,788,254
Rapids
1,185,389
10,319.004
1,199,304
11,899,159
3.261,306
—1.2
1,103,221
—13.3
8,900.842
428,275
—10.0
380,053
471,071
327.769,408
862,143
4,569,475
1,517,019
—16.S
280.758,746
253,568,455
+ 3.9
792,855
643.095
—10.7
4,821,478
2,559,496
—17.8
902,257
631,221
1,416,325
—9.0
1,393,229
1,076,718
519,717,559
—18.3
434.562,875
390,472.357
la.—Ced.
Des Moines
Sioux City
111,—Blooming ton
Chicago
-
Decatur
i-
-
Peoria——-Rockford
districts:
BANK
'
•
or
1937
District
District by 7.6%, and in the Atlanta Reserve
by 9.6%.
The Chicago Reserve District shows a
loss of 18.3%, the St. Louis Reserve District of
11.2%,
and the Minneapolis Reserve District of
0.9%.
In the
Kansas City Reserve District there is a falling off of
9.7%,
in the Dallas Reserve District of 13.8%, and in the San
Francisco Reserve District of 9.1%.
In the following we furnish a summary
by Federal Reserve
U
'
Inc.
1938
2,746.761
2.122,382
1,039,90J
SUMMARY OF
1938
14.
a
385,486
272,648,346
895,728
4,080,125
1,247,574
1,288,570
Springfield
CLEARINGS
3,156,017
Total (18 cities
424,517,606
—3.2
3.524,659
Inc.or
Week Ended May 7, 1938
1938
1937
Dec.
1936
1935
Eighth Federa 1 Reserve Dfs trict—St. Lo
uis—
•
Federal
Reserve
1st
Boston
2nd
New
S
Olsts.
12 cities
York. 13
"
%
$
%
%
252.732,617
.
283,668,291
—12.4
247,483,655
217,019,241
3.613,684,466
3,881,379,387
—6.9
3,615.520,463
3.172,650.368
3rd
PblladelphlalO'
"
376,223,639
403,888,646
-6.8
357,272,337
313,796,381
4th
Cleveland..
5
"
264,284,359
311,595,820
—15.2
257,879,203
Richmond .6
"
128,904,838
139,571,519
—7.6
115,929,286
80,700,000
29,521,706
14,500,049
111.—Jacksonville
198.661,907
5th
Mo.—St. Louis.-
Ky.—Louisville—
Tenn.—Memphis
87,000,000
—7.2
77,800,000
35,182,112
18,236,948
—16.1
28.331,386
67, .500,000
24,551,568
—20.5
16,195,530
12,139,936
99,664.354
6th
Atlanta
10
"
139.270,662
154,029,219
—9.6
134,267,983
Chicago ...18
"
424,017,606
519.717,559
—18.3
434,562,875
St. Louis...
4
"
125,330,755
141,108,060
—11.2
122,930,916
104,685.504
9th
X
X
X
689,000
—11.6
604,000
494,000
125,330,755
141,108,060
—11.2
122,930,916
104,685,504
2,132,486
52,725,481
390,472.357
8th
X
609,000
Total (4 cities)
106,663,599
7th
X
Quincy
Minneapolis 7
"
103,071,723
104,038,000
—0.9
94,617,222
"
129,144,253
142,977,373
—9.7
124,556.606
123,071,713
"
56,138,352
65,089,176
—13.8
49,989,902
40,916,028
12th San
"
229,329,021
252,159,645
—9.1
211,061,902
185,927,854
5,842,632,291
6.404,222,695
—8.8
5,766,072,350
5,035,721,799
Ninth Federal
82.162,493
10th Kansas City 10
11th Dallas
6
Fran..11
.
Minn.—Duluth.
St. Paul...
—
112 cities
Y.
City
2,338,138,811
2.666,109.817
—12.3
2,284,345,312
1,967,967,856
428,887,128
469,407,423
—8.6
548,381.000
S. D.—Aberdeen-
32 cities
add
now
our
—15.9
2,723,693
—3.4
+ 8.7
+ 3.7
62,459,911
23,977,503
2,117,811
760,779
—10.5
588,494
2,161,514
680,654
detailed
statement
648,706
676,406
—4.1
592,216
495,784
2,463.128
2,693,981
—8.6
2,157,594
2,539,684
103.071,723
—
104,038,000
—0.9
94,617,222
82,162,493
showing last week's
figures for each city separately for the four
years:
'
Tenth Federal
Reserve Dis trict
Neb.—Fremont..
Week Ended
Hastings
May 7
Inc.
1938
1937
$
First Federal
?
1936
1935
$
%
$
Reserve Dist rict—Boston
578,008
775,613
—25.5
1,913,495
2,057,771
244,145,008
—7.0
212,947,800
—12.8
590,056
2,021,562
211,567,345
687,157
Wichita
Mo.—Kan. Clty.
St. Joseph....
Colo.—Col. Sprgs
Pueblo
645,674
+ 1.0
560,065
377,494
—15.3
391,391
689,171
738,485
—6.7
2,832,755
3,355,857
2,196,119
18,632,050
627,557
3,084,008
—9.6
1.889,201
—13.5
13,579,770
183.714,192
608,973
311,736
597,582
2,625,000
1,219,592
14,643.288
4,480,745
—4.9
4.041,568
2.987,003
9,904,500
10,627,800
Ft.
—6.8
8,676,700
7,556,400
532,876
Springfield
Worcester.-.-.
635,675
—16.2
Galveston
454,432
495,444
1,984,300
16.115,743
4,262,523
Conn.—Hartfon
N H.—Man<
(Total 12 cities)
252,732,617
—15.6
288.668,291
—12.4
a! Reserve D istrlct—New
23,667,264
—64.4
1,198,530
28,600,000
1,542.676
35,200,000
—22.3
621,357
883,113
—29.6
773,072
671,261
+ 15.2
3,504,493,480 3.738,112,878
—6.2
Elmira
'
8.795,402
4,799,663
8,980,538
4,380,237
—18.8
—2.1
+ 9.6
247,483,655
217,019,241
11,314,348
1,036,660
28,500,000
17,749,323
738,702
27,400,000
705,752
523,385
434,391
552,414
3,501,727,038 3,067,753,943
7.394,402
3,637,298
6,371,291
Yakima
Ore.—Portland
.
.
+ 12.4
3,041,797
—10.5
3,958,307
2,824,070
—11.8
450,000
400,000
21,850,191
36,148,436
San
—11.7
Francisco.
16,424,679
San
—25.9
21,426,860
31,804,616
Jose
Total 13 cities)
3,613,684.466 3,881,379,387
—6.9
Third Federal
Reserve Dist rict—Philad
elphia
507,420
*525,000
Bethlehem
Chester
Lancaster
Philadelphia...
Reading
345,080
1,205,578
363,000,000
1,615,849
643,473
—21.1
591,430
—11.2
30,890,150
28,959,138
2,144,506
2,373.829
83,072,060
+ 15.2
629.615
595,412
—19.2
674,47!)
667,909
142,977,373
—9.7
124,556,600
123,071.713
834.320
26,254,145
3,615,520,463 3,172,650,368
Utah—S. L. City
Calif.—L'g Beach
Pasadena
Santa Barbara.
Stockton
Total (11 cities)
435,502
630.330
427,536
410.687
404.662
—14.6
321,668
299,603
1,344,999
—10.4
388,000,000
—6.4
1,240,699
345,000.000
301,000,000
—11.4
1,385,839
2,457,071
1,590,574
2.398,263
2,669,366
—17.7
80.711,37!
—11.7
3,111,154
2.850,784
District—Da lias—
1,579,303
—11.8
1,172,203
47,473,420
9,248,917
2,183,000
—11.7
37,563,703
933,528
31,416,843
—32.1
6,088,621
4,683.026
+ 3.9
+ 30.4
1,863,000
638,067
1,517.000
833.612
3,770,924
—15.6
2,664,248
1,718,479
65,089,176
—13.8
49,989.902
40.946,028
677.152
Franc isco—
total
31,814,127
7,639,000
38,658,630
8,621,000
—17.7
30,219.123
—11.4
7.962,000
7,o05,000
1,072,537
—14.5
26.766,268
30,163,891
—11.3
828,678
24,165,206
21,468,344
12,239.369
16,057,416
—23.8
4,002,120
3,842,951
12,709,963
3,839,060
27,270,835
579,898
11,447,295
4,193,517
—4.6
4,014,769
142,389,000
—4.3
3,192,833
2.758,852
125,690,000
—4.7
122,781,121
107,682,138
2,578,725
1,734,161
2,105,374
3,131,707
1,524,585
2,332,593
—17.7
1,742,038
+ 13.7
2,217.108
1,343,075
—9.7
1,803,735
1,377,234
229,329,021
252,159,645
—9.1
211,061,902
185,927,854
3,156,586
939,634
(112
cities)
5,842,632,291 5,404,222,695
945,571
—19.6
+4.2
+ 4.0
—8.8 5,766,072,350 5.035.721,799
1,707,906
+ 32.5
Grand
124,549
916,926
Spokane
4,302,749
Pa.—Altoona
+ 13.5
546,826
30,104,843
2,314,727
3,196,332
99,935,937
2,875,116
724,075
676,561
2,411,174
3.325,159
82,227.563
2,538,252
Twelfth Feder al Reserve D istrlct—San
Wash.—Seattle..
5,011,142
628,902
26,796,979
2,198,761
56,138.352
4,483,636
19,297,381
118,934
90,380
3.192,331
Total (6 cities).
Wichita Falls..
4,835,376
554,917
155.320
—1.5
La.—Shreveport.
Worth
3,243,681
2,503,729
Newark
+ 14.2
1,392,732
41,926,702
6,282,850
2,268,000
1,086,717
3,181,351
Dallas
'
City
145,012
2,863,304
2,820,084
Eleventh Fede ral Reserve
Texas—Austin
York-
8,434,673
Buffalo.—.--.
Total (10 cities)
as
—21.5
1,572,874
651,826
Kans
141,466
34,164,123
Kan.—Topeka
319,620
New Bedford..
—
129.144.253
Omaha
or
Dec.
111,083
165,669
—
Lincoln.——
Clearings at—
Me.—Bangor
21,898,479
1,776,491
594,088
347.669,490
Total (7cities)
We
Minn eapolis
24,873,347
2,083,411
Mont.—Billings
Helena..
Canada..
—
3,325,216
69,624,860
27,043,259
.
N. D.—Fargo..
Total
Outside N.
Reserve Dis trict
2,795,095
67,279,367
Minneapolis—
984,648
Scranton.
2,287,911
Wilkes-Barre..
York....
1,622,268
1,683,473
2,581,944
1,224.149
1,584,133
3.529,800
1,971,116
5,443,400
—35.2
1,373,594
2.837,000
403,888,646
—6.8
357,272,337
2,666,109,817
5,695,600
376,223,639
Outside New York 2,338,138,811
—12.3 2,264,345,312 1.967.967.856
313,796,381
Total (10 cities)
—4.0
1,135.028
1,189,802
Week Ended
Inc.
al Reserve D istrlct—Clev eland-
Cincinnati.
-
X
60,141,331
83,600,509
9,983,600
-
or
1938
X
64,245,806
93,925,888
14,102,400
2,293,090
X
—6.4
Toronto
X
50,755,552
75,023,629
12,297,100
X
41,943,850
57,957,811
Montreal
1937
Dec.
1936
$
Canada—
Ohio—Canton...
May 5
Clearings at—
$
%
$
134,708,989
;
140,409,946
36,006,786
Winnipeg
146.256,159
140,421,443
44,765,769
—7.9
—0.1
—19.6
161,886,753
157,562,153
1,388,857
X
Pa.—Pittsburgh
X
—11.0
—29.2
—39.4
X
1,500,406
X
19,836,527
—9.3
—24.9
81,768,965
19,827,856
71,418,518
7,329,920
61,395,435
6,377,515
+ 14.9
5,675,951
Halifax
2,731,689
2,927,322
—6.7
2,952,144
Hamilton
5,650,266
6,485,056
—12.9
Calgary..,.
Cleveland
6,205,665
2,986,333
2,002,562
—29.6
5,149,392
8,012.516
2,323,350
3,374,220
4,693,40,5
—11.0
Vancouver
9,910,700
1,177,934
Quebec
17,984,894
46,122.977
Ottawa..
X
109,170,062
137,028,636
—20.3
118,302,516
87,671,612
264,284,359
311,595.820
—15.2
257,879,203
198,661,907
.
jt
Fifth Federal
385,956
Va.—Norfolk....
2,429,000
32,467,821
1,326,380
68,784,254
Richmond
Md.—Baltimore.
D.^C.—Wash'g'n
Total (6 cities)
.
4,370,571
2,196,350
1,953,553
London
3,001,929
Edmonton
4,345,685
2,509.000
Regina..
+ 11.4
4,420,675
5,923,683
Brandon.
335,900
+ 7.8
357,849
Lethbridge
5,565,369
362,137
444,997
4,995,426
26,767,413
+0.6
500,878
Saskatoon
1,786,516
1,780,388
+ 0.3
681,257
806,617
—15.5
1,694,973
714,422
1,112,247
724,210
1,260,460
868,084
—16.6
Reserve Dist rict—Rlchm ond—
W.Va.—Hunt'toi
S. C.—Charlestor
St. John
Victoria.
Total (5 cities).
412,28!-
—6.4
265,101
2,451,000
29,120.971
128,271
2,873.000
—15.5
35,772.529
—9.2
1,250,000
71,294,161
27,969,540
+ 6.1
1,080,100
971.069
—3.5
23,511,427
—15.9
59,109.459
23,902,655
51,714,700
17,573,901
128,904.838
139,571,519
—7.6
115,929,286
99,664,354
Moose Jaw
Brantford
Fort William
442,392
—26.5
—2.4
—7.4
—1.2
1,986,316
3,937,183
1,228,893
961,110
712,644
1935
$
102,452,086
81,493,584
36,838,703
12,983,893
75,054,404
3,765,455
2,231,712
3,538,610
4,414,874
1,824,682
1,521,364
2,737,850
3,688,807
2,958,204
320,753
390,247
1,414,340
392,335
763,468
668,525
New Westminster
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'nville.
Ala.—Birm'ham.
Mobile..
Miss.—Jackson
__
Vicksburg
La.—NewOrleans
Reserve Dist rict—Atlant
3,699.268
—10.6
15.968,669
17,629,940
53,400,000
1,312,583
1,164,170
19,527,000
19,791.108
1,728,591
—9.4
46,500.000
*1,050,000
934,427
17,420,000
17,270,138
1,584,858
X
X
3,607,671
13,625,313
2,678,326
12,928,046
805,731
706,584
+ 14.0
Medicine Hat
a—
3,308,449
223,522
273,803
—18.4
Peterborough
706,498
.668,419
+ 5.7
273,455
736,206
601,202
744,038
+ 20.8
713,303
550,601
—1.4
—4.0
1,261,821
2,275,938
1,210,386
2,133,072
—11.3
491,550
318,421
Sherbrooke
35,400.000
Kitchener
—20.0
43,200,000
1,223,981
898,545
1,348,229
937.563
Windsor
3,111.291
—19.7
856,148
742,798
Prince Albert
—12.9
14,506,000
Moncton..
929.055
15,243,425
Kingston
Chatham
680,651
1,367,770
3,242,225
421,633
938,812
708.789
726,324
X
Sarnla
519,072
Sudbury
—10.8
27,507.000
—12.7
15.553,508
—8.3
1,354,898
1,075,086
X
X
149,794
179,459
—16.5
121,881
116,752
35,084.327
35,597,100
—1.4
27,217,583
374,187
208,199
—1.0
777,980
—4.0
722.475
579,635
567,080
+ 28.1
614,033
397,880
519,025
+ 0.1
562,753
588,312
1,073,735
1,032,567
+ 4.0
835,262
473,932
659,640
428,887.128
469,407.423
—8.6
548.381,000
347,669,490
23,035,603
Total (32 cities)
Total (10 cities)
494,314
139,270,662
154,029.219
—9.6
134,267,983
106,663,599
*
Estimated,
x
No figures available.
Volume
EXCHANGE
STOCK
LONDON
THE
fJiftHgiffft
cable
Quotations of representative stocks as received by
each day of the past week:
O
H
2
to
°
r*
~
Man.,
Tues.,
Wed.,
Thurs.,
Fri.,
a
Sat.,
May 7
May 9
May 10
A/ay 11
May 12
May 13
105/-
41/105/-
41/104/6
41/104/3
£59
£58 %
£58%
£57%
4 /£21%
£21%
41 /-
Amer Tobacco.
41/9
105/-
Cable & W ordinary.,.
£58%
British
Canadian
4/-
Marconi
:
Invest.
£21%
Cons Goldflelds of S A.
70/39/—
£7%
Central Min &
Courtaulds S & Co....
i De
Beers
<
Flectric & Musical Ind.
day-
Gaumont Pictures ord.
A
Hudsons
I tup
I ob of G B & I„
London
Metal
Midland
Box..
Ry..
95/6
13/19/6
Rio Tlnto.
£14%
£14%
16/3
£36
£4 3«16
Unilei e-
Ltd
Molasses
United
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Areas
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May 9
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corporations and credit agencies, financed wholly or in part
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The report for March 31 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
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which compares with $2,805,959,435 Feb. 28, 1938.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of March 31 was shown to be $1,256,231,361.
This
compares with $1,253,335,562 as of
case of these Government agencies,
p.
Feb. 28, 1938.
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in transit,
divided profits totaling
$6,221,258.
1m*
Subject to minor qualification as indicated under liabilities of RFC and
the latter being included under caption "Other."
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1938
FOOTNOTES
I
.
GOVERNMENTAL CORPO¬
CREDIT
AGENCIES
AS OF
monthly report of the Treasury Department, showing
and liabilities as of March 31, 1938, of governmental
interests.
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REPORT
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assets
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$100,000
From $200,000 to $300,000_
RATIONS
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to
LIQUIDATION
National Bank of Gregory, Texas
$25,000
Effective April 20,
1938.
Liquidating agent, E. N. Tutt,
Taft, Texas.
Absorbed by the First National Ban of Taft,
Texas, Charter No. 12309.
*
COMMON CAPITAL STOCK INCREASED
Amt. of
May 3—The Corpus Christi National Bank, Corpus Christi, Increase
MARCH
0
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ISSUED
May 4—The First
MONTHLY
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Treasury
April 30—The Skala National Bank of Chicago, Chicago, 111
Capital stock consists of $200,000, all common stock.
President
Joseph Skala.
Cashier, W. P. Horvat.
Conversion of the
Skala State Bank, Chicago, 111.
VOLUNTARY
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following information regarding National
from the o.fice of the Comptroller of the Currency,
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supplies.
Farm Credit
J Includes Disaster Loan Corp.; Electric Home and Farm Authority;
Administration (crop-production and other loans); Farm Security Administration;
Federal
Prisons
Rehabilitation loans; Inland Waterways
Association of Washington; Puerto Rico Recon¬
Inc.; Indian
Industries,
Corporation; National Mortgage
Rutal Electrification Administration; The RFC Mortgage
Company; Tennessee Valley Associated
Cooperatives, Inc.; Tennessee Valley
Authority; loans to railroads; municipalities, &e., and interagency interest held by
■
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struction Administration;
the United States Treasury.
kNet after deducting
Farm Credit
1 Includes
estimated amount of uncollectible
obligations held by the
Administration.
1-1
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to I-. >-• to
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savings and
n Less than $1,000.
Includes only the amount
of capital stock held by the
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corresponding organizations.
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and other proprietary Interagency
deducted from the capital stock and paid-in surplus of the
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>.31
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associations, $39,075,270; shares of Federal
loan associations, $169,838,300.
:
Assets
Ito
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to
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banks from the U. S. Treasury for
subscriptions to paid-in surplus.
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3126
Financial
TREASURY STATEMENT SHOWING
Chronicle
193s
APPROPRIATIONS AND EXPENDITURES FOR
RELIEF
AS
APRIL 30,
OF
RECOVERY AND
1938
The various
agencies of the Federal Government, it is shown in a tabulation given in the
Treasury's "Daily Statement"
April 30, had appropriated $20,944,993,428 for recovery and relief up to the end of
February.
The Treasury's tabulation,
for April 30 follows:
of
FUNDS APPROPRIATED AND ALLOCATED
FOR
RECOVERY AND RELIEF, EXPENDITURES THEREFROM, AND
UNEXPENDED BALANCES
AS OF
APRIL 30, 1938
Sources of Funds
Expenditures
Appropriations
Statutory and Executive Allocations
Organizations
National
Reconstruction
Industrial
Specific
Emergency
Emergency
Appropriation
Relief
Act 1935,
Appropriation
Recovery
Act
Approved
Approved
Acts
Fiscal Year
Finance
Total
Fiscal Year
Corporation
1938
1937 and
Prior Years b
Unexpended
ol 1935,
June 16,1933 June 19, 1934 1930 and 1937
Agricultural aid:
Agricultural Adjustment Admlnis'n
cl60,770,824
Federal Farm Mtge. Corporation:
Capital stock--
Reduction In Int. rate
on
37,455,636
198,226,460
mtges—
200,000,000
3,597,062
125,000,000
189,000,000
120,650,000
7.500,000
198,226,460
200,000,000
7,500,000
200,000,000
4,736,775
25,582,734
31,191,246
3,902,937
Federal Land banks:
Capital stock
125,000,000
189,000,000
120,650,000
———
Paid-in surplus..
Reduction In Int. rates on mtges
Relief:
Federal Emergency Relief Admlnls d.
Civil Works Administration
Civilian Conservation Corps
h604,861,788
h332,199,220
93,101,630
Department of Agriculture, relief
152,068,831
399,482,873
317,538,025
480,590,000
934,592,359
321,033^924
593,894,736
911,040,000 3,083,152,978
88,960,000
820,642,094
1,325,568,316
83,935,265
120,064,745
142,160,468
81,401,999
«
198,480
21,256,796
8,056,753
3,485,057 3,074,249,696
176,793
817,423,102
1,331,811 1,318,407,420
2,314
83,919,948
83,935,265
5,418,223
3,042,198
5,829,084
13,002
Public works
(Including work relief):
Public highways
River <fe harbor work & flood control..
255,488,217
Rural
Electrification Administration.
Works Progress Administration
All other
83,339,960
438.041,639
256,295,622
829,070,826
2,239
93,708,050
93,695,324
506,899,690
187,190,720
15,484,573
4,699,136,926
46,500,000
606,843,400
1,200,431,786
77,803,797 1,061,243,460
537,194,393
25,616,274
467,177,385
61,984,573
34,670,664
11,673,706
4,699,136,926 1,148,192,640 3,160,108,148
1,612,955,513
180,856,528 1,296,543,241
*
61,384,528
44,400,733
15,640,201
390,836,137
135,555,742
Aid to home owners:
Home-loan system:
Home Loan Bank stock
Home Owners' Loan Corporation
Federal savings A loan associations..
125,000,000
200,000,000
125,000,000
200,000,000
50,000,000
105,152,287
31,607,967
60,521,074
3,223,696
19,307,748
50,000,000
Farm Security Administration k
4,992,511
25,000,000
82,676,043
24,784,742
59,521,074
537",244",792
148,236,118
355,507,468
150,000,000
24,300,260
22,476,244
6,823,225
1,000,000
26,180,569
United States Housing Authority...,
Federal Housing Administration
22,455,756
17,430,506
10,211,044
566,649,058
J50,000,000
Emergency housing
£4,505
150,000,000
24,245,466
75,000,000
4,734,900
10,313
120,006,100
200,000,000
49,952,826
82,490,030
47",208",553
259,000
""36", 860
206,501
14,177,461
3,101,477
62,905,471
Miscellaneous:
Federal Deposit Insurance Corporation.
Administration for Industrial Recovery
150,000,000
Tennessee Valley Authority...
Subtotal
75,000,000
2,171,911,641 2,555,747,243 1,106,181,012 8,188,747,986 1,631,021,074
15653608,958 1,740,317,836 13137010,229
Revolving funds (net):
59,299
776,280,892
e
Agricultural aid:
Commodity Credit Corporation.....
57,635,551
Public Works:
Loans and grants to States, munic¬
ipalities. Ac
Loans to railroads..........
3,000,000
59,489,199
90,369,858
16,884,473
589,345,574
Farm Credit Administration..
107,647,690
313,339,437
1468,874,025
216,191,379
0)
471,874,025
440,570,462
98,014,366
£12,101,482
122,125,135
372,346,241
251,734,524
80,325.703
1,010,332,702
105,056,640
618,869,623
286,406,438
£31,258
18,166,574
28,114,684
56,128,072 1,697,331,270
,407,485,441
Miscellaneous:
Export-Import Bank
of Washington.
1,250,000
Reconstruction
45,000,000
Finance Corporation
—direct loans and expenditures...
Subtotal
57,635,551
Total
653,084,773
198,017,548
40,000
......
Grand total
610,262
2,229,587,193 m3209442 279
262,482
n
b The
emergency expenditures included in this statement for the
period prior to the
fiscal year 1934 include
only expenditures on account of the Reconstruction
Finance
and subscriptions to capital stock
of Federal land banks under
authority
of the Act 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.
sum
are
stated
collections, the details
below.
pro¬
m Exclusive of the
$90,372,316.04 transfer
carried to the surplus fund of the
Treasury.
n
$604,995,000, of which $131,542.23 has been
transferred to the Emergency Relief
appropriation and $1,669.70 carried to the
surplus fund of the Treasury; Civil
Works Administration.
$344,965,000, of which amount $7,540,000 has been trans¬
ferred to the Emergency Relief
appropriation, $5,218,250 transferred to the Em¬
ployees* Compensation Commission, and
$7,529.21 carried to the surplus fund of the
Treasury; leaving an unallocated balance of
$40,000.
1 Under the provisions of
the
Emergency Appropriation Act, fiscal year 1935, and
Appropriation Act
/of 1937, the Reconstruction Finance
Exclusive of
Loans to railroads
Export-Import
Bank
of
$8,721,281.92
III
Washington
Reconstruction Finance Corporation—direct loans A
expenditures
a
Excess of repayments and collections
(deduct)
referred to in note o, and $185,404.21
GOVERNMENT RECEIPTS AND EXPENDITURES
This Month
Payments
92,021.00
13,541,022.62
"715,986.01
51,713,875.70
by
the
Fiscal Year 1938
Repayments and
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to States,
municipalities, Ac
authorized
(f) of the Agricultural Adjustment Act, $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
Organizations
as
o 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 under the Act of June 29,
1937, $250,000,000 specific appropriation under the
Act of Mar. 2, 1938, and transfers of
unexpended balances as follows: From the
Reconstruction Finance Corporation, $500,000,000: from the
appropriation of
$3,300,000,000 for National Industrial Recovery,
$90,372,316.04; from the appro¬
priation 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;
from the appropriation of $899,675,000 for
emergency relief and public works
provided in the Emergency Appropriation Act of 1935.
approved June 19, 1934,
$50,204,412.27; from the appropriation of $950,000,000 for
emergency relief and
civil works provided In the Act of Feb.
15, 1934, $7,671,542.23; from unobligated
moneys referred to in Sec. 4 of the Act of Mar.
31,1933, $21,527,113.76; and moneys
transferred pursuant to Sec. 15
£ Excess of credits (deduct)
Relief
promotion
$40,274,759.65 and $50,204,412.27 traasfers referred to In
note o, and $5,500,000 transferred to salaries and
expenses, Farm Credit Adminis¬
tration; and $25,734,784.20 carried to the surplus fund of the
Treasury.
on a
net basis, 1. e., gross
expenditures less repayments
of which are set forth in the
supplementary statement
h The appropriation of
$950,000,000 provided in the Act of Feb. 15, 1934. was
allocated by the President as follows:
Federal Emergency Relief
Administration,
Emergency
161,412,493
,991,760,178
k Includes allocations and
expenditures on account of subsistence homesteads.
f Net, after
deducting repayments to the Reconstruction Finance
Corporation.
the
,830,347,685
Administration of Public Works.
Emergency Relief Administration.
Expenditures
161,412,493
j Includes $700,000 allocated for savlngs-and-loan
Sec. 11 of the Act of April 27, 1934.
d Includes expenditures
made by Federal Surplus Commodities
Corporation from
funds provided for the Federal
e
160,499,748
Corporation Is authorized to purchase marketable securities
acquired by the Federal
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
of
$160,770,824.40 represents the balance under
appropriations
vided by the Acts of
May 12, 1933, May 25, 1934, and Aug.
24, 1935.
and
247,066,337 2,828,838,845 2,054,066,792
1304461,043 o8679471,646 5,522,031,263
20944993,427 1,987,384,174 15965849,074
Corporation
The
330,223,911 3,891,010,189 5,129,971,975
2,229,547,193 3,208,832,017 1,304,198,561 8,518,971,897
5,522,031,263 20783580,934 1,987,384,174 15965849,074
Unallocated funds
c
46,250,000
3,160,944,784 3,160,944,784
Net
Collections
Expenditures
$1,353,336.77
353,352.18
4,489,405.79
10 7,012.2 5
17,617,869.90
$7,367,945.15
a261,331.18
9,051,616.83
Repayments and
Payments
$108,060,457.60
1,198,408.42
185,150,863.91
20,650.50
608,973.76
34,096,005.80
3,075,196.11
411,214,969.06
Net
Collections
Expenditures
$10,046,091.48
13,299,891.21
76,785,758.75
3,329,115.38
3,106,455.05
355,086,896.32
$98,014,366.12
al2,101,482.79
108,365,105.16
a3,308,464.88
a31,258.94
56,128,072.74
Financial
-Volume 146
'
'i' /*'■*
'*'1
.'/*
.■
3127
Chronicle
■, _■
f'" v.
GOVERNMENT RECEIPTS AND
Trust Accounts, Increment
EXPENDITURES
receipts and dis¬
months
The Secretary of the Treasury reports
f
1938 and 1937, and the 10
ofithe fiscal years 1937-38 and 1936-37 as follows:
bursements for April,
1938
1937
S
$
Receipts—
Income
tax
Mlscell. Internal revenue
UnJUBt enrichment tax
Taxes under Social Secur. Act
Taxes upon carriers
46,252,163
314,901,218
Govt.-owned se-
69,547
71,649
170,322
357,897
64,944,951
20,081,813
1,973,403
2,189,393
60.690,322
20,802.259
1,590,187
32,159,664
4.924,814
2,784,069
9,238,047
69,915,090
43,408.503
53,886,529
272,628,520
336,049,158
5,092,316,930
4,091,498,611
47,443,886
41,754,787
478,956,875
426,368,612
3,855,113
6,962,557
Total receipts
3,717,445
6,077,497
52,687,263
131,483,403
Public buildings a
Public highways a
control
138,458,737
34,640,158
9,470,726
24,407,438
d fi,812,570
245,908,107
432.493
8,000,000
11,561,743
11,096,467
a
4,875,877
867,215
886,490
Panama Canal a
Postal deficiency C
d f4,398,085
Retirement Act
720,381
32,442,862
737,801
16,190,726
8oclal Security Act
U. S. Housing Authority a...
Dist. of Col. (U. S. share)....
66,417,502
.........
5,000,000
Cash;
Agricultural Adjust. Program
69,654,206
91,067,026
446,637,623
Farm Tenant Act
311,569
24,564,957
8,136,923
253,715,316
603,978
34,722,922
13,468,810
3,840.580
276,276,130
4,280,867
256,160,936
17,352,827
35,418,381
684,582,206
35,453,058
663,321,027
14,572,080
27,503,235
7,711,050
3,713,927,426
13,333,568
25,473,559
5,809,589
3,499,217,674
Farm Credit Administration.a
Tennessee Valley Authority..
public debt...
3,449.478
66,145,412
57,658,879
Refunds:
866,728
1,508,392
3,941,123
19o,468
411,504,378
426,355,453
1,203,871
3,297,455
Customs
Internal revenue
Processing tax on farm prod.
Sub-total
8.
U,
In
mortgages.*.........
River and harbor work
Rural Electrification Adm.
3,597,063
......
15,753,813
1.795,212
61,510,756
4,995,978
62,630.437
74,565,656
589,592
10,449,013
21,579,468
77,803,797
Other
...
2,420,764
2,212,345
3,364,830
1,091,904
146,302,248
26,823,127
25,616,275
34,670.665
1,148,192,641
159,277,070
13.375,333
86
3,274
4,745,214
6,448,954
22,455,756
17,430,506
1,483,554
821,983
Admlnlstra'n
19,394,967
29,579,894
Miscellaneous:
Admin, for Indus. Recovery
18
203,786,287
Subtotal
472
243,024,316
10,211,044
13,872,572
148,236,119
165,658,965
'7+7;d4,505
11,370
1,740,317,837 2,635,988,788
' —mmmm"
Revolving funds (net): e
Agricultural aid:
Commodity Credit Corp...
Farm Credit Admlnlstra'n.
7,367,945
d26l,33l
d5l9,5l9
dl00,736,334
dl6,739,608
works:
9,051,617
&C
Loans to railroads
22,867,521
108,365,105
190,478,014
14,235
municipalities,
d3,308,465
d3,198,049
Bank
*
of
608,973
Washington
loans
Corp.—direct
expenditures
d854,474
45,000,000
384,800,000
180,100,000
1145,602,587
55,960,649
9,423
45.009,423
73,255,000
603,657,587
46,735,300
282,795,949
17,364,850
58,018,450
725,201,758
6,362,987,637
362,152,601
1,270,670,707
—
(+) or
+414,313,343
1,385,400
+ 362,152,601+1,270,670,707 +2,154,685,288
17,364,850
58,018,450
96,537,450
+412,927,943
+344,787,751 +1,212,652,257 +2,058,147,838
the gross
—1,226,105
—217,042,285 +171,433,803
+408,273,021
Increase (+) or decrease
+343,561,646
+ 995,609,972 + 2.229,581,641
3,154,050
6,960,835
45,672,230
87,498,380
+405,118,971
+336,600,811
Trust
debt this date
+135,395,524 —979,997,390
—46,355,156
36,424,613,732 33,778,543,494
37,509,946,998 34,940,629,365 37,509,946,998 34,940,629,365
37,556,302,154 34,728,244,043
233,708,754
23,431,197
251,867,993
42,146
6,299,974
£23,974,701
10,800,000
18,647,793
62,058
1,047,805
1,582,668
2,904,314
34,439,531
45,000,000
77,467.021
£552,136.255
384,800,000
34,569,040
212,088,206
180,100,000
71,072,424
105,837,100
Increment resulting
Seigniorage
Unemployment trust fund
■Old-age reserve account
Railroad retirement account...
Total
3,701,350
251,417.481
3,921,893,957
3,813,085,907
1,751,364,600
1,487,252,400
1,751,364,500
42.800,000
139,800,000
..."
certificate
2,000,000
1,100,000
3,000,000
50.000
29,500,000
10,000,000
10,000,000
n
1,800,000
1,500,000
Foreign Service retirem't f'd
n
34,000
24,000
250,000
Canal Zone retirement fund n
31,000
16,600,000
(notes)
Subtotal
172,000
3,000,000
10,000,000
70,000,000
35,000,000
5,000,000
3,000,000
(notes)._
"
216,000
216,000
5,000,000
28,965,000
8,524,000
138,566,000
231,838,000
450.305.927
259,941,481
6,547,712,357
5,801,288,407
212,385,322
expend's.'
1,085,333,266*
1,162,086,871
46,355,156
(+) or Decrease
,....
(—)"
in Gross Public Debt—
Market
operations:
-51,398,000
bills
Treasury
Treasury notes..
—52,250
—15,290,650
+27,227,492
Bonds
—11,608,000
—547,992,000
+ 140,451,000
—11,550
—1,390,700
Certificates of Indebtedness..
•
—1,006,300
—2,181,250
—540,057,850 —1,616,165,450
+19,794,483 +1,284,243,454
+2,637,423,188
—46,048
—32,276
—1,095,158
—360,009
—3,701,350
—8,600,985
—51,755,880
—100,671,608
—29,320,156
+ 136,269,322
Other debt items
eral Reserve bank notes
"
Subtotal
..." —17,036.000*
Special series
—46,355,156
Total
+942.997,000
+ 906,446,871
+255,639,000
+212,385.322 +1,085,333,266
+1.162,085,871
+ 76,116,000
+142,336,266
'
these accounts are 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 dally
Additional expenditures on
Treasury statement for the 15th of
b General
each month.
expenditures under this caption for
the fiscal year 1937 are
"Recovery and relief expenditures" under
fiscal year 1937 Include only Boulder Canyon project, other
for that year being Included in "Public Works—All other."
Included In
this caption for the
reclamation projects
exclusive
Office
The expenditures under this classification for the fiscal year 1938 are
1718,699.88 on aocount of transfers of appropriations from the Post
of
Department to the United States Maritime Commission
June 29, 1936 (49 Stat. 1988).
These transferred funds
U.
8. Maritime Commission
p.
d Excess of credits or
e
are
classified
7 on the 15th of the month as
Details
Revolving
f See
are
shown
on
pursuant to the Act of
this page as
when expended by
the
"Departmental," and
"Departmental—U. S. Maritime Commission."
redemptions (deduct).
In supplementary
Funds Included
heading of "Details of
Expenditures."
statement under
in Receipts and
footnote i.
£ This item
includes a charge of
$13,500,000 to cover adjustment
for the proceeds
Trust Fund securities In the month of March,
Inadvertently reflected as "Receipts—Unemployment Trust
Fund," In that month, instead of as a credit (reduction) against expenditures under
redemption of Unemployment
of
1938,
which
were
"Expenditures—Unemployment Trust Fund—Investments."
$13,500,000 credit referred to in note £.
the Railroad Retirement Act of 1935 amountng to
$4,599,453.84, heretofore Included in General Expenditures under the caption
h Includes
21,307,310
from reduc¬
gold dollar..
350,009
100,671,608
17,800,000
i
accounts
1,095,200
52,355,880
the caption
Accounts,
Increment
on Gold, &c.
tion In weight of
32,275
8,600,985
fund (certificates)
+ 212,385,322+1,085,333,266+1,162,085,871
Receipts—
Trust
12,251,950
17,534,150
1,784,240
and
Unemploy. trust fund (ctfs.).
Railroad retirem't acc't (notes)
+949,937,742 +2,142.083,261
—124,215,488
Gross
'Gross public
1,023,060
1,487,252,400
Sub-total....
(—) In
public debt
14,607,900
6,020
46,048
notes
on
—451,474,127
public debt at beginning
Of month or year..
12,696,500
1,478,050
720
c
—4,654,922
of
general fund balance
1,044,100
582,450
"Departmental."
Ac., excess of
expenditures
( + ) or receipts (—)
Increase (+) or decrease (—) In
671,499,650
Treasury bonds
a
bank note retlrem'ts
26,921,300
71,190,250
1,358,200
...
53,836,517
10,408,000
Treasury notes
2,154,685.288
Trust accts.. Increment on
excess
376.400
4,440,151
4,644,850
Subtotal
6,246,183,898
414,313,343
(+) or
receipts (—) (excluding public
Legs nat.
2,181,250
69,226,350
319,500
7,214,059
Fed. Res. bank notes
96,537,450
of expenditures
Total
2,915,289,000
1,006,300
60,784,850
National bank notes and Fed¬
686,941,863
gold,
receipts (—) or
expenditures ( + )._..
3,652,978,000
52,250
15,290,650
Exchanges:
Increase
1,385,400
debt retirements)
210,065,000
11,550
Excess of expenditures
Summary
Excess
6,963,374,278
Excess of receipts
(sinking
retirements..
6,633,045,623
421,340,928
bank
National
d268,355,962
Excess of receipts
of expenditures
472,326,804
Other debt items
d 337,817,652
19,402,587
receipts (—)
.
10,000
Adjusted service bonds
First Liberty bonds
Fourth Liberty bonds
Postal Savings bonds
56,128,073
fa,602,587
Les8 public debt
487,477,000
403,950,771
_
1,390,700
247,066,337
10,800,000
Excess
25,000,000
1,081,563,000
402,381,000
d6,552,283
Adjusted service ctf. fund
Govt, employees'
retirement
funds (U. 8. Share)
expenditures
35,000
84,640,000
Treasury bonds
U. S. savings bonds
d342,333
Transfers to trust accts., Ac.:
Total expenditures
500,000
257,000
15,000
25,000,000
Treasury notes
d3,780,520
Railroad retirement account..
retirements
fund, Ac.)
"*"30^000
363,000
469,000
Certificates of Indebtedness
Total public debt
Old-age reserve account
43,700"600
80,800,000
367,000
Treasury bills
50,863,210
Debt
80,000,000
"l~,100,000
..
receipts.
Fed. Dep. Ins. Corp.
d31,259
180,000,000
11,930,000
34,096,006
Subtotal
54,900,000
207,979,000
Cash:
and
Subtotal
32,000.000
457,870,000
379,800,000
39,625,000
45,000,000
10,800,000
Expenditures—Market operations:
Finance
Reconstruction
a
Insurance
Deposit
Postal Savings System
Miscellaneous:
Export-Import
«
Civil servlcere tlrement fund
States,
Loans and grants to
•
certlf.
Special series:
Adjusted
service
98,014,366
dl2,l0l,483
d24,279,526
I
Postal Savs. Sys. (notes)
38,870,344
Farm Security
1
(certificates)
Alaska RR retirem't fund n
20,681,128
3,481
2,333,513
...
1,751.364,500
1
Foreign Service retirem't f'd n
Canal Zone retirement fund n
86,267,818
6 278,521
1,614,374.471
312,864,356
housing
U. S. Housing Authority...
Federal Housing Admin...
Emergency
1,546,939,100
•
Railroad retirem't acc't(notes)
Aid to home-owners:
Home Loan system
698,308.700
1,487,252,400
• 1 1 t • l» • 1
....—^
Civil service retirement fund n
9,169,297
230,743,855
145,596,150
Works Progress Admin
204,425,400
Old-age reserve acc't (notes).
and
control
136,560,800
788,943,700
—-
.
Total public debt
1,659,814
3,539,404
Public highways
11,171,450
Unemploy. trust fund (ctfs.).
relief)
Reclamation projects b.
2,396,700
Corporation (notes)
675,276
Public works (incl. work
4,053,058,773
-:?/
Subtotal
fund
4,587.971,978
385,290,104
Subtotal
11,091,582
Federal Land banks
600,000
391,149,021
871,750
Treasury notes..
rate
Relief
462,2877,978
42
Exchanges:
7:
Int.
434,923,781
34,774,104
40,166,021
Adjusted service bonds
Federal Farm Mtge. Corp.
—reduction
1,221,413,000
(lncl.
.
8pecial series:
Adjusted service
2,903,681,000
219,035,700
293,513,250
-
savings bonds
Federal
'
Recovery and relief:
Agricultural aid:
3,104,986,000
Treasury notes
482,943,683
Civilian Conservation Corps a
350,516,000
350,983,000
Treasury bills
298,921,093
407,664,980
485,992,226
Excess of
171,433,803
Public Debt Accounts
Deposits for retirement of
334,825,397
468,813,930
б.
217,042,285*
Excess of expenditures
32,560,412
3,625,668
49,897,491
4.
1,226,105
credits
148,025,655
29.598,928
49,566,040
Public
4,654,922
833,482,471
1,195,924,582"
unclassified sales)
48,914,907
.a.
104,610,995
Treasury savings securities.
34,122,844
46,933,060
All
163,889,340
112,896,553
10,012,174
Administration a..
Army..
Navy
flood
230
650,000
70,000,000
dl0.000.000
Excess of receipts or
113,555,613
National defense: a
on
3,749,882
Total
Treasury bonds
Reclamation projects a b
а.
230
Benefit payments
and
work
harbor
Interest on the
180,000,000
Investments
26,520,822
80,476,875
General:—Departmental a..
Veterans'
379.800,000
40,850,000
...
Receipts—Market operations:
Expenditures—
Railroad
45,000,000
841,022
Withdrawals by States
Railroad retirement account:
,
.
1,687,768
1,977,173
Seigniorage
Other miscellaneous
flood
207,929,000
national
Benefit payments
.
Panama Canal tolls, &C
and
h428.370.000
117,840,000
10,800,000
of
retirement
bank notes
Investments
Other
River
39,625,000
amended)
For
Investments
123,793,650
Principal—for'n obllga'ns
Interest—for'n obligations
1.
87,498,379
Old-age reserve account:
71,246
curl ties:
All
875,000
45,672,229
Unemployment trust fund:
321,675
398,389,361
125,000
6,960,835
d hl6,500,000
2,767,176
140,783,268
receipts:
of
Proceeds
297,473
3,154,050
1,563,879,985
1,802,608.006
4,607,221
494,729,255
24,429,963
Miscellaneous
33,780
1,893
(sec. 13b, Fed. Res. Act, as
2,044,421,612
1,926,054,668
584,115
'Customs
119,664,343
Payments to Fed. Res. banks
and their
employees
dl66,598,316
d8,497,486
4,613,910
of Govt, agencies (net), Ac
Melting losses, Ac
1936-37
$
1937-38
$
19,760,074
accounts.....
Transactions In checking aoc'ts
Chargeable against increment on
gold:
,
July 1 to April 30
Month of April
1938
1937
$
$
49,348,268
57,009,511
154,386,940
165,548.479
351,407
467,951
33,348,885
77,514,895
General & Special Accounts
Internal Revenue:
Trust
—July 1 to April 30-—
1937-38
1938-37
I
»
21,522,416
253,042,667
236,568,046
—MontliZpf April
«
Gold, &c. (Concl.)
on
Expenditures—
1145,647,793
1,412,966,867
Annuity payments under
Act," have been transferred to and included in the expendi¬
Increment on Gold, Ac., under the caption "Railroad
Account—Benefit Payments" in order to carry out the provisions
contained in Public Resolution No. 50—75th Congress, approved July 1, 1937.
This transfer does not affect "Total expenditures" in general and special accounts,
"Railroad Retirement
tures under
Retirement
n
662,048,668
Notes.
Trust Accounts,
3128
Financial
PRELIMINARY
DEBT
STATEMENT
OF
Chronicle
Assets—
UNITED STATES APRIL 30, 1938
Silver
preliminary statement of the public debt of the
United States April 30, 1938, as made up on the basis of
the daily Treasury statement, is as follows:
$1,007,284,781.08
-
dollars
Sliver
The
503,876,571.00
Total
$1,511,161,352.08
Liabilities—
Silver
Bonds—
Z% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
2M % Postal Savings bonds (15th to 49th ser.)
May 14, 1938
SILVER
THE
certificates
outstanding
...
Treasury notes of 1890 outstanding ......
Sliver in general fund.
$49,800,000.00
28,894,500.00
118,065,420.00
....
Total
$1,511,161,352.08
$196,759,920.00
Treasury bonds:
',
4H% bonds of 1947-52
2Vg%
2%%
2%%
2%%
2% %
214%
2VX %
2X%
bonds of 1955-60
bonds of 1945-47
bonds of 1948-51
bonds Of 1951-54
bonds of 1956-59
bonds of 1949-53.
y
bonds of 1945.
..
bonds of 1948
A88€t9
Series B-1936
Series C-1937
Series C-1938
Unclassified sales
.•
Sliver
(as above).
1, 914,139.00
11, 938,480.00
515,508.00
..................
Federal Reserve notes.
Federal Reserve bank notes........
National bank notes.
.......
.....
.....
702,308.00
9, 217,941.65
4, 579,554.81
Silver bullion (cost value).....
.......465,,313,340.33
Silver bullion (recoinage value)
572,524.69
Unclassified—Collections, &c
,538,329.38
........
Subsidiary silver coin...
Minor coin
Deposits in—Federal Reserve banks.
1,359,,930,216.17
Special depositaries account of sales of Govt, securities
National and other bank depositaries:
To credit of Treasurer United States
1,223,496,350.00
1,626,687,6.50.00
981,827,550.00
1,786,147,050.00
540,843,550.00
450,978,400.00
728,,164,000.00
16,,068,703.70
28,,668,207.51
368,353.20
2,,617,586.48
2,,145,865.13
To credit of other Government
officers
Foreign depositaries—To credit of Treasurer United States
To credit of other Government officers...
Philippine Treasury—To credit of Treasurer United States
Total
$2,845.192,896.36
Liabilities—
$182,313,359.75
336,825,603.50
445,890,724.50
152,414,793.75
Treasurer's checks outstanding
...
$3,609,750.78
.....
Deposits of Govt, officers—Post Office Department..;.....
Board of Trustees, Postal Savings System:
5% reserve, lawful money
3,526,331.65
59,300,000.00
Other deposits
1,180,736,166.21
$328,555,850.00
7,684.582.70
Postmasters, clerks of courts, disbursing officers. Arc.........
70,119,730.65
Deposits for:
500,157,956.40
Redemption of National bank notes (5% fund, lawful money)..
828,713,806.40
Total bonds
''
.*
>'• "■■■'■
$182, 162,083.23
27, 775,755.08
United States notes....
63,291,684.71
Adjusted Service bonds of 1945
(Government Life Insurance Fund series)..
r
1
'
Gold (as above)...
20,927,252,250.00
U. 8. Savings bonds (current redemp. value):
Series A-1935
'
GENERAL FUND
$758,945,800.00
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
4% bonds of 1944-54
3H% bonds of 1946-56..
Z%% bonds of 1943-47
3%% bonds of 1940-43
3%% bonds of 1941-43
3H% bonds of 1946-49
3% bonds of 1951-55..^.
3H% bonds of 1941...
3A% bonds of 1943-45
3K% bonds of 1944-46
3% bonds of 1946-48
3H% bonds of 1949-52.
$1,482,215,925.00
1,169,672,00
27.775,755.08
335,031.62
Uncollected items, exchanges. &c
11,748,047.57
$23,133,462,142.61
Treasury Notes—
2% %
2j^%
IA %
2^ %
1% %
IA %
l%%
series B-1938, maturing June 15, 1938..
series D-1938, maturing Sept. 15,1938..
series E-1938, maturing Dec. 15, 1938..
series A-1939, maturing June 15,1939..
series B-1939. maturing Dec.
15,1939..
_
_
15.1941..
15, 1942..
15, 1942..
15,1942..
Railroad retirement
4%
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
Issued on account of silver acquired under the Silver
Purchase Act of
1934 and under the President's proclamation dated
certificates
Aug. 9,
TREASURY
MONEY
HOLDINGS
following compilation, made
up from the daily Gov¬
statements, shows the money holdings of the
Treasury at the beginning of business on the first of Feb¬
ruary, March, April, and May, 1938:
ernment
ma¬
1942.
$1,976,805,915.17.
The
646,900,000.00
series,
1934.
Note 2—The amount to the credit of disbursing officers and certain
agencies today
was
series, maturing
account
$2,845,192,896.36
and
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
15,1941..
turing June 30, 1942
4% Civil Service retirement fund, series 1938
to
2,688,869,421.39
$10,075,882,050.00
account
433,154,801.78
2,113,860,563.38
Total.
1,378,364,200.00
738,428,400.00
737,161,600.00
June 30, 1941 and 1942
3%
Seigniorage (silver) (see Note 1)
Working balance
426,554,600.00
15,1940..
15,1940..
15, 1941..
.
3% Old-Age Reserve
$141,854,056.23
526,233,000.00
941,613,750.00
series C-1939, maturing Mar. 15, 1939..
seriesD-1939, maturing Sept. 15,1939..
% series A-1940, maturing Mar. 15, 1940--
IA % series B-1940, maturing June
1A % series C-1940, maturing Dec.
\lA % series A-1941, maturing Mar.
IVh% series B-1941, maturing June
lxA % series C-1941, maturing Dec.
IH % series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
IH % series C-1942, maturing Dec.
$156,323,474.97
Balance today—Increment resulting from re¬
duction in the weight of the gold dollar..
$618,056,800.00
596,416,100.00
433,460,900.00
1,293,714,200.00
70,000,000.00
372,400,000.00
Foreign
Service
retirement
fund,
series
1938 to 1942
Holdings in U. S. Treasury
3,228,000.00
Feb.
1, 1938
Mar. 1, 1938
Apr. 1, 1938
May 1, 1938
4% Canal Zone retirement fund, series 1939
to
1942
$
3,557,000.00
Net gold coin and bullion-
4%
Alaska Railroad retirement fund series,
maturing June 30, 1941 and 1942
2% Postal Savings System series, maturing
June 30, 1940 and 1942
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1, 1939 and 1942
Net silver coin and bullion
309,000.00
1,746,560.907 1,711.653,554 1,690,901.985
512,424,052
498,619,541
485,240,920
Net United States notes..
338,201,514
493,661,620
3,645,646
468.803
15,117,262
4,424,793
585,833
2,021,683
671,666
702,308
Net Federal Reserve notes
15,796.5.50
15,105,485
Net Fed Res. bank notes._
503,006
496,763
520,683
11,938,480
515,508
Net subsidiary silver
6,805,089
7,692,174
8,604,052
9,217,942
Minor coin, &c
8,239,899
5,998,147
Net National bank notes.
52,000,000.00
85,000,000.00
11,309,276,050.00
Certificates of Indebtedness—
1,914,139
7,445,745
7,117,884
Total cash in TreasuryLess gold reserve fund
2,293,764,664 2,245,267,355 2.210.512,219
156,039,431
*863,269,395
156,039,431
Cash balance In Treas..
2,137.725.233 2,089,227,924 2,054,472,788
707,229,964
4%
Adjusted Service Certificate Fund series,
maturing Jan. 1, 1939
% Unemployment Trust Fund series, ma¬
$26,800,000.00
turing June 30, 1938...
740,665,000.00
767,465,000.00
1.753,268,000.00
Treasury bills (maturity value)
Total Interest-bearing debt
outstanding
Matured Debt on Which Interest Has CeasedOld debt matured—issued prior to
Apr. 1,1917
(excluding Postal Savings bonds)...
2K % Postal Savings bonds
3A %, 4% and 434 % First Liberty Loan bonds
of 1932-47
434 % Fourth Liberty Loan bonds of 1933-38..
3J4 % and 434 % Victory notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of indebtedness, at various interest rates.
Treasury bills
Treasury savings certificates
Treas'y bond*.
Treasury notes and cer¬
tificates of Indebtedness
775,731,000
775.514,000
168,389,919
208,509,682
To credit Treas. U. 8..
To credit disb. officers-
16,458,071
30,584,389
17,367,894
15,522,535
16,068,704
28,432,051
28,285,688
Cash in Philippine Islands
28,668,208
1,850,681
1,976,216
1,697,503
2,145,865
Deposits in foreign depts.
2,521,891
3,130,072
2,720,221
2,985,939
1,337,250.00
2,173,650.00
24,147,650.00
Net
4,993,100.00
19,191,000.00
Available cash balance
*
247,500.00
as
Includes
Federal Reserve bank notes
Old demand notes and fractional
currency
Thrift and Treasury savings
stamps, unclassi¬
fied sales, &c
included In statement "Stock of Money."
258,282,421.50
2,031,729.30
DEBT STATEMENT
Aug. 31, 1919,
Mar.
31, 1917,
Pre-War Debt
When
War Debt
IUas at its Peak
Dec.
31, 1930,
Lowest Post-War
Debt
3,252,819.74
$37,509,946,998.48
Gross debt
Net bal. In gen. fund...
Gross
figures
taken
entirely from the daily statement of the United
Treasury of April 30, 1938.
CURRENT
ASSETS
Assets-
AND
debt
less
net
bal. In geD. fund...
Gross debt per capita.
Computed
rate
per annum on
^[2 868,652,553.36
Gold certificates—Outstanding (outside of
Treasury)
Gold certificate fund—Board of Governors, Fed.
Res.
System..
.
I.ZII
Note—Reserve against $346,681,016 of United States
notes
Treasury notes of 1890 outstanding.
Treas¬
895,662,509.00
825,950,860.38
8,837,669.82
ing (percent)
A
Gross
debt
4.196
3.750
-
Year Ago
March
31, 1938,
Last Month
April 30,
1938
$34,940,629,364.65 $37,556,302,154.55 $37,509,946,998.48
3,140,343,548.62
1,701,512,813.45
2,688,869,421.39
Gross debt less net bal.
in general fund
$33,239,116,551.20 $34,415,958,605.93 $34,821,077,577.09
156,039,430.93
Gross debt per capita...
Computed
by silver dollars in Treasury.
Exchange stabilization fund
$129.66
bearing debt outstand¬
Net bal. in gen. fund...
and $1,169,672 of
TotaI
$250.18
Int.
April 30, 1937,
Liabilities-
Gold in general fund...
$12.36
2.395
of
interest-
$12 868,652,553.36
are also secured
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
_.
GOLD
Total
Redemption fund—Federal Reserve notes
Gold reserve
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216,460.05
1,118,109,534.76
306,803,319.55
LIABILITIES
Gold
of 1890
PUBLIC
(On the basis of dally Treasury statements)
TREASURY CASH AND CURRENT
LIABILITIES
The cash holdings of the Government as the
items stood
April 30, 1938, are set out in the following.
The
ury notes
2,949,580,069 2,974,677,360 3,140.343.549 2,688,869,421
COMPARATIVE
454.208,555.61
States
3,133,261,184 3,124,157.839 3,287,287,602 2,845,192,896
183,681,115
149,480,479
146,944,053
156,323,475
May 1 $465,885,865 silver bullion and $4,579,555 minor, &c„ coin
$190,641,585.07
Total gross debt
are
on
811,207,000
728,164,000
373,381,867 1,359,930,216
Treasury
Deduct current liabilities.
92,267,250.26
Deposits for retirement of National bank and
in
and in banks
672,400.00
$346,681,016.00
156,039,430.93
Less gold reserve
cash
19,670,000.00
Debt Bearing No Interest—
United States notes
account
Dep. in Fed. Res. banks..
Dep. in National banks—
$3,927,680.26
45,720.00
15,861,300.00
1927-42
156.039,431
Dep. In spec'l depositories
$36,963,471,192.61
4% and 434 % Second Liberty Loan bonds of
434 % Third Liberty Loan bonds of 1928
156,039.431
rate
of
$270.47
a$289.17
2.568
2.563
a
$288.66
int.
per annum on interest-
1, 800,000,000.00
182,162,083.23
..-$12,868,652,553.36
bearing debt outstand¬
ing
(nerce"t)
Subject to revision.
2 565
Volume
Financial
146
REDEMPTION
CALLS AND
SINKING FUND
Holders
NOTICES
Below will be found
a
Name
list of bonds, notes and
preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
stocks of
Paae
2673
3000
1389
Date
May 14
May 20
.June 1
June 1
May 14
June 1
July
1
Company and Issue—
Alton Water Co. 1st mortgage 5s,
1956
Aluminium, Ltd. 5% sinking fund debentures
Appalachian Power Co., 1st 5s, 1941
♦Beech Creek Coal & Coke Co. 1st mtge. 5s, 1944
Biltmore Hats. Ltd., 7% preference stock
Budd Realty Corp., 1st mortgage 6s, 1941
California Packing Corp., 10-year 5% bonds
3174
2358
3005
2842
2844
3007
3008
Chicago Daily News, 5% debentures, 1945
Cleve. Cin. Chicago & St. Louis Ry., 1st coll. tr. bonds __May 16
Colorado Power Co., 1st mortgage 5s, 1953
May 20
Connecticut Railway & Lighting Co., 1st & ref. 4Hs
July
1
♦Container Corp. of America 1st mtge. 6s, 1946
June 15
Consolidated Edison Co. of N. Y., Inc., 20-yr.,4Hs, 1951-June
1
Driver-Harris Co., 1st mortgage 6s, 1942
June 1
Framerican Tndust. Development Corp.. 20-yr. 7Hs 1942 -July
1
Frick-Reid Supply Corp., 15-year 6% debentures
June 1
Gemmer Manufacturing Co., 5H% debs., due 1940
May 14
Heller Brotoers Co., 1st mortgage
bonds
(Glenn L.) Martin Co., 6% notes 1939
Metropolitan Playhouses. Inc., 5% debs, 1945
Minneapolis Brewing Co. gen. mtge. 6Hs, 1939
Morris 5 & 10c. to $1 Stores, Inc., 5% debs., due 1950
Paris-Orleans RR. Co., 6% bonds
Pearl River Valley Lumber Co. ref. inc. bonds, 1945
Peoples Natural Gas Co., 5% preferred stock
♦Pittsburgh Youngstown & Ashtabula Ry. 1st gen.
June
3180
2846
3011
1875
2850
2850
3016
3018
2857
2049
3022
2378
2861
2863
2383
2865
1
May 15
June 1
Sept.
July
mtge.
1
1
3201
2383
30-8
May 31
June 1
bonds
Pittsfield Coal Gas Co. 1st mtge. 5s, 1952
Power Securities Corp., collateral trust bonds
June 1
June 1
July
1
June 13
May 19
Safeway 8tores, Inc., 10-year 4% debs., 1947
St Joseph Ry.. Light, Heat & Power Co., 1st 5s, 1946
*;St. Louis Rocky Mountain & Pacific Co. 1st mtge. 5s
Savannah Electric & Power Co., 1st 5s, 1955
2868
120
3202
3030
July
1
May 16
-June 1
May 16
May 15
--May 17
May 31
June 1
June 1
July
1
June 1
Sept. 1
July
1
(Robert) Simpson Co., Ltd., 1st mtge. 5s, 1952-Spang, Chalfant & Co., 1st mtge. 5s. 1948
Staten Island Railway. 1st 4Hs. 1943---- -----Swift & Co. 1st mtge. 3Hs, 1950
Temeseal Water Co., 1st mtge. 5s, 1960
Terre Haute Traction & Light Co., 1st mtge. 5s
Tokheim Oil Tank & Pump Co. 4H% debs., 1947
Tooke Bros., Ltd., first mortgage 7s
United Biscuit Co. of America, 5% debs, bonds, 1950
United States Rubber Co. 1st mtge. 5s, 1947
Virg nia Power Co 1st 5s, 1942
(Raphael) Weill & Co., 8% preferred stock
Wilson Line, Inc., 1st mtge. bonds, 1945
♦
3009
June 1
May 16
.June 1
May 23
May 25
7s
International Paper Co., 1st 5s
Kanawha Bridge & Terminal Co., mortgage
3129
Chronicle
2385
1890
3032
2550
2872
3034
2388
2873
2874
2226
1389
1898
2875
Announcements this week.
of Record
of Company
30c
Extra
$1
June
June
June
June
1
25c
June
25c
June
56 He
56 He
June
June
May
May
May
May
27
27
31
31
$1H
June
May 16
10c
June
25c
25c
June
June
May
May
May
May
23
31
13
13
July
July
July
June
10
June
10
June
5
July
June
5
June
■___
Crown Cork & Seal Co.
$2.25 preferred w. w
:
x w
Crown Zellerbach Corp. $5 conv.
Detroit Motorbus (liquidating)
pref. (quar.J.¬
L
Devonian Oil
Dictaphone Corp., common
Preferred (quar.)
Dixie-Vortex Co
Class A (quar.)
_ —
Electric Shareholdings, pref. (optional)—44-1000ths of a share of common or $1X
in
ca sh
75c
associated with Gruntal &
Eisemann & Co. in their 499
—Hirsch, Lilienthal & Co. announce
K. Kaufman.
Seventh Ave., New
the opening of a new uptown New
1441 Broadway under the
'
—-Willard L. Flint is now
management of Benjamin
associated with Wm, R. Stuart &
Co. of Chicago
Vice-President.
are grouped in
two separate tables.
In the
bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
we
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.
The dividends announced this week are:
-
have not yet
preferred
Per
Share
of Company
June
May 26
July
July
June
7oc
June 20
25c
June
June
17Hc
June
6c
Juhe
$1
June
June
June
1
June
June
1
May
Apr. 30
75c
June
62 He
50c
June 20
May
May
May
May
May
Apr.
May
May
May
May
May
5
5
20
26
10
13
13
20
20
15
'June
(s.-a.)
62>ii
May
May
June
June
(quar.)
25c
June
13c
June
(quar.)__
$1H
75c
July
May
June
(quar.)__
15c
June
15c
Extra
June
May 20
May 20
July
June 20
June
May 16
June
June
-
Hammermill Paper Co., 6% preferred
Hammond Instruments Co., 6% pref.
!
Co. (quar.)
Hanes (P. H.) Knitting
Class B (quar.)
7% preferred (quar.)__
_
Hanna (M. A.) Co., $5 preferred
Hazeltine Corp. (quar.)
Hecla Mining (No action May 11).
Hudson Bay Co. (ordinary shares)
Ordinary shares
Hudson Bay Mining & Smelting, Ltd
Illinois Central RR., leased lines (s.-a.)
Illinois Water Service 6% pref. (quar.)
Imperial Chemical Industries, Ltd.—
dividend for the year ended
— —
SIM
3
l._
J75c
$2
SIM
June
June
June
20
20
20
17
17
17
$1
$1H
50c
"S-2" (s.-a.)_
---
^--
preferred (quar.)
6% preferred (quar.)
Newberry (J. J.) Co. (reduced)------- —
Newmarket Mfg. Co. (Div. omitted May 6)__
New Mexico Gas, common
6% convertible preferred (s.-a.)_—.— ---- —
(action deferred May 10)
New York Stocks—
14
June
10
June 10
June 15
May 31
May 19
May 21
-
Food—
Machinery -
June
S1H
$1H
June
30c
toOc
July
July
July
June
15
Alcohol & Distillery
Automobile
Aviation
^ u
—
-
May 31
-
—
-
-
-
-—- -----
- - - -
- - - - - - *
-■ -■ - - -—- - ----- -
June
1 May 20
May
1 Apr. 15
Building
supplies
June
May 16
June
June 20
June
3c
$2
-
May
May
50c
June
May 16
May 16
May
5
May 15
$1
June
June 20
25c
June
May 25
$1H
nx
June
1 May 16
1 June 20
Business equipment...
Chemical
Electric
— - --
—
July
Mar. 31
25c
June
10 May 27
June
$1
June
10 May 27
10 May 20
50c
June
'C 75c
June
11 May 26
11 May 26
July
11 June 17
June
1 May 20
June
$1H
$1H
June
June
May 21
May 13
May 13
50c
July
June
10c
May 17 May
May 17 May
%VA
- -
— -— -
-i - - - —
Insurance stocks
- -
5c
20c
—
33c
- — -
--------
20c
____
Metals
----- - - — - —- —
— -
-re¬
32c
21c
20c
public utilities.
Railroad
----- — - - - -
—
------
5c
13c
5c
34c
Tobacco
_
-
- -
-
—
class B
Pennsylvania RR. (quar.)_ — - — ----Northern Oklahoma Gas
Oahu Sugar Co., Ltd. (reduced) monthly
—
Ogilvie Flour Mills preferred (quar.)- — —
Ohio Associated Telephone Co. 6% pref .[(quar.)
Ohio Oil. preferred (quar.)--Common omitted
May 7.
' * Jfc I
Oklahoma Gas & Electric 7% pref. (quar.).
Nineteen Hundred Corp.,
,
6% preferred (quar.)
Convertible
5c
30c
Government bonds-
Merchandising-
26c
13c
equipment
--
preferred (quar.) _
Patterson-Sargent (quar.)
Peninsular Telephone Co.
Peoples Drug Stores
(quar.)
_
—
^
- —
(quar.)
Pfaudler Co. (quar.)6% preferred
Pioneer Gold Mines of B. C. (quar.)
12!i!
35c
10c
May 25 May
May 25 May
May 25 May
May 25 May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
16
-----
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
16 May
25 May
25 May
16 May
June
llMay
June
l|May
June
SIM
SIM
June 15 May 31
June 15 May 31
10c
June
50c
June
25c
June
Oct.
25c
July
SIM
June
15|May 31
llMay 20
IMay 20
1 May 16
lj Sept. 15
l'June
15 June
8
1
SIM
May 20 May 11
May 20 May 20
tlOc
July
SI
;
25 May
25 May
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
16
10
5
20
20
SIM
SIM
SIM
40c
(quar.).
(quar.)
Preferred
25c
16
May 15
1 May 21
June
May 16 May
9
18c
Oshkosh B'Gosh, Inc., common
ix%
June
42c
North
tSlH
S1H
$1.75
May 15
lc
13c
Railroad equipment---
30c
June
June
18c
Bank stocks---
Steel
U0c
May 20
July
35c
3>4c
—
-—- — —
10
June
2 Apr, 26
June
32c
Agricultural
June
June
May
$1
87 He
New York Air Brake
July
July
July
25c
25c
25c
Nebraska Power 7%
June
30c
Barlow & Seelig
16
24
24
31
23
23
23
55c
30c
National Oats (quar.)
$1M
5% preferred (quar.). _ _ _ - _ _ _ __ - - — - Bangor Hydro-Electric 7% preferred (quar.)-6% preferred (quar.) —
—
Bank of Nova Scotia (quar,)
Barber (W. H.) Co. (quar.)
May
May
May
June
May
Apr.
Apr.
June 10 May
June
May
25c
preferred (quar.)
-—
National Life & Accident Insurance (Tenn.)
SIM
_
June
$1H
6% preferred (quar.).
National Battery,
tioi
SI H
—
June
•S1H
California—
1
15 May 25
15 May 25
June
4c
(irregular)
20
June
June
25c
National Baking Co., com.
June
$1
16
June
50c
$1H
action)
June
June
June
75c
25c
(s.-a.)
19
l'June 15
1 June 15
June' 1 May 15
May
May
May 15 May
June
1 May 17
July
2 June 15
$1M
—
5% preferred (quar.)
Minneapolis-Honeywell Regulator Co.—
4% preferred B
<
Monroe Chemical Co. $3.50 pref. (quar.)
Moran Towing, pref. (quar.)—
Mount Diablo Oil Min. & Dev. (quar.)_ ....
Murphy (G. C.) Co. (quar.)
-----Nashau Gummed & Coated Paper (reduced) —_
June
June
40c
$1H
U7Hc
1 May
June 15 June
25c
-■■;
(quar.)
May
May
May
May
May
May
May
20c
July
July
J75c
(quar.)
Lang (John A.) & Sons, Ltd. (quar.).
Langendorf United Bakeries—
6% preferred (initial quar.)_
1 May 20
17 June
1
June
_
Kobacker Stores, pref.
Mai lory Hat Co., 7% pref
MasoniteCorp. (quar.)
Preferred (quar.)
Mercantile Acceptance Corp. of
June
$2
$3
75c
Irving Oil Co.. Ltd., 6% preferred-.Kansas City Stock Yards (reduced)
•$1
—
Manufacturing A (quar.)
Bird & Son. Inc., $5 preferred (quar.)
Boston Elevated Ry. (quar.)
- —
Brach (E. J.) & Sons (quarj..-—
Brazilian Traction Light & Power Co., Ltd
Brown Fence & Wire (action post poned to June 1)
Campe Corp. (no action May 11)
Canada Vinegars, Ltd. (quar.)_
Canadian Exploration (reduced) (s.-a.)—Canadian Internat. Investment Trust, Ltd.
5% preferred
Canfield Oil 7% preferred (quar.)
—
Central Arkansas Public Service 7% pref. (qu.)_
Central Tube Co.-—-_——--— --Champion Hardware (quar.)__
Chicago Corp. preferred (reduced) —
Chicago Flexible Shaft (quar.)
— Chickasha Cotton Oil (special)
Cincinnati New Orleans & Texas Pacific Ry.—
5% preferred (quar.)
—
Clearfield & Mahoning RR. (s.-a.)
Colon Development Co., Ltd.—
6% redeemable con v. preferred
Columbia Broadcasting System—
Class A (quar.) (reduced)
-—
Class B (quar.) (reduced)Columbian Carbon Co. v. t. c. (guar.)
t«3
(quar.)
-
June
60c
preferred'A
Second preferred (s.-a.)
Investment Corp. of Philadelphia
Louisville Provision 8% pref.
1 May 18
1 May 20
June
50c
(quarterly)
8 Apr. 21
1 May 18
June
25c
A (quar.)
1
May 16 Apr. 25
May 16 Apr. 25
June 27 May 27
July
1 Junejll
June
1 May 16
5M%
Extra
5% preferred (quar.)
Keystone Custodian Fund
May ^2
Dec. 31,
1937 less British income tax
Imperial Oil Ltd. (s.-a.)
10c
— - - ——
Co. of Illinois (quar.)__Machinery (quar.)
Andian National Corp. (s.-a.)—__
1
May 18
May 16
June
1
$2
10c
American Investment
Ashland Oil & Refining (quar.)
15
50c
American Laundry
—
Holders
25c
—.——
$2.50 preferred (quar.).
$2 preferred (quar.)
Extra
When
Payable of Record
t$lH
(quar.) (reduced)
Agnew-Surpass Shoe Stores, preferred
—
Agricultural Insurance (N. Y.) (quar.)___
Alpha Portland Cement Co
—
American Box Board preferred (quar.)
American Business Shares, Inc. (quar.)
American Chicle (quar.)
—
Extra,
—- - - - — _--i -----American Dock Co. preferred (quar.)
American Factors (monthly)
American General Corp. $3 preferred (quar.)--
June
i
$1
_
Nash-Kelvinator Corp. (no
_
27
June 20
35c
Great Northern Paper (quar.)
Class A
Dividends
Acme Steel Co.
Apr.
June
$1H
$1H
Gosnold Mills Corp., 5% prior pref.
Great Atlantic & Pacific Tea Co
Preferred
Name
1
May
15c
Le Tourneau (R. G.) Inc., com
Lincoln Stores, Inc., common (quar.)
DIVIDENDS
first
June
20c
7% preferred (quar.)
International Safety Razor
York City office.
as
June
8Hc
Intertype Corp., 1st pref.
York City office at
May 18
$1H
7% partic. pref. (quar.)
International Power Secur., 6%
NOTICES
for the past five years
Co., has joined Alexander
June 16
'June
June
International Petroleum Co. (s.-a.)
CURRENT
Johnson,
June
40c
Special
—Herman
June
75c
(quar.)
General Cigar Co., Inc.,
Goodall Securities Corp
16
May 18
May 23
May 16
25c
Electrigraphic Corp. (quar.)
Equity Corp., $3 convertible pref.'(quar.)
Federal Bake Shops, Inc., 5% preferred (s.-a.) —
Federal Compress & Warehouse (quar.)
Federal Mining & Smelting, preferred (quar.)__
Federated Publications, v. t. c. (reduced)
Finance Co. of Amer., class A & B (quar.)
Gallaher Drug Co.,
June
62Hc
S1H
$1 lA
*;i
Eastman Kodak (quar.)
Preferred (quar.) -. -
Final
10
16
20
20
tSl %
$1H
Preferred (quar.)__
Corrugated Paper Box, Ltd., 7% pref. (quar.)._
Preferred
June
May
May
May
May
(Chicago) (quar.)
(quar.)
Crane Co. preferred (quar.)
Creole Petroleum Corp
Preferred A
June
15c
$2
25c
Continental Casualty Co.
Cook Paint & Varnish Co.
$2.25 preferred
June
S1.12H July
Continental Can $4.50 preferred (quar.)
2 June
1
3130
Financial
Per
Name of Company
Pittsburgh & Lake EriePlacer Development (Ltd.) semi-annual.
Prentice Hall (quar.)
Preferred (quar.)
Procter & Gamble 5% pref. (quar.).
Rich's, Inc., 6M% preferred (quar.).
Royalite Oil Co., Ltd. (semi-ann.)—,
—
—
When
Share
—
—
June
60c
70c
75c
June
SIM
June
June
June
Brown Shoe Co. common
(quar.)
Buck Hill Falls Co
25
Buckeye Pipe Line Co
15
Buffalo Ankerite Gold Mines. Ltd.
(quar.)
Sherwin & Williams (Canada) preferred
Sherwood Swan & Co.—
—
/
June
June
June
June
June 14
Bunte Bros., 5% pref.
June
U0c
10c
1 May 16
1
2 June 15
June 21 June
July
i
6% partic. pref. class A (quar.)
June 15 June
4
15 May 28
June
June 21 June
—
$6 preferred (quar.)
10
June 21 June
6% convertible preferred (quar.).
Spencer Kellogg & Sons (quar.)
—
Standard Dredging $1.60 preferred (quar.)
Standard Oil of Ohio (quar.)
Preferred (quar.)
Standard Wholesale Phosphate & Acid Works—
Special
Swan-Finch Oil 6% preferred (quar.)
Sylvanite Gold Mines, Ltd. (quar.)..
-
-
-
-
-
-
-
June
May
June 10 May
June
1 May
June 15 May
July 15 June
—
May
—
Bearer shares
Texamerica Oil
Tilo
1
30
May 20
May 18
May 21
June
June
June
(monthly)
June
May" 15"
June
—
Roofing Co. (quar.)
May 25
May 20
May 21
Timken-Detroit Axle, preferred
Title Insurance Corp. of St. Louis
Trinidad Leasehold, Ltd.—
June
Ordinary registered (interim)
9c
Underwood Elliott Fisher Co. (quar.)
May
May
May
50c
United Aircraft Corp——
United Amusement Corp. A (reduced)
50c
May
Trust Shares of America (bearer)
Registered shares
—
30c
Class B (reduced)
30c
10c
United Elastic Corp...
United States Gypsum, common (quar.)..
-
50c
May 16
May
5
June
June
June
June
11
1
May
May
May 14
May 14
June
June
3
July
July
June
15
June
15
25c
June
50c
June
sim
12Mc
7% preferred (quar.)
June
May 14
May 19
May 19
July
June
sim
Universal Insurance Co. (quar.)..
Van Raalte Co., Inc., common
1st preferred (quar.)
Ventures, Ltd. (interim)
Vogt Mfg. Corp. (no action May 5)
Weisbaum Bros.-Brower Co. (quar.).—..
Western Auto
Supply Co. (reduced)
10c
June
25c
June
sim
Wheeling Electric Co., 6% preferred (quar.)
Williams (J. B.) Co. (quar.)
June
25c
Preferred
Wilson Products, Inc. (no action. May 10)
Woolworth (F. W.) Co., Ltd., preferred (s.-a.)..
-
Amer. dep. rets, for 6% pref. (s.-a.)
Wright, Hargreaves Mines, Ltd. (quar.)
Extra
Below
20
25
20
31
25c
3%
3%
10c
5c
17
1 May 16
1 May 20
1 May k9
May 14 May
May 14 May
June
1
May
8 May
1 May
1 May
June
July
July
4
4
14
13
23
23
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the
preceding table.
Per
Name of Company
Acme Gas & Oil Co., Ltd.
Share
(resumed)
lc
May 25 May
May 14 Apr.
May 20 May
June
1 May
1 June
July
1 June
July
June
1 May
50c
June 30 June
50c
8ept. 30 Sept. 15
50c
Dec.
12Mc
Allegheny Steel Co., 7% pref. (quar.)
Allied Products Corp. class A (quar.)
43 He
Allied Stores Corp. 5% preferred
(quar.)
Aluminum, Ltd., pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
American Arch Co
American Bakeries Corp. 7% preferred (s -adAmerican Can Co. (quar.)
American Cap Corp. $5m prior
preferred (quar.)
Envelope Co., 7% pref. A (qu.)
7% preferred A (quarterly)
7% preferred A (quarterly)
...
American Home Products Corp.,
American Metal Co. Ltd
Preferred (quar.)
Dec.
Preferred (semi-ann.)
5% conv. pref. (quar.)
Bankers & Shippers Insurance (N.
Y.) (quar.)
Baton Rouge Electric Co. $6 pref.
(quar.)
Beacon Mfg. Co. 6% pref. (quar.)
Belden Mfg. Co
Bedling-Corticelli, Ltd. (quar.)
Preferred (quar.)_
May
—
Bensonhurst National Bank (quar.)—
June
1 May 21
16 Apr.
30
30
25
20
14
31
16
16
4
31
31
9
1
30
5
15
15
30 June 30
May 16 Apr. 25
1 June. 3
July
1 June
July
3
June
1 May 14
May 14
May 16 May
2
May 16 May
2
June
1 May
5
(quar.)
5% preferred (quar.)
Bigelow-Sanford Carpet, preferred (quar.)
Biltmore Hats. Ltd.. 7% preferred
June 25
May 14 Apr.
May 14 Apr.
May 20 Apr.
June 15 May
June
1 May
June 10 May
June
1 May
June
1 May
May 20 May
1 May
July
July, 1 May
May 17 May
June
1 May
May 16 Apr.
May 16 May
2 June
July
2 June
July
Best & Co., Inc
pref. (quar.)
cash.
(reduced)
5
May l0
16
June
1 May 16
June
1 May 13
June
1 May 13
May 16
Bethlehem Steel, 7% pref.
Boston Fund, Inc. (quar.)
Baton Rouge Electric Co., $6
pref. (quar.)
Bourjois, Inc.. $2M preferred (quar.)
Brewers & Distillers of Vancouver, Ltd
Extra
1
5 June 25
June
(quar.)
Borden Co. common (interim)
Boss Mfg. Co. common
1 May 31
July
July
6% preferred (quar.)
Bandini Petroleum Co.
(quar.)
Bangor & Aroostook RR. Co. (quar.)
Bridgeport Gas Light (quar.)
Bristol-Myers Co. (quar.)
15
June
Archer-Daniels-Midland
Argo Oil Co
Artloom Corp., preferred
Associated Dry Goods Corp. 6% 1st
preferred—
7% 2d preferred (quar.)
Associated National Shares series A
(bearer)
Associated Telep. & Teleg. Co. 7% 1st
pref. (qu.)
$6 1st preferred (quar.)
Atlantic Macaroni Co., Inc.
(quar.)
Atlantic Refining Co
Atlas Corp. 6% preferred
(quar.)
or
Dec.
1
July
...
com.
Sept. 15
May 20
May 16 May
9
May 16 Apr. 29
May 31 May
6
(a.-a.)
conv.
15
15
June
—
(qu.)
Opt. div. 1-32 sh. of
June
15
1 Nov. 25
1 May 14*
1 May 20
June
American Re-Insurance Co
American Smelting & Refining Co
American Steel Foundries (no action)
American Thread Co. $5 preferred
(s.-a.)_
American Tobacco Co. com. & com. B
Blauner's (quar.)
Preferred (quar.)
Blue Ridge Corp. $3
Dec.
14
June
(monthly)
American News Co
Atlas Powder Co
Baltimore Radio Show, Inc.
31
June 30
Sept. 30
Dec. 31
21
30c
25c
18c
$1m
68 *4 c
*50c
J50c
June
3714c
1
June
60c
June
30 June 16
1 May
16
62 He
SIM
hseraf-annual)
June
$1
Oct.
*37 He
June
m
$1%
*40c
Extra
May
Canada Wire & Cable preferred (quar.)
Canadian Foreign Investment
Corp. (quar.)
8% preferred (quar.)
Canadian Oil, Ltd. (quar.)_.
June
$2
x
tl2m
tsr2
8% preferred (quar.)
Carman & Co., Inc.. class A
Telephone & Telegraph (quar.)
Caterpillar Tractor (quar.)
Preferred (quar.)
Central Cold Storage Co. (quar.)
11
19
26
26
Nov. 25
May
July
May
May
May
40c
Catawissa RR. Co., 5% 1st & 2nd
pref.
2
May
5
Apr. 30
May 12
May
2
June 15
Apr. 30
Apr. 30
Apr. 30
8ept. 15
May 15
May
5
May 31
June
37)4c
(s.-a.)—
$1M
50c
$M*c
Central Illinois Public Service
6% preferred
$6 preferred
Central Vermont Public Service pref.
(quar.)
t$i
July
July
May
July
June 20
June
May 14
July
May
May
May
May
June 24
2
May
May
May
May
May
May
June
May
Aug.
10c
Quarterly
15
15
May
June
10c
Centrifugal Pipe Corp. (quar.)
Quarterly
June
June
June
t$i
$1M
7
14
14
5
20
20
Apr. 30
May
5
Aug.
5
10c
Champion Paper & Fibre Co. 6% pref (quar.)
Chartered Investors, Inc., $5 preferred
(quar.)
Chester Water Service Co.
$5M pref.
(quar.)
—
—
—
Chicago District Electric Generating Corp.—
$6 preferred (quar.)
Nov.
June
20c
Chain Belt Co
Nov.
SIM
Century Ribbon Mills pref. (quar.)
May 18
May
2
$1M
May
July
SIM
$1M
May
$1M
25c
Chicago Yellow Cab (quar.)
Chile Copper Co
50c
Chrysler Corp
50c
Cincinnati Union Terminal 5% pref.
(qu.)
5% preferred (quar.).
5% preferred (quar.).
City of New Castle Water, 6% preferred (quar.)
Clark Equipment preferred (quar.)
Clear Springs Water Service Co. $6
pref. (quar.)_
Cleveland & Pittsb. RR. Co., reg.
guar, (quar.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
SIM
SIM
S1 M
11%
SIM
8714c
50c
8714c
50c
"HS
5
June
15
May
May
June
5
June
1 May
1 May
May 27 May
June 14 May
July
1 June
June
Oct.
1
14
20
10
16
20
June
1 Sept. 19
1 Dec. 19
1 May 20
June
31
Jan.
15 May
May 16 May
1 May
June
1 May
Sept.
1 Aug.
Sept. 1 Aug.
June
Dec.
5
10
10
10
10
I Nov. 10
Dec.
Nov. 10
June
11
$1M
$3.88
$3
SIM
July
July
July
July
July
June
11
June
11
June
11
6
25c
Coca-Cola Co
June
50c
Class A (s.-a.)
common
'
6% pref.
Collins & Aikman Corp
5% conv. pref. (quar.)
Colonial Ice Co. common
'
im
'
m,
'
(quar.)
Common
Corp., 5% pref
6% pref. A (quar J
Columbia Pictures Corp. $2M conv. pref.
(qu.)_
Commonwealth International Corp. (quar.)
Commonwealth Util. Corp. 6M% Pref. C (qu.),
Communlty Public Service
Compania Swift Internacional
Compressed Industrial Gases (no action)
Concord Gas Co., 7% preferted
50c
50c
June
•sim
$1M
SIM
SIM
68Mc
4c
SIM
30
Dec. 31 Dec.
...
25
1 May 14
16
June
June
1 May
1 May
June
June
15 May
May 14 Apr.
June
May
May
Apr.
May
Apr.
—
...
16
13
15
16
23
30
June
June
May
May
July
...
Apr. 30
Apr. 30
May 10
Apr. 30
May
May
May
May
May
Crum & Forster Insurances Shares A and B
Preferred
1
June 30
June
—
(quar.)
(Quarterly)
Cuban Tobacco, 5% pref
Cuneo Press, Inc., 6
J4% pref. (quar.)
Curtis Publishing Co. preferred
Cushman's Sons 7% preferred
Dayton Power & Light 4M % pref. (quar.)
Deere & Co. preferred
(quar.)
Dentist's Supply Co. or N. Y.
(quar.)
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
,May 15
June 30 June 25
Sept. 30 Sept. 25
Quarterly
Quarterly
Connecticut Light & Power pref. (quar.)
Connecticut River Power Co., 6% pref.
(quar.)..
Consolidated Cigar Corp.,
preferred (quar.)
Consolidated Edison Co. or New York, Inc
Consolidated Oil Corp. (quar.)
$5 pref. (quar.)
Continental Can Co., Inc.. com. (quar.)
Cooksville Co., Ltd., 5%
pref. (quar.)
Copperweld Steel Co. (quar.)
Corporate Investors, Ltd
Cosmos Imperial Mills Ltd.
(quar.)
5% preferred (quar.)
Creameries of America, Inc.. preferred (quar.)
Cresson Consol. Gold
Mining & Milling (quar.)_
Crown Cork & Seal Co., Ltd.
(quar.)
Crown Drug Co.
7% conv. pref. (quar.)
—
1
May 16 Apr
Confederation Life Assoc. (Toronto) (quar.)
„
June
May 19
June
May 19
May 27 May 16
July
1 June 20
July
1 June 20
July
1 June 20
May 15 Apr. 20
May 15 Apr. 20
May 16 May
2
May 14 Apr. 14
June
1 May 14
May 16 Apr
25
$1
$7 cum. preferred (quar.)
Cumulative preferred, series B (quar.)_
Columbia Gas & Electric
Apr.
30
May 10
May 18
May 18
June
June
June 20
June 17
June
June
1
July
May
May
May
May
May
Aug.
31
16
20
14
19
June
June
June
June
—
Sept.
22
Dec.
Nov. 19
July
July
1
Oct.
Oct.
Dec
23
Dec.
1
Denver Union
Stockyards Co. 5M% Pref. (qu.).
Derby Oil & Refining preferred
Detroit Gasket & Mfg.
June
Detroit Hihsdale & Southwestern (s.-a.)
May 20
May 20
May 14
July
June
20
Jan.
Dec.
20
10
10
6% pref.
ww
June
June
(quar.)
Semi-annually.
Diamond Match Company—
Quarterly
Quarterly
Quarterly
June
Sept.
1 May
1 Aug.
Dec.
1 Nov. 10
June
1 May 10
1 May 10
Stock
div. of 1-10th a sh. of Pan American
Match Corp. for each sh. Diamond Match
held
Partic. preferred
Partic. preferred
Partic. preferred
Diem & Wing Paper Co.
5% preferred (quar.)
Divco-Twin Truck (no action)
50c
Pepper Co. iquar.)
Quarterly
Quarterly
Dome Mines, Ltd., old stock
New stock
Dominion Bridge Co., Ltd. (quar.)
Dow Chemical Co., common
Preferred (quar.)..
Eastern Utilities Assoc.
(quar.)
El Dorado Oil Works
(quar.)
June
75c
Sept.
75c
—
Dr.
May 16
May 16 Apr. 30
May 20 Apr. 30
June
1 May
1
May 16 May
2
May 20 Apr. 30
May 20 Apr. 30
50c
10c
Packing Corp. (quar.)
(quar.).
Colgate-Palmoiive-Peeit,
Sept.
1
27
Dec.
Canada & Dominion Sugar (quar.)
14
30
10
14
13
June
1 May 20
1 June 15
July
May 16 Apr. 25*
June
1 May 14
June
1 May 26
Sept. 1 Aug. 25
American
common
Holders
$im
$im
Acme Wire Co vtc com
Akron Brass Mfg. (resumed)
Amoskeag Co.,
When
Payable of Record
May
13
21
30
May
Preferred
Coca-Cola International
June
June
11%
OlctSS A (s*
•
50c
California Water Service Co. 6% pref.
(quar.)..
we
June
May
$1M
(quar.)
May
May
May
May
May
May
May
May
May
Aug.
May
50c
Byron Jackson Co
Calamba Sugar Estates (quar.).
Carolina
June
25c
5% pref. (quar.)
5% pref. (quar.)
Cambria Iron Co.
May
June
12 Mc
Burlington Mills Corp
Burroughs Adding Machine Co
Butler Bros., 5% conv. pref.
(quar.)
10
Southeastern Greyhound Lines, Inc.—
-
$2
25c
Bulolo Gold Dredging Co.
(interim)
California
Holders
of Record
SIM
Bullocks, Inc
June
May 20
May 20
t$1.75
Simmons Saw & Steel (irregular)
Sloss-Sheffield Steel & Iro', com. (irregular)
-
Brooklyn Edison Co. (quar.)—
Brooklyn Teleg <fc Messenger Co. (quar.)_
75c
Investment Co., Ltd., partic. pref. (quar.)
Shattuck (Frank G.) quarterly)..
-
Per
20
19
20
20
50c
25c
Extra
1938
14,
Share
Name of Company
May
May
May
May
May
1.62 m
San Francisco Remedial Loan Assn. (quar.)
Second Canadian International
-
May
Holders
Payable of Record
50c
—.
Chronicle
1 Aug. 10
3-1-39
2-10-39
$1M
May 15 Apr. 30
25c
25c
Dec.
$1
———
June
25c
50c
July
July
May
May
May
May
40c
June
50c
.
*30c
75c
—
$1M
Sept.
1
May 18
1 Aug. 18
1 Nov. 18
20
20
14
16
16
16
June 30
Juno 30
Apr. 30
May
May
May
2
2
6
1 May 20
Volume
Name of
Payable of Reund
..
$15*
$19*
June
$1 %
7% preferred (quar.)
6% preferred (quar.)
Kirkland Lake Gold Mining Co.
1 May 20
1 May 20
June
June
$1
Oct.
May 10
May 10
May 1 2
May 16
Sept. 20
Sept. 20
July
June
June
May 21
July
2
July
2
$1$3
40c
nlizabeih & Trenton RK. Co. (semi-ann.)
5% preferred (semi-ann).
pref. (quar.)
25c
2d preferred (s.-a.)
Empire & Bay State Teleg. Co. 4% gtd. (qu.)_.
Empire Capital Corp., class A (quar.)
Extra
.
Empire Casualty (Dallas) (quar.)
Quarterly
_
Employers Reinsurance Corp. (quar.)
Emporium Capwell Co. 4)*% pref. A (quar.) —
4H% preferred A (quar.)
49* % preferred A (quar.).
Emsco Derrick & Equipment
Equity Puna, Inc. (quar.)
Equity Shares, Inc
Ewa Plantation Co. (reduced) (quar.)
Faber, Coe & Gregg. Inc. (quar.)
Fairbanks-Morse & Co., 6% conv. pref. (quar.)
Fajardo Sugar Co. of Porto Rico
Additional div. of 50c. per sh. representing a
distribution our of proportionate interest in
div. of the Fajardo Sugar Growers' Assoc.
Fansteel Metallurgical Corp.. $5 pref. (quar.)—
Farmers & Traders Life Insurance (Syracuse) —
Quarterly
Federal Light & Traction Co. preferred (quar.).
Fire Assoc. of Philadelphia (s.-a.)
Firemen's Insurance Co. (Newark, N. J.) (s.-a.)
Firestone Tire & Rubber 6 % pref. A (quar.)
First National Bank of Jersey City (quar.).. —
First National Bank (Toms River, N.J.) (qu.)_.
Firsi Security Corp. of Ogden. cl. A & B (s.-a.)_
Fishman (M. H.) (quar.)
Florida Power Corp., 7% pref. A (quar.)
7% preferred (quar.)
Ford Motor of Canada. 59*% pref. (semi-ann.)
Class A & B (quar.)
Ford Motor Co., Ltd. (England)—
American dep. rets ord. reg. (final)
Less tax and deduction for dep. expenses.
Franklin Rayon Corp.,$29* prior pref. (quar.) —
$29* prior preferred (quar.)
Freeport Sulphur Co. (quar.)
Fuller Brush 7% pref. (quar.).
7% preferred (quar.)
_
$3 9*
$3
$1
10c
General Foods Corp. (quar.)
General Gas & Electric Corp.
June
July
July
30
Aug.
Nov.
40c
May
July
June
Apr.
30
Sept. 17
Dec.
20c
May
May
May
May
24
50c
June
SIM
June
50c
June
May 11
May
7
May
5
May
5
May 15
May 12
May 16
$19*
June
June
$2 9*
July
June
Oct.
Sept
May
5c
10c
Preferred
SIM
1%
87Mc
June
10
16*
Apr. 22
Apr. 20
May 15
June
June
23
July
June
22
50c
June
June
10
June
May
May
May
$29*
M
15c
15c
June
May
May
SIM
June
$29*
*25c
Sept.
5%
May 24 Apr.
62Mc
62 Mc
Aug.
50c
June
$15*
$15*
50c
Nov.
July
25c
25c
Gibson Art Co. (quar.)
Globe Democrat Publishing Co.
$15*
SIM
$15*
50c
7% pref. (qu.)
$15*
Goodyear Tire & Rubber Co. $5 conv. pref. (qu.)
Common (no action)
Gossard (H. W.) Co
Grand Union Co. S3 conv. preferred (quar.)
Graton & Knight Co. 7% pref. (quar.) — -—
$1.80 prior preferred (s.-a.)—
Great Lakes Dredge & Dock Co
Great Southern Life Insurance Co. (quar.)
$15*
June
Quarterly
—
Guggenheim & Co. 7% preferred (quar.)
Gulf States Utilities $5& preferred (quar.) —
$6 preferred (quar.)
Gurd (Chas. & Co. preferred (quar.)
Hackensack Water Co. (s.-a.)
Hamilton Watch Co. 6% pref. (quar.)
Hancock Oil of Calif., class A & B (quar.) —
.—-
Preferred
(quar.)
Hart-Carter Co., conv. pref. (quar.)..
Havana Electric & Utilities Co
6% cum. pref..
,
Hawaiian Pineapple (year-end)
Hayes Steel Products, Ltd., 6% non-cum.
Hazel-Atlas Glass Co.
(quarterly)
Hibbard. Spencer, Bartlett & Co.
(monthly)
Monthly
;
Hires (Chas. E.) Co. class A common (quar.) —
Hobart Mfg. Co. class A (quar.)
Hollinger Consol. Gold Mines, Ltd. (monthly)
Holt (Henry) & Co. par tic. A
Homestake Mining Co. (monthly)
Hormel (Geo. A.)
Preferred A (quar.)
Horn (A. C.) Co. 1st prior
2d partic. pref. (quar.)
pref. (quar.)
Y.) 5% pref. (quar.)
Huntington Water Corp., 7% pref. (quar.)
6% preferred (quar.)
Idaho Maryland Mines (monthly)
Imperial Life Assurance Co. (Canada) (quar.)..
Horn & Hardart (N.
Quarterly
Quarterly
Indiana Pipe Line Co
15 June
4
1 May 10
May 14 Apr. 29
.
June
(quar.)
June
Sept.
Sept.
Ludlum Steel Co.
1 June
$15*
$15*
SIM
$15*
1 June
1
1
May
1 May
10 Oct.
15
Metal Textile Corp., partic. pref.
Messenger Corp. (interim)
Mid-Continent Petroleum
25c
June
1 May
20c
June .1
June
June
$1
15c
May
May
May
May
May
SIM
75c
1
15*
1 May
1 May
May
1 May
20 July
1 May
2
14 May
3
16 Apr. 25
16 Apr. 25
27 May 17
16 May
15c
June 24 June
14
50c
June
1
37Mc
June
1
May
May
May
May
May
Apr.
14
14
6
12
20
30
30
16
16
12
20
20
10
:5c
May 20
10c
Junp
37 Mc
37 Mc
SIM
85*c
1
May 25
May 16
May 16 Apr.
June
1
May
45c
June
1
$15*
$15*
June
1
June
1
June
1
May
May
May
May
May
May 22
2 June 30
Juiy
Oct.
Jan.
May
June
1
Sept.30
3 Dec.
14 Apr
1
31
22
9
13
Mfg. vtc conv. (quar.)
quarterly
vtc com. quarterly
Ironwood & Bessemer Ry. & Lighting Co.—
7% preferred (quar.)
Jantzen Knitting Mills, preferred (quar.)
Jewel Tea Co., Inc.. common (quar.)...
Keith-Albee-Orpheum 7% conv. pref
Kemper-Thomas. 7% special pref. (quar.)
7% special preferred (quar.)
7% special preferred (quar.) —
Kendall Co.. cumui & partic. pref. so*. A (qu.)
Participating preferred A
Participating dividend
—
June
1
Sept.
1
Dec.
1 Nov. 10
June
1 May
5
31
May
9
May 10
May 10
Aug. 10
June 30 May
May 16
May 16
16
May 25
June 20 June
6
1 June 15
July
June
1 May 21
1 Aug
22
Sept
June
1
Matson
Mead Corp
,
B
(quar.)
Nov.
Society (quar.).
(quar.)
(semi-ann.)..
^National Container Corp
National Lead Co., preferred A (quar.)
National Paper & Type. 5% pref. (semi-ann.)..
National Power & Light, common (quar.)
Neiman-Marcus Co., 7% pref. (quar.)
Newberry (J. J.) Co. 5% pref. A (quar.)..
New Jersey Zinc Co. (quar.)
New York & Queens Elec. Light & Power (quar.)
Preferred
(quar.)
10*
lO
North American Edison
10*
North River Insurance
81l£
$3
50c
50c
$15*
t25c
$2 5*
$2
75c
$15*
$15*
$15*
$1
pref. (quar.)
Common quarterly
Co. preferred (quar.)..
10
17
15
14
14
1
May 16lApr. 30
6
May 16 May
May
6
May
June
May 20
Apr. 30
May
June
May
2
June 30
July
May 14*
4
May 20 May
June
May 16 May
May 16 May
2
5
10
June
May
May
May
Apr. 30
May
2
July
1
July
Oct.
Oct.
1
Jan.
Jan.
2
lune
May 27
Aug. 27
Sept.
Dec
50c
May
30c
June
$2
$15*
$15*
$15*
$15*
June
20c
June
Nov. 26
Apr. 28
May 14*
June
1
June
May
14
June
June
16
Sept.
July
Sept. 15
Dec. 15
June
6
June 17
May
May 13
Dec
$15*
$15*
125*c
$15*
$15*
May
Mar. 30
June
May 10
May 27
July 30
June
Aug.
May
2
May 20
May 16
May 20
15c
June
$19*
$15*
June
50c
June
$2
June
June
June
May 20
May 10
Aug.
1
June
50c
(quar.)
Norfolk & Western Ry. adjust
1
15c
May
Aug.
50c
$1
Nov
Nov
May
Apr.
May
May
May
5(
1900 Corp., Class A (quar.)
Class A (quar.)
Class A
May 15 May
2 May
1 Aug.
Sept.
June
1 May
June
1 May
May 15 May
40c
National Biscuit Co
Preferred
379*c
$15*
$1
$1
Co
Mountain Producers Corp. (s.-a.)
Mullins Mfg. preferred (no action).
Muncie Water Works 8% preferred (quar.)
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer. 6% pref. (qu.)—
6% preferred (quar.)
6% preferred (quar.)
Mutual Telep. Co. (Hawaii) (quar.)
Morse Twist Drill & Machine
National Casket Co.. Inc.
15 Nov.
May 16 May
1 May 10
2
May 16 May
2
May 16 May
1 June 30
July
June
25c
pf. (semi-ann.)
juarterly..
1 May
May
May 15,May
Aug. 15 Aug.
26c
—
June
1 May
(quar.)..
& B (qu.)
Minneapolis-Honeywell Regulator Co
Monmouth Consol. Water $7 preferred (quar.).
Monolith Portland Cement, 8% preferred.
Monsanto Chemical Co. $4 5* class A pref. (s.-a.)
Montreal Light, Heat & Power (quar.)
Moody's Investor's Service part. pref. (quar.).
Moore (W. R.) Dry Goods (quar.)
1 Nov. 21
June
10
l'June 30
1 May
6
May 20 May
l.May
June
—.
iuarterly..
2
15 June
1
15 May 31
June
Participating pref. (part.)
Morris Plan Insurance
14
l'May
July
(s.-a.)
Merchants & Mfrs. Securities Co. cl. A
Midland Grocery Co. 6%
Midwest Oil Co. (s.-a.)
29
June
A (quar.)
(quar.)..
15
15 May
June
....
$6 preferred
$5.50 pref.
June
30 Nov
June
Casualty Insurance (quar.)
Meadville Telep. Co. (quar.)
...
Mercantile Stores Co., Inc.. 7% pref.
21
May
4
Apr. 30
Apr. 30
May
5
June
Navigation Co. (quar.)
_
1 Dec
14
16
16
16
1
Nov
May Dept. Stores (quar.)
Quarterly.
3 7
June
Extra
Massachusetts Plate Glass, Inc.
1
1
1 May
May 31 May 30
Aug. 31 Aug. 30
Manhattan Shirt Co
Manufacturers
Dec
ljune
May
May
May
May
July
$7, 1st pref. (qu.)..
$6, 1st preferred (quar.)
Lynch Corp
Lynchburg & Abingdon Telegraph Co. (s.-a.)..
McClatchv Newspapers. 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
McColl-Frontenac Oil Co. (quar.)
McGraw Hill Publishing (no action).
Mclntyre Porcupine Mines Ltd. (quar.)
McKenzie Red Lake Gold Mines Ltd. (quar.)...
McKesson & Robbins, $3 pref. (quar.)
McKinley Mines Securities
i
Mabbett (G.) & Sons 7% 1st & 2d pref. (quar.).
Macy (R. H.) & Co
Madison Square Garden Corp
Magnin (I.) & Co.. 6% pref. (quar.)..
....
Preferred (quarterly)
Preferred (quarterly)
Managed Investments, Inc. (quar.)
June 30 June
1 June
July
15 May
May 16 May
June
60c
.
31
15 Aug.
15 Aug.
May 16 Apr. 22
July
1 June 21
Oct.
1 Sept. 21
Jan.
May 16 May
May 23 May
May 15 Apr.
June 15 May
June
June
t75c
June
(no action)
4
29
31
31
2
17
20
16
16
6
6
14
2
13
75c
50c
1 June 17
1 May 17
June
Luzerne County Gas & Elec.
15 Apr.
July
1 Nov. 21
July
Reduced
20
SIM
■SIM
1 Aug. 20
1 Aug. 20
1 Nov. 21
Dec.
65*% preferred (quarterly).
6 5*% preferred (quarterly).
20
May 14 May
25c
1 May 20
1 May 20
Dec.
(quar.)
Lumbermen's Insurance (Phila.) (s.-a.).
Lunkenheimer Co .65*% preferred (quarterly).
15 May
80c
90c
1 Sept. 21
3 Dec. 24
1 May 10
Aug
1 May
Jan.
June
Aug
May 20
June 15 May 16
June
10 Nov. 25
1 June 21
Oct.
5% preferred (semi-ann )..
Ludlow Manufacturing Associates—
June
vtc com.
Dec.
July
Louisville Henderson & St. Louis RR.
16
May 14 Apr. 30
June 13 May 12
1 July
11
Aug.
May 23 May 16
June
10 Nov. 25
Dec.
10 May 25
Sept. 10 Aug. 25
June
Louisville Gas & Electric class A & B (quar.)
May 31
May 16 Apr. 25
June
15
1 June
10 May 25
Sept. 10 Aug. 25
23
June
Iron Fireman
26
June
Extra
1
International Harvester Co. preferred (quar.)..
International Nickel Co. of Canada, Ltd.
International Rys. Central America, 5% pref..
Iowa Union Electric Co., 6% pref. (quar.)
Inland Steel Co
July
1 Oct.
June 25 May
May
1 May
Ingersoll-Rand Co
1
Nov,
May 15 Apr. 30
7
May 25 May
June
1 May 14
Loose Wiles Biscuit, pref. (quar.)..
Lord & Taylor 1st preferred (quar.).
Oct.
$15*
25c
Hercules Powder, pref. (quar )
Hers hey Chocolate Corp
(quar.)..
Aug.
2
17
17
26
12
25
35c
25c
$15*
Heileman (G.) Brewing
1 May
25
16
10
30
May
May 15 Apr. 30
3
May 14 May
1
Juiy 11 July
25c
$1
pref..
(quar.)
1 May
1 May
June
June
1 May
1 June
25c
Class A & B extra.,
Harbison-Walker Refractories Co
June
Extra
June 30
July
July
14
3
1 May 20
June 15 May 31
Extra
May 14 May 10
June 15 May 31
June 15 May 31
5
May 16 May
5
May 16 May
June
10 June
June
1 July
1 Oct.
35c
Great Western Electro Chemical Co
June
June
Inc
$6.50 pref. (quar.)
Longhorn Portland Cement Co.—
5% refunding participating pref.
Sept. 22
May 25 May 14
Oct
1 June
July
Extra.
Loew's
29
15 Dec*
May 31 May 20
1 May 14
June
guaranteed (quar.)—
5% refunding participating pref.
$15*
pref. (quar.).
pref. (quar.)..
Dec.
5% refunding participating pref. (quar.)..
June
15 June
Sept. 15 Sept.
....
14
16
16
Aug
20
May 28
June
87 Mc
10c
$5 preferred (quar.)
June
July
(quar.)
5
Nov. 15 Nov.
Special guaranteed (quarterly)
Special quaranteed (quarterly).
Original capital.....
Original capital
Original capital
Lock Joint Pipe Co. 8% pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)
Loblaw Groceterias class A and B.
(Del.)—
General Outdoor Advertising 6%
General Public Utilities, Inc., $5
May 15 May
Aug. 15 Aug.
Link Belt Co..
25c
General Metals Corp. (quar.)
General Motors Corp
June
....
Little Miami RR„ special
20
1 May 14
1 May 16
1 May 16
June
...
15
10
1 July
June
...
.....
1 May 10
1 June 17
July
Aug.
—
18
Oct.
Jan.
15c
Sept. 30
Dec. 31
June
...
25c
56 9*c
569*c
569*c
June 30
(quar.^
May 21
May 16
May 16
June
May
May
68 5* c
30c
37 Mc
S5 prior preferred (quar.)
Conv. pref.
May
5c
SIM
129*c
pref. (quar.)
Garner Royalties Co., Ltd., class A
Gaylord Container Corp. (quar.)
Preferred (quar.)
General Acceptance, 6% preferred (quar.)
SI 9* preferred (quarterly)
General Crude Oil Co. (initial)
—
conv.
June
25c
25c
Gamewell Co. common
$6
Oct.
SIM
SIM
$69* preferred (quar.)
$6 preferred (quar.)
Electrol, Inc., 6% cumulative preferred
Electrolux Corp. (irregular)
June
(s.-a.)
Kresge (S. S.) Co
Ji
Kroehler Mfg. Co. 6% class A pref. (quar.)
6% class A preferred
6% class A preferred (quar.
Kroger Grocery & Baking Co.
6% preferred (quar.)
7% preferred (quar.)
Lake-of-the-Woods Milling preferred (quar.)
Lake Superior District Power 7% pref. (quar.)..
6% preferred (quar.)
Landis Machine (quar.)
;
Quarterly
Quarterly
7% preferred (quar.)..
...
7% preferred (quar.)
7% preferred (quar.)..
Lanston Monotype Machine
Laura Secord Candy Shops (quar.)
Lehigh Portland Cement Co., 4% pref. (quar.).
Lessings, Inc
...
Lexington Water Co. 7% preferred (quar.).
Libbey-Owens-Ford Glass
Life Savers Corp
Liggett & Myers Tobacco (quar.)
Class B (quar.)
Lincoln National Life Insurance (Ft. Wayne)
Quarterly.
Lindsay (C. W.) & Co., Ltd., 65*% preferredLindsay Light & Chemical.
Eastern Shore Public Service Co.—
Payablelof Record
2
May 20 May
1 Apr. 30
June 13 June
1
Kentucky Utilities 7% jr. preferred
East St. Louis & Interurban Water—
El Paso Electric Co. (Texas) $6
Ely & Walker Dry Goods Co
1st preferred (s.-a.)
Share
Company
Holders
When
Per
Holders
When
Per
Share
Name of Company
3131
Chronicle
Financial
146
$25*
$15*
June
25c
June
June
3
1
30
31
16
27
3132
Financial
Per
Name of
Northeastern Water & Electric pref.
Northern Pipe Line Co
Northwestern Yeast
(quar.)
June
Liquidating
Liquidating
Dec.
15
1 May
June
Monthly
Occidental Insurance Co.
Quebec Ry. Co.
(sa.)
15
June
Okonite Co. 6% preferred (quar.)
5
9
14
14
14
15
1 May
June
—*
12
June 30 June
6% preferred (monthly)
7% preferred (monthly)
Ohio River Sand 7% preferred
Ohio Water Service A—
15 June
1 May
1 May
19
2
2
5% debenture stock (s.-a.)
Otis Steel Co.. $5)4 conv. 1st preferred
June
Owens-Illinois Glass Co
May
May
May
May
May
June
Pacific Fire Insurance Co. (quar.)
Pacific Gas & Electric 6% pref. (quar.).
534% preferred (quar.)
15
15
14
16
16
Pacific Lighting Corp. (quar.)
Parker Pen Co
June
1
Parker Rust-Proof Co
June
1
)
16
June
10
1 May
16
Nov
15 Nov.
June
5
June
Pharis Tire & Rubber Co.
—
—
•--
...
_
1 May 20
1 May 20
June
Phelps Dodge Corp.
Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. Co
Phillips Petroleum Co. (quar.)
Phoenix Hosiery Co., 7% preferred
Pillsbury Flour Mills Co. (quar.)
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
6% preferred (s.-a.)
Pittsburgh Coke & Iron Co., $5 pref
Pitts Ft. W. & Chicago Ry. 7% pref. (quar.)..
preferred (quar.)
preferred (quar.)
preferred (quar.)
preferred (quar.)..
preferred (quar.)
7% preferred (quar.)
Pittsburgh Suburban Water Service Co.—
$5 A preferred (quar.)
SIX
Pittsburgh Youngstown& Ashtabula Ry.—
7% preferred (.quarterly)
SIX
7% preferred (quarterly)
$154
7% preferred (quarterly)
$154
Pollock Paper & Box Co. 7% preferred (quar.)..
$154
7% preferred (quar.).
$154
7% preferred (quar.)
'.)
$154
Portland & Ogdensburg RR. (quar.)
50c
Potomac Electric Power Co. 6% pref. (quar.)
SIX
5)4 % preferred (quarterly)
$154
Procter & Gamble Co. (quar.)
50c
Prosperity Co., Inc., pref. (quar.)
$154
Public Electric Light Co. 6% pref. (quar.)
SIX
Public Service Co. of Colorado, 7 % pref. (mo.)
58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
1 May
1 May 20
May 16 May
5
July
1 June 15
May 15 May
5
Aug. 15 Aug.
5
7% A preferred
7 % A preferred
7% A preferred
Pennsylvania Power Co., $6.60 pref. (mo.).„.
$6 preferred (quar.)
Pennsylvania State Water $7 preferred (quar.)__
Peoples Natural Gas Co. 5% preferred (quar.)-_
Petroleum Corp. of America (irregular)
1 May 20
July
1 June
May 28 May
May 20 May
June lOlMay
June
1 May
May 30 Apr.
June
1
June
1 May
1 May
June
May
Oct.
12
5
24
12
20
6
18
14
2
15
14
20*
—
Tobacco Securities Trust Co., Ltd
Less British income tax.
May 20
Aug. 20
Nov. 21
June
June
„
15
Sept. 15 Sept. 15
Dec.
15 Dec.
15
May 31|May 20
June
lMay 16
June
liMay 16
May 14'Apr. 25*
1
July 15 July
June
June
June
June
June
June
June
llMay 19
1 May 14
llMay 14
1 May 14
15 May 16
15 May 16
15 May 16
May 16
June
15c
June
Apr. 29
15 May
1 May
May 3LMay
16
16
2
Quaker State Oil Refining (no action).
Common B
50c
40c
30c
6854c
30c
60c
60c
Riverside Silk Mills Co., class A (quar.)
Rochester Button Co. preferred (quar.)
Rochester Gas & Electric 5% pref. E (quar.)
50c
3754c
$154
$154
6% preferred C & D (quar.)
Roeser & Pendleton
Inc. (quar.)
Rolland Paper Co., Ltd. (quar.)
6% preferred (quar.)
Rustless Iron & Steel $2.50 conv. pref. (quar.).
Saco-Lowell Shops conv. pref. A & B (quar.)...
Safety Car Heating & Lighting Co
St. Joseph Lead Co
St. Louis Bridge Co., 1st pref. (s.-a.)
3% 2nd preferred (semi-ann.).
San Carlos Mill, Ltd
Savannah Electric & Power 8% debentures A
7)4 % debentures B (quar.)
7% debentures C (quar.)
6)4% debentures D (quar.)
Scott Paper Co., common (quar.).
Scotten Dillon Co
Seaboard Oil Co. (Del.) (quar.)
Seaboard Surety Co
May 16 Apr.
June
9 May
June
1 May
May 25 May
May 15 May
May 20 May
May
Apr.
May
Apr.
June
July
June
June
American deposit receipts
Servel. Inc pref. (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Common
Shawinigan Water & Power (quar )
Shenango Valley Water Co. 6% pref. (quar )
Sherwin-Williams Co
5% preferred series AAA (quar.)
Simon (W.) Brewing (quar.)
Extra
Singer Manufacturing Co., Ltd., ord. registered
Smith (S. Morgan) Co. (quar.)
Quarterly
Solvay American Corp. 5)4% pref. (quar.)
Sound view Pulp Co. (no action)
Preferred (quarterly)
South Bend Lathe Works (quar.)
Southern California Edison Co., Ltd. (quar.)..
6% preferred, series B (quar.)
Southern Canada Pwr Co., Ltd.—common (qu.)
Sovereign Investors, Inc
Spear & Co., 1st and 2d preferred (quar.)
Spiegel Inc. $4.50 conv. pref. (quar.)
Stamford Water Co. (quar.)
25
25
14
10
July
June
May
$154
6254c
June
2oc
May
$1
25c
June
May
6
May 16
May 14
May
6
May 14
June
June
10
June
15
June
15
May
2
June 20
$154
$154
$154
July
July
May
July
July
July
July
40c
June
June
$3
$154
20c
$2
June
May
June
May
75c
June
25c
July
July
May
3754c
June 20
June 20
June 20
1
May
6
1
Apr. 30
May 10
June
June
10
June
10
tix%
June
May 14
May 13
$154
July
June
ill
Oct.
Sept. 15
Jan.
Dec
llX%
United Engineering & Foundry Co. (quar.)
Preferred (quar.)
United Gas Corp., $7 non-vot. 1st pref. (quar.)
Gas Improvement Co
United
Series B
1 May
June
4 May
16
17
Dec.
15 Dec.
June
June
15 May 20
1 May 16
June
SIX
SIX
25c
United States Steel Corp., 7% pref. (quar.)
United States Sugar Corp.. pref. (quar.)
United Wall Paper Factories, Inc.—
Prior preference
-
(monthly)
Monthly
Nov.
Apr.
15
$154
May
May
June
May
May
Apr.
June 15 May
May 16|Apr.
14
14
20
20
1
May 16 May
10
9
9
May
May
May 17 May
June
1 May
June 30 May
June 30 May
June
1 May
1 June
July
June
1 May
1 June
July
June
1 May
1 June
July
July 10 .Tune
June
1 May
6
6
12
31
31
16
,?
June
15
16
15
16
15
20
17
Sept.
Dec.
Nov. 30*
June
July
June
July
May 201 Apr.
July 15 June
SIX
June
50c
Boston Telegraph Co
SIX
SIX
SIX
$2
50c
10c
Vick Chemical Co. (quar.)
Extra
Virginia Coal & Iron Co. (quar.)
25c
Vulcan Detinning pref. (quar.)
SIX
Preferred (quarterly)
SIX
Walgreen Co., 4)4% pref. w w (quar.)
SIX
Walker (H.)-Gooderham & Worts, Ltd. (qu.)__
Preferred (quar.)
25c
Waltham Watch Co .6% pref. (quar.)
IX
6% preferred (quarterly)-.
SIX
Prior preferred (quar )
SIX
Prior preferred (quar.).
SIX
Washington Ry. & Electric Co
$9
5% pref
(quar.
SIX
5% preferred (semi-ann.)
$2)4
Weill (Raphael) & Co.. 8% pref (s.-a.)
$4
Wentworth Mfg. Co. $1 conv. pref (quar.)
25c
Conv. pref. (quar.)
25c
Wesson Oil & Snowdrift Co., Inc.—
$4 Convertible preferred (quar.)
$1
;
West Jersey A Seashore RR. (s.-a.)
SIX
6% special gtd. (s.-a.)
SIX
West Penn Electric Co. 6% preferred (quar.)__
SIX
7% preferred (quar.)
SIX
West Virginia Pulp & Paper preferred (quar.)_.
SIX
Western Public Service Co. preferred AUSHc
25c
Westinghouse Air Brake Co., quarterly—25c
Quarterly
50c
Westinghouse Electric & Mfg
75c
Participating preferred
Westvaco Chlorine Products (quar.)
25c
White (S. S.) Dental Mfg.(quar.)
30c
Whitaker Paper Co. (reduced)
$1
7% preferred (quar.)
SIX
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)_.
SIX
Williamsport Water Co. $6 preferred (quar.)
six
Winsted Hosier Co (quarterly)
six
-
.
15
1 May 20
June 27 May 10
May 27 Apr. 10
10|June
1
June
Sept.
Dec.
Sept.
Dec.
1
1
July
June
15
June
May 16
May 16
May
5
July 11
June
May
July
Oct.
Oct. 10
May 25
June
June
4
June
June
4
July
June 25
Oct.
Sept. 24
July
June 25
Oct.
Sept
May
May
May
June
May
June
June
24
16
16
16
Sept.
May
May
May
1
Apr. 30
June
1 May 16
July
1 June 15
1 May 14
June
May 16 Apr.
May 16 Apr
May 16 May
June
1 May
July 30 June
Oft.
31
22
22
2
16
30
S«pt. 30
May 27 May
May 27 May
June
1 May
May'16 Apr.
July
1 June
July
1 June
July
1 June
10
10
10
30
18
18
18
June
1 May 20
Aug.
Aug.
1 July
1 July
15
15
SIX
Nov.
1 Oct.
15
50c
Nov.
1 Oct.
15
—
50c
-
Quarterly
Extra
6% pref. (quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
15
15
28
18 Xc
60c
SIX
25c
25c
—
25c
—
Monthly
Youngs town Steel Door (no action)-.
May 16 Apr. 30
June
1 Apr. 25
May 15 May
3
June
1 May 20
July
1 June 20
Aug.
1 July 20
25c
Sept.
1 Aug. 20
25c
Oct.
1 Sept. 20
30
;May 20,Apr. 30
1 May
15 June
30
Dec.
Tan.
50c
5c
Worcester Salt Co
Nov.
May
13
15
30
Apr. 30
May 31*
Aug 31*
5c
-
Vapor Car Heating Co., Inc., 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)
Extra
1
1 May
1 July
Aug.
July 15 June
May 16 Apr.
1 June
July
Oct.
1 Sept.
May
25c
Winters & Crampton Corp.. cumul. conv. pref._
Woolworth (F. W.) Co. (quar.)
$1
1
_
SIX
SIX
Extra.
May 14
May 11
May 11
Apr. 20
Aug.
1
$154
4
4
16
16
16
2
24
25c
Playing Card (quar.)
May
May
May
Aug.
30
May 21 May
May 21 May
1 May
June
1 May
June
1 May
May 16 May
June
II May
June 15'June
June
50c
(quarterly)
June
25
1
10
17
May 23 Apr. 28
3c
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)
Vermont &
15 June
June
Light & Railways, 7% prior pref. (mo.).. 58 l-3c
7 % prior preferred (monthly)
58 l-3c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
United New Jersey RR. & Canal (quar.)
$2)4
United States Casualty Co. cum. conv. preferred
22 Ac
United States Electric Light & Power Shares
United States
15
May 16 Apr. 30
June
Preferred (quar.)
Apr.
40c
90c
SIX
United
May
June
1 May 20
1 May 11
50c
50c
June
1 June
June
37c
May 20
lc
July
June
10c
SIX
six
SIX
Preferred (quarterly)
Preferred (quarterly*
Apr
$154
$154
60c
20c
United Corp., Ltd., class A (quar.)
United Dyewood Corp. pref. (quar.)
Common
16
31
25
10
16
25
June
1 May 14
May 16 Apr. 29
May 16 Apr. 29
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
June
1 May 16
1 June 15
July
June
1 May 15
SIX
SIX
May 18
3754 c
3754c
|20c
50c
50c
60c
15 May
15 May
May 16 Apr.
May 16 May
June
1 May
June
1 May
1 May
June
June
1 May
June 15 May
June 15 May
June
1 May
June 16 May
May 15 Apr.
June
25c
(quar.)
Share Ltd., common
May
30c
SIX
$1.80
June
30c
Semi-annually
Union Gas of Canada (quar.)
Union Tank Car Co. (quar.)
June
$1
56c
six
six
$1)4
June
$1)4
SIX
SIX
:20c
June
6%
50c
50c
25c
2c
5c
20c
412-3 c
25c
|20c
$154
sTi
$1)4
-
6
6
25c
30c
6% preferred (quar.)
Selfndge Provincial Stores, Ltd
5
5
May
May
25c
25c
Securities Acceptance Corp. of Omaha,
(qu.)___
19
14
10
June
40c
....
25
20c
2Xc
581-3c
-
Universal Commodity Corp.
J25c
95c
$1)4
$1 %
lc
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Trane Co. (quar.)
6% 1st preferred (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
12-10-39
Dec
$2
31 Mc
15c
2c
Toledo Edison Co.,
6-10-39
9-10-39
Sept.
15 May
June 15 May
5%
Toburn Gold Mines, Ltd
Extra
1-2-40
June
15 May
15 May
25c
-
7-1-39
5
15 May
June
June
25c
-
Tide Water Assoc. Oil Co
Timken Roller Bearing
10-1-39
50c
Reading Co., 1st preferred (quar.)
Regent Knitting Mills, Ltd., non-cum. pref
Republic Insurance Co. (Texas) (quar.)
Republic Petroleum, 5X% preferred A (quar.).
Reybarn Co., Inc
Reynolds (R. J.) Tobacco..
Stanley Works 5% pref. (quar.)
Stein (A.) & Co
Sterling Products, Inc. (quar.)
Strawbridge & Clothier 6% preferred (quar.)
Stromberg Carlson Telep. Mfg. preferred (quar.)
Stuart (D. A.) Oil Co., partic. pref. (quar.)
Sullivan Consolidated Mines, Ltd
Sun Oil Co. (quar.)
6% pref. (quar.)
Sunray Oil Corp
Super Mold Corp. of California (quar.)
Swift International Co., Ltd., dep. ctfs
Tampa Electric Co. (quar.)
Preferred A (quar.)
Tennessee Electric Power Co. 5% 1st pref. (qu.)
6% 1st preferred (quar.)._
7% 1st preferred (quar.)
7.2% 1st preferred (quar.)
6% 1st preferred (monthly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Terre Haute Water Works Corp. 7% pref. (qu.)
Texas Pacific Coal & Oil Co. (quar.)
Thatcher Mfg., conv. pref. (quar.)
Thew Shovel Co., pref. (quar.)
United
50c
Quebec Power Co
Sears, Roebuck & Co (quar.)
-—-
United Biscuit Co. of Amer.
Preferred (quar.)
May 16 May
June
10c
50c
$2
------------
Bond &
14
14
16
16
16
16
16
16
16
30
2
16
14
16
50c
-
12-10-38
10
1 May
1 May
June
25c
—...—
$100 par (s.-a.)
Extra
3-10-39
Sept
1
June
June
25c
*
1-3-39
4
15 June
40c
$1X
Standard Oil of Indiana (guar.)
Standard Oil Co. (N. J.), $25 par (s.-a.)
Extra'--
4-1-39
412-3c
$2
$154
15
May 20 May
Oct.
1 8ept.
June
1 May
June
1 May
5 June 10
July
$154
$154
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly).
Purity Bakeries Corp. (quar.)
Quaker Oats Co 6% pref. (quarterly)
Apr.
Apr.
Apr.
May
May
6
30
30
20
14
10
June
Penman's, Ltd. (quar.)
Peninsular Telephone Co. common
Public Service Corp. of N. J..8% pref. (quar.)..
1
Apr. 29
May
June
Peerless Woolen Mills 6)4% 1st preferred (s.-a.)
Pender (David) Grocery, class A (quar.)
_
June
Holders
When
Payable of Record
40c
Standard Brands, Inc., $4.50 pref. (quar.)
Standard Cap & Seal (quar.)
Extra
May 16 May
June
May
June
May
June
May
June
May
June
May
(quar.)
Per
Share
Name of Company
Conv. pref. (quar.)
Standard Oil Co. (Calif.)
14
May 15 May 12
Ohio Power Co., 6% preferred (quar.)
Ohio Public Service 5%. pref. (mo.)
Profcrrod (s
10
13
Sept. 15
June
Railway & Land Co. (monthly)
Ontario &
1 May
1938
14,
May
Holders
Payable of Record
June
1 May
June 15
(liquidating)
Nova Scotia Light & Power, pref. (quar.)
Oahu
When
Share
Company
Chronicle
16
1
6
*
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada,
deduction of a tax of 5% of the amount of such dividend will be made.
Financial
146
Volume
OF THE NEW YORK
MEMBERS
OF
STATEMENT
FOR THE WEEK
ASSOCIATION
The
City
Capital
in comparison with
date last year:
CLEARING HOUSE
MAY 7, 1938
Deposits,
Average
Average
Gold certificates
National City Bank
Chem Bank A Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
Flrst National Bank
Irving Trust Co
Continental Bk A Tr Co
Chase National Bank...
25,867,200
58,493,500 al,437,627,000
474,582,000
54,648,700
181,840,400 61,340,213,000
461,844,000
45,129,400
c695,684,000
70,902,100
248,083,000
18,309,200
494,929,000
109,384,500
447,041,000
61,612,100
51,821,000
4,198,800
Bankers Trust Co
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
hand and due from
on
4,526,529,000 4,542,585,000 3,304,863,000
1,457,000
927,000
927,000
86,564,000
101,342.000
98,499,000
United States Treasury.*
Redemption fund—F. R. notes
Other cash
t
8,279,000
53,983,000
95,303,000
54,685,000
25,287,000
2,826,000
6,160,000
9,551,000
55,197,000
2,351,000
32,109,000
2,214.000
47,302,000
e768,647,000
3,674,700
77,113.500
1,129,100
9,026,800
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
7,000,000
—
Title Guar A Trust Co..
11,464,000
37,846,000
174,367,000
128,391,400 dl,909,600,000
500,000
Fifth Avenue Bank
142,199,000
400,192,000
13,389,000
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,381,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
12,634,000
98,945,000
286,832,000
8,932,000
75,910,000
79,926,000
908,102,600
9,474,010,000
4,625,955,000 4,644,854,000 3,392,884,000
Total reserves.....
Bills discounted:
Secured
8. Govt, obligations,
fully guaranteed
by U.
2,011,000
403,000
254,000
2,738,000
2,265,000
8,234,000
215,000
215,000
3,446,000
4,464,000
2,523,000
5,966,000
191,191,000
346,716,OGO
207,948,000
191,191,000
346,716,000
207,948,000
210,182,000
330,742,000
184,105,000
Total U a. Government securities..
745,855,000
745,855,000
725,029,000
Total bills and securities.........*..
753,254,000
752,799,000
741,752,000
65,000
65,000
87,000
4,025,000
133,382,000
9,907,000
13,602,000
6,275,000
132,359,000
9,907,000
13,345,000
4,775,000
157,936,000
10,071,000
13,075,000
or
bills discounted
Total
Bills bought In open market
Industrial
advances
666,453,000
United States Government securities:
Bonds
Treasury notes
Treasury bills..
* As
official
per
1938;
1938; State, March 31,
National, March 7,
reports:
March 31, 1938.
Includes deposits in foreign branches as follows:
6,583,000
1,651,000
2,335,000
direct
Other bills discounted
10,076,000
30,003,000
2,294,000
52,458,000
27,812,800
8,247,400
523,151,000
Totals
<
$
$
$
p:^
P'-P/v
Assets—
Bank ol N Y A Trust Co
..
Time
Deposits,
Profits
Bank of Manhattan Co.
corresponding
: •'), P,
the previous week and the
May 11, 1938 May 4, 1938. May 12, 1937
Net Demand
Surplus and
Undivided
Members
following shows the condition of the Federal Reserve
business May 11, 1938,
Bank of New York at the close of
ENDED SATURDAY,
♦
*
Clearing House
York
New
New York
weekly statement issued by the
Clearing House is given in full below:
The
Bank of
Condition of the Federal Reserve
York City
Weekly Return of the New
Clearing House
3133
Chronicle
trust companies,
C$4,410,000; d $127,955,000; e$33,662,000.
$283,676,000; 6 $95,885,000;
, 4
Due from foreign banks
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
New York "Times"
The
returns
are
a
^
not
following
the figures for the week ended
are
Federal Reserve notes of other banks...
Uncollected Items
Bank premises
All other assets...
May 6:
5,540,190,000 5,559,604,000 4,320.580,000
Total assets.
THE CLOSING OF
MAY 6, 1938
BANKS—AVERAGE FIGURES
INSTITUTIONS NOT IN CLEARING HOUSE WITH
BUSINESS FOR THE WEEK ENDED FRIDAY,
AND STATE
NATIONAL
Liabilities—
890,988,000
898,444,000
888,495,000
Deposits—Member bank reserve acc't.. 3,483,916,000 3,478,045.000 2,986,064,000
60,791,000
706,040.000
677,597,000
U. 8. Treasurer—General account
38,716,000
45,659,000
48,194,000
Foreign bank
69,079,000
178,468,000
189,105,000
Other deposits
F. R. notes in actual circulation
Loans,
Disc, and
Bank Nous
Y. and
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
$
$
Manhattan—
Sterling National...
Trade Bank of N. Y.
Dep. Other
N.
Including
Investments
Grace National
Res. Dep.,
Other Cash,
.
120,704
6,858,438
3,087,316
5,535,000
2.168,188
4,673,000
258,440
278,100
102,000
.
People's National...
282,948
1,291,100
635,500
430,000
5,512,000
Y. and
Bank* and
Elsewhere
Trust Cos.
Deposits
$
$
Fulton
—...
United
$
$
3,556,700
1,834,187
15,276,369
3,266,000
2,344,876
71,000 114,328,000
273,700
82,330.000
33,536,427
* Includes amount with
22,884
20,987,500
40,474,900
1,085,900
Federal Reserve as follows:
to
deposit
153,475,000
50.946,000
51,943,000
7,744,000
8,210,000
2,949,000
51,273,000
51,474,000
7,744,000
9,091,000
1,885,000
and
87.5%
87.5%
83.9%
488,000
to
make
Industrial
488,000
553,000
3,865,000
6,044,000
ad¬
vances.
t "Other cash" does not include Federal Reserve notes or a
bank's own Federal
Reserve bank notes.
States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 69.06 cents, these certificates being worth less to the extent of the
*
47,877,528
These are certificates given by the United
difference, the difference Itself having been
Empire, $5,772,100; Fidu¬
appropriated as profit by the Treasury
of 1934.
under the provisions of the Gold Reserve Act
$4,710,500; Lawyers, $12,353,600.
ciary, $941,423;,Fulton,
131,156,000
3,886,000
Commitments
12,675,465
251,000
reserve
F. R. note liabilities combined
75,852,580
36,040,000
17,522,993
1,361,835
1,008,087
total
of
Contingent liability on bills purchased
for foreign correspondents
65,864,000
10,745,858
12,801,200
Brooklyn—
Brooklyn......*...
Kings County
Ratio
130,890,000
50,961,000
51,943,000
7,744,000
8,210,000
3,135,000
5,540,190,000 5,559,604,000 4,320,580,000
Total liabilities
Gross
51,698,900 *7,780,800
191,620
9,379,918
12,916,268 *1,562,257
*5,015,400
19,917,000
28,414,600 *13,072,500
64,951,552 24,533,956
Fiduciary
I
All other liabilities
Dep. Other
N.
Cash
$
-
Reserve for contingencies
Investments
Manhattan—
...
Surplus (Section 7)
Surplus (Section 13b)
7,910,000
602,000
Loans,
Lawyers......
States
Capital paid in
Res. Dep.,
Disc, and
Empire
Deferred availability Items
5,886,677
COMPANIES—AVERAGE FIGURES
TRUST
Federation
4,398,812,000 4,408,212,000 3,154,650,000
deposits
26,612,000
6,601,000
4,953,000
Total
27,444,362
433,000
Brooklyn—
Lafayette National.
$
$
$
21,274,587
19,560,000
4.309,048
Weekly Return for the Member Banks of the Federal Reserve
System
issued by the Board of Governors of the Federal Reserve System, giving the principal
which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions" t
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
Following is the weekly statement
Items of the resources
and liabilities of the reporting member banks in 101 leading cities from
described in an announcement
The changes in the report
of the Federal Reserve Bank of New York of April 20,
1937, as follows:
'
This classification has been changed primarily to show the
for the purpose of purchasing or carrying
form are confined to the classification of loans and discounts.
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers)
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities
•utside New York City.
Provision has been made also to include "acceptances of own bank purchased or
amounts of
located in New York City and chose located
discounted" with "acceptances and commer¬
market" under the revised caption "open market paper." instead of in "all other loans," as formerly.
Subsequent to the above announcement It was made known that the new Items "commercial, industrial, and agricultural
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29. 1937, issue of the "Chronicle." page 3590.
cial paper bought in open
ASSETS AND LIABILITIES
OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
Federal Reserve Districts—
Total
ASSETS
$
Loans and
Cleveland Richmond
Phila.
$
CITIES BY DISTRICTS. ON MAY4, 1938, (In Millions of
St. Louis
Chicago
Atlanta
%
$
%
Dollars)
San Fran.
Dallas
j$
1,168
8,549
1,105
1,728
625
555
2,852
663
365
626
481
2,125
3,460
439
693
237
284
868
296
156
243
993
616
232
8.517
Commercial, Indus, and
44
9
agrlcul. loans:
V.
16
11
42
561
On securities
Otherwise secured and
unsecured..
37
243
48
48
12
11
40
1,447
159
234
96
141
479
131
64
137
299
246
132
3,565
39
10
5
19
2
32
31
6
1
3
3
11
7
12
14
57
6
21
20
373
1
1
2
12
10
75
390
Open market paper...
and dealers in sees .
loans for purchasing or carrying
Loans to brokers
76
157
24
13
10
3
646
22
523
16
21
3
6
593
...
Real estate loans
32
279
34
37
16
16
77
12
1,150
83
223
58
172
30
28
89
47
107
► securities
Loans to banks....
Minneap, Kan. City
20,842
Investments—total
Loans—total.......
Other
New York
Boston
loans" and "other loans'
3
80
2
2
1
3
5
7
48
122
28
26
45
11
...
Other loans:
692
55
249
11
50
44
50
28
53
102
259
41
34
62
27
813
63
and unsecured..
703
294
156
1,369
154
707
3,299
312
168
396
226
8.001
217
obligations
Obligations fully guar, by U. S. Govt.
58
15
45
31
134
On securities
Otherwise secured
United States Government
Reserve with
Federal Reserve Bank..
Cash in vault
Balances with
583
87
38
252
77
424
92
40
291
1,207
59
50
131
267
112
3.002
128
93
973
132
71
311
3.059
357
98
309
261
151
5,943
17
36
11
56
10
18
66
17
10
103
11
361
6
235
133
404
120
88
234
162
134
199
148
158
251
2,266
Other securities
191
23
16
23
25
211
1,322
125
-
domestic banks
80
1,310
74
595
83
102
36
38
324
2,084
393
231
843
1,006
404
391
6.523
780
457
1,014
735
198
182
872
186
130
1,065
1,045
288
144
262
119
5,226
23
145
23
7
91
13
18
18
568
20
12
25
173
210
204
867
249
243
292
329
180
2,433
346
241
126
5,720
328
—
84
14,450
Other assets—net
10
289
6
1
1
8
18
23
~"*6
"""23
7
"~~7
3
"316
351
90
370
90
55
94
329
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government
deposits..
Inter-bank deposits:
!
Domestic banks
Foreign banks
Borrowings
—
-
....
""*793
22
*348
"""15
3.637
Other liabl lltles
Capital account—
35
240
1 616
227
931
12
1
L 3134
Financial
Chronicle
May 14,
1938
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal
was
showing the condition of the twelve Reserve banks
for the
System
System
Wednesday.
Thursday afternoon. May 12,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
as a
week last year.
Reserve
at the close of business on
The second table shows the
resources and liabilities separately for each of the twelve banks.
The Federal
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."
Reserve note statement (third
COMBINED
Thru ciphers
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY
11,
May 11,
Total
April 20,
1938.
1938.
1938.
1938.
1
$
%
$
April
13,
Mar. 30.
1938.
1938.
1938.
1938.
*
S
1
$
reserves
-
10,640,912
8,886
427,070
10.641,412
10,641,911
10,642,413
9,245.002
9,222,003
8,386
9,360
8,860
9,140
434,876
451.582
452,812
9,140
452,036
11,084,674
11,102,853
11,104,085
9,706,178
5,321
2,844
5,379
2,813
5,592
2,879
6,472
3,068
8,165
•
1938
April 6.
11,076,868
Redemption fund (Federal Reserve notes)
Other cash
April 27.
$
ASSETS
Gold ctfs. on hand and due from U. 8. Treas.x
May 4,
1938.
(000) omitted
8,192
8,471
9,540
12,924
Mar.
Mar.
23,
16.
May 12,
1937.
$
9.197,203
9,874
477,843
9,188,602
444,855
9.212.708
9,874
473,506
478,179
288.280
9,675,998
9,696,088
9,684,920
9,676,381
9,139,401
9,730
7,741
3,699
8,174
3,866
6,415
3,108
5,193
2,956
12,949
3.J94
11,340
12,040
9,523
8,149
15,654
9,000
8,839,408
11,713
Bills discounted:
Secured
by
U
8,
direct or fully
Government
guaranteed
obligations
...
...—..
Other bills discounted
2,705
'
otal bills discounted
Bills bought in open market
Industrial advances
550
Treasury notes
Treasury
.........
Total U. 8. Government securities
Other
secnrltlm
-
Total bills and securities
-
550
550
550
550
542
542
4,534
16,973
17,056
10,887
16,952
17,177
17,314
17,259
22,779
657,253
1,191,005
657,253
1,191,905
714,857
733.320
714,857
1,191,905
714,857
2,564,015
2,589,151
...
bills....
550
16,798
2,564,016
United States Government securities—Bonds..
550
16,421
2,589,555
v
677.831
785,588
779,539
1,179,171
1,160,691
1,165,691
617,736
618,785
1,165,691
665,004
732,320
1,165,091
066,004
723,595
1.164,191
707,013
676,229
1,152,393
641,469
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564,015
2.564,015
2,526,290
2,590,009
2,591,161
2,594,376
2,592,857
2,593,782
2,591,394
2,589,965
2,569,257
657,253
'
732,428
-
...
Gold held abroad
"""170
Due from foreign banks
Federal Reserve notes of other banks
Uncollected
Bank
170
"""170
"""170
169
""170
177
""l77
20,672
16,632
663,496
19.683
20,138
523,357
520,270
502,834
19,889
531,219
20,613
742,758
44,717
44,765
44,806
44,795
44,837
44.865
47.978
45,831
42,940
44,852
42,130
40,698
45,956
13.073.636
12,899,603
12,900,789
12.914,581
13,115,457
12,488,935
46,396
45,214
45,339
19,952
578,264
44,804
44,400
14,305,284
premises
14,337,827
14,327,165
14,382,836
527,996
44,730
-
All other assets
Total
170
23,005
550,492
19,973
items
-
assets
"""230
21,542
666,762
45,787
LIABILITIES
Federal Reserve notes In actual circulation....
4,132,337
4,147,997
4,120,373
4,120,798
4.136.806
4,158,154
4.121.705
4,119,858
4,124,888
4,193,868
Deposits—Member banks'
7,560,482
1,361,133
7,503,630
1,428,693
125,674
227,746
7,661,269
1,321,319
131,802
211,655
7.547,076
1,427,718
135,486
213,212
7.472,143
140,874
118,010
7.296,340
7.311,529
292,237
7,333.050
7,328,137
6,942,727
269,586
203.623
117,228
113,661
103.356
104,979
198,604
212,038
198,121
198,646
222,136
131,566
9,291,768
9,285,743
9,326,045
9,323,492
7,929,631
7,874,549
7.919,115
7.914.943
7.917,252
7,285,449
527,933
133,523
551,583
133,482
147,739
27,683
32,915
527,113
586,356
530,381
724.619
133,489
517,044
133,298
510,023
133,478
133,302
133,300
133,297
660,697
132,193
147,739
147,739
147,739
27,683
32,950
9,491
27,683
27,683
32.950
32,950
8,186
8.272
7,721
147.739
27.683
32,950
7.029
145,854
27,683
32,915
10,364
147,739
27,683
32,950
10,685
147,739
27,683
32,915
11,819
656,841
133,495
147.739
14,305,284
14,337,827
14,327,165
14,382,836
13,073,636
12.899,603
12,900.789
12,914.581
13,115.457
12,488,935
82.5%
82.5%
82.6%
82.6%
80.4%
80.4%
80.5%
80.5%
80.4%
79.6%
1,357
1,357
1,103
1,103
523
330
82
222
630
1,532
12,700
12,678
12,735
12,825
>2,982
12,920
13,110
12,904
12,911
17,183
6,572
6,527
6,836
7,830
11,274
9,703
330
285
10,289
7,817
288
0,489
14,580
280
412
365
625
558
426
702
709
133
.508
589
430
507
445
454
584
268
362
465
573
547
466
429
299
247
320
218
reserve account
United States Treasurer—General account..
Foreign banks
Other
133,908
236,245
deposits
Total deposits
Deferred availability ltenm
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
147,739
27,683
32,915
11,386
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
Reserve note liabilities combined
Contingent
♦orelgn
liability
on
,
bills
.
244,166
122,005
106,177
27,490
35,974
7,410
Federal
purchased
for
correspondents
Commitments to make Industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
......
81-90 days bills discounted
Over 90 days bills discounted
293
1-16 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
309
266
294
342
336
482
447
330
258
8,165
Total bills discounted
8,192
8,471
9,540
12,924
11,340
12,040
9,523
8,149
15,654
178
166
223
297
156
75
47
87
95
224
"""297
874
178
"""220
75
75
170
253
255
""449
*"*379
666
75
93
116
2,858
4,534
"""297
"""297
157
136
550
550
550
550
550
550
550
542
542
1,419
1,581
1,665
1,669
1,563
204
96
1.777
1,898
1,577
795
........
234
1,510
153
274
192
64
522
72
567
416
470
206
.....
570
462
502
343
960
346
974
330
.....
541
496
545
552
640
13,286
13.472
610
463
14,201
14,168
1,101
14,096
14,143
14.353
14,388
14,473
20,100
.....
1-16 days Industrial
advanoes..............
16-30 days Industrial advances
31-60 days industrial advances
61-90 days Industrial
advances.......
Over 90 days Industrial
advanoes............
Total
Industrial
advances..
16,421
1-15 days U. 8. Government securities
16-30 days U S. Government securities
16,798
16,973
17,056
16,887
16,952
17,177
17.314
17,259
22,779-
115,354
116,668
93,734
76,209
113,610
56,482
56.383
80,903
27,870
......
72.472
63,623
173,474
287.477
1,983,058
50,482
158,638
183,218
2,078,774
24,667
183,568
292,688
1,958,805
2,332,524
Government securities
85,874
104,311
115,354
357,781
353,460
186,586
321,701
282,846
1,802,990
338,218
217,672
1,799.037
225.169
1,813,712
31-60 days U. 8. Government securities
8. Government securities
Over 90 days U 8. Government
securities
72,472
82,166
175,878
191,294
......
61-90 days U
Total U. 8
577
1,827,326
1.950,653
63,623
72,939
192,321
287,451
1,947,681
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,290
2,564,015
2,564,015
68,121
73,108
1-16 days other securities
81-60 days other securities
61-90 days other securities
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F
Held by Federal Reserve Bank
i
R. Ageni
4,425,484
293,147
4.434,356
313,983
4,435,562
314,764
4,443,518
306,712
4,453,791
4,436,672
4,441.195
314,967
321,337
4.439.952
315,064
4,501,461
295,637
4.132,337
In actual circulation
4,425,523
277,526
4,147,997
4,120,373
4,120,798
4,136,806
4,158,154
4,121,705
4,119,858
4.124,888
4,193,868
4.519,632
4,541,632
7,463
4,527,632
8,472
4,487.632
7,271
4,509.632
307,593
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs.
on hand and due from U. 8.
Treas.
By eligible paper
United States Government securities
4,539,632
7,208
Total collateral
•
"Other
i
These
cents on
Jan
4,546,840
cash"
are
31,
dot*
not
include
certificates given by
Federal
the
Reserve
Reserve Act of
notes
t
4.549,095
Revised
1934
to
tne
extent
4,536.104
4,501,632
10,741
8.349
15,000
15,000
4,532,632
7,088
10,000
4,536,632
10.223
25,000
4,524,412
4,524.855
4,527,373
4.532.981
4,549.720
4,597,976
16,344
45,000
figure
United States Treasury for the gold taken
1934, these certificates being worth leas
provisions of tne Gold
4,526,903
4,489,632
11,780
25,000
over
of the difference,
from the
Reserve banks when the dollar
the difference
naif
naming
oeen
was
devalued from 100 cents to 59.06
appropriated as profit oy
the
Treasury under
Volume
of the Federal Reserve System (Concluded)
Weekly Return of the Board of Governors
Three Ciphers (000) Omitted
Boston
ASSETS
•Gold
certificates
and
band
on
8,886
311
927
653
832
98,499
27,763
39,500
628.802 4,625.955
760,087
$
193,307
295,864
%
726,027
1,329
186,116
288,307
562
889
338
413
18,136
9,443
29,227
15,903
36,513
259,626 2,087,398
341,146
11,076.868
Total reserves...
%
J
60,640
314,562
203,639
317,872
202.432
763,869
30,997
571,480
San Fran.
Dallas
?
$
V
239,112 2,025,965
793
1,035
804
40,970
St. Louis Minneap. Kan. City
Chicago
i
309,345
719,755
543,064
Atlanta
I
%
427,070
.........
,
%
587,521 4,526,529
10,640,912
from United States Treasury
*
Cleveland Richmond
Phila.
I
due
Redemption fund—Fed. Res. notes..
Other cash
New York
I
Total
Federal Reserve Aaent at—
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 11, 1938
OF EACH OF
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
3135
Chronicle
Financial
146
19,479
Bills discounted:
Secured by U. 8. Govt, obligations,
•.<#72
2,335
895
413
135
238
50
43
167
263
5,321
157
403
563
192
334
475
40
62
173
152
293
>,0 2,844
direct and (or) fully
2,738
1,458
605
469
713
210
40
112
216
319
556
56
51
24
68
3
2
16
16
guaranteed..
Other bills discounted
729
8.165
Total bills discounted
'
'
39
550
Industrial advances
41
215
2,377
4,446
3,080
918
1,477
73
677
159
551
465
901
1,297
53,966
63,027
35,882
28,560
71,067
30,561
31,947
24,937
56,049
.
657,253
1,191,905
47,412
191,191
346,716
97,866
114,299
65,070
51,793
57.934
45,223
207,948
58.696
68,551
39,027
31,063
128,877
77,295
55,420
51,568
33,239
24,640
34,746
27,123
101,644
60,961
2,564,015
184,962
745,855
210,528
245,877
139,979
111,416
277,239
119,220
88,375
124,627
97,283
218,654
188,109
753,254
215.122
247,451
141,949
112,221
278,194
119,422
89,040
125,324
98,518
220.546
170
...
85,982
2,589,151
notes
22,654
41,081
714,857
U. 8. Government securities—Bonds.
12
65
17
16
7
6
21
2
2
5
5
1,351
2,065
2,746
1,659
844
1,451
536
2,510
44,383
18,964
70,456
24,915
14,148
21,748
26,633
3,312
Treasury bills
Total U
19
16,421
Bills bought In open market
Treasury
210
8. Govt, securities.....
Total bills and securities
Due from foreign banks
12
19,973
479
4,025
846
1,461
527,996
51,439
133,382
41,211
52,434
premises
44,730
2,982
9,907
4,783
6,164
2,674
2,105
4,548
2,325
1,518
28,283
3,130
All other assets
46,396
2,830
13,602
4,504
4,980
3,043
2,059
4,257
1,886
1,639
1,979
837,963 1,072,593
534,553
397,046 2,447,620
464,771
310,830
478,044
409,149
190,291
145,734
963,481
175,675
137,165
166,168
78,168
328,108
165,697 1,199,381
223,789
158,908
515,646
102,289
9,494
Fed. Res
notes of other banks
Uncollected
Bank
Items
Total assets
874.653 5,540,190
14,305,284
....
1,282
1,625
LIABILITIES
F. B. notes In actual circulation
304,674
888,495
345,229
4,132,337
Deposits:
Member bank reserve account
Foreign
Other
220,080
193,437
49,358
60,031
51,956
46,318
150,370
49,296
31,791
45,282
13,104
1,173
12,302
5,750
4,680
15,913
4,012
3,878
7,070
8,564
2,657
1,441
5,640
3,075
2,345
218
48,639
3,878
1,852
219,352 1,367.105
252,385
150,857
273,167
213,277
638,916
71,557
48,194
189,105
579,150
286,350
130,890
40,862
51,354
42,703
18,870
25,956
13,251
28,380
23,448
28,920
9,405
50,961
12,258
13,370
4,950
4,445
13,100
3.897
14,323
4,964
5,626
22,387
4,667
2,904
3,153
1,001
4,147
3,613
3,937
3,892
10,149
51,943
13,466
1,142
1,270
2,121
9,900
3,409
730
1,429
1,401
1,603
7,229
1,215
1,922
934
1,776
2,000
1,063
485
686
1,332
431
577
493
379
855
837.963 1,072.593
534,553
397,046 2,447,620
464,771
310,830
478,044
41
31
39
39
96
508 |
40
373
244
2,940
4,411
32,915
liabilities
Total liabilities.....
on
7,744
1,448
8,210
2,000
11,386
All
812
3,135
1,138
874.653 5,540,190
14.305,284
-
bills purchased
1.357
Commitments to make Indus, ad vs..
'Other cash" does
not include
98
488
133
125
58
1,367
3,886
123
1,538
1,503
161
48
12,700
correspondents
178
Federal
RESERVE NOTE STATEMENT
FEDERAL
%
Gold
St. Louis
S
Kan.
Minneap
%
$
San Fran.
Dallas
City
$
$
%
322,451
432,050
201,239
191,725
27,670
93,076
27,607
16,050
7.739
85,850
7,682
369,992
10,948
141,336
4,171
173,907
22,901
161,376
15,642
991,088
17,777
345,229
888,495
304,674
409.149
190,291
145,734
963,481
175,675
137,165
166,168
78,168
328,108
390,000 1,000.000
337,000
436,000
203,000
164,000 1,000,000
196.632
143,500
177.000
88,500
404,000
2,626
1,121
452
409
112
206
317
552
390,699 1,002,626
338.121
436,452
203,409
143,612
177,206
88,817
404,552
41,884
certificates
banks:
hand
on
and
due
from United States Treasury
699
7,208
Total collateral
4,546,840
United States
quoted
Bid
May *26 1938
June* 11938
81938
June 15 & 16 1938...
June 17<fe 18 1938...
June 22 1938
Ashed
Bid
July
13 1938
0.08%
0.08%
0 08%
July
20 1938
0
July
June 29 1938
July
-----
164,504 1,000.210
6 1938
196,632
Government
States
York Stock
Asked
0.05%
0.05%
0.05%
0.05%
0 05%
0 05%
0.08%
210
504
United
Treasury Bills—Friday, May 13
for discount at purchase.
are
May'18 1938
June*
Chicago
S
S
$
by Agent as security
issued to
Eligible paper
Rates
%
981,571
4,539,632
circulation
for notes
%
Atlanta
Cleveland Richmond
Phila.
.
372,899
4,132,337
Beld by Federal Reserve Bank
Collateral held
$
4.425.484
293,147
Issued to F. R. Bank by F. R, Agent
In actual
New York
Boston
Total
Federal Reserve notes:
326,147 1,020,874
Reserve notes
Three Ciphers (000) Omitted
Federal Reserve Bant, of—
9,805
1,007
3,177
545
2,874
27,683
13-B)..
Contingent liability
459,154
51,742
147,739
Reserve for contingencies
11,487
453,243 4,398.812
527,933
133,523
Surplus (Section 7)
(Section
9,628
4,693
9.291,768
Capital paid ln-..^...
for foreign
499,747
677,597
48,206
133,908
Total deposits.
other
395,519
113,646
236,245
bank
deposits
Deferred availability Items
Surplus
390,716 3,483,916
7,560,482
1,361,133
U. 8. Treasurer—General account-
3,992
326,147 1,020,874
Securities
Transactions
at
the
New
York
Daily, Weekly and Yearly—See page
08%
Stock and Bond
27 1938
0.08%
Aug.
3 1938
10 1938
the New
Stock
Exchange,
3151.
Averages—See Page 3151.
0.08%
Aug.
on
Exchange—See following page.
0.08%
.
Quotations for United States Treasury Notes—Friday,
May 13
Figures after decimal 'point represent one or more 32ds of
a
point.
PARIS
THE
received by cable
day of the past week:
each
May 7
May 9
Francs
Int.
Int.
BOURSE
Quotations of representative stocks as
Maturity
Asked
Bid
Francs
May 10 May 11
Francs
Francs
May 12 May 13
Francs Francs
735
1,500
36
535
211
24,800
717
1,440
36
531
210
24,600
708
1,420
38
520
855
833
815
200
262
550
1,490
200
261
549
1,700
1,470
817
200
....
200
272
570
1,760
1,520
257
531
1,660
1,440
Nord —.
Energ'e Electrique du Littoral..
328
584
336
589
325
580
325
576
747
726
1,370
900
869
375
19
2,090
76.50
77.30
76.40
82.40
80.30
101-75
6-370
2,274
1.200
74
100
1,519
580
148
464
103
1,340
880
867
382
20
2.050
76.50
77.90
76.40
82.40
80.50
105.50
6,410
2,220
720
1,320
860
855
391
19
2,025
76.20
77.30
75.80
81.90
80.10
105.00
6,360
2,195
705
1,290
840
834
401
19
1,986
75.90
76.60
75.20
81.30
79.50
102.50
6,390
2,155
Z2
102.14
102.16
Canadian
101.28
Mar. 15 1942...
i «%
103.13
103.15
102.1
Dec.
103.26
103.28
102.7
102.9
Sept. 15 1942.-_
101.18
101
June
102.15
102 17
Sept. 15 1938...
102 12
102.14
June
1H%
2%
2H%
2 H%
25* %
15 1941--.
\M%
102 1
102 3
Sept, 15 1939...
\%%
1H%
1H%
101.26
101.31
1H%
1H%
1X%
161940...
218
X%
Dec.
June
1,348
491
1
Dec
151941-..
7,500
1,380
505
Mar. 15 1940...
101.10
Mar. 15 1941...
7,700
1,390
508
Banque de l'Unlon Parlslenue..
101.8
Mar. 15 1939...
7,700
1,439
524
102 16
1 H%
June
7,800
102 14
151938-..
151939...
Bank of France..
IK%
Dec.
Dec.
Bid
Rate
Maturity
Asked
Banque de Paris et Des Pays Bas
Rate
20
16 1940...
15 1942
...
161939...
15 1938
104 25
104 27
102.17
102.19
101.23
101.25
212
Canal de Suez cap
23,900
Cle Dlstr d'Electrlclte
755
Cle Generale d Electricite.;—..
1,500
Cle Generale Transatlantlque..
36
Citroen B........555
101.15
101.17
Comptoir Nationale d'Escompte
Pacific..
Cotv S A
Courrlereb...........
THE
BERLIN
STOCK
EXCHANGE
Lyonnalse
Credit
Closing prices of representative stocks
day of the past week:
as
received by cable
May
7
9
May
10
Per Cent
Allgemeine Elektrizitaets-Gesellschaft 4%..
Berliner Handels-Gesellschaft
122
129
122
128
163
May
May
11
12
May
13
125
124
127
128
162
162
US
123
123
123
128
162
116
124
116
125
Deutsche Bank (5%)
120
Deutsche Erdoel (6%)
142
142
142
143
116
125
120
143
Deutsche Reichsbahn (German Rys. pf. 7%)zl26
126
114
157
126
113
126
113
157
126
113
159
126
148
150
147
Dessauer Gas
(5%)
Dreedner Bank
114
(4%)
158
Farbenindustrle I. G. (7%)
156
120
Holtday
Liquide
Lyon (P L M)
128
162
116
124
120
Commere-und Privat-Bank A. G. (5%)
-
Lyonnalse cap
Kuhlmann
L'Air
of Par-
163
116
126
120
(6ij%)
Berliner Kraft u. Licht (8%)
Eaux deg
Energle Electrlque du
each
May
166
124
120
143
113
158
Nord
Ry.--
-
Or'eans Ry 6%
Pathe
Capital...
—-
Perhlney
Rentes
RenfS
Perpetual 3%..
4%
Rentes 4%
1917....
19181!
1932.
Rentes
1932 B
4$%'
Rentes 5%
1920
Dutch.....-".1
Hamburger Elektrizltaetswerke (8%)
148
151
147
152
...
—
115
115
145
150
78
114
196
197
...
197
231
80
196
230
233
233
164
212
165
Tubize Artificial 811k
212
212
212
212
211
Union d'Electrlclte
(6%)
Mannesmann
Roehren
(4H%)
Nordeutscher Lloyd....
(8%)
Reichsbank
Rheinlsche Braunkohlen
Salzdetfurth
Siemens A
x
80
198
...
(8%)
(6%)
Halske (8%)
Ex-dividend.
j.
147
150
78
115
150
77
115
115
Royal
Sa'nt Gobaln C A
197
C
Schneider A Cle._
8oc'»U
SoclPte
...
aI
Rentes 4>4%
Hapag
Geefuerel
...
Credit Commercial de France..
—
Ford
Geneve Fonclere
Francalse
Soclete
Lyonnalse
Soclete
Marseillaise
-
Wagon-Llts
-
preferred..
24,300
1,720
1>1^
7,600
....
209
24,600
----
L430
36
....
----
200
....
1,720
1,440
392
1,300
....
....
75.90
76.25
74.70
81.10
79.30
102.25
6,410
....
75
100
1,487
592
73
97
1.468
589
™
70
.94
1.397
598
"nn
148
462
101
140
452
94
139
440
94
.
'
70
May 14,
3136
1938
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded
in computing the range for the
account Is taken of such sales
In the day's range, unless they are the
United States Government Securities
furnish
No
of the day.
only transaction
year.
on
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal "point represent one or more 32ds of a point.
Below
we
a
__
May 7
DdUv Record of U. S. Bond Prices
Treasury
May 9 May 10 May 11 May 12 May 13
118.8
(High
118.10
118.10
118.12
May 7
Daily Record of U. S. Bond Prices
118.14
104.4
High
Treasury
May 10 May 11 May 12 May 13
May 9
104.4
104.7
104.4
-{Low.
118.4
118.8
118.8
118.12
118.14
Low.
104.4
104.4
104.4
104.7
(Close
4*8. 1947-62
118.8
118.10
118.10
118.12
118.14
Close
104.4
104.4
104.4
104.7
20
7
15
1
Total sales in SI.000 units...
Total tales in 11.000 units...
19
(High
109.12
109.15
109.17
JLow.
109.12
109.11
109.13
109.15
109.15
109.12
109.11
109.14
109.15
109.18
109.11
Total tales in 11.000 units...
ft
4
4s. 1944-64
13
114.2
High
109.18
7
109.20
114.6
114.2
114.2
114.4
114.6
114.3
114.4
114.6
3*s. 1946 66..
112.21
103.5
102.29
103.2
59
112.20
Low.
112.12
112.14
112.20
112.12
112.14
112.20
4
75
102.27
102.30
102.29
102.28
102.30
102.31
102.30
102.29
103.2
102.30
15
69
18
5
24
6
101.19
101.22
101.22
101.24
101.24
101.18
110.1
3s. 1961-66
106
106.2
106.4
106.7
•( Low.
105.30
105.31
106
106.1
106.6
105.30
106
106.1
106.3
106.6
106.3
1
12
22
(High
1 Low
107.8
107.8
107.6
107.8
(Close
107.6
107.8
106.16
106.16
106.18
Federal Farm
106.16
107.15
107.7
107.9
107.12
107.14
107.7
107.9
107.13
7
4
1
106.16
106.18
106.18
Total tales in 31.000 units...
2
5
5
107.20
107.20
2
107.31
1 Low.
107.29
107.30
108.1
(Close
107.29
Total tales in 31.000 units...
107.31
103.18
64
106
106
106
4
106.1
106.5
106.5
106.1
106
106.5
106.1
106.5
106.5
52
105.20
105.22
Low.
105.15
105.13
105.15
105.20
105.22
150.15
105.13
105.15
105.20
105.22
1
1
2
9
High
105.18
105.18
105.27
Low.
105.16
105.18
105.26
105.18
105.18
105.27
17
5
47
11
107.27
Mortgage
107.29
Mortgage
108.4
*1
Low.
107.27
Home Owners' Loan
1
Low.
107.31
108.2
108.2
12
108.3
105.13
105.16
35
2
109.10
109.13
109.14
109.18
109.10
109.12
109.14
109.16
109.14
109.18
109.18
Total sales in 31.000 units...
2
6
3
15
2
109.18
103.29
104
104
104
104.4
104.5
103.26
103.28
103.29
103.30
104.1
104.1
103.29
104
104
104
104.4
104.1
24
49
High
105.31
105.29
106
106
105.29
105.27
105.29
106
105.31
105.27
105.29
106
51
3
4
105.23
105.25
105.21
105.25
105.27
4
19
17
102.30
102.28
102.28
102.28
102.30
102.27
102.25
102.27
102.28
102.26
102.30
102.28
4
102.28
Odd lot sales,
bonds.
14
102.28
102.30
79
11
103.1
103.5
103.7
103.11
103.10
103.1
103.2
103.5
103.7
103.10
103.1
103.7
103.11
103.10
14
1
103.5
2
8
5
22
t Deferred delivery sale.
above
table
includes
only
sales
of
coupon
Transactions in registered bonds were:
5
Treasury 3*s 1940-19431 Treasury
3*s, 1944-46
2 Treasury
2*s 1955-1960
—
—
105.14 to 106.14
—
106.3
Close
Total sales in 31.000 units...
105.18
29
106.3
Low.
105.15
105.20
102.27
Total sales in $1,000 units...
*
Note—The
(High
i Low.
(Close
105.16
105.16
105.27
Close
109.18
109.13
105.25
Low.
2*s. 1942-44
109.10
105.21
102.26
Close
(Close
105.20
102.26
Low
Total sales in SI .000 units
Home Owners' Loan
High
111
1 Low.
105.16
105.16
Low
2*8. series B. 1939-49
108.3
30
104.19
Close
Total tales in $1,000 units
Home Owners' Loan
High
108.1
107.31
104.17
High
3s. series A. 1944-52..
107.29
1
Close
Total sales in 31.000 units...
Low.
Total tales in SI.000 units..
107.29
107.27
108.2
14
104.19
Close
(Close
107.31
1
High
2*8, 1942-47
Total sales in 31.000 units...
Total tales in 31.000 units...
103.18
103.15
105.15
3s, 1942-47
108.4
(High
103.15
11
105.13
Federal Farm
107.29
*2
103.15
103.15
Close
Total sales in SI.000 units...
107.21
1
(High
103.12
103.12
105.15
Federal Farm
107.21
(Close
Total tales in 31.000 units...
(High
103.18
Total tales in SI,000 units...
107.21
(High
103.16
Close
107.20
2*s, 1966-60
56
103.15
103.12
High
Mortgage
3s. 1944-49
(High
-j Low.
8*s. 1944-46
105.15
105.18
1
Total tales in SI.000 units..
Federal Farm
1
3*8, 1941
105.10
105.10
Low.
106.16
1
105.9
105.9
High
Mortgage
3*8. 1944-64
106.16
106.16
3*8. 1949-62
105.9
105.9
1
107.14
106.16
3*8. 1946-49
105.9
105.9
2
Close
107.14
106.16
3*8. 1941-43
105.18
105.9
105.10
Total sales in $1,000 units
29
107.9
107.7
(High
| Low.
1 Close
3*8. 1940-43
33
105.10
105.9
105.10
(High
(Low.
I Close
2*s, 1948
106.3
I Close
Total sales in 31.000 units...
101.22
101.24
31
Low
106.7
Total tales in 31.000 units...
3s. 1946-48
101.22
101.24
18
Close
2*s. 1945Total tales in SI.000 units
105.30
101.18
101.22
11
10.5.9
105.10
High
Total tales <n 31.000 units...
iHlgh
101.18
101.22
16
Low
•
Total sales in SI.COO units.
110.1
ClOBe
2*8. 1949-53
110.1
Low.
12
103
101.19
5
-
31
102.25
112.20
3
8Hs. 1943-47
102.31
102.25
(High
112.20
Close
Total taiet in 31.000 units...
High
55
102.31
102.25
Total sales in SI.000 units
10
112.14
112.12
103.5
Low.
2*8, 1956-59
114.6
High
103.7
103.2
103.8
High
114.6
114.2
18
103.8
103.3
103.3
Close
Low.
18
103.3
103.3
103.4
Total sales in SI,000 units.
114.6
Close
Total tales in 31.000 units...
103.5
103.1
103.4
(High
2 *s, 1951-54
11
17
114.4
114.5
103.4
Low.
109.18
3*s. 1943-46..
29
Close
109.18
(Close
2*8. 1948-51
2*8. 1946-47
4
24
31
39
109.16 to 109.16
104.1
to 104.1
United States Treasury Bills—See
106.3
17
United States
previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
SALE
Monday
May 9
May 7
$ per share
HIGH
$ per share
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
for
Tuesday
Wednesday
May 10
$ per share
Week
$ per share
S per share
$ per share
Shares
Par
100
Abbott Laboratories.—No par
Abraham A Straus
No par
36* Feb
30* Mar 23
200
Acme Start Co
Adams Express
Ne par
Adama-Mlllls
No par
316s Apr 29
6* Mar 30
14*2 Mar 31
165s Mar 31
*41
4318
*41
44
*41
43
*41
*30
*42
40
40
*32*
34
35
33*
9*
*32*
32*
17
17
*32*
*3034
9*
*1534
34
37
*32*
*33*
9*
*1534
37*
*32*
*32*
♦32*
9*
43*
17
♦16
17
*16
*20
21
*20
21
*20
20*
*20
20*
2*
47*
46
2*
46-*
6,800
1
**
1
934
9*
9*
978
Lowest
300
2*
46*
*34
*16
17
20*
2*
457g
*16
20*
46*
*78
10
20*
2*
2*
44
1
78
97g
10
*
95
1*
1*
9*
9*
8
8
*7*
8*
*10
11
*15
15*
*
9*
2*
1
9*
8*
*8
11*
15*
1*
10
8*
934
11*
15*
2*
10
*
10*
8*
*8
11*
15*
10*
1*
6*
*7*
10*
6*
*42*
42.*
6*
148
8*
10*
6*
48
43*
*13*
15*
2
2
*14
20
6*
148
*7*
10
6*
150
8*
10*
6*
*42*
42*
45
*13*
14
*134
*14
634
48
2*
1934
6*
150
*7*
10
6*
*4478
978
95
.«.
9
1*
*834
9
9
S78
9*
*9*
*10*
1*
10
*48
•
6,900
400
2,400
*7*
6*
151
8*
9*
1,600
Allegheny Corp
No par
5*% pf A with $30 war.100
8*
734
1,000
5 * % pf A with $40 war. 100
5,700
11
634
48
14
14
10*
8*
101?
10
10
400
*15*
1534
153g
16
1,200
28
♦25
7*
10
7*
150
43
*12
"7*
*6
152*.
8*
10*
149
300
3,800
*7*
*10*
10*
1,300
6*
6*
7
6*
634
9,700
*44*
48
43l2
44
14*
14*
*44*
423g
14.*
48
45*
14*
10
2*
2*
2
2
1934
*14
18*
6434
*14
20
65
647S
66
65
67
58
59
60
60
60
*56
60
15
14*
15
15*
1434
15
50
50*
50*
50*
14*
*50*
15
50*
15*
50*
6434
7*
152
*7*
*2
*56
50
7*
10*
6*
*4334
♦6*
150
*25
100
Bid and asked prices; no sales on this da
64*
6534
5134
1*
*14*
63
*55*
15
8*
48
43*.
15
178
27,200
600
500
20
63
2,000
60
500
15*
*50*
t In receivership,
100
4,900
230
a Dot.
5
5*% pf A without war. 100
$2.50 prior conv pref.No par
Alegbeny Steel Co
No
16
31
30
2
Mar 31
11* Mar 31
28 May 11
par
Alleghany & W. Ry 6% gtd 100
n
New stock,
r
Cash
23
Jan 24
2*May 9
68* Jan 10
1* Jan
Mar
69
Mar
Dec
85
4334
77g Nov
17*
16*
1*
Oct
Oct
Oct
44* Nov
7
13* Feb 2
95
Apr 16
*
8
Oct
146
Oct
Oct
5*
Feb
59*4
Feb
Oct
69
Feb
10
Oct
Jan 12
Jan 17
10*
Oct
13
Oct
58* Feb
62* Feb
45* Mar
28
Jan 12
10
24
Jan 12
57
Mar 30
Jan
3
10
10
50
Mar 26
Mar 30
46* Apr 27
x
Ex-dlv.
y
Jan 11
Jan 11
Jan 11
Jan 11
72* Feb 21
66
Jan
Aug
Oct
93g
53*
61*
15*
3*
49
166
Jan
Feb
1
34* Mar 31
11* Apr 1
1* Mar 26
par
Jan
5*
1534
11
10
par
Jan
4*
80*
11
0* Jan 10
143g Jan 19
Mar 31
36
7
Mar 31
38
Oct
Aug
22* Mar
28* Feb
Jan 12
Jan 12
Jan 12
1* Jan
17*
17*
173g
17*
2H4
55
Nov
7
100
saie.
103s Jan 10
z20>4 Jan 20
share
Nov
145
4i2Mar26
American Bank Note
6% preferred
delivery,
Jan 14
per
36
103
8% Mar 28
(Del) ..Wo
52
Highest
share $
37
May 11
9?( Jan 17
Alpha Portland Cem
No par
Amalgam Leather Cos Ino...1
6% conv preferred—
50
Amerada Corp
No par
Am Agrlc Chern
Mar 11
176* Jan 10
No par
Allla-CbaJmers Mfg....No
36
$ per
Mar 31
4* Mar 30
par
AlJed Stores Corp..
5% preferred
$ per share
45
Mar 11
124
AUen
Industries lnc
1
AUled Chemical A Dyu.No pat
Allied Kid Co
5
Allied Mills Co Inc..
No
31
Mar 30
6I2 Apr
8
4
May 2
* Mar 30
83s Mar
95
Apr
78 Mar
6* Mar
Lowest
Highest
share
1*8 Jan
40
Alaska Juneau Gold Mln... 10
Albany A Susq RR
100
1*
1*
per
par
8*
734
11*
16*
*6
10
*8*
16
150
Corp
Advance Rumely
No par
Air Reduction Inc
No pa;
Air Way El Appliance..Nf
1.300
28
11*
15*
Address-Multigr
$
25
1*
58*
2*
34
32*
934
9*
9
50*
647S
58*
14*
9*
43*
—
1*
*734
4538
2*
934
♦
9
4334
*14
7«
10*
*27
146
2*
4838
*
78
95
1
2*
934
47*
48
*34
10*
95
I*
2*
4634
46*
9*
33*
9*
Year 1937
EXCHANGE
17
21
9
36
Range for Previous
On Basis of 100-Share Lots
May 11
the
43
9
Range Since Jan. 1
STOCK
Friday
May 13
43
36
YORK
Thursday
May 12
Jan
8
6*
7*
Apr
Oct
Nov
Dee
Oct
110
237s
Jan
Apr
258* Mar
17* Aug
Oct
33* Jan
217, Mar
49
Dec
85
34
Oct
83*
Oct
Oct
39*4 Jan
8?s Ma
6*
8*
1*
19
Oct
61* Not
53* Oct
Mar
Jan
52* Ma
1147s Ma
01* Ja
157, Jan 16
10
Oct
41*
Ja
55
50
Dee
75*
Fe
Mar
Ex-rlghts.
3
^ Galled for redemption.
Volume
LOW
New York Stock Record—Continued—Page 2
146
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
STOCKS
Sales
CENT
NEW
for
Tuesday
May 7
May 9
May 10
Wednesday
May 11
$ per share
$ per share
3 per share
$ per share
Monday
Saturday
32
32%
37i8
1234
37is
13
*80
90
*80
106
106
107
*106
23
106
23
*15
23
*15
*15
♦15
612
I8I4
1214
11
10l2
77i8
1034
78i2
1078
*7714
312
334
334
♦3
*4
73s
*170
500
*16l2
*9i8
2%
18i2
10i2
*16
20
36
36
11
10
10
78*2
77
77%
378
7%
334
2,000
21
10
10*4
18*4
I8I4
1834
10l2
*9
1914
10i2
*16
*9
12i2
3%
35S
19
*9
3
American Crystal Sugar
6%
1,100
19
19
19
*18
20
39
37
37
300
638
*15*2
63s
6*4
6*2
6*2
183s
17*2
183s
55
58
58
12*2
12l2
12i2
12%
334
334
334
3%
lh
"
*6
*15%
1534
6%
3,100
4,500
6
18
1634
17%
59
55
57
1234
1234
1234
13
700
4
32*i
378
378
334
18*4
17*4
*57
59
4U
3134
28i2
12i2
*—
"l634
70
17l2
*26
39
120
*48
*115
*48
52*2
*139
2634
39
40*2
*139
21
2034
221%
8
*714
8
72 %
z68
22
22%
8*8
72
73%
*71
72
*137
139*2
*68
70
*5U
5*2
9i2
139*2 139*2
5*2
5*2
978
74
*61
*4
9*2
*62
4%
31%
618
*27
71*4
AH
31
31*2
6
10*2
978
68
74
4%
31*2
30
33
2858
29%
28 *«
2978
36%
36%
*35%
40%
3534
*15
*28
*11%
23
*119%
-
-
45g
'
30
30%
584
29%
534
578
5*2
*28*2
30*2
297s
28*4
29%
*26%
28%
3534
*35%
407g
30*2
100
13,700
29%
14
*12
14
*12
14
*12
23
22%
24
24
90%
90%
4%
434
484
*91%
434
434
4%
*120
...
99
434
—
*92
47s
500
""166
99
4%
434
34
35
35
36
*35
35%
*35
36
36
36
36
36
*50
75
*50
75
*50
75
*50
75
*50
75
*50
75
30*4
*29%
30%
29
4,100
29
30%
*7
2934
7%
30%
7%
3%
*
3%
80
"5%
5%
*40
*28
75%
7%
"*5%
68%
29%
75%
29
*7514
*75%
"*5%
53
68%
*45
68*4
30%
*29*2
30*2
79%
*76
793s
m
m
-
-
*75%
*75%
29%
44%
4434
45
45
46
18%
18*4
18%
19%
19%
*4%
5%
8%
22%
22
5%
*7
22
41%
*38%
40
----
*75*4
46%
2934
4578
20
19
31%
*5
8%
22%
*4%
5%
9
9
*478
*7%
22%
22
4%
""5%
63s
*52
52
*40
46*2
46%
19
19%
5%
*5*8
*734
2134
10%
2184
10634 10634
7%
7%
7
7*4
*41
41%
*41
41%
678
*40%
*40
42
4134
40%
41%
*76
107
107
"112
7
41%
40%
»
-
*42
46
187«
9%
""106
2134
217g
5,200
5%
*107
110
634
*40%
*112
*5%
6
3%
*14%
6,400
*1*666
*5
3*2
*2%
600
6%
41%
40%
40
1 115
3,900
115
5%
""206
3%
2%
177s
17%
4
4
4%
4
4%
4
4%
378
3%
8,800
7%
83g
8
8%
778
8*4
77g
8
73g
734
2%
57s
6%
534
6%
6%
6%
6*4
6%
6%
6%
578
6%
18,300
7%
7%
7
7%
7%
8%
8
8%
8
8%
7%
7%
6,000
33
33
*32
34
*32
34
*88
90
*88
90
*88
90
*32%
35
*32%
35%
*33%
35%
*75
90
*85
90
*88
90
17%
16%
1634
16%
16%
163g
163*
3*500
7%
7*2
7*2
*7%
7%
*73g
7%
600
*25%
26%
14%
25%
25%
*25%
26%
1334
1334
1334
14%
12,900
16%
16%
7%
7%
7%
7%
7%
*24%
26%
*25%
14%
14»4
14%
26
14%
*1134
1478
12
115
*110
*15%
1634
*91
95%
1434
1334
12
12
12
12
11
11%
115
115
*110
110% 110% *110
16
16
16
*15%
*15%
95
*93
«95
*91
95%
95%
-
-
~
-
—
-
*99
103%
*99
*7
734
7
105
*24
79%
*75%
79%
*75%
11%
12%
17%
1134
12%
1134
7%
79%
12%
17%
*7%
*75%
1134
1434
14%
14%,
1,100
87
87
19
19
13%
13%
13
13
1,100
1234
1234
12
12
3,200
Blaw Knox Co
49%
1434
1434
*14%
1434
14%
14%
*14
87%
87%
88%
88%
88
88
*87%
19
20
19
19
*1334
14
12%
19%
19%
1334
1334
19%
13%
20
14
1334
14
12
1234
12%.
127ft
12
1234
*12
17%
*8
17%.
*12
*37%
62
2634
19%
62
28
26%
27%.
19%
20
2034
37
25%
*20%
47-%
12
17%
*19
17%
*13
17%
*13
17%
*13
*38
45
*37
45
*37
45
8,000
700
1,000
2678
21
2534
*20
26%
2034
this day,
2534
*1934
26%
20%
2434
26%
20
*19%
t In receivership,
a
Def
20
32,800
500
Jan 12
30
734May 12
5% Jan 13
1st preferred
68
Dec
101
Jan
5
83
Nov
125
Mar
Jan 10
33
Dec
7I84
Dec
100
Feb
70
Dec
88
June
68% Mar
35
42
Jan 12
32% Nov
72
Jna 14
00%
27*s Jan 12
7*4 Jan 11
14% Jan 10
24
Mar
1
107
Jan
8
Decl
24*4 Mar
67%
Feb
94*4 May
104
Oct
55% Ma'
6
Oct
29
9
Oct
44
Jan
18
Oct
37
Mar
101*s Sept
Mar 28
Mar 25
Dec
Oct
Mar
110% Feb
18% Mar
52% Mar
94
Mar
Feb
18
133
Mar
Jan
7% Jan 12
4%
Oct
18%
Jan
Jan 12
3%
36%
Feb
6%
3%
20%
4%
Jan 19
2
Dec
Sept
Jan 26
Jan 10
15
Dec
5
Oct
8%
10
Oct
Oct
9%
03%
9%
11%
9%
23*4
40%
47%
2% Oct
3% Sept
10»4 Feb 23
10% Jan 11
13<4 Jan 11
8ept
Feb
Mar
Jan
Jan
Jan
Aug
Mar
Mar
34
Feb 23
30
Oct
45
Feb
Jan 21
95
Mar 22
89
Dec
110%
Feb
19
Feb 23
10%
Oct
10% Jan 12
7*4
Dec
32
NOV
42
9
109
Mar 23
Mar 30
Apr
9
118s Mar 30
90% Apr 29
25
Apr
9
94% Apr 2
684 Mar 31
7734 Mar 19
8% Mar 29
15% Mar 31
2678 Mar 31
Jan
20
108s Feb
12*4 Jan
10
Oct
9
Oot
30
115
103% Feb
8% Jan
18
Mar 30
28
Jan
28%
Feb
90*4
43% Feb
114% July
Oct
Feb
Jan
Jan
Jan
115
Jan
Feb
Jan
Aug
105% Mar
Dec
Oct
Mar
35%
20%
Jan
Dec
Oct
7*8
Mar 31
y
29%
8%
19
43% Mar
Nov
14% Jan
13
Ex-dlv.
Oct
Oct
1
9
82%
75
x
108
Jan
83
40%
057$
16%
98%
9*4 Mar 30
10% Mar 31
13% Apr 4
37
May 10
20% Mar 31
158s Mar 31
Jan
1784 Jan
96% Jan
30% Mar
Mar 31
Mar 30
40
oref——.100
Boeing Airplane Co
5
Bohn Aluminum A Braes
6
Cash gale,
July
Dec
1
21% Mar 29
10% Mar 30
No par
r
100
Nov
6
8*s Jan 12
69
Jan 12
Dec
5
Creamery
New stock
Oct
Jan
70% Mar
16% Feb
17% Jan
12% Mar 30
Blumenthal A Co
a
2%
Oct
Oct
101
86
Bayuk Cigars Inc
delivery,
4%
Feb
99% Mar
126
5% Mar 29
29
Mar 31
Bloomlngdale Broth era.No par
17%
38
Bid and asked prices: no sales on
17%
*32
11%
Feb
3
2
5
88%
1934
33%
4734
79%
11
Dec
119
12% Mar 30
2% Mar 29
60
88
33%
49%
*76
U7S
57
96
Feb
Mar
13*4
3
3
No par
1434
17%
32
47%
79%
500
Jan 12
94% Jan 31
Feb
111
Jan
100
60
100
10
88%
17%.
31%
7%
Oct
Jan
Feb
121%
Nov
preferred
Bangor A Aroostook
Conv 5% preferred
Barber Asphalt Corp
1,300
17%
17%
32
11%
7%
4%
Oct
3
1,500
37,200
*100% 105
93
7%
100
Beatrice
110*4 May
Feb
46
38
Mar 31
17%
12
7%
2
100% Jan 18
07g Jan 10
Dec
39%
Mar 30
32%
98%
*7%
*76
121%Mar
22
Jan 11
4
48%
*100% 105
10%
Jan 11
5
32
*25
37%
9% Jan 10
13
47%
100
Oct
...........
*1738
10
100
7
2% Dec
Jan 11
24*4 Aug
111
48
Voting trust ctfs
Baltimore A Ohio..
17%
32%
*93
500
Oct
4% Apr
No par
(The) ..3
Loco Works..No par
Barnsdal! Oil Co
Feb
97
Oct
43
105
....No par
preferred
69% Mar
Mar 29
36
55 prior A
48%
*25
15%,
97%
Mar 31
4% Mar 25
0% Mar 26
1784 Mar 31
101% Apr 12
684 Mar 30
38>4 Mar 26
Aviation Corp of Del
32
97%
115
15%
14
Automobile. .No par
47%
*14%
7%
49%
17%
48
*93
12
*11%
*110
'
*75%
*31%
16
5
22% Mar 31
40% Apr 13
Atlantic Coast Line
5M%
Feb
10
80% Feb 24
Barker Brothers
79%
90
*73*4 Mar 14
4%
Jan
Feb
3
11
3% Feb 24
30% Jan 13
39
Jan
79
20
Jan 15
18
107% Jan
72
Jan
14%
Oct
Jan
19
3%
Oct
Dec
Oct
Oct
Nov
39
60
Jan 22
49
*99% 105
12
115
*15%
8684 Jan 11
Mar 29
33
31
*11%
*110
*27%
24%
72
68% Mar
Fe--100
...100
No par
100
25
55 preferred w w
No par
Beech Creek RR--—
60
Beech-Nut Packing Co
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation...
5
Beneficial Indus Loan..No par
Best A Co
No par
Bethlehem Steel (Del)-No par
5% preferred
20
7% preferred
100
Blgelow Sani Carp Inc. No par
Black A Decker Mfg Co No par
*15%
*24
*98% 105 "
7%
7%
26
107
Jan 10
40
72
fAuourn
Oct
80
1
RR...100
Atl G A W I SS Lines—No par
5% preferred
100
Atlantic Refining
25
4% conv pref series A...100
Atlas Corp
1
0% pref erred.
60
Atlas Powder
..No par
5% conv preferred
100
Atlas Tack Corp
No par
82
26%
5% pref with warrauts-.lOO
55 pref without warrants 100
preferred
Oct
3584 Feb 23
8% Jan 10
Mar 30
5%
8
3%
27
10
1634
*24
100
"
16%
17%
Mar 19
Jan 20
Assoc Investments Co.-No par
Atch Topeka A Santa
Jan
150%
20%
29%
5% Jan 12
May 12
Austin Nichols
13,900
60
86
*52
Assented
8%
3% Mar 26
28% Mar 28
13934May 11
77g Jan 21
13% Jan 12
100
Goods
1st preferred
Baldwin
7%
Jan
187
100
100
6%
140
4
257g
Oct
Mar 29
900
3%
*2%
*13%
Oct
4
1,200
187g
*4%
*734
6
2% Mar 30
40
ieiaoo
Jan
Mar 30
No par
Associated Dry
«.
28%
82
1
5% Mar 25
Constable Corp
7% 2d preferred
793g
'm
2778
119
Apr
24% Mar 26
400
""300
20
6
68%
20*4
40
40
,
30%
*75%
42
*40%
60
*40
47
107
*48
97
Mar 29
Armstrong Cork Co...No par
Preferred
"^ioo
6
*28%
30%
5%
8%
Mar 26
21% Mar 31
100
preferred
Artloom Corp
6
68%
793s
22%
25
No par
50 conv pref
900
14
140
Feb
3% Mar 31
23% Mar 31
4% Mar 30
1
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Armour A Co of Illinois
6
700
Jan
18% Jan 17
14984 Jan 10
Jan
Feb
Mar 31
778
143*4
Jan
2
80
Oct
128% May
4% Oct
10
3%
3%
*
29%
29%
*76
31*4
2*300
104%
Feb
100
:
Copper Mining
Arnold
*7%
3%
80
*75%
2934
79%
---
*112
115
*110% 115
*110% 115
*110% 115
6
6
*5
5%
*5*s
5%
5%
5%
4
334
*3%
3%
334
3%
*3%
3%
*2
2%
*2
2%
*2%
*2%
2%
2%
18
*15
1734
13
13
13%
15%
13%
37s
734
*3
*_
107
10634 *106% 10634
7
7%
7%
7
65
*29%
3138
*40%
*50
53
578
*45
283g
*106
"5%
534
734
734
3%
80
68%
29%
*7
*
29
2834
22
*3%
3%
80
53
*7*2
7%
3%
5%
*45
2934
31
7%
80
*50
*75%
30%
3%
3%
*
53
53
31%
Jan
Jan
117% Mar 14
99%
20
7%
5078
Dec
Co
No par
Archer Daniels Mldl'd.N© par
700
Jan
26%
6884
Apr 6
Mar 31
"
73%
Dec
7
A P W Paper
2434
*120
99
*92
434
Preferred
Andes
3
Oct
Dec
24
Jan 11
73%May
Apr 16
14
*238
*11%
*2%
14
3
22%
7%
31
53«4 Mar 31
130
Apr 1
378 Mar 28
68
Amer zinc Lead A Smelt
J&n
Feb
99
No par
No par
$6 1st preferred
Woolen
American
fan
68%
148
Dec
20
*11%
Oct
Nov
57
Mar 30
104
40
125
Mar
154
7
6
2,900
6,200
2
May 13
105*4 Mar
72%May
Am Water Wka A Elec.No par
100
Dec
Mar 30
38,800
6%
Nov
58
10«4 Mar 31
104
*120
25
Common class B
41
122
Mar 30
50.50 conv pref erred. No par
104
100
Jan
111
preferred
....100
Am Type Founders Ino
10
900
Jan 17
12% Mar 30
Amer Telep & Teieg Co...100
American Tobacco..
25
AnchorHockGlass Corp No par
*102
*90
Jan 15
46% Mar
101% Aug
101% Mar 31
100
16
*119%
170
Oct
Deo
100
Preferred
29
102
*119%
Oct
Oct
3484 Jan 10
IH4 Jan 18
Anaconda W A Cable..No par
*23
Feb
9%
Jan
16%
63%
15% Mar 31
6% Mar 31
21% Mar 30
No par
Stores
American Sugar
300
2434
29%
140
52
54,300
102
*23
Oct
140
36%
15%
*2%
26
7
28%
3
Jan
Jan
Jan 12
87%
72%
Jan 17
277s
*15
*2%
Dec
16%
Oct
131
*33%
*14%
16
31%
Oct
Refining..100
Amer Steel Foundries..No par
American
Mar 29
4584 Apr
130
Am Sumatra Tobacco..No par
33
16
23
100
2284 Apr 1
28% Mar 31
103
36%
*25
Dec
3
78
29%
36*2
*1434
3
Mar 29
55 prior conv pref
25
Anaconda Copper Mining..50
33
Feb
20
22% Jan 15
1,400
2,300
5%
102
*22
25
preferred
0%
300
30
*15
2%
American Snuff
7,400
4%
5%
100
Preferred
200
74
*2 %
-
Amer Smelting A Refg.No par
2,400
*68
30
6
Amer Ship Building Co.No par
100
71
74
31*8
129%
Mar
300
71
4%
Jan
6884 Mar
Nov
Feb
72
*68
24*4 Nov
100
Feb
71%
4%
13%
68
1,100
74
Oct
29
69%
434
3
36
69%
6
*4
29% Mar
Dec
69
10*2
*68
Feb
Oct
7% Oct
24% Dec
20,800
107% 107% *107% 107%
173s
17%
17%
17%
131% 132%
131% 133
13934 13934 *136% 13934
534
534
5%
5%
10
10%
9%
10%
4*2
Mar 30
58
...100
Feb
Oct
10%
31
33
15134May 10
13% Mar 30
25
4H% conv pref
Mar 31
9
100
68%
125
63
16%
900
9%
68
Preferred
American Rolling Mill
Oct
484 Mar
Feb
14% Jan 12
35% Jan 11
56*4 Jan 12
1,400
578
534
1C34
16% Mar 31
Am Rad A Stand San'y.No par
17*4 Mar
207g Jan 12
68
139% 13934
No par
27%
Dec
7% Mar 26
71
71
preferred
62% Mar
Oct
Oct
15% Mar 31
70
*68*2
19
65*4 Mar
Oct
14%
Feb
Jan
Jan
Jan
Oct
14% Feb 23
165% Jan 12
3% Mar 29
No par
Jan
Feb
11% Mar
American Seating Co..No par
8
*100
93
*89
13278
Mar 29
20
preferred
687s
21
Oct
American Safety Rator.. 18.50
28
16
3
<»
132
*7%
27
Mar 30
99% Mar 30
100
$5
10
21%
21%
83s
29
preferred
Jan
Jan
14
2
25
17
10
12
3884 Jan 12
105% Mar 24
29% Jan 18
7% Jan 12
40% Jan 12
23fi Mar 31
Jan
2%
20%
32%
1%
77g Jan 11
23%
74%
14%
6%
1384
687g
38%
1,300
140
102
23
*22
18
*17*4
2*2* "
21%
*734
*28
18
Mar 31
Oct
14% Dec
7*4 Oct
Jan 13
Mar
Dec
584
Oct
684
Mar 28
50
400
2%
17%
99% Mar
13% Jan
800
16
13%
*23S
107
140
5,800
Jan
Mar
175
Jan 22
3784 Jan 14
2% Feb 26
Mar 31
American News Co new No par
30
17
Oct
225
26
Amer Power A Light...No par
25,300
Oct
Mar 26
Mar 30
10
57,200
11,800
16,100
Oot
5
Mar 29
45
""260
10
*100
1534
102
*100
29%
107
72l2
578
*28*4
28*2
33
8*2
7*2
70
4*2
6
55s
22%
2134
10
27
27
27
28%
39
3934
37%
39%
117% 11978 *117% 119%
50
50
*49%
51
*139
*28
139*2 139*2
5*2
51*2
*139
27
2834
277s
2734
2612 2758
*107*2 108
*107's 108
*107*2 108
18
18
*17
*17*4
16%
16%
129
13134
131*2 133
130% 131
70
40*s
*50
51*2
8
21%
8
27
3834
*139
10
*934
*117*2 120
120
*50
51*2
10
27
4078
*115
122
10
10*4
2634
IOI4
27*2
*2634
38%
40
120
10
10
Ids
27l2
conv
Nov
2
4% Jan 13
Mar 30
12% Mar 29
Amer Metal Co Ltd...No par
Oct
80
1984 Feb 25
Jan 18
Mar 29
100
3,000
1018
•
100
Preferred
6%
12%
23% Mar
30*4 Mar
33% Jan
Jan 18
12
No par
31
31
32
33
3134 3134
315s 33
*1021? 110
*105
110
*105
110
*102*2 110
*102% 115
24
24
24
23
24
24
23*4 2334
24*4
*23*4
24l2
6
5
6
6%
57s
5%
5%
5*2
5%
6*4
57g
33
31
34
35%
35*2
33k
3334 3634
3214
3012 345s
28
27
30%
30% 32
31*4
2934
3234
3078
29*4
2878
13
12%
12%
123s
12%
12*2
1234
1238
12%
13*s
127S
#
*
*
153
153
153
152
*_
152
15134 152
*17*
17
16%
1634
1634
17
1738
1678
1634
"l634 17*4
71
71
71%
70
71
*70% 72% *70%
*70
703s
713S
17
*17%
17
17% 17%
1734
173s
17*2
17*2
17%
17*2
99
8%
3034
1%
1334
4%
50
Ice
2,500
3234
*2314
preferred
Amer Internat Corp
No par
American Locomotive..No par
*10212 115
Jan
5%
12
9
2
334
358
Aug
29
177
Mar 20
9%May
1
6% non-cum pref
600
1212
17*8
*57
112
Dec
Oot
Oct
6% Jan 17
Jan 22
10
10
Amer Mach A Fdy Co..No par
Amer Mach A Metais..No par
*12
Oct
20%
25% Feb 25
11% Jan 14
American Home Products... 1
"""BOO
6%
preferred
6%
90
5% Mar 30
American Hide & Leather
American
*1%
16
1534
Apr
33*4 Aug
Feb 7
Feb 21
Jan 15
Jan 12
13% Mar 29
Amer Hawaiian SS Co
100
*36
16
150
No par
No par
200
3
37
*15*8
Feb
Oct
No par
10
800
10%
*36
15
104%
Oct
4% Jan 13
preferred
1878
134
Oct
11%
80
2% Mar 30
$7
♦li'4
*1%
177
100
57 2d preferred A
38
134
16
36
Jan 16
Jan
484 Jan 12
Mar 29
4
Amer A For'n Power...No par
6,200
20
*1%
Feb
Feb
83
Mar 29
May 13
2% Mar 25
2,800
*36
134
71
Feb
80*4
19%
8%
1384
I684
8% Mar 30
97s
*17*4
*158
Jan
Oct
50
77
100
Encaustic Tiling..1
20*2
1934
178
10
let preferred
American
9,900
*278
174
27% Jan 12
Mar 31
9
334
*9
3
Oct
8
88% Mar 31
19% Feb 7
4% Mar 29
Amer Express Co
500
*16
10%
278
15178
15%
Feb
No par
9*2
21
1078
167
J(AUegCo>25
20*2
2134
10%
121
Chicle
3*2
378
Dec
17% Jan 17
Amer European Sees ...No par
7H
*170
500
334
4
21
17
18%
*170
500
35s
09
100% Jan 24
108 May 12
70
*334
3%
534
55
1212
39
*10
*7758
378
7%
55
1778
1,600
1C34
78*2
*17C
100
9% Mar 29
American
share
Oct
Dec
89% Feb 18
Am Comm'l Alcohol Corp..20
3%
*4
27
100
per
28
109
100
preferred
American Color type Co....10
*10
10*2
3
Preferred
Am Chain A Cable Inc. No par
share $
per
3
42% Jan
12% Mar 30
900
10*2
21 s4
*158
15
55
7
10*2
37
37
6%
6l8
*6*4
9*4
9i8
278
*17
16
*15
7
10%
358
9i8
234
178
7
1058
*77%
500
American Car A F6y...No par
Highest
Lowest
$
share
125% Feb 2
91% Feb 23
Apr 21
100
""806
7
*4
25
per
Am Coal Co oi N
"""760
105s
*4
Can
5
23% Mar 31
114
100
Preferred
5%
23
334
Lots
Highest
share
70'4 Jan 3
160% Mar 30
600
4,300
12*2
*15
oonv pref
American
95
*106% 110
18*2
18
35
12*2
23
20*4
334
1
*1%
*15
4,800
1834
35
106*2 108
23
10%
9
*170
22
93s
2%
*4
18*2
*80
514%
500
162
162
95
105s
3%
912
334
275
20
20
9l2
10*4
*80
106*2
7
7*s
*77*4
95
2,700
87*2
87*2
87*2
10*2
10%
78k
334
10*2
73s
*170
334
3%
20
7
6i2
1078
1078
78l2
334
6l2
10%
612
11
89i4
5 per
Am Brake Shoe A F6y.N0 par
260
*120*4 124
123
Lowest
Par
2,000
32*8
32*8
32*2
123
13i4
*80
*10512 108
Shares
32*2
125
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of 100-Share
STOCK
Week
$ per share
16H2 16H2
1878
19%
36i4
36i4
13
13i4
19U
3712
*35
90
♦80
32i4
May 13
S per share
87
89*4
87*2
162
162i2 *16078 163
19*2
19*2
18*4
19
36
36
36
36*2
13
13*4
1234 13%
88i2
161i2
19i8
32*4
Thursday
May 12
90
♦1603s 16212 *161
1834
3234
123i8 *123
123
88i2
87
88
86%
32
31% 32i2
*123i2 125
125
125
YORK
EXCHANGE
the
Friday
3137
15
Oct
29
Dec
41
Oct
14
Oct
16%
Feb
88% July
30% Feb
23% Jan
62*4 Jan
106% Mar
20
Jan
129%
69%
Feb
Feb
38
Jan
17% Jan
85% Nov
22% Dec
13% Nov
15% Mar
17% Jan
Oct
29% Mar
16*8
Dec
32%
50
Feb
50
Dec
94%
35% Jan
10
Oct
49*4 Mar
21
Oct
48%
30
Jan
Ex-rights.
9
Jan
Jan
Feb
1 Called for redemption.
New York Stock Record—Continued—Page 3
3138
HIGH
AND
LOW
SALE PRICES—PER
SHARE.
NOT PER
Monday
May 7
May 9
May 10
t per share
$ per share
? per share
Tuesday.
Wednesday
Range Since Jan. 1
*85
87
*85
87
*4318
44
44
44
10
10
*834
10%
16*4
44
10'4
16%
16'8
1612
16%
21 %
21%
2118
2178
*2%
*1412
7>4
234
17
7%
234
234
21%
*2%
16%
22%
3
19%
19%
17
19%
17
May 13
I per share
$ per share
Shares
17
87
87
87
44%
44%
44%
*9
11
*9%
16%
11
16%
16%
21%
22%
*234
3
16%
16%
7%
8%
734
8%
19%
*2334
20%
19%
*2314
*32%
20%
26
33
8
26
32*2
*1%
*5
♦23
26
Mh
1%
5%
*24
*32i4
1%
33
178
1%
2
57g
678
7
8
734
8%
8
9
9
934
9%
7%
7%
20% 21
16V 16%
*28'2 81
*7*4
8%
8%
8%
22
7%
8%
*1714
8'2
15'<4
16%
30
734
75%
75%
4%
35
7%
4%
35
8
8
75%
4%
35
32
"""700
Bristol-Myers Co
2
Brooklyn Union Gas.—No par
2
8
7%
10%
28%
9%
*29
4%
36
8%
8%
16%
2%
*8%
834
8%
1534
1534
*2
2%
7%
*6%
7%
15%
*2%
*634
*6%
8%
29
1.500
4,300
25,800
6,400
16
15
15
3,600
31
*29
31
100
8
600
7%
*734
*75%
2
27
7%
8%
*7%
734
80
r79
434
36%
334
3%
21%
18
4%
18
8%
16
4%
*6%
*24
29
*25
28%
28%
28%
27%
27%
27
18
16
16
16
16%
16
2034
21
21%
21%
60
20%
*47%
21
*47
50
*4734
50
*20%
*48%
1%
*12
12
13%
*18l2
19%
314
314
3%
♦8i4
8i2
8
6%
19%
3%
8%
*6%
6'4
*19
6%
*19
*3
8%
*48
50
lh
1%
1%
13g
7'%
7%
7
7%
7%
11%
11%
15)2
11%
11%
15%
15
*3712
11%
1434
*37%
50
6%
*2512
6l2
*3134
*6534
6'4
27
14'4
6%
*26
6%
*40
50
6
6%
191
6%
27
*25%
6
*12
6
1%
7%
11%
15%
44
6%
1334
6%
6%
6%
6%
19%
19%
19%
3%
*18%
3
3%
3
8%
834
8%
1%
1%
7%
7%
7%
10%
14%
*37%
11%
15%
*1034
15%
*37%
6
27
*25%
6
*5%
44
6%
26%
57g
40
*3134
40
*3134
40
75
*67
75
*67%
75
*67%
75.
1414
3%
*14
1434
*14
15
15
15
3
3
79
81
*3
3%
3%
*81
82
7934 8234
81% 83
*102I2 105
*103% 10434 *103% 10434
44
44
44
45
45
43%
*104
110
*105
107% *105% 107%
13%
1378
1334
14%
13%
14%
*49
1%
*5%
*3134
3
*12
*6%
40
3i8
*12
*1834
3%
834
H2
16
12
106
13%
*3
7934
10434 10434
4434 45
106
6
*25%
*5%
*3134
*6834
13%
105
xlSh
*104
14%
1334
*3
934
9
Bulova
Bui lard
800
Burlington
5
16%
50
40
*3134
40
75
*0834
*13%
75
13*4
3%
*3
81
77%
105
105
4334
4234
110
105
1334
<■»
-
Cannon Mills
•»
m
400
3%
7934
700
Carriers A General
105
Caterpillar Tractor
200
5%
preferred
100
Celanese Corp of Amer.No par
7% prior preferred
100
4,200
*75
9312
*75
93%
*75
13%
93%
*18%
19
*18%
19
*18%
19
200
*56
62
*55
62
58
58
60
60
62
*60
62
90
*2214
23
23
23
*22%
2234
23%
*22%
23%
*22
3%
3%
27g
3%
10
4
5%
*3%
*93%
3578
98%
*93%
35
*9314 104
35%
11
*8
5'%
36%
36
10
10
5%
*534
6
4
4
4
4
98%
3634
93%
35%
93%
37%
7%
28%
6*4
67g
6%
27%
27%
9834
27%
634
27%
97%
97%
2i
20%
*7%
21
*19"
27
28
27
99
99
99
9834
1834
634
7%
19
19
19%
%
19%
*7%
19%
35
35
35
28%
79%
*%
*1%
2934
29%
30%
7934
79
80
9
*7%
2938
*79
*%
2
3
2
*1%
2%
34
3%
h
h
3
9
3
*8
9
*%
*2%
800
1%
1%
1%
1%
1
1
1
1
1
2%
2%
2%
2%
2%
2%
11%
11%
27%
12%
2734
*34
*1%
1
11%
27%
*34
1%
134
27
1
1%
1%
*1%
134
*1%
934
*8%
*1334
*8%
9%
*9
14
4
14
*4
4%
14
*11
11%
11%
63
63
63
*52
60
*52
4
4%
3234
46%
11%
*62%
*13
60
*30
33
44
*30
44%
234
4334
234
16
*2%
17
102
*12%
*117
8%
*17%
*60%
42%
13%
42%
13%
117%
134% 136
59
*58%
*940
108
75
42
*%
*4
1%
1%
1
1
1
1
1
27g
12%
2%
11%
*2%
3
500
27%
2634
2%
117g
2634
1
1%
*1%
*1%
134
9%
13%
4%
33
*27%
46 %
45
4
33
463g
117%
*133%
58%
*8%
1%
1*4
1*4
9
147g
4%
♦24%
33
447g
46
4%
60
*56
60
*52
60
*52
3
17
*234
*15
3
16
*107% 108% *107% 108%
18%
18% *18%
18%
19
75
*63
75
*60% 70
44
44
4434
45%
45%
13
13%
13%
13%
13%
124
*115
117% *115
118
133
134
134
134%
134%
*58
59
*58
58%
59
8%
*940
"8%
834
*940
"9%
834
85%
85%
*84%
20%
20%
20%
20%
*
13%
13%
5
5
5
7%
9%
86
92
*Il"
28
12%
90
90
92
92
28
*11
28
*11
28
13%
13%
5%
5%
*7
7%
*5
17%
17%
17%
17
17
16%
*63%
67
*65
*5
17%
17
17%
17%
13%
5%
13%
5%
8
734
*6%
17%
9%
17%
108% 108%
13%
5%
8%
8
19
18
*63
75
*63
43%
45
42%
13%
13%
13
118
118
133% 135
58%
*58
8%
*84%
66%
68
6834
68%
1234
33%
12%
12%
33%
12
64
1234
33%
7%
64%
12
33%
12%
12%
7
6%
7%
33%
6%
62
*62%
65%
62%
62%
55
55
55
54
55
"32%
33%
32%
33
3234
32%
92
*90
94
91
91
3834
39
3734
*97% 100
7%
7%
1%
1%
41
44%
27
2734
92
36%
100
7
*
55
31%
*90
36%
*97
7%
1%
4134
26%
♦
7
134
42%
27%
41
1%
26
33
100
7%
1%
44%
27%
*
7%
6%
37% 38%
*98% 100
7%
1%
44
27
*91
7%
66%
100
*3734
38%
*98% 100
*31%
6%
400
80
700
90
1,000
600
3,100
200
55
*91
130
~V,2o6
59,000
*53
3134
210
7%
68
32%
100
100
38
5,000
100
100
6%
1%
1*4
43%
1%
45
44%
28
27
27
1%
41%
26%
{ In receivership,
9,800
7%
1%
65,300
43%
8% Mar 31
% Mar 28
«4 Mar 26
Jan
5
Oct
89
Dec
*
1% Feb 23
3*4 Jan 13
1% Jan 10
2
5% Jan 10
3
Oct
2% Jan 22
2%
Dec
14
1
Oct
1
Jan 11
Oct
Oct
10
Deo
5
%
1% Jan 10
1*4 Jan 10
1%
Oct
84 Mar 29
Dec
Mar 31
4% Jan 12
%
2%
684
Oct
Dec
Dec
Oct
2
6% Mar 31
par
22
Mar 30
% Mar 31
3% Mar 30
5
No par
Mar 30
5
100
59
64
Mar 22
5
2
Mar 24
Clark
Equipment
No par
C C C A St Louis Ry Co... 100
5% preferred
100
Clev El Ilium 14.50 pf.No
par
Jan
12% Jan 15
10% Mar 26
Coca-Cola Inter. Corp..No par
Colgate Paimollve-Peet No par
6% preferred
100
Collins A Alkman..
28*4
Jan 20
*4
Jan 11
Dec
Dec
1%
1
16*4 Feb 18
5% Jan 12
12
36
3
Feb 23
Feb 28
3*4 Jan
24
Mar 28
75
Mar 26
7
15% Mar 26
112
Mar 12
67% Apr *16
32% Mar 29
10% Mar 31
111
26% Jan 10
76
3
118
May 12
105% Mar 30
136
May
Mar 28
59
5
7% Mar 30
80
Apr 4
976
58
976
No par
Jan
May
7
Oct
98
May
82
Oct
24% Nov
13% Dec
110% Dec
93*4 Oct
56%
Jan
5
11% Jan 12
95% Jan
Oct
Dec
102*4 June
19% Dec
Jan 26
May
Oct
Oct
179
Jan 27
45%May 11
15% Feb 17
Oct
Dec
17%
Jan 12
150
Oct
2
7
Mar 26
Apr
Oct
37
75
106
Oct
6%
Jan 12
Mar 28
7% gtd.50
Molybdenum..No par
Cluett Peabody A Co..No par
Preferred
100
Coca-Cola Co (The)...No par
Class A
No par
Jan
Jan 17
150
Clev Graph Bronze Co (The) 1
Clev A Pitts RR Co
Climax
Mar 29
100
City Stores—
8%
Oct
95
4
Dec
Dec
27% Jan
18
5% conv preferred..
100
Beacon Oil...No par
Colo Fuel A Iron
Corp.No par
88
Mar 31
96
Jan
98*4 Nov
20% Mar 24
9% Mar 30
29
Feb
26
20
Jan
Colorado A Southern.—.100
4% 1st preferred
100
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
8*4 Jan
II84 Jan
9% Jan
11%
5%
27
15,100
13% Mar 31
4% 2d preferred
100
Columbia Brd Syslnc clA 2.50
Class B
a.50
Columbian Carbon
v 10
13
No par
No par
6% preferred series A
5% preferred
Commercial
Credit
Mar 29
6384 Apr
Columbia Plot v t c
S2.75 conv preferred.No
par
Columbia Gas A Elec__No par
9
1
Mar 30
27% Apr 1
5% Mar 30
57 May
3
54 May 12
100
100
Jan
65
15% Jan
10
34
Mar
25*4
9% Jan
z4%
79
Jan
Jan
—.10
Mar 30
38*4 Jan
84
Mar 28
95
Solvents
*6
preferred series
n
New stock,
r
Dec
Dec
Nov
Oct
Dec
Oct
Oct
z68%
64%
30%
Dec
Dec
80
Dec
34
Deo
100
May
86
Deo
5% Mar 30
10
Jan
5
Oct
90
44*4 Jan
par
1
Mar 29
S
Jan
1
Oct
No par
25
Mar 31
45
34
Oct
22% Mar 30
28
May
May
Commonwealth Edison Co.-25
delivery,
Mar
18%
Jan 31
31% Mar 31
No par
Commonwlth A Sou...No
Dec
76
4%% conv preferred
100
Comm'l Invest Trust._No par
14.25 conv pf aer *35.No par
Commercial
Dec
7%
16*4
65
Jan
Oct
Deo
8
,
22% Jan
21% Jan
23
10,800
a Def
Corp...
$X% preferred
City Investing Co
90
3,700
37
7%
89
Apr 26
% Mar 18
1% Mar 23
% Jan 26
2% Mar 26
1% Mar 28
No par
City Ice A Fuel
2,100
100
7%
Oct
Nov
31
Colonl*1
60
1,500
33%
65
7%
Bid and asked prices; no sales on this day
*31%
7%
64%
5
z40
Dec
9%
68%
12%
12% Jan 11
48% Mar 2
38% Jan 17
Dec
28
17
Mar 23
58
92
*16
30% Jan 12
3% Oct
18% Oct
103% Dec
25% Nov
57
92
634
4
Dec
60
"""800
300
16%
Mar
34*4
11
1,900
16%
8% Jan 10
32% Feb 23
106
Oct
Sept
13% Jan 12
67% Feb 3
84%
*5
95
Apr 2
46% Jan 11
10
360
208g
17
4
Oct
104
46%
20
17
May
Oct
3i»
63% Jan 15
84%
17%
5% Jan 20
35% Mar 31
86
13%
5%
Jan 10
8% Jan 10
Chrysler
m
13%
92
11
June
Mar 29
m
800
91
Oct
Oct
12
m
"3~3o6
68
34%
36%
m
"~9~ 900
*12%
*4%
634
Oct
3
Mar 29
100
100
preferred
Jan
4% Jan 12
27
1,900
m m
75
*11
Dec
62
Chic kasha Cotton Oil..
10
Chllds Co
No par
Chile Copper Co
25
20%
28
13%
13%
*4%)/
5%
*6'%
8%
*5
9%
Dec
19%
7
300
20%
*11%
Dec
90
Jan 12
25% Jan
12*4 Jan 12
"884
8%
13
94
Mar 28
4384
118
Dec
Mar 25
*940
9%
68
12%
18%
97
1
200
66%
69
108
May 11
18% Jan 12
1% Mar 28
2,200
16%
*33%
*90
16
106
8
58%
58%
16%
1234
*97
27g
Nov
par
13234 134%
18
35%
55
*115
*17
11%
32%
108
17%
*32%
"31%
*15
*18%
*940
834
20
*
234
Dec
40
Chicago Yellow Cab...No
60
*234
16
conv
Nov
97
100
"300
1,200
64
80
109% Mar 3
55% Jan 10
32%
1%
2%
2%
1134
64
4% Jan 12
97% Jan 20
{Chic Rock Lsl A Pacific.—100
7% .preferred.—.
100
6% preferred
100
76,900
1134
3
$3
700
447g
64
20
634
33
Oct
13% Nov
2% Oct
70
25
100
Chicago Pneumat Tool No
8,300
1%
14%
4%
A
Preferred
m'mmm'm
9
11%
20
61
*1%
*8%
*13%
4%
*24%
*4234
1134
Deo
90
Jan 11
Mar 26
7
{Chic Mil St P A Pao..No par
5% preferred
100
{Chicago A North West'n.100
_
1*4
64
20
*5
1
11%
86
*6%
*34
64
*84
92
147g
117g
..
27%
1
*63
86
*n"
9
11%
*26%
*4
64
*84
*
*34
*%
37%
Jan 17
27% Mar 30
23% Mar 26
par
6% preferred
100
{Chicago Great Western.. 100
4% preferred
.100
{Chic Ind A Loulsv 4% pf_100
Chicago Mall Order Co
5
1,300
*1%
17
Preferred series
2,300
1
108
*1040
"
*2%
*16
500
1034
1 *4
*9%
13%
11%
*10
1
1%
11%
1034
.
*4
9%
14%
4
*10
200
102
*107% 108
1834
1834
*65
*52
3
*14%
16
*24%
4434
11%
*62%
1%
1034
Apr 18
Jan 25
18
Oct
Nov
Dec
105
4% Mar 30
17% Mar 31
97%May 12
No par
5
Cab
{Chic A East III Ry Co
rn
4,600
1
.
■
%
3%
1%
*34
1%
300
2%
%
28
Oct
Dec
4%
7
100
Chesapeake Corp
No
Chesapeake A Ohio Ry
12,400
**4
10%
Common..—
Checker
m
3%
*1%
1
10%
mm'm
mm mm
2
6%
Jan 15
7% Feb 25
3% Mar 31
93% May 11
26% Mar 29
1
6% prior preferred
1,300
89
44
8% Jan 10
4
Cham Pap A Fib Co 6% pf 100
1,900
m
2%
1
27
Certain-Teed Products
~
9%
Jan 11
99% Apr 11
.100
60
%
10%
♦%
Preferred..
440
3%
2
Dec
Century Ribbon Mills.-No par
*%
2
10
Feb 23
Central Vtoieta Sugar Co.-.19
3%
*1%
2
Oct
Jan 10
200
*4
%
1
2%
4
300
2,200
1
Dec
Oct
1
Jan 11
200
6%
27%
*%
49%
Jan 10
28
Cerro de Pasco Copper.No par
28%
Feb 18
Mar 26
3%
1034
10%
2%
1
27%
*757g
Jan 11
Oct
Dec
Mar 31
*4
*%
27
80%
*%
2%
2934
Oct
12%
18%
2
6,700
87g
Oct
24
Jan 12
20
10
Oct
Oct
Jan 11
Central Foundry Co
1
Central 111 Lt 4>i% pref.,100
Central RR of New Jersey. 100
3%
*1%
*10%
*%
1%
*10%
10%
*24%
*34
*1%
*1%
80%
1
35
4
Oct
6
62% Feb 26
%
1034
%
*2%
28%
878
35%
29%
35
Jan
12% Mar 26
5%
Jan 10
Mar 28
98%
6%
*26
*
Mar 30
9
92
No par
4
Oct
16%
2%
Feb 23
4% Jan 10
36
Oct
Dec
10
8% Feb 25
22
Oct
6%
Jan 12
46
3%
*1%
-
3734
100
2834
*80
2%
♦%
2
"I934
34%
1
%
2
*%
234
♦1%
10%
*%
•
35
9
34%
*76%
G34
16
Oct
184
Jan 17
preferred
100
Central Agulrre Assoc.-No par
_
35
7
26%
6
4%
98%
Co
100% Jan
5%
2,800
20%
*7%
*3234
7
*98%
*8%
12
5%
4
*26%
34%
287g
*9%
*5%
5%
Celotex
200
2334
2%
27g
*9934 102
*9%
9%
*5%
534
4%
*334
*93%
98%
38
3634
*9934 102
*3%
*93%
37%
11
18
29% Mar 31
100
Preferred
220
2,800
19
10
Dec
15
3% Jan 15
86
2% Mar 25
62% Mar 31
98% Jan 3
Oct
684
4
Jan 11
9% Feb 26
20% Jan 10
40
1
Corp
Oct
10%
Mar 29
13
Oct
20
63% Apr 14
5
-
Case (J I) Co
2,700
43%
2
No par
Carpenter Steel Co
105
Mar 30
May
2%
35
Oct
Dec
Dec
Oct
4% Mar 3i
34% Mar 28
100
1434
94
13%
1
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
m•
m
6
21
Capital Admin class A
200
-mmm
-.25
No par
Canadian Pacific Ry
16,900
«.
57g
6%
76
32% Mar
44
6%
8
2%
24%
37% Apr 29
Mar 31
Canada Dry Ginger Ale
Canada Sou Ry Co
*18%
*3%
984 Jan
81% Jan27
-.100
Mar 31
1
15% Mar 30
Dec
Deo
9% Apr 1
12% Mar 30
27
21
6
5
45
1
Dec
Jan 10
Campbell W A C Fdy.-No par
Mar 30
No par
50
preferred
Mar 31
13
Oct
Dec
7
10
17
*25%
*5%
57g
1
5%
Dec
5% Mar 30
6
6%
27
Dec
15%
Calumet A Hecla Cons Cop. .5
50
28
Oct
34
5,600
1,500
28,200
1034
Dec
Jan 13
7
5%
22
Jan 24
Callahan Zinc-Lead.-.-
1,000
Oct
Jan 13
21% Jan 11
"4^266
20
No par
Byron Jackson Co.California Packing
51
*75
*5'8
37
1%
21%
19%
*9934 10134
Mar 31
Dec
41
10%
1534
*37%
1%
7%
11%
580
800
15%
284 Jan 13
984 Jan 13
13% Jan 13
6%
50
No par
Participating preferred.-100
Deo
Oct
Jan 20
11%
36*4
19%
24%
49%
2%
10%
15*4
19*4
94
23%
3%
3%
»9934 102
6
Byers Co (A M)
3,900
*75
*9934 102
11
*9%
5% Mar 31
16% Mar 30
2% Mar 30
30
*18%
3%
10
Butler Bros
5% conv preferred
19
3
4% Mar 26
6% Mar 30
{Bush Term Bidg gu pf ctfa 100
Butte Copper A Zinc
94
3is
*9934 102
100
100
19
3
-.No par
900
*75
60
1
Mills Corp
Dec
3
6% Jan 12
Debentures...-
1,100
16
22*4
54% Jan 11
5% Jan 20
J Bush Terminal.-
Dec
7
Mar 26
15% Mar 26
13% Mar 31
684 Mar 29
14% Mar 31
1% Mar 28
Oct
Oct
11
18
Mar 26
Burroughs Add Mach..No par
"■""*10
70*4
Jan 11
3% Mar 31
No par
No par
share
per
39
Jan 13
3
Co
400
34
5
Jan 20
25
Watch
2,500
share
Jan 12
Apr 12
Jan 13
Jan 12
Jan 10
Jan 10
100
Budd Wheel
400
16
21
16
21
16
*20
15%
20%
3134
16%
29
16
6
75
No par
M'r
preferred
7%
5% Mar 31
Apr 18
5
per
92%
4484
13%
19%
28%
4%
22%
10%
26%
30%
...No par
Budd fE G)
400
3
*16% Mar 31
10% Mar 29
30 May 11
5% Mar 26
100
irelwrred
7%
Feb
5% Mar 30
preferred series A-No par
Bucyrus-Erle Co.-
Mar 30
1% Mar 25
3% Mar 26
preferred
No par
Transit.-No par
-.No par
Bruns-Balke-Collender.No par
1,100
2,800
7%
13%
6%
1834
3%
9%
30%
*12
$6
5,300
334
2034
17%
8%
15%
2%
28
5
Brown Shoe Co.-
80
3934
15%
2%
2%
7%
1334
$6
18
Bklyn-Manb
1,100
3%
20%
17%
8%
2l3g
18
734
79
36
3 >8
21%
8%
10%
Mar 29
5% Mar 31
1284 Mar 30
Brooklyn A Queens Tr.No par
2
734
934
2734
15%
Mar 23
14
Manufacturing.No par
Brlggs A Stratton
No par
Brlggs
*32
16%
2%
*6)4
7l2
13%
2
Bridgeport Brass Co—No par
10,400
8,400
33
8%
2%
500
734
5
9%May 6
15% Mar 31
16% Mar 31
100
Bower Roller Bearing Co..17
*32%
16%
2%
17
7%
18%
$
6
Jan
Boston A Maine RR
100
share
Apr
40
6
Corp—
per
Year 1937
Lowest
Highest
82
.>>.-15
Borg-Warner
5,600
*24
2134
17%
*17%
17
734
--
Borden Co (The)
5,800
16%
21%
3%
I
1
Bond Stores Inc
26
21%
17%
21
100
B.
Class
*23
434
37
334
17
180
11
Par
No par
No par
Bon Ami cows A
20
44
*9%
*16%
2034
*234
3
87
44
1634
21%
Range for Previous
Basis of 100 Share Lots
Lowest
18%
25%
3%
2%
*6%
26
30
*86
19%
18%
*33,
*8%
16
15*4
*2
27%
16'%
31
8%
734
21%
*2%
*16%
734
2
10%
28%
16%
734
478
37
334
21%
18
18
2
75%
4%
*35%
3%
2034
*17%
*8
33
*7%
80
312
22
2112
16%
*29%
8%
*75
4%
36i2
4i4
36i2
312
2534
25'2
17%
32
7^%
16%
*28%
80
*76
33
26%
On
Week
*85%
*4334
1938
EXCHANGE
$ per share
87
*43%
*9%
17
STOCKS
NEW YORK STOCK
the
CENT
Thursday
May 12
Friday
May 11
*84%
7i2
18i2
Sales
for
Saturday
May 14,
Cash sale.
z
Ex-div.
y
Ex-rlghts.
J Called for redemption.
Volume
New York Stock Record—Continued—Page 4
146
AND
Saturday
SALE
HIGH
PRICES—PER
Tuesday
Monday
SHARE,
Wednesday
STOCKS
NEW YORK STOCK
the
CENT
PER
NOT
Sales
Sot
LOW
EXCHANGE
Friday
Thursday
May 7
May 9
May 10
May 11
May 12
May 13
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
678
8*4
*634
*7*4
8*2
*4%
6*4
*4%
21'4
21%
205s
*7
7%
*7%
17%
16%
7%
17
1758
6%
21%
*57g
21
21
*6%
8*4
17
678
*4i2
20*2
20
1978
7
*7
8*2
8*4
7
6%
*58
61
*59*2
61
*59*2
61
*59
61
61
*75
80
*75*4
80
*75*4
80
80
80
*75^4
*1*4
7
1*2
7*4
*6%
1%
*1*4
13s
138
1%
6*2
*5*2
24%
6*2
*5*2
6*4
6*4
6*4
26%
25*2
26*2
2578
2678
x25%
9484
95
95*8
97
96%
96%
3*4
96*4
96%
97
*3%
3*4
33«
*3*8
9
9*8
3*2
38
*4
*4
700
%
2%
Consolidated Cigar
6
100
71
500
Consol Film Industries
1
1
200
$2 partlc pref
No par
Consol Edison of N Y..No par
17
7% preferred
6H% prior pref
10
7978
20
*512
114
6
2434
2534
98
98%
*3
3U
600
812
17,100
Consol Laundries Corp
Consol Oil Corp
TSoo
*100
4
$5
3,000
1,600
38
*U
preferred
5
^Consolidated Textile..No
600
13
*12
14*4
*12
14
*12
1334
200
*83
85
*83
847S
8478
8478
*84l4
8618
*84
86i8
100
1134
11%
12%
11%
1134
1158
13*2
15s
1158
82
82
3934
113#
13i2
143s
11*2
14%
14%
178
134
*81l2 83*2
3934 40
*108*4 109
178
40
109
*108
11%
2
85
39*8
40
39*4
109
109
634
7
634
634
6%
26?8
27
2678
27*4
26%
27*2
1
1
1
1
1
2878
*11
29
1%
2838
1212
*lli8
29
28
47
46
64
64
64*2
334
3*2
*95
99
27*4
*93*2
*2378
*7*2
25
2478
28*4
8
27*2
218
8712
2,800
28i8
3,000
2,200
Continental
8,700
Continental Oil of Del
2678
*11*4
12%
*1114
12i2
*1114
12i2
46'%
46%
4634
4634
64
64
4678
64l2
4634
63
63%
64
166
166
166
3*2
*312
2612
2714
95
95
95
2478
2478
247#
*24*2
24'g
8
8
8
8
7*2
29
28*4
96
96
29
28%
1,700
Coty Inc
Crane
*2812
30
*2812
1018
978
10%
*2
%
*2
%
*634
8
4
4
60*4
60*4
15
*13
478
1978
26
27%
85
90
%
%
%
27%
*71*2
*
20*2
26%
26%
25%
37
*%
7,200
26%
580
1,800
*60
61
*60
61
*60
61
137g
*13
13%
13%
5%
41%
5
13%
5%
*40*4
41%
40%
40%
5%
47g
5
47g
19%
5
61
*13
*5
*60
61
13%
*13
13%
100
5%
40%
1,300
5%
5%
40
20%
19%
20%
63
*55
63
*55
63
*55
63
*55
63
*55
63
......
*18*2
30%
*20
34%
34%
*20%
34%
*20
34%
19
19*2
19
*5
0
*5
8*2
*104%
19
2178
*10*2
10%
5%
*1*4
*86
15%
8*2
6
1%
*3%
*5%
5%
37g
19
,
31
5%
*18%
5%
19
18%
5%
1.900
19
578
1%
300
2
37g
19
28*4
3:26%
27
26
36*2
36*2
*35
37
*36
6%
13%
13%
6%
7
*6%
13*4
*69
6%
13%
100
2%
87%
*3%
5
Cushman's Sons 7% pref.
7
290
7
*13%
69
200
300
7
*6% j
13%
71
1,600
2,200
13%
69
100
72%
15*4
*14%
15*2
14%
14%
15
15
*30*2
31%
31%
16
*16
31%
16%
31%
16
*30%
16%
16
16
16
16
15
15
5434
54%
55
55%
54%
547g
54
54%
54%
54%
*5
6
*5
47%
20
*8*8
46%
106
107
*16
6
*5
6
45%
105
*16
10*2
*16%
*8%
19*2
10
*8%
*%
*4
**8
*4
*'4
%
*14
%
*2
2*8
*9
10%
103
*9
104%
4%
4%
170
17%
17%
16%
8%
8%
8%
3%
3%
10%
10%
3%
3%
10
13%
3%
8%
3%
11%
38%
36%
42%
33%
35
33
38%
26%
26
*1
1%
*1
26%
1%
22
22
22
24
*37
38
*37
38
53
*53%
52
54%
54%
54%
56%
57
62
58
*54
*%
%
*%
*%
*9
*2
2%
*9
10%
*9
101
*100
47g
14%
3%
3%
17%
8%
*3
8%
3%
10%
135
300
114
500
115
*114
115
4%
169
*166
169
14
14
11%
*13%
14%
3%
3%
17%
16%
8%
8%
*3
10%
3
3%
11%
11
33
26%
1%
23%
3778
*26
26%
26
26
*1
1%
23%
*37
38
*37
38
104% 104%
6
5%
103
103
103
103%
54%
54%
54
54
61%
227#
6%
6%
54%
54%
54%
54%
54%
56
56
64
*55
*58
1%
178
*1%
2%
2%
4%
4%
3
7%
7%
7%
13
3%
*3
4%
3%
*3%
4%
*3%
4
4%
4%
77g
1278
13%
1278
*1%
1%
1%
%
%
6%
1%
*1%
1%
*1%
1%
%
34
*%
%
%
%
28
*4%
24
*26%
13
6
*12%
64
200
178
2%
4%
1%
k*2%
1 4%
| *2%
3
4
500
7%
i 12%
1%
78
7%
12%
i-*l%
1%
200
M
1,160
7
*23
2478
27%
1,100
2,200
1,600
25
25
247g
2478
277g
28
28%
*%
29
10%
10%
107g
*73
79%
77
77
*75
*67
75
*67
78
*67
80
*60
80
*66
*99
105
*99
*99
mm**
__
—
*99
-
-
-
27g
2%
278
27g
278
3%
3%
3
3
3
3
1%
1%
1%
1%
1%
1%
2
*15%
16%
16%
16%
1%
*16%
17
*15%
16%
prices? no sales on this day.
1,600
8,200
10%
*99
JC27%
10%
*1078
79% *73%
75
f ,*66
102
I ,*99
102
m
•»
-» m m
27g
*3%
2%
3%
1,100
3%
1%
I7g
1%
1%
2,900
*15%
16%
*15%
16%
100
t In receivership,
a
400
143g
Jan
3
70
Dec
127
Jan
18% Jan 6
7% Jan 12
60*4 Jan 18
514 Jan 10
12
Dec
43
Mar
4
Oct
3912
Dec
2058
109*2
87
Jan
2H8May 10
56
Apr 27
2234 Mar 1
24U Jan 10
7
Jan 10
15% Jan 8
9i2 Feb 17
107
Feb
3
25% Feb 25
25
Jan 20
15% Jan 11
1778 Jan 12
8% Feb 25
2i2 Jan 10
108
Jan 12
478 Jan 24
5% Mar 25
39% Feb 28
6
4
9% Jan 12
28l2May
36%May
2
Oct
8i8
Oct
Dec
Feb
Jan
83s Mar
2334 Mar
86
Jan
Nov
62
Feb
18U Nov
27
6418
24
6
Oct
Oct
18*2
Jan
12*2
Oct
24
Feb
96*2
Oct
109
Jan
19*2 Nov
20&S Nov
27
Nov
8
Oct
29
13
Oct
683s Mar
3184 Mar
Jan
5
Oct
1'4
8858
Oct
Dec
1078
116*2
5
Oct
22
Jan
May
12*s
29*2
Oct
Dec
30
May
18*4
Oct
36*2
30
Oct
40*8
24*2 Maa
76*s
Feb
Feb
Feb
Feb
Dec
23
Apr
16
Jan
5
10
Oct
29
Mar
Jan 26
75
Mar
4
60*2
Oct
96
Mar
Feb
No par
31
Douglas Aircraft
Dow Chemical Co
14
Apr
6
Feb
30
8
17
Jan 12
15
Oct
25
Jan 12
27
Oct
41*4
Jan
16*2
Oct
4634
Feb
603s Feb
1
8% Jan 20
35
Oct
57*4
5
Dec
49%May 10
26*2
22i2 Jan 11
4634 Apr 5
478 Mar 29
Mar 30
8778 Jan 27
112
Mar 26
22
No par
6% Mar 25
% Feb 11
14 Feb 28
Class
6%
B
---—100
preferred
1
Dunhlll International
No par
Silk
preferred
100
Nemours(EI)& Co.20
6% non-voting deb
100
$4.50 pref
No par
Duquesne Light 5% 1st pf 100
Eastern Rolling Mills
5
Eastman Kodak (N J).No par
Du P de
100
6% cum preferred
4
Eltlngon Schlld
.No par
Electric Auto-Lite (The)—-5
Electric Boat
3
Elec & Mus Ind Am shares
Electric Power & Light-No par
$7 preferred
No par
$6 preferred
No par
Elec Storage Battery ..No par
Elk Horn Coal Corp new No par
Eaton Manufacturing
Co
El Paso Natural Gas
Corp
Endlcott-Johnson
5% preferred..
Engineers Public Service
...3
50
100
1
No par
$5 Yi preferred w w..No par
$6 preferred
No par
Equitable Office Bldg—No par
Erie Railroad
-.100
$5 conv preferred
4%
1st
preferred.—---.100
100
4% 2d preferred
Eureka Vacuum Cleaner
Evans Products
15
Co
Ex Cell-O Corp
Exchange Buffet
5
5
--3
Corp. Wo par
—25
Fairbanks Co
D4May
6
8i2Mar28
102
Apr 23
90% Mar 31
13034
109%
11134
314
Mar 31
Apr
Jan
1
3
584
34
Mar 30
12
No par
A No par
Mar
2
Jan 10
123# Jan 17
3s Jan 3
% Jan
3
3% Jan
8
Oct
79*2 Nov
Deo
123s Mar
77*4
8*4
*4
Dec
39*4
Oct
1%
Jan
*2
1*2
Oct
Oct
3*2
Feb
8*4
17i2
10
Jan 28
10
Oct
Jan 27
106
Nov
122
12338 Feb 23
98
Nov
130
Oct
180*8
135*2
107i2
109*2
Oct
Oct
Mar 16
11514 Mar 10
116i2Mar 1
7i# Jan 12
Jan
55
115
137
Jan
14384 July
Deo
21
112
115*2
Jan
Jan
Jan
Jan
Jan
Feb
Nov
Jan
Mar 31
12li2 Mar 31
Oct
17
Mar
167
Jan
5
144
Nov
198
Aug
5
171
Apr 20
150
Apr
164
Nov
157
Jan
2i2
Feb
215,, Jan 15
484 Jan 12
15*4
Deo
37*2
Mar 23
284
Dec
16
13% Mar 30
2li2 Jan 12
147s
Dec
45*2
Feb
Mar 30
105# Jan 17
384
Oct
16
Feb
Jan 11
358
6*8
Oct
Oct
10% Mar 30
2
6
2i2Mar 30
6% Mar 29
22i2Mar 31
18
Mar 31
2134 Mar 31
i2 Mar 26
17
Feb
3
33
Apr 6
94i2 Apr 5
2i2 Mar 29
38i2Mar31
4
Oct
40i2May 11
31% Mar 7
D4 Apr
24
Oct
87
Jan
22
Oct
44*2
Jan
May
403g Jan
29
Jan
33
Nov
60
Feb
100
Nov
115*2
Jan
658May
3
Oct
1784
24
55
14*2
Oct
78*4
Jan
Nov
81
Feb
Nov
86*2
Feb
Jan
62% Jan
278 Jan
5>4 Jan
884 Jan
6i2 Jan
6I4 Jan
10*2 Jan
13%May
1«4 Jan
51
li8 Mar 31
i2 Feb 10
3% Mar 30
2
Jan
41
5658May
Mar 30
Mar 26
Mar 31
10% Apr 9
Oct
May
Mar 29
Mar 30
Jan
100*2 Jan
Mar 31
Mar 26
Jan
27
40
ll2Mar 29
Feb
4438May 11
46
234
2i8
2%
5%
7*4
2658
92*4
135s Jan 12
45
2
Mar
Jan
984
158
Dec
4*4
Oct
8*4
Oct
235s Mar
358s Mar
Oct
28*4 Mar
5
3
6*2
Oct
Dec
14*8
Jan
34*4 Mar
684
Jan
1*4
Oct
1
Oct
7*2
28
Jan
717#
Jan
53s
Jan
Fairbanks Morse & Co .No par
195s Mar 31
33*2 Jan
23*2
Oct
Oct
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction—.15
26
Mar 29
333s Feb
26
Oct
70
Jan
Oct
293s
Jan
100
67
8%
$6
100
preferred
preferred
Smelting Co 100
Preferred
100
Federal Motor Truck— No par
Federal Screw Works..No par
Federal Water Serv A ..No par
Federated Dept Stores. No par
Federal Mln A
278
278
*3
Oct
Mar 18
70
75
Jan
284
Mar 30
180
11%
79%
1738
5
900
|*3%
1*7%
13
3
5
Jan
Oct
II
2,100
4%
3
28
278
1,200
4%
25
3%
2,800
17g
2%
»
78
79%
Bid and asked
56
r*6
*73
*
56
5%
3
67,200
*58
27
*278
110
64
24%
*3
mm
103% 103%
5%
6%
56
6
10%
8,900
38
1,100
1,000
25
11
200
1%
23%
7
10%
79%
10%
400
7
*72
10%
12,100
55
28%
5%
22,500
54%
-J4
13%
6%
25%
7%
7%
*1%
*5%
25%
3
13%
13%
«:28
778
7%
8
4
*3%
1%
23
*37
6%
2%
4%
*25
5%
2%
3
41%
36%
26%
38
38%
*58
4
114,900
43%
2
4
3
11
37%
1%
3,300
10%
40%
23%
1,100
3,200
3%
167g
8%
Mar 30
2034 Jan
3H2 Jan
Mar
3
3
66
10
14
*2%
44%
1%
169
3
36
23
1,200
2,700
11%
41
*1%
70
4%
15778
10,000
5,200
38%
*2%
3
8%
42%
39%
36%
26%
*1%
4
9
41
1%
4
*13%
17%
2%
3
*166
*3%
8%
115
*4%
156
3%
1%
4%
158%
17%
3%
17
2%
*3%
4%
155
*166
169
14
16/500
114
153% 155
5% Mar 25
25
7
8I84 Mar
135
Dec
Ltd No par
8%
—
-
103%
338 Mar 21
Nov
*2
5% pref with warrants..100
Dixie-Vortex Co
No par
Class A
No par
Doehler Die Casting Co No par
Dome Mines Ltd
No par
Dominion Stores Ltd. .No par
Distil Corp-Seagr's
Duplan
10%
134% 134% *134
478
4%
200
*113% 114
115
*114
115
2
110
No par
Match
6% participating pref
25
Diamond T Motor Car Co.—2
100
38
2
Diamond
600
%
*%
%
3
1%
2%
*2%
*%
10%
*178
*2%
1%
%
*100
*37
*1C2% 105
578
5%
5%
53
%
%
*%
Mar 30
9
7% Mar 29
Oct
7
6% Jan 10
JDuluth S S & Atlantic....100
9%
%
A..No par
Devoe & Raynolds
Dre8ser(SR)Mfg conv
18%
9%
104
22%
*102% 105
5
*17%
9%
110
17
17
37%
26
19%
9%
103
*165
170
13%
3%
13%
3%
13%
54,500
1,600
*17%
152% 153
150% 152
170%
151
*170
100
5
47%
8%
*100
47g
4,800
105
19%
107%
*114
115
4%
4534
105
8%
110
104
151
5
5%
47%
107
800
*18%
10%
*100
109
115
115
*4%
70
110
110
103
*132% 134% *132% 134%
*113% 114
*113% 114
*114
*5
46%
107
200
31%
1G3% 106
133% 134% *134% 135
114
114
113% 113%
*100
110
*100
278
#9
48%
107%
15%
*30
9
2
2
5%
47
106
*14
20
*%
%
10%
*2%
*5
47*2
49*8
106% 107
48*2
106
15%
30%
100
5% preferred
------
*35%L36%
30%
Diesel Wem mer-Gll bert
102i2 Jan 3
17% Mar 31
1934 Mar 29
50
37
*14
20
10
100
Preferred
1
Mar 31
26
13%
Dayton Pow A Lt 4)4% pf.100
Deere & Co new
No par
6l2 Apr
Mar 26
*36
*69
Davison Chemical Co (The).l
1314 Mar 31
4% Mar 29
13% Mar 29
Mar 31
31%
16*2
Conv 5% pref
1
*25%
*6%
13%
5
25
Davega Stores Corp
Mar 31
4
*30%
56
Cutler-Hammer Ino newWo par
18
76
31%
*25%. 26
71
preferred
100
Det & Mackinac Ry Co... 100
*14
55
$8
.100
No par
JDenv & R G West 6% pf.100
*3%
*5%' 19
6%
13%
1
4
31
28
30
30
11
Detroit Edison
31%
*69
1
A
Delaware Lack & Western..50
19
7
Mar 29
12U Apr
438 Mar
36
Apr
3% Mar
12% Mar
4818 Jan
700
32
13%
60
50
600
*5%
71
Mar 29
5,300
31%
25%
36%
3
100
Packing
1% Jan
13i2 Feb
5% Mar 31
100
10
Sugar
2%
19
36%
80
578
32
25%
94i2 Jan 17
l2 Feb 14
58
87
5%
*1%
87
*6
4%
100
No par
(The)
25% Apr
5
6%
*1%
87%
31%
*3%
IO884 Apr
Delaware & Hudson.
19
37g
Dec1
21
9,200
31%
37
*69
6
2%
88%
87
26*4
*6%
13%
72
6
*1%
89%
378
*5%
31%
31
57g
2
89
19,600
1,900
57»s
443s Jan 11
Curtlss-Wright
500
5%
6*8
1%
89
*3*2
*5%
*30%
200
5%
5%
*8
8%
*27*2
*68%
*5%
14%
15*8
*8
89
89
*30
*5
5%
15
15
15
16
15
*14%
15%
8
*8
8
7%
7%
8%
8*2
*104% 106
*104% 106
*104% 105% *104% 106
*104% 106
106
18
18%
18% l19%
19*4
19*2
19%
19%
18%
18%
18%
22
22
21%
217g
22% 22%
21% 21% 2:21 j. .21% *21%
11
♦11 {\,1134
11
*11
*11
*11
11%
11%
11%
11%
12
10%
11%
11% *11%
11%
12%
10%
10%
11% 12
16
*14
20
25*4 Apr
72i2 Jan 12
Co (The) ..No par
Preferred
No par
------
19*4
34%
19%
*20
19
*20*2
18*2
Oct
Mar 29
Curtis Pub
47,500
*55
Jan
Jan
19% Mar 31
70
Apr 8
Preferred
Class
Dec
1 an
56*2
47*4
8%
No par
Cuban-American
400
44,000
5
47g
Dec
Feb
30%
Cuba RR 6% pref
Cudahy
84
10078
12% Jan 12
Preferred
60
61
4
Jan
'■
3384 Jan 12
$5 conv pref
Cuba Co
Jan
28% Nov
Aug
115
1
5
Crucible Steel of America..100
100
1,900
%
%
%
Apr 13
6%
7% Mar 29
No par
ex-warrants
Crown Zellerbach Corp
100
3%
20%
Co
Pref
85
*71
85
Oct
2 <
8%
19%
3
Feb
77
71*4 Jan
171*2 Jan
10*4 Mar
56*2 Feb
Dec
3%
21*8
234 Mar 26
No par
Apr
153
Nov
8
20%
166%May 3
4«4 Jan 12
21
378
21
Anr 12
Jan 11
8%
20%
162
25
37g
5
100
3558 Mar
5
8
*38%
65i2 Jan 17
Jan
Feb
July
Dec
4
5%
56
1
49
885s
8%
41%
Jan 12
1
4234
378
Oct
9% Oct
4684 Nov
50% Oct
16% Jan 10
Apr
Apr
Oct
22% Nov
4
5
Mar 26
40
x53
Oct
7S
Jan 14
8%
*36
24
Apr 16
*13
5
23
98
4
5*4
Jan 12
1»4 Jan 15
343# Jan 11
108i2 Deo
2584 Jan
30
8%
5
Oct
Jan 31
4
5
Jan
512
Mar 31
678
5
Jan
Feb
6918
19
4
.
10984
Dec
Dec
32
Mar 19
10
Oct
37%
10678
95s Jan 17
5
Jan
65
85
10,300
75
*68
72
*71
%
87l2May 12
4534 Jan 12
110% Feb 21
.25
67g
6%
37g
41%
5*4
*39
26
*71%
5*4
Oct
100
2978
10%
74
Oct
37
30*4
26%
3738 Ap
3734 Jan
1
29
978
74
Oct
21% Mar 30
$2.25 conv pref w w..No par
*28*2
25%
Oct
7%
5,600
29
31
80
1034
16i2 Jan 15
23g Jan 13
No par
*28%
26%
92i2 Aug
163s J&n 18
Crown Cork & Seal
30*2
25*2
Dec
3
16
Jan 12
10% Jan 11
3978 Jan 17
*28
*72
Oct
79'4
6% Jan 12
22
5% Mar 31
22% Mar 30
*70
Jan
Jan
Oct
86% Jan 21
21% Apr
31
72
10578
1058
Oct
Apr 18
No par
*30
*69%
Dec
Mar 31
No par
10U
Apr
1»8 Feb
13*4 Apr
5284 Apr
Crosley Radio Corp.
2812
Feb
177s
3g
Cream of Wheat ctfs
29i2
13*2
Oct
2%
300
2812
Jan
108
Oct
5% conv preferred
35
75
100
Nov
7
1,400
*31
*68
101% Feb 21
7i2 Jan
7
i2 Jan 4
Oct
3%
8%
35
70
92
24i2
*31
70
98i4May 13
5% Jan 15
10% Jan 10
Mar 30
83s
35
70
Jan
*24i4
*31
*65
Jan
Jan
*9712
35
10%
684
1834
4978
1
8i8
*31
978
Mar
*9612 110
24l2 2412
35
10
Mar
95
200
*31
9*2
87
Oct
25
Com Products Refining
Preferred
9,400
35
934
5
Corn Exch Bank Trust Co..20
"3%
*30*4
9*2
Oct
63
99
8
30*2
65
Oct
I
1
Motors
Continental Steel Cor p. Wo par
26U
26
Jan
~
Jan 15
Mar 19
Dec
638 Apr 5
2114 Mar 30
90
400
338
378
27%
187s
4U
107
150
2,600
*164
166
Oct
2H8
1% Mar 29
65% Mar 31
36i2 Mar 30
Continental Insurance—$2.50
H8
11*4
484
978 Mar 31
Continental Diamond Fibre. .5
26
2714
Ja 117
Jan
8% Mar 26
No par
2,200
47%
3%
27%
pref.
<J
27"4
64*2
$4.50
800
7
29*4
July
178 Jan 11
2i4 Mar 19
20
109
1
Jan
26
10
100
preferred
8%
Continental Can Inc
2778
28
22
Oct
78
No par
7
lt8
27
B
109
714
*7
Class
800
40
393s
19U
Dec
678 Jan 12
% Mar 21
Container Corp of America.20
Continental Bak class A No par
22,900
87l2
40i8
1
28
25,100
2
109
2734
1%
15i8
8712
3934
7%
4,500
1558
2i8
109
27*2
1*8
64*2
*166
170%
3*2
3%
3%
28%
27% 28%
7*2
2834
27
_
2734
*3*2
634
7
113s
11*4
46
63*2
*166
39%
III4
*46*4
12%
47
*166
»,
8712
2
109
*212
16U
15%
85
134
85
109
16*8
2*8
1434
15%
178
83
*12
Dec
2678May 11
258Mar31
5% preferred v t c
100
Consumers P Co$4.50pfiVo par
3
3
7%
8
80
9834 Mar 24
Consol Coal Co (Del) v t c._25
13
2%
14%
3U
13
3
share
Feb
Mar 31
par
85
*2i2
19*8
68
Mar 26
7
No par
13
2?8
per
45i2 Mar
578
Jan
8
4% Mar 26
No par
*83
278
Oct
Deo
'
81,800
103
4
4%
20
8878 Apr 16
278 Mar 30
$5 preferred
No par
Consol RR of Cuba 6% pf.100
812
Highest
share $
per
5
8
5
Jan
$
share
10% Feb 23
19i2 Jan 17
Mar 29
100
61
H4
Mar 29
434 Mar 30
No par
per
7i8 Jan 14
24i2 Jan 22
1
Mar 29
w w
*59
4%
%
2%
378 Apr
$
15
11
Lowest
Highest
share
per
4% Mar 29
55
Apr
1
*7514
3%
834
378
*4
*4
2%
*4
*4
712
103
*100
3%
3%
*7
98
3%
8%
103
*100
3%
3*2
*114
87g
8%
103
*95
334
*3*4
9*8
834
103
*96
3%
*%
9%
834
103
*96
3*4
3%
33s
20
11,300
7978
138
6%
26I4
*512
2534
1*4
*5*2
7%
16%
61
25
No par
Conn Ry & Ltg 4^% prel.100
Consol Aircraft Corp
1
8
*7
16
7%
Conde Nast Pub Inc
$
Congoleum-Nalrn Ino..No par
Congress Cigar
No par
7%
16
7
*6*8
100
Par
4,000
8
163s
*7
*7%
1678
1938
100-Share Lots
Lowest
8
8
8*4
*7%
16*2
17%
7*4
6U
2012
6i4
6%
21
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of
Week
$ per share
*5
3139
Def. delivery,
n
New stock,
r
11*4 Jan
7*2
11
May
Apr 11
77
May
52i2 Apr 5
96% Feb 2
2i8 Mar 30
178 Mar 30
75
Mar
60
98i8 Apr
90
4% Jan
2
Oct
43s Jan
2*4
li8 Mar 31
1214 Mar 30
2
Oct
Oct
678 Mar 30
Cash sale. 1 x Ex-dlv.
Jan
185s Jan
v Ex-rlghts.
103
Jan
Nov
150
Mar
Oct
129
Apr
7284 Dec
1*4
1484
Dec
115s
11*2
Feb
Feb
6
Jan
43*4 Mar
1 Called for redemption.
s
New York Stock Record—Continued—Page 5
3140
HALE PRICES—PER
HIGH
AND
LOW
SHARE,
NOT
PER
CENT
May 7
Tuesday
May 10
Wednesday
May 11
$ per share
$ per share
$ per share
$ per share
*71
7434
*70
*70
743,
27
271.
74%
74%
27%
27%
♦70%
*27%
28%
*13%
21
28
*14
21
*14
21
18
18
♦18
18%
*84
873/
*84%
*27%
28
15%
16
21
21
21
21
*21
23
18
♦15
20
*15
20
*15
NEW
187g
87%
85
85
27
27%
27
167g
16
1612
*1%
2
*26%
27
91
*91
*6
4
19%
*46
26 I4
2714
*26
*89
59
61
61
61
*62
6934
*62
3
3
3
3
3
3iz
3
*28
35
*28
35
*28
35
26%
z26
263s
26%
26%
1%
"l%
3%
12%
13%
93%
5%
6%
3%
*11%
127g
*12
131"
*12
*90
93%
*90%
5%
6%
5%
12%
*12
*90
5%
6%
94
*84
37%
37%
8
8%
♦84
8%
120
120
8%
*3%
10
9%
1978
19
20
4
*48
24
112% 112%
37
34%
25%
1
26%
1%
119
115% 115%
11578
27
27
5%
103% 103%
1%
*1%
7%
32%
16
7%
18
18
103%
*1%
1778
*85
95
*85
1%
18%
19
21%
21%
19
20%
1%
19%
*23
35%
25%
119
120%
327S
*31%
116% 116%
29
103
'1%
1978
12
12
*14%
11%
8%
15
11%
58
58
58%
7
7
7%
11
7%
43
41
2
*27g
3
*42
70
19
79%
37g
*64%
14%
378
2
2%'
70
3
65
14%
20%
79%
19
1978
19%
79
79
3%
*54%
4%
1%
11%
*36
>
42
*30
103
1%
7%
*43
19%
49
*18%
20
1%
9%
934
10%
*13%
*10%
*13%
2434
2134
11-34
15
2 412
17%
2734
17
414
1%
1034
15
24%
2134
1134
1834
2734
*24
*30%
32
*24
*90
91
*21%
32
*12
14
251
*30%
6.%
6!
6%
*12
4
14
6%
17%
2734
4%
1%
14%
25
22
1134
30
17
20
*15
4%
1%
10%
13%
2434
"i'ooo
2,000
300
1134
14
1734
20,200
25%
*24%
32
32
*4
*13
25%
*24%
32
634
32
63#
14
*12%
6%
88
*120
*5
*54
75
17S
85
7
634
*80
83
150
150
*11%
11%
*46
50
*129
130
*40%
51
*84%
*15%
28%
86%
*101
17
28%
105
*7%
14%
8
14%
108
*102
56%
*19%
*90
90%
*
88
91
88
*90
*
57%
21
75
*1%
*80
"
678
*80
*145
*54
1%
*1%
*80
86
7%
7
83
152
*70%
*145
11%
11% *11
48
50
*46%
*128
12934 130
51
*40
*40%
*84%
*15%
28%
*101
7%
*14%
*102
75
1%
86
7%
*54
75
1%
*81
1%
85
*80%
20
200
28%
7%
7%
15
108.
57%
58%
*19%
15
*102
20%
56%
*19%
7%
15%
108
57%
21
*734
8
*7%
8
15
15
14%
15%
*102
108
57%
*1934
►101
57%
21
8
8
52
52
*52%
53%
5234
91
*90%
7%
94
*19%
53%
91
1
4
6%
%
8%
7%
7
35%
1%
36
4%
26%
6%
%
9
37
7%
37
*1%
4%
1%
1%
1%
4%
5
5
26%
6%
%
*14
16
28
28
28
5%
7%
36
8
26%
8%
16%
5
7%
*5%
6%
678
94
*90%
6%
37%,
35
*5%
^
'
•
3,200
Class
B
Household Fin
100
6%
6%
t
6,500
10,600
%
%
%
2,200
5,700
9%
8%
9%
9,405
In recelversmp.
Dec
50% Mar
Dec
87% Mar
16%
72%
Dec
3%
Dec
2
Jan 12
Oct
55
1% Jan 11
13% Jan 11
Oct
5%
10
Oct
27%
Feb
13
Dec
48%
Feb
22
Dec
47%
Jan
19%
Dec
22% Dec
28% Mar
18% Jan 10
*27% Jan 10
23
Jan 24
,
26% Jan 12
32
Jan 14
6
Jan 22
1%
10
Oct
20%
23%
129
40
Feb 16
11% Mar 15
8% Apr 11
1%
Oct
Nov
7%
Oct
7%
Deo
'8
Oct
Jan 10
12
3%
56% May
42%
Jan
12
39% Mar
98
16%
Mar
Feb
11% Mar
4%
Jan
Oct
59
Oct
17% Mar
59% Mar
Oct
23% Dec
26% Apr
34%
Jan
Feb
34
Jan
6
36
Jan
7
Jan
7
4%
Oct
20%
Feb
Mar Si
2i%
Jan 15
17%
Dec
31
Feb
Feb
Jan 18
95
Nov
108
Jan
6
92
Oct
105
Jan 15
18
Oct
126t2 Feb 28
*7% Jan 19
121
Dec
Apr
67
95
May
4
May
5
Jan
8
2%
5
Oct
Dec
107
Feb
1%
Oct
8
Jan
Feb 24
81
Nov
Dec
117% Aug
15% Jan
Dec
126
152% Feb 17
166
5%
125
May
131% Apr 18
43% Jan 26
Mar 28
93
Jan
16% Mar 25
20
Jan 10
102
Marl6
1
17% Mar 31
48% Apr
Jan
86
Jan 19
Mar 26
17%
F eb 25
7% Jan 17
94
Mar 19
534 Mar 26
Feb
55%
40
14
140
8
12634
Jan 31
Jan
58% Mar
Jan 11
Feb
Nov
39%
Dec
Feb
Jan
39%
Feb
64
Dec
135%
Feb
67%
Jan
83
Nov
111
Jan
Mar
16%
Dec
37
June
29% Apr
15%
Oct
52%
102
May
11
Jan
25% Jan
102
Mar
65% Jan
93
7%
15%
Nov
Dec
Oct
109
Oct
z39%
Oct
Feb
120% Jan
30% Mar
43%
Jan
114% Mar
53% Dec
21
Dec
41
Jan
Jan
6
Oct
27%
Feb
4
55
May
44
Oct
73
Jan
83% Jan 26
91
78%
Dec
94
Mar
4%
Oct
17%
Oct
90% Mar
6
Mar 30
46% Jan
100
25
11%
Jan
Mar 31
878
May
Jan
23% Mar 30
1
May
7
C..25
53%
Jan
5
5
100
2% Jan
Mar 29
7% Jan
20% Mar 30
37
1%
3%
Jan
Oct
5%
Jan
Oct
15%
Jan
Oct
23%
27% Apr
3
No par
Cash sale.
Jan
64% Mar
50
5
Mar 30
10
Jan
1% Jan
4
1%
Dec
8
Oct
Feb
4% Aug
34 Mar 30
6% Mar 30
12
Apr
6
6% preferred series A—.100
r
Jan
50% Sept
Jan 11
Hupp Motor Car Corp
1
Illinois Central...
...100
New stock,
15
145% Mar
58
preferred
...100
Hudson Bay Mln & Sm Ltd 100
n
Oct
Feb
4%
Dec
4234 Mar 31
Leased lines 4%
100
RR Sec ctfs series A... 1000
Def. delivery,
Dec
No par
380
Jan
Oct
Oct
5%
Hudson Motor Car
Jan
3
Nov
5
Mar
13%
96
Oct
11
v t
47% Mar
141
1%
129
500
120
Oct
Feb 28
Feb 21
Feb
Dec
12%
46
47g Jan 11
55
115
x83%
Jan 11
29%
5%
a
Feb
17
18
5%
8%
Mar 26
stk.No par
26%.
6%
29
Oct
1
Apr
5% Mar 25
No par
com
26%
*6%
6
2
79
Mining
12.50
Houdallle-Hershey cl A.No par
26%
29%
Jan 11
60% Mar 31
13s Mar 30
Homestake
26%
*5%
3%
25
98
Hudson <fe Manhattan
29
Feb
10
No par
100
900
7
6%
140
(A)
600
*16
Oct
Mar 25
7
43gMar 30
No par
Jan
1%
96
81
Mar
Jan 10
*00
conv preferred ...No par
5%
.
Feb
3%
4
120
100
100
Aug
Feb
29% Mar
2
17
700
18
Jan 13
Dec
Mar 29
15
No par
Furnace
1%
*16%
58
6%
May
90
Holland
-
5
6%
9% Jan 10
8834 Apr
80
1%
'Bid and asked prices; no sales on this day
-
4
% Mar 31
preferred ...No par
Hlnde & Dauche Paper Co. 10
5
%
7% Feb
conv
1%
29
7
$4
5
9
88%
100
new
Jan
20%
Oct
No par
*1%
*4%
%
24
Oct
127% Jan
Apr 12
Jan 22
40
2
5%
27
1%
Oct
8
15% Jan 12
1238 Mar 31
23% Apr 8
122
100
Motors
500
6%
3
12
6% cum preferred
Hershey Chocolate
4,300
35
8
Mar 11
5% preferred
Houston OH of Texas
Howe Sound Co
9%
18
2934
31
.
"«»
94
7
34
*5
-
58
*36
6%
*29
50
100
Jan
Feb
56
28
Preferred
88
33%
43%
Feb 26
Apr 28
105
*90%
5
Jan
5
Holly Sugar Corp
7% preferred
8%
Apr
9% Mar 30
24
Hollander & Sons
94
7
19
20
30
ww
Oct
Oct
Dec
6% Jan 12
Mar 31
10
500
8
Mar 30
Mar 30
25
1,700
7%
37
87g
17%
28
8%
9%
Jan
25
8
57
6%
*15
20%
13%
16
11% F%b 26
14% Jan 15
61
Jan 12
15
*56
%
%
9%
17%
20
2,200
21
6
19
15
55
27%
9
100
27
57%
*19%
Jan
Mar 29
*102
57
Jan 10
Jan
90%
1
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.No par
Helme (GW)
25
"3~ 900
105
55
26%
6%
%
9%
16%
6%
*90%
*35%
1%
5%
26%
8%
16%
27
14
20
8
6
preferred
Hayes Body Corp
90
*15%
Feb
58%
8
6% preferred
..100
Hat Corp of Amer class A..1
51
*102
Jan
70%
100
8
102
56%
8'
52
94
7%
16%
27%
48%
Oct
Jan 12
129
105
5%
Oct
18
Feb 16
Hercules Powder
102
Oct
14
6
800
16%
1
4
Jan 10
28
50
29
Jan 10
Mar 25
49%
102
2
Mar 28
50
*15%
28%
Jan
3
*48
*101
117%
12
Hercules
29%
Nov
100
800
103
85
100
"""310
Jan
Jan 18
preferred
""400
Jan
51%
10% Mar 30
Hanna (M A) Co %5 pf.No par
Harbison-Walk Refrac.No par
75
Mar
5%
Oct
No par
preferred
19
110
90
15%
6%
Oct
Dec
Oct
Hamilton Watch Co...No par
170
Feb
Feb
60
"MOO
Feb
Jan
15%
65%
45
preferred class A
60%
Oct
Oct
21% Jan 12
Printing
12258
Oct
16
734 Mar 31
7%
Oct
Dec
Feb
26% Jan 15
133s Mar 30
1134
17
1%
34% Mar 29
1134
*15%
*99
1
12
7%
*50%
26%
91
*88%
8
100
12
90^
3
Jan
100
153
*87%
*15%
27%
Feb
2%
70%
Dec
1
*145
128% 128% *128%
51
*40%
*40%
9% Jan 11
106
21%
3%
8%
Dec
19%
2% Mar 31
153
51
111
Jan
Feb
49%
5
*145
*40%
117%May 12
33
May 12
6% Feb 24
28%
Jan
124
43
1
153
17
No par
Motors
*145
*128%
May
61% Jan 19
258 Mar 30
100
153
51
117
89
85
50
Apr 30
38% Jan 15
%
27% Jan 11
6
Apr
2% Mar 30
52% Mar 30
% Mar 29
Hall
83
129
64%
65%
15% Mar 31
*81
128
Oct
72
85
51
...1
preferred...No par
7
12%
Nov
48
Jan 17
*82
1134
*48%
3%
33
1
1% Mar 26
13
37
preferred
Hackensack Water
88
7%
Oct
3
Feb
JaD15
conv
Jan
Jan
May 11
19%
7
7%
Jan
1% Jan 11
30
57% Jan 15
24
Feb 23
83
86%
*101
85
Feb
80
100
13
134
44%
52%
152
•
Mar 31
800
6%
*1%*
*80%
*6%
28% Nov
126% Mar
Mar 30
40%May
50
1
6%
""150
35
*54
Jan
Mar 31
7
*86
29
1%
64%
10
83
86%
103
75
Oct
Gulf Mobile & Northern
"""800
25%
*90
34
60% Apr 26
8%
3%
13%
*
Dec
35
83
12%
No par
No par
334
*13%
*24%
*30%
88
*54
1%
*90%
7%
35%
7%
*54
Mar 29
*15
91
*
preferred—
5
4%
14%
91
91
88
No par
Brothers
20
*2114
21% "21% 21%
"21% 21% "21% 21% "2l"
2134
132
*120% 132
*120% 132
*120% 132
*120% 132
*120% 132
538
5%
5%
5%
5%
5%
5%
5%
*5%
5%
5%
1%
*80
90
*
7% Mar 29
Mar 29
Guantanamo Sugar
*12%
Dec
Greene Cananea Copper
22
*
9
6
Mar 29
61
200
12%
14
Glmbel
Mar 31
8% Mar 23
14%May
No par
1%
*6%
Oct
22
28*4 Jan 10
*1
6%
12%
66
z99
24
13
Gen Theatre Eq Corp..No par
1
25%
32%
jan
Feb 23
20% Mar
600
*15
41
72
28
28
*8%
1
Mar 25
1
Feb
Mar
120% Feb 11
46% Jan 10
33% Jan 17
15% Mar 31
Greyhound Corp (The).No par
5H% preferred
10
8%
65
13% Mar 29
ib", 200
*8%
Oct
No par
preferred....
9%
8%
8%
14%
Green Bay & West RR
Green (H L) Co Inc
"l~206
17
9%
25% Jan 12
General Refractories...No par
Gen Steel Cast $6 pref.No par
Great Western Sugar..No par
Preferred
.100
42
9%
14
100
1
5% preferred
20
Gt Nor Iron Ore Prop.No par
Great Northern pref
...100
1,700
17
9%
1%
20%
Railway Signal...No par
$3 conv pref series...No par
Granite City Steel
No par
Grant (W T).
10
500
22
*30
17%
42
934
*4%
14
17%
*30
6% Mar 29
101% Apr 9
l%Mar 30
1234 Mar 30
85% Mar 19
No par
Granby Conso! M S & P
50
42
Mar 31
1
Graham-Paige
800
4%
*35
*30
Ink
Printing
6% preferred
Gen Realty & Utilities
$6
4
preferred.....w—No par
Gen Public Service
Preferred..
5,600
50
I684
42
21% Mar 30
Grand Union Co tr ctfs
1
17
18%
2734
111% Apr 25
No par
Gotham Silk Hose
800
54%
*4%
*1%
*10%
13%
24%
*21.%
*11%
10%
No par
preferred
Common
32% Mar
123
Gen Outdoor Adv A...No par
Feb
14
Oct
58
25% Mar 31
153
Oct
6%
4
Jan
Oct
Feb
2%
3
10
$5
600
3%
*35
*1
*12%
*24%
*30%
6%
*12%
4%
*1%
10%
*13%
2434
*21%
*11%
1
14,500
80
3%
54%
%
50
1%
*13%
%
400
10
8%
4%
54%
General Motors Corp
117
Oct
Jan 10
5% preferred
No par
Goodyear Tire & Rubb.No par
10,100
19%
18%
*74
3%
preferred
Mar 25
Jan
Mar 11
% Mar 30
50% Jan
Jan
86%
19%
6% Jan 12
13
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
30
14%
45
1,000
8%
14
1934
22% Mar 30
No par
4M% conv preferred
uobel (Adolf)
Goebel Brewing Co
1,500
70
14
77%
54%
2%
*41%
27% Mar 31
105%
123
Mar 30
20% Mar 31
108% Apr
1
No par
..No par
Glldden Co (The)
800
27
8%
20
19%
2%
125
8%
4%
100
27
8%
14
3,000
*123
8%
*14
19
49
*2
35
100
Oct
Nov
5
Mar 30
118
$6
400
*18
*42
77%
3%
378
68
.1
9%
*8%
1378
25%
43
19
42%
125
9%
20%
4%
43
11
5%
91
Jan
Feb
15% Mar
31% Nov
Jan 15
5% Mar 31
No par
$5 conv preferred
4,300
Apr 12
Feb 11
9
2% Mar 31
Gillette Safety Razor..No par
*35
50
115
-.5
100
Gen
7% Jan 10
6% Mar 31
No par
No par
i~66o
7%
19%
45% Jan 10
3,500
*123
9%
*13%
4%
*12%
7
106%
Oct
97
8%
400
Nov
4
-No par
Foods.
Jan
88
Mar 29
A...
33
7% Jan 12
25
$6
z39% June
Oct
92%May 13
$6 conv pref series A .No par
Mills
No par
General
Dec
MarlO
4% Mar 31
General
J5
11%
10%
Mar 29
Gen Gas & Elec A
6%
15% July
7
Jan 20
82
Baking
General Electric
General
Oct
Dec
29
pref erred......... .100
7%
1%
3
Jan 17
5
5
11%
123
9%
*1
7%
Jan
48% Jan
7% Mar
4% Mar 29
Gen Time Insfru Corp.No par
General Tire & Rubber Co..5
"
123
9%
1%
"
79
378
1,190
1,100
59
*60%
19%
3,400
12%
15%
1434
13%
*1
20
46
9%
1%|
1,500
65
%
16%
12", 000
*56
8%
59
45
42%
1%
1.9%
21%
14%
*54%
*37
7%
95
12%
*14%
11%
8%
15
11%
8%
*55
1,400
19
21%
20%
12%
*11
8'%
58
170
500
1%
19%
21%
1%
20
19%
900
*85
21%
12%
*14%
8
95
73
Oct
No par
7% cum preferred
900
18%
20
2078
12%
15
1134
5%
103% 103%
1%
Us
*17
18%
1%
1%
20
22
4
42
*85
8
103%
46
1
*35
1%
18%
32
5%
*7%
65
9%
*1
*103
1,100
1,300
32
5%
65
15
*1%
16 V
33
*5%
*7%
48,100
116% 116%
117% 117%
32
3,500
31%
30%
471"
4%
50
16%
31%
2%
43g
*1%
25
*35
31%
Oct
6%
85
Investors.—No par
$8 1st preferred
80
79
3%
*23% 24%
24%
22
22
*21%
*21%
21%
21%
12
12
12
*11%
*11%
11%
18
17
18%
16%
17%
16%
27% 271"
27%
27%
27%
27%
*122% 125
*122% 125
*122% 125
16%
123
*119
3
%
4%
1%
24
50
"""500
1
3
58
1
*1%
*8%
13%
13%
59
123
20%
9% Mar 29
Inc...3
preferred
General
50%
♦58%
3
14%
70,000
13,100
*30
*119
Jan 21
14% Feb 9
2% Jan 12
10
Gannet Co conv $6 pf-.No par
General Cigar Inc
50%
32
27
3
Jan
Jan
10
60
119%
Jan
4
9%
16%
200
1
1
32%
16
100
*58%
1
Oct
Mar 30
Gen Am Transportation
Jan
22% Feb
10
Industries
Jan
83
18
6
Wood
Jan
18%
19% Mar 30
1% Mar 29
preferred..
Feb
135
Dec
2% Mar 31
$3
Oct
40
.1
Galr Co Inc (Robert)
Dec
2%
40% Jan 13
28
Jan 21
Gabriel Co (The) ci A--No par
$6
9,200
Jan 18
6% Jan 12
2% Mar 31
25
Apr 13
Free port
Gen Amer
*30
2
*41
66
Gar
1%
2
378
*54%
58
%
*4%
1
8%
2
*64%
44
65
94
36%
3
15%
44
Mar 29
600
6%
*84
38%
2
1
65
14%
79
3%
*42%.
10
58
50
18%
2
3f:;-
2
*41
1
50
500
50%
7%
19%
49
No par
$7 conv preferred
Francisco Sugar Co....No par
Class
83g
56
42
19
*42
|
44
43
58
8%
41%
19%
49
*17S
2%
14%
44%
19%
*77%
41
18%
49
2
8%
67S
18%
*40
111
8%
*56
197#
1134
*1434
1134
Sept
54%
5,100
1%
2078
12
98
Oct
Cable
*19%
15
Apr
Oct
11%
Bronze..
22
*14%
68
80
General
1%
20%
*11%
Oct
Feb 26
20% Jan 12
General
21%
12
*6%
94
27
96
200
95
15%
6%
5
Feb
33% Jan 10
10,100
*85
21%
5
,
Feb
9%
Mar 25
Gamewell Co (The)....No par
8%
123
123
*120% 123
4
3%
3%
*3%
10
10
10%
10%
20%
20%
20%
20%
4
95
*11%
11%
8%
5%
Oct
Mar 29
10%
213«
51
53
55%
*49
60
23%
23
24%
*22%
*22%
115% *112% 115% *112% 115%
37%
35%
36%
35%
36%
26
26
25%
25%
25%
*18
*12%
58
93%
1%
Mar 31
300
13%
92%
Jan 10
Feb
11
Sulphur Co
10
Fuller (G A) prior pref.No par
J6 2d preferred
-No par
12
5
18
26
12
Jan
85
F'k'n Slmon&CoInc 7% pf 100
12%
Apr
10
35
3,100
Apr 16
15
90
100
4H% conv pref...
Foster-Wheeler
90
400
8%
1%
1834
1%
700
21
Jan 11
34% Feb 11
} Follansbee Brothers..No par
Food Machinery Corp
100
~4~206
20
1%
20%
2178
207g
100
2,700
38
116% 116%
30
31%
5%
5%
*7%
8
30
*85
600
No par
Florence Stove Co .....No par
Florshelm Shoe class A.No par
37%
8%
1
*26%
5778
5%
5%
5%
8
7%
7%
103% *103
103%
1%
1%
1%
18
18%
187g
95
*21
*51%
►112%
57
31%
27
5%
77g
*5%
16%
3
*5
3834
8%
*334
1934
123
31%
*35
1% Mar 26
1%
*6
19%
19%
56
*47%
*22%
23%
*112% 115%
37%
35%
25% 26%
1%
1%
*26%
50%
59
*221"
32%
13
39% Mar
3%
*84
9%
*120
123
+54%
%
4%
*1%
*9%
Dec
*91
8%
"120% 123
4
57
*42%
58%
15
1%
6
97g
50%
14%
Dec
21
3%
94
3734
*120% 123
*3%
9%
4
10
57
*64
46%
22
7
600
1%
6
38%
8%
*26%
18%
6.100
Oct
6,400
*11%
92%
107% Feb
62% Mar
Dec
3%
13
Feb
41% Mar
26%
11%
3%
*12%
*11%
3%
12%
13%
93%
5%
*84
94
37
38%
334
12%
Jan
39%
Oct
Nov
16%
18% Feb 10
29% Jan 12
"3"
25%
45%
92
16%
*28
26%
16% Mar 31
share
per
108% Mar
Oct
Dec
22%
10% Mar 26
*1%
3%
*5%
6%
35
26%
"i% "T%
3%
3%
12%
137g
93%
5%
6%
*28
Oct
x65
20
Rubber—10
Highest
share $
per
76
Apr 14
24% Mar 30
*62
3
3'%
Jan If
22% Mar 30
%
6% preferred series A. ..100
92
17i2
6934
16
*79
4
share
per
Flintkote Co (The)
27%
91
17
25%
67% Jan
$
First National Stores..No par
134
90
*54
*41
*1%
1714
1%
7
134
Lowest
Highest
share
100
20
90
50%
8%
*1%
15%
21
*15
2712
56%
11%
20
16l2
1
*557#
*15
per
3.000
86
28%
16
21%
90
56
1%
18%
22%
20
28
1618
22%
*26
*26%
*25
86
28i4
1534
*21%
17%
59
31%
*85
Range for Previous
Year 1937
Lots
Fiiene's (Wm) Sous Co .No par
27
*22% 23%
*112% 115%
35%
357S
25%
26%
*120
Firestone Tire &
91
'.i
9%
"i'soo
16%
123
123
17%
91
94
37%
778
21
17%
*83%
27
~~*i% ~"l%
*84
'T,m
*15
18
17
25%
25%
*5%
28i2
21
92%
35
*90
Fed Dept Stores 4% %
Fidel Phen Fire Ins N Y..2.60
60
*28
*12
74%
17%
2
$
pf—100
♦72%
*28
27%
*1%
Shares
7434
16%
3%
*11%
:
1%
*1%
18%
86
*85%
Par
29
16%
,
*3
31"
18%
share
per
Lowest
Week
29
27
16
26%
91
16%
*54%
*71
$
On Basis of 100-<S7rarr
STOCK
YORK
1938
14,
EXCHANGE
the
*15
18
27% ,•28
167g
15%
2
*1%
26%
'May 12
21
*14i4
Friday
May 13
3 per share
28-%
*21
*15
Thursday
Range Since Jan. 1
STOCKS
Sales
for
Monday
May 9
Saturday
May
20
Jan
16
Oct
Mar 30
38
Jan
34
Dec
72
7% Feb
5
Dec
25% Mar
23
3% Apr
*
Ex-dlv.
2
y
12% Feb
Ex-rlghts.
38
Mar
67i2 Mar
Jan
5 Called for redemption
Volume
LOW
New York Stock
146
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
STOCKS
Sales
CENT
Range Since Jan.
NEW YORK STOCK
May 7
May 9
Tuesday
May 10
$ per share
$ per share
$ per share
Monday
Saturday
6%
*5%
Oct
22%
Jan
No par
143a Mar 31
22
Jan 18
15
Dec
47%
Apr
81%
81%
80
81%
86%
84%
84%
500
Ingersoll Rand__
No par
60
Mar 25
86
Jan 14
72
Nov
100
135
6
132
Oct
138
138
*136% 138
6534
66
66
11%
12%
11%
12%
*3%
4%
434
5%
1934
87
1734
18
18%
1934
*86
90
90
19
86
*83
*3
334
3
3
3
9%
234
9%
9%
9%
938
*143%
5%
534
3
3
82
8%
8%
8%
8%
9%
4734
46%
48%
47%
48%
135
135
*133
*133
135
7%
7h
7%
9
5%
4%
5%
19%
90
19
19
*83
12,800
1,200
90
135
8%
Steel
6%
10
3%
400
9%
9%
6,300
Interlake
2%
1,400
Internat
2%
2%
2%
500
13,400
135
135
8%
3034
4
2934
31%
4
28%
*334
29%
4
4
29%
Oct
83
Marl6
98
Apr 25
92
Dec
2
Mar 29
67g Mar 30
par
2
Mar 26
100
15
Mar 26
29
154»4
Jan 21
Internat Harvester....No par
Preferred
35""
"§5"
35"
24
*22%
23*t
*22%
*31
32
*31
3134
16
16
*15%
1634
*57
68
*57
68
*35%
*34%
*22%
31%
*1534
3034
4
Oct
Oct
1678
15%
Apr
Oct
18%
Jan
Int Nickel of Canada..No par
3678 Mar 31
6284 Feb 23
37
Nov
25
Corp
Preferred
160
*56
8%
8%
*8%
8%
100
*51"
52%
71
72%
53%
*15%
125
16
8%
17%
*13%
*10-%
14
13%
*10%
9
12
*5134
73%
16%
52
52
71
71%
16
20%
20
13%
20%
13%
*13%
14
11%
*11
11%
*60
80
<8
6%
6%
6%
6%
6%
6
4%
4
4%
4%
4-%
4%
4%
89%
*85
*8
*2
•
'
„
89%
34%
8%
*8%
22%
22%
2%
2%
-
~
i i' •'
18%
18%
8%
434
434
*21
35 >«
8%
22%
*1%
14%
*13
14
18%
>
18%
18%
434
5%
*13%
18%
*478
16
14%
16
15
16
24
25%
25
25%
26%
*26%
14%
1438
*14%
15%
2%
*2%
24
29%
28
28
28
*7i8
7%
28%
91
*87
90i2
*87
92
90%
*91
7%
94
24
24
24
22%
23%
1,600
Lerner Stores Corp
2934
29%
7%
2934
29%
7,500
28
28
*87
91
7%
J18
91
91
165
165
91%
1734
*16%
18
*15
*27
28
28
36
36
1634
16%
1634
413s
42%
43
42%
4334
3i2
*100
103%
17
?%
17%
17%
*33is
34
36
15%
*27l2
30
16
30
*28
2,700
42%
43%
4234
43%
*105% 106
*105% 106
41%
4234
6,600
1%
1%
41%
*3i4
42%
3%
*16%
16%
*28
30
1%
40%
3%
*16%
106
1%
1%
40%
4134
3%
106
1%
42
*3%
17
*16
3%
17
30
*28
*28
30
'
*24%
*1U
*4%
*7%
26
26%
1%
1%
1%
5%
5%
584
8%
834
4%
11%
1%
*5%
6
*10%
11%
12%
534
5
5%
*10%
26%
*1%
12
12
11
4
*25
1%
534
1%.
6
11
*3%
*10
26%
26%
5%
6%
1034
978
9%
*25
26
25%
1%
*1%
134
*1%
I84
*1%
134
534
534
5%
5%
*5%
534
%
%
1%
1%
1%
*1%
138
7%
*6%
8%
2334
1%
734
14%
2%
23%
8%
21%
*2%
3%
*1%
*21l4
1%
23%
8
*778
8%
23%
24%
23%
*2%
3%
30%
*2%
30%
*30
24
24
*145
161
3734
3734
24%
7%
13%
1%
1%
*
8%
*8
24
2434
*2%
31%
3134
3%
3134
23%
23%
24%
*145
161
*37
134
*145
38
38
412
4%
4%
4%
4%
1834
*17%
18%
*17%
*80%
93
*80%
10
10
8
8
10%
10
8
8
75
•
*53
*22
23%
8%
24%
3.
23%
*1714
93
2
2
75
10
8%
75
161
32
*23
*145
39
4%
18
85
10
8%
75
Bid and asked prices; no sales on
*37%
4%
*17%
*80%
10%
*8
*70
32
23%
161
39%
4%
18
85
10%
8%
80
this day
*6%
14
*1%
14
13
*
2
*21%
23%
32
32
1%
*22%
23%
8%
23%
*234
2234
161
39%
4%
18
80
10%
8%
'
3%
23
161
39%
4%
18
80%
8%
13
2%
23%
7%
23
102
Apr 18
No par
No par
26
34 Mar 26
Mar 31
100
10
100
preferred
7%
150
preferred
Louisville Gas & El A
12% Mar 31
2,200
Louisville <fc
2978 Apr 20
1,800
Ludlum
..No par
Nashville—-.100
6%
1,500
6,500
500
500
380
100
31
""700
22
2,200
163
18% Mar 31
34 Mar 29
—No par
4% Mar 30
100
700
1,400
,200
80
80%
120
10%
1,400
884
4,800
t In receivership,
80
a
Def
Bros.
t Manhattan Ry 7% guar.
preferred
preferred
6% 2d preferred6% prior
100
n
r
Oct
Oct
10
Oct
Jan 13
4%
Oct
12% Jan 13
284 Jan 11
7% Jan 11
9%
Oct
Oct
5%
Oct
l%May 12
734May 11
14%May 11
v
2%May 11
84
Dec
3
Oct
20
Jan
684
Dec
39
Jan
1%
Oct
6% Mar
Deo
5184 Mar
Dec
30% Mar
29% Apr
Mar 31
2
7
Jan 28
9
29
Jan 14
5% Mar 30
978 Jan 12
10
24
15
10
165
Feb 23
42% Jan 15
678 Jan 12
2% Mar 26
25
Mar 29
1934 Mar 31
157
Jan 26
28% Mar 31
3% Mar 26
17
20
75
2434May
4% Jan
37% Jan
27% Mar
24
7%
3% Mar
10
Oct
I84
20
Oct
13%
Jan
Oct
74
Feb
22
Dec
4H4
142
May
3384
4%
Dec
Oct
Dec
165
Jan
Jan
66% Mar
15% Jan
25
Jan 10
44
Jan
Mar 29
21
Apr 22
June
45
Jan
91% Feb 10
Nov
111
Jan
Dec
36
Jan
Apr
16
Jan 18
1
6
Mar 23
10
Jan 11
100
61
Mar 31
79
Jan 18
z
1%
Mar 28
5
884 Mar 31
par
Cash sale
Dec
8%
18%
20% Jan 13
14% Mar 30
Department Stores—10
No par
par
par
par
New stock,
25
Mar 30
1834 Mar 30
Maytag Co
delivery,
Oct
Dec
78 Mar 30
Corp.
1
Co.—No par
L.) Co
1
Martin-Parry Corp
No par
Masonlte Corp
No par
Mathleson Alkali Wks.No par
preferred w w
No
$3 preferred ex-warr. No
$6 1st cum pref
No
McCall Corp
No
McCrory Stores Corp
6% conv preferre
2634
123% Nov
17% Dec
6
7
Martin (Glenn
$3
Oct
Jan 10
%May
3% Feb
Marshall Field &
May
13% Feb 10
3078 Jan 11
Oct
14%
48% Nov
13% Oct
9
5
100
100
100
100
7
Jan 21
15% Dec
125
Mar 15
1% Mar 31
Marlln-Rockwell
preferred
Jan
2484 Jan 12
32% Feb 28
Oct
Oct
101
2
9
100
Ry
6%
7%
140% Mar 11
1734May 10
56% Jan 10
21% Jan 12
June
534 Mar 26
2% Mar 26
Modified 5% guar
Market Street
Mar 26
10
Manhattan Shirt
10
734
*70
Dec
31
2478 Mar 30
260
4%
9
Oct
2%
17%
126
Mar 29
10
70
17%
80
1
32
Mar 29
16
No par
Macy (R H) Co Inc
No par
Madison Square Gard—No par
Oct
Dec
9984 Nov
134 Apr 25
22
10
—No par
Nov
43%May 10
•4% Feb 23
116% Mar 30
Steel
preferred
Mack Trucks Inc
1,990
3934
8
106% Jan 14
Mar 30
100
25
Maracaibo Oil Exploration. .1
700
5
2,700 Marine Midland Corp
200
4%
*70
43%
13
MacAndrews & Forbes
3%
10
1334 Mar 31
Apr
1
125
1,300
17%
10%
Jan 12
Jan 14
1,900
*38
6278
Oct
14
18
5%
Lor Ward (P) Co
Oct
18%
Jan 12
Jan 18
20
May
15%
20
106
97
Oct
83%
151
33
Mar 31
43,100
21%
*145
Mar 31
33
Oct
5
42% Mar
Jan 12
8%
31
12% Mar 31
3484 Jan 12
21
23%
*234
Mar 25
29
2% Mar 28
650
5%
Jan
Feb 28
I434 Mar 31
Biscuit
15,800
%
167
a;18
-.25
Loose-Wiles
8%
11
5
9
Apr
Long Bell Lumber A...No par
16%
7
*984
Dec
1,100
14%
7
11
1%
5
Inc
Oct
33%
14% Mar 31
20% Mar 26
No par
$6.50 preferred
Lone Star Cement Corp
14%
6%
534
14
No par
Belt Co...
12%
*10
%
5
Link
Liquid Carbonic Corp..No par
Loew's Inc
No par
Mandel
134
12
Lily Tulip Cup Corp.—No par
Lima Locomotive Wka.No par
100
23
102% Jan 11
81%Mar31
157
100
Preferred
200
5%
5
Series B
700
%
11%
Dec
1%
134
*3%
*10%
1%
23%
Oct
82
6%
534
4
23
Jan 10
Corp
1%
*5%
1%
134
11%
2834May 13
Savers
6%
5%
4
5
*1%
*434
5%
11
Jan 10
Magma Copper
Manatl Sugar Co.—.
25%
*1%
*5
9
Oct
8
2
Loft
2,400
Dec
Mar 29
100
200
Oct
%
2% Dec
2234 Dec
Jan 14
11
2,700
6,900
30
*116% 120
*116% 120
*116% 120
*116% 120
*116% 120
*116% 120
20%
20%
19%
20%
19%
20%
20%
19%
2034
1934
20%
*19i2
30
31%
30
3034
29%
30%
30%
2934
30%
30%
30
30%
*1 L%
12
*1134
12
12%
12%
12%
12%
1234
*12%
12%
1214
26%
600
17%
103% *100
103% *100
103% *100
103%
*16%
16%
1634
16%
16%
16%
16%
138
138
138% *138
138%
138% 138%
*17%
1734
17%
17%
17%
17%
17%
17%
37
37
37
35
35
3734
37%
36%
16
16
16%
16%
16%
16%
16%
1634
138
17
16
36
16%
138
35
*28
*35%
16%
16%
17
15%
36
4%
Jan 11
Liggett & Myers
""406
Jan
Oct
42
900
17%
1%
43%
3%
17
16%
*100
100
100
138
138
138
17%
16
16
16
3
*17%
17
17
*1%
z,36
2734
634 Feb
1% Jan
5%
2
25
12
13
12
27% Mar
2~3o6
17
May
23% Mar 31
Tobacco-.25
25
*15%
*26%
Deo
984
Llbbey Owens Ford Gl.No par
Mar 30
90
105
Jan
28% Jan
Mar 30
91%
Deo
No par
81
28
36
178 Mar 29
25
166
Oct
8
678 Mar 29
1934 Mar 30
5
90%
Oct
6
10%
19% Mar 30
Life
*27
16%
% Mar 26
Llbby McNeill & Libby No par
28
36
Mar 29
3
300
*86
Jan 12
Oct
800
*165
Dec
Dec
4
7
91
14
97
Jan
2834
91%
Dec
Jan 17
Jan 12
5
*634
165
Oct
22
14
28%
91%
4
Jan 12
8
7%
165
Dec
Jan 12
6
28%
*87
15%
Oct
18
*634
17%
15%
29%
Dec
30
28%
*15
36
42
29
Dec
11
17%
6
1734
15%
4134
*105% 106
24%
29%
Oct
15% Jan 12
19»4 Jan 12
95
preferred
800
Dec
IS4
20
6
Mar 26
Lehigh Valley Coal
300
36
41
conv
5%
1734
10% Mar 31
13% Mar 30
100
--60
No par
6% conv preferred—
.50
Lehman Corp (The)
1
Lehn & Fink Prod Corp
5
4%
28% Nov
1278 Jan 10
Lehigh Valley RR
3,000
16
4058
200
8%
91
165
1%
41%
3%
2,400
234
165
90%
106
""""90
84
24%
35
1%
m.
4%
*%
8%
16
*105
m.
4%
34
*2%
35
1%
41%
3%
m
4%
Oct
Dec
8% Mar 31
3%May 13
Lehigh Portland Cement...25
24%
28
106
*105
Bryant
Lee Rubber & Tire
9
*2612
13g
Lane
100
Oct
80
18%May 12
1238 Mar 31
8
Mar 29
No par
—No par
5
Lambert Co (The)
2%
1734
*105
700
7
4
Jan 14
28
Mar 26
15
Nov
May 5
16% Jan 12
15% Mar 31
2% Mar 26
22
80
16
7
Jan
Nov
22% Mar 4
2% Jan 10
Mar 30
9
100
preferred
5%
25%
*16i2
27
Laclede Gas Lt Co St Louis 100
*8%
28
*16%
440
12% Jan
preferred
prior preferred
Jan
Oct
13
43% Jan 10
978 Jan 12
1% Mar 29
1
Jan
126
Oct
Jan 12
6% Jan 10
6
87%
155
Oct
15
984 Jan 10
87
19
No par
1,010
73
6% Mar 31
Feb 3
Keystone Steel & W Co No par
15%
Jan
5
14%
Mar 18
14%
2678 Mar 30
No par
Kennecott Copper
2%
2434
28
*87
164% 164%
167
*160
4%
*%
80
Kendall Co $6 pt pf A..No par
24
23%
2934
7%
*2714
C
34
1
B.._
Mar
Jan
Apr
Aug
64*4 Nov
15% Dec
115% Apr
Jan 10
19% Jan 10
434 Mar 29
3
Mar 26
Kelsey Hayes Wh'l conv cl A.l
Dec
65% Nov
120
119% Apr 2
984 Feb 25
21
May 9
18% Jan 12
5
Apr
30
127
49
Jan 10
78
Oct
Sept
20%
xll6
8
53% Mar 11
86
2
6
63
Jan
125% Mar 14
8
12% Apr
l0%May
8%
Jan 15
24
Mar 29
2%
2538
8%
9
*8%
23%
28%
7%
29%
434
*%
12
23%
1,300
Mar
preferred...
100
Kaufmann Dept Stores.J12.50
Kayser (J) & Co
5
Keith-Albee-Orpheum pf_.100
800
3%
117
1
12% Mar 25
4%
$5
19
Apr
26%
Mar 31
J8
13%
107%
Nov
5
2%
3%
Jan
Dec
9
4984 Apr
10
14%
*17
36%
70
Jan 18
118
Kimberly-Clark
13%
13%
1834
Dec
Jan 11
12
100
Class
Feb
8% Nov
75
L pf ser B No par
City Southern
Feb
15%
Mar 31
44% Mar 30
58
Mar 29
Jan 24
pref.100
Kinney (G R) Co
11%
Oct
122
100
100
100
Oct
6%
17% Apr 1
113i4 Apr 30
No par
200
8~66o
4
9%May 12
1338 Jan 12
Jan
Jan
Mar
6% Mar 30
Feb 10
No par
Preferred
1,200
5%
65
9%May 11
4
8
Jewel Tea Inc
8%
181
Jan 25
4
Feb
6
63
300
11%
4%
13%
*105
4%
26
*8%
24%
9
29%
105
*4%
110
15%
2234
11%
*17%
Oct
27
*26
24
11%
68%
5% Feb
I
*2%
25%
8>8
2%
25%
9
25
9
23%
105
2%
2%
25%
25
23
4%
1334
1834
*17
19
*100% 10234 *100% 104%
*10014 105
4%
4%
4%
4%
4%
4%
%
%
*%
%
%
*%
23g
*3%
13%
4%
11
46% Mar 30
14
15%
11
52
No par
No par
Kresge (B S) Co
10
Kresge Dept Stores
No par
Kress (S H) & Co
No par
Kroger Grocery & Bak.No par
16%
14%
24
4938
Oct
1
22%
*4%
5%
14%
13%
-
31,100
*1%
18%
26%
13%
*17
2%
27
*3%
4%
1834
*20%
22%
....
3434
*8
8%
*20%
89%
*4%
26%
13
33%
18%
14
13
*8
35
Oct
Johns-Manvllle
500
5%
2334
*334
*85
89%
34%
700
18%
14%
2334
*18
*85
*334
»
1434
19
7
4%
7
438
26
11
80
7%
4%
*
14%
13
*60
80
*7
15
14%
*4
300
48
26%
*18
400
12
*13%
*26
*12%
1334
*10%
*1584
zl4%
11
*13%
11%
14
14%
11
14
48
26%
*1034
10%
*13%
*1434
11%
4i2
300
*1%
*1534
*25%
11%
20%
2%
*4%
*26
*23
*15%
2884
16
preferred
Kansas
Oct
30
100
Kan City P
14%
*15
•
*12%
18%
*4%
*134
s
89%
34%
8%
22%
2%
•
-
15
*85
36%
8%
2%
"J
„
*12Hj
*85
36%
*21%
8%
22
22
89%
34%
35%
2,300
*18
*60
80
6%
*4%
34%
200
8
Feb
19%
Jan 17
Kalamazoo S.ove <fe Furn
16
8
Jan
67%
20
Mar 28
No par
Corp
Jonea & Laughlln St'l
*119
"V"
Feb
884
Dec
3584 Jan 24
No par
No par
410
55
*15%
16
*8
*13%
*6%
*35
53
20%
*15%
8'->
6,600
180
*124%
*119
"*9* I
~8~L
*60
80
400
52
10
34
21
12
Island Creek Coal
S6
Jan 21
Apr
28% Mar 31
Stores. N« par
300
120
7334
*10%
12
Apr 16
Preferred
Inter type
52
55
Interstate Dept
70
400
7234
5334
Telep & Teleg
20
*1834
*115
125
1,600
18
9% Apr
68% Sept
100
Foreign share ctfs
12
*11%
1934
Inter
71
52
55
*15%
834
834
743s
*119
"
24
preferred
7%
—
10,800
120
125
'mi 'm
95,500
9
71
12
*11%
*1834
''LjJm
9
8%
72
*115
68
.
8%
9%
72
125% 125%
55
*56
9%
9%
9%
9%
75
*11%
55
8%
13%
*60
80
*60
9%
m
125
*18
21
12
68
8%
19
*119
21
17%
*56
9%
120
16
16
"~8*34
834
68
*71
51%
19% Mar 31
International Silver
19
54
54
*15%
~~8%
International
200
8%
75
125
*119
*119
600
15%
*115
72
125
*53%
6434
30%
15%
19
*51%
74
Jan
6
19% Sept
Dec
100
30
16%
8:%
10
48%
No par
Shoe.
30%
120
*18%
*115
51%
51%
70%
125
125
10
19
117
28% Mar 25
No par
Salt
International
*56
75
18% Mar 31
2% Mar 30
No par
preferred
*30%
*15%
834
8%
24
5%
16%
8%
75
10
*18%
*115
30%
8%
8%
10
9%
19
117
■
24
303s
1634
68
838
>v
80
*70
75
9%
*18%
8
*23
6%
Jan
73% Mar
13584 Jan
884 Sept
4% Sept
29% Dec
2% Oct
4% Sept
39% Jan 12
5% conv pref__
100
Cent Am.. 100
*16
313*
,8%
*8%
834
75
*..
8
8%
884
24
12778 May
135% Mar
1
978 Jan 12
No par
Internat Rys of
3*5% "~"l30
Jan 19
4% Mar 29
m.m.~No par
C
Mar 25
132
15
B
784
3% Mar 31
100
Inter Paper & Power Co
37,200
*23
*23
24
Jan
178
"35%
"
Aug
162
3
4
36
Jan
120
Nov
6
500
29%
"35%
3
Jan 12
33,300
7%
4
35%
Mar
Apr
Apr
138
Jan 11
152
9
9%
63%
189
478 Jan 11
117( Jan 21
135
31%
*34 %
Mar
Oct
18% Oct
127% Nov
53% Nov
2
Int Hydro-Elec Sys cl A
Voting trust ctfs
"35"
70
50% Mar 31
141
100
Oct
2
J an 17
Mar 31
111% July
11% Mar
28% Mar
Oec
6
634 Mar 31
34,100
4
3%
2%
Jan 12
13% Jan 12
378 Jan 17
1
8»4
30%
32%
3%
Apr
20
Class
4
Jan
64%
Jan 12
Agricultural..No
Jan
1334
25
Class
28%
Feb
Oct
Int Mercantile Marlne.No par
47%
7%
8
Mar
6
Internat Mining
1,900
135
135
73g
July
33%
3,400
26,600
834
47%
143
131%
1%
Mar 30
4»4
Feb
Oct
No par
Rubber
Iron
144
378
15
Prior preferred
100
463s
9
8%
^47
Jan 11
Int Business Machines.No par xl30
600
21
21
22
*20%
6884 Nov
6% Oct
4% Jan 19
6*4 Jan 13
153s
No par
preferred
Intercont'l
3%
Jan
78% Jan 12
No par
100
Interchemlcal Corp
93g
138
8
3% Apr 1
278 Mar 26
1
$ Interboro Rap Transit...100
3%
Feb
5%
878 Jan 10
57% Mar 31
7% Mar 30
No par
_
Insuranshares Ctfs Inc
9%
4734
7%
preferred
Inland
Mar 29
4
10
Inspiration Cons Copper...20
*3%
9%
46%
135
7%
7%
4
144% 145
57%
56%
150%
*14538 150% *148
6%
5%
5%
638
6%
334
3%
2%
2%
338
*234
47%
4
148
5%
6%
3
1,000
4
*1938
22
148
6%
5%
*2%
534
3
*2%
13,900
145% 145% *144% 147
59
57%
5934
58%
149
*145
119
1,200
11%
4%
9%
2%
2 %
68%
11%
4
3
9%
*2%
22
67%
1134
11%
*83
86
3%
234
234
2%
21% 22
21%
21%
143% 143% *144% 145%
:T 58
61%
58%
60%
67
*64
6%
20
*136% 138
*136% 138
64%
17%
150% *145
share
Indian Refining
Industrial Rayon
*16
60
share $ per
per
3,000
5%
59
$
share
per
200
1734
434
*140
J
share
634
17%
4%
20%
145%
per
*6%
18
3%
*2%
J
7
1734
*82%
4%
334
*19
Par
*6%
4
*86
Shares
634
18%
4
9%
Year 1937
Lowest
Highest
18
4
*3
$ per share
Lowest
*6%
4
334
May 13
Week
6%
1834
6%
18%
18%
18%
18%
*76
*77
81%
81%
*137
138
*136% 138
64
64
64%
64%
12
12%
11%
11%
♦3%
Range for Previous
1
18
6%
*5%
May 12
May 11
$ per share
the
Thursday
100-Share Lots
Basis of
On
EXCHANGE
Friday
$ per share
Wednesday
3141
Record—Continued—Page 6
Ex-dtv
y
Ex-rlghts.
20%
11%
7«4
z66
Oct
Oct
24% Feb
106% Mar
^ Called tor redemption
New York Stock Record—Continued—Page i
3142
SALE PRICES—PER
HIGH
AND
LOW
SHARE,
NOT PER
CENT
May 10
Friday
May 13
Week
$ per share
? per share
$ per share
$ per share
Shares
Monday
Tuesday
May 7
May 9
$ per share
$ per share
14
13i2
*8%
13%
9%
1334
40
40
40%
40
4034
15%
61H
16
6'4
15*2
6*2
*31%
612
323.4
6*2
33
*75i4
84
317«
6*2
*751i
10%
15*2
6%
33
634
84
634
*75%
10%
10%
13
13%
*8
9
40
*15%
6%
934
934
1334
*8%
39%
40
*8%
3934
1678
6%
16
16%
16*2-
33
33
33
634
84
*6%
678
84
11%
8%
8%
14
6*2
11
60
*58
60
*58
60
*58
*50 ;
58
*53
59
*55%
58%
*55%
*42
45*8
4%
*42
45
40
40%
41
*66
4%
*18%
4*2
434
18%
19
18%
434
434
19
14
*12
32%
32%
*33%
35
8%
1734
8%
9
1734
8%
16%
|*19i8
2014
*19
20
19%
9%
177S
20%
187*2
87i2
*85
88*4
88
88
*8912
92
*90
93
*12
14
*33
17*4
92
*89
16%
*6%
*32%
10*2
*56
*52
4%
19*2
*12
1
10
Jan 31
McGraw-Hill Pub Co..No par
7
Mar 26
2,100
2,600
3,700
Mclntyre Porcupine Mines..5
16%
I
7
*75%
10%
*42
48
52
*46
%
*%
8%
16*2
*%
*%
%
84
*%
*34
14%
2%
2%
2%
14%
2%
7
7
734
7%
lip
1%
1%
*13%
74%
14
2%
034
1%
*134
1%
1%
1%
#*72%
*111
3284
*24%
*26%
14
*9%
1484
4%
1%
1%
14
L*13
34
13
13%
934
934
934
9%
9%
15%
15
1534
15%
1534
15%
1534
4%
♦96
4%
14%
4%
33
13
43
*11%
*40%
*96
534
5%
41
41
8
9
*32
434
98
*96
5%
8%
8%
5%
8%
10%
10%
9%
8%
22
22%
154
*151
7%
pf—100'
Mllw El Ry & Lt 0%
8%
2134
14
*13
14
*13%
14
75
*72%
75
*72%
80
*39*4
16%
42
*39%
44
*43
46
13%
13
17%
17%
13%
13%
109
109
*109
108
108
108
18%
17%
13
13%
108%
5%
534
*4%
20%
20%
*157
20
*12%
7
7%
22%
159
17
*%
7%
%
*
7%
27%
"53%
53
1834
27%
1838
2734
*69
75
*72
*09
75
*3*8
3%
9i2
*60
69
*30
*9
33
*11
7%
*1
*17
%
%
7%
*%
%
*
%
"54"
19
27%
*2534
27
76
*74%
*68%
78
74
75
*68%
27
80
*74%
*08%
20%
69
33
3%
9%
75
3%
*60
6
*4%
7%
I384
13
14%
13%
26%
13%
**9%
*1834
69
*3034
14%
26%
14%
*60
105
*4
7%
13%
27%
14%
27%
13%
14%
27
26%
27
13%
13%
12%
14
1134
12%
20%
12
13
20
2234
12%
22%
13%
23%
23
13%
2434
25
25
25*4
25
25
25
26%
*26%
20
*24
4
4
9%
9*2
112
*234
112
*111
9
*%
*-.._
1%
*2
*
57
1%
3%
*147
334
*111
56
""!%
134
1%
3%
3%
4
4%
4
*38
*38
53%
53%
*50
1%
1
7%
14%
13%
31%
>13%
12l2
12
12
24
22
22
25%
3%
3%
*9
9%
111% 111%
26%
25%
4
9%
117
*
57
1%
4%
1%
4
4
34
34
*34
1
*34
1
7%
7%
53%
7%
7%
7%
7%
*38
*43
53%
*42
100
No par
10
No par
1
10
100
%
80
*27%
*1%
29
8%
1%
1934
12%
12%
25
2434
10*2
10%
*88*2 100
5%
21%
127
8%
45
*12
13
*35
46
*114
*%
%
8
4%
15
15
*534
638
1134
%
*%
%
%
*%
*145
500
16,900
No par
1
....
*78
8%
81
9%
*27%
1%
29
*15
20
10%
24
10%
1%
11%
25%
10%
*88*2 100
*5
2034
126
8%
*39
13
*35
5%
22%
126
9
40*s
13
40*2
51%
8%
*3%
14%
6*4
*11
*79
834
27%
1%
*15
10%
2434
81
9%
27%
1%
20
11%
*78
934
*25
2734
25
2
19%
1%
*16
10%
25%
10%
24i2
*134
*16
10%
24%
10
10%
*88% 100
*88%
5%
5%
21% 2134
126% 12634
8%
9%
*39
41
*12
13%
*35%
40%
10
19%
11%
99
21
127
40
40
*40%
*12%
*35%
*12
13%
*35%
*114
52%
53
8%
8
40%
5%
8%
46
4.
-
•
—
13%
36
*114
5334
54
8
*8
8%
*3%
4%
4
4
*4
14%
14%
15
15
16
16
6%
6%
7
7
11%
11%
*10
12
7%
11%
Bid and asked prices: no sales on this
day,
4%
preferred
No par
Jan
Oct
26
Feb
15% Dec
51
Mar
14
Jan 10
21% Jan 10
7»4 Jan 15
Jan 13
14% Feb 23
64%
4%
50
9%
Oct
1514 Aug
99% Mar
Dec
36i2
57
Jan 12
50
Nov
90
104
Jan 12
102
Apr
2084
Jan 17
3
Oct
47% Feb 24
12% Jan 10
15% Feb 18
44
Dec
7%
13%
10>4
Jan 11
Jan
6
23%May 11
157
Feb
5
71
6
Oct
Oct
47% Mar
Oct
24
0%
z24%
Oct
17
May
13
Oct
Mar 30
Jan
3384
103x2
Dec
13
Jan
33% Mar
167
Aug
39
Jan
Mar
18%
Dec
145
90
5
Jan
Feb
Mar
8
Jan 11
18%May 9
16*4 Jan 12
Mar
10
Jan 31
3% Mar 29
3% Mar 30
17% Mar 31
11% Apr 1
Feb
IO8X2
17% Jan 10
12% Mar 31
11% Mar 31
106% Mar 30
105% Mar 30
Jan
Dec
43
Feb
Jan
67% Aug
38% Feb
Oct
12
Oct
112% Mar
2
106%
Dec
110
7
104%
Oct
5%
Oct
4
Oct
May
24% Mar
10% Jan
Mar
7% Jan 11
26*8 Feb
112x2 Mar
112
5% Feb 1
233s Feb 17
17
Oct
35
Mar
20
1784
Dec
38
Mar
Feb 25
734 Feb
2934 Jan
18i
Apr
7
18
Oct
44
Mar
Feb
3
159
Jan 20
163
Oct
171
Jan
13034 Feb
7
136
Jan
127
July
150
13% Mar 29
5
Mar 29
24
17% Mar 29
150
9
4
Jan 11
83s Jan 12
% Feb 11
»4 Jan
% Feb 10
4434 Mar 31
% Jan 12
6234 Jan 12
14% Mar 31
23
21
Jan
4
Feb
1
Feb 25
29% Mar
1
2
75
Feb 23
4% Jan 14
10% Jan 20
23% Jan
4%
7
Oct
10%
Dec
6
Oct
7
79% Mar
Mar 31
234 Mar 28
% Sept
% Sept
55
Oct
17% Dec
20% Dec
63% Dec
1
Jan
Jan
99% Aug
26% Nov
30
Oct
80%
Oct
3
Dec
6%
Oct
1218
13%
57%
Feb
22% Dec
62
Dec
Jan 14
32
Dec
Jan 18
99% Nov
Mar 24
12
Jan 10
9% Mar 31
Jan
Dec
40
6
214
75
106
Feb 11
,
Jan
Dec
Mar 31
70
Jan
61%
1484
75
99% Apr 26
28
9
Nov
19% Jan 15
10*8
29
Mar 30
22% Jan 10
38% Jan 12
26% May 11
2
Mar 25
434 Jan 11
5% Mar 26
1134 Mar 1
Apr 25
Mar 30
120
50
111
Apr 28
111
56
Jan
Feb
87
Sept
0484 Mar
109
Jan
37
Mar
Oct
41 s4
Jan
Nov
98i2
Feb
Jan 10
Mar 31
Mar 30
Jan 5
Mar 29
87%May
3
par
5
Apr 18
63s Mar 31
May 12
138Mar 30
1234 Mar 30
4%
Oct
1% Jan 15
1
Oct
10% Jan 24
3
Oct
26xz
3
Jan
22
Jan
14% Oct
48% June
3
Oct
93
Oct
34%
57%
17%
104%
O t
105
9%
30
1%
15
Oct
Dec
Oct
Feb
7% Mar 30
4
1
Mar 28
1334 Mar 25
122
Jan 14
63s Mar 31
30% Apr
1
12% Jan
96
Mar
7«4 Jan
24% Jan
128% Mar
12
Jan
50
Jan
6%
90
5%
20*8
125
0%
48
Jan
Jan
Feb
Jan
Jan
Jan
30% Mar
5312
Jan
6% Mar
40
22% Apr
73
Apr
Oct
83% Apr
Jan
Oct
Nov
Oct
Nov
Oct
Oct
Nov
Oct
Dec
26X2
114
Jan
Feb
Feb
19% Mar
45x4
140
Jan
Feb
24% Mar
97
Mar
Mar 30
10
Jan
1234
Dec
28
39% Apr 28
50
Jan
44
Dec
75
Jan
Apr
66% Jan
114
May
115
June
10
10
2% Mar 26
10% Mar 25
No par
334 Mar 29
9% Mar 26
Cash sale.
133s Jan
%
91
Jan 13
31% Jan
June
9
No par
Pacific Finance Corp (Cal).lO
73
Jan 11
9334 Jan
Oct
63% June
4
24
Mar 30
5
99
30
6
14% Jan
6
Pacific
1%
Jan
32% Feb
Mar 30
130
Jan 10
88% Jan
Mar 26
10
40
4
62
100
20% Mar 31
Apr 19
r
Feb
984 Mar
54% Jan 13
10% Jan 10
1
5% Mar 30
115
New stock,
Jan
97
Oct
4534 Apr
100
n
2
Dec
2
114
No par
16%
110
Oct
54%
2s4 Jan 10
03s Jan 10
272
100
4
Def. delivery,
%
Jan 18
61
22% May 11
No par
Coast
JaD
1334 Mar 31
1st pref_.No par
1st preferred
2d preferred
Mar
Oct
....1
*15%
90
137
Oct
Owens-Illlnols Glass Co..12.50
"3~66O
Nov
Apr
No par
...
113
102
50
Outboard Marine & Mfg
Outlet Co
Jan
180
No par
preferred
conv
135
Jan 13
4
25
$5.50
Oct
1O0»4 Jan 17
Telegraph...50
Steel
Oct
198
Norwalk Tire <fc Rubber No par
Preferred
50
Ohio Oil Co
No par
6%
Jan
6
110
Mar 29
Northwestern
Otis Elevator
12%
25%
Mar 25
Jan
% Mar 18
210
Otis
Oct
100
Mar 31
85% Feb 26
100
300
220
284
135
38
100
No par
76
2,600
31% Mar
100
100
No par
No Amer Edison $6 pf.No par
6,500
Oct
100
preferred
6% preferred
North Amer Aviation
33,500
55% Mar
% Jan 10
% Mar 26
1%
2%
%
434
Apr 28
14
15
Oct
6% Feb
19i2 Feb
76i2 Jan
10284 May
112% May
484 Mar
Corp part stk. .1
North American Co
33", 900
Jan 10
18
123g Mar 31
Northern Central Ry Co...50
Northern Pacific
100
170
38%
101
Adjust 4% pref
100
12
Oct
50
Pacific Amer Fisheries Inc
a
12%
8%
Jan
t Norfolk Southern
Norfolk <fe Western
100
6
21% Jan 10
Mar
700
*10%
66I2
72
8
t In receivership,
Dec
100
6,500
55%
Feb
38%
Oct
Preferred
8
Mar
46
Jan 13
Oct
30% Nov
7%
......
46
54
69
Dec
Mar 25
.100
Conv preferred
100
X N Y Ontario & Western..100
*114
54
Oct
21
Nov
7
N Y Shlpbldg
3,800
13%
30
No par
N Y Lack & West
Ry Co.. 100
t N Y N H <fe Hartford....100
700
2,800
3,300
46
*40%
*12%
*35%
105
15%
Oppenheim Coll & Co..No
8l2
z71
Feb 23
Jan 17
19% Jan 12
9,800
127
8%
Feb 25
Apr 22
91%
114%
37%
30%
39*s
80
1
Apr
39
20%
20%
*123
Jan 12
34
Mar 29
""800
11
17
10% pref
X N Y Investors Inc
99
5%
Oct
Mar 26
5%
10
%
10
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
8% preferred A
100
*88%
Jan 12
20
5%
-r
19%
10%
24%
13g
Aug
2X4 Jan
5is Mar
6X4 Jan
No par
'
*5%
*11
1%
10
21
8%
9%
26
23%
127
9
8%
8%
*134
*16
Dec
N Y A Harlem
60
80
26
10%
21%
5%
*78
25
21%
8%
134
12634 12634
5134
11%
11
*89
9%
25
5%
8%
4%
11%
99
8%
80
*434
5"l"34
6%
*78
9
25%
*114
15
80
84
No par
N Y Chic & St Louis Co
460
~
1% Jan 11
Mar 31
10% Apr
65
7% Mar 31
15% Mar 29
58
Apr 5
Co
0% preferred series A... 100
NYC Omnibus Corp..No per
New York Dock
No par
150
~
16% Mar
108
Dec
New York Central
5,200
4,200
5,100
—
Oct
Dec
%
N Y Air Brake
600
65,700
m'm
50
Jan 10
37% Apr 12
70
4H % conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A..
100
X New Orl Tex & Mex
100
Newport Industries
1
"""166
%
*%
Jan 17
63
Nelsner Bros Inc
165
160*8 *147
*147
165
155
155
155
153
"360
103% 103% 102% 10234 *102% 103% *102% 103% *102l2 103%
70
19% 21%
21
20%
2134
20
22%
21%
21%
21% 107,900
*50*2
52
*5034 52
52
52
5134
51
51
5134
300
8%
9%
8%
934
9
9%
9%
9%
9%
9% 37,100
*88
91%
*88
91%
91%
*88
94%
100
94%
*86%
93%
*114
52""
*%
Mar 25
6
15% Mar 31
150
Natomas
"""906
200
53%
034 Mar 30
prior preferred ...100
prior preferred
100
National Tea Co
No par
57
~"i%
37% Mar 29
0%
7%
1334
2634
1334
4
6
Mar 29
Apr
5%i%
105
*3%
1338
*25%
27
200
69
*30%
*102
100
N Y Steam $0 pref
$7 pref series A
*7734
8*2
20%
117
*
57
7%
9%
92
5%
9%
*12%
23i2
25%
>*3%
9%
"1%
*34
8%
*87%
*
1%
4
7
52
*10%
*
57
1
165
*15
4
10
*111
7
*49
*3*2
117
*34
*102% 104%
19%
20%
8
*111
*3%
P*3%
>13%
*25%
13%
3
*60
32
100
w w
National Supply (The) Pa..10
$2 preferred
40
9%
20%
122% *111
122% *111
122% *111
122% *111
122%
%
%
%
%
*%
%
%
*38
*%
%
7
**2
52
9%
53%
*38
8%
*38
334
9%
7%
7
*123
117
""1%
3,
*3%
9%
*111
122% *111
4
13
3
69
105
100
5,800
>1 200
75
*17%
pref
2^ 600
a
M
7412
*9%
3%
132
27
*26
9%
20%
*102
32%
*102
*5
*3
9%
20%
3%
9%
*18
5434
17%
17%
cum
Nat Rys of Mex 1st 4% pf.10
5% 2d preferred
100
National Steel Corp.
25
%
"54%
54%
18%
95
7% Mar 22
100
Nat Mall <fe St'l Cast Co No par
National Power & Light No par
100
18
80
*102% 105
%
"54"
28
20
400
*%
*
11% Mar 29
8% Mar 30
1
7% preferred A
0% preferred B
41,200
18%
*60
33
%
100
7%
8%
%
5
Nat Gypsum Co
National Lead
5,100
4,300
17%
8%
Mar 31
9% Apr 7
3434 Mar 26
Nat Enam & Stamplng.No par
135% 135%
8
Mar 25
Corp
Nat Distillers Prod
4,100
17
*16%
54i2
*30
69
*30%
%
100
6 34
10% Mar 31
Mar 30
Acme....
7% pref class A
7% pref class B
Nat Dept Stores
0% preferred
800
.22%
Mar 31
No par
6% pref series A
420
163
25
4
Nat Bond & Invest Co.No par
50
6%
24% Mar 31
26
Nat Bond & Share Corp No par
Nat Cash Register
No par
Nat Dairy Products
No par
7,200
22
6
.1
Nat Aviation Corp....No par
Biscuit
10
9,300
*155
2
Jan
Mar 31
No par
preferred
conv
National
•»
18
18%
53%
*18
9%
634
22%
*
-
13%
*11
163
734
1
May
National
"300
13%
*134% 136
*16%
17%
8%
*68%
3%
*9%
3%
034
L
17%
17
♦22%
Co
Brass
Mar 30
Nashv Chatt & St Louis.. 100
"400
•»
"
40%
110% 110%
13%
112
*155
17%
*73
20%
22%
158
*134% 140
7%
2734
7%
22%
158
7%
13%
6%
22%
159
5
Nash-Kelvlnator
12,400
75
40%
18
"i',500
14
*13%
*72%
*12
18%
2734
*102% 105
14
75
17
17
Corp. .No par
7%
20%
2034
50
$7
154
20%
"53%
19
*60
*102% 105
*151
4%
*
5334
*17%
113%
Essex
Mullins Mfg Co class B
230
5
*%
%
80
*3%
9%
20%
.1734
108% 108%
8%
22%
22%
154
40%
*110
25
Mueller
2,000
5,300
20,200
5
22
*65
*17%
13%
112
67
111
Motor Wheel....
100
4%
7%
%
40
10
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America...10
Myers (F & E) Bros—No par
734
1% Mar 25
10
No par
preferred
200
9%
8%
2258
Jan 12
34
6% Mar
Munslngwear Inc
10%
60
12% Mar
40% Jan
107% Aug
109
Sept
300
7%
*9%
9%
Mar
98*s
4%
Oct
12
9%
8%
Mar
124
2
Apr 18
734 Jan 12
Dec
11%
8%
120
Oct
Mar
Dec
13%
10%
Nov
67
107
Jan
1%
12%
34 Mar 30
100
260
5%
Jan
53
94%
48ij Mar
984 Mar
Morris &
3,400
1,300
43
106
34% Mar
34
5%
Jan 20
Oct
Oct
31%
*40
22
91
5%
1%
35
534
Nov1
11% Jan 10
23s Jan 8
3% Jan 11
15
43
35% Mar
Oct
87
Jan
Feb
434 Mar 29
15%
434
4%
Oct
15
Jan 12
41
100
9
4%
20*4
Oct
9%
4%
*158
8
*%
.*13%
.*72%
1734
17%
1,700
1,000
15
Oct
Dec
Dec
Motor Products
50
9%
72% Mar
4%
14
2
Montg Ward & Co Inc No par
Morrell (J) <fc Co
No par
100
14
33«4 Nov
Jan 11
Jan 11
Jan 12
15
$4.50
30
14
Jan 17
33s Jan 12
Monsanto Chemical Co
4,300
25%
Jan 13
17<4 Jan 13
5% conv preferred......100
Mohawk Carpet Mills
20
25,400
45
75
*110
200
75
4784 Mar
Mar 31
$ Missouri Pacific
1,200
114%
3234
10% Dec
16%
% Mar 28
11
1
Feb
11%
22%
27%
101%
3
84
Mar
101
Dec
43%
2
Jan
5% Jan 11
23
66%
1% Mar 26
Preferred series A
700
1%
2
Mar 31
% Feb
Jan 25
72
Mo-Kan-Texas RR.—No par
500
2,500
10,800
14
5%
7
22%
159
%
*52%
18%
*1%
*13%
7434
Mar 26
4
7%
109% 109% *108% 111%
5%
5%
*5%
534
4%
*4%
*4%
4%
20%
20%
20%
20%
*12%
7%
21%
*158
110
*133% 139
*133% 140
*133% 138
18
18
16%
10%
1534
1634
7%
*1
1%
*4%
20%
4i2
2034
P'22%
preferred.
—...100
4% leased line ctfs
100
Mission Corp
No par
*5
534
4%
■ 7
34
98
43
13
108% 108%
5%
17
18%
110
*4%
L*12%
*%
*%
*41%
*149
14
*13%
*72%
*39%
13%
110
154
35
100
34
1%
1
49% Jan 28
Apr
1
No par
.....
%
14
Mar 30
100
*%
7%
1
12% Mar 30
4% conv pref series B—100
Minn Mollne Pow Imp!—..1
%
*96
10%
9%
8i2
22%
23%
*153
Minn-Honeywell Regu.No par
Minn St Paul & 8 S M
98
8
8%
10%
834
Feb
Apr 25
534
10%
10
16%
89
42
*40
Oct
93
42
43
10%
22%
154
*70
.
*40
Jan
3
16% Apr
*91
*96
534
5%
43
10
21%
98
41
10%
8%
*151
44%
41
10
8
8%
22
*11%
*96
10
154
13
45
*40
4%
34
98
9%
.
4%
35
*11%
*41%
534
*15
80
Apr
9%
35
12%
934
9%
434
34
12%
41
8
9
9%
8%
21%
4%
33
98
*151
1%
1%
*13%
75%
14
9312 Aug
16
634
Apr
Deo
Mid-Continent Petroleum..10
20
3434
Dec
76
2%
Dec
50
100
1%
14%
10
37%
No par
2%
Jan
Jan 19
8% cum 1st pref
*13%
112%
Jan 13
Midland Steel Prod
2%
8%
Jan
Dec
61
20
1%
13%
19
78%
•
x 48
900
*2%
7%
Jan
Oct
1
3*8 Mar 30
96
13%
10% Mar
47x2
0
5
20%
$0.50 preferred
Oct
28% Dec
4
*89
100
Jan
Jan
534 Mar 31
"2,806
Dec
Apr
12
May 2
2034 Mar 30
52
18%
5%
Sept
42% Jan
42x2 Mar
55
5
*45
Oct
50
par
Merch & Mln Trams Co.No par
.
30%
1
—.50
(The)
5% conv 1st pref
"2,300
28%
32% Apr
5
53
*%
*%
*%
2
1%
*13%
7434
♦9%
9%
*10%
*40%
7%
*1
1%
1%
14
Mengel
3,300
21
Dec
par
Mesta Machine Co
*
33
*5%
8%
1%
8
2,200
share
per
Dec
7«4
11
par
Miami Copper
73
74
76
72%
76
76%
114% *110
114% *110
114% *110
114% *111
114% *111
33%
32% 33%
32
32% 34
32%
33%
32% 33
*23
26
*23
20
*23
25
26%
*25
25% #25
*28
*28
29
29
30%
30%
30%
30
*29% 30%
14
1334
1434
14%
14%
14
14%
14%
14%
14%
*31
*40
*45
1%
13%
2%
Jan 12
3,600
93
7%
2%
15
""600
*91
*%
13%
2%
1%
14%
034 Mar 26
par
14
93
%
Mar 26
33%
8*2
16%
16%
20%
90
34
»4
14%
*%
34
*13%
84
33*2
8%
16%
*18%
*89 J
%
Apr 12
*12
878
*18%
53
70
14
33
16%
*%
*%
100
Highest
share $
per
8% Jan 15
33*2
*12
20%
95
%
8% Jan 10
35% Feb 23
Apr
4%
19%
16%
*45
*%
1
Mar 26
2,100
Co
Mar 15
10% Jan 12
45% Feb 1
26% Jan 12
5
60
180
15
$
share
28
6% conv preferred
Mead Corp
No
$6 pref series A
No
$5.50 pref ser B w w.No
Melville Shoe
No
"2,000
10%
5% Mar 29
5
$3 conv preferred
Stores
84
Mar 29
per
No par
1
McKesson <fe Robblna
McLellan
2,200
14
58%
41%
4*2
1834
20
53
%
10
McKeesport Tin Plate
35% Mar 25
*56
*91%
*%
McGraw Elec Co new
600
33*4
64
63
63
64
*62
64
6134
04%
65%
6334
63%
64%
*107% 120
*107% 120
*107% 120
*107% 120
*107% 120
*107% 120
534
588
5%
5%
5%
5%
5%
5i2
5%
5%
5%
5%
48
$
*52%
*40%
4%
18%
*88*8
1
share
58%
4%
14
8%
per
200
7
41
19
33*2
9
33%
$
60
41
4%
14
343s
8%
1734
*12
16%
6%
33%
7
84
60
19%
19
40
58%
Par
Lowest
Highest
40
3934
10
41
Lowest
1,400
8%
Year 1937
EXCHANGE
the
1378
8%
*13*2
9*8
6%
*32%
634
*75%
6*2
*75%
1078
14
*1334
9%
Range for Previous
On basis of 100-Share Lots
STOCK
YORK
NEW
for
Thursday
May 12
Range Since Jan. 1
STOCKS
Sales
Wednesday
May 11
Saturday
May 14, 1938
115
61% Nov
Jan
IO384 Aug
23
11% Jac
5% Jan
z9%
Dec
2%
Oct
15%
17% Feb
8% Jan
7%
Oct
40*
4
Oct
2714
Feb
10%
Dec
3234
Jan
14%
JaD
Ex-rights.
Jan
Feb
Mar
T Called for redemption
Volume
SALE PRICES—PER
HIGH
AND
Tuesday
Wednesday
Thursday
May 10
May 11
May 12
Friday
May 13
$ per share
S per share
$ per share
Shares
28
37k
27k
37k
283s
1312
1358
27%
27k
2738
28
383s
37i2
*13
2678
38
38
38
38
14
27k
3734
13
13i2
1334
13k
13k
4
4
3%
*7%
9%
*%
1%
*7g
4
378
9%
*7k
1
378
9%
*7i2
1
*7g
33
33
33
33
3378
35
35
35
36
36
8834
*84
8834
*84
81*
7%
8is
79
*76
76k
9%
9ig
*17
18%
2i4
*84
8%
77
8k
*7634
9%
87S
2i8
zl6k
*lk
5
5
5
36k
36
16k'
16
5
5%
5%
5%
10
10
5%
5%
51
51
65
64%
2
334
*17k
18%
11%
*llk
16k
17%
*25
2
31%
*2
4%
*834
9%
21%
21%
23k
*21
21k
*1112
13
*10%
11
*10k
*6%
50%
6%
50%
5,700
51%
64
64 k
2,900
2k
1,100
3%
1,500
19k
100
6
5%
*1%
3%
3%
*16
15
*llk
14
14
10k
10
6%
9%
9%
634
24%
6%
7
600
22%
24
16,000
36k
36k
*36k
37
69%
63k
64
*64%
69%
88%
88%
k
87%
91
89
89
*4
6
*4
6
50
*38
50
6 v
*4
*38
*38
35%
*2%
*36%
*5%
34%
35%
4
*2%
3%
72
*38
50
22
22%
51%
52
*18
23
*18
5k
*53%
*6k
k
%
%
1,100
*4
*38
5k
50
32%
33k
*2k
3%
43k
3%
434 Jan
Phelps-Dodge Corp
16 preferred
Phlla & Read C & I
50
50
No par
Philip Morris & Co Ltd...10
No par
100
7% preferred
Phillips Petroleum
No par
5
Phoenix Hosiery
100
400
Pierce OH 8% conv pref...
700
Pillsbury
100
25
*18
20k
*18
53k
53k
53k
*53k
6k
9k
638
6%
*5%
♦53k
5k
6k
60
5k
60
5k
"266
20
60
Pitts Coke & Iron Corp No par
$5
conv
Pitts
6k
6%
6k
6k
6k
100
6% preferred
20k
*5%
*53k
2,400
Ft
&
100
163
No par
Pittsburgh Steel Co
9k
9k
9k
*9%
10k
*9%
10k
500
26k
25k
25k
*25k
25%
25k
25k
210
5
15
15
*14%
15k
14
14
180
5% pref class A.
*23
28
*25
28
25
26
*25
30
*25
27
26
26
No par
7% pref class B
15
*%
%
*%
%
*k
*6k
6k
6k
6k
6k
7
lk
lk
*■
11?
C»
134
lk
lk
%
7
*6k
*6k
1,700
59k
*50k
63
10k
10k
10
10
*38
%
*%
%
*%
%
18%
18%
9k
8%
57
*51
*52
63
10
57
10
11
10
'
%
19
19
18%
19
18k
19%
18%
18%
*8%
10
*8%
10
*8%
10
*9
10
*8%
8%
2
2k
%
*%
*2k
7k
*7
*20
46k
23%
46*2
7k
*135
136'2
*112k 115
*2
%
%
*2i2
2%
*2%
7
7%
7
7k
*7%
*21k
7k
22
22%
46%
463g
47k
*90
-
-
*
-
*119k
92
-
32
31
31%
-
47%
*119k
*90
9U2
31%
*90
7%
234
18k
48
91
116
28k
28k
9%
30%
9%
29%
10k
10%
84
82
84%
82
10
103g
10k
10%
10k
*11%
12k
6-%
*lll2
12%
*11%
*75
85
*75
50
51
51
5%
6%
2%
6
2%
2%
18k
ilk
*18%
*19%
21
*19k
17%
*75
51
51%
*10%
18k
11%
19%
6
6k
80
2%
19
*23 k
26
*24
26
*16%
19k
18
18
*3k
3%
3%
58
*38
*%
1
ioi2
*3k
58
*5k
1st preferred
4% 2d preferred
60
.
preferred
100
Reliable Stores
Corp...No par
12
11%
12
1134
12
4,700
57
56
56
56
56
800
44
*44
47
44
46
90
11%
56
*49
57
1=
*40
2,100
14
14%
14k
14k
24,600
53k
*52
52%
52
52
59
*50
59
*45
59
*48
53
12k
*1134
12k
26
*23
28
Ilk
*65
*
100
*53
134
1434
*49
*21
12
3634
*85
6k
37
37
54
*53
13k
100
17
1634
20
20%
*ik
3334
2k
34
3334
2
Bid and asked prices
K
59
*85
95
*85
95
*85
95
6
6
6
6
2",400
36k
37k
36k
37
8,400
55
*53
55
Rensselaer & Bar
*6k
534
534
534
6,200
*8k
9k
*8k
9k
600
*6k
6k
7k
6
9k
*8
9k
16k
2034
*16%
17k
*i6k
17
*20
21
*20
21k
lk
34k
♦lk
33k
*k
*k
2
*1%
sales on thfc day
*lk
2k
32k
3234
*%
lk
1
7k
*15
17
400
20
20
1,100
*ik
3lk
*k
lk
t In receivership
lk
2k
32
~3~4o6
1
lk
a Def
RR Co—100
Reo Motor Car
5
-
Corp...No par
preferred—..100
6% conv prior pref ser A. 100
Revere Copper & Brass
6
Class A
...10
7% preferred
100
6k % preferred
100
Reynolds Metals Co.—No par
5H% conv pref..
100
Reynolds Spring
1
Reynolds (R J) Tob class B.I0
Republic Steel
6%
conv
--10
Common.
Elec & Pow.
Richfield Oil Corp
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mlnes.
Ruberold Co (The)
No par
Rutland RR 7% pref
100
St. Joseph Lead..—
10
Rhine Westphalia
7k
5k
*6k
5k
lk
33k
l
1*4
*53
300
10
Remington-Rand
Preferred with warrants..25
10
55
*ik
no
78
13
1
k
*34
lk
*lk
200
*12k
55
9
100
3,400
13
55
6
*67
78
59
Ilk
28
*i2k
37k
9
ilk
*21
200
13
36k
6k
16k
►
59
lk
*12%
3734
9
20
►
6k
6k
19
*67
78
5k
7k
21
*67
6k
*634
*19
ilk
*23
78
59
*12%
6k
12
lk
lk
1%
14k
30
7k
*7
134
lk
1434
52
*53
59
6
44
1*4
1334
57
*80
44
1st
52
14k
5334
"\2
56
11%
56k
*16k
7g
lk
--60
50
a.
Reliance Mfg Co
78
*34
Reading
300
*65
•lk
26
preferred
200
78
33k
$2
7
*65
33
Rayonier Inc
10
12k
2k
No par
"700
delivery,
{St Louis-San Francisco...
6% preferred
n
New nock
r
100
100
Cash sale,
Apr
8
132
Mar 29
112
Jan 12
2134 Mar 29
8% Mar 31
7
10
12
39k Mar 31
No par
*8k
6k
10k Jan 10
81
*5k
*6%
.
434 Mar 25
4i2 Mar 25
1334 Mar 30
Oct
Oct
Oct
s4
100
...
7
24
*lk
No par
(The)
preferred
10k
7
lk Jan 22
4% Jan 17
10k Jan 16
31k Jan 17
50% Jan 11
121
Apr 4
2k
6%
5k
Oct
Oct
33%
11%
Jan
Feb
Jan
3%
Jan
15k
31%
Feb
31
Feb
Jan
20
Oct
86
Feb
43k
Oct
65k
Jan
114k Mar
30% Oct
118k
Jan
52%
Jan
Oct
112%
Feb
Jan
Jan
...No par
Pullman Inc..
6%
Oct
lk
8
1% Mar 30
3
Jan
7
*5k
8
29% Apr
22k Aug
113%
♦8k
10k
87S
*34
1
Dec
i2
June
5
Preferred
.......—100
Rets (Robt) & Co
No par
58
Oct
8k
110
10
23
578
*38
47k Mar
13
9
Real 811k Hosiery
3%
Oct
Oct
2
3% Jan 13
J4 Feb
July
140%
162%
7
1138
7k
6k
878
*34
*3k
Mar
Jan
8%
141
Oct
8% preferred
4%
"""loo
20
Oct
Apr
1%
z97k
Oct
*8k
23
*634
400
2k Jan 11
May 10
16% Jan 10
% Jan 19
57
Jan
Feb
Sept
9k
1334
55
54
21
1
Mar 31
8
8
132
$5 preferred B
26
*17
10
*20
*53
*24
20
1
% Mar 31
Jan
117
Purity Bakeries..
400
JaD 13
Jan 14
6%
lk
17g
14k
5434
36k
26
*17
58
Mar 25
May 3
Mar 29
30
123k Jan 13
9k
40k
134
6%
36k
*24
*38
28
6
112
6%
54
100
26
20
*5%
40k
*6k
*24
58
Deo
Jan
10178 Apr 23
9%
11%
*80
15%
*17
*38
Dec
% Nov
4
45
100
100
100
6%
54
1278
15%
3%
Deo
Dec
9
128k
1,500
*15k
*3k
Mar
30
45
No par
10%
18%
16
3%
122
Dec
86 k Mar 31
Pub Ser El & Gas pf 15.No par
Pure Oil
Jan
35k Jan 13
98k Jan 12
108
Jan 6
JRadio-Kelth-Orph
No par
Raybestos Manhattan-No par
9%
Mar
Dec
Mar 25
800
*18%
Mar
43
23
25
41,800
16
20
Oct
32
Pub Serv Corp of N J ..No par
2k
10k
Oct
8
26k Jan 10
Jan 21
20k
19%
175
4%
8
117
2
19%
*3%
50
No par
*17
10k
15%
5
1st pref
13.50 conv 1st pref...No par
234
19
conv
5% conv 2d pref....
34^200
10%
10
11%
59
2%
5%
Procter & Gamble
11,500
80
51
20
*%
40
12k
2%
{Postal Tel & Cable 7% pf. 100
Steel Car Co Inc-.l
"2",600
6%
*75
51%
100k Aug
7
52%
6
6%
80
10%
1
54
*53
5lk
600
Dec
Apr
5
9%
*6
6%
10
14
*75
6,200
27,300
48®4
Jan 16
*6k
11
*49
6
6k
51k
28k
9%
14k Aug
Jan
Quaker State Oil Ref Corp..10
Radio Corp of Amer—No par
*11%
20
#%
40
*
10%
12%
19
1
*51
113s
210
19
*17
3%
58
*38
12
1%
10%
11%
9%
Jan
Dec
12
7% preferred
84
*11%
80
2%
27
Jan
4
11
6% preferred
170
Feb
18k
76k
Mar 28
Pressed
Jan
Jan
20*4 Apr
33% Jan
74k
56
U2 Mar 26
No par
9k
Oct
5k Mar 29
Class B
Jan
July
7
1
8
Jan
87k
165
48
6
1
20
64
Oct
4k
No par
700
200
Mar
Jan
Feb
3%
25
Dec
36
7k Feb 26
61
Oct
20k
Porto Rlc-Am Tob cl A -No par
Poor <fe Co class B
200
*79%
12
lb", 700
May 10
7k Jan 17
35
Jan 17
9
118
*82
10%
Plymouth Oil Co
5
Pond Creek Pocahon.-No par
106
84
10%
49%
2%
Oct
12
15
Oct
Dec
30%
1%
Oct
6k Apr 28
No par
Nov
4
100
Pittsburgh United
25
Conv pref u us tamped—.100
Pittsburgh & West Va.—100
preferred
Oct
6%
50
27
1
6%
95k Aug
Apr 13
k Mar 26
$5 preferred
29
10
Apr
Oct
k
8% Jan 10
1
Term Coal Corp
500
28%
9%
10%
84
34
11%
103% 105k *105
119% 2118
*115
29%
10k
12%
22
*6k
92
135
136k 136k' 135
135k 135k
*113k 116
*113k 116
*113k HO
*15
*8%
292
13612
*23
*%
*5k
32
*135
114k *113
700
25
14
Jan 25
87g Jan 10
16% Jan 12
46
Jan 10
7k Mar 29
20k Apr
lli2 Apr
Oct
Oct
65
Feb 23
Feb 18
Mar 9
Jan 10
36
Jan
7k Feb
Dec
7
166
Feb
Mar 30
5% pf (ser of Feb 1 '29). 100
31k
136
*15
*38
32%
91%
136
114
200
3,800
*120
*120
9134
48%
120
16
*3k
23
*20
103
16
*15
*6%
21%
103
16
*19%
5,600
*115
10k
20%
15%
*10k
1,400
7%
7%
49%
82
8C
2%
7%
21%
85
5%
2%
104
10
49%
3%
7k
7%
120
28%
*75
%
104
10%
*11%
*34
48k
32%
400
%
47%
32
1,800
200
23k
■-
600
8%
2k
8%
*2
*115
28%
9%
7k
*6%
"2", 900
120
103k 103k
10%
*84
3
7k
*8%
100
100
conv prior pref 100
Plttston Co (The)
18%
9k
*115
28k
•
3
130
300
%
*%
18k
2k
*34
%
*%
23%
90
120
*8%
2k
7%
7%
90
103k 103k
8%
2k
46
31
*115
8%
*22
*ll9k
31%
30%
*119k
834
2k
7%
*2l2
7k
7%
8%
*2%
%
2%
*34
3
9
8%
2k
8%
*2
""116
7
*6k
7
5 M 1st scr
Pitts
%
*k
%
*k
%
*k
50
Mar 30
41
Chi
9k
10k
Mar 29
Jan
ia4
2»4 Mar 18
30k Jan 18
No par
pref
W
PIttsb Screw & Bolt
15
55
Mar 31
96k
6k
50k
42k
54k
100k
2k
52
*5%
*%
75k Mar 29
4k Mar 30
May 4
27k Mar 31
Mar
Dec
62
24k Jan 12
5k
9k
18k Nov
34k Nov
Jan 12
8
514
55
13k Feb
59% Mar
3
25k
%
Oct
3k Mar 31
20
May
5
3% Mar 30
15
10
3
Mar 3
Jan 10
40
25
60
21% Mar
20k Jan
14
*3s
Oct
Pirelli Co of Italy "Am shares"
25
*93g
Jan
9%
Jan 11
Pittsburgh Coal of Pa.--.100
15
*41
Jan
25
60
23
u
Jan
91
200
*18
■
87
4%
23
Jan
Feb
Mar
Oct
11
51k
*18
17
48k Mar
22k
4k
Oct
Oct
*47
*4
Mar
65k
Dec
*22
5
63
11634
Oct
Dec
51k
*4
Feb
Feb
29% Feb
50k Mar
9
22
5
Jan
12k
76k
30k
I
38
Jan
Jan
638
3
*48
Mills
Oct
64
10384 Mar
22
X22
Flour
Dec
Dec
110k Sept
52
ok
*9
13k
27
65i2May 7
2k Feb 19
4k Jan 12
lk Arp 25
2k Mar 26
k Mar 26
4
Oct
20
4
22k
25
9k
Apr 12
2
15
22k
*46
*13
*8k
24k
Mar 28
60
No par
{Phlla Rapid Trans Co
7% preferred
3
30
Oct
Oct
1%
2%
30
13k
7k
31%
37k
17% Mar 31
25
Philadelphia Co 6% pref.-.50
Preferred
6%
*5k
5
Oct
Nov
Jan 12
15
734 Mar 30
No par
2i2
7
*4
20k
12,500
72
*36
5%
Brewing Co
Phillips Jones Corp
6
*38
4
5
9,600
6
33k
*2k
3%
91
90k
91%
50
*414
72
6k
6%
*%
9lk
93%
*2i2
53k
60
k
33
*5k
5k
""loo
34
33k
22k
52
*4
3k
Pfelffer
7% Jan
10% Jan
23% Mar
7% Feb
57k Nov
*5%
22
*50
5
2k
*2k
*38
*38
22
*4
*lk
2%
6
6
50
*21%
2
2%
50
3%
72
6
6%
6%
6%
*2i2
*39
72
*lk
*4
35k
300
70
*64
1,200
2k
3%
*38
50
33%
35%
k
91%
23%
F900
Oct
37k Jan 11
38k Jan 15
15
Jan 6
Mar 23
8k Mar 29
Petroleum Corp of Am
Oct
37
9
34k Jan 12
4k Jan 12
No par
Pet Milk
29% Aug
Oct
8
112k Feb
6k Mar 26
17k Mar 26
100
24k
k
100
100
37
*3
Pere Marquette
5% preferred
36%
% V
""600
100
5% prior preferred
24
%
Peoria & Eastern......
Feb
31
22k Mar 26
134 Mar 26
130
37
k
6% cum pref.
100
People's G L & C (Chic).. 100
930
25
*3g
"2,700
Mar 30
10
Oct
4
Jan 11
5
Jan
lk
24k Jan 10
15k Jan 11
24k Jan 15
14k Mar 31
19k Mar 28
110
Mar 29
Pennsylvania RR
50
Peoples Drug Stores...No par
20
*6%
*u2
lk Mar 24
2% Mar 30
10k Mar 30
17 conv pref ser A...No par
Penn G1 Sand Corp v t c No par
800
•
28
Mar 30
Mar 31
15,900
17k
16%
41
55
300
1138
11%
Mar 26
4
No par
Penney (J. C)
No par
Penn Coal & Coke Corp.
10
Penn-Dlxle Cement...No par
Penlck & Ford
22
37
3k
800
No par
20
23%
2i2
12
22
6%
*2%
44%
21k
24%
36%
*lk
Oct
23k
22
*20k
*llk
6%
3
28
Patlno Mines & EnterprNo par
Peerlees Corp
3
11%
2%
3
Feb
Feb
1,500
23k
69%
8k
9k
3634
*lt2
*2k
Oct
9%
36k
3k
Jan
1
3k Jan 10
*5k
24%
65%
2%
34%
9%
36k
*lk
*2i2
Oct
Jan 20
5k
24
65t2
18k
24
Mar 29
16
3k Mar 30
834Mar31
17k
*62
Oct
Pathe Film Corp
7
*62
8
4,000
18%
6%
12% Jan 10
5%
; 2%
10%
Jan
6% Mar 31
200k
2634
2% Jan 10
6% Jan 12
12k Jan 8
6kMay 13
49% Apr 22
73i2 Feb 25
2k Jan 10
17
11
Jan
Oct
20% Feb 23
11%
11%
7
28%
80k
Mar 31
64k
109% Mar
127s Jan 10
97k Jan 10
lk Mar 29
*16k
14
Feb 11
Jan
Mar 26
Parmelee Transporta'n. No par
1734
10%
14
94
Jan
534 Mar 31
65
400
12
*lll2
15%
90k Mar 11
100
700
16
*26
*12%
Mar
Jan 21
lk
*11%
14
90
42
lk
*15k
2234
32% Nov
295
Sept
8k Oct
Mar 31
37% Mar
17%
24%
May
31k Mar 31
12
21k
2212
*1U2
*10%
6%
121
Parke Davis & Co ....No par
Parker Rust Proof Co
2.50
17k
24
Oct
lk Mar 30
4
22l2
29
1
20
21
4k
Park Utah CM
4
*22
17%
Oct
5,300
1,100
*17
21%
12%
Oct
1
2k
3638
17
24
*21
Oct
7
19k
1%
Feb
4
7
Jan 15
1
"
Apr
Jan
Park & Tllford Inc
■
2984
Jan 12
29
1
6% 1st preferred
Jan
Dec
Feb 25
27k Mar 26
100
Paramount Pictures Inc
600
Jan
11%
5k
9k
lk
55k
100
24k
32
149
9k
28
28
*26
*26
26k 26k
24k
114k
114k *111
114k *111
114k *111
114k *111
31
31
32%
33
32%
30%
31%
323g 33%
33k
4%
*2%
*2
4%
*2
*2%
4%
4%
*2%
4%
11%
*9k
934
10
10
10
10
*8
9%
10k
30
Apr
10
20"666
116% *111
*111
133
6% 2d preferred
3%
17
Jan 28
Jan
152
1,900
2
17%
Nov
9k
17k
*11%
12
110
8
64k
*1%
3%
2%
Jan
Jan 31
79k
9k
334
*1%
44%
Apr 23
157S Jan 10
'4 Mar 25
No par
preferred
conv
Jan
10%
*84
2
3%
18%
4%
8884
5334
*76k
16
5k
65k
4
Parafflne Co Inc
36
*50
51k
64
2
*ll2
*334
*17%
11%
1634
500
38
Oct
Oct
28
3k Mar 30
7
Mar 29
No par
35k
36
5k
51
64
Packard Motor Car
Oct
140
Mar 18
10
share
per
22
x3484
6
116
Apr
2538May 13
Pan-Amer Petrol & Tramp..5
""160
35k
36
9%
50k
6% preferred
PaclficTln Corp. (sp.stk) No par
Pac Western Oil Corp
10
Highest
share $
per
Jan 14
28%May
40
1
100 2:132% Mar 30
210
2
5k
6212
7,400
87
100
33
*17
♦lk
50
Pacific Telep & Tel eg
33
16
62%
100
300
No par
$
share
per
16k Jan 11
x2234 Mar 30
32k Mar 31
9k Mar 30
{Panhandle Prod & Ref No par
8% conv preferred
100
2k
9%
5%
k
19k
1%
5%
50
*4914
62i2
78
2
16
1%
10k
33k
3578
10k
334
*7k
*17
1%
5%
*112
5%
9%
4
9k
1
253s
10k
378
9k
25
No par
Pacific Mills
90
136k 136k
253s
80
Corp
Loioest
Highest
I
share
8
9k
9%
2%
36k
1%
*934
2
700
Ltg
per
""
77
18
18
2k
3,600
13k
13k
look 100k
8
8%
36k
16k
16k
1%
434
103g
10
35k
16i2
1%
4-%
2
2i4
35k
3734
Pacific
$
77k
*84
8834
80
9k
18
*17
'
3534
8k
*77
79k
9k
9k
18
•*17
36k
2*8
*3534
16i2
8k
*7s
33k
3634
*3534
*84
*7%
9%
1
33
32l2
32l2
*33%
334
4
*712
*78
Pacific Gas & Electrio
...
100-Share Lots
Lowest
Par
8,400
2778
27
37k
*100
101
*10012 101
*100k 1033s *100% 11012 *100l2 104
136k 136k
13634 13634 *13534 13612
136k 136k *136k 13634
*24
27
*2478
25k
*24%
*2438 28
*24% 25%
25i2
♦10k
11
*1034
1034
1034
*i03s
in2 *10% 11
1112
3%
Range Since Jan. 1
On Basis of
Week
$ per share
1
Range for Previous
Year 1937
EXCHANGE
Monday
May 9
\
$ per share
13
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
$ per share
Saturday
May 7
2734
*36k
Sales
for
LOW
3143
New York Stock Record—Continued—Page 8
146
Apr 19
Mar 29
ll%May 5
434 Mar 31
60 k Jan 31
37k Mar 31
2
May 13
17%May
9% Apr 1
18
Mar 30
1234 Mar 31
18
Mar 22
15
Apr
5
234Mar 25
34k Mar 29
k Mar 29
5
Apr
1
5k Mar 30
114kMay
36% Jan 17
103k
25k
8'4
13% Jan 11
98 k
Jan 18
85
Oct
Oct
Oct
Jan
72% Feb
24% Feb
107
Feb
Feb
Oct
23%
96k
Dec
Oct
Dec
18% Jan
12% Mar
115
44
Dec
80
Jan
2%
19k
Oct
Dec
10%
Apr
20
Dec
26
26
Dec
29%
Dec
18%
Dec
47
Mar
30k Jan 16
30
Dec
49
Jan
27k J»n 25
4k Jan 10
23
Dec
4384
Jan
Oct
13%
Jan
Jan 21
39
Dec
83
3
1
Sept
684
1034May 10
16k Jan 14
13%
7k Jan 11
484
4
77%May
63
Feb 25
5% Jan 11
23% Jan 15
24k Jan 11
29k Jan 18
22
41
Jan 13
lk Jan
3%
Nov
37% Aug
Dec
Jan
4% Mar
Dec
30
Mar
Jan 10
7k
784
Dec
22%
Ilk Jan 12
934
Oct
35k Mar
8%
Oct
29% Mar
2
16% Feb 25
67k Feb 24
61k Nov
Apr 28
66% Jan 22
69
9i2May 10
9% Mar 30
49i2May
40
143
91
II
9%
3
Jan 10
110
Oct
Oct
Jan
Feb
65
Dec
Feb
47k Mar
124
Apr
60
Dec
110k Mar
1'4
12%
Jan 10
lk Mar 30
lli2 Mar 31
20% Jan 15
39k Mar 29
57 May
9
94k
Dec
Feb
76k Jan 15
73
Jan 13
9%
17k Jan
8
9
Oct
49%
Apr
17k Mar 30
87
Jan
8
26
Dec
98
Apr 27
85
Jan 21
7634
Dec
139
Apr
Apr
778 Mar 30
65
62k Feb 24
1034 Mar 30
64k Jan 21
84% Apr 25
4% Mar 30
3334 Mar 30.
60
87k Jan 21
51k Jan 31
17% Jan
10k Jan 11
46k J»n 8
58k Jan 11
3
8k Jan
Mar 25
7% Jan
7k Apr 11
14k Mar 30
13
Mar 31
11% Jan
20% Jan
lk Mar 31
25®4 Mar 31
34 Mar 23
lk Mar 25
2k Jan
40k Jan
6k Feb
5
t Ex-dlv
23*4 Jan
7
10
10
19
11
10
12
12
lk
Jan
3
Jan 10
v Bx-rlghtw.
1234
7
80
•
5%
40k
Nov
Oct
Nov
Dec
Dec
9534
30*8
112
34k
58
Jan
Jan
Jan
Jan
Jan
Oct
67
Jan
10k Nov
14
Feb
55
17k
Oct
Dec
Dec
Oct
1
Oct
4k
8*4
18%
28k Nov
6k
Oct
31%
Feb
19k
Dec
38
9%
65
June
Feb
Mar
1
Oct
484 Mar
lk
Oct
1%
Feb
1 Called torredemptlon^
New York Stock Record-Continued—Page 9
3144
LOW
SALE PRICES—PER SHARE,
HIGH
AND
NOT PER
CENT
Monday
Tuesday
Wednesday
NEW
May 7
May 9
May 10
May 11
I per share
$ per share
*2
3%
$ per share
2%
*2%
18
*6
$ per share
33s
*2i4
10
*6
*2%
15U
1514
3%
10
*6
Friday
the
May 13
$ per share
3 per share
YORK
Shares
*2
15%
*2
3%
*6
10
Lowest
Par
10
1534
62
63
63
63
63
*63
69
67
67
66
67
150
5% preferred
*71
78*2
75
75
75
76
*76
78%
78%
78%
80
80
230
6% preferred
♦86
87*2
87
87
*88
90
*88
90
90
90
92
92
13
12
*10%
*12
*10l2
I6I4
*6614
%
*3%
40%
%
*1%
21
♦334
60
13%
12%
12
17
1734
17
66%
66%
67
68
%
1314
*12I2
♦26
27%
8U
133«
13U
13l8
13%
13%
13%
52
52
100
4
41%
8%
*24%
8%
26%
27%
13%
101
*100
18%
2%
16%
2534
2534
*2%
*16%
25%
*88
4
18
2%
*16
24
25%
94%
17
24
92
*88
95
*88
69
67
68
68
70
♦92
94
*92
94
*92
94
*92
*15%
17
15i2
15
15
*15%
12
1334
10%
*11
6812
12
*10
IOI4
*12i4
♦lOU
14
1414
15%
14%
10%
14%
13%
*111
112
*2
*1814
♦135
112
*111
2%
1912
2%
13%
69%
112
112
2
2
19%
19%
*19%
150
*135
150
20
*135
150
a
22l2
22%
22%
22%
22%
22%
22%
12%
7%
11%
12%
8%
12
1334
13%
14%
8%
14%
8%
12%
11%
24%
13%
8%
12%
*20
734
30
*2%
*37
33s
*2%
38
2%
6%
*37 %
2%
634
8%
13%
24%
33s
38
258
2%
8%
13
14%
25
25
3%
*2%
*37%
2%
41
2%
7
*6
7
*6
*50
75
*50
*20%
20%
10%
*20
22
*21
22
*21
21
20%
*10%
21%
20%
21%
21
10%
1034
1034
*34
35
*3334
738
52%
35
17
17
10%
7%
53
17
734
53
1734
7%
101
7%
738
*33%
7%
52%
1734
*100% 10134
1%
1%
1%
4
334
438
*1%
3%
7%
♦17%
20%
8%
18%
18%
19%
21%
20%
22
*%
30%
1%
3058
31
*30
42
49%
*20
734
*30
49%
4834
26
24
8%
17%
734
24
30%
49%
*20
59%
59%
*60%
6034
61%
7%
738
634
7%
7%
684
7%
6%
9%
434
1
3034
31
834
4%
50%
*123
22%
2%
8%
4%
4%
50%
50%
125
11%
*6
9
*125
11%
22%
2%
113s
2134
51
125
11%
2%
*21
21%
10%
*10
35
*33
35
*33
2034
8
7%
5412
17%
17
17%
734
50
*%
40%
50
*48%
*20%
49%
*20%
7%
7%
6%
9%
8%
4%
4%
*6
6%
9
9%
434
4%
50%
50%
*123% 125
11%
11%
*50%
125
7%
6
51
125
11%
23%
24
61
51
*123%
11%
11
23%
16%
16%
16%
23%
2%
*11%
23%
*7%
*16%
26%
26
26
*25%
8
*7
8
16%
1634
26%
16%
*25%
*6%
*5%
7
7
7%
6%
534
5%
5%
5%
73«
534
6%
5%
7%
534
*5%
7
*6%
6%
*6%
6%
*39
50
*4%
6%
39%
3%
2934
*40
5
9%
834
40%
334
30%
17
17
*16%
*53%
19
1634
57
*53%
*37%
18
334
3
3
*10
*40
30
*1%
*334
*11%
*2%
*9%
13%
7834
934
36%
9%
534
6%
3%
*
1%
"4%
*6
*3%
28
4
6%
*1%
2
49
49
10%
66%
67
20
20
10%
*65
65%
*67%
73
10%
13%
7834
2%
13
78%
~*4"
*6
21%
*29
*3%
30
6%
4%
8
22%
30
3%
30
7%
*5%
3%
4%
*6
21%
*29
3%
30
7%
2
2
4934
4934
50
10%
10%
68%
10%
6634
19%
64%
69%
70
*1%
8%
834
18%
50
3%
31
31
8%
8%
8%
8%
3%
2%
20
20%
27%
1%
500
20
300
57
*3%
4
50
30
*1%
*4
*12
2%
2%
18%
3%
*40
$3
3%
3%
*10%
1%
1%
5
*4
12%
238
12
3%
2%
*9%
13
1234
2%
11%
12%
*80
81
79
10%
36%
10
*9
*35%
36%
9%
6%
934
6%
6%
6%
3%
.
*
88
"*4~
.
4%
*6%
3%
*
"4"
4%
100
600
7%
2
50
7%
1%
50
7%
*1%
49%
334
50
20%
28%
19
*20
27%
Jan
Jan
1784
Oct
32%
Jan
17
Oct
Mar
cum
Oct
29
Mar 30
*39
6% Mar 31
48% Apr 7
61
1
2
9%
107%
3%
5%
11%
Mar 31
Mar 29
65
72%
Jan 13
Oct
Dec
27% Dec
26% Oct
30% May
60
Feb
43
Dec
54% Feb 24
42
Nov
76
Mar
Dec
48
Mar
Dec
75
Jan
11% Jan 12
11
Jan 13
5% Oct
6% Dec
21
Feb
1134 Jan 12
7% Jan 12
6%
3
%
26
Jan 15
19%
53i 2
5% Mar 29
3% Mar 30
Mar 29
67% Jan 24
44%
Jan
20
Feb
77%
Jan
Dec
118
Aug
9
Oct
17% Mar 31
184 Mar 26
834 Mar 31
17% Mar 30
Sutherland Paper Co
.10
Sweets Co of Amer (The)...50
2984 Jan 13
18
Oct
7
Apr 13
15
25
Swift International Ltd
3% Jan 11
1784 Jan 10
24% Feb 25
Mar 30
8% Feb 7
18% Jan 10
27
22% Mar 30
484 Mar 30
Symington-Gould Corp ww__l
Jan 12
10% Jan 11
8% Jan 11
1%
8
Feb
Oct
Jan 13
125
8
50
Oct
14% Mar 10
119% Feb
Jan
17%
33%
9% Mar 31
-.100
Sunshine Mining Co.—
10
Superheater Co (The).-No par
Superior Oil.....
1
Superior Steel
100
Jan
Jan
4
62%May 12
5% Mar 30
Swift A Co
Oct
Mar 29
45
Oct
36% Feb 15
6% Mar 29
No par
Oct
Oct
Oct
49
1
Jan
5
8
Mar 31
Mar 29
No par
Aug
95% Apr
483s Mar
16% Jan
107%
Dec
123s Jan
14% Mar
32% Mar
10
33% Jan 12
35% Jan 7
Apr
1
Jan
Jan
35
Feb
Oct
2%
2%
Mar 30
Stokely Bros A Co Ino
36
23%
14
1
25% Mar 31
5
Feb
50
Nov
7%
Jan 12
Jan
Feb
28%
16
101
Jan 10
9%
Dec
Nov
2484
32%
3934
17%
Stewart-Warner
Studebaker Corp (The)
5
Jan
Dec
8%
49
Jan 10
Feb
Mar
Mar
94
Jan 12
1
% Feb
39
Mar
31
22% Jan 14
26% Jan 12
4% Mar 30
10% Mar 30
13
Feb 26
21% Jan 11
Mar 18
1% Apr 19
par
5
Jan
II84 Jan 10
12% Mar 31
6% Mar 31
94
Starrett Co (The) L S._No par
Sterling Products Inc
10
6% preferred
Mar 14
24
1% Oct
5% Dec
73% Sept
19% Dec
Dec
No par
Sun Oil
Jan 21
Oct
10
No par
prior pref..-No par
Stone A Webster.
3%
9
10
1
34 preferred
$6 cum prior pref
37
13*4 Jan 12
15% Jan 10
No par
{Stand Gas A El Co...No
22% Jan 12
Oct
Oct
Jan
125
Jan
20% July
61% Feb
784 Mar
47% Mar
39%
17%
7%
Dec
5%
2%
4%
Oct
20% Jan
28% Mar
Oct
33% Mar
Oct
2334
Jan
4%
Oct
17%
Jan
6%
Jan
Oct
Jan
Without warrants........1
4
Mar 29
5
Mar 31
7
Jan 18
Dec
1584
34
Apr
4
4% Mar 31
47
Jan 10
41
Dec
5% Feb 18
4
Oct
5%
34%
Oct
2
Oct
67% Feb
8% Jan
15% Mar
65% Apr
9% Mar
23%
Oct
44
5
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
1
Texas A Pacific Ry Co
100
Mar 30
34
7
Mar 30
10% Feb 21
684 Mar 31
11% Feb 10
13
4% Jan 10
Mar 31
15
Mar 30
53%May 4
2% Apr 13
35
Apr 12
.—100
Thermold Co
conv
26
No par
The Fair
1
pref
Third Avenue Ry
23s Mar 31
10
—100
Thompson (J R)
Thompson Prodis Ino-.No
Jan 11
44% Jan 11
No par
No par
Thatcher Mfg
$3.60 conv pref
8
3% Mar 30
32% Mar 30
2% Mar 29
24%
24%
58%
434
^
66
Jan 19
Mar
1
Feb 23
Feb 21
Jan 17
Jan 13
4% Jan 12
15
1
Thorn pson-Starrett Co .No
par
$3.50 cum pref
No par
Mar 31
2% Jan 13
3% Mar 30
8% Mar 28
l%Mar 28
584 Mar 30
25
par
Mar 24
15
5% Jan 12
15% Jan 15
3% Jan 8
Mar 24
13% Jan 11
Oct
Mar
16% Jan
15% Jan
54% Mar
6% Oct
5% Oct
15% Nov
18% Dec
48
Feb
55
Oct
64
Jan
Oct
13% Mar
3%
55
2%
36
1
1%
Nov
Oct
Sept
Oct
4
Dec
10
Oct
93%
13%
40
8%
Jan
Feb
Sept
Jan
15% Mar
28%
Feb
1%
6%
Oct
10%
Oct
4034
Jan
13%
Oct
21%
Feb
Jan
Oct
28%
Oct
79
Feb
17
Aug
6%
6%
6%
6%
4
Mar 30
7% Jan 15
4
Oct
400
Transue A Williams St'l No par
Tlr-Continental Cor p..No par
$6 preferred
—No par
3%
*
3%
88
*4
4%
3,200
100
1,000
30
lb'ooo
30
4
""206
30%
340
*46
50
19%
19
19
18%
1834
68
66
67%
66
66
70
*70
73
73
73
300
20%
*20
20%
27%
27
27%
66%
*68%
70
Jan 10
Feb
155
Oct
1,000
3,800
12,900
3,600
3,300
10%
24%
Oct
10
200
69
19% Mar 31
130
June
6%
42%
36
2%
10%
Mar 26
115
13% Jan 11
*1%
68
140%
Oct
12% Jan 12
2%
10%
4
Oct
20%
48% Jan 11
3,900
6934
Jan 10
Mar 31
734
9%
28
1%
Mar 30
7%
68%
1% Mar 29
I684 Mar 26
Oct
8
734
10%
Mar
31% Mar 30
8
30
110
Transamerlca Corp
2
Transcont A West'n Air Inc_5
22%
31
Oct
113% Feb 28
3% Jan 13
Apr 14
984
Tlmken Detroit Axle
10
Tlmken Roller Bearing. No
par
*6
30%
Dec
13
1,500
22%
*29%
*334
*29%
334
10
16% Jan 10
Mar 31
8% Mar 29
IO84 Mar 31
5,500
18,800
8
4
Mar
54% Jan
40% Feb
29% Feb
23% Aug
2,100
22%
30%
7%
1%
50%
Mar
120
Oct
934
*6
*3%
197
June
13
9%
35%
22
30
Nov
96
9%
8
*29%
67
Jan 13
20% Jan 10
I684 Jan 15
13% Jan 16
No par
22%
•
82% Jan 12
100
2
8
10% Mar 29
77% Apr 29
*6
3%
Feb
Tide Water Assoc Oil
22
31
102%
Nov
80
8
30
88
Apr
7,800
1,300
22%
30
1
Feb
4%
35%
6%
3%
88
Apr
21%May 10
{Stand Comm Tobacco
$3 dlv
2,400
12
10
"V.ioo
l",706
*9
60%
93
Mar 28
No par
34.50 preferred
Preferred
434
12%
9%
"266
12
13%
79%
26% Dec
784 Mar 31
preferred A..No par
conv
Square D Co class B
Standard Brands
30
1%
Oct
3484 Jan 10
1984 Mar 26
15% Mar 30
2
Conv $4.50 preferred-No par
50
12
Bid and asked prices: no sales on this day.
18%
*16
4%
36%
9%
6%
6%
3%
4%
8%
*53%
12%
*10
6%
3%
80
8%
8%
*16%
3%
*10%
3%
12%
78%
634
*8%
*40
30
2%
*10%
31
8%
8%
3,400
2,800
2,600
2,300
17
12
11
31
31%
38%
334
57
*4
13%
7834
534
1634
50
3%
1%
4%
*17
4
*10%
*1%
12
69%
28%
634
37%
*3%
334
26
Talcott Inc (James)........9
5^% preferred
50
*53%
3%
57
*40
30
67%
20
*5%
Mar
17% Oct
2% Nov
1584 Dec
1
par
Tennessee Corp
19%
27%
1,700
3,200
58
Jan 13
22
par
Spiegel Inc
3,700
21,600
67
20%
5%
634
Spencer Kellogg & Sons No
Sperry Corp (The) v t c
Splcer Mfg Co
No
6
*68
28%
6%
5%
34% Feb
10538 Feb
17% Mar
Jan 12
6%
39%
67%
20
25%
6%
Oct
Jan 12
6
70%
19%
1934
25%
5%
Nov
6%
9
38%
*3%
10%
o80
mi
91
4
39%
10
6%
3%
»
Feb
Mar 25
3834
3%
30%
8%
8%
38
88
-
1,700
44
24% Dec
14% Nov
Feb
Mar 26
6%
40%
3%
30%
934
*638
3%
8
16%
Feb
2
Telautograph Corp
10
*
*16%
Jan
17%
4
""260
30%
6%
*7%
1638
26
14
65
Oct
No par
1
5
10
5%
400
500
6%
Oct
Dec
334
44
No par
50
38
10%
6%
8
12
2334
Mar
35.50 preferred
5
*314
*3%
11%
2%
10%
3,900
12
23
2784 Jan 27
18% Jan 11
IOI84 Jan 27
9% Jan 11
24% Jan 11
3% Jan 17
Feb
42% Mar
Sparks Wlthlngton
Spear A Co..
*40
4
*1%
2,900
Jan 14
9% Feb 17
34
120
77% Mar
20
3,300
Dec
98% Aug
Oct
5
*3%
1%
2%
36,800
4,300
1,000
67s
*5%
18*2
4%
2%
400
60
Jan
46
21,800
100
Jan 14
Feb
2% Jan
8% Jan
54% Apr
11% Mar
Mar 30
Standard Oil of Kansas
10
Standard Oil of New Jersey .25
1,400
2,100
Oct
58s Jan 10
2% Apr 5
14% Mar 30
18% Mar 31
z84
Apr 1
Jan
Oct
15
48
484 Mar 31
12% Mar 30
128
16
3% Oct
4984 Nov
1234 Dec
Jan 11
Mar 30
Apr 13
684 Mar 12
20% Apr 1
111
Oct
68
*38
10
1%
2084
Mar 26
3
Jan 14
6%
Oct
29
6,800
5%
20%
3%
2%
12%
23%
653s Feb 25
1634 Jan 12
84
100
1st preferred
50
18
*10
*5%
6%
9%
8%
8%
4%
43«
4%
51
50%
50%
125
*123% 125
11
11%
10%
21
22
23%
Mar 30
Jan 24
98% Mar
3% Feb
23%
45%
Oct
*4%
*17%
*53%
3%
6
% Jan 3
2% Jan 13
27% Feb 25
Oct
1%
35%
Stand Investing Corp..No par
Standard Oil of Calif..No par
Standard Oil of Indiana
25
800
*40
57
30
7%
42
% Jan 6
1% Mar 29
15% Mar 29
3% Mar 29
%
3% Oct
34% Nov
Jan 10
5
20
*40
7
3484 Mar 28
47
Dec
4
par
^paldlng (A G) <fc Bros. No
6
*17
50
61%
Jan 11
Oct
900
11,200
71
Jan
Dec
14,100
6%
50
*54%
334
28
*61
62%
7%
15,200
21,400
Feb 23
1
7»4
15
290
1,800
85
Mar 30
27
6
163,
27%
*
18%
*40
57
11%
9%
3%
7
38%
3%
30%
8
28
40%
49%
3
27% Mar
5184 Mar
Jan 10
100
8,400
Dec
Jan 14
*4%
10
6%
28%
18
400
Oct
22
32
No par
100
6
37
6%
2134
6
2%
*7%
50
*4%
8%
78%
10
30
*40
8
8%
2%
10%
*12%
934
37%
8
21%
*29
26
*138
*334
10%
13%
7834
4%
12%
24
11%
4%
1134
2%
88
2%
12%
24
9
3%
*10
2%
12
24
8%
*3%
50
2%
12
*23%
*7%
16%
6%
393s
3%
2934
8%
834
3%
2934
*3%
5
6%
40
9
50
*434
6%
834
7
35",900
29%
29%
*30
*6%
*5%
21%
11
6
2I84
100
Mobile & Ohio Stk tr ctfs 100
«
%
x27%
2%
12%
"
300
4
Jan
653s
433s
60%
65%
11%
900
*29
Feb
Jan
Mar 3l7
Mar 30
Mar 30
Apr 13
Mar 29
5% preferred
1,300
*%
25
Southern Railway
8,000
%
113
19
27%
9%
5%
8%
19%
2%
200
2,300
29%
6134
Southern Calif Edison
16,800
7%
8%
18%
21%
100
15,700
7%
30
61%
8% preferred
Southern Pacific Co
16%
2934
26
25
100
52,400
10134
1%
1%
29
25
1634
4,400
16%
*30
*23
26
100
100
27,300
35
30%
30%
♦20%
10
Skelly OU Co.—
120
7%
Dec
Apr
55
20
*98
May
10%
*18
Feb 11
13
55
■
105
6
66 May 3
% Feb 10
91
37%
2%
4
Mar 26
884 Mar 29
l5%May
45
100
3%
79
SIoss Sheff Steel & Iron—100
3%
7%
Jan
36 preferred
No par
Smith (A O) Corp
10
Smith & Cor Typewr..-No par
Snider Packing Corp...No par
22
40%
4934
49
24
7%
%
238
*11%
*25%
13%
8%
13%
7%
Mar
190
75
20%
8%
53%
1238
23
*50
54
23
*11
2%
634
634
22
30
61%
7%
9
23
23
41
*21
*30
No par
Slmms Petroleum.....
400
25
3%
37%
25s
*5%
*10
♦%
29%
40%
4%
*6
3%
103
113
""810
76
99
15%
7
*30
4934
734
12%
*21
21%
10%
17%
7%
Simmons Co
Slmonds Saw & Steel ..No par
6% preferred
*100
30
31
3034
834
14%
30%
7%
*%
42
1234
Dec
Dec
Mar 30
10
14
Jan
70
86
Mar 20
300
2,700
46
Jan 20
Jan 18
10
200
Dec
81
93
150
135% 135% *135
2234
22%
22%
22%
22
734
2,700
18
20% Mar
37% Mar
93
No par
Shell Union OH
share
per
Oct
Nov
3%
23% Jan 12
Mar 30
5>$% conv preferred.-.100
Sliver King Coalition Mlnes.5
So Porto Rico Sugar...No par
75
*53
600
G.)..No par
Sbeaffer (W A) Pen Co-No par
300
19%
*50
8%
5,100
Sharpe & Dobme
No par
$3.50 conv pref ser A.No par
Shattuck (Frank
Jan 26
Highest
share $
$ per
Mar 29
45% Mar 31
19%
20
10034 10034 *100% 10134 *100
10134
1%
1%
1%
1%
1%
1%
4
4%
4%
4%
4%
4*38
8
8
8%
834
7%
8%
18
19
19
19
19% 119
22
20%
22
22%
21%
23%
1
31
*%
30%
30%
7%
17%
2%
16%
23%
93%
35
55
7%
101
1734
15%
10
2,700
2%
*15%
10%
35
734
53
6
400
1,100
share
Mar 24
No par
$5 conv pref
per
5%
9% Mar 30
South Am Gold & Platlnum.l
*234
*37%
75
22
900
4
12
10
1,200
7
75
200
$
58
No par
Sbaron Steel Corp
6,200
8%
13%
37%
2%
*6
75
53%
6
73%
*95%
*21
3%
*50
♦50
300
share
Mar 26
68
Tnr»
4,900
13%'
41
8%
24%
24%
13
13%
100% 10038
15%
12%
13%
35
*2%
37%
2%
58%
13%
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5M% preflOO
14%
*20
"ll", 300
Seagrave Corp
.No par
Sears, Roebuck & Co.-No par
*8
77
95
20
22%
Seaboard Oil Co of Del-No par
*11%
12%
10
10
*934
10
13%
13%
13%
1334
*111% 112% *111% 112%
2
2
1%
2
112
2
1,000
*3%
*37%
*88
*11
1,300
4
*52
15%
10%
13%
13%
53%
94%
5Yi% preferred
100
{Schulte Retail Stores
1
8% preferred
100
Scott Paper Co
No par
20
*3%
5734
2234
5
Lowest
Highest
10
No par
Schenley Distillers Corp
2
13%
*12%
4
Savage Arms Corp
{Seaboard Air Line...No par
4-2% preferred
100
2,700
%
20
75%
93%
1334
*934
13%
*88
93%
17%
2
19%
*135
94%
78
*111
2%
*19
150
*12%
*10
*88
800
%
5834
13%
13%
3%
18%
2%
2%
17
41
20%
4
40%
*7%
8%
*25%
26%
12%
13
101% 101%
6%
6%
17%
18%
*2%
2%
*15%
16%
23%
23%
101%
6%
6%
800
*134
39%
13
12%
*100
6%
1834
6%
1734
26%
25%
13%
53%
%
.*
2
20%
*3%
58%
13%
*12%
*52%
4
*40
*24%
1334
634
2i2
20
5934
13%
4
8%
16
2%
2
40
8%
18
*2%
*16
2
4
39%
8%
27%
1334
9,100
1,000
3,700
%
40
4
3978
8i4
*24%
1318
18
%
20
13%
13%
13%
6l2
175s
40%
34
*334
58%
13%
21%
3%
100
17%
2
100
100
100
7% preferred
40
11%
69
*%
*1%
2,700
17
5%
41
5
15%
*1034
%
40%
60%
20%
69
%
13%
*52%
*3%
5834
52
52
634
18
„17«
4
21%
69
14%
11%
17%
434
40%
*"
60%
13%
15834
100
10034
*6%
1%
1734
68
434
40%
%
18%
.
%
5
40%
4
41
%
%
5
41
1*4
21%
*3i2
4
*334
*3978
*7%
*100
412
•>8
13%
537s
*50%
%
4i2
4012
4
59%
*12
17%
*66
14
leu
66%
%
4%
40%
%
1?8
21%
ie%
15%
$ per
jSt Louis Southwestern...100
5% preferred
100
Safeway Stores
No par
*15%
61%
15%
Year 1937
EXCHANGE
3%
*6
Range for Previous
On Basis of 100-Share Lots
STOCK
Week
10
*6%
1534
15%
15%
Thursday
May 12
Range Since Jan. 1
STOCKS
Sales
for
Saturday
May 14, 1938
9%
10%
66%
6734
*20
26%
{ In receivership,
20%
27%
a Def
1,200
69,200
delivery
$4.50
conv
pref
Truax Traer Coal
10
8
4% Apr 1
2% Mar 30
80
8
3% Mar 28
No par
Truscon Steel
10
20th Cen Fox Film
Corp No par
$1.50 preferred
No par
85
6
Jan 13
9% Jan 10
4% Jan 12
83
Jan 10
6% Jan 10
Dec
Oct
12
Mar
26% Mar
40% Mar
31% Feb 23
6
Jan 13
100
16
Mar 30
44
Jan 11
39
Dec
94
Jan
1
6
Mar 25
10% Jan 12
2% Jan 13
7
Oct
25
Mar
1% Mar 26
par
41
par
Mar 31
7% Mar 30
par
Jan 25
59% Feb 23
12% Jan 12
55% Mar 31
21% Feb 23
88% Jan 12
100
5934 Apr 20
81
20
r
Oct
7
18%
22% Jan
27% Jan
11% Mar
109% Jan
10% Jan 11
.100
New stock,
4%
Oct
Dec
Dec
Feb
24
Union Pacific..
n
5%
3%
82
98% Aug
Mar 31
67
Union Tank Car
United Aircraft Corp
834
Dec
Mar 29
Mar 25
Mar 29
Union Carbide A Carb.No
par
Union Oil California
25
4% preferred
72
5%
16%
25%
2%
Twin City Rap Trans..No
par
Preferred
Twin Coach Co
Ulen A Co
No
Under Elliott Fisher Co No
Union Bag A Pap new.No
Feb
15% Jan
17% Mar 31
No par
Cash sale,
Mar 31
5
Mar 30
19% Mar 30
r
Ex-dlv
y
80
Mar
1
25
2%
Nov
Oct
1% Oct
46% Nov
8% Dec
61% Nov
17% Oct
80
Nov
6
78
Oct
23% Jan 12
22
Nov
28%May
10%
Jan
Ex-rights,
7
Oct
50
17%
6%
Mar
Jan
Jan
100% Jan
18% Sept
111
28%
Feb
Feb
14834 Mar
9984
Jan
31% Feb
35% Mar
if Called for redemption.
Volume
Monday
May 9
Saturday
.
May 10
May 7
S
*9
1012
*9
May 13
$ per share
$ per share
Shares
93s
834
11
*9
85s
11
*8*2
United
*6
73
73
15
3%
30
5?8
*4
4
4*4
4*8
4*4
*68
30
*28
30
*27*8
64
65
65
64
11
11
1058
1078
10*2
10*2
♦1045s 109
*10434 109
*105*4 109
4%
434
45S
45s
434
4*2
4%
6
6*4
6*2
6*2
6*2
634
6*4
68
68
68
*65
70*4
*63*2
62i2
1*2
1*2
*5g
*%
1*2
1*2
*83
105*4
4*2
*534
62i2
*6
678
*5*8
67g
*5
*7*2
8%
77g
778
*7*2
8
75
165
6
6
*25
17*2
1734
1778
5
*4*4
5
8
8
65
*60
31
4l4
27* 2
2834
69*2
7178
3078
30*2
8
65
30
*734
*60
4*4
4*2
27%
283s
69l2
71*4
*55
61
8
7
75
73
7434
800
30
29*4
66
4%
57i2
61
61
71*4
4'%
4%
28*2
69*4
70 38
19,500
56
56
800
*61
66
100
72
100
20
U 3 Realty & Imp
87,600
577$
*61
Prior preferred
6,500
27*2
5
k 28*8
73*4 I 69*8
57*2 1 5778
No par
No par
8%
U 8 Steel Corp
63,600
4534
44*4
4678
45
4634
4458
4638
S
45%
44*2
45%
97
97
97*2
98
97*4
98*4
»96*4
99
97
97
34
9612
33*8
4178
4*2
*15s
98
34
33*4
33
33
33i2
4234
33i2
>33
33*2
33*2
33*2
800
4234
43
43*8
*41*2
42*2
150
4*2
134
4*2
4*4
4*2
4*4
4*2
1,600
United
178
2
1*8
178
2,800
4178
*43s
4*0
I5®
134
10
*9%
*56
4*2
134
1*4
17g
60
59%
10
#
134
40
*38
39
*9%
59%
9%
9%
4*2
39
44
*57
58%
43
*4178
4*2
*39
44
*39
4178
10
*9%
10
*58%
59
136
*133
136
136
136
134
136
*37
40
*34
43
*34
37
37
37
1
34
34
*%
*16
1
7g
15%
19%
„
20
34
15%
16
2034
21%
35
*1434
*3%
*34
*1434
15
*110
35
16
20%
20%
1,700
Van Raalte Co Inc
5
34%
100
Vlck Chemical Co
5
3
1,300
1,200
Va-Carollna
2,800
109% 109%
120
278
20
18%
20
15
*3*2
3%
22
*2%
10
*8
12
*8
10
*7
*110
113
♦110
113
*110
7
16%
7
*16%
17
*16%
17%
*16
17
16
16
*16%
*75
80
*75
80
*75
80
*75
85
*75
38
*28
18%
1134
12%
32
5
*1778
1212
27g
29*4
5%
2%
29%
39
18%
38
*38
29
11,400
*38%
38%
800
*18%
18%
18
18%
18
18
*18
18%
300
137g
14
13%
*12%
2%
2%
13%
2%
3,800
27g
32%
13%
27g
*32%
5%
38
5%
38%
30%
12%
234
32%
47g
5%
5%
27g
234
5%
278
9
9
10
*9
10
23
23
22
22
22%
23%
23%
13%
13%
*13
13%
13%
13%
13
13%
23
23
23
23%
23
24
*23
23%
*127g
22%
16
*21
*1%
2
*1%
2
*1%
2
*178
2
1%
*1%
1%
*1%
1%
*1%
1%
32%
34%
*73
75
79
79
*31
75
75
77%
7834
32%
400
77
10C
78
160
*92
93
93
93
160
79
♦78
82%
460
121
*120
121
40
115
115
230
92%
9234
93
*77%
82
120
*120
121
*15g
2*4
23%
23*4
217g
76
120
*13*4
*31*4
*12i2
*23ig
*60
121
*120
*114
116
*314
*534
15%
15%
15%
13%
14%
3%
*3%
3*2
*3%
3%
*5%
67g
*4%
5%
*5*2
534
1
1
1
*1
1%
*1
1%
2%
2278
22
22
21%
21%
77
79
*78
2234
20%
2*4
24i8
22%
23%
22%
2%
24%
2234
22
78%
81
z7534
773g
81%
121
♦2
114% 114%
15%
312
7S
*2
*120
15%
3*2
7%
78
1
78%
122
114% 115
2%
2%
2%
23%
2378
2234
22%
2134
22%
22%
82
78
7834
8034
128
121% 121% *118
15
15%
1434
*14%
147g
121% 122
15%
147g
*31*4
*12*4
35
*31%
24
25
25
105
60
60
*60
105
*60
105
67
67
*60
120
zl20
14%
14*4
35
13l2
13%
1234
2478
31%
35
*31%
1234
2478
*12%
*23%
35
*31%
13%
*117g
*23%
26
*60
*1»4
7,000
400
500
2%
4,100
15%
35
*31%
13%
*1178
2578
4,200
44,800
200
1,400
35
"""166
*25
26
200
105
*60
105
20
70
*70
85
70
*60
70
70
19
19
*18%
19
*17%
187g
*75
90
♦75
90
*75
90
*75
90
*75
90
*75
*45
49
•ir-- "49
*45
49
*45
49
*45
49
*45
49
*12l4
15
*13
*13
15
*13
15
*13
15
*13
60
90
15
70
~
18%
1834
18*2
1878
14%
8%
8*2
8*8
8*2
8*4
*1*2
8*4
♦7*2
8%
134
*12i2
*2i8
*134
*1*2
1*4
13
13
17S
*434
47g
*378
4
-
13
*8
8%
*77g
8%
8%
*1%
1%
*1%
1«4
8*2
13
13
13
*2%
1%
*4%
13
2%
8%
8%
8%
8%
*1%
134
13
13
8%
4,500
8
8*4
600
13
*2%
134
•17g
178
1%
1%
4%
434
434
4%
4%
4*8
4*2
2,000
4
4
4
4
37g
4
3%
37g
2,000
39
39
39
40%
14
14
14%
43*8
42l4
43%
1534
15%
16%
58
58
*51
78
*52
68
*31
32
*31
32
32
32
32
32%
36
36
37
37
37
38
39
40
*39%
89
91%
89
89
86
89*2
14%
43%
16*4
40%
*3878
3,600
200
40
15
1334
14
13%
1334
14
14
43%
16%
43%
43%
43%
44%
43*8
43*2
16
17%
16%
17%
16%
16%
78
52
52
60
*53%
62
*52
32
2,000
12,700
6,800
32*2
*31
32
800
40
*38
40
600
86
350
83%
90
9134
90%
91%
*67
67*2
6634
6634
*67%
68
68
68
69
6978
*68
70
600
*26
28
28
28
*27*4
29
28
28
*26*2
28*8
*26*2
28%
200
1212
12%
12%
12
1234
12%
12%
12
11%
1134
19,100
88*2
*75
8812
*80
82
*80
88*2
80
80
100
1334
33%
*13
1334
*13
13%
13
13
600
32
33*4
32
32*4
3078
32%
90
*66
85*8
*66
85%
12%
*75
*1234
317g
*66
15%
*11*2
*334
88*2
13*4
32%
*75
90
*66
13
13%
31%
3278
90
13%
32
*66
14,000
m
m
15*2
1534
3,600
1534
1134
12
12*8
*11*2
117g
1,500
3%
334
*3%
37g
378
37g
700
16%
15%
16*4
16
12
11*2
12
12
12%
4
334
37g
85*8
16*2
12%
15%
334
*66
16
1534
334
1134
Preferred
A ..No par
No par
.......100
Warner Bros Pictures..
pref
$3.85 conv
5
No par
63
Oct
86% Mar
Oct
17
Jan
3
101
Oct
1137g
Jan
$4
conv
7%
6%
No par
6%
No par
A ..No par
preferred
preferred.......—100
preferred
100
West Penn Power
7% pref. 100
..100
preferred...
Supply Co... 10
Maryland
100
Western Auto
Western
100
2d preferred
100
Western Pacific
6%
100
preferred
Telegraph.100
Westlngh'se Air Brake. No par
Westinghouse El <fe Mfg
60
Western Union
1st
...50
preferred
Instrum't.No par
No par
Chlor Prod..No par
Weston Elec
Westvaco
5% conv preferred...—30
Wheeling & L E Ry Co
100
100
Corp...No par
........—100
$5 conv prior pref.— No par
White Dent'l Mfg (The 8 8).20
White Motor Co
1
White Rock Mln Spr ctf No par
5H% cpr
Wheeling Steel
Mach...No par
Gas
Willys-Overland Motors
6% conv
preferred
$6
....100
10
(F W) Co
10
preferred
New stock,
r
Jan
20%
347g
4%
Oct
5%
Oct
78
May 10
137
154% Nov
9
87g Jan 11
172
Cash sale.
Dec
23% Mar
29 7g
Dec
70
23*4 Jan 15
16%
3%
Oct
43%
Oct
6%
Oct
15% Mar
2238 Mar
Mar
Feb
0% Jan 13
10% Jan 13
60
Feb 18
65
Deo
112
Mar
34
May 12
03s Jan 10
24
Oct
72%
Mar
35i2 Feb 25
20
Oct
43%
Dec
118
Feb
52% Nov
105
Mar
62ig
Jan
25
43%May
75% Jan
126% Mar
48% Nov
Jan
150
100%
Oct
"2%
Oct
9%
Feb
1
Oct
8%
46
Oct
84%
Feb
Jan
2% Jan 10
Feb 25
42
3
72% Mar
Deo
58
Jan
19%
Oct
3%
Feb 24
6
30
•
21
May
4
47
Nov
80
Jan
147% Mar 11
135
Nov
164
Jan
Jan 12
29
Oct
108
Jan
Mar
54
%
478
Jan
Oct
2%
Jan
Oct
58%
Jan
16
"
J
Oct
%
U4 Jan 7
l'g Jan 10
25
Dec
9%
13i2 Jan 14
60
203s JaD 12
9%
Oct
39% Mar
x2334 Feb 15
14%
Oct
44%
15i2May 12
5% Jan 21
3218 Jan 21
11012 Mar 19
12% Apr
Apr
Oct
2%
743g
Oct
18%
Jan
May
47
35% Nov
Jan 22
42
Feb
115
Jan
Deo
135
Mar
Dec
98
Mar
Feb
122%
2
Oct
10% Mar
2%
2%
Oct
18% Mar
Ocl
16
6%
Dec
19%
Feb
Oct
49
Feb
18
20U Jan 10
%
1284
Jan
Jan
Mar
7184
3U
8i2 Feb 23
4478 Jan 15
Deo
Oct
82l2 Aug
I884 Mar
32
Jan 24
81
37
117%
338 Feb
Oct
50
118% Mar 21
2&S Jan 11
4i8 Jan 11
Dec
113
J
June
8
67
105
3
Oct
SlSg July
19% Feb 18
Jan 15
17
Oct
77s
Oct
50*8
Jan 13
2
Oct
1034
48
Jan 18
26t2
Jan
1978
10i4
3«4
784
Deo
Feb
Feb
99% Mar
Oct
18
Jan
Dec
69i2
Oct
12%
9
Nov
35U
Jan
Jan
Jan
4*4
Jan 10
33
Jan 13
40
2Sg
4i2 Jan 13
1312 Jan 13
Nov
16
Oct
46
17i2 Jan 17
llig
Oct
38%
2984 Jan 17
20
Oct
60*4 Aug
24i2
17
Jan 14
2l8
Jan 12
3
1
1% Jan 28
357$ Feb 24
Oct
July
23U Oct
7318 Nov
Jan 24
75
Feb
Feb
Jan
9»4
2U
50
Mar
84i2
Feb
Aug
3
84
Oct
108
3
3
88
Oct
109
Feb
76
Oct
103
Aug
1
17%
Oct
123i2 Mar
110i2 Mar 24
19
Feb 23
14%
Dec
4i2 Jan 10
2%
Oct
Jan 10
5%
Oct
1
Oct
102I2 Jan
102l2 Jan
9714 Jan
121
111% Jan 6
13 Mar 30
2% Mar 31
3 Mar 25
% Mar 23
U2Marl8
16i2Mar31
1534Mar31
6134 Mar 31
103 Mar 31
9% Mar 30
31% Mar 28
10 Mar 31
20 Mar 31
60 Mar 19
65 Apr 12
1412 Mar 26
75 Mar 29
45 Apr 4
12 Mar 20
6% Mar 31
7% Apr 5
l%Mar31
Feb
9
10% Apr
1% Jan 11
1% Oct
22% Dec
17% Oct
87% Nov
11
10
15
16
3%
28%
27i2
109 7S
Jan
Jan
Jan
Jan
140
Jan 27
17'8
Jan
90
Oct
113
10%
Jan 15
3234 Jan 5
15i2 Jan 18
z27
Mar
9
00
Mar 19
Oct
31% Nov
10% Oct
21%
Deo
Jan
115i2
29'2 July
11*4 Mar
23i2 Mar
484 Mar
Mar
IU4
83i2 Jan
5784 Mar
Jan
16758
Jan
170
Jan
30*8
39
May
2714
347g
Feb
Jan
70
Dec
115
Apr
90
4
Dec
126
Aug
65
Mar
27*4 Jan 12
19
Oct
4
75
Nov
59
Jan 14
55
Dec
15
Jan 13
14%
Oct
13 >s
Jan 12
Jan 21
6
Oct
23% May
33*8 Feb
11
8l2
Oct
1878
3
Jan 22
1%
Oct
Jan
95
126U Aug
90*4 Aug
Jan
6*4 Mar
Jan
Jan
Jan 24
284 Feb 25
11
Oct
4618
1%
Oct
6*4
7
2
Dec
Jan 10
Jan 6
4%
Dec
4%
Oct
12*4
60U Jan 21
19U Jan 17
443# May 12
49%
Dec
91*4 Mar
10%
Doc
13*4
21U
1% Mar 30
55%Mar30
61% Mar 31
Jan 31
Jan 3
Mar 30
Mar 31
24 Mar30
62% Mar 31
lD2Mar29
9 Mar 31
234 Jan
*
Feb
5%
35% Jan 12
15% Mar 29
74 Mar 29
4% Mar 30
30 Mar 31
18 Mar 18
8 Mar 26
2 Mar 26
23 Mar 31
334 Mar 26
20 Mar 26
2034
8^8
71
9h
Jan
Jan
Feb
Nov
53
10934 Feb
l%May 4
4%May 12
3 Mar 24
32 Mar 30
10% Mar 29
36
Jan 3
11% Mar 29
42 Mar 29
27 Mar28
28% Mar 30
WortblngtonPAM(Del) No par
Preferred A 7%
100
Prior pref 4 54% series... 10
Prior pf 4 54% conv series. 10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
100
Young Spring A Wire.-No par
Youngstown 8 & T....No par
5t$% preferred
100
Youngst'wn Steel Door. No)par
Zenith Radio Corp
No par
Zonite Products Corp
1
r>
Feb
3%
Feb 15
1
10
Woodward Iron Co
Wool worth
100%
Oct
70
778 Jan 12
834Mar31
No par
Wilson & Co Inc
Nov
%
114i2 Jan
3484 Mar
6
Dec
10
No par
5
preferred
5%
10% Feb
24% Mar
Oct
1% Jan 18
Mar 30
1% Mar 26
Us Jan 3
25i4 Mar 31
71
Apr 8
70
Apr 1
8312 Apr 1
74 Mar29
110 Mar 31
West Penn El class
3%
7484 Feb 21
30
1
Wesson
Jan
578 Jan 12
8*8 Jan 17
1% Mar 31
Co
1
Oil & Snowdrift No par
Mar
Oct
9
5 Mar 31
16% Mar 31
11 Mar 30
Wayne Pump Co
Webster Eisenlohr
106%
52
31
No par
$3
26% Apr
Feb
9% Mar
Deo
2%
24
106
convertible pref--No par
Warren Fdy & Pipe
No par
Waukesha Motor Co
6
{Warren Bros
$4 conv
17g
*3734
Class B
Wilcox Oil &
47g
*37
Ward Baking class
200
17g
2*2
No par
(H) Good & W Ltd No par
Preferred
No par
Walk
500
13
37g
2*2
No par
Yi % pref with warrants 100
White Sewing
1%
*4%
2*2
4234
15%
38*2
8
*1*2
No par
Preferred
2%
134
2%
378
38*2
14%
*36
700
17%
*2%
1%
*2%
2*2
834
8%
17%
100
100
100
Waldorf System.
Class A
13*2
100
{Wabash Railway
5% preferredA..
5% preferred B
4%
"""665
122*2 122*2
*14
100
Vulcan Detinnlng
Wells Fargo &
30%
79%
6*2
30%
_
78
92%
3*2
1%
*74
77%
*5i2
*78
17g
*1%
78
93
*3*4
*1%
77
82
15
178
1*2
*76
92
15
23%
*75
*79
15
22%
78
91
121
1,700
22%
77
81
114l2 11412
1478
1434
314
3*4
7%
*5i2
500
32%
91
114l2 114t2
1,000
13%
*1%
*30%
*80%
120
23
*13
78
75
79%
*73
*77%
100
*74
33
33
*32
2378
13%
10
23
10
*1%
3,000
*8%
*8
*1%
120
2%
2%
2%
2%
234
*8%
*21%
9,800
34
*30
34
*30
500
5%
5
5%
1,600
33
33
38
5%
34
234
27g
234
13%
234
*32%
27g
*32
32
32
29
67g
100
preferred
5%
4
6%
38
6%
pref...No par
Virginia Iron Coal & Coke. 100
Walworth Co
6%
38
7%
Va El & Pow $0
Oct
Oct
6%
74
5
% Mar 30
% Jan 3
16
Mar 26
11% Mar 31
14i4 Mar 31
30% Mar 30
14
Apr 9
234 Mar 29
1534 Mar 30
105
Mar 30
1% Apr 13
5% Mar 26
100 Mar 29
37
Mar 31
117% Jan 11
1
Mar 21
1% Mar 23
lt2 Apr 22
534 Mar 31
Walgreen Co
39
634
100
100
38%
7%
278
30%
234
234
*8*2
500
1,000
39
7
No par
Preferred..
85
7%
6%
7%
*1734
IOS4
10
300
18
80
*75%
Chem
preferred
6%
Virginia Ry Co 6% pref.-.100
113
47%
*41%
*41
47%
41
*41%
47%
45
41
*42
45
*40*4
*116% 118
♦116% 118
*11634 118
*11634 118
*11634 118
*11634 118
1%
*1%
1%
1*2
1%
*1%
1%
1%
1%
*1%
1%
*1%
2%
*2%
2%
*2%
2%
2%
2%
234
2%
234
2*2
2%
2%
*1%
2%
*1%
2%
*1%
2%
*1%
2%
*1%
2%
*1%
7
6%
6%
7
7
*634
678
7
634
0%
634
*16
5
Works
Victor Chem.
3%
22%
15
15%
23
*22%
109% 110
278
*2%
110% 110%
*2%
3,800
X34%
35
334
100
Preferred
15%
20%
15
334
2334
800
15%
15%
*34%
futilities Pow & Light A
1
Vadsco Sales..
No par
Vanadium Corp of Am.No par
113
*7%
*110
113
*110
113
21
Universal Pictures 1st pref. 100
20%
*16
20%
15%
20%
334
5s
Feb
Jan
Jan
Mar
Jan 12
11% Jan
8% Mar 30
48
Mar 31
134 May 11
2712 Mar 30
7,000
16
65t2 Feb 25
35
li4 Mar 26
37
20
78
%
467g
Oct
Jan 11
0<4
5
25
10
5
12
1
...100
Oct
8
No par
preferred..
8%
Mar
8%
5
Mar
38
Mar
94%May
2912 Mar
40
Apr
3% Mar
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
60
37
%
78
%
*16
16%
23
2334
10934 10934
3
*2%
9%
'9%
18%
*15
20%
21
37g
334
*%
15%
22%
*109% 111
*109% 111
3
*2
2*4
2%
*8
15
147g
3%
22%
3%
22%
334
21%
21%
*34%
*34
78
58
rt
*16
35
15%
21%
35
15
*34
%
20%
16%
2134
200
37
43
*37
78
34
34
*16
20%
*16
19%
1534
78
84
*%
400
138
134% 134% *130
*125
1
10
58%
58%
35
Oct
25%
70>8 Mar
26
Stockyards Corp
Dec
2
71
No par
new
J6 conv pref A
400
*9%
60
*9%
*57
U 8 Tobacco
7% pref. new
40
40
40
440
Preferred
3,200
Feb
17%
3
United Stores class A..No par
4178
44*2
Jan
Feb
91
Mar 21
No par
100
44l2
117%
978 Jan 10
Mar 31
4512 Jan
50
Oct
Dec
8
Jan
z44% Mar 31
*55
Mar 31
60
Preferred
30%
36%
81
100
1st preferred
U 8 Smelting Ref & Mln
Jan
Feb
Oct
80% Jan 10
May 6
% Mar 23
21
10
U 8 Rubber
24%
31%
110
4igMar29
25
Mar22
13^2 Mar 31
3% Mar 30
53s Mar 26
50
Mar 29
21% Mar 30
27$ Mar 31
50
U S Pipe & Foundry
12,000
33*4
100
preferred
Partlc& conv class A.No par
100
65
20
U 8 Leather
3,500
834
8*4
32*2
...No par
Oct
15
32i2May 11
73s Jan 12
3% Mar 26
584 Mar 30
55
Mar 31
162% Mar 28
100
preferred
U 8 Industrial Alcohol-No par
3,300
4*4
*63*2
62
100
No par
5H% conv pref
18*8
858
preferred
U 8 Hoffman Mach Corp...5
-
4*4
34
61
57*2
*58l2
30
»
18*8
62*4
285g
7%
100
500
6
434
8*4
first
U 8 Gypsum
2,700
18*2
162*4
834
..No par
U 8 Freight
600
7
*25
30
*25
*18*2
*
434
■'
33% k33
434 ■& 434
31*2
$5
Conv
74*2
*558
6*4
preferred
United Paperboard
10
U S & Foreign Secur.__lVo par
U 8 Dlstrib Corp
*165*4 1 6934
165
£165
47g
71
58
*7*2
65
*62
$5
100
1,300
1,300
Oct
7
49% Feb 23
19% Jan 10
3'4
share
per
5%
Mar 29
114
4
2178Mar3l
50
Mar 31
834 Mar 30
100
Mar 14
3
Mar 26
4% Apr 1
No par
United Gas Improvt.—No par
678
2934
7338
57*2
4i2
283s
61
*58*2
*558
5
8*4
8*4
3178
31*4
678
19
5
65
*60
434
55
58
*58*2
8*4
*55s
30
I8S4
5
5
Eng & Fdy
United Fruit
1*4
6*8 **584
*25
19
18i2
*4*4
1878
*4*4
*%
165
*534
30
*25
30
*25
30
63s
6*8
United
1,300
500
1*4
10
...100
5
22,800
70
70
70
*5s
75
7434
165
*162i2 165
6*8
*512
6*4
5
United Electric Coal Cos
Jan
1234 Apr 1
2
Mar 26
22% Mar 31
4?8 Mar 30
4i2Mar29
60
Apr
1
3
Mar 26
No par
United Dyewood Corp
Preferred
100
8*4
8*8
78
75
73
165
72l2 73*2
*162l2 165
29*2
64
6334
10*8
1058
1078
105*4 *105*2 10578
4*2
4*2
4*2
6*4
6*4
6*4
70
$3 preferred
10
39
..No par
United Drug Ino
2,600
4*8
678
*6
678
4*2
United Corp
3,100
*27
30
United Carr Fast Corp.No par
10,500
64
1034
1078
1034
*104*2 109
300
4
4*4
100
share $
per
9%May 10
10% Feb 26
19i2 Jan 11
145s Mar 31
1103s Jan 20
No par
$
share
per
Mar 30
634 Mar 31
No par
Preferred
$
share
Highest
Lowest
Highest
5
United Carbon
44,600
per
5
800
73
*68
73
*4
4*8
63
6234
6234
6234
4
*28
30
*27
30
30
*6134
4
73
*68
73
*68
73
*70
$
Bosch...No par
Amer
United Biscuit
1,600
*112% 116
43
Un Air Lines Transport
8'8
16
16
16
16*4
16*2 xl6%
16*4
16*4
157g
*112*4 116
*112*4 116
*11214 116
*112i4 116
*112*4 116
46*2
46*2
4658
44
*44
46*2 *46
43
45*2
46i2
423a
15
15
17
16*2
17
153s *15
153s
15
*15*2
*15%
3*4
3
3
338
3
338
3*8
3*4
3*8
3*4
3*4
31*2
31
30*2
32
31
32*2
3212
31*2
2938
31*8
30*4
5*8
5*8
5*4
5*4
538
5%
6
5*2
5*4
534
5*4
634
7
*6*4
7
678
*6*4
7
*63s
*6*4
*612
6*2
16
16
Par
1937
Year
Basin of lOO-S/jare Lots
On
Lowest
50,100
87s
*884
*15*4
9*8
834
11
*8*2
EXCHANGE
May 12
? per share
95S
85s
9*8
83s
8*8
11
NEW YORK STOCK
the
Week
May 11
$ per share
$ per share
$ per share
STOCKS
for
Range for Previous
1
Range Since Jan.
Sales
CENT
Friday
Thursday
Wednesday
Tuesday
NOT PER
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
3145
New York Stock Record—Concluded—Page 10
146
3
Ex-div.
v
3
Jan
078
684
6«2 Sept
12
Sept
653s
Feb
Dec
Jan
34
Deo
20
Feb 25
12
Oct
47
Jan
60
Jao 25
54%
Oct
112*2
Mar
34
Dec
40*4
Dec
39%
35% Feb 24
46
Jan 10
Jan 10
Dec
64
Nov
94
38
Oct
128
Mar
6978May 12
29% Apr 18
15>s Jan 21
93
Jan 11
58%
Oct
70
21%
Dec
62*2
Jan
7l2
Oct
3738
Feb
68
Dec
Jan 10
12%
Dec
43*4
Jan 12
34% N«v
75
Jan 26
70
Oct
221$
Jan 12
11%
Dec
7
2%
Jan
Jan 10
17i2
142
Jan
Oct
1878
5*4 Mar
Ex-rights
405s
Feb
10178 Mar
115
Jan
41 Called for redemption
3146
May 14, 1938
YORK
STOCKNEW
EXCHANGE
Record, Bond
Friday, Weekly and Yearly
NOTICE—Prices are "and Intercut"—exoept for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in tbe 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.
_L.
S
N.
Y
STOCK
Friday
£ S
BONDS
EXCHANGE
h'
~
Week Ended May 13
sfl.
Week's
Last
I
|
Friday's
Price
Bid
&
Low
Since
Asked
Treasury 4s
High
No.
O 118.14 118.4
O 109.18 109.11
118.14
62
109.20
D
15 1943-1945 A
114.6
112.21
87
114.0
114.2
Treasury 3%s.._Mar. 16 1940-1956 M
S 112.20 112.12
Treasury 3%s_._June 15 1943-1947 J D
110.1
Treasury 3s
Sept. 15 1951-1955 M S 106.3 i 105.30
Treasury 3s.
June 15 1940-1948 J D 107.14 107.6
Treasury 3%s
June 15 1940-1943 J D
106.16
Treasury 3%s._.Apr.
Treasury 2%s___Mar.
Treasury 2%8—Sept.
Treasury 2%s
Sept.
Treasury 2%s._.June
Treasury 2%S—Sept.
Low
110 4
57
107 .2
106.7
77
107.15
22
106.18
13
107.21
15 1940-1949 J
D
107.29
108.4
15 1949-1952 J
D
107.27
107.29
Aug. 10 1941 F
A
107.31
3
59
108.3
2
143
15 1944-1940 A O 109.18 109.10
15 1955-1900 M 8 104.1
103.26
15 1945-1947 M S 106-3 105.27
109.18
15 1948-1951 M S 104.7
15 1951-1954 J D 103.5
104.4
!J
109.20
3
107.20
28
110 .8
103 .20 106.8
105 2
107.15
105. 21100.20
106 29108
107 ,4
108.13
107
109.18
101 24104 6
106.3
79
32
103.1
103.8
160
103.2
137
♦Costa Rica (Rep of)
109
101
105.18
62
102
S 106.5
80
101
F
......
J
D
98%
101%
68%
.......
J
70%
102
16%
24
101% 104
1
1
103%
110%
96% 102
3
98%
4
101% 100
62%
78%
O
O
75
J
J
105%
F
A
A
O
99%
96%
71
59
74
75
23
50
104
74%
A
A
75
23
50
105
103
106
106.5
61
97
103%
100
99%
95%
101% 100%
58
98
35
96%
95% 102
104
M S
*89
83
M
S
58
*55
60
2d series sink fund 5%s..._.
1
91
55%
67
60
58
O
02
103.28 100.5
103.4 105 22
*55
64
M
S
*51
60
65
64
A
O
*50
60
S
104.19.104.17
68%
104.19
12
102.9
A
O
*50
58
51
62
62
1 1944-1952 M N 105.27 105.13
1 1939-1949 F A 102.30 102.25
105.27
106
103.9
105.27
102.30
124
101.9
103.13
103.11
44
101.5
103.12
A
104.19
O
1942-1944 J
J
103.10 103.1
*20%
21%
19
22
*23%
95%
105%
28
22%
30
95%
105%
6
20%
20%
7
100%
*94%
102%
98
....
108
108
2
99%
100%
27
107
24%
28%
22%
24%
J
J
7%s unstamped
J
S
f 7s series C
22%
6
22
1946
7s series D
1946
f 7s 1st series
22
1
sec s
sec s
7
f 7s 2d series. 1957
♦External
f 7s 3d series. 1957
Antwerp (City) external 6s
"~7X
12
15
17
15
92 %
90%
81%
93%
84%
117
84%
112
105%
19
O
83%
J
104%
83 %
S
104%
External g 4%« of 1928
Austrian (Govt's) g f 7s
1956 M N
101%
♦Bavaria (Free State) 0%s
Belgium 25-yr extl 0%s
External s f 6s
1945 F A
1949 M S
1957 J
J
-.1956 J
23
105X
D
21
J
D
15X
A
O
14
O
J
105%
111%
*100%
s f 6s.. 1960 M S
♦Berlin (Germany) s t 0%s
1950 A O
♦External sinking fund 6s—.1958 J D
A
23
104
BergeD (Norway) extl
D
1957 M
81%
104%
103%
100%
35
J
1955 J
7%
5%
16
94
84
♦0%s stamped
External s f 4%-4%g
104%
38
101%
35%
129
3
1
23
106%
104%
112%
101%
21%
28
19%
100
108
100
107%
23
107% 116%
100
102%
19%
23%
24
18%
12%
23
*~35
20%
7
16%
29
13%
14%
13%
15
55
15
26
10%
15
46
10%
13
10%
101%
98
al2%
al2%
12
*65
106
*60
77
1961 F
A
1977 M
S
58 %
4%s-4 %s
1970 F
External re-adj
4%b-4%s.- -1976 A
A
58%
60 X
4%s-4%b
O
1984 J
-.1967 J
56%
58%
"59%
60
60%
63
39%
J
59%
63
J
Bulgaria (Kingdom of)—
♦Stabilization loar 7 Ha
43%
*33
1908 MN
6s
O
1952 M N
.
2Hs—.1—Aug lV 1945
33%
F
A
109%
109
113
112%
101%
102%
101%
97%
28%
*35%
30%
30%
30%
1944 J
101%
102%
101%
1907 J
25-year 3%s
7-year 2%s
30-year 3s.
97%
1961
♦Carlsbad (City) sf 8s
♦Cent Agric Bank (Ger) 7s
♦Farm Loan s f
11954
J
J
1950 M
0s..July 15 1960
S
J
Oct 16 1900 A
{♦Farm Loan 0s ser A AprlS 1938 A O
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund
6s_._ 1960 A O
♦Extl Binklng fund 0s...Feb 1961 F A
♦Ry ref extl a f 6s
Jan 1961 J
J
♦Extl sinking fund
0s..Sept 1901 M S
♦External sinking fund 8s._ 1902 M S
♦Externa! sinking fund
0s... 1903 M N
♦Chile Mtge Bank 0%s
1957 J D
♦Sink fund 6%s of 1920
♦Guar sink fund 0s
1901
D
1961
♦Guar sink fund 0s
J
A
O
1962 M N
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 6s
1900 M
1951
J
♦Cologne (City) Germany 5 %s_ 1950 M
CoiomblH (Republic of)—
♦0s of 1928
Oct 1901 A
S
of 1927
see page
1947 F
3151
30%
30%
18%
18%
18%
18%
~18%
18%
16%
16%
16%
16%
15%
D
95
78%
101%
102%
23
D
F
26
23%
......
34%
18
17%
17%
17%
17%
109%
113%
102%
102%
101%
97%
27%
♦7%s secured
26
26%
17
24%
27%
27%
27%
2
24%
29%
20%
29
30%
26%
26%
1
22%
29
19%
27
70
85
37%
31%
19
16%
•
104
22%
17%
105%
6
11%
2
11%
4
13
18
*13
18
.
...
11%
13
*39%
42
.
...
37
5''%
32%
37%
♦Extended at 4%s to
1979 F
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
ser
1951 J
B *47 M
Italian Public
Utility extl 78—1952
Japanese Govt 30-yr s f
0%s—1954
D
8
J
F
A
(Province) 7%s.l960
J
13%
19
18%
37%
37%
6
114%
114%
5
78
79%
77
72
82
77%
114%
79%
77%
78%
64%
18
70%
25
56
80%
65%
64
63
71
69%
J
Extl sinking fund 5%s
1905 M N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦
Leipzig (Germany) s f 7s
1947 F A
Lower Austria
13
A
M N
71%
58%
42%
*21%
177
68%
81
115
49%
35
64%
1
20%
22%
23
*
D
114% 117%
42%
57
58%
......
♦Medellln (Colombia) 0%s
♦Mexican Irrlg
assenting
31%
34%
32%
35%
109%
D
1954 J
4%s.l943 M N
J
♦Mexico (US) extl 6s of 1899 £.1945 Q
♦Assenting 6s of 1899
1945 Q
♦Assenting 5s large...
45%
33
110
1954 J
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small
J
JTreas 0s of '13 assent(Iarge) '33 J
♦{Small
J
D
J
♦Montevideo (City) 7s...
25
29%
32%
18%
18%
18%
18%
18%
30
14%
18%
62
14%
18%
40
15
18%
30
15
18%
13
15
18%
30
15
18%
18%
40
14%
18%
16%
11
12%
16%
16
16%
15
16%
16
16%
16%
15%
21
12%
12%
39
13
55
11%
16%
16%
15%
30
30
19%
21%
20%
"21"
O
15%
15%
15%
15%
22%
16%
10
16%
22%
10
16%
16%
17%
23%
22%
22%
10%
23%
23%
17
23%
1952 J
♦6s series A
s
3%
D
""6§"
"62%
8%
8%
8%
8%
ICO CO !& "35
8%
1
3%
1%
1
2%
2%
2%
3
57
6%
.
.
.
9
11
40
40
5
38%
37%
.
37%
2
48
10%
37%
103%
102%
07
7
11
61
67%
97% 104%
98% 103%
102%
102%
O
102%
A
101%
105%
1944 F
A
106
1956 M
8
1965 A
O
1963 F
1970 J
D
*102%
.....
1952 F
A
20%
20%
8
1953 M
S
56%
21
51
62%
51%
16
47%
57%
loan
Oslo (City) s f 4%8
Panama (Rep) extl
5%s
f 6s ser A
♦Stamped
.
A
1958 M N
1955 A O
1953 J
D
12
103% 107
105%
106
29
104
103%
102%
103%
31
101%
100%
101%
102
39
100%
101
56%
51%
s
1959 M
f 0s 1st ser..1960 J
103%
s f 0s 2d ser..1901 A
♦Poland (Rep of) gold 0s
1940 A
♦Stabilization loan s f 7s.
♦External link fund g 8s
103%
103%
43%
3
....
98% 103%
102% 102%
20
21%
96% 103%
100
104%
42%
46%
32
41
37
7
8
9
5%
9%
9%
9
10
23
7%
11%
78
7%
11%
8%
9%
8%
55%
53
9%
99
54
55%
17
72
8
7%
44%
60%
11%
07%
71
O
O
J
3
107%
99% 106%
99% 104%
7%
O
1950 J
103
36
S
..1947 A
50%
*37%
8
D
55%
33
....
103
1963 M N
1947 M
15
106
1903 M N
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
♦Nat Loan extl
♦Nat Loan extl
*3~"
1
A
Oriental Deve! guar 6s
Ext! deb 5%s
s
4
1943 F
Municipal Bank extl sf 6s
♦Nuremburg (City) extl 6s
♦Extl
4%
3
Apr 1958 A
External sink fund
4%s
External 8 f 4%s
8 f ext
4
1%
1%
ext! 5s__1957 F
f 6s
Norway 20-year extl 0s
20-year external 6s
4s
1%
1
1959 M N
(State)
2%
1%
....
*1%
J
02%
External
1%
1
Milan
New 80 Wales
0
1
97%
32
....
2%
1%
27%
38
...
*1%
92%
32
2%
D
4
28
*1%
*1%
-
....
1%
121
29
14
9%
2%
4
small
(City, Italy) extl 0%s...1952 A O
Mlnas Geraes
(State)—
♦Sec extl b f 6%s
1958 M S
♦Sec extl s f 0%s
1959 M S
35
8%
*1%
*1%
J
113%
98
102%
98% 102%
97% 101%
18%
*22
13
105%
13
g
♦4s of 1904
2
*30
*104%
13
53
17%
17%
16%
15%
14%
6
17
O
13
36%
45
32
1
17
J
A
13
28
7
20%
20%
J
J
♦Assenting 5s
62
5
J
72%
47
76%
85
....
31
O
25%
72
32%
1940 J
54%
105%
34
1945 J
s f
♦7s secured s f g
2
42
"30% "34%
♦Hungarian Land M Inst 7%s.l901 M N
♦Sinking fund 7%s ser B
1901 M N
♦Hungary (Kingdom of) 7%s..l944 F A
70%
81
101
27%
O
A
♦Heidelberg (German) extl 7%8 '5
Helslngfors (City) ext 0%s._..ie0i
Hungarian Cons Municipal Loan—
53
14
108%
104% 108%
20
*24
52%
33%
22
99
93%
20
25%
31%
*21%
30%
A
A
70%
70%
20
25
M N
51
13
100%
26%
78%
"21"
A
O
J
79%
87
19%
German Prov A Communal Bkg
60%
S
♦0s extl g f gold
J
Jan 1901 J
♦Colombia Mtge Bank 0%8.._1947 A O
♦Sinking fund 7s of 1920
1940 M N
27
23
▲
♦
Canada (Dom of) 30-yr
4s..-.I960 A
D
♦5%s unstamped.
64
*60
1975 M N
f $ bonds
17
19%
19%
19%
90% 102
99*
*100%
al2%
23
37
20%
15%
S
105%
59
A
s f
J
100%
90%
78%
88%
78%
88%
99
106%
98% 100%
90% 102
95
104% 108%
*98%
87%
D
—1962 J D
♦Buenos Aires (Prov) extl
6s.-.1961 M S
♦6s stamped
-.1961 M 8
D
1
German Govt International—
7%
1958 F
♦Budapest (City of) 6s
102%
......
7%
5
i960 J
s f 6s
....
105%
*
1972 A
1957 M
D
......
......
23%
23%
8%
8%
8%
8%
4%
3
94
A
-.1955
Brisbane (City) s f 6s
Sinking fund gold 6s
8%
7%
7%
6
15
7%
94%
1972 F
♦Brasll (U 8 of) external 8s
1941
♦External s I 0%s of 1920—.1957
♦External s f 0%s of 1927—.1957
♦7s (Central Ry)
-.1962
7
8%
8%
8%
10%
17%
14
94%
Argentine (National Government)—
8 f external 4%s
-.1971 M N
External 30-year s f 7s
7%
7
1958
8 f extl conv loan 4s Feb
8%
8%
8%
8%
8%
8%
8%
1957
♦External
1941
J
22%
1946
s
7s
04
J
French Republic 7 %s stamped.1941 J
1946
s f
8 f extl conv loan 4s
Apr
Australia 30-year 6s
External 5s of 1927..
59
M N
♦External
For footnotes
17
103.22 105.27
♦External
♦Sinking fund 7s
18%
104
103%
14
f 7s series B
f 6s
90
36
s
a
02%
81
105.22
♦Antloqula (Dept) coll 7s A
♦Farm Loan
80
43
15
52
105.27
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s.
1947
♦Gtd sink fund 6s
1948
10-year
80
5
82%
104
A
103.21
Govt. & Municipals—
s f
1
High
92% 101%
92% 100%
....
103%
(J
Sinking fund 6%s.--Jan.l5
♦Public wks 5%s_..June 30
Czechoslovak (Rep of) 8s
Sinking fund 8s ser B
37
23
82
17%
A
External loan 4%s ser C
94
50%
81%
B
F
97
92%
.
52
M
♦Secured
.
82
M N
s
Low
105.27 105.16
1 1942-1947 M
May
f
No.
J
15 1942-1947 J
2%s series B__Aug.
2X8 series G
s
-
M N
14105.18
103.18
Home Owners' Loan Corp—
External
Jan.
99 18101.24
105.9
Mar.
3% external
Since
High
*
.
J
M
27104.9
103.12
2%S
Refunding
Range
^
Ask
96
93%
-
A
7s
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
100 14 103.3
101.24
96%
—
F
100. 20103.9
102.25
101.18
May 15 1944-1949 M N 105.22 105.13
20-year
*8
or
&
A
Mar. 15 1944-1904 M
s
Bid
103 25100.7
104.7
A
J
♦7s stamped
105 27108.4
105 19107.29
D
F
112.21
171
Jan.
♦External
Price
M N
107 .18110.1
104.5
3s
♦External
Friday's
Low
111 .22114.6
110.1
S
3s
Foreign
Range
Sale
*£
Week Ended May 13
118.14
Federal Farm Mortgage Corp—
3s series A
Last
£8
EXCHANGE
STOCK
High
48
15 1941-1943 M
15 1950-1959 M S 102.30
Treasury 2%s...Dec. 15 1949-1953 J D 101.24
Treasury 2%s
Dec. 15 1946 J
D 105.18
Treasury 2%s
__1948 M S
3%s
Y.
Foreign Govt. & Mun. (Cont.)
15 1947-1952 A
Dec. 15 1944-1954 J
Treasury 3 He
Mar.
Treasury 3%s.. .June
Treasury 3%s.. .Dec.
Treasury 3%s
N.
Jan. 1
U. S. Government
Treasury 4%s...Oct
Treasury 3%s
Oct.
BONDS
Range
c2
Week's
Friday
09
Range or
Sale
53
54%
6
42
62
8%
82%
Volume
Y.
STOCK
Week's
Last
Range or
Sale
Friday's
«-2
EXCHANGE
r
Week Ended May 13
fc
Bid
Price
N&,
D
J
J
1960
1952
6X8.1951
♦Extl loan 7Xs.
Prague (Greater City) 7X«
M
7X
M N
♦Prussia (Free State) extl
S
1952 A
♦External 8 f 6s
O
.
Queensland (State) extl s t 78—1941 A O
F
1947
25-year external 0s
.
—
<
m
106
No.
7
7M
13
5X
17
62
20 X
9
19
20 X
7
19
106 X
22
102 X 108 M
A
......
4
103 X 109 M
20 X
104X
105X
1950 M S
♦Rhlne-Maln-Danube 7s A
107
O
8X
F
A
7Xl1
O
♦6s extl 8 f g
1940 A
1968 J
♦7s extl loan of 1926
1966 M N
♦Extl
1946
1953
ol) 8s
6X8
sec
w
1
i L 29
29
A
♦Rio de Janeiro (City
25
11M
10 M
98 H
22 M
23
31
♦7s municipal loan
1967
1952
♦Roumanla (Kingdom of) 7s_—1959
♦Saarbruecken (City) 6s
..1953
7X
9
J
D
A
O
F
A
J
.
.
.
|*8s extl loan of 1921
1936
J
24
6
10 X
10
5X
10X
10 H
6M
10
22
25X
218
60
73
20H
38
25
J
8X
14
7X
11H
9
19
5M
10H
1988 J
1940 A
1945 J
♦Sinking fund g 6 Mb
1946 J
Serbs Croats A Slovenes (Kingdom
♦Saxon State Mtge Inst 7s
♦7s series B sec extl..
1952
1901
♦Uruguay (Republic) extl 8s—.1946
25%
10
24
26
13
11X
29
31
37
20 X
33 M
28X
31
48
20 M
33 M
1
41X
eox
29
52 X
52 X
*28 X
102
F
51
45
51X
52 X
48 X
40
4
50
A
43 X
46
12
47 X
41
43
52
44
22
38 H
54
40 X
63 X
37 X
53
50
05
43 X
41
44X
2
42 X
32
42 X
41X
42
..
J
M
J
10-year deb 4Mb stamped... 1940 F
...1952 A
1943 J
1943 J
1st cons 4s series B
52
56
40 X
62
22
56 X
53 H
65
S
*88 X
D
D
D
92 X
99 X
69X
*102X
100 x
100 x
... .
*35
..
2
4
100
11
72
72
......
.
.
..i.
100 x
43
37 H
88X
....
92 X
92 X
A
O
9
46
90
98
101M
67
10
....
78
100
....
105
96
103 M
54
35X
39
57
90
90
45
76
*35
37
*35
75
A
64 X
70
17
1949 J
D
50 X
54 X
20
44
67 X
Coll A conv 5s
*
♦Coll A conv 6s
1950 A O
♦6s stamped
1950 A O
Allegh A West 1st gu 4s
....1998 A O
Allegb Val gen guar g 4a
1942 M S
Allied Stores Corp deb 4 Mb
1950 A O
1951
1952
Mb debentures
4s
1955
2030
Alplne-Montan Steel 7s
Pow deb 5s
F
M
S
1949
Amer I G Chem conv 5 Mb
5 Mb.-.1949
X
....
....
....
25
41M
42
35
18
38
26
24
*
71 X
....
105 X
14
101
82
82 X
2
80
81X
82
8
79
139
96
103 X
A
45X
29X
7
23 X
22 X
45
29
5X
105 X
106 X
106X
M
S
S
*53
52
D
100
J
J
99 X
8
100
23
103 X
94 X
94 X
97
54 X
103
M N
2
a27
a27
M
109
92 X
87
106X
8
96
35
38X
100
1961
O
{♦Boston ANY Air Line 1st 4s 1955
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3XS—1966
Bklyn Manhat Transit 4X8... 1966
Bklyn Qu Co A Sub con gtd 58.1941
F
A
J
J
20-year sinking fund 5Xs— .1943
3 Mb debentures
1961 A O
33^8 debentures
1966 J D
J
♦Am Type Founders conv deb.1950 J
Amer Wat Wks A Elec 6s ser A.1975 M N
Anaconda Cop Mln s f deb 4Xb
1950
A
O
H3X
113X
117
102 X
102
101 x
102 X
102X
143
102
97 X
98 X
18
113X
......
102
10
93
93
92
105
105
105X
38
95
100
99 X
104X
80
98 X
29
29 X
29
25
25 X
4
112X 113X
99 X 102X
99 X
102X
97 X 107
84
97
1907
8 f Income deb
1996
{Ann Arbor 1st g 4s
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
J
*
Ark A Mem Bridge A Term 58.1964 M
S
F
A
93 X
93 X
99 X
94 X
(Del)
1957 J
Atchison Top A Santa Fe—
General 4s
...—1995 A
J
94X
93 X
94 X
Armour A Co (Del) 4s series
B.1955
1st M sf 4s ser C
.....
O
104 X
1950 J
1st Hen A ref 5s series B
J
D
Conv 4s of 1905
..1955 J
D
J
D
J
D
J
J
......
J
......
1960
1948
1965
-
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s
1958 J
1962
1940
1944
Cal-Arl* 1st <fc ref 4Xb A
Atl Knox A Nor 1st g 6s._
Atl A Charl A L 1st 4X8 A
M
S
J
D
J
*89 X
91X
89 X
......
90 X
91
90 X
*
....
J
104
......
40
99 X
98
98 X
11
....
*95 X
98 X
♦106X
103X
*108X
107 X
*
....
....
38
104 X
.....
95
....
....
A
*5X
of
{Bush Term Bldgs 5s gu
Calif-Oregon Power 4s...
75
85
85 X
*33 X
37
20 X
42
HCal Pack conv deb 6s
'~86~
Guaranteed gold 4Hs.
1956
Guaranteed gold 4Xs—Sept 1961
4% deb stk perpet
Coll trust 4X8
1946
5s equip trust ctfs
1944
Coll trust gold 6s
Dec 1 1954
Collateral trust 4Xs
1960
{♦Car Cent 1st guar 4s
1949
1938
15 1952
A O
F A
J D
F A
M S
J J
J J
M S
J J
J D
J J
J J
J D
J D
♦Cent Branch U P 1st g 4s
1950
1981
1947
1948
112X
99X 112
107
84 X
108
97
54X
73
104 X
71
100
63
58
56 X
59
57
45
76X
14X
31X
J
J
20
28
17
111
124X
124
124X
80 %
79 X
97
'l\2%
112X
20
21 X
14
31
1959 J
J
55
55
3
SOX
115X
114X H7X
5
120 X
29
117
119X
117X
2
116
115X
114X
13
23
111
13
120X 126X
146
82
J
17
17
1
15
30
81X
85
121
120 X
114X 118X
112X 116X
1
97 X
44
112X
115X
73
26
89
90
103 X
inx 114X
34
92
97 X
90 X
35
1
35
99X
99X
1
98 M
95X
98 X
99
35
99
98 X
26
92
X
34
104
86 X
99
47 X
101X
94 X 108
89
*82
89
81
F
A
39
42
39
56
D
74X
76
59
J
D
21
20
A
*15X
*20 X
76 X
20
58
35
50
9X
9X
8X
*4%
6X
6H
7
5
3X
7X
5
*5
36X
J,-
12H
♦Chatt Dlv pur money g 4s__1951
♦Mac A Nor Dlv 1st g 68—1946 J
♦Mid Ga A At Dlv pur m 5s_1947 J
*4
22 X
J
*5X
24 X
J
J
*5
11
M
S
97
97 X
.1946
Central Foundry mtge 0s
1941
Gen mortgage 6s
1941
Cent Hud G A E 1st A ref 3X8-1905
Cent 111 Elec A Gas 1st 5s
1951
Cent Illinois Light 3Hs
I960
♦Mobile Dlv 1st g 6s
{♦Cent New Eng 1st gu
Central of N J gen g 5s
M
8
F
A
Cent Pacific 1st ref gu
J
o
F
|*Cent RR A Bkg of Ga coll 6s 1937
5s extended to May 1 1942
Central Steel 1st g s f 8s
1941
Certaln-teed Prod 6Hs A
1948
Champion Pap A Fibre deb 4Xs *60
Ches A Ohio 1st con g 5s
1939
A
A
A
108 X
89
100X
105X 108X
"32
29
26
24
1
104X
75 X
77
it
"52X
70
107
94.
O
F
4s... 1954
1960
58
59
108 X
27 X
105X
10
100 X
*22 X
28X
J
gold 4s._ 1949
Through Short L 1st gu
Guaranteed g 5s
108X
99 X
*108X
J
1987
1987
1962
Central N Y Power 3Xs
ioo x
O
1961
4s
58 X
S
M
6
"97"" 112"
27 X
105X
46
26
77
20
19X
46
34 X
29
101
105 X
05
97 X
98 X
~47X
62 X
"69
"39X
74X
M N
M N
*50~"
"60
~54X "64"
MN
113
114
112X H6X
...
M
60 X
49
62X
97
S
M
97
1992
General gold 4Hs
103 X
103 X
103X
M
114X
114X
RAA Dlv 1st con g
2d consol
F
61
103 X 106
110X 121
1941
V 1st g 5s
1949
3Hs...1949
Illinois Division 4s
1949
General 4s
—-—1958
1st A ref 4 Hs series B
1977
1st A ref 5s series A
1971
{^Chicago A East 111 1st 08—.1934
{♦CAE 111 Ry {new Co) gen 58.1951
107 X
J
gold 5s
1982
97
ioix lift"
108
*104"
19
20
15
95 X
96 X
45
94 X 107 X
100 X
100 X
101X
66
99 X
18
3s
{♦Chicago Great West 1st 4s...1959
{♦Chic Ind A Loulsv ref 0s
1947
♦Refunding g 6s series B
1«47
♦Refunding 4s series C
1947
♦
1st A gen 5s series A
1966
♦1st A gen 6s series B-.May 1966
Chic Ind A Sou 50-yr 4s
I960
Chic L S A East 1st 4Xs
1909
97
100
113
*_
S
96
26 X
111X
M
8
95X
95 X
97
103
93 X 109
F
A
85
81X
85
38
81X 105
90
26
88X 109X
88 X
*52
M N
8X
17X
11
15
7X
16X
63
10
18X
21X
265
12X
2
10 X
"l9X
13X
M
S
J
J
12X
J
J
*iox
J
J
10X
*4X
M N
J
J
4X
J
J
90 X
"50
11
M N
J
90
100
56 X
"l2X
10 x
♦Certificates of deposit
Chicago A Erie 1st
85 X
*106
J
M
85 X
106
J
1989
1989
4s
gold 4s
8
07
95 X 100
M N
D
*
56 X 108
16X
22X
10
15
20
10
13
10 X
5
10
14X
3
3X
5
67
72
X
112
♦112X
7X
7X
86 X
112
60
{♦Auburn Auto conv deb 4X8-1939 J
Austin A N W 1st gu g 5s
1941 J
109
116X
D
102
70
26
80
115H
114%
M N
J
98 X
77 X
88
23X
21
115
116X
120 X
{♦Central of Ga 1st g 5s. .Nov 1945
♦Consol gold 6s
1946 MN
♦Ref A gen 5 Hs series B—.1959 A O
♦Ref A gen 6s series C
1959 A O
Chic A Alton RR ref g
94
23 X
104 X
J
Cblc Burl A Q—111 Dlv
71X
J
93 X
102
F
Cart A Adlr 1st gu gold 4s
103 X
91
J
79
7
114X
115X
119X
H9X
117X
115X
114X
115
July 1969 J
Guaranteed gold 6s..._.Oct 1969
Guaranteed gold 5s
1970
Guar gold 4Xs
June 15 1955
45
102 X
86 X
102ii6
1957 J
Canadian Nat gold 4Hs
Guaranteed gold 5s
61
35X
93 X
91
91
1962
4
45
45
1960
1966
1940
75 X
100
9
*66
1955
Conso) 5s
98 X 110X
75 X 103
87X 100 X
95 X 103 X
10
1952
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s.-.1946
89 X 104 X
89
101
44
7X
41
49
MN
8X
24X
63
X
4
J
100
107
10X
7X
55
98
111X
100
8
8
73
110
22
80
X
23
35
56
..
34
*108X
20%
94 X
77 X
.
26 X
D
02
78 X
95 X
105X 107 X
94 X
D
.
3
115X
2
M N
38
92
79
A—1964
May 1 1945
Oct 1952
1948
49
87 X
92
79
J
70
106 X
93 %
J
6s series B
1944 J
Atf Coast Line 1st cons 4s July 1952 M S
1st 30-year
108 X
106 X
93X
95
....
78 X
98
A
94 X
1
59
100
9
M N
88
65
62
25
3Hs ser D..1996
3X8 ser E
1990
80 X
182
75 X
86 X
68X
86 X
F
01
105 X
106X
*111X
69
A
J
35X
60
99 X
Buff Roch A Pitts conso! 4X8-1957 M N
{|*Burl C R A Nor 1st A coll 5s 1934 A O
deposit
{Bush Terminal 1st 4s
541
61
12
44
105 X
40 X
105
.....
105X
Ref A lmpt M
77
87
87
101
~02%
~75X
D
F
50
41
30
*
1957 M N
f deb 3Xs
1950
Buffalo Gen Elec 4Hs ser B
1981
Buff Nlag Elec 3Hs Berles C..1967
s
15
*16
...
Debenture gold 5s
Brown Shoe
41
41
61
M N
1
105X
105X
M N
8
.
31
34
85 X
85 X
......
M N
107 X
85 X
106X
Nov
1995
..1995
1955
8
39
.
1947 M N
Warm Spring
♦Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
Conv gold 4s of 1910
....
.
41
J
1941 J
1950 F A
1945 M N
Ref A Imp mtge
Q
.
25X
102X 105 X
♦Anglo-Chilean Nitrate—
Jan
.....
M N
68 X
Amer Telep A Teleg—
M N
97X
91X
104X 107X
33
A
General 4s
—1963 J
American Ice s f deb 5s
Atl A Dan 1st g 4s
23 X
11
94 M
O
LAN coll gold 4s
28
34
Celotex Corp deb 4Hs w w
O
10-year coll tr 5s
33
Carriers A Gen Corp deb 5s w w
A
1946
3X8
General unified 4Xs
31X
32 X
1967 M S
....1955 M N
62 M
95
Alleghany Corp coll trust 5s...1944 F
Conv deb 4 Ha
31
D
1944 J
Big Sandy 1st 4s
Canadian Pac Ry
27X 100
....
52
56 X
45X
O
Am Internat Corp conv
82
42 M
2
52
D
Albany Perfor Wrap Pap 08—.1948 A
6s with warr assented
1948 A
Am A Foreign
517
1st A cons g 6s ser A.Dec
Ala Gt Sou lBt cons A 5s
Allls-Chalmers Mfg conv
92 X
91X
Caro Clinch A Ohio 1st 5s
Adriatic Elec Co extl 7s
4
138
90 X
67X
COMPANIES
J|»Abltlbl Pow A Paper 1st 58.1953
Adams Express coll tr g 4s
1948
Coll trust 4s of 1907
1947
Alb A Susq 1st guar
97X
91
Canadian Northern deb 0 Hs.—1946
INDUSTRIAL
AND
97 X
67X
1
26 X
*18
28
99X 104X
"89
1952
38 X
....
67 X
67 X
.....
38
9
X
40
*37
.
104 X
1966
conv debs
60
60 X
64 X
43X
O
3%-4-4M% extl readj
1979 M N
extl read)
1978 F A
J
3 Mb extl readjustment
1984 J
Venetian Prov Mtge Bank 78—1952 A O
Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7s
1958 F A
J
Yokohama (City) extl 6s
1901 J D
99 M 104 X
4
50 X
50 X
25
_
10
103
43 X
J
M S
A
^
__ _
....
.
103 X
96
104
3Xs s f
Canada Sou cons gu 5s A
A
1964 M N
♦External s f 6s
RAILROAD
23
31
1960 M N
♦External s f 6s
1
A
1971 J
Tokyo City 5s loan of 1912
External s f 5Mb guar
25X
47X
25 M
D
J
♦Slleslan Landowners Assn 08—1947 F
Sydney (City) s f 5 Mb
1955 F
Taiwan Elec Pow s f 5 Mb
7M
6X
24 H
31
22 X
33
Cons mtge 3Xs series E
♦Certificates
1962 M N
1958
15
21
8X
D
1962 M N
78
9
36 X
9X
8%
32
♦8s secured extl
♦Silesia (Prov of) extl
17
13 X
32
D
f 7s
7H
4
25X
O
s
13X
7
9%
9X
25X
J
Secured
2
9X
17
17
...
♦03 extl Dollar loan
*27 X
1st lien A ref 6s series A
9X
1956 M S
♦78 extl Water loan
29
♦Berlin Elec El A Undergr 6 Hs 1956
Beth Steel cons M 4Xs ser D..1960
1st 5s stamped
8X
J
1950 J
28 X
21
1st g 4Xb series JJ
San Paulo (State of)—
♦8s external
20X
1
1st M 5s series II
9X
8%
29
6
27%
Boston A Maine 1st 6s A C
8
1957 M N
26 X
27 X
13
66 X
1952 M N
♦6 Mb extl secured s f
High
Low
~28X "~4
27 X
10X
Brazil)—
♦8s extl secured s f
No.
High
~28%
Since
Jan. 1
as &a
27%
7H
8X
9X
*20 X
!?
1955
♦Debenture 6s
5X
10
6
.
Asked
12
8X
24 X
J
m
&
3X8—1943
Hs—1951
♦Del) sinking fund 6Hs
1959
0X
64 X
64 X
Rome (City) extl 0Xs
Sao Paulo (City of,
D
cons
5
8%
Bid
Price
Low
Belvldere Delaware
Range
Friday's
Sale
jo
K
♦Berlin City Elec Co deb 6
43
1 9%
9X
7X
8X
EXCHANGE
5
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
STOCK
High
High
20 X
......
Y.
Week Ended May 13
9X Bi 9X
7X*
7X
71 X
71
Low
Forslgn Govt. &Munlc. (Concl.)
1901 J
♦Porto Alegre (City ol)8a
N.
Since
Jan. 1
Range or
Last
BONDS
Ran at
c2
Ask
&
Week's
Friday
Friday
OO
BONDS
N,
3147
New York Bond Record—Continued—Page 2
146
1948
Second mortgage 4s
Atl Gulf A W I 88 coll tr 5s
1st gold 6s
Ref A gen 0s series
Conv
39X
23 X
49 X
118
15X
78 X
39 X
♦Gen 4Xs
78
40
82 X
26
155
17
46
32 X
70
22 X
21X
49
1995
1941
J
D
24 X
47 X
22 X
2000
1900
1996
1943
M 5* series F
Battle Creek A Stur 1st gu
May 1 1989
J
M
S
-
♦Gen 4Xs
{♦Chic Mllw
♦Conv adj
{♦Chic A No West gen g
♦General 4s
3Xs—1987
39
38X
40
21
35X
32
36 X
52
20 X
69 X
30
28X
30
11
28 X
46
21
21
23 X
123
16
38X
17X
20 X
440
11X
34
1987
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4Xs stpd Fed lnc tax..1987
♦Gen 5s stpd Fed lnc tax
1987
21
23 X
220
15
39
♦4Xs
F
A
19
M
8
21
J
J
*106X
.
—
105 X 112X
1987
1930
stamped
|♦Secured 0Xs
J
100
100
2
95
100
♦1st ref g 5s
May 1 2037
J
J
102
102 X
7
99
108
♦1st A ref 4
3s—1989 J
D
*35
40
48
♦1st A ref 4
99 X 100
♦Conv 4Xs
2037
Xs ser C.May 1 2037
series A
1949
1951
Beech Creek ext 1st g 3 Hs
Pa 5e series B
1st A ref 5s series C
For footnotes see page
*
60
98 X
1951
A
O
1948
J
J
H7X
118
26
O
127X
127 X
18
1960 A
3151,
......
...
115X 119X
125 X 128 X
X> stpd.May 1
"26"
J
25 X
26
20
36 X
23
3
20 X
30
22 X
23
26
75
20X
36
26
57
21
35X
25
J
23
21X
26
J
1951 J
...
4s stamped
♦Gen 4Xs
D
Bangor A Aroostook 1st 5s
Con ref 4s
Bell Telep of
97 X 102
50
O
4 Ha
Rel A gen
6
45X
47
97 X
A
5s series D
A St Paul—
series B„May 1 1989
series C—May 1 1989
series E—May 1 1989
series F—May 1 1989
St P A Pac 5s A..1975
6s
Jan 1 2000
♦Gen 4s series A
47 X
J
C
Cblc Milwaukee
97 X
A
1995
July 1948
M N
PLEAWVaSysref 4a
J
Southwest Dlv 1st 3Hs-5s
1950 J
J
Tol A Cln Dlv 1st ref 4s A—.1959 J
Ref A gen
80 X
♦Gen g 3Xs
Baldwin Loco Works 5s stmpd.1940 M N
Bait A Ohio 1st g 4s
July 1948 A O
Refund A gen 5a series
*
J
20
25
12
34 X
64
10 X
220
19X
7X
3
3X
143
2X
M N
14
14 X
22
13X
18
M N
14X
16X
129
13X
6
"24
13X
14X
15X
"19X "13
16X
15
18X
18X
17X
22
18X
22 X
J
A
"Tx
O
3X
8X
13X
M N
*16
M N
17X
M N
17
20
20 X
M N
"16X
M N
13X
4X
12X
14
J
10 X
10
8X
10X
D
J
9
10
12
D
10
8X
10
25
OH
11M
109
3X
7X
D
M N
5X
5
5X
11X
9
New York Bond Record—Continued—Page 3
3148
May 14,
£
Friday
_
"'
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Detroit Edison Co 4%s ser D..1961
One Wall Street
Connection
-<•
'Bell System
Teletype
•>-
N
V
STOCK
EXCHANGE
Range
or
42
Friday's
Sale
Price
Dow Chemical deb 3s
F
Bid
&
2
Since
Asked
4a
deposit
1988
J
J
1934
A
(J
♦Certificates
gen
of
57
18
No.
Low
High
1951 J
5%
10
8
7
6%
4%
1
-
6%
-
3%
62
*
*35
D
167
5%
14
1
8%
5%
3
55
62
65
86
86
59
78%
78%
50%
50%
2
49
67
41%
42
3
40
54%
Chicago UDlon Station—
Guaranteed 4s
...1944 A
O
1st mtge 4s series D
1963 J
1963 J
*104%
106
64
103
104%
105%
46
100
101
J
105%
107%
105j^
101
J01 %
23
109%
97% 105%
89%
89%
67
71
36
71
9
J
1st mtge 3%s series E
3%s guaranteed
Chic A West Indiana
con
1951 M S
J
4s... 1952 J
1st A ref M 4%« series D
Chllds Co deb 5s
{♦Choc Okla A Gulf
cons
con gu
1943 A
♦»-r.
88%
-
O
58
68...1952 M N
18
1966 F
A
...1967 J
D
4s...1942 M
-
Clearfield A Mah 1st gu 6s
1943 J
Cleve Cln Chic A St L gen 4s... 1993
General 6s series B
1993
Ref A lmpt 4 %s series E
1977
-
~
-
~
~
105%
109%
-
N
J
1940 M S
Cleve-Cllffs Jron 1st mtge 4%s. 1950 M N
Cleve Elec Ilium 1st M 3%s... 1965 J
J
Cleve A Pgh gen gu 4%s ser B. 1942 A O
Series B 3%s guar
Series A 4^8 guar
1942 A
Series G3H» guar
-
-
-
-
51
3
82%
-
-
-
-
4
95%
-
-
-
112%
-
105
111%
1st
s
2
28
*
93%
92%
1973
86%
1977
79
93%
89%
85%
77%
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 5s.. 1943
1970
....
101%
93%
-
—
78%
99
96
103%
106
109% 1
2%
100
106%
-
—
105%
33
71 %
102%
79%
231
104%
65%
92%
"96%
101%
"97" "'2
9
40
65
14
30
47%
219
86
99
86
98
40
93%
89%
94%
O
Columbus A Tol 1st ext 4s
A
1955 F
*90
93
O
89%
*101
.....
*106
107
107%
93%
-
-
-
120
94%
110
-
-
-
-
-----
-
-
-
-
40
107%
100
98%
D
102
41
104
101%
103%
102%
J
104
31
1953 J
J
110%
110%
110%
111%
111%
107%
110%
18
110%
111%
10
2%s debentures
-.1942 J
Commercial Invest Tr deb 3%s 1951 J
Commonwealth Edison Co—
1954 J
D
1956 A
O
1957 J
J
112
1981 IVI
S
107%
1965
O
1943
110%
111%
O
106
*
100
111
85
105
107%
37
106%
8
102%
100
105
108%
107%
100% 101
1961
A
107%
107%
108
18
104%
103
O
103
103
74
100
105%
1956
O
102%
107
97%
1958
J
102%
101%
102%
101%
101
101%
115
99%
♦Debenture 4s
D
J
s f
.....
J
1960
J
6s
Consumers Power 3%s.May 1 1965 IVI N
1st mtge 3%s—
May 1 1965 IVI N
1st mtge 3%s
...1967 M N
1st mtge 3%s
1st mtge 3%s.
107% 108%
24%
154
101%
11
2
13
----
-----
---
-
103%
101%
20%
24%
92% 101%
10
11%
11%
17%
16%
11%
15%
15%
3
101%
103
15
91
4
15
103%
40
54
98% 102
98% 105%
83
91
99% 103%
106%
M N
103
103
4
103
J
105
2
Cuba Nor Ry 1st 5%s
104%
102% 105
1942 J
35
34
31
43
1952 J
J
38
39%
22
D
48
51%
15
41
54%
58%
D
39
39
2
35
52
1st mortgage 4 %8—
as to
♦Genessee River 1st
1969 J
s
f 6s. ..1951
Penna tax
{{♦Den A R G 1st cons g 4s
{♦Consol gold 4Mb
For footnotes see page 3151
37%
J
1936 J
J
39
113
-
-
-
-
-
-
*104
J
1936 J
2
108%
*108
*107%
IVI N
1951 IVI N
12%
15%
283
12
15%
45%
445
1967 IVI N
14
1975 A O
1955
J
14%
42%
f 6s„ 1957
s
12%
108
2
108
108
3
11%
12%
31%
105%
28
12%
14
24
5
108%
54%
106% 108%
103
103%
106
108
-----
42%
*41
J
{♦N Y A Erie RR ext 1st 4s. 1947 IVI
♦3d mtge 4%s
1938 IVI
Ernesto Breda 7s
1954
9
2
18
50
N
Fairbanks Morse deb 4s
1966 J
F
*45"
s
1st Hen
s f 5s
*62
A
D
Federal Light A Traction 1st 5s 1942 ivi
5s International series
1942 IVI
99%
99%
93
S
~87"
64
100
93
95
S
1942 m
1942 ivi
S
*92
S
1954 j
D
95%
*79%
1946 J
J
*96
1943 J
J
*34
D
stamped
1st lien 6s stamped
30-year deb 6s series B
Flat deb
s
f 7s
{♦Fla Cent A Penin 5s
♦1st A ref 5s series A
1974 m
*50
94%
99%
10
80
98
57
5%
5%
6%
5%
*2%
37
17%
S
5%
3
1952
{{♦Proof of claim filed by
(Amended) 1st cons 2-4s
M N
owner.
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
Fort St U D Co 1st g 4%s
1941 J
*1%
1%
*85
J
2%
1%
11
102
TFramericanlnd Dev 20-yr 7 %s 1942 j
j
Francisco Sugar coll trust 6s...1956 M N
104«i,104«M
38
O
*91
96
Gas A El of Berg Co cons g 5s.. 1949
Gen Amer Investors deb 5s A.. 1952
Gen Cable 1st s f 5%s A
1947
D
J
"l
38
J
15-year 3%s deb
101%
95%
47%
47%
98
D
"47%
1948 IVI N
47%
1940
47%
104%
103%
A
1951
A
1939
J
103%
J
Gen Steel Cast 5%s with warr.1949
Gen Pub Serv deb 5%s
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
{{♦Ga Caro A Nor 1st ext 6s—1934
98
"42%
42
J
1st mtge 4%s
108
106% 108%
107% 108%
8%
15
10
98
47%
*18
104
42
98%
43%
30
94
104%
83
1944
83%
90
*164"
A
1950 J
96%
104%
D
Gt Cons El Pow (Japan) 7s
1st A gen sf 6%s
95%
104%
*
J
1947 J
5
57
"26%
93%
D
gu 5s
3
7
14
29%
Goodyear Tire A Rub 1st 5s._1957 IVI N
Gotham Silk Hosiery deb 6s w w *46 IVI s
Grays Point Term 1st
2
104%
30
95%
Gouv A Oswegatchle 1st 5s
1942 J
Grand R A I ext 1st gu g 4%S—1941 J
15
18
47%
47%
94
O
J*D
1956
I02"
*15%
J
♦Good Hope Steel A Ir sec 78—1945
Goodrich (B F) conv deb 6s... 1945
2
*118
A
Gen Motors Accept Corp deb 3s.*46 F
F
"71"
70
J
J
72%
70%
12
12
119
16
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
Stamped
1952 J
16
82%
O
1946 A
89%
81%
92%
175
83%
41
71%
37
9%
65
63%
64
83
104%
104%
103
J
J
*25%
113%
64%
64%
36
36
101
"24%
"45%
44%
♦Adjustment Income 5s .Feb. 1957 A O
15%
A. 1957 F
Illinois Bell Telep 3%s ser B..1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3%s
1951 J
Extended
1st gold 3%s
22%
120
Refunding 4s
1952 J
Collateral trust gold 4s
Refunding 5s.
40-year 4%s
Aug
Cairo Bridge gold 4s
A
1950 J
J
Springfield Dlv 1st
g
95
5
39%
42%
27
93
50
"41%
"37%
44%
31%
48
"33%
84
84
*63
I
*40"
A
*40
J
*43
3Ha...1951 J
J
1951 F
A
41%
35%
73
70
J
Western Lines 1st g 4s
91
45%
1951 J
Gold 3 Mb
1
55
54
1
J
Louisv Dlv A Term g 3%S—1953 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s...1951 J
117
~40"~
D
Litchfield Dlv 1st gold 3s...1951 J
120
9
8
*72%
1955 M N
1966 F
101%
25%
7
10
92
»
45%
J
1953 M N
1
36
110%
*80
1955 M N
3%s
113%
64%
32
n
s
O
84%
104%
103%
109%
110
J
1952 A
64
46%
15%
J
1951 IVI
65
14%
1951 A O
1st gold 3s sterling
Collateral trust gold 4s
lines
O
10
*108%
A
ser
60
85
1937 M N
5s
51
*45
1944 A O
cons g
15
77
70
90
"70%
J
1949 J
1999 J
4%s
9
77
75%
O
1952 J
93%
76
"75%
O
1966 A
Hoe (R) A Co 1st mtge
{{♦Housatonic Ry
101%
81%
J
1961 A
Gulf States Steel s f 4%s
Gulf States Util 4s series C
10-year deb 4%s
Hackensack Water 1st 4s
g
100%
92%
Feb
1940 M N
Gulf Mob A Nor 1st 5%s B.„ 1950 A O
1st mtge 5s series C
1950 A O
Gulf A S I 1st ref A ter 5s Feb 1952 J
J
♦Harpen Mining 6s
Hocking Val 1st cons
101%
"82%
J
Gen mtge 4s series H
1946
J
Gen mtge 3%s series I
J
.1967
♦Green Bay A West deb ctfs A
Feb
Purchased
7%s series A extended to 1946.— J
6s series B extended to 1946
J
Stamped
♦Ref A lmpt 5s of 1927
♦Ref A lmpt 5s of 1930
♦Erie A Jersey lstsf 6s
69
3
41%
13
17
105
108%
35%
112
20%
20
102% 105%
100% 105
108%
34
25
16 %
16%
2
33
45
20%
17
105
D
104
24%
20 %
O
104%
103%
101%
102%
90%
103%
J
103%
42
O
Hudson A Manhat 1st 5s
-
137
103%
79%
95%
1953
101 % 106%
A
104" "
107%
—1953
4s series D_
104% 109
-
1951
Den Gas A El 1st A ref
conv
O
8
-
1950
Dayton Pow A Lt 1st A ref 3%s 1960 A O
Del A Hudson 1st A ref 4s
1943 IVI N
Del Power A Light 1st 4
J
%s
1971 J
1st A ref 4%s
J
1969 J
1953
7
13
Crown Cork A Seal 8 f 4s
Crown Willamette Paper 6s
Cuba RR 1st 5s g
1996
♦Series B
74 %
*102"
106%
D
F
♦1st consol gen lien g 4s
♦Conv 4s series A
105
104
*102
109
101%
110
45
4s prior.. 1996
105%
105
1951
cons g
108
-
D
1943 J
*10%
*10%
41%
{♦Erie RR 1st
105%
-
96
18%
*-_-
109
1966 M N
....1946 J
11
103%
1965
Houston Oil Sink gund 5Ha A. 1940 IVI N
Hudson Coal 1st s f 5s ser A
1962 J D
Hudson Co Gas 1st g 5s
1949 M N
1970 M N
Container Corp 1st 6s
15-year deb 5s
Crane Co s f deb 3%s
*20%
100%
*10%
O
..1956
♦Consolidation Coal
101
J
1965
5s stamped
J
112
112
Consol Edison (N Y) deb 3 H 8.1946
conv deb 3%s
..1951
{♦Consol Ry non-conv deb 4s.. 1954
♦Debenture 4s
1955
♦Debenture 4s
1955
El Paso A S W 1st 5s
*107
Erie A Pitts g gu 3%a ser B...1940
Series C 3 Ha
1940
1946
109%
109%
108
Consol Oil
*102%
*131%
103%
100%
D
J
2
*108""
J
1951
1977
107%
debentures..
A
T74%
74%
1941 IVI N
Genertil 4%s series E
General mtge 4s series G
3
3%s
6s
110% 113%
110% 113
108
•Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s... 1956
g
J
107%
3 %s debentures
J
*101
J
107 %
3%s A
Ed El III (N Y) 1st cons g 53—1995 J
Electric Auto Lite conv 4s
1952 F
General 5%s series B-.T——1952
General 5s series C
..—1973
General 4%s series D
1976
J
f
J
Great Northern 4%s series A.. 1961
95% 100
J
s
109%
~25
105
108
1951
Conn Rlv Pow
J
99% 102%
100
104%
6
112
96%
112% 112%
106% 109%
1951
Stamped guar 4%s
16
1965 J
♦Sinking fund deb 6%s__
♦20-year s f deb 6s
108
108
-
43%
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3%s...1951 A O
95
104%
97%
92%
86%
38%
J
104%
{{♦Galv Hous AHend lst5%s A'38
59
77
42%
Conn Ry A L 1st A ref 4%s
-
93%
38%
Conn A Paseum Rlv 1st 4s
-
10
1980 IVI N
1st mtge g 4%s series C
1st mtge g 4%s series D.
1st mtge g 4s series F
1st mtge 3%s series H
—
37
Columbia G A E deb 6s...May 1952 M N
1st mtge g 6s series A
1st mtge 5s series B
_
73%
102%
96%
Debenture 5s
Apr 15 1952 A
Debenture 5s
Jan 16 1961 J
Columbia AH V 1st extg 4s...1948 A
2
g 5s. .1937 J
♦Certificates of deposit
Fonda Johns A Glov 4%s
•
90%
92%
92%
43%
97
«
106%
*98
1972
♦6s Income mtge
Colo A South 4 Ha series A
«
106%
1977
f 6s series B guar
f 4 %s series C
I
99
104%
*102%
Gen A ref mtge 4 %s series B. 1981
Cleve Short Line 1st gu 4%8... 1961
s
•
*102
A
D
*35
*20%
96
♦Gen Elec (Germany) 7s Jan 15 1945
70
1948 M N
1950 F
1st
1
*104
J
Series D 3^8 guar
Gen 4%s series A
Cleve Union Term gu 5 Ha
1
59
105
112
•
108%
O
1942 J
70
56
*
J
107% 109
102
1
98%
*
1940 J
4
108
70
14%
102% 105%
1
53
Spr A Col Dlv 1st
4s
11
{♦Florida East Coast 1st 4 %s._1959 J
68%
14
106% 109%
101% 102
38
98%
*
92%
2
75
♦
54
100
48%
-
102
*66
J
12
27
106%
110
36
106
*
D
-
108%
104%
D
-
105%
109%
108%
-»-
106
Cairo Dlv 1st gold 4s..
J
1939
Cln Wabash A M Dlv 1st 4s. 1991 J
J
St L Dlv 1st coll tr g 4s
1990 M N
W W Val Dlv 1st g 4s
-
102
Cln Un Term 1st gu 6s ser C...1957 N N
1st mtge guar 3%s series D..1971 IVI N
g
102% 107%
59%
*9
Cincinnati Gas A Elec 3%s
1st mtge 3%s
Cln Leb A Nor 1st
88
1962 M S
109%
110%
1939 J
♦Gen
59%
------
Dec 1 1960 M S
5s
5
19%
18%
9%
8%
7
D
Inc gu
5%
7%
6%
D
Memphis Dlv 1st g 4s
1951 J
Chic T H A So'eastern 1st 5s.. 1960 J
14%
14%
17
4%
D
Gold 3%s
74
104
19%
6%
6%
8
1960 MN
June 16 1951 J
Ch 8t L A New Orleans 5s
51
2
17
17
*
"~3
109
El Paso Nat Gas 4%s ser A
42
7%
6%
1952 MS
SO
110%
106%
1951 J
Ed El 111 Bklyn 1st cons 4s
Jan. 1
High
*
A
{♦Refunding gold 4s
♦Certificates of deposit
|♦Secured 4%s series A
♦Certificates of deposit
♦Conv g 4%s
{♦Chic R I A P Ry
4
112%
110%
East Ry Minn Nor Dlv 1st 4s__1948 A O
East T Va A Ga Dlv 1st 5s
1956 M N
Range
Elgin Jollet A East 1st
F
25% part paid
6
4
*15%
112%
109%
♦Second gold 4s
1995 J D
Detroit Term A Tunnel 4Ha.. 1961 IVI N
TvOW
1938
76
1952 A
F
"Randolph 7711
Cgo. 543
{{♦Chicago Railways 1st 6s stpd
Feb 1
12
38
Week's
Last
Week Ended May 13
6
5%
8%
1965 A
E
ser
Duquesne Light 1st M 3%s
Fridav
No
7%
5%
Gen A ref mtge 3%s ser G.. —1966 M
♦Detroit A Mac 1st lien g 4s
1995 J D
{{♦Dul Sou Shore A Atl
BONDS
High
§1
CQt?
4 %
F
135 So. La Salle St.
'Private Wire
T)lgby 4-5200
Y. 1-761
ser
Gen A ref M 4s
Chicago, III.
Ask
&
Low
Gen A ref 5s
T.
Friday's
Bid
Price
{♦Den A R G West gen 58. Aug 1955 F A
♦Assented (subj
to plan).
♦Ref A lmpt 5s ser B___Apr 1978 "o
A
{♦Des M A Ft Dodge 4s ctfs_..1935 J
{♦Des Plains Val lstgu4%s
1947 IVI
RAILROAD 'BONDS
York,
Range or
Sale
15
Week Ended May 13
Hewlett Hros. & Johnson
Week's
II
59%
65
72%
90
"50%
51
"61
12
253
1
1938
Volume
New York Bond Record—Continued—Page 4
146
Friday
EXCHANGE
STOCK
Y.
Range or
Range
Sale
Friday's
Since
5>
c
Week Ended May 13
Price
Nft.
Bid
&
Low
D
38 4
364
40
96
29
46 4
1963
D
37
35 H
374
38
28
1940
Bloom & West 1st ext 48—1940
111 & Iowa 1st g 4s
1950
O
1064
1064
30
{♦Ind & Louisville 1st gu 4s
1956
Ind Union Ry 34s series B—1986
J
Manila RR (South Lines) 4s
42
Joint 1st ref 5s series A-..
1st & ref 44s
series C
Illinois Steel deb 44s
Ind.
Ind
1064
O
*
1064 1074
96
124
O
1947
A
1942
M N
J
stamped
1956
1956
1944
1941
B—1947
1955
B—1972
♦1st 5s series B
♦1st g 5s series
C
deb 6s
Internat Hydro El
Merc
Int
Marine
s
Internat Paper 5s ser
Ref
8
6s
f
A &
f 6a series A
Int Rys Cent Amer
1st 5s
J
J
"67"
A
A
M
Steel 44a A.. 1961
Kanawha <fe Mich 1st gu g
J
944
824
47
54
834
77
82
61
89
61 H
654
75
94
158
394
61
168
74
90
237
424
14
3
48
78 4
13
504
94H
944
*674
964
23 H
"254
"43
O
O
36
23
23
90
23
1
105 H
105 H
1064
112
D
104H
104
1044
27
(Rudolph) 1st 6s—1943
M N
Kansas Gas
$645).-1943
♦Ctfs w w stmp (par $925)..1943
♦Ctfs with warr (par $925).-1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky & Ind Term 44s—1961
Stamped
---1961
w w
64
64
59 H
674
62
68
274
62
31
J
60
294
984
164
O
J
90
22
1950
Apr 1950
1st gold 3s
Ref & lmpt 5s
Kansas City Term
3
90
1st 4s—-—I960
& Electric 4Ha—1980
Kan City Sou
714
644
444
1034 1084
104
1064
41
*37
MN
40
*164
stmp (par
42
20
14
4
234
27
27
90
80
87
*23
*25
*85
103 H
.204
95
90
95
994
151
95H
N
914 1004
914
954
95
J
98
984
1034
100
1034
994
100
A
93 H
914
91
*634
70
1961
1st mtge 5s
-1971
{{♦Mil & No 1st ext 4 43(1880) 1934
1st ext 44s
1939
Con ext 44s
1939
{♦Mil Spar & N W 1st gu 4s_ —1947
{♦Mllw & State Line 1st 3Hs—1941
{♦Minn & St Louis 5s ctfs
1934
♦1st <fe ref gold 4s
..1949
D
4Hs
4s
Lehigh Val (Pa) cons g
General cons 4 Ha
614
56 H
564
58
47
60
48
48
414
534
62
44
474
87
89
S
*2
{♦M St P <fc SS M con g 4s int gu *38
♦1st cons 5s
1938
J
1949
1978
{1st Chicago Term s f 4s
1941
{♦Mo-Ill RR 1st 5s series A
1959
Mo Kan & Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A
1962
40-year 4s series B
1962
Prior lien 4 4s series D
1978
♦Cum adjust 5s ser A
Jan 1967
♦General
of
♦Conv gold 54s
♦1st & ref g 58 series
234
34 4
62
41
48
67
42
73
28 4
484
424
24
364
394
10
28
32 4
12
25
45
174
194
18
10
234
19
20 4
23
174
8
164
164
254
17
O
32
194
J
F
A
64
195
104
""64
54
H
♦Ref & lmpt 44s
20
85
Nash Chatt <fe St L 4s ser
1954
62
Nassau Elec gu g
204
18
6
5
146
3
20
171
34
18
19
F
"l9"
A
18
MN
133
"204
*45
70
644
10
17
114
114
12 4
119
124
5
12
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D
101
99
1074
1034
105
99
105
95
92 4
95
85
95
944
93 4
94 4
84
944
1044
98 4
984
75 4
964 101
73
74
*744
754
724
734
O
59
60
50
45
45
414
374
41
36
554
112
112
1134
M N
M N
304
32
National Rys of
20 H
214
214
23
65
13
25
244
264
41
17
40
♦44s Jan 1914 coup on
47
52
47
52
♦44s July 1914 coup on
129H
A
D
A
1938
128»4
122H
1234
2
107 H
107 H
107 4
12
1214 126
99
1074
1004
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994
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105
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M
62
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2
65
75
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55 4
63 4
90
99"i»100H
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128 4 131
123 4
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J
25
774
85
34
87
75
884
126
1294
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♦4s April 1914 coupon on
1957
1957
1957
*118
1204
73
128
75
1044
J
106
101
1014
A
"83 H
894
83 4
"75 4
A
*774
734
A
A
1014
924
85
162
17
16
1014 1044
104
1074
994 105
834 102
75
934
90
754
82
1054 1074
78
111
744
75
A
104
103
49
*103 4
M N
794
65
954
1104
*
60 4
75
*894
J
6
100
♦
M
11
87
*99
F
IVI
F
1044
105
1044
1154 1224
42
98
82
112
80
1114
984
1951
McKesson & Robblns deb 5 Ha. 1950
Maine Central RR 4s ser A—1945
Gen mtge 4 Ha ser A
1960
Manatl Sugar 4s s f
Feb 11957
{♦Manhat Ry (N Y) cons 4s.-1990
M
N
M
N
*1014
1004
1004
*74
J
"46
J
M N
27 4
A
O
304
J
D
434
264
204
2013
3151
19
101
63
784
934 101
80
914
"13
43
55
27 4
9
20
28 4
304
297
46
29
29
♦Certificates of deposit-—
974 1014
104
14
79
174
164
19
17
10
32 4
19
314
32
236
1054
56
994
J
584
68
18
28
96 4
98
924 101
100
106
14
O
*14
A
14
D
IVI N
5s—-1945
♦Certificates of
1074
*22 4
D
J
*119
324
J
♦Consol guar
D
series D—
series A
-1954
♦Certificates of deposit-
♦1st 44s
4 49 1945
-1998
10-year 34 s sec s f
1946
Ref & lmpt 44s ser'es A
2013
Ref & impt 5s series C——-2013
Conv secured 348
1952
34
14
"Th "24
14
108
22
103
108
65
1164 1194
24 4
32 4
24 4
31
120
324
31
123 4
1234
1214
15
I2I4
1224 125
120 4
1224
1044
108
95
A
106"
O
1064
J
.50
50
50
38
64 4
J
41
41
43
34
50
o
97
95
97
864
984
D
964
954
97
844
98 4
J
.50
52
47
76
O
25
25
25
31
27
294
22
36
27
31
32
25
274
22
25
27
23
354
334
27
30
22
37
264
264
264
354
1104
1114
O
294
deposit—
1956
-.1956
25
29
1234
IVI N
lnc 58—1935
1954
♦1st 5s series C—
14
O
New
♦1st 5s series B
""4 "24
14
*14
O
A
1954
4s
—-1945
England Tel & Tel 5s A—1952
1st g 44s series B
---1961
N J Junction RR guar 1st 4s—1986
N J Pow & Light 1st 44s
I960
New Orl Great Nor 5s A
1983
NO&NE 1st ref & imp 44s A 1952
New Orl Pub Serv 1st 5s ser A—1952
1st & ref 5s series B—
1955
New Orleans Term 1st gu 4s.—1953
24
24
14
J
5s—1948
{♦New England RR guar
24
*4
1965
14s
Newark Consol Gas cons
14
14
*4
0
1977
1914 coupon off
1977
♦Assent warr & rets No 5 on '77
Nat RR of Mex prior lien 449—
{♦Assent warr & rets No 4 onl926
♦4s April 1914 coupon on—.1951
♦4s April 1914 coupon off-.-1951
♦Assent warr <fc rets No 4 on '51
{{♦N O Tex <fc Mex n-c
*4
*4
J
♦48 April
Nat Steel 1st coll s
*4
J
J
♦1st 54s
McCrory Stores Corp s f deb 5s.
10
254
1004
1004
584
105
4 on *57
{♦Naugatuck RR 1st g 4s
1944
62
Mexlco-
88 4
76
80
1664
IVI N
584
214
*99 4
584
IVI N
714
100
254
Nat
130
112
J
214
O
41
D
Nat
754
D
1978
A
"74" "74"
M N
A
50 4
69
*74 4
4s stpd...—-1951
M N
A
»
extended to
1946
Dairy Prod deb 34s w w—1951
Distillers Prod deb 4Hs—1945
M N
series E
Paducah <fc Mem Dlv 4s
1946
St Louis Dlv 2d gold 3s
1980
Mob & Montg 1st g 4Hs
1945
South Ry joint Monon 4s—1952
Atl Knox <fe Cln Dlv 4s.
1955
Lower Austria Hydro E16H3--1944
O
IVI N
2003
1940
2003
2003
2003
2003
O
5%—1941
20
1084 118
58
*74 4
40
1
144
15
9
100
IVI N
o
214
84
544
60
O
70
14
J
40
1104
23
O
J
1104
254
5s
MN
11.0 K
164
f 5s series A
Montreal Tram 1st & ref
1940
O
23
15
122
16
254
23
154
S
M S
Montana Power 1st & ret
64
164
88
A
Nat Acme 44«
A
23
18
6
40
80
31
114
254
15
19
16
4%...July 1938
1
34
164
17 4
♦Certificates of deposit
s
23
204
*18
-1981
♦1st & ref 6s series I
254
15
18
♦Certificates of deposit
Mo Pac 3d 7s ext at
8
164
19
O
23
4
18
2
"66*" '994
8
694
184
J
194
34
O
54
60 4
4
414
364
394
"~4H
204
95
1951
234
59 4
62
J
MN
85
A
84
64
23 4
J
D
1949
1980
34
|*85
1
144
694
M N
20
95
5s ser A.-.1969
Louisville Gas & Elec 3Ha
1966
Louis & Jeff Bdge Co gu 4s
1945
Louisville & Nashville RR—
For footnotes see page
74
3
44
*3
1978
♦1st & ref 5b series G
80
65
85
42
160
14
18
1943
48
90
40
34
74
54
67 4
deposit
Mut Un Tel gtd 6s ext at
54
71
12
3
J
1975
1977
4s
39 4
deb 7s
♦Second 4s—
2
M N
{♦Mo Pac 1st <fc ref 5s ser A
1965
♦Certificates of deposit--
45
58..
1st & ref 3Ha
2
4
S
54s
♦1st ref 5 Hs series B
18 4
324
48
53
Louisiana & Ark 1st
1st & ref 4s series D
3
74
134
74
104
*4
264
24 4
128 4
C
J
J
224
102
294
128
1st & ref 4 Hs series
20
"4" "64
124
J
36
85
954
954
904
*30
1949
1949
1949
B
134
11
12
1946
cons 5s gu as to int
♦1st <fc ref 68 series A
♦25-year
-
.1938
♦1st
*22
to. —-1950
Unified gold 4b
52
60
164
*14
90 4
*85"
Liquid Carbonic 4s conv debs. .1947
M N
Little Miami gen 4s series A..-1962
F A
Loews Inc s f deb 3Ha---- —1946
Lombard Elec 7s ser A
.-1952 J D
stamped
51
54
F
*29
54
77
77
60
50
5
A....1962
♦Ref * ext 50-yr fie eer
Gen & ref
284
102
52
*14
54
904
48
29 H
54
J
Guar ref gold 4s
97
164
J
314
80
58
874
1951 F
4s
8
M N
M S
87
89
194
102
95
M
28
89 H
894
144
984 1024
"52"
1977
♦Secured 5% notes
—1938
Mohawk & Malone 1st gu g 4S-1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 44s--.......——1960
6s debentures—.....——-1965
564
D
J
2003
2003
Leh Val Term Ry 1st gu g 5s.-.1941
Lex & East 1st 50-yr 5s gu—-1965
Liggett & Myers Tobacco 7s—-1944
Long Island gen gold
Unified gold 4s
61
1024
1014
1014
55'
348-1966
1941
1955
Gen & ref s f 5s series B
1955
Gen & ref 8 f 44s series C—1955
Gen <fe ref s f 5s series D
1955
Morris & Essex 1st gu 3 Hs
2000
Constr M 5s series A
—1955
Constr M 449 series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
1997
General cons 5s
Long Dock Co 3H8 ext
"87" 103"
174
J
D
{♦Mobile & Ohio gen gold 4s.-.1938
♦Montgomery Dlv 1st g 5s—1947
56
4s A—-1965
4s
1945
Lehigh Val Coal 1st & ret s f 5a. 1944
1st A ref s f 5s-.
1954
Leh Val N Y 1st gu g
1024
1014
934
85
Lehigh & New Eng RR
1st & ref s f 5s._-
88
15
854
26
Lehigh & N Y 1st gu g
Sec 6% notes extend to
Leh Val Harbor Term gu 5s
I
934
*27
Lehigh C & Nav s f 4H» A
C'ons sink fund 4 Ha ser C—1954
1st <fe ref. s f 5s
S
J
95 4 1004
100
86 H
1975
1954
1st mtge income reg
1st & ref 5s series
1034
99 4
103
103 H
*884
J
M
1964
1974
3 Ha
Lautaro Nitrate Co Ltd—
Lorillard (P) Co
80
71
*98
1941
2d gold
Lake Sh & Mich So g
4s
150"" l55
80
*85
IVI N
♦Certificates of deposit
151
76
944 101
O
C
{♦Mid of N J 1st ext 5s
♦Certificates
95
1961
unguaranteed
1961
Kings County El L & P 6s
1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s..
1954
1st & ref 6 Ha
1954
Kinney (G R) 5 Ha ext to
1941 J
Koppere Co 4s ser A
1951 M
J
Kresge Foundation coll tr 4s—1945
F
3 Ha collateral trust notes
1947
{♦Kreuger & Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref & ext 58-1939
Coll & ref 5Hs series C
1953
Coll & ref 5Hs series D
I960
Coll tr 6s series A
1942
Coll tr 6s series B
1942
Lake Erie & Western RR—
5s 1937 extended at 3% to.-1947
24
95
1940
-
24
30
*94
1951
1952
1979
Jack Lans & Sag 34a
1st gold 3 43
64
54
*244
J
♦1st & ref 5s series F
95
Plain
D
1956
f 7s
Ref & lmpt 44s series
994 1034
9
244
1034 1084
104
4 Ha
♦
s
109
654
78
87
....
"25"
A
A
♦Certificates of deposit
♦Ctfs
904
804
24
48-1936
19
51
584
97
100
1977 M S
Mllw El Ry & Lt 1st 5a B
19
724
48
48.-1990
{{♦K C Ft S & M Ry ref g
14
354
D
S
54
484
s
IVI
24
"45
"684
80
79 4
91
1034
54
1940
'
14
64 H
ivi
4s_195l
2
60 M
87 H
J
J
4a —1959
144
78
a
{♦Iowa Central Ry 1st & ret
44
21
81
1004
194
804
A
r
13
33
*78
J
100
75
81H
M N
F
65
6
88'4
90 H
J
James Frankl & Clear 1st
1024
*6
1977 M S
♦4s (Sept 1914 coupon)
46
66 4
37
44
J
1955
Debenture 5s
11
21
794
1004
174
*144
..1939
Conv deb 4Ha
♦Karstadt
3H
144
144
deb g 4Ht—1952
Int Telep & Teleg
Jones 4; Laughlin
15
A
1947
1st lien & ref 6 Ha
78 H
1004
100 4
954
Michigan Central Detroit <fe Bay
1074
City Air Line 4s
Interlake Iron conv deb 4s
Int Agric Corp 5s
1024
♦Miag Mill Mach 1st
54
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A.-July 1952
994
1024
56
554
47 H
M S
87
A
584
44
54
conv
♦Certificates of deposit
85
794
99 4
o
40
22 4
{♦10-year
75
70
"65" "96"
*754
1950
40
14
O
A
High
33
{{♦Met West Side El (Chic) 4s. 1938
17
22 H
55
..-1932
7% notes..1932
t
108
258
42 4
21
.
J
107 4
23
286
554
-
Low
70
108
10
58
46 X
.
No.
70
S
236
47
6s—
1
Jan.
85
1968
♦Mex Internat 1st 4s asstd
573^
55 H
{♦ 10-year
High
83
58
554
1074
D
o
*954
*684
O
1947
f 6s
42 4
45
1961
{Interboro Rap Tran 1st 5s—1966
♦Certificates of deposit—.—
Inland Steel 34s series
s
Since
J
Market St Ry 7s ser A
April 1940
Mead Corp 1st 6s with warr—1945 IVI N
1014 1074
100H
96
"106H
18
Metrop Ed 1st 44s ser D
Metrop Wat Sew & D 54a
s
IV!
90"
~87~~
Range
a
Asked
&
S
1939 IVI N
{♦Man G B & N W 1st 34a—1941
Marlon Steam Shovel
18
18
1953 IVI
1959 IVI N
1st ext 4s
100
*70~~
J
Bid
Low
Manila Elec RR & Lt a f 5s
StUNO—1963
HI Cent and Chic
Price
High
Low
No.
High
Week's
Friday's
EXCHANGE
Week Ended May 13
Jan. 1
Asked
STOCK
Range or
Sale
■a
BONDS
Y.
N.
Friday
Last
Week's
Last
BONDS
N.
3149
O
A
29
*1104
Newport & C Bdge gen gu
N Y Cent RR 4s series A
HI
63
65
55
82
664
68 4
414
62 4
50
50
534
153
39
91 4
654
55 H
IVI
62
68
55
584
173
44
73
63
62 4
644
156
53
84
62
New York Bond Record—Continued—Page 5
3150
Friday
BONDS
Last
EXCHANGE
N. y. STOCK
Range
Sale
Week Ended May 13
Sid
Debenture 4s
Ref & inapt
J
3%8—1997
1942
A
2013
4%s ser
gold 3%s—1998
3%s—-1998
Lake Shore coll
52 H
N Y Chic & St Louis
3-year 6s
4s collateral trust
1st mtge
A
O
M
1974
------1978
Oct 1 1938
S
O
A
F
---19f5
77
General 4%s series
103
*106
108
O
105H
A
O
104 %
104%
104%
114
122%
113%
53
50%
100
20
IV! N
M
IVI
{♦N Y Ont & West ref g 4s
1992
♦General 4s
----------1955
J
J
A
O
D
20
95
103
2
60
80
75
93
23
"85" "96%
13"
18
15%
12%
20
19%
17%
13%
26
12%
12%
17
24
14
20%
18%
23%
23%
8%
17%
34
20
Pirelli Co
12
Pitts Coke & Iron conv
61
79
64
4s.-1993
A
106
98
92
77
80
105%
IVI N
104
104
—
M N
103%
103%
11%
10%
8%
51%
105%
107%
64%
67%
4%
107%
107%
J
9
F
A
*5
A
6%
IVI N
M N
J
105 %
105%
107%
*57%
J
J
*41
D
65
J
M
65
4
4%
107%
107%
107
A
O
IVI
N
107%
*84%
A
O
94%
F
A
11%
106%
103
106
7
16
10
5%
40%
11%
8%
52
105% 107
104% 107%
62
62
60
70
3%
6%
104% 107%
106% 108%
12%
10
11%
♦Certificates of deposit
99%
94%
106%
104
103
91
96%
109
70
105%
——
J
8
69
109
98
F
10%
98
IVI N
1961
1966
{♦{N Y Susq & West 1st ref 6s.l937
{♦2d gold 4 Ha
1937
♦General gold 6s
1940
♦Terminal 1st gold 5s
.-1943
N Y Telep 1st & gen s f 4 Ha.—1939
Ref mtge 3%s ser B
1967
N Y Trap Rock 1st 6s—
1946
68 stamped
1946
{ {*N Y Westch & Bost 1st 4 Hs 1946
Niagara Falls Power 3Ha-----1966
Niag Lock & O Pow 1st 5s A.. 1955
Niagara Share (Mo) deb 5H8-1960
Nord Ry ext sink fund 6H8—1960
{{♦Norfolk South 1st & ref 6s. 1961
4s...-. 1996
North Amer Co deb 5s
1961
O
82
43
95%
86%
8%
99
9
F
No Am Edison deb 6s ser 'A-.. 1957 M
Aug 16 1963
Deb 6%s series B
Deb 5s series C
F
116%
A
105
1974
Gen & ref 4Hs series A
1974
♦{Northern Ohio Ry 1st guar 5»—
♦Apr 1 1936 & sub coupons. 1945
115%
103%
102%
104%
S
A
Nov 16 1969 M N
North Cent gen & ref 5s
70
A
IVI
IVI
104%
101%
101
S
8
1940
Series B 4%s guar
1942
Series C 4%s guar
1942
Series D 4s guar
1945
Series E 3%s guar gold
1949
Series F 4s guar gold
1953
Series G 4s guar
1967
Series H cons guar 4s
1960
Series I cons 4%s
1963
Series J cons guar 4%s
1964
Gen mtge 5s series A
1970
Gen mtge 5s series B
1975
Gen 4%a series C
1977
Pitts Va & Char 1st 4s guar.-.1943
Pitts 4WVa 1st 4%s ser A—1958
1st mtge 4%s series B
-1959
1st mtge 4%s series C
1960
Pitta C C C & St L 4
116%
105%
48
43
111
111
11
104%
102%
31
62
28
83
86
{♦Og & L Cham 1st gu g 4s...1948
♦Stamped....-....
Ohio Connecting Ry 1st 4s
1943
Ohio Edison 1st mtge 4s
1965
1st mtge 4s_
1967
1st mtge
3%s
1972
Oklahoma Gas & Elec 3%s
J
53
J
57
6/
J
62%
105%
99% 104
101
105
96% 103%
4s
102%
M
S
102
J
J
D
102%
101
D
J
Ore-Wash RR & Nav 4s
1961
J
100
Otis Steel 1st mtge A 4Hs
1962
J
Pacific Coast Co 1st g 5s
.1946
Pacific Gas & El 4s series G—. -1964
D
D
2d ext gold 5s
.1938
Pacific Tel & Tel 3%s ser B._. 1966
Ref mtge 3%s ser C
—, .1966
O
Padueah & III 1st
s
Panhandle Eastern
f g
4Hs
D
102%
100%
112%
106%
113%
113%
99%
52
*51
J
D
*
105%
105%
3%s
Pictures deb 6s.
conv debentures
...
series C
1st 4 %s series D
1944
40
*119%
ser
E trust ctfs
83%
For footnotes see page 3151.
♦
15
13
6%
12
108%
1045I
98
92
93
80%
55
75%
50
76
99% 108
136
12%
22
85
106
110
115
97% 110%
99
109%
78%
95%
105
10%
108%
20
10
3
16%
34
11
108%
6
108
109%
78
87%
4
6%
31
"80%
80%
107%
106%
105%
105%
101% 108%
103
110%
105
109
*102
A
*105%
D
105% 105%
*102
M N
*102
F
A
*102
F
A
110
IVI N
167" 109"
107%
*109
J
D
102%
A
O
101
J
J
93%
M N
102
102%
13
101
102%
22
93%
*104%
93%
107%
40
40
A
O
*37
O
J
D
F
A
J
D
J
110
95% 112%
97
112%
91
104%
106
108
40
40
38
"3
45
A
10
117"
107
110
55%
65%
D
M
41%
*
44
"22
107
J
57%
101
"57"
101
49%
12%
108
1951
12%
107%
78
32
108
109
*110%
*98%
S
J
44
59
101%
50
14%
108
78%
157
43
5
101
13
43
130
24
4
9%
109%
115%
59
104%
55
18
103% 108
74%
82
*3%
*31
7
4%
8
60
"82% "90"
86%
90
68
60
68%
59
56
59
50
73
72
73%
70
93%
72
72
72
69%
93
52%
79%
76
92
S
97%
95%
Gen mtge 4%s series B
65
91%
1961
%s '54
1956
4%s.l956
Purch money 1st M conv 5
F
M
IVI
J
A
N
N
*106
98
84
98
109
100
118
84%
106
85%
J
1946 J
99%
J
♦Rhine-Ruhr Water Service 6s. 1953 J
J
a
f 7s
82
103%
82%
35%
21%
♦Rhine-Westphalia El Pr 7s.-.1950 M N
♦Direct mtge 6s
1952 IVI N
♦Cons mtge 6s of 1928
1953 F A
♦Cons mtge 6s of 1930
1955 A O
35
21%
30%
29%
29%
29%
84%
106
36
71%
55
94% 108%
72
88%
85%
99%
33
35%
21%
30%
30%
30%
29%
3
28%
1
20
87%
2
93% 101
35%
24
31%
1
27
14
27
32
9
26
32
2
26%
32%
Richfield Oil Corp—
103
103
40
101%
42
113
11
113
107
113%
115%
100%
73
52
110%
106%
102%
75%
~51
25
35
98
24
1
55
68
87
70
6
28
98%
98% 103
96% 101%
111% 113%
111% 113
103
110
109
116%
110% 118%
92% 106%
59
74%
45
106%
102%
98%
71%
66%
102%
52
18
72
85%
40%
63
122
97%
101
"92"
93
5
J
96%
105%
xl %
68%
A
D
95%
*104%
s
f 7s„
1949 A
*35"
34
O
16%
Roch G & E 4%s series D.„-.1977 M S
Gen mtge 5s series E
1962 M 8
108%
♦1st
con
& coll trust 4s A
s
f 6s.—
17
108
IVI
8
9
O
*21%
J
108%
7
{♦Rut-Canadian
4sstmp
1949
{♦Rutland RR 1st con 4%s_. 1941
J
*8%
6%
J
♦Stamped.
17
9
89%
104
97%
104%
34
19
"42
5
50
41
6
*120%
1948 A
{{♦R I Ark & Louis 1st 4%s„1934
♦Ruhr Chemical
16
34
41
28%
13%
44%
20%
118% 120%
107% 110
8
11
20%
5%
23
"4
12%
6%
15
"6
-----
14
7
Saguenay Pow Ltd 1st M 4%s.l966
s f
deb 4s
1947 J
A
D
103
O
102
102%
101%
*104%
103%
34
102
17
82
St Jos & Grand Island 1st 4s
1947
J
St Lawr & Adlr 1st g 6s
2d gold 6s
1996
J
10%
12%
-.1966 A
O
100% 104
99% 102%
94
90
78%
31%
45
118% 120
70
97% 103%
102% 103%
95
103%
88% 104
83
1955
{♦Rio Grande June 1st gu 5s_. 1939
♦Rio Grande West 1st gold 4s„ 1939
96
70
61%
97%
74%
92%
60
♦Rima Steel 1st
f conv debentures-
102%
103
81
J
s
Safeway Stores
101
23
S
1952
4s
106%
105%
102% 105%
68%
91%
1952 IVI
Richm Term Ry 1st gen 5s
110%
98
62
*95
A
95%
108%
3%
15%
107%
M N
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 4%s series A
1997
Gen & ref 4%s series B
1997
♦Rhelnelbe Union
98
77
97%"
*98
1952 IVI N
1963 F
18
106
M N
{♦Providence Sec guar deb 4s—1957 M N
{♦Providence Term 1st 4s
1956 M 3
J
Purity Bakeries s f deb 5s
1948 J
{♦ Radlo-Keith-Orph pt pd ctfs
for deb 6s & com stk (65% pd)...
79
20
105%
1949
Guar 4s
104%
*104%
Porto Rlcan Am Tob conv 6s—1942
80
8%
100%
Pat & Passaic G & E
♦Paulista Ry 1st ref s f 7s
1942
Penn Co gu 3Hs coll tr ser B_. 1941
Guar 3Hs trust ctfs C
1942
Guar 3 Hs trust ctfs D
1944
"2
103
D
1st 6s 1935 extended to 1950
60
"63
105
*58%
89%
70%
1947
8%
57%
104
10
112%
J
1960
Port Gen Elec 1st 4%s
50
101% 102
103
.1955
108%
1974
1977
1st gen 5s series B
Gen mtge 4%s series C
Revere Cop & Br 1st mtge
102
102%
100%
S
1968
28-year 4a
9
105"" 105%
Paris-Orleans RR ext 5Hs
Parmelee Trans deb 6s
cons 5s...
62%
J
IVI
Paramount Broadway Corp—
1st M s f g 38 loan ctfs
.1955
Paramount
71
110% .109%
106 H
105%
102% 102
A
.1955
Plpe*L 4a_, .1952
76
88%
98
D
1st & ref mtge 3%s ser H._. .1961
1st & ref mtge 3Hs ser I
.1966
Pac RR of Mo 1st ext g 4s
.1938
47
56
62
7
101%
101%
71
J
60
107
100
Republic Steel Corp 4%s ser A.1950 M S
45
11
*112
106%
Ore Short Line 1st cons g 5s.-.1946
Guar stpd cons 5s.—
1946
11
112%
Rensselaer & Saratoga 6s gu—1941 IVI N
100
98
D
"9
11%
O
28
*102
M N
100
90%
107%
80%
O
A
93%
62%
26
4
6%
S
4
103
16
S
76
83
100%
J
M
1946 J
59%
*7%
1946
con g
* 61
J
J
40
108%
*105%
108%
J
28
110
143
55
66%
*99%
Ontario Power N F 1st g 5s. .—1943 F A
Ontario Transmission 1st 5s... 1945 IVI N
Oregon RR & Nav
56
:
*
1966
4s debentures
f52 %
*60%
O
107
2
8
O
A
Remington Rand deb 4%s w w.1956 IVI
83
J
113% 117
9
11
53
119%
115" 116%
114
28
F
91
50
Apr '33 to Oct'34 coups—1945
J
86
101%
85% 101%
89
65%
24
156
108%
12%
3%
{{♦Postal Teleg & Cable coll 58.1953
♦Ctfs of dep stamped
1997 Q
2047 Q
Ref & impt 4 Hs series A
2047 J
Ref & impt 6s series B
2047 J
Ref & impt 5s series C
2047 J
Ref & impt 6s series D
2047 J
UNor Ry of Calif guar g 5s
1938 A
Northwestern Teleg 4Hs ext. .1944 J
99% 111%
61
95
S
Potomac Elec Pow 1st M 3%a. 1966
97
103
*26
North Pacific prior lien 4s
Gen lien ry
id k 3s Jan
68%
59%
1948
1962
Pitts Y & Ash 1st 4s ser A
1st gen 5s
M
%s A
15%
*35
♦Oct 1938 and sub coupons--1945
90% 106
76
108
103%
s
16%
120
♦IIII!
114
111%
95%
109% 120%
67
103
J
4%s A. 1952
Pressed Steel Car deb 5s
{ {♦Norfolk & South 1st g 6s—1941 IVI N
Norf & W Ry 1st cons g
101
109%
23
*80
16"
92%
103%
103%
103%
77%
62
107%
1952 IVI N
(Italy) conv 7s
35
5
13
4s. 1942
108%
IVI
1973 J
1937 J
{{♦Philippine Ry 1st s f 4s
Plllsbury Flour Mills 20-yr 6s.. 1943 A
1
4
*.50
High
77
84%
100% 104%
91% 104%
68
108%
D
1949 IVI
ref 6s.
♦Conv deb 6s
37
5%
108%
35
114
56%
D
3%s... 1967
15
6%
J
55
59%
J
1981
Phlla Co sec 5s series A
15
9%
O
91
2
82
107%
A
1977 J
1967
{♦Phila & Reading C & I
7%
IVI N
1974 F
Fbila Electric 1st & ref
6
J
J
S
1943 M N
series C
.General 4%s series D
19
O
M N
66
D
4s
General 5s series B
21
D
& Pow 3H8-1965
|N Y Rys prior lien 6s stamp--1958
N Y & Richm Gas 1st 6s A
1951
N Y Steam 6s series A
1947
5%
J
J
1952 J
13
A
N Y Queens El Lt
46
*101
1980 IVI
----
10
8
108%
47%
5%
104%
F
deb...
General g 4%s
J
{♦ N Y Providence & Boston
C
14
*55
108
46%
5%
Apr
Pblla Bait <fc Wash 1st g
79%
90
15%
21%
8%
16%
A
1956 J
1st 4s series B._
1st g 4%s series
13
"i 6%
.1947 M
Phelps Dodge conv 3%s
14%
16 %
6s
Peoria & Eastern 1st cons
14
M N
M
22
14%
14
20
86
Low
50
14%
*12%
*12%
IVI N
J
112% 114%
95
J
J
124%
20
91
*50
M N
J
63
*11111
*11111
O
A
4s.- 1940
♦Income 4s
April 1990
Peoria & Pekin Un 1st 5%s—. 1974
Pere Marquette 1st ser A 5s... 1956
99%
S
J
122
1
97
115
108
O
O
16
20
80
114%
80%
90%
J
A
Peop Gas L & C 1st cons
Refunding gold 5s
2
113%
97%
103%
82%
91%
"79"
112%
95%
102%
80%
90%
90%
77%
95%
103
O
A
J
.1943 A
Conv deb 3%s
101
101% 105%
63
M
68%
12
22
114
108%
85%
113%
O
1984
1952
122%
*
♦"
D
mtge 4%s series E
General 4%s series
108%
84%
114%
O
A
Debenture g 4%s
""<3
109
IVI N
A
111
108%
D
General 5s series B
Gen
21
199
Jan. 1
106
9
54
1
O
100
95
97%
*106
IVI N
D
105%
198%
S
A
44
A
105%
20
IVI N
1
100
54
IVI N
"Ii
IVI N
1960
Consol sinking fund 4%s
95%
103% 109%
55
39%
No
82%
102%
96%
97%
1968
1970
1981
90
70%
108
High
Since
II
95
A
-.1965
61%
4
99
Asked
...•••1981 J
_
8
A
3 Ha--1947
♦Non-conv debenture 3 Ha--1964
♦Non-coDv debenture 4s
1955
♦Non-conv debenture 4s
1966
♦Conv debenture 3 Ha
1966
♦Conv debenture 6s
---1948
♦Collateral trust 6s
1940
♦Debenture 4s
---1957
♦1st & ref 4 Ha ser of 1927—1967
♦Harlem R & Pt Ches 1st 4s-1954
46
H
25
1966
1966
4s.—1941
190
62%
67%
ftpriOil
74
1938
♦Non-conv debenture
1st mtge 6s
62
A
{♦N Y & N E (Bost Term) 4s_.1939
{♦N Y N H & H n-c deb 4s
1947
1st mtge 6s
27%
30
44
67%
73%
4Ha series B
1973 M N
NYLE&W Coal & RR 5%S-1942 M N
♦N Y L E & W Dock & Impt 5s 1943 J
N Y & Putnam 1st con gu
74
63
L6a
Pennsylvania P&L 1st 4
102
102%
&S--1948
gold 4s
1949
Branch gen
33
50
A
102%
A
%s—1981
Pennsylvania RR cons g 4s
1943
Consolid gold 4s
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3%s series C
1970
F
Lake 5s—-1946
& Harlem gold 3 Ha
-2000
Lack & West 4s ser A
1973
N Y & Long
Pa
84
58
N Y Gas El Lt H & Pow g
N Y
65%
82%
64%
38%
<fe
81
J
M 4%s—1960
Ohio & Det 1st & ret 4 %s A, 1977
Penn Glass Sand 1st
68
II
44%
39 H
39%
58 H
M
A—1941
Penn-Dixie Cement 1st 6s
70
F
♦N Y & Greenwood
94%
98%
Bid
Price
Low
High
77%
74
53%
1951
{♦Serial 6% notes.—
Certificates of deposit
N Y Edison 3%s ser D
1st lien & ref 3%s aer E
N Y & Erie—See Erie RR
113
Low
65
1953
1st guar 6s series B
N Y Dock 1st gold 4s——
N Y
5
48
67%
3%s extended to—-1947 A
4 Ha A
1953 F
N Y Connect 1st gu
Purchase money
54
74
50
F
Ulrica A
Ref 4 Ha aeries C
No.
86
Friday's
_
no,
Range
Range or
Sale
S
13
Week Ended May
66%
64%
F
Mich Cent coll gold
Ref 5 %a
High
74
Last
EXCHANGE
N. Y. STOCK
Since
Jan. 1
85
J
A
BONDS
Range
or
Asked
&
1938
Week's
Friday
Friday's
Price
Low
N Y Cent & Hud Iilver
May 14,
Week's
100%
103
107%
109
St Louis Iron Mtn & Southern—
♦{Riv & G DIv 1st
g 4s
♦Certificates of deposit
1933 IVI N
{♦S L Peor & N W 1st gu 5s. —1948
St L Rocky Mt & P 5s stpd
{♦St L-San Fran
pr
15
1955
A
♦Certificates of deposit
♦Certificates of deposit
•Con M 4%s series A
♦Ctfs of deposit stamped
{St L SW 1st 4s bond ctfs
12"
10%
1950 J
1978 IVI
49
19
46
1
15
*60%
Hen 4s A..1950
♦Prior lien 5s series B
44%
46
47%
J
8
*10%
9
1989 M N
10%
9%
11%
*9%
15
J
18%
J
12
12
18%
69
"63
11
166
8%
7%
26
8%
12%
7
.....
262
9%
74
45
27
J
{♦1st terminal & unifying 5s. 1952
♦Gen & ref g 5s series A...
1990
62
12%
43
♦2d g 4s inc bond ctfs...Nov 1989
64
46
65
6
65
9
8
42%
27
17%
10%
18%
12
38
7%
6%
16
13%
15%
13%
14
11%
3
38
1
26%
34%
31
13%
24%
9
67%
17
Volume
New York Bond
146
BONDS
Last
N. Y. STOCK EXCHANGE
Price
Bid
03 to
High
No.
D
*80
{♦St Paul E Gr Trk 1st 4Ha..-1947 J
J
»6H
{♦St Paul & K C Sh L gu 4HS-1941 F
A
*7H
St Paul
{Pacific ext gu 4s
1940
S A & Ar Pass 1st gu g 4s
J
J
1972
(large)
J
J
S-s
Week Ended May 13
no.
7H
6H
9H
J
1943
*98
J
9H
9H
1966 Ml
{{♦Wabash RR 1st gold 5s
1939 Ml N
♦2d gold 5s
110H
110H
109H
*106H
57
—
1946
f 6Ha series B
Scioto V &. N E 1st gu 4s
45
14
109H 110H
110H
43
108
18
23 h
*
1941
*111"
♦Certificates
40"
1941 Ml
16
*15
16H
16
23
♦Ref & gen 4 Ha series C
1978 A
O
*24
31H
25
30
O
24
24
31
♦Certificates of deposit
♦Ref & gen 5s series D
M N
113
114H
O
*12
14H
9h
"64
9h
A
O
A
3
3
3H
1959
A
O
5H
5H
5H
5
5
12
12H
♦Certificates of deposit
S
1945 M
7H
7H
7H
♦Certificates of deposit
6H
13
3
"27
♦Certificates of deposit
109 H 116
20
12
9h
10
D
105
1955 A
O
67
8H
1955 A
O
76
76
77
8
Warner Bros Pict deb 6s
1939 M
S
75h
74 h
76
{♦Warren Bros Co deb 6s
1941 Ml
S
33 h
32
35h
43
4
M~S
Shell Union Oil deb 3 Ha
F
A
1951
7H
48
1935
1951
1946
1941
101H
102H
D
1952 J
{♦Siemens & Halske s f 7s
♦Debenture s f 6 Ha
3H
J
S
F
59
J
M
18
10 H
6
5H
3H
2
WarreD RR 1st ref gu g 3 Hs—.2000 F
26
•2
100
70
25
66
71
9
69
82
63H
79H
29
43 H
A
102H
H
5H
2X
4H
104
108H
96 H 102H
60
54
70H
61H
20 H
*21H
*78H
28
*
91
1945
F
A
1945 F
A
105H
*107H
1939 J
J
78 H
24
105
67
♦
f 5s
s
1st mtge 4s ser H
110
109h
103 H 106 H
121h
*121H
107 H
104
104
Westchester Ltg 5s stpd gtd.__1950
Gen mtge 3 Ha
1967
West Penn Power 1st 5s ser E..1963
*98H
76
A
Wash Term 1st gu 3 Ha
1st 40-year guar 4s
22
10
17
Washington Cent 1st gold 4s...1948 Q Ml
9H
14
*3H
S
M
Shinyetsu El Pow 1st 6 Ha
♦Silesia Elec Corp 6H8
"3 H
A
1935 F
♦Series B certificates
16
13
105
104 h
67
Wash Water Power
{♦Alt & Birm 1st gu 4s_.—-1933
{♦Seaboard All Fla 6s A ctfs
1935
13
6H
26
4H
4
1
11H
7
6H
Walker (Hiram) G&W deb 4^8.1945 J
4
14H
11H
13H
H
6
10
Walworth Co 1st M 4s
6s debentures
17 H
9
2H
8H
8h
"13
♦Certificates of deposit
7
173
O
6H
8h
8h
A
30
9
9h
1980 AO
A
23
9h
10
"9 h
*5 H
*15
J
A
1
20
91h
*
J
24
"46" "45"
45 h
S
:__1976 F
67 H
35
a
40
....
deposit
♦Ref & gen 5s series B
99H 105H
41H
21
1
51
S
5 Ha A. 1975 Ml
gen
of
45
1
High
Low
73
44
23h
1941
20
F
6s series A
104
42
*
J
J
1989
{♦Refunding 4s
103 H
1939
{♦Wabash Ry ref &
No.
103 Vs
42
♦Omaha Div 1st g 3 Ha
♦Toledo & Chic Dlv g 4s
112H
Since
Jan.
Asked
High
-.1954
110H
104
&
♦1st lien g term 4s
♦Det & Chic Ext 1st 5s
♦Des Moines Div 1st g 4s
81H
110H
{{♦Seaboard Air Line 1st g 4a.-1950
{♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
cons
64
Range
or
Friday's
Bid
23 h
107H
18H
♦Stamped
♦1st &
23
S
1939
A
1946
——
s
110H
1942 M S
{♦Schulco Co guar 6 Ha
♦Stamped
♦Guar
53
54
J
San Antonio Pub Serv 1st 6s_—1952 J
San Diego Consol G & E 4s
1965 Ml N
Santa Fe Pres & Phen 1st 5b
112
Range
Sale
Price
Low
98
102H
109H H8H
100H
Last
b
Virginian Ry 3Hs series A
98
93
94H
e
Week's
High
Low
23
111
112
S3
BONDS
N. Y. STOCK EXCHANGE
1
Jan.
Minn & Man—
St Paul Un Dep 5s guar
Friday
Since
Friday's
&
Asked
Low
St Paul & Duluth 1st con g 4s. .1968 J
3151
6
Range
Range or
Sale
Week Ended May 13
Record—Concluded—Page
Week's
Friday
121H
123
102 Vs
6
111
1
109
1952 A
72
119h
111
109h
27
120 H
109 H 111
106 H 109H
103 h
104
60
101H 104 H
83
49
1966
Western Maryland 1st 4s
102 ys
119h
111
1st mtge 3 Ha series 1
West Va Pulp & Paper 4 Ha
101
H9H
1961
98 H 102 H
116
73
70
73
11
64
77 H
1952
92
90
92 H
37
79 H
92H
Skelly Oil deb 4s
1951
100
100
49
90H
Socony-Vacuum Oil 3Ha..
1950
107H
107H
54
104H
108
J
85
85 h
7
110
120 M
West N Y & Pa gen gold 4s
1943
A
O
102
102 H
13
97H 108H
101H
104H
{♦Western Pac 1st 5s
1946 Ml
S
56
16
21
20
68H
SIle8ian-Am Corp coll tr 7a
Simmons Co deb 4s
107 H
*110H
South <fc North Ala RR gu 5s—1963
South Bell Tel & Tel
99M
104H
-1962
3Hs
1961 mi-Sr.
1965 F A 108 '
J
95H
Southern Calif Gas 4Ha
1st mtge & ref 4s
107
17
108H
1946
J
A
32
106H
108H
96
11
87H
15
87H
93 H
94H
99
7
47
45
49
66
54 H
53 H
56 H
O
94
Southern Natural Gas—
1st mtge pipe line
1977 J
ser
A
♦5s assented
100
94 H
98H
D
1951
Southern Kraft Corp 4Ha
1st & ref 5 Hs series A
105H 108H
108
94 H
4 Ha
129
84
81
82
--1950
91
99H
36H
42
78
31H
19h
18
19 h
19
59 h
60 %
23
15H
51H
59 h
58
62 H
47
48 H
72H
62
79
47 H
70
22
22 H
2
20 H
24
30-year 5s
1960 Ml
West Shore 1st 4s guar
S
59 h
1953 J
2361 J
"59"
%
55
60
32
49
75 H
52
55
24
52
63
1966 M
*100
105
1949 M
107
2361 J
Registered
Wheeling & L E Ry 4s
ser
D
104H 105 H
"~6
43 H
46
IV1 N
43 H
43
46 H
220
30
63 M
63 H
1966
90 %
91h
44
42 H
46
316
Wheeling Steel 4Hs series A
M N
30H
63
White Sew Mach deb 6a
1940 M N
*97 h
100 h
54 H
54 H
57 H
280
51
83 H
D
5h
6 H
"l4
84H
89
16
{ {♦ Wllkes-Barre & East gu 5s. -1942 J
77
104 H
1938 J
D
100 h
2
J
100 H
101
San Fran Term 1st 4s
1950 A
J
J
O
J
So Pac RR 1st ref guar 4s
1955
1955
1994
Devel & gen 4s series A
1956
Devel & gen 6s
—.1956
Devel & gen 6 Ha
1956
Mem Dlv 1st g 5s
1996
St Louis Dlv 1st g 4s
1951
East Tenn reorg lien g 5s
1938
1st
4s
1938
Mobile & Ohio coll tr 4s
69
69H
*61H
J
60 H
34
32 H
36 H
465
23 H
42
48
105
26
47 H
63
47 H
43 H
50
174
28
64 H
78
*40H
J
M
*61
S
77
110
104H
10H
103H
105H
7
10H
17
103H
3
102
102 H
52
102
24
102 H
102
J
D
J
J
107 H
Tenn Coal Iron
J
J
M
8
100H
59H
Ml N
Tennessee Corp deb 6s ser C—1944 Ml S
D
Tenn Elec Pow 1st 6s ser A
1947
1st
58
Too"
123
99H
*110
100
1
HOH
6
102
89H
101H
73
76H
106
106H
76
106
104
100H
"93"
"61
109H
e
109H
"26
78 H
78H
79H
20
80
78H
80
8
1
80
80
97
J
J
A
O
J
Tide Water Asso
J
32
J
1960
Jan 1960
1937
Oil 3 Ha
1952
7H
28H
6
77
32
7H
77
104H
70
55 H
56 H
82
A
1949
Ml
S
J
J
deb A. .1953
M
1952
*85
*56 H
S
*100H
Union Pac RR 1st & Id gr
1st lien & ref 4s
1st lien <k ref 5s
F
*94
D
25H
25H
109
110H
M
105"
5
86
71
107H 109H
8
15H
6H
14 H
5H
8H
6h
*5H
6H
6H
105 h
105 h
104
*3H
9m
5
5H
96
100 H
Ml N
J
99
Cash sales transacted during the current
95
106
week and not Included In the yearly
No sales.
Cash sale; only transaction
r
transaction
during current week.
during current week,
n
-
Odd lot sale,
a Deferred delivery sale; only
not. included in year's range,
price represented Is
Interest payable at
{Negotiability impaired by maturity,
t The
the dollar quotation per 200-pound unit of bonds.
Accrued
exchange rate of $4.8484.
Ex-interest.
x
1 Bonds called for redemption or
nearlDg maturity.
in bankruptcy, receivership, or reorganized
securities assumed by such companies.
{ Companies reported as being
under
Section 77 of the Bankruptcy Act. or
*
106 H
107"
116 H
70
88 H
70H
Deferred delivery sales
week.
Bonds selling flat.
z
in
No sales transacted during current
Friday's bid and asked price.
♦
transacted during the current week and not Included
the yearly range:
88 H
4Hs 1961, May 9 at 93.
Detroit Term. & Tunn.
85 H
72
104
24 H
34
3H
Transactions
8H
York Stock Exchange,
New
the
at
Daily, Weekly and Yearly
77
104H
Stocks,
49 H
63 H
102
80
103
25H
S
102 H
S
113H
A
O
M N
A
O
1952
A
1953
1944
Ml
S
Ml
S
J
"92"
O
United Drug Co (Del) 5s
J
106
70 %
6
108H
9
9
1
16
108H
109M
109H
32
110H
81
102H
113H
91H
103
113H
49
91H
14
116H
91H
106
92
106H
4
Ended
Week
Railroad &
State,
United
Total
Number of
Miscell.
Municipal &
Slates
Bond
Shares
Bonds
For'n Bonds
Bonds
May 13, 1938
Sales
$78,000
$3,830,000
1,018,000
318,000
1,012,000
443,000
7,120,000
7,478,000
838,000
206,000
7,407,000
6,329,000
$469,000
~76H
108 H
105
8H
596,504
937,000
562,000
604,950
4,991,000
800,000
235,000
6,026,000
4,798,484
$31,274,000
$5,074,000
$1,842,000
$38,190,000
Total
9H
118H
104H 109 H
107 H
Week Ended May
Sales at
116H
4,798,484
79H
46
110
21H
"4
H2H
112H
11
J
105H
33 H
105H
33 H
los1^
131
33 H
4
33
33 H
4
33 H
33 H
6
60
109H
$1,442,910,000
5,764,000
35,345,000
$47,267,000
$666,072,000
Railroad and Industrial
81H
107
1,044,450,000
5,074,000
31,274,000
Government---State and foreign
76H
203,754,260
$241,710,000
$64,988,000
96,598,000
504,486,000
$38,190,000
95H
77 H
86,676,773
$6,158,000
Bonds
107 H
69 H
5,483,570
$1,842,000
Stocks—No. of shares.
96
84
19H
13
1937
1938
1937
1938
Exchange
107 H
97
109H 116
Jan. 1 to May
13
New York Stock
114H
84
112H
33
80
Thursday
103
11
21
67
978,400
1,018,250
1,044,140
Monday
Tuesday
12
76
*107H
97
96
Wednesday
$3,283,000
5,784,000
6,023,000
6,363,000
4,830,000
556,240
Saturday
28
74
Ml N
J
108H
25H
117
9
116H
M
{{♦United Rys St L 1st g 4s.-_ 1934
U S Pipe & Fdy conv deb 3 Ha. 1946
1U S Rubber 1st & ref 5s ser A-1947
♦Un Steel Works Corp 6 Ha A.-1951
♦Sec s f 6 Hs series C
1951
♦Sink fund deb 6 Ha aer A—1947
105
70 H
Am deb 5s—1950
U N J RR & Canal gen 4s
103 H
26
1970
1971
35-year 3Hs debenture
1961
96 H 101
14
6
7H
101'n
range.
81
"95" 103H
117H H8H
97
*118
105
108
United Clgar-Whelan Sts 5s.
United Biscuit of
J
34
86
92H
4
108H
70
50
A
1952
34-year 3Hs deb
99
1943
91H
100
"IIh
11
*8
1st mtge s f 4s serC
"70H "94"
103H 106H
109H 114
.....
{♦Sup & Dul dlv & term 1st 4s '36 Ml N
♦Certificates of deposit
Wisconsin Pubi'c Service 4s
1961 J D
{♦Wor & Conn East 1st 4 H8
Youngstown Sheet & Tube—
63
Friday
J
A.-.1942
4s—1947
June 2008
June 2008
125
100
95
85 h
105 H 110H
79 H
93
*106
J
e
107 h
100
101
J
105
1945
1962
{{♦Union Elev Ry (Chic) 5s.-.1945
debentures
119H
96
63
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3Ha
3 Ha
93 H
O
♦Tyrol Hydro-Elec Pow 7Ha--1955 IVI N
f 7s
72 H
107H
98
102H
55 H
D
46 H
91H
O
J
102
95
105H
71
103H
A
1949
102 H
5
J
1953
Tol & Ohio Cent ref & imp 3Ha 1960
Tol St Louis & West 1st 4s
1950
Tol W V & Ohio 4s ser C
1942
Toronto Ham & Buff 1st g 4s__1946
1st 6s dollar series
Trenton G & El 1st g 5s
57
147
-.1947
I960 J
14
105
100
98 H
D
Tokyo Elec Light Co Ltd—
Union Oil of Calif 6s series
38
Conv deb 3Ha
A
{♦Wis Cent 50-yr 1st gen 4s
♦Certificates of deposit
81H
108 H
*90
♦AdJ income 5s
sec 8
85
26
709H
{♦Third Ave RR 1st g 5s
Guar
6
94
1980
Third Ave Ry 1st ref 4s
Trl-Cont Corp 5s conv
1
9
101
IHH
A—1964
Gen & ref 5s series D
Tex Pac Mo Pac Ter 5 Ha
56
28
104
-.1977
1979
Gen & ref 5s series C
107H
123
gold 5s
Gen & ref 5s series B_.
61
107H
Ha—1939
1944
Gen refund s f g 4s
1953
Texarkana <fc Ft S gu 5H8 A—1950
Texas Corp deb 3 Ha
1951
Tex& N O con gold 5s
1943
Texas & Pac 1st gold 5s
2000
cons
26
109 H
7O3H
97 H
80
58H
106H HO
101
105H
97 H
11
105
Swift & Co 1st M 3Hs
Term Assn of St L 1st g 4
78 H
109H
D
♦Studebaker Corp conv
Chem deb 6s B—1944
97H
77
S
M
*35" "eo"
48
Wllmar & Sioux Falls 5s
F
Winston-Salem S B 1st 4s
46 H
J
RR 1st consol 4s
93
o
J
♦{Spokane Internat 1st g 5s—1955 J
Staley (A E) Mfg 1st M 4s
1946 F A
Standard Oil N J deb 3s—-—1961 J D
Tenn Cop &
60 H
"48H *83"
0
So'western Gas & Elec 4s ser D.1960 M N
1943
deb 6a. 1945
1950
& RR gen 5s—1951
189
"64H "75
O
So'western Bell Tel 3 Ha ser B-.1964 J
Staten Island Ry 1st 4 Ha
71H
*52
J
stamped
Southern Ry 1st cons g 5s
98H
62
D
44 H
10-year secured 3Ha
93
59 h
1951 J
S
Ml
1968
1969
1981
1946
Gold 4 Ha
73H
S
25- year gold 5s
69 H
20
17h
19h
Wilson & Co 1st M 4s series A.. 1955 J
Gold 4 Ha
Gold 4 Ha
68 M
Ml N
1946 Ml
Western Union g 4Hs
♦Westphalia Un El Power 6s
So Pac coll 4s (Cent Pac coll)-.1949 J D
1st 4 Ha (Oregon Lines) A—1977 Ml S
O
*
106H
1947 J
Southern Colo Power 6s A
io4H "16
100
104"
1952
Total
156,750,000
27
114
107
103 H 106 H
36 H
27 H
27 H
Stock and Bond Averages
36
27
38
H
Utah Lt & Trac 1st & ref 5s
1944
87 H
89
14
73
89
Utah Power & Light 1st 5s
1944
91 H
90 H
92
52
78 H
92
{♦Util Pow & Light 5Hs
1947
1959
49H
48H
50 H
24
45
50 H
49 H
48H
50 M
100
45
77
are
88
the
50 H
84
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
Below
{♦Debenture 5s
Vanadium Corp of Am conv
Vandalia cons g 4s series A
Cons 8 f 4s series B
6s.1941
1955
1957
A
O
84
F
A
Bonds
Stocks
*101
J
{♦Vera Cruz & P 1st gu 4Hs—.1934
J
{♦July coupon off
Virginia El <fc Pow 4s ser A—.1955 M
Va Iron Coal & Coke 1st g 5s.
1949 Ml
Va & Southwest 1st gu 4s
2003 J
1st cons 5s
1958 A
_.
as
*101
M N
stocks and bonds
10
2H
Date
J
N
S
109H
109
*40
109H
85
25
I06H
Total
*45
50
35
61
20
Total
10
First
Second
10
Utili¬
70
Indus-%
Grade
Grade
Utili¬
40
trials'
Rails
Rails
ties
Bonds
45
43
20
Rail¬
trials
109H
roads
ties
Stocks
116.87
23.15
19.93
37.52
106.16
92.83
49.98
104.09
88.27
May 13.
90
J
O
10
30
Indus¬
1H
J
118.55
23.48
20.24
38.06
150.99
92.93
50.36
104.20
88.37
May 12.
118.52
20.45
38.12
105.99
93.17
50.90
104.17
88.56
11.
23.48
117.93
23.19
20.08
37.80
92.81
49.63
104.16
88.11
May 10.
105.83
23.50
20.46
38.32
105.75
92.85
49.43
104.20
88.06
9.
119.43
22.64
19.85
37.42
105.75
92.63
48.41
104.33
87.78
May
May
May
7.
117.21
New York Curb
3152
Exchange—Weekly and Yearly Record
M*y14-1938
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 (May 7, 1938) and ending the present Friday (May 13,1938).
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:
1
1
; ;,v.
week
.
Friday
Last
STOCKS
Sale
Par
Price
Range
of Prices
High
IjOW
Class
Low
3%
Apr
34
Feb
Biauuer's
14%
3%
Feb
17
Jan
Bliss
2%
Apr
4%
Jan
Bliss &
Jan
32%
8%
1%
Jan
6%
6%
6%
800
"lli
%
1%
1
common—.*
1%
200
Air
Investors
28
28
50
23
5%
Mar
%
400
Mar
1
Mar
1
Corp com....1
$3 opt. conv pref
--*
Jan
1%
(S) & Co
*
Jan
Blurneuthal
Mar
Mar
%
Jan
Borne Scrymser
Apr
49%
Jan
Bourjols Inc
Ala Power $7
$6
-*
'
pref
preferred
68
60%
68%
62
59%
62
150
20
60%
44%
Alles & Fisher Inc com...*
Alliance
Invest
2
corn
%
10
Class A conv com
25
Aluminum Co common..*
79
78
100
100
100
preference
3%
100
Ltd common.*
Aluminium
85%
100
6% preferred
American Airlines Inc.-.10
85
90
103% 103%
'l2%
12
13
1,850
50
67
8
%
"48% ~50~"
100
Book Co
Arner Box Board Co com.l
American
Class
300
7%
44
Apr
A
10c
10c
common
Mar
1%
Jan
Mar
6%
2
62
Feb
Mar
10%
Jan
Mar
50
1%
2%
1
2,500
%
.
Feb
%
Apr
ar
23%
Apr
%
10%
*
$5.50 prior pref
*
Amer Centrifugal Corp—1
3
*59%
3%
Jan
Feb
Mar
M
Jan
Mar
Am Cities Power A !<*<—
Class
25
A
-1
B
Amer Cyanarnld class
22 %
22%
23%
22
"2%
24
2%
150
2%
1,200
1,100
19%
~7~906
A. 10
——10
"l8% "18"
Amer Foreign Pow warr—.
Amer Fork & Hoe com...*
*
Amer Gas & Elec com
*
Preferred
preferred
$2.50 preferred
Amer Mfg Co common
—
105% 108%
4
4
675
50
Jan
Bruce (E L) Co com
Buckeye Pipe Line—
50
Buff Niag <fc East Pr pref25
14%
3,100
"14% "15%
275
Preferred
3%
1%
3%
3%
8%
*
10
98%
*
98%
%
Arkansas P A L $7 pref...*
63%
Feb
Jan
B non voting
Canadian Marconi
Jan
Apr
Carlb Syndicate
Carman & Co class A
3
Apr
Mar
%
%
42
May
9%
7%
Mar
1%
Jan
Carnegie Metals com
1
Carolina P A L $7 pref...*
Jan
18
Jan
3%
1%
3%
4
Feb
Carrier Corp
Mai
2%
Jan
Mar
4
Jan
Carter (J W)Co
Casco Products
600
7%
Apr
16%
Feb
Castle (A M)
Apr
103%
Jan
Catalin Corp of Amer
1
Celanese Corp of America
10
99%
40
96
1,300
Jan
Mar
•«/
F«t»
Mar
4%
Jan
4 %
Jan
7%
2,000
4%
Mar
7%
May
May
1st preferred
100
2,800
59
Mar
.75
Mar
7
Jan
Cent Hud G & E
4
Jan
9%
200
8%
Mar
11%
Jan
400
»ii
Mar
1
Jan
Cent & South West Utll 50c
%
Apr
1%
Jan
Cent States Elec
2,000
3%
Mar
9%
May
500
>*i
Jan
hi
Jan
%
8%
Mar
%
Jan
Coast
100
70
20
3%
500
Mar
70
Mar
67
3%
Mar
67
Mar
2%
Mar
4%
Jan
20
1
1
1,000
%
Mar
1%
Jan
8%
8%
300
6%
Mar
%
7,300
%
%
Mar
7%
7%
700
6%
Mar
16%
%
2%
8%
Jan
%
Mar
4
Atlas Corp warrants.
Atlas Plywood Corp.
20
Mar
8%
Jan
1
10
6
7%
Avery (B F)
Mar
Mar
30
Jan
Jan
Jan
25
15
Apr
21
Jan
26
13
Mar
13
Mar
Warrants
Aviation A Trans Corp... 1
1%
1%
1%
14,100
2%
1%
Jan
2%
Jan
Mar
2%
Jan
Tobacco10
common
Babcock A Wilcox Co
20
21%
500
23
25%
3,700
*
New common
Baldwin Locomotive—
Purch warrants for
20
Mar
23%
Mar
03
May
Apr
Jan
25%
May
S
com.
3
30
15%
3%
6
1%
Barlow A Seelig Mfg A...5
Bath Iron Works Corp...l
2,700
15%
250
6%
1,100
2%
11%
Mar
Apr
4%
17
27%
4%
32
Jan
4%
"l"% "l%
8%
5%
8%.
5%
3",300
17%
Apr
4%
May
0%
Mar
15%
Jan
25
Jan
2%
Apr
1%
1,700
Apr
3%
100
3
Mar
4 %
125
14
Mar
23%
Feb
Apr
69
Jan
19
12%
200
"86"
""70
10%
68%
75%
5%
Apr
Mar
"""50
64
2%
2.600
1
%
%
4,200
5%
12%
7%
15
2,375
Mar
550
Mar
15
10
10
25
Apr
10
700
Mar
7%
Feb
Jan
6
Mar
77%
Jan
Mar
%
2%
Jan
Apr
%
Jan
7%
May
7%
3%
3%
400
3%
Mar
4
5%
6
200
5%
Mar
8%
5
Mar
57
53
57
350
40
60
5%
Mar-
%
Mar
20%
Mar
Chllds Co preferred... 100
Cities Service new com.. 10
Preferred
*
Prel erred B
28%
10%
24
40%
*
7,000
7%
May
11
40
45
2,300
21%
Mar
47%
5
100
2
Mar
9%
41
70
20
Mar
46
57
58
75
29
Feb
72
55
55
55
25
20
Feb
67
300
4
Mar
2%
Mar
4%
4%
14%
14
-.1
"ioo
14
May
1,300
1
Jan
1%
1%
1%
33%
33%
33%
4%
4%
Apr
1
Mar
Mar
63%
6 %
Jan
2%
Jan
13%
900
8%
Mar
2%
Mar
13
—
"3%
Bell Tel of Pa
6%% pf. 100
Benson A Hedges com
*
3%
4
500
160
160
10
147
116
110%
20
114%
Apr
Apr
5%
Mar
14%
Mar
....*
Berkey A Gay Furniture. 1
100
10
Mar
Jan
4%
Jan
*
Cohn A Rosenberger Inc.*
Colon Development ord..
6% conv pref
Colorado Fuel A Iron
Jan
119%
Feb
Conv 5% preferred.. 100
Columbia Oil A Gas
.1
6%
Apr
Blrdsboro Steel Foundry A
Machine Co com
*
20
Mar
1 %
Jan
Commonw DIstribut
%
Jan
Mar
10%
Jan
Mar
30%
Mar
Community P & L $6 pref *
Community Pub Serv'^e 25
Community Water Serv.. 1
For footnotes see page 3157
Apr
4
50
30%
Feb
35%
800
3%
Mar
6%
300
5%
3%
1%
10
May
6%
3%
2
2%
1,000
1%
Mar
4%
4%
6,800
4%
1,500
3%
3%
Mar
5%
Mar
45
9
Mar
55%
3%
54
55%
3%
4
23%
23%
24%
24%
hi
%
25%
25%
%
"ii
%
Mar
6%
6
3%
2%
4%
Warrants
9%
300
5%
Mar
6
20
Mar
7%
61
48
Mar
60
Commonwealth & Southern
Mar
30
5
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
%
*
5%
..£1
•11
Purchase warrants.
Blckfords Inc common...*
2%
warr
165
5
40
57
City Auto Stamping
.*
City & Suburban Home*. 10
com... *
9%
39
5
*
Preferred BB
♦
Cities Serv P & L $7 pref.*
425
28%
11
7
Mar
7%
21
110
Jan
97
Jan
Mar
20%
2
Mar
Jan
Apr
5%
*
May
Jan
1%
"74% "76"
Cockshutt Plow Co
1%
May
Feb
8%
Jan
3
I eb
Jan
Apr
1
com..
12%
90
*
8%
Jan
Jan
84
Clinchfield Coal Corp. .100
10
82
Apr
Club Alum Utensil Co
Mar
3%
May
Jan
Mar
4%
Jan
2%
Jan
Mar
7%
Jan
200
2%
1
50
800
%
7,200
Cleveland Tractor
51
25
Cleveland Elec Ilium
500
pref
Jan
Clayton A Lambert Mfg.. *
600
conv
80
Jan
1%
12.50
Mar
Feb
3
.
60
Jan
1%
—
10
1%
3
pref.
Jan
65
4
$6 preferred
Mar
1
85
9%
M
1%
Conv
Apr
Mar
ar
%
3
.]
Bellanca Alrcraffc.com
1
Bell Tel of Canada. ....100
17%
Jan
Mar
10
Chic Rivet & Mach
Chief Consol Mining
Jan
1%
"is
5
Cherry-Burred com
5
Chesebrough Mfg.
25
Chicago Flexible Shaft Co 6
Apr
3%
21%
1%
3%
....
16
Vs
12%
Centrifugal Pipe
*
Chamberlin Metal Weather
Strip Co
Char is Corp..
Feb
Apr
05%
"83"
12%
Claude Neon Lights Inc.. I
Beech
1
100
Jan
57
...100
Conv preferred
100
Conv pref opt ser '29.100
Jan
7% 1st pref
100
Beaunlt Mills Inc com..10
Corp
Bel) Aircraft Corp com
warr
%
Mar
4
Baumann (L) A Co com..*
Aircraft
6% pref without
7% preferred
Clark Controller Co..
1
Stainless Steel... 1
1
com
Jan
1
1
com.
Bardstown Distill Inc
13 %
63%
*
200
—
5,100
10%
130
3%
18%
Cent Ohio Steel Prod.
.l
Cent Pow A Lt 7% preflOO
%
Jan
59
2%
*
1%
9%
Jan
1%
Apr
17
Cent Maine Pw 7% preflOO
Cent N V Pow 5% pref. 100
com
3%
400
%
*
Mar
Jan
Mar
Mar
6%
..*
5
4%-
65
7% 1st partlc pre!..-100
Celluloid Corp common. 15
3%
Mar
74
-.10
$7 dlv preferred
Jan
2%
72
lli«
4%
Mar
40
19
19
73
25%
2%
Jan
Apr
3,600
*
2%
5
22
20
2%
.*
com.
Apr
Apr
15
common. 1
1,400
75
i%
*
8,600
%
Atlantic Coast Line Co..50
7% preferred
Baldwin Rubber Co
$6 preferred
%
%
3%
3%
Mar
7
Carnation Co common...*
Jan
76
18
19
2
*
I39
w
1,900
1%
25c
Jan
Apr
3%
1
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Axton-Flsher
1
*
3%
1
*
w
1%
—.*
Class B
%
9%
..1
6% preferred
6% pref xw
300
Mar
Jan
4%
Capital City Products—.*
Elec—
Products
25
Apr
18
Canadian Indus Alcohol A*
100
Option warrants.
Barium
Jan
Apr
58
Assoc Laundries of Amer
Class A
23
3%
72%
£1
Automatic Voting Mach-.*
25%
3%
3%
Apr
900
6%
Automatic
600
slis.£i
400
4
Mines
%
25%
Amer dep rets pref
1%
3%
Silver
%
2%
1%
200
Calamba Sugar Estate..20
Canadian Car & Fdy pfd 25
3%
6%
AuBtln
2%
2
Jan
3%
1
Atlan Brlrningham A
RR Co pref
100%
Mar
May
Industries
preferred
Apr
10
24%
Mar
Ashland Oil A Ref Co
$5
88
400
Mar
8%
5
—
300
22%
11%
4,700
com
Class A
22%
14%
7
"3%
10
deposit rets
39
Apr
Cables & Wireless Ltd—
3
Arkansas Nat Gas com...*
Common class A
9
Apr
18%
26%
3%
4%
Feb
21%
Apr
40
Apr
18%
t c. —*
v
8
22
May
May
32%
Mar
12,300
6
Appalachian El Pow pref.*
lArcturus Radio Tube—.1
1st preferred
Jan
Apr
1%
100
Mar
Jan
Angostura Wupperman—1
Apex Elec Mfg Co com...*
$5
6
500
10
Mar
16%
Jan
31
34
Cable Elec Prods
%
14%
33
22
97%
14%
Jan
5
14%
Jan
Mar
15%
21%
13
30
*
Jan
Jan
33
21%
ar
2,700
900
26%
5
—
Mar
"""166
400
Feb
2%
7%
Burry Biscuit Corp.. 12%c
7%
1
Apr
900
Jan
"42"
4%
Jan
27%
40
1
27%
16
62
20%
"2% ""3%
--*
com—
Mar
300
1Ju
Apr
14
13
22%
Feb
Mar
Mar
700
97
1
8%
28%
22%
25%
200
*
21%
60
100
Burma Corp Am dep rets..
Mar
Jan
Mar
Mar
21
1%
Bunker Hill & Sullivan 2.50
BA
Jan
Apr
5%
Jan
54
Apr
1%
Mar
1.600
7%
4%
15
5%
1 %
5
%
"42"
25%
-*
20
»n
10
Amer Seal-Kap com
2
Am Superpower Corp com *
1st preferred
..*
American Thread pref
Anchor Post Fence
Class A pref
Apr
Jan
Jan
1,050
Mar
Mar
Jan
4%
27%
25%
14%
13
2%
Apr
33
20
23
21%
13%
Mar
2
200
625
H
19%
25%
Brown Fence & Wire com. 1
Feb
M
Jan
Mar
Feb
18
100
1%
12%
Feb
10%
88
Jan
*
Class B
$6 preferred
Brown Rubber Co
111 %
7%
H
"166
British Col Power class A.*
Jan
Apr
Feb
Jan
reg..10s
Feb
*
—
^
Am dep rets ord
27%
2%
12%
British Celanese Ltd—
20%
104
21
2%
25%
.*
Jl.D
1,200
24%
Mar
May
6%
28%
bearer£l
Amer dep rets reg—.£1
Mar
31% May
70
Feb
Feb
Tobacco—
Amer
27%
15%
Mar
24%
Republics
A
25
8
4
Amer Potash A Chemical.*
Common
Registered
British
Brown Forman Distillery-1
Amer Pneumatic Serv—..*
Assoc Gas
2%
British Amer Oil coupon..*
Jan
Mar
20
*
—
-
Jan
1
Amer Meter Co
Amer
—
3%
Mar
100
Preferred
Elec
—
5%
900
3
*ii
25
105%
100
Amer Maracalbo Co
Associated
......
26%
%
—25
preferred
Art Metal WorkH
Class A
28
8%
Laundry Mach—.20
Amer Lt & Trac com....25
Preferred
■.
Apr
19%
80%
"ik "i"k
Apr
100
Amer Ihvest of Illinois.—*
American
79
.1...._.*
—
Mar
Jan
""ok "~6%
*
1%
15"500
Amer Hard Rubber Co..60
6%
6%
100
16%
1%
1%
1
1
$2
16
"28% "31%
9Q
American General Corp 10c
Amer
*
—
iBrown Co 6% pref
Class A with warrants.25
Class Bn-v...
Jan
Mar
Am dep rets ord
preferred
Class
5%
25
Brlllo Mfg Co common—.*
■
Jan
25%
7% preferred....—100
May
13%
Capital—
Common class B
83
"no
8%
7%
95%
103%
Jan
Mar
Apr
'700
6,600
"
Brill Corp class B
Mar
Feb
16%
11
Apr
Jan
Mar
5
Class A...
Mar
Mar
2%
400
5%
Preferred..
Feb
Mar
94%
1,600
5%
10%
Jan
Jan
Mar
4%
4%
Bright Star Elec clB
Mar
Mar
Mar
3%
American Beverage com—1
American
Apr
15
3%
140
"m
12
5
Bridgeport Machine.
Feb
Jan
Mar
4
10%
5
Feb
90
106%
16%
Mar
1
675
2%
11
———-1
15
Apr
Goods Mfg...*
Aluminum Industries com
11%
"3% "3%
Aeronautical.... 1
Jan
Mar
Apr
4%
1,000
Mar
9
Mar
Jan
34
1%
39%
9%
2%
16%
Breeze Corp
12%
Mar
200
36%
7%
1%
U%
Bridgeport Gas Light Co.*
93
1
Jan
Brewster
58
600
Jan
Feb
600
Jan
Mar
Jan
1,750
84
Jan
21%
%
%
101%
9%
Mar
4%
1%
7%
10%
Feb
Feb
Mar
11
7
Feb
7
11
100
Brazilian Tr Lt & Pow...*
Feb
6%
High
Mar
125
1,000
7%
15%
1%
com.
1st preferred
2d preferred
Jan
Low
4%
1%
Mar
Products com
Aluminum
Apr
7%
May
Week
Shares
100
Bowman-Blltmore
68% May
62
Co
Range Since Jans 1. 1938
10
100
25
—*
1st preferred
%
$3 conv pref.—
6%
Mar
2%
1%
36
1%
8%
Allied Internet Invest com
Allied
7%
Apr
Mar
Mar
36%
6%
Bohack (H C) Co com..
11%
15%
6%
6%
15%
Jan
2
High
5
Laughlin com
%
33%
Southern..50
Low
for
10
IE W) new com
Warrants...-.
Gt
Range
of Prices
com....—--.
Conv preferred
Alabama
Price
Week's
Blue Ridge
600
1
Alnsworth Mfg common.-5
Air Devices Corp com
1
Agfa Ansco Corp com
Sale
Par
High
1
19%
class A.*
*
B
Last
(Continued)
Week
Shares
Acme wire v t c com-.--20
Aero Supply Mfg
STOCKS
Range Since Jan. 1. 1938
for
Sales
Friday
Sates
Week's
%
.1
50
Jan
7,100
2%
Mar
4%
18,800
%
%
Jan
%
Jan
100
Jan
%
May
Mar
28
18%
Mar
25%
May
%
Apr
150
16
450
200
Feb
1
Jan
Jan
Volume
New York Curb
146
Friday
Last
stocks
{Continued)
Week's
Sale
Par
Price
Exchange—Continued—Page 2
Range
of Prices
High
Low
V t
ext to 1946
c
~~4%
Consol Copper Mines
5
Consol GELP Bait com *
67
124
12 H
300
4%
4,900
44
64
67
1X
Consol Min & Smelt Ltd.5
56
1
56
May
6H
Jan
Apr
Jan
70
115
Jan
Jan
Fox
2X
Mar
34
Jan
Mar
81X
IX
Jan
Franklin Rayon Corp
1
Froedtert Grain & Malt—
5X
Jan
400
4K
71
75
Jan
54
~~54 "~5%
2X
Mar
75
67X
Apr
Mar
"400
X
4X
Mar
Mar
Mar
9X
Jan
Arp
54 X
Mar
Mar
9X
17X
Jan
Feb
General Alloys Co
64
64
4X
400
14
Mar
20 %
20 %
24
24
800
50
64
7
1,100
Co
May
Mar
Jan
10
10
50
64
Mar
to
8X
Jan
*
20
21X
34
Feb
4
•u
900
2X
Jan
13 X
Jan
12
Jan
Mar
27 X
Jan
Mar
8X
Jan
X
Jan
Mar
""300
1
Mar
25
16
Mar
104
Feb
IX
Jan
Feb
18
4H
44
44
100
Glen
Apr
106
-Mar
Feb
10
Feb
Class
Mar
8X
13 X
Jan
57
Apr
Mar
Mar
2
Mar
Feb
7X
Jan
40
Jan
Eastern
IN
9X
1X
Mar
2
Jan
Mar
Mar
3X
3X
Jan
IX
200
"ioo
14
300
20
76
125
58
Apr
76
Jan
59
20
57
May
59
May
Consol
Goldfield
53
35
Mar
22
Jan
Feb
44
5X
12
47X
154
15
Jan
Mines.. 1
H
X
X
17
17
17
extend.*
17
200
Non-vot
com
45
stock...
4X
350
28
Apr
254
Apr
200
4X
Mar
7X
200
X
Mar
3
1,000
1,100
8X
Apr
•i»
Feb
*u
42%
5X
1
Investors
X
35X
5X
X
37 X
Jan
Guardian
Gulf Oil Corp
33
Mar
Gulf States Util 35.50 pref *
72
Feb
80
Jan
—*
--*
81
Jan
88
Mar
24 X
Feb
Mar
3X
Jan
$6
preferred
Mar
13
Jan
Hall
Lamp Co
9X
"400
Mar
2X
Mar
164
Jan
—25
Haloid Co...
48 X
154
Mar
Mar
Apr
58 X
Mar
IX
IX
100
1
Apr
Jan
*
1
X
X
100
67
Jan
Hartman Tobacco Co
63
Jan
Harvard
Mar
20 X
Jan
Hat Corp of Am cl B com.
110
Mar
IX
1
100
Mar
2
Feb
Mar
65
Jan
Jan
X
Mar
Apr
Jan
May
6X
9X
6 4
6X
9
9
64
10
Mar
13 X
6
300
7
4,000
Feb
Jan
Brewing Co
2X
3X
Jan
12
Apr
IX
IX
%
.
Mar
IX
3X
Apr
Jan
Jan
Jan
6
16N
16X
16
800
13 X
Mar
4X
Mar
9
Apr
30
Jan
10 %
Jan
May
Jan
4X
4X
4X
700
24%
24 X
7X
7X
24%
7%
1,700
6X
Mar
3%
5%
400
2%
Mar
50
5%
Apr
7X
Jan
5%
Mar
6X
Feb
Mar
20 X
Feb
Rubenstein
A..
Heller Co
'
3X
5%
preferred
50
Co—..25c
Hecla Mining
Class
100
1
Corp
Hearn Dept Store com...5
Helena
2X
»*«•
Haaeltlne
6%
Jan
IX
9
Jan
Mar
Feb
50
Mar
MX
108
300
3,800
5
47
30
"35%
25
1
Elec Light
50
common—...2
25
20
18
Jan
7
Jan
8
1,200
2
Mar
Jan
Hewitt Rubber common..5
7%
7 X
200
6
400
43
Mar
52
May
29%
100
27
Mar
37 X
Feb
24 X
20
Apr
31
Jan
Heyden Chemical
10
Hires (Clias E) Co cl A—*
29X
500
40
Mar
42 X
Apr
Mar
'"260
Mar
12%
14%
Jan
"i'x "i'x
52
May
144
24
49 X
23 X
3
52
6X
Apr
X
Mar
3X
Co class A...10
Jan
11
IX
Hoe (R) &
Jan
9X
Hollinger Consol G M...5
Jan
3X
300
Jan
9X
9%
500
"i
300
Hormel (Geo A) &
3
2X
Mar
4X
13
1
1
84
51
55
34
IX
7X
400
14
Jan
Horn
Apr
14
Feb
Horn
4X
9X 112,000
1,600
53 X
59
4,600
4
4,200
4
2,600
30
580
59
May
4
Jan
4
Jan
Mar
35
Jan
2
Common
1
$6 conv pref ww
*
2X
62
3
24
Apr
24
Jan
Apr
75 4
6 ,
Jan
Jan
Illinois Iowa Power
13
Jan
54
Jan
3X
IX
150|
10
1
I
IX
Elgin Nat Watch Co
'53""
52
Mar
1
""166
Jan
17
300j
Apr
24
Jan
55
81X
14
Feb
Jan
May
5%
55
51X
200
28
Jan
56
May
51 X
25
28
Feb
554
May
50 X
56 X
800
28
Jan
57 4
51X
51X
57
600
32
Jan
68
May
May
17X
18 X
400
174
May
22
Feb
.5
7X
6X
Mar
X
8
nie
200
10c
Esquire-Coronet
— 1
Eureka Pipe Line com—50
European Electric Corp—
1,000
X
Mar
7X
Mar
13
22 X
Mar
31
49 X
49 X
Jan
24%
Mar
Jan
102%
May
"67 X
70""
4,000
3%
4X
600
X
X
5%
8
67 X
Equity Corp com
Fairchild Aviation.
1
Palstatf Brewing
1
X
3X
9X
Fanny Farmer Candy com
I
17 X
Option warrants
100
23
23
700
X
4
9X
IX
IX
20
15X
15 X
4;X
4%
174
200
104
Feb
'•u
Jan
Indiana Pipe Line
Jan
Indiana Service
Jan
7% preferred...
100
IndplsP & L64% Pf-100
Indian Ter Ilium Oil—
Non-voting class A..
4
Jan
2
Mar
4
May
6X
Mar
10
Apr
16X
5H
—5
5%
20 N
Jan
Mar
64
Jaa
4X
100
Mar
4
Metallurgical—*
reg..£l
coup..*
Jan
Mar
X
Jan
Mar
7X
Feb
Jan
7 X
Jan
Mar
5%
Jan
1%
20
3%
16%
5%
600
1X
Mar
2X
Jan
100
19X
100
X
100
4%
Apr
33 4
1,200
2
Mar
4 X
Jan
Jau
2,800
12
Mar
17 4
Mar
1,900
Mar
84
JaQ
Class
32
com—25
Enamel Corp.
1
Warehouse Co
Jan
15
32
Jan
Mar
23
11X
Mar
14 4
Mar
600,
X
Jan
7u
Jan
!
X
1
39X
Apr
60 4
Jan
3,200j
4X
Mar
48X
Mar
74
834
Mar
100
12
12
Fiat Amer dep rights
«
Fire Association (Phlla).lO
5X
5X
59
100
3157.
6
60
125
Jan
Jan
Mar
5X
Mar
Jan
16 X
17 X
3,200
15
Feb
84
Jan
19 4
Mar
19
Mar
13^
7%
300
15
7X
13X
15
40
19 X
14%
19 X
60
Apr
Mar
14 4
32
Mar
37 4
Jan
84
Mar
6X
Jan
Feb
10
16
Feb
Mar
11
Feb
194
May
82
Apr
884
Jan
IX
Mar
14
Jan
IX
Mar
1X
Feb
N
V t c common
preferred.
Jan
Feb
15%
Mar
4
Mar
Feb
84
May
4( X
Mar
0) 4
JaD
Industrial Finance—
7%
Jan
6
13 4
49%
Mar
7%
164
B
Insurance Co of No
Federal Compress <fc
3%
48 X
10
6% pf.100
Feb
6X
3
5X
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain & Ireland
£1
Mar
1,900
1,400
'
70
Mar
7 4
X
-50
rets ord
Jan
11
Mar
2X
*
Illuminating Shares cl A..*
Am dep
Mar
56
—
Imperial Oil (Can)
Registered
Feb
4
Apr
98%
Imperial Chem Indus—
*504
Apr
21 X
3%
Zinc.
20
30
"3%
preferred
Apr
275
Co...*
Div arrear ctfs
Apr
„
24%
192%
22%
7% pref stamped
Illinois
Feb
6
3%
1
May
Mar
Jau
Mar
100 X
23
JHuylere of Del Inc—
Common
9
20
(Harvey)
3
1,300
150
66
Inc...5
*
Hummel-Ross Fibre Corp 5
5X
5X
100
preferred
Humble Oil & Ref
60
2X
Electric Shareholding—
Elec Shovel Coal $4 pref.. *
5%
Hubbell
100
7% pref unstamped. .100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
15X
1,400
4X
Jan
May
Mar
2
3X
26 X
Jan
10X
54 X
Mar
2
1
IX
Mar
Mar
42
3X
Mar
Mar
36
54 X
50
A111. *
Option warrants
Jan
10X
X
2
Co com*
(A C) Co common.. 1
& Hardart
*
Mar
MX
"9"
Holophane Co common..*
Holt (Henry) & Co cl A
'
Jan
Jan
Jan
For footnotes «ee pave
Feb
May
Jan
24
$6 preferred
Feb
9
26
Flsk Rubber Corp
Jan
Jau
33
16
Mar
Fldelio Brewery..
49 X
124%
1174
Jan
Jan
Mar
Mar
Ferro
Mar
36
25
1.50
IX
13
Co
6X
28
9X
14
Fedd ere Mfg
Mar
122
IX
500
Fansteel
9 4
28
9X
275
Emsco Derrick & Equip.
14
Mar
122
9X
19 X
15
Empire Dlst El 6% pf-100
Empire Gas & Fuel Co—
6% preferred
100
64% preferred
100
7% preferred
100
8% preferred..
100
Empire Power part stock.*
Mar
3 X
900
"ix
20
Electrographlc Corp
Jan
Jan
X
1,100
47 X
3%
1st preferred
17X
Electrol Inc v t c
Jan
5X
X
100
25
Greenfield Tap & Die
*
Grocery Sts Prod com._25c
7%
Gt Northern Paper
18 X
A
19 x
20%
May
3X
A—*
B—*
Easy Washing Mach B—*
Economy Grocery Stores.*
Ploflg
Apr
Mar
Grand
16 preferred series
Elec P & L 2d pref
Jan
Apr
13X
16
50
16
*11
2%
Mfg Co—
V t c agreement
$7 preferred series
—
X
2
*
preferred
Jan
Jan
Feb
800
*
3
54
Iron.25
*
$6 preferred..
Jan
93
67
Eastern States Corp
Elec Power Assoc com... 1
Jan
Apr
Hartford Rayon v t c
24
*
*
6%
89
50
30
11
12 X
IX
.5
Mar
Jan
Feb
6%
Feb
30
30
Preferred ww
15 preferred
4%
1,800
41
200
X
Eisler Electric Corp
Apr
200
B com
Elec Bond & Share com.
Mar
34
100
Edison Bros Stores
38
20
6%
17 X
Gorham Inc class A
Gorham
Mar
14 X
11
100
Malleable
Jan
Mar
Mar
Great Atl & Pac Tea—
484,
*
75%
50
Mar
Jan
Jan
Feb
100
Common
Mar
10
Jan
Dominion Textile com—*
44% prior preferrd.100
6% preferred.
100
Jan
44
—*
preferred
Hartford
J
*
10
14
Mar
*
OX
Dubiller Condenser Corp.l
Mar
35
B
22 X
10
84
Jan
14
Mar
14
400
Diaper Corp
Jan
Mar
26
Mar
3X
12
Jan
47
300
79
35
*
Mar
1
Eagle Plcher Lead
East Gas & Fuel Assoc—
Coal
Godchaux Sugars class A.*
ION
34
58
Domin Tar & Chem com
Duval Texas Sulphur
13"
Grumman Aircraft Engr__l
Dominion Steel & Coal B 25
70
Mar
5
100
19 X
11
Feb
30
140
4%
35
.....
13
£1
Duro-Test Corp com
37
Co-..--—
Alden
33
Jan
Jan
Jan
'»
57
JGrand Nation'l Films Inc 1
Rapids Varnish...*
Gray Telep Pay Station. 10
Divco-Twln Truck com.. 1
Durham Hosiery cl
Preferred
Mar
Mar
Mar
71
76
*
preferred
Gilchrist
2
Corp—5
Duke Power Co
$5
Jan
10 X
22
Jan
60
4* May
Gilbert (A C) common. „*
Jan
Jan
Apr
5%
28X
Apr
IN
10
10
Corp com.*
41
4
88
3X
Apr
Feb
Apr
Apr
38 X
"2~X -*2H
Products...*
Driver Harris Co—
6,400
4
Apr
10 x
De Vilbiss Co com
Dobeckmun Co com
*32
76
6X
1
Distillers Co Ltd.
42 X
100
34
100
com
25
i",io6
Det Mich Stove Co com..l
Detroit Paper Prod
14
200
40
13
20
Gray Iron Fdy-.-l
6% pref ww
Jan
Mar
9
400
x
'124
42
"~2~X ~~2%
1
Detroit Gasket & Mfg
llH
14
42
~~2~X
194
Mar
Jan
25
*
"PrpfAfTAfl
Jan
Mar
4%
Mar
3X
24
26 X
Feb
17
1
Mar
1
1X
5X
Jan
Apr
preferred
.....*
Georgia Power $6 pref...*
Jan
11
500
11
53
5X
200
8
Jan
82
14
100
^*
6% preferred A
35
7% preferred...
preferred
conv
Anr
94
General Tire & Rubber—
9X
7% pref. 100
Derby Oil & Ref Corp com*
54% preferred
53
Mar
65
35
Rayon Co A stock
*
General Telephone com.20
Gen Water G & E
11
May
87
Gen
Jan
7X
34
Jan
42X
MX
Gen Outdoor Adv 6% pf 100
Gen Pub Serv 56 pref
Feb
Jan
10
IX
D16
IX
Mar
200
Mar
'#4
5
7
28
164
IX
Warrants
5
7
100
75
.*
Jan
102
214
74
..*
preferred
Mar
7
Mar
86
Investment com.l
General
$6
72
18
Amer dep rets ord reg.£l
2X
26 X
11
32 X
150
,...100
3X
Dennlson Mfg
Diamond Shoe
preferred
3
*
Dejay Stores
Distilled Liquors
5%
100
64 % preferred
Preferred
preferred... 100
conv
400
Curtis Mfg Co (Mo)
Detroit Steel
4%
Jan
May
May
Gamewell Co $6 conv pf..*
Gatineau Power Co com..*
Jan
'
Detroit
preferred
conv
X
100
5
Darby Petroleum com...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
16 4
1
3
164
Jan
Jan
Fuller (Geo A) Co com
$3
15
Mar
Mar
Jan
3X
Cuban Tobacco com v t c.*
Cuneo Press Inc
15
Jan
4
164
84
X
Jan
17X
"in "in
Mar
11
8%
164
64
Mar
3X
2,700
*
....10
Class A
preferred.
3
25
6% preferred
Conv
4
com..25c
Preferred
600
144
64
Mar
5X
lnternat A.
Crystal Oil Ref com
Jan
7X
100
Jan
8,400
716
May
5
550
Jan
21X
X
10
Apr
7
7N
64
716
Crown Cent Petrol (Md)-5
Crown Drug
6
6
Jan
2%
15
22 X
1
1,800
194
Apr
7X
600
7
Mar
X
21
2X
200
4
15
Mar
12
1
Crowley, Milner & Co...*
Crown Cork
14
...£1
Croft Brewing Co
Mar
10
6%
Gen Fireproofing com....*
14
Cramp (Wra) & Sons com. 1
Creole Petroleum
5
Crocker Wheeler Elec
*
Jan
Jan
Feb
1
1H
53 X
"loo
A—.—-*
Cosden Petroleum com—1
zl8%
Fruehauf Trailer Co
Corroon & Reynolds—
2%
18X
Mar
Jan
80
19
4X
1
Mar
Gen Electric Co Ltd—
51
*
$3 prior preference
*
Copper Range Co
-.-*
Copperweid Steel com.. 10
54
34
10
10
1
200
Varnish...*
5% conv preferred
Common
Mar
$4 preferred
Cooper Bessemer com
Apr
14 X
1,300
Jan
x4%
1,000
IX
5
IX
jContinental Secur com..5
Courtaulds Ltd
Brew Co
6 H
4
70 4
Cont Roll & Steel Fdy—*
$6 preferred
(Peter)
3X
4
Cont G & E 7% prior pf 100
Continental Oil of Mex—1
17
17
4%
17 X
4X
41%
Motor of France—
May
64 X
IX
High
Mar
Amer dep rets... 100 frcs
IX
Apr
IVs
Low
26
150
*
Apr
8% preferred
100
Consol Royalty Oil
10
Consol Stee. Corp com..
-
Ford
B
41
Shares
15
4X
Ford Motor of Can cl A._*
Class
Range Since Jan. 1, 1938
for
Week
High
41
dep rets ord reg..£l
*!•
100
Common
Am
Range
of Prices
Low
Price
*
48 X
24
Paint &
5X
Mar
700
24
Cook
Feb
15
Florida P & L 17 pref
Ford Motor Co Ltd—
50
14
56
1
Consol Retail Stores
Mar
55
113 X
1
—
Jan
3X
3X
800
100
5% pref class A
Consol Gas Utilities..
Mar
11
100
5%
Week's
Sale
Par
High
Low
Sales
Last
(Continued)
54
124
1
STOCKS
Range Since Jan. 1, 1938
for
Week
Shares
Compo Shoe Mach—
Consol Biscuit Co
3153
Friday
Sales
100
Am. 10
7
60
58 X
60
450
Last
STOCKS
Sale.
(Continued)
Par
Price
Week's Rangi
of Prices
High
Low
Mar
15%
H
17%
2,500
8X
Apr
X
100
X
3
26%
0,200
5,900
1X
Mar
"zx "z%
"366
6
Pow warr
International Petroleum.
Internat Paper &
26%
25%
1
7%
7%
8%
2,300
X
Apr
Mar
5
Razor B..*
International Utility
Class
Mar
2X
Mar
7%
25%
X
Vitamin..
Interstate Home Equlp.
Interstate Hosiery Mdis¬
inters tate Power $7 prefInvestors Royalty
International
3%
3%
zx
"V
1
*
1
-
31H
Mar
31
Mar
4X
Feb
Jan
1
Jan
7%
25%
100
7X
24%
X
3%
700
hi
Feb
900
2%
Mar,
zx
200
3X
May
Feb
2%
X
Mar
"ex
100
'""526
2,000
C..10
Jacobs (F L) Co
Jan
9
2,200
%
%
Italian Superpower A
Mar
Mar
25X
*
$3.50 prior pref
--*
Warrants series of 1940—
Irving Aur Chute...,
X May
7
ZX
9%
x
2%
9%
X
300
10
400
2
2%
14,300
2
*
Lt—
5%% pref erred....-100
-.100
0% preferred
7% preferred100
Jeannette Glass Co
he
2
200
11%
7X
X
2
Apr
Apr
X
Jan
Mar
Jan
4
Jan
4X
Jan
28
Jan
ex May
May
x
Jan
Mar
15X
Mar
12 X
Jan
Mar
X
7X
zx
Jan
May
IX
9X
28 X
Mar
Jan
Jan
Jan
52%
67
03
170
Naumburg..-2.50
Jones & Laughlin Steel-100
Kansas G & E 7% pref.100
Keith(G E)7% 1st pref.100
Kennedy's Inc
5
2
IX
2,500
2
28
29
X
3
Jan
43 X
Jan
Mar
Jan
Mar
21%
7%
4
X
Mar
Apr
llX
Jan
Feb
1
Jan
28 X
22
Mar
42
Mar
Mar
30
1~206
IX
Mar
200
3X
Jan
1,000
*hi
Mar
200
5
34
1%
34
30
"lX ~~2~~
zx
IX
zx
IX
4
IX
*
Montgomery Ward A
Montreal Lt Ht A Pow.
137
30X
99 X 100
125
49X
Lakey Foundry & Mach-.l
"47"
2%.
"51
x
2X
$3 conv pref
50
National Container (Del)
*
14
14
*
*
Leonard Oil Develop...25
Lehigh Coal & Nav
zx
13%
zx
5%
18 X
*
20%
Lipton (Thos J) class A...1
0% preferred
-.25
National P & L $6 pref—*
Co—25
Nat Rubber Mach
*
Nat Service common
1
Conv part preferred—*
National Steel Car Ltd...*
National Sugar Refining.*
National Tea 5% % pref. 10
National Transit
12.50
7
X
X
1,600
May
ex
Apr
25
ex
6%
13%
X
Jan
2
58%
17%
58%
20 x
10 X
22
10X
8
1X
1%
u*
14
May
May
Apr
5X
May
N Y
Jan
Feb
Mar
IX
Feb
14
13 X
5
Jan
Feb
•hi
19
Jan
May
*
N Y & Honduras Rosario 10
N Y Pr & Lt
7% pref—100
$6 preferred
*
N Y Shipbuilding Corp—
Apr
20X
Jan
Mar
26 X
Jan
14
Feb
New York Transit Co
25
Jan
N Y Water Serv
Jan
10
2,000
OX
Mar
9X
Jan
Jan
*28%
2,500
1
Mar
90
30
Apr
42
700
""260
25X
IX
6X
X
....
30X
.....
""160
1
preferred
*
Mapes Consol Mfg Co---*
conv
IX
Jan
Apr
34 X
Mar
2X
Jan
Mar
9X
X
Jan
Jan
Mar
Jan
15
16X
400
IX
23
100
100
100
5
Massey Harris common.
6X
5
ex
100
~~7~
"966
Master Electric Co
52
53
100
Mead Johnson & Co
10 X
97 X 101
Memphis Nat Gas com..
Memphis P & L $7 pref...*
4
1,300
275
4%
700
40 X
40%
45
Feb
May
19 H
Mar
Jan
7X
Jan
5
Class B common
Class A pref
*
IX
Mar
2
5%
Mar
11
May
100
Common
$6 preferred
North Amer Rayon cl
Class B com
—*
A..*
*
7X
2X
Jan
Jan
Nor Central Texas Oil
4H
Mar
7H
Feb
Mar
lex
Jan
Nor European Oil com...l
Nor Ind Pub Ser 6% pf-100
Feb
Mar
7X
Mar
Mar
Mar
Northern Pipe Line
10
Nor Sts Pow com cl A. .100
Northwest
107 X
Jan
4X
Mar
No vadel-Agene Corp.... *
Ohio Brass Co cl B com..*
Jan
Mar
19
Jan
Mar
4X
Jan
Mar
2ZX
Mar
2
Mar
4X
Jan
X
Apr
25
zox
Mar
X
Mar
5
Mar
9%
Jan
4X
Jan
17%
18
60
10 X
Mar
20,800
5%
Mar
4
7X
76%
7X
76%
8%
78%
66
66
Oklahoma Nat Gas
Jan
6%
Feb
75
Apr
Apr
74X
May
*hi
X
X
700
X
X
Mar
X
Mar
X
2%
2X
5X
2%
2,800
Apr
400
5X
Mar
X
X
100
hi
Mar
ZX May
37%
15
50
Oldetyme Distillers
1
Jan
Pacific Can Co
Pacific G & E 6% 1st pf.25
5%
8X
Jan
5X% 1st preferred
Pacific Ltg $6 pref
X
Jan
5
Feb
com
"
uie
500
X
Mar
X
Apr
2,200
5X
Apr
500
hi
Apr
OX
X
May
x
May
Parker Pen Co
3X
Apr
10
Feb
*
div shs
IX
8X
200
8X
400
2
2
100
30
30
100
105
10
ix
105
10
Midwest Piping & Sup...*
Mining Corp of Canada..*
Minnesota Mining & Mfg.
Minnesota P & L 7% pf 100
Molybdenum Corp.
Jan
Mar
8X
May
Mar
Mar
zllX
Feb
2X
Feb
6X
8%
IX
24X
Feb
30
Apr
Feb
76
Mar
103
May
107
Jan
Mar
zx
May
8%
8
4X
8X
5X
400
5X
Jan
ZX
12X
Mar
z8X
ex
Mar
2,900
Mar
13
Mar
IX
'i~X "ix
IX
Mar
'WOO
2X
Feb
Jan
3157
3%
Mar
OX
Jan
Jan
89%
Jan
Apr
38%
9%
Jan
Feb
Mar
2%
Feb
Mar
4%
Jan
Mar
2%
5%
1,500
2",400
24%
Mar
600
7%
IX
3
IX
4%
2,000
37 %
2%
37%
5,200
19"
"26"
""466
100
X
Class B..
Preferred
;
Mar
37%
Mar
24
11H
Mar
23%
Apr
43
X
zx
Mar
1%
Mar
4
X
Jan
»ii
59
59
60
47
Apr
66
70
40
50
Apr
77
4
12 X
"11% "l3%
12%
Mar
7*.500
ex
Mar
100
8%
18
Mar
25%
400
25%
26%
175
87
*21%
12%
21%
87
20
50
23 X
87
100
Mar
Apr
May
May
109 X
20
9X
9X
"ix
27%
90
28
9%
28 X
90
IX
IX
Apr
94%
Jan
85
x98% x98X
Apr
1,800
8H
0%
900
21%
25
700
s.
100
89
IX
5X
3
Mar
Mar
6
14%
13%
24%
34%
94%
109%
112%
101%
91%
9%
10%
Jan
31
May
93
Mar
Mar
Jan
2%
5%
3%
0%
4X
29%
29%
30
27X
27%
103% 105
60
60
Mar
1,200
27%
Mar
400
25 X
Apr
30%
27%
150
98%
Mar
105%
10
46
Apr
5%
100
60
14%
13 %
4%
3%
15%
5%
5,900
80,100
3%
Mar
5%
15 X
5%
Apr
17%
12 X
Mar
19%
3% May
4
100
Jan
14
Feb
13
7%
4%
15
19
Jan
23
18
14%
Mar
21
14%
Mar
1%
..»
Peninsular Telph com
31*
i~666
Patchogue-Plymouth M ills *
Pender (D) Grocery A
*
21
*
107%
100
Apr
24%
4
Jan
26
Apr
110
Mar
26
Penn Edison Co—
$2.80 preferred
$5 preferred...
Penn Gas & Elec cl A
Penn Mex Fuel Co
Penn Traffic Co
Pennroad Corp vtc
24
*
*
*
2%
Apr
1
2X
2.50
2%
Apr
Mar
1
IX
.*
85 X
$6 preferred
*
Penn Salt Mfg Co
50
Pa Water A Power Co..
"eex
Pepperell Mfg Co
Perfect Circle Co
see page
Feb
5%
—10
Pa Pr A Lt $7 pref
1
1
IX
2X
Machine Tool..*
com.
Jan
Mar
75
Miss River Power pref.100
Missouri Pub Serv com...
Voehrlnger—
$2.50
Mar
80 X
1
9X
50c
Midwest Oil Co
Mar
Apr
zl4 X
61
Co
1%
66
59
Parkersburg Rig & Reel-.l
*
Midland Steel Products—
Jan
Apr
"30% "32%
*
ex
Midland Oil Corp—
$2 conv pref
*ii
200
X
*
he
Jan
Jan
Feb
IX
100
25
ex
x
4
Jan
Jan
X
X
1,300
42
Pacific P & L 7% pref.100
Pacific Public Service
*
*
Apr
79
66
*
Jan
5
Class B vtc..
Middle West Corp com
Warrants...
IX
Mar
May
he
*
Pan-Amer Airways
*
Pan tepee Oil of Venez
1
Paramount Motors Corp.l
500
70
00
12 X
19
100
conv pref
$1.30 1st preferred
ZX
Jan
Jan
8X
25
5
com.
Overseas Securities
Jan
19
525
100
$3 preferred
Feb
29 X
25^
Jan
89 X
5%
30%
*
100
Ohio Power 6% pref.-.100
Ohio P S 7% 1st pref—100
Jan
X
IX
75
3
Jan
300
Ohio Edison $6 pref
Ohio Oil 6% pref
6% 1st preferred
Oil&tocks Ltd com
Jan
74H
*
Jan
101
7
Oliver United Filters cl B_*
t c
Jan
10
ex
Engineering..*
Jan
X
60
74%
...10
30
Apr
ex
100
Jan
May
ZX
12
55
2
Mar
94 X
5
Jan
53
Mar
100
6
20
Nor Amer Lt & Pow—
Mar
Oil.
19%
400
Nineteen Hundred Corp B1
Mar
Mar
74X
Michigan Bumper Corp.
Michigan Gas & Oil
Michigan Steel Tube..2.50
Mar
"266
100
Niles-Bement Pond
3X
24
Metropolitan Ddison
$0 pref
2X
72
11
6% prior preferred
50
No Am Utility Securities.*
Mar
X
40%
...1
72 X
Mar
Apr
1«
1,100
Metal Textile Corp new 25c
New partlc preferred.. 15
Mar
81
1
3X
X
6%% A preferred... 100
Mar
42
40
Apr
3,500
Warrants
45 X
"600
86%
IX
3
3
10
85 X
3%
21
Participating preferred.*
Merrltt Chapman & Scott
Mar
62
86%
1
13X
Merchants & Mfg cl A
15
102
Apr
5
45
com
Apr
Mar
91%
Noma Electric
3X
Mar
85
70
Nipissing Mines
90
36
98
Jan
47
200
10%
90%
Jan
IX
9X
Apr
IX
7% preferred
w w
10
97
Jan
38
May Hosiery Mills Ino—
McCord Rad & Mfg B.._*
McWilliams Dredging..
5%
50
25
Niagara Share-
11X
*
x
X
OX
IX
18
Feb
X
IX
*
3
15
23
23
3X
7X
500
1,300
"i'x "ix
Apr
15
Mar
18
Mar
Mar
Marconi Intl Marine
Communica'ns ord reg £1
12%
10
60
X
IX
24
40%
"54%
36 X
5
1
200
IX
Class A opt warr
Class B opt warr
375
14%
9%
Mar
,
5
Common
8X
4,900
300
4%
6% pf.100
7X
33
IX
7X
Jan
%
IX
X
Niagara Hudson Power—
Jan
Apr
1
Founders shares
7X
7
700
10
N Y Merchandise
*
30%
IX
39 X
9%
5% 1st pref
5% 2d preferred
5% 2d pref cl B
7X
5%
Mar
City Omnibus—
Jan
32
18%
Jan
7%
12%
105
Warrants
May
IX
Apr
1,200
ht
10%
N Y Auction Co com
3
May
36
"""466
8%
2%
56
10X
IX
13%
~53
10 X
35
41X
4%
13%
Mining Corp. 10
New Process Co com
*
Mar
Z5X
*11
2
Mar
15
Mar
*
Mar
8
—
6% preferred
$2 pref.
7X
100
100
Loudon Packing
*
Louisiana Land & Explor.l
Lucky Tiger Comb G M. 10
IX
—100
7% preferred
New Engl Pow Assoc
5X
7% preferred
6% Pref class B
5X
100
32
Z9X
100
19X
4%
IX
Newmont
Feb
ZX
85X
10 X
63
Mar
1%
Jan
58X
Mar
100
20 X
Feb
Mar
New Jersey Zinc
25
New Mex & Ariz Land—1
Mar
IX
900
Mar
Mar
ZX
2%
ht
Jan
46 X
500
16X
15%
15
200
88
9*656
Mar
9
3
Z8X
100
X
88
Feb
Mar
14%
he
48
46
X
Apr
Apr
Mar
"""366
"3%
100
Mar
13
37
2,550
17%
61
.....
New England Tel & Tel 100
New Haven Clock Co
*
Jan
200
19
ex
12X
7
Apr
Apr
May
Feb
100
200
700
10%
50%
12X
1,200
1,000
6%
14
25
5%
47%
Jan
11
zx
100
25
1
lix
Nevada Calif Elec com .100
102 X
X
12 H
ZX
p
Mar
Jan
9
400
lor footnotes
7
Mar
Mar
15X
5X
15,300
Monogram Pictures
Mar
4X
6
9H
Common
ZX
200
7%
X
iox
Monarch
""666
5X
*4% "I"
X
10X
8X
Mock, Jud.
8X
121**
47
9X
non-cum
12%
Apr
8X
Nebel (Oscar) Co com
5
$2
Mar
5%
T%
*
Navarro Oil Co
.1
Mldvale
8
8
8X
Nat Union Radio Corp—1
Lockheed Aircraft
Mid-West Abrasive
10
8X
200
Jan
Mar
Arp
Mar
Mar
Mar
*
Nat Tunnel & Mines
Locke Steel Chain
v
Mar
X
4%
2X
Class A
6
n
Neptune Meter class A...*
Nestle Le Mur Co cl A...*
22 X
Michigan Sugar Co.
Preferred
Middle States Petrol
1,700
Jan
Mar
Mexico-Ohio
8X
IX
Mar
Mesabi Iron Co
Mar
111
1
Mercantile Stores
4X
Mar
19
preferred
1,900
2
Mar
*
$4
zx
5%
9X
5X
May
Loblaw Groceterias cl A..*
Marlon Steam Shovel
Mass Utll Assoc vtc...
Feb
Mar
zx
Feb
*
Margay Oil Corp
Mar
4
29 X
Mar
13%
he
Le Tourneau (R G) Inc.-l
$5
H
ZX
100
Nat Mfg & Stores com...*
National Oil Products
4
50
14
5X
Lefcourt Realty common. 1
Preferred
*
Lynch Corp common
Majestic Radio & Tel
Mangel Stores.
200
4,666
8
*
National Fuel Gas
27
33%
145
ex
Murray Ohio Mfg Co
Machman-Springfilled —*
Nat Auto Fibre com
1
National Baking Co com.l
Nat Bellas Hess com
1
National Candy Co com..*
National City Lines com.l
J-n
X
~5~
100
*
Muskegon Piston Ring. 2%
Feb
"1%
X
X
Power.*
Mountain Sts Tel & Tel
Mar
33
145
Corp Ltd com
Class A 7% pref..
(Herman) Corp..5
Feb
65
31
Nelson
39
Lake Shores Mines Ltd—1
140
Apr
Nebi Corp common
12X
95
Mar
28
Jan
6X
""560
122
21X
*
*
—-100
Moore (Tom) Distillery..i
Mtge Bk of Col Am shs...
Mountain City Cop com 5c
Mountain Producers
10
5%
Apr
190
100
Moody Investors pref
Moore
4X
100
2
Jan
11X
"ex "7"
Lane Bryant 7% pref.. 100
Lantrendorf United Bak—
Long Island Lighting—
Common..
ex
5X
135X 137
30
30X
High
1
Feb
Feb
Jan
Apr
Low
Shares
5
10X
Koppers Co 6% pref—100
Kress (S H) & Co
10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lone Star Gas. Corp
High
ZX
Mar
Mar
Range Since Jan. 1, 1938
for
Week
of Prices
Low
*
Nebraska Pow 7% pref.100
14%
5%
x5X
Knott Corp common
1
Kobacker Stores common. *
Lit Brothers common
Jan
108 X
Klein (D Emll) Co com..*
KJelnert (1B) Rubber ColO
Lion Oil Refining
85
Jan
21%
Klrkl'd Lake G M Co Ltd 1
Line Material Co
Jan
Jan
107
Breweries
1
Kings Co Ltg 7% pf B 100
6% preferred D
100
Kingston Products
1
Kirby Petroleum
...1
A_.__._
21
73
Mar
800
*
B
Apr
Jan
Apr
Apr
IX
Apr
00
5X
H
29
Kingsbury
Class
61
68
Jonas &
Class
1
Dakota Util-.-lO
I Week's Range
National Refining
Jersey Central Pow &
Ken-Rad Tube & Lamp A
Price
Monroe Loan Soc A
{Mountain States
H
Iron Fireman Mfg v t
May
Mar
X
0
-
$1.75 preferred-.
17%
Jan
Feb
Jan
A
B
Jan
8X
X
X
Internat Safety
Class
Apr
23
24
Registered...International Products...*
Internat Radio Corp
22
Feb
2%
16%
A stock
Par
High
Montana
50
purch warrants.
Metal Indus cl A *
Pref $3.50 series
Internat
Low
16%
Mach
Hydro-Elec—
Sale
(Continued)
Week
Shares
International Cigar
Last
STOCKS
Range Since Jan. 1, 1938
for
Sales
Friday]
Sales
FridayI
Internat
May 14> 1938
New York Curb Exchange—Continued—Page 3
3154
100
81
61
IX
2
85%
87%
80 X
81
123% 123%
4,000
150
110
25
IX
79%
Mar
74
Mar
Mar
121% May
66
67
700
59
61
62X
275
54%
24
Mar
Apr
Mar
8%
2%
2%
2%
90%
82
149%
72%
77
24%
Volume
New York Curb Exchange—Continued—Page 4
146
Friday
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
STOCKS
1938
Range Since Jan. 1,
STOCKS
(Continued)
Week
Par
Pharis Tire & Rubber
Price
1
5%
7%
500
May
Mar
Feb
7%
May
115%
Mar
Mar
5%
112%
29%
31%
2%
800
5%
Apr
3%
700
Mar
1
12%
"w
2%
2%
200
Feb
Sonotone Corp
l
Soss
1
1%
4
200
Jan
1%
3%
1%
1%
300
3%
Mar
2%
Mar
4
10%
Mar
21
Jan
Mar
17%
1%
Jan
5% original preferred .25
6% preferred B
25
27%
27%
Jan
Jan
5% % pref series C
25%
24%
1%
27%
25%
1%
42
45
3,206
2%
Mar
3%
Jan
Southern Colo Pow cl A.25
Jan
6%
Mar
Mar
900
Mar
39
7%
""960
4%
Mar
Jan
Southern Pipe Line
Southern Union Gas
43 %
260
34%
4%
Mar
9%
62%
Jan
Southland Royalty Co
7%
Jan
South Penn Oil
55
Mar
Jan
So
200
%
Apr
1%
Jan
900
6%
2%
Mar
3%
7%
2%
%
3%
11X
"7 %
7%
Co
25c
common—5
Alexander
5
2 %
%
800
4%
Jan
Stahl-Meyer Inc
50
11%
Mar
100
13%
13 %
100
1i«
300
5%
*
*
7
7
Prudential Investors
5%
5%
preferred
*
$6
Gas
$7 prior
$6
Feb
95
Feb
Apr
Mar
37
Mar
50
100
Jan
21%
2%
Mar
18
18%
1%
9%
he
3%
Mar
6%
Mar
3%
Mar
Feb
Feb
Mar
Jan
preferred
17
100
100
270
17 X
16%
260
1st preferred
Pub Serv of Nor 111 com..*
7%
Jan
7%
6%
Jan
Jan
Jan
98
104%
104% 104%
10
7% pi lor lien pref...
10
80
80
$5
Feb
Standard Silver Lead
1
Feb
Standard Steel Spring
5
1
106
Pyrene
Class A.
—
B.
Raymond Concrete
Mar
10%
Mar
7%
"50
5
90
Mar
60
136
May
Reynolds Investing
Goods
Richmond Radiator
Rio Grande Valley Gas
15%
400
13%
Mar
15%
8%
25
7%
Mar
10
%
Feb
Jan
%
Feb
%
Mar
%
400
%
Jan
%
15%
150
10%
Feb
16
Feb
Feb
34
May
1%
4%
24%
6
"2 %
2%
6%
25
6,900
3%
500
9%
200
Jan
JaD
400
10
%
1,100
100
IX
500
95%
95%
12%
150
90*
100
11%
4
Mar
Mar
Mar
1
Mar
1%
6%
2%
1%
Jan
Jan
Jan
Jan
Mar
Tu
Jan
Apr
96%
Apr
Feb
Jan
Jan
Mar
6
6
100
4
Mar
13%
7%
1%
100
1
Jan
1%
e%
21
$5.50 prior stock
Allotment certificates.
6
Jan
900
5
Mar
100
35
600
9%
Jar
Mar
38
FeL
2%
Mar
4
Jan
%
Mar
500
100
1%
Jan
11,600
52%
2%
1%
50
400
300
200
50
300
2%
400
%
Jan
Jan
Union
Jan
1%
1%
Mar
Jan
13
Apr
4%
63%
Jan
3%
2%
Jan
Jan
Jan
Apr
113
Jan
Apr
25
Feb
16%
3%
Jan
20
Apr
Jan
Mar
7%
Mar
1%
Jan
Mar
%
1
1%
May
Mar
%
Mar
2
600
"56
Mar
Apr
17
%
Mar
Mar
Singer Mfg Co
Singer Mfg Co Ltd—
Amer dep rets ord reg.
For footnotes see page
United Gas Corp com
1%
8%
Jan
Mar
Apr
Apr
Mar
Mar
Feb
4%
30%
1,400
2%
30%
200
26%
Mar
%
14%
4%
Mar
1Bie
400
20%
23%
17,600
65
50
44
Mar
95
100
94
May
Mar
Mai
500
3%
10%
11
400
6%
Mar
10%
700
7%
Mar
4%
4%
Mar
3
"53% "54%
"56
3%
600
52%
175
166""
%
%
2%
2%
2%
5%
5%
6
3%
2%
Apr
50
Mar
2%
Mar
15%
1%
50
Feb
Feb
44
Mar
'"go
85%
98%
Mar
100
%
Mar
Corp
600
61%
Mar
7%
1
pref non-voting.*
Feb
1%
Feb
•1.
Mar
Mar
8%
1,000
7%
5%
300
%
5
5%
r2%
300
%
Jan
*11
Jan
$3
United
5%
Feb
3%
Apr
10%
Jan
18%
Apr
20
Jan
89%
900
66
Apr
95
108% 108% 2110%
270
107
Jan
111%
Apr
Apr
8%
8%
400
%
5%
Jan
Jan
%
8%
May
16%
Mar
16%
Mar
1%
1%
600
1%
Mar
2%
Jan
2%
Mar
5%
Jan
212
4%
Mar
Mar
Mar
243
5%
Jan
Jan
Jan
$6 1st preferred
*
Milk Products.—*
100
Am
4%
Apr
1%
Mar
Mar
%
Mar
11%
10%
11%
1,300
Mar
10
Jan
2%
9%
11%
11,900
Mar
4%
Mar
2
Mar
30
%
%
%
"4%
86%
4
86%
1
Mar
"16
3,000
%
%
4%
26,500
2%
89%
1%
400
•u
11
4,200
2%
24%
2%
2%
22
13,600
3%
1,200
26%
20,600
Mar
Mar
Mar
•u
2,300
3%
Mar
69
62
Mar
,
1%
1%
13%
Apr
Mar
Apr
Mar
17%
69%
69%
25
5%
reg—-
100
United Profit Shar new 25c
United Shipyards cl A...1
Class B
1
United Shoe Mach com.25
Preferred
25
United Specialties com... 1
U S Foil Co class B
1
Mar
3%
5%
100
Molasses Co—
dep rets ord
Apr
Mar
400
*
preferred
Mar
22
2
r2%
United
Common class B
Mar
4%
800
2
22
warrants
United Lt & Pow com
Mar
2
2,000
23%
%
A.*
*
60%
Apr
Jan
3
Mar
Jan
""36
166"
1
Mar
Mar
234""
50
Option warrants—
United G & E 7% pref. 100
48%
1 %
3157
Jan
Mar
2%
29%
10
"10%
10%
Warrants
United
5%
£1
100
32
United Chemicals
Jan
Mar
4
230"
Jan
Mar
7
11%
com..*
Union Premier Foods Sts. 1
Union Traction Co (Pa)$17.50 paid-in
50
United Aircraft Transport
Jan
1,900
234
Mar
1%
7%
Investment
Jan
Mar
1%
4%
2" 400
1%
5%
Trunz Pork Stores
Jan
35
7%
Line stamped
com—1
100
125
"loo
95
95
com...*
$3 cum & part pref
*
Un Cigar-Whelan Sts.. 10c
2%
88
Mar
Union Gas of Canada...
Mar
100
86
l",706
Tri-Continental warrants..
15
92
1%
Silex Co common
Simplicity Pattern
1
10
Common
Transwestern Oil Co
49%
'56% "56%
2%
6%
"2% "2%
Apr
Mar
2
Screen—
29%
Mar
3"6OO
300
Shawinigan Wat &
25
*
SImmons-Broadman Pub—
Conv preferred
*
Simmons H'ware <fe Paint.*
Plct
Mar
2%
42
5
7%
Pow__*
Sherwin-Williams com..25
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Lux
Trans
1st $7
2%
200
Devel.l
To no pah Mining of Nev.l
Mar
Apr
1,000
rets reg
Denn
Todd Shipyards
19
Mar
12%
Mining. .5
Shattuck
7%
3%
65
22%
Inc.—*
Tublze Chatlllon Corp.—1
Class A
1
Tung-Sol Lamp Works... 1
80c div. preferred
*
Ulen & Co ser A pref
*
Series B pref
*
Unexcelled Mfg Co
10
48
30%
£1
Sentry Safety Control
1
Seton Leather common—*
Seversky Aircraft Corp—1
400
def reg—£1
Mar
Selfridge Prov Stores—
Amer dep
200
2%
6
ord reg.—£1
Am dep rets
4%
—
stock
Am dep rets
100
Selected Industries Inc—
Convertible
4%
Apr
Mar
Mar
Tonopah Belmont
%
1%
%
2%
24%
%
common.*
Teck-Hughes Mines
1
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref—100
Texon Oil & Land Co
2
Thew Shovel Co com
5
Tilo Roofing Inc
---1
Tishman Realty & Constr*
Tobacco Allied Stocks
*
Tobacco Prod Exports.—*
Tobacco Securities Trust-
Jan
""% ~~"7s
1
5
25
25
%
Jan
Feb
6
2%
300
2%
4
4
30%
49
5%
»18
2%
25
5%
Apr
20
1
Mar
8
30%
18%
general—*
Seeman Bros Inc.■--*
Segal Lock & Hardware. .1
Seiberling Rubber com...*
Selby Shoe Co
*
Jan
Apr
15
Swan Finch Oil Corp
50
20
Warrants
2%
32
Jan
111%
Securities Corp
Common
2%
8
*
25
Scranton Elec $6 pref
*
Scranton Lace common._*
Scranton Spring Brook
Water Service pref
*
Scullin Steel Co com
*
Scovill Mfg
900
Mar
8
1
5%% conv pref
50
Superior Ptld Cement B..*
$3.30 class A participat.*
Oil
9%
Tu
21
1%
5
Savoy Oil Co
Schiff Co common
4%
7%
3%
3%
2%
Apr
5%
Jan
12%
Corp com 1
2
"T% "8%
Mar
Corp
3
300
Mar
3%
Mar
x77
51%
6%
4%
2%
•u
$2 conv pref A
3%
100
May
3%
7
1%
5%
6%
36%
3%
1J16
%
7%
2%
2%
300
5%
6%
36%
75
800
25
400
41
2%
*
Haynes com__l
Heat & Lt
*
4,200
%
preferred..
%
41
Petrol
Samson United
*
50
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
Stroock (S) Co
*
Sullivan Machinery
*
Sunray Drug Co
*
1st preferred
2d
3%
$2.50 conv pref
150
8%
10%
Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
18
*
18
18%
4%
vtc.l
2%
20
*
Ltd—*
50
St Regis Paper com
5
7% preferred
100
Jan
Mar
Mar
7%
2%
Technicolor Inc
*16
Mar
500
(A) & Co common..*
preferred
100
Feb
11%
2%
Apr
%
%
6,300
6%%
Jan
Apr
Mar
94%
com...20
Starrett (The) Corp
Stein
Mar
16%
Wholesale Phosp
4
Mar
4%
2
Steel
6
28%
May
Mar
7
%
9
4%
12%
Co
2%
1
Jan
Mar
1%
Inc..*
com—5
Field Inc
6
Royal Typewriter
Russeks Fifth Ave
18
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A...1
Taylor Distilling Co
1
2%
May
2%
95%
Mar
2%
*18
4%
Roeser & Pendleton
International
3%
19
900
%
%
Rome Cable Corp
St Lawrence
Mar
X
X
%
1
1
*
1
C07
G&E6%pfD 100
$1.20 conv pref
*
Preferred
Sunray
Voting trust ctfs....
Safety Car
Jan
Feb
140
8%
29
Reybarn Co Inc
Ryerson &
100%
"~50
50c
Rice Stix Dry
Ryan Consol
Jan
7
14 %
Co
Rustless Iron &
Jan
7%
7% May
Mar
137 %
136
Feb
Pile—
*
*
Reeves (Daniel) common.*
Reiter-Foster Oil new.-50c
Reliance Elec & Eng'g—5
Rossla
May
"93x _94%
preferred
Root Petroleum
Apr
7
4%
Common
Roosevelt
May
23%
575
Prod—
-*
*
Raytheon Mfg com
Red Bank Oil Co
Rochester
35%
17%
925
15
Reed Roller Bit
Jan
Apr
16%
*
100
Quebec Power Co
*
Ity & Light Secur com...*
Railway & Util Invest A..1
Rainbow Luminous
May
%
35 %
Manufacturing. .10
$3 conv
89
14
Quaker Oats common
6% preferred
Class
80
Jan
May
31
7%
"460
%
15%
__
18%
1%
Mar
Sterchl Bros Stores
preferred
*
Puget Sound Pulp & Tim.*
Pyle-National Co com—5
Mar
1%
99%
32 X
preferred
Mar
15
97
97
22%
Apr
89
5
1,400
6%
"18%
1
*
Common class B._
Apr
50
16%
16%
Mar
Jan
75%
%
$6
16%
35%
& Acid Works
100
100
11
100
preferred
Standard
JPub UtU Secur $7 pt pf..*
Puget Sound P & L—
Jan
Apr
10
Jan
103%
18
10
Mar
11%
95
200
2
Jah
22
%
12%
22%
*22%
pref*
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5%
Jan
200
preferred..20
6%
—60
Service of Okla—
6% prior lien pref...
conv
Jan
Mar
17%
17
Standard Oil (Ky)
Common
Public
$1.60
Jan
Mar
1%
...I
Common
Feb
%
%
Standard Products Co-.-.l
30
96
*95
Apr
Mar
3
Standard Invest $5%
Colorado-
1st preferred
Mar
28%
100
X
%
Standard Tube cl B
30 %
29
5%
200
19%
*
Standard Brewing Co
*
Standard Cap & Seal com.l
Conv preferred
10
Standard Dredging Corp—
Standard Pow & Lt
29
1,300
34
34
com
Jan
*16
Apr
91%
preferred
Public Service of
6%
200
14%
Feb
Indiana—
Public Service of
Mar
6%
6
"34"
reg—£1
Mar
"166
*
Am dep rets ord
2%
2
1
5%
Providence
Feb
Mar
200
Am dep rets ord bearer £1
Spencer Shoe Corp
*
20
|
Jan
Jan
Prentice-Hall Inc
Prosperity Co class B
May
2
2%
2%
5
Mar
2
1
Mar
1%
42
40
3%
2%
25
1%
37
Corp
100
West Pa Pipe Line..50
8%
3%
20
Pressed Metals of Ainer.
Mar
140
*
Feb
•i»
300
95
*
1
Mar
23%
10
Mar
200
100
Premier Gold Mining
Producers
90
2,400
Potrero Sugar
Canada..
25%
700
Spanish & Gen Corp—
Mar
75%
%
73 %
%
Inc
"42""
100
preferred
6%
Polaris Mining
1st preferred
7%
11%
74
Apr
300
South New Engl Tel... 100
40
42
Mar
34%
25
6
Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Mar
Southern Calif Edison—
*10%
Pittsburgh
6%
Jan
3%
1
50
6%
Forgings
1
Pittsburgh & Lake Erie.50
Pratt & Lambert Co
com
5%
37%
Pittsburgh
Power Corp of
Mfg
300
"3 %
"3
Mar
1
13 %
13%
13%
12%
Jan
13
(H) Paper Mills...*
Solar Mfg.
400
Pines Wlnterfront
Powdrell &
Mar
88
1
A
10
common.*
1
Pioneer Gold Mines Ltd.-l
Pitney-Bowes Postage
Meter
--*
Pitts Bess & LE RR
50
Conv pref series
Pierce Governor
Plough
Smith
South Coast Corp com
1H
Liw
Shares
Sioux City G & E 7% pf 10U
2%
2
Range Since Jan. 1, lu38
for
Week
of Prices
High
Low
Price
Co
Phoenix Securities—
Common
Week's Range
Sale
Par
High
Low
Shares
7%
*
*
Phlla Elec Pow 8% pref 25
Phillips Packing Co
*
Last
(<Continued)
4%
Philadelphia Co com
Phlla Elec Co $5 pref
3155
Sales
Jan
65
Apr
5% May
228
United N J RR & Canal
Jan
""% """% ""loo
%
Feb
8%
7%
8%
11,900
2%
Jan
%
%
62%
%
4,800
68%
1,700
%
50%
May
Mar
40%
2%
41%
2%
,500
2%
4%
4%
1,300
3%
66%
4%
130
39
Jan
Mar
Mar
New York Curb
3156
Friday
STOCKS
La.it
Week's Range
Rale
(Concluded)
Par
Low
High
U S and Int'l Securities..*
1st pref with warr
U S Lines pref...U 8 Playing Card
U S Radiator com
49%
Mar
100
1
Mar
23
23%
3%
500
22
3%
1,700
2
Mar
2%
2A
100
1%
Mar
%
Jan
*
*
%
3
%
United Wall Paper..
1%
i%
2
%
1 %
900
IK
United Verde Exten._.50c
1%
1,400
100
Universal Corp vtc
1
Universal
8
Insurance
2%
900
Universal Products Co—
1%
3m
1
40
Jan
100
1%
23
1,600
7
44
Jan
Jan
May
23
Mar
16%
3%
%
Mar
1%
1%
5%
Mar
3%
11%
Jan
83
Jan
Mar
1%
Apr
7
Jan
Apr
Jan
4%
200
2%
600
1%
Mar
2%
2%
2%
1,500
2%
Mar
%
%
4,800
%
Apr
%
1
Mar
Mar
3%
Mar
8
170
9
9
102
100
8
Jan
30%
Vot tr ctfs
West Texas Utll $6 pref--*
Mar
%
Weyenberg Shoe Mfg
4%
4%
2%
3%
300
2%
JWll-low Cafeterias Inc.-l
%
%
200
li#
%
*
9%
9%
100
7%
Wilson Products Inc..... 1
Wolverine Tube
Woodley
Petroleum
Woolworth (F W) Ltd—
El
Jan
Empire DIst El 5s
6%
1
100
3%
6%s series A....
Erie Lighting 5s
1%
5
1st & ref 5s
1946
1st & ref 5s
..1951
78
158,000
102% 103
J102% 103
5,000
30.666
92
95%
1953
100%
86
88% 138,000
94
105
Feb
105%
Jan
Mar
Jan
Feb
Jan
Florida Power 4s ser C 1966
Florida Power & Lt 5s. 1954
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s. 1956
Jan
Deb gold 6s. June 15 1941
Deb 6s series B
1941
Jan
87
87%
Jan
Jan
75
87%
104
100%
General Bronze 6S....1940
General Pub Serv 5S..1953
32",000
76
Apr
87
88
129,000
74
Mar
88
85
88
41,000
78
Apr
20,000
103% 104%
100% 101
100% 100%
70
164%
102
Apr
Mar
9,000
75
93%
Georgal Pow A Lt 5s.. 1978
57
Amer G & El debt 5s. .2028
Am Pow A: Lt deb 6s..2016
107%
81%
Amer Radiator 4%s.-1947
Amer Seating 6s stp._1946
84%
83
86
110% 111%
100% 101%
Ark-Louisiana Gas 4s.l951
Arkansas Pr & Lt 5s. .1956
97%
Associated Elec 4%s..l953
39
Associated Gas & El Co—
Conv deb 5%s
1938
Conv deb 4%s C...1948
1949
80%
78
161,000
96
39
85%
26
24%
24%
98
41
86%
28%
"3,000
May
Apr
♦Hamburg El Underground
& St Ry 5%s
1938
Heller (W E) 4s w w ..1946
Jan
Houston Gulf Gas 6s.. 1943
103
May
6%s ex-warrants... 1943
100
Mar
107
Apr
Jan
90
Jan
107%
Feb
112
Jan
96%
Apr
102
Feb
86
Jan
98
May
30
Mar
3,000
10,000
62
41%
Jan
20%
92%
28%
Mar
Mar
1st & ref 5%s ser B.1954
1st & ref 5s ser C...1956
May
27
108,000
26,000
20%
21%
Mar
30
Mar
34%
Jan
29%
85.000
21
Mar
33
Jan
*76%
35
12,000
23
Assoc T & T deb 5 %8. A'55
17,000
62
Apr
Apr
36%
80%
Jan
78
98
8.000
100
100%
92%
27,000
98
Feb
100%
Apr
Avery <fc Sons (B F)—
Jan
Jan
May
May
91
91
178
warr ants 194 7
2,000
90
Feb
95
Mar
70%
113
73
112%
119% 120
121% 121%
113
19,000
20,000
110%
Apr
1,000
134
2.000
130
23.000
70
104%
103%
93%
Apr
65%
85
Cedar Rapids M & P 5s '53
103% 104%
103
103%
92%
94
114% 114%
101%
1st & ref 4%sser F.1967
5s series G
1968
95%
D..1957
5%s ex-warrants.-.1954
Cent States P & L 5%s '53
Chic DIst Elec Gen 4%s'70
1961
100
100% 101%
94%
95%
99% 100%
Jan
67
Feb
Mar
87
Jan
25,000
101%
Mar
12,000
100%
Mar
86.000
1,000
30.000
94%
85%
49,000
92
6%sseries B
47%
7s8er!es E
1952
6s
.1952
5s series D
1958
Jan
May
Apr
95%
100%
May
93%
May
Italian
Jan
81
May
May
Mar
94%
23%
Mar
41
24
Mar
41
Jan
32%
105%
Mar
49
May
Jan
107
105%
Apr
107%
Jan
Mar
Jan
Superpower 6s.
Jacksonville
107%
96
Mar
Jan
90%
May
Mar
33%
May
25%
May
88%
Mar
21%
83%
Feb
7,000
79,000
97%
Apr
104
4,000
96
100
4,000
1,000
103
Apr
Apr
4,000
100
12%
Feb
May
43
3,000
97
24,000
Mar
43
56
Mar
107%
85%
Feb
May
106% May
12%
Apr
63
62%
Jan
110
Apr
100
Jan
Jan
Feb
Jan
79
Apr
94%
Jan
76
Mar
91%
Jan
77
80
20,000
68
Mar
85%
87%
91
6,000
79
Mar
91
84
Apr
91%
Feb
64
Apr
82%
May
Jan
109%
Mar
90
90
*82%
77%
109
105%
91%
82%
3,000
20,000
109
177
82%
105% 105%
110% 110%
3,000
108%
6"o6O
104%
109%
45%
75
"
3,000
60
63%
50,000
59%
62
38,000
55%
57%
105% 105%
56 %
60
57%
15,000
34,000
10,000
*47%
60
5,000
59
60
11,000
1108
60
Jan
109
43
49%
100%
81
Jan
Jan
Apr
107%
Apr
Mar
111%
Jan
63%
May
May
Mar
62
Jan
64%
Apr
106%
Jan
58%
Mar
56%
Apr
Apr
61%
Mar
60
Mar
Jan
109
49
Apr
May
48
107
189",000
Mar
May
60%
Jan
Jan
45%
25%
35
Mar
28%
62,000
18%
Mar
28%
73
26%
73
95%
80
14,000
64
Mar
80
May
72%
94%
73
16,000
57%
Mar
73
May
95%
90
Mar
98%
92
Apr
96%
Jan
Mar
106%
102%
Feb
193
49
1963
9,000
96
106%
106% 106%
lo'ooo
102%
101
102%
25,000
61%
1.000
Isarco Hydro Elec 7s. 1952
Lsotta Frascbln! 7s
1942
79%
Jan
76%
33%
14,000
1956
4 %8 series F
101%
Feb
QQ
105%
Jan
Service—
Apr
98
Jan
77,000
1957
7s series F
International Salt 5s..1951
Interstate Power 5s...l957
Mar
Apr
61%
180
41%
41%
105%
98%
52%
Jan
Jan
Jan
43
i6~66O
40
Apr
63
Jan
78
89
Jan
85
Feb
39
Jan
46
Feb
Gas—
5s stamped
-.1942
Jersey Central Pow & Lt—
40
37
27,000
32
Feb
40
May
1947
104%
104
104%
39,000
100
Apr
106
Jan
4%s series C
1961
Kansas Elec Pow 3 %s_1966
Kansas Gas & Elec 6s.2022
103%
102%
103%
63,000
Apr
105%
98%
1113% 117
2,000
5s series B
Kansas Power 5s
98%
1947
100% 101
98%
Jan
97
Mar
99
Jan
112
Mar
115
Mar
Apr
101%
Mar
Mar
81%
May
iilooo
95%
16,000
65
Kentucky Utilities Co—
91%
49%
ser A. 1957
International Power Sec—
6 %s series C
1955
5s series B_
1961
Iowa Pow & Lt
4%s..l958
Iowa Pub Rerv 5s
1957
Mar
37%
93%
1952
Ind'polls P L 5s
Iowa-Neb L & P 5s... 1957
88
44%
Jan
Mar
90
57%
Jnn
85
105
Mar
Jan
Feb
92
1950
Jan
9,000
66%
104%
108%
7,000
Jan
65
59
88%
1963
c
2,000
Jan
93%
Indiana Service 5s
1st lien & ref 5s
Debenture
107%
90
110%
60%
98
3,000
188%
1957
115
93%
105
96%
1953
5s series C__.._
1951
Indiana Gen Serv 5s.. 1948
Indiana Hydro Elec 5s 1958
Indiana & Mich Elec 5s '55
Mar
93%
78
81
5,000
91%
94% 140,000
38
34%
90,000
34%
38
34%
236,000
48%
49
45%
67,000
106%
106% 106%
14,000
1105% 108
For footnote* see page 3157
1947
Interstate Publi
Jan
Jan
Mar
Corp—
Mar
92
Chicago & Illinois Midland
1927
73
113%
49,000
34%
1940
Jan
71%
"94"
Ry 4%s A
1956
Chic Jet Ry & Union Stock
Mar
85
55%
93
"93"
.
Mar
140
Jan
Jan
Feb
6,000
2,000
Central 111 Public Service—
1956
Feb
114%
122%
122%
Jan
83
85
Broad River Pow 5s..1954
79
Apr
11,000
117%
120%
134
Birmingham Gas 5s...1959
Cent Pow <fe Lt 1st 5s. 1956
Cent States Elec 5s... 1948
Mar
65%
1998
4%s series H
1981
Cent Ohio Lt & Pr 5s..l 950
57
80%
1960
Birmingham Elec 4%sl()68
Canada Northern Pr 5s *53
Canadian Pac Ry 6s..1942
Carolina Pr & Lt 5s...l956
70%
107
40
108% 108%
♦Indianapolis Gas 5s A
88
Works—
1st M 5s series A...1955
1st M 5s series B
1957
Electric
6s series A
5s
5s with warrants...1947
♦Convertible 6s
1950
Bell Tclep of Canada—
Indiana
93%
50%
24
25%
87%
87%
102% 103
153
5 f deb 5 %8.__May 1957
29
63
Apr
1,000
106% 106%
12%
12%
56
153
1949
Jan
28%
33%
76%
97%
29
6s series B
III Northern Utll 5s... 1957
111 Pr & Lt 1st 6sser A. 1953
29
98
87%
Hygrade Food 6s A...1949
2,000
80,000
24%
Houston Lt & Pr 3 %s. 1966
♦Hungarian Ital Bk 7%s'63
79
Apr
85
106% 106%
88
90%
133%
58%
Feb
71%
29
1947
83
Jan
33%
Feb
15,000
1935
Apr
68
Apr
37
♦Hamburg Elec 7s
Mar
Apr
35
Hall Print 6s stpd
106
Apr
50
Apr
Apr
May
May
May
52
May
88%
83%
107%
108%
May
94
"i"66o
May
Jan
77
78%
62
58
96
Feb
Jan
Mar
53%
94
*36%
May
Apr
78
53%
101
37,000
75.000
149
77
53
107% 107%
Jan
28%
Atlanta Gas Lt 4%s._1955
Atlantic City Elec 4%s *64
107%
65%
Mar
Jan
30%
Apr
Apr
Apr
'
Jan
Jan
75
"~9~.666
78%
78
70%
73
87%
62
89
65
Apr
Apr
36,000
Guantanamo & West 6s '58
Guardian Investors 5s. 1948
Hackensack Water 5s_1977
Debenture 5s
1968
Conv deb 6%s_....1977
1950
(Adolf) 4%s
Mar
77
54
Jan
100
72%
94
Jan
Feb
63
1,000
75%
76%
90%
89
104%
101%
101%
lb.066
175
1953
104%
J106% 107
Appalac Power Deb 6s 2024
Conv deb 4%s
Conv deb 5s
6s
99%
80
90
106%
Jan
May
May
87
57
Feb
95
84%
86%
188
103%
Mar
79
Gen Pub Utll 6%s A. 1956
♦General Rayon 6s A. 1948
Gen Wat Wks & El 5s. 1943
Jan
92
155
Jan
102%
Gary Electric & Gas—
Jan
Jan
Jan
J25
1941
93,000
Feb
105%
Gobel
39,000
32,000
98,000
88%
56
Apr
Jan
44,000
Apr
Apr
Mar
2%
88%
May
71%
43
Jan
Mar
104%
Mar
83%
May
Apr
1%
78
83%
95%
May
1,100
106% 106%
107% 108%
1st & ref 4%s
1967
Aluminium Ltd debt 5sl948
Mar
72%
1%
76%
Feb
83%
105%
32,000
23,000
45,000
104%
102%
Feb
37" 000
94
May
Apr
Mar
Apr
57
96
78
Apr
58
6,000
66%
91
May
May
102%
102%
72%
130%
66%
87
97%
81%
109%
102
105%
1965
$38,000
53%
May
44,000
1,000
Glen Alden Coal 4s
99% 101
Jpn
Jan
Apr
Mar
Feb
Feb
1%
*1%
53%
53%
105% 105%
71%
72%
Jan
102
%
67
106
5%
Elec Mfg—
Feb
tl02% 104%
Feb
98
8%
84
§*Chic Rys 5s ctfs
74
1
7,000
81% 155,000
109%
10,000
10%
94
Yards 5s
78
Mar
88
6s series B...
5
4,000
19,000
Mar
1956
ser
3% May
3%
Feb
4,000
4%
1%
1%
6%
1968
Cent Power 5s
Feb
4,800
1st & ref 5s...
5s series E
Jan
103
7%
1st & ref 5b
5s series C
75
Grocery Store Prod 6s. 1945
1942
Bethlehem Steel 6s
105%
Mar
1,000
10
Alabama Power Co—
Locom
Mar
91
6,000
BONDS
Abott's Dairy 6s
May
93
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd._1950
Yukon Gold Co
5s without
Marelli
♦Gesfurel
7%
1%
Jan
Jan
14,000
14%
7%
96%
103%
110
4,000
1*
Apr
5c
Apr
104
Mar
5%
Mar
5%
Mar
Jan
102% 102%
103% 104
4%
Mar
600
Mar
97%
4%
109
88%
Emplre Oil & Ref 5 %s. 1942
Ercole
Jan
6%
90%
108%
3%
1
79%
109
95%
Jan
Feb
6%
May
79.000
100
1%
1952
Jan
9%
5
Jan
60
7,000
4%
Paso Elec 5s A....1950
Apr
66%
3%
7%
6%
5
6% preferred
£1
Wright Hargrcaves Ltd..*
Baldwin
3%
Georgia Power ref 5s..l967
2
com
Ainer dep rets
Aug 1 1952
♦Certificates of deposit
Eastern Gas & Fuel 4s. 1956
Elmira Wat Lt & RR 5s '56
Apr
2
Aug 1 1952
♦Certificates of deposit
♦Deb 7s
Jan
Mar
58%
♦6%s...
Jan
2%
7%
Apr
7
Wisconsin P & L 7% pf 100
Wolverine Portl Cement. 10
100
Mar
Firestone Tire & Rub 5s '42
First Bohemian Glass 7s '57
Apr
..*
87%
Banks 6s- 5s stpd...l961
Firestone Cot Mills 5s. 1948
Apr
Apr
Conv preferred
Wilson-Jones Co
99
May
47
81,000
8.000
Jan
82%
Mar
Apr
Apr
1
95% 96
99% 101
108% 110
101% 102%
65%
103
Jan
Mar
Williams (R C) & Co
*
Williams Oll-O-Mat Ht..»
3,000
10,000
Apr
Mar
May
Apr
72
Feb
67%
West Va Coal & Coke....*
91
60
54
63%
100%
22%
9%
May
9
15,000
1967
Federal Wat Serv 5%s 1954
Finland Residential Mtge
75
Mar
16%
*
com
100
1950
Apr
Jan
12,000
82% 146,000
Jan
May
Detroit Internat Bridge—
Edison El 111 (Bost) 3 %s 65
Elec Power & Light 5s. 2030
Western Tab & Stat—
Westmoreland Coal Co—*
5s 1st series B
Jan
Apr
38
Det City Gas 6s ser A. 1947
Mar
6
35
Jan
Jan
4%
100
95%
Feb
62%
101
55
108%
*7%
79
9,000
90
Cudahy Packing 3%s.l955
77%
4%
60%
100%
Delaware El Pow 5%s_1959
Denver Gas & Elec 5s. 1949
Apr
1,000
60%
Feb
Apr
124
80%
100%
May
5%
Mar
..1940
Apr
Mar
Jan
124
Cuban Telephone 7 %s 1941
Cuban Tobacco 5s
1944
Jan
%
1%
7%
6%
6%
2%
4%
14
6s ser A stamped... 1943
Cont'l Gas & El 5s
1958
Crucible Steel 5s
2%
"""206
1
Jan
Jan
17%
2%
%
-.
Gen mtge 4%s.._..1954
Coasol Gas Util Co—
Jan
hi
2
Mar
1%
Rights
-1
Western Grocery Co.—20
Western Maryland Ry—
Jan
%
2%
Mar
1%
22%
6
1
1.25
7% 1st preferred
Feb
12%
1%
98
May
12%
1%
22%
.....
Jan
106%
Mar
1%
May
94%
124
Mar
...
Jan
74%
107%
Mar
83
1
9,000
98
128
99%
104
Apr
%
Wayne Knitting Mills.-.5
Mar
104%
120%
%
Weisbaum Bros-Brower._l
Apr
52
4,000
1%
1 %
100
104% 106%
600
..♦
Jan
46~000
100%
200
Waitt & Bond class A....*
70
..
Consol Gas (Bait City)—
5s
..1939
5,700
1,700
97%
61%
74% 105,000
103%
68%
61%
Mar
128
%
6%
103
Mar
40
Jan
%
"m
72
Feb
May
May
Apr
40
Apr
1%
59
*
7% preferred
....100
(The) Co common.*
'
J100
103 %
61% 163,000
42,000
01%
125%
Jan
11
Wagner Baking vtc
58%
59%
103%
*i«
Wahl
58%
60
3,000
1%
300
Feb
45,000
700
2%
7%
100
102%
106% 107%
%
2%
Apr
Mar
128
Feb
*
86%
91%
128"
36%
%
1,900
66,000
101
107%
100
"166
100
(Bilt) 3%sser N...1971
40%
1%
101
Consol Gas El Lt & Power
Jan
5%
May
Conn Lt & Pr 7s A...1951
Apr
5%
May
May
63%
Jan
1%
i
66%
64%
Jan
2%
"5%
Mar
Mar
Mar
Feb
%
Petroleum._.l
43%
42%
10%
Apr
100
Feb
May
43
45,000
08%
Jan
91%
1%
43%
Mar
100
69
Mar
Mar
Y
1%
3
97%
Apr
Mar
47%
Mar
1
31
100
1%
79
1,000
87
May
May
1%
Va Pub Serv 7% pref..100
Vogt Manufacturing
*
—
♦Commerz & Privat 5%s'37
Com'wealtb Subaid 5%s '48
8
800
Van Norman Mach Tool.5
—
1949
Mar
37K
%
100
1
5
Western Air Express
5%s
Community Pr & Lt 5s '57
Community P S 5s
1960
%
Walker Mining Co
Cities Serv P & L 5%s.l952
Mar
IK
Venezuela Mex Oil Co--10
...
Jan
98%
62%
High
May
Pipe
1943
8
275
1%
38%
Class B.............
Wellington Oil Co
Wentworth Mfg
Mar
3%
17,000
66% 456,000
68,000
64%
24,000
63%
61
Mar
1
Conv preferred
—7
JUtil Pow <& Lt common.. 1
Class B
Jan
Gas
Line 6s
Jan
79
69
61%
Cities Service Gas 5%s '42
Feb
79
62%
Cities
Low
75
65
65
Range Since Jan. 1, 1938
for
Week
Shares
82
61%
Jan
1%
2%
+77
61
Jan
11
High
1950
Mar
Service
Week's Range
of Prices
Tjiw
1969
%
1938
Sales
1958
•1.
IK
Utility Equities Corp
*
Priority stock
*
Utility <fe Ind Corp com..5
Waco Aircraft Co
Conv deb 5s..—.
Debenture 5s
Debenture 5s...
Jan
Jan
5
Jan
10
5
Venezuelan
1955
1966
3
Utah Pow & Lt $7 pref—*
Utah Radio Products
*
7% preferred
Valspar Corp com
54 conv pref
,
6s series B
{Cities Service 5s
8
Universal Pictures com...
Utah-Idaho Sugar
Cincinnati St Ry 5%s A *52
Apr
4%
3%
Mar
1%
Jan
24
Jan
1%
7
Feb
1%
Feb
1%
Universal Consol Oil....10
57
Feb
%
Sale
Price
Jan
1%
Feb
*
tc..
v
Maf
42
1
Last
High
450
3%
BONDS
{Continued)
Low
48 %
1
49
-1
United Stores
Range Since Jan. 1,1938
1,300
U 8 Rubber Reclaiming..*
U 8 Stores Corp com
$7 conv 1st pref
for
Shares
%
1*
*
10
May 14,
5
Friday
Week
of Prices
Price
Exchange—Continued—Page
Sales
84
21,000
38,000
101%
42
Apr
95
Jan
Apr
106%
Jan
1st mtge 5s ser H...1961
6 %s series D
1943
5%s series F
1955
Apr
52%
Jan
5s series
I
i960
81%
79
81%
94%
93
94%
Apr
97
84
85
24,000
78
Mar
90
79
81%
30,000
65
Mar
81%
7,000
84%
Jan
Jan
May
Volume
Lasl
BONDS
(Continued)
Week's Range
Sale
of Prices
High
Low
Price
3 %s '66
Lehlgb Pow Secur 6s..2026
Lake Sup Diet Pow
Lexington Utilities 5s_1952
104%
Louisiana Pow & Lt 5s 1957
Mar
84
Apr
103
Jan
25
Mar
25
Mar
96M
99%
29
78,000
92
"3",000
84
Apr
97%
Jan
7,000
101
Apr
104%
Mar
100
90
'42
Island Ltg 6s.-.1945
104 M
Llbby McN & Lib by 5s
97%
Jan
93
104
104%
84%
90
104
104%
89
18,000
76
Apr
45,000
100
Mar
warr'ts.1941
4%s_1954
McCord Rad & Mfg 6s '45
*26%
♦7s without
Marlon Res Pow
*65
j...1952
Deb 4%s
24%
Apr
97
Jan
55
2,000
70
83
Apr
90
May
93
Jan
2,000
79
22,000
100
Apr
Mississippi Power 5s._1955
104% 105%
105% 106%
"57 %
106%
106%
Mar
54
85
Feb
10,000
99% 100
So'west Pow & Lt 6s..2022
{♦Stand Gas & Elec 6s 1935
♦Certificates of deposit
♦Convertible
♦Certificates of deposit
Debenture 6s
1951
Jan
95
Apr
Debenture 6s_Dec 1 1966
5,000
63
Feb
Jan
95%
Jan
Apr
94
{Standard Pow & Lt 6sl957
♦Starrett Corp Inc 5s_1950
100
May
10,000
40
54
35,000
38
52%
53%
20,000
39
Mar
50%
53%
30,000
39%
Mar
52%
61
54
63,000
37%
Mar
52
50%
53%
43,000
36%
60
60
48%
52%
31%
"50%
"49%
31
77%
21,000
70
87
11,000
109
Jan
110%
Apr
27,000
54
Apr
70%
May
Tennessee Elec Pow 5s 1956
86
83%
6,000
86
Apr
97-
May
Tenn Public Service 5s 1970
87
80
Feb
Terni Hydro-El 6%S-1953
58%
58%
Mar
54
Apr
96,000
36
Mar
36,000
18%
Mar
58%
87
30%
Mar
1.000
Apr
Stinnes
Mar
53
61
Mar
Jan
Mar
52
Mar
Jan
Mar
93
51%
87%
May
Apr
55%
52
Standard Investg 5%s 1939
88%
93
2.000
78
81%
100% 100%
1935
6s
Apr
(Hugo)
Corp—
1940
.1946
Super Power of 111 4%s '68
2d stamped
4s
2d stamped 4s.
—
1st 4%s
1970
Jan
43
51%
t50
2,000
39
Jan
105%
20,000
104
Apr
104% 105%
103%
87
15,000
28,000
90
277,000
46
105%
104%
46
46
105
81%
82%
"e".600
81%
May
95
Jan
Texas Elec Service 5s. 1960
92%
90
93%
5,000
68,000
82%
84
84
87
16,000
62%
Mar
87
May
Texas Power & Lt 5s..1956
103%
102
104%
67,000
94
Mar
79 M
77
79%
78,000
58%
Apr
79%
May
93
93%
90%
Mar
44%
44%
9,000
44
Jan
44%
Jan
84
84
3,000
10,000
75%
Apr
108
Mar
110%
111
Apr
May
Feb
ii.6%
70%
97
110%
116
116
*88
95
78
82%
2%
3%
110
83
2,000
1,000
Mar
80%
7i",666
116% 116%
116M
116
Jan
93%
Apr
69
115%
4,000
Apr
5%
83
Jan
118
May
57%
57%
0s
series
2022
A
Tide Water Power 5s. .1979
Tletz
(L)
*84"
1962
Toledo Edison 5s
Twin City Rap Tr 5%s
'52
106%
57%
Jan
Conv 6s 4th stamp. 1950
36%
Feb
United Elec N J 4s... 1949
114%
Feb
United El Serv 7s
Feb
♦United Industrial 6%s '41
57
42,000
40
Mar
55%
55
56%
17,000
97,000
40
Apr
23,000
102
Feb
105
May
41,000
70
Mar
85
Jan
United Lt & Pow 6s
1975
87
Jao
6%s_.
—..—1974
5%s
1959
UnLt&Rys (Del) 5%s'52
39%
85%
86
11,000
74
89
91%
20,000
86%
76%
89
80%
20,000
100
Mar
Mar
58%
91%
Apr
64
Feb
Feb
80%
May
1,000
98
Feb
100%
Mar
15,000
45
84
Feb
105
May
Apr
88
Apr
100
♦1st
s
55 M
1.07 M
107
107%
92
93%
.......
55%
45
19,000
94
78,000
«.
*113
-
*55%
Nippon El Pow 6%s__1953
103%
5,000
104% 104%
22'"Jm
Jan
108%
97%
105%
112%
59
Jan
113%
53%
.....
Jan
62%
Jan
Jan
Apr
Mar
Mar
78%
1956
42%
6s..1952
82
43%
94%
Jan
Feb
1944
Pub SerY 5 % sA "l 94 6
86
86
5,000
75
Feb
9,000
32,000
75
Apr
2,000
1,000
65
9,000
97%
102
96
Wheeling Elec Co 5s.. 1941
108
108
106
106%
Jan
107
Jan
Wise Pow
Yadkin River Power 5s
95
82
1 02%
4,000
100
Mar
103%
115% 115%
114
Mar
Feb
2,000
79
Apr
116%
88%
113%
102
95%
83
.
i
-
.
-
*
»
L
68
93
Apr
55
Mar
74
May
Feb
101
Jan
13,000
28
Mar
34%
Jan
25,000
88%
May
93
May
88%
May
~
91,000
Mar
Apr
Jan
Apr
99%
97
Feb
96
Mar
74%
Mar
32%
Apr
22,000
1,000
103
Apr
107%
Feb
14,000
43,000
105%
Jan
86%
Apr
96
Feb
58%
Apr
37,000
20,000
81%
84%
22%
22%
1,000
17%
23
23
0,000
20
82%
Mar
15,000
37,000
6%
Mar
111
Jan
1,000
65
May
79
Feb
13,000
53
Apr
61
Feb
♦Maranhao
Mar
78
Mar
76
Apr
Apr
94%
96%
11,000
82
94
15,000
75
Mar
99
Mar
9,000
20,000
108%
May
94
May
107%
Mar
103%
Mar
108%
6,000
106%
Apr
24,000
90%
78%
Mar
91
92
92
9%
T-
„
_
106
-
2,000
w'2 2-22~
35,000
11,000
108
5,000
47
'2
-
"
v
»
89%
19
48
105%
Jan
Jan
May
Jan
Mar
135%
Apr
Jan
58%
Feb
♦
Apr
107%
Jan
♦Issue of Oct
104
May
108
Apr
45
Mar
65
103
Apr
20%
Jan
130
2,000
26
26
25%
25%
99%
99%
98%
98%
98%
1,000
98
May
*44
20%
44
Apr
20%
21
15,000
19%
21%
20%
21%
16,000
19%
Jan
Jan
21%
22
6,000
20
20%
21
13,000
19
10%
13,000
*20%
9%
22%
May
Jan
137%
Mar'
104
J-
^
110
Apr
103%
1,000
106%
103%
104% 105%
*105
103%
113
Apr
107
Apr
21
8,000
16
Feb
16%
24%
23
Jan
Apr
12%
7%
♦Russian Govt 6
%8...1919
*%
%
%
1919
♦5%s.
1921
♦5%S certificates...1921
*%
%
%
%
%
1,000
%
Jan
Jan
%
%
5,000
%
Jan
Jan
♦Santa Fe 7s
stamped. 1945
May
♦Santiago 7s
104%
May
5,000
104
57
1949
1961
♦7s
96
Apr
7
Mar
2,000
3,000
Apr
6
Jan
Mar
45
53%
57
9,000
14%
14%
14%
1,000
11 %
2,000
11%
14%
Jan
Jan
Feb
May
Mar
Feb
9%
104%
105%
60%
Jan
7%
64
7%
Apr
70,000
34,000
6%s.l959
Mar
106%
TV, 000
de Janeiro
101%
102%
9%
80
14
102%
Apr
Jan
16%
97
101%
Mar
Jan
Apr
Jan
9%
9%
Mar
98%
Apr
*96%
Feb
10,000
Jan
98%
*12%
♦Parana
5,000
105
Apr
25
1931
Denmark 5s '72
(State) 7s...1958
6s stamped
Mtge Bk of
9,000
5,000
104%
22%
2,000
7,000
46
*21
15%
6s.1931
Apr
1,000
*21
1927
1927——
Apr
65
6%
15
9
Issue of May
♦Mtge Bk of Chile
Jan
Jan
100%
8,000
'■■'■2 2 2 2 2 2
10
♦Mendoza 4s
4,000
135%
75
10
♦Medellln 7s series
Jan
22
Mar
75
*70
79
Feb
100
70
*70
E.1951
stamped.1951
Mtge Bk of Bogota 7s. 1947
108
Mar
22
*io
Jan
Jan
Jan
20%
*20%
1958
7s
Jan
T",ooo
22%
10%
113%
Feb
Jan
May
♦20-year 7s
♦Baden 7s.
Apr
'
102
22%
93
106%
96%
109
108
*37
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
48,000
74%
2,000
41,000
88%
88%
MUNICIPALITIES—
AND
—1947
..—..1951
Buenos Aires (Province)—
♦7s stamped
1952
♦7%s stamped
1947
♦Cauca Valley 7s—-.1948
Cent Bk of German State &
♦Prov Banks 6s B..1951
♦6s series A..—.1952
Danish 5%s
1955
5s.—.
1953
Danzig Port & Waterways
External 6%s_.
1952
♦German Con Munic 7s '47
♦Secured 6s
..1947
♦Hanover (City) 7s... 1939
♦Hano.ver (Prov) 6%s.l949
♦Lima (City) Peru 6%s '58
93
87
Feb
113
WA
74
105
104%
F.1981
—1960
12%
103%
106%
GOVERNMENT
FOREIGN
Mar
99
*114% 117
111% 111%
-
96
102
100
♦6%s certificates
.
May
Jan
27,000
'41
"95%
1937
♦York Rys Co 5s
♦Rio
...-—1956
Apr
72%
May
102
5s series C-———1966
4%sserlesD.._—.1978
4 % s series E
1980
36
Wlsc-Mlnn Lt & Pow 5s
Apr
104
135%
'44
& Lt 4s. —1966
105%
Apr
m
6% perpetual certificates
Pub Serv of Nor Illinois—
7,000
39
36
104% 105%
108
69
89%
"22%
92
105%
83
108
_
100%
West United G & E
89
j,
103%
19,000
1,000
66,000
11,000
100
101%
39,000
131,000
90% 93
West Newspaper
7,060
82
111% 112%
5%s..l972 "ill %
67
67
2 22
1962
58%
59
Pledm't Hydro El 6%s '60 "59
*106
108
Pittsburgh Coal 6s. .1949 2 22
93%
93%
Pittsburgh Steel 6s—1948 222 222
*20%
23%
♦Pomeranian Elec 6S..1953 2m 2 22 2
55
57%
57%
Portland Gas & Coke 5s '40
107
107
107
Potomac Edison 5s E.1956
w
Un 6s '44
5%s'55
16,000
107% 107%
103% 104%
99
100%
Mar
30,000
7%
^
Apr
75
Mar
*104% 105
98% 100
108
21
104% 105%
May
Feb
Jan
108
^2
19
20%
91
Apr
Phila Elec Pow
4%s series F...—-1961
Potrero Sug 7s stmpd.1947
PowerCorp(Can)4%sB '59
♦Prussian Electric 6s. .1954
Public Service of N J—
1954
deb
income
Wash Ry & Elec
105
Penn Ohio Edison—
Phila Rapid Transit 6s
72%
101%
80%
83
92
76
Jan
103%
102
89%
83%
75
Feb
1,000
*100% 100%
31
29%
31
88%
86%
88%
11981
4s series D
-.11961
{♦Peoples Lt & Pr 5s. .1979
♦5s
86%
29,000
95%
101% 111,000
2~222~
4s series B
81%
..
West Texas Util 5s A 1957
36,000
75%
4%s series B_——-1968
Peoples Gas L. & Coke—
.
May
May
100
Registered-....
Apr
100%
108
86
83
—.—1946
101%
Jan
•
86%
72%
1950
1st ref 5s series B
6s
West Penn Traction 5s '60
60,000
;
Va
May
99% 100%
89
93%
93
74
4%S
May
Jan
96%
Feb
04
100%
106%
B-.1959
C—1947
5s series D
1954
Penn Water & Pow 5s_1940
104% 106
53%
100%
Feb
Deb 5%s series
96
7,000
13,000
13,000
Apr
103%
6s series A
82%
64%
15,000
100
78%
20,000
Feb
104%
Penn Pub Serv 6s
99
Apr
Feb
Feb
74
93%
17,000
......
100
57%
94%
80%
93
15,000
......
19,000
78
86,000
106%
73%
76%
'107%
105%
2222 2
75
Wash Gas & Light 5s. 1958
105
*
75
Mar
106%
83
Mar
May
105%
115%
Jan
56
May
106%
102
23
86,000
43%
D.1956
Okla Nat Gas 4 Ms
1951
5s conv debs
-.1946
Okla Power & Water 5s '48
Pacific Coast Power 5s '40
Pacific Gas & Elec Co—
1st 6s series B
1941
Pacific Invest 5s ser A. 1948
Pacific Ltg & Pow 5S..1942
Pacific Pow & Ltg 5s__1955
Palmer Corp 6s
1938
Park Lexington 3s
1964
Penn Cent L & P4%s_ 1977
1st 5s
—.1979
Penn Electric 4s F
1971
93%
Feb
24
~2~66o
82
B..1952
^■2
Apr
Mar
52
75
108%
Mar
100
Mar
30
112%
26%
Apr
90%
86
4,000
27%
Apr
105% 105%
90
105%
4,000
72
A.——..1973
18,000
104% 105
101
2'2
N'western Elec 6s
6,000
Utah Pow & Lt 6s A..2022
100%
stmpd'45
N'western Pub Serv 5s 1957
Ogden Gas 5s
1945
98%
Mar
71
1952
6s series A
100%
100
44
United Lt & Rys (Me)—
4s.-.1951
Wash Water Power 5s 1960
West Penn Elec 5s...2030
1966
1969 ""99""
95%
4%s series E
1970
101%
North'n States Pow 3 %s'67
Feb
21,000
26%
Mar
105%
P S—
series D
106
*26%
1945
30
22,000
*107% 108
5s series C
61
60
70
13,000
40
78%
5%s_.1948
89,000
Waldorf-Astoria Hotel—
No Amer Lt & Power—;
1st &ref 4%s ser
36% 38
114% 114%'
1956
f 6s
6s series
Ohio—
stamped.1950
Corp 1st 4 %s'67
♦Ext 4%3
106% 107
57
59%
74
54
57%
104% 105
82%
81%
48%
TJlen Co—
54%
55 M
65%
57%
Leonard
see
55
A.1949
Central Elec 5%s 1950
4%8 series I
Apr
3,000
11,000
61%
+2%
1942
1st & ref 4%s ser
35%
12,000
58,000
67
♦Income 6s series
1st & ref 5s
1,000
S'western Lt & Pow 5s 1957
Apr
New Orleans Pub Serv—
Ohio Power 1st 5s
106%
103%
Apr
21,000
86,666
95%
-
5s
13 000
104% 104%
Mar
Apr
Feb
Feb
Apr
Mar
"67"
4%s_1981
2022
Neisner Bros Realty 6s '48
Nevada-Calif Elec 58.1956
New Amsterdam Gas 5s '48
N E Gas & El Assn 5s 1947
5s
1948
Conv deb 5s
1950
New Eng Power 3%s.l961
New Eng Pow Assn 5s. 1948
Debenture 5%s--_-1954
Northern Indiana
109% 110
98%
77%
73
6s series A._
5%s series A
Apr
97%
85%
Nebraska Power
No Indiana G «feE
Apr
1023%
89%
{♦Nat Pub Serv 5s ctfs 1978
Nor Cont'l Util
102%
23,000
83
109% 109%
ctfs.1937
Naasau & Suffolk Ltg 5s '45
Nat Pow & Lt 6s A.-.2026
Deb 5s series B
2030
N Y P & L
Apr
48,000
94
77%
1944
NYStateE&G4%sl980
N Y & Westch'r Ltg 4s 2004
Debenture 5s
1954
101%
95%
50
Power—
New York Penn &
32,000
105% 106%
106
106%
105% 106%
95%
75%
94%
98%
♦Munson SS 6%s
N Y
71%
S*western Assoc Tel 5s 1961
101%
58%
93%
Missouri Pub Serv 58.1960
5s stamped..
50,000
39
Jan
May
93
39
3,000
*94
5s.—1957
5s.1951
5%s
109%
104%
Low
Shares
1951
24,000
84
84
Miss River Pow 1st
Montana Dakota
89
Feb
39,000
80
l06M
Miss Power & Lt
Apr
67%
90
80
G...--—.1965
'45
Midland Valley RR 5s 1943
Mllw Gas Light 4%s—1967
Minn P&L4%s
1978
1st & ref 5s
.1955
4s series
Jan
106%
Range Since Jan. 1, 1938
High
89%
106%
Sou Counties Gas 4%s 1968
Mar
87
86%
80
Middle States Pet 6%s
93
1960
Feb
24% Apr
101% May
Apr
89 %
Metropolitan Ed 4s E.1971
Ref M 3%s_May 1
for
Week
of Prices
Low
So'west Pub Serv 6s__1945
92%
*87
1945
Mar
104%
Memphis Comml Appeal—
Memphis P & L 5s A..1948
Mengel Co conv 4%s.l947
Debenture 3%s
Sou Indiana Ry 4s
..
101% 101%
Southeast P & L 68...2025
Sou Calif Edison Ltd—
Ref M 3%s B.July 1 '60
1st & ref mtge 4s...I960
Mansfield Mln & Smelt—
Week's Range
Sale
Price
2,000
*24%
Last
(Concluded)
High
Low
95 %
98%
♦Leonard Tletz 7%s..l946
BONDS
1, 1938
Range Since Jan.
for
Week
Shares
96%
96M
Sales
Friday
Sales
Friday
Long
3157
New York Curb Exchange—Concluded—Page 6
146
Pub Serv of Oklahoma—
4s series
101% 102%
A--.——.1966
Puget Sound P & L 5%s '49
1st & ref 5s ser C...1950
"74%
72
75
75
May
71%
69
71%
8,000
59
Apr
71%
May
D.1950
Queens Boro Gas & Elec—
5%sseries A
.1952
♦Ruhr Gas Corp 6%s.l953
♦Ruhr Housing 6Ms.-1958
Bafe Harbor Water 4 Ms '79
{♦St L Gas <fc Coke 6s.1947
66
63%
66%
51,000
53
Jan
66%
May
80
74%
81
43,000
73
Apr
29%
29%
25%
Feb
93%
29%
May
1st & ref 4Ms ser
Ban Antonio P B 5s
2
-w
109%
14%
130%
112
112
40
27
*27%
26%
100%
100%
100%
44%
45%
—
.W
~
......
21
Mar
25
9,000
9%
102%
Apr
27,000
Jan
105%
Mar
3,000
128%
Feb
130%
Apr
5,000
•
range,
Apr
Jan
111%
Mar
112
No par value,
the rule sales
Mar
108%
Feb
110%
15
28
21%
Jan
27
May
96%
Apr
102
Jan
-
-
2
25
Jan
50
3,000
4,000
106%
Apr
Apr
14,000
101%
Mar
107%
105%
2,000
102
Mcr
105%
102
Mar
105
38%
104%
8,000
58
58
6,000
54%
Mar
63%
77
78
7,000
70
Mar
78
y
May
included In weekly or
-V
Under-the-rule sales transacted
during the current week and not Included
No sales.
2
in
In
Deferred
v
delivery sales transacted
during the current week and not
Included
weekly or yearly range:
No sales.
Mar
Jan
In receivership.
transacted during the current week and not
weekly or yearly range:
Jan
Apr
,
week
No sales.
Jan
Mar
Under
year's
,
Cash sales
e
yearly range;
Mar
2.000
-
x
{ Reported
May
12,000
2
106% 106%
104% 105%
104% 104%
104%
58
-
Jan
46,000
112
221 '2 -1L
-
j.2
-
105%
130%
105%
San Joaquin
Scripp(EW) Co 5M8.1943
Scullln Steel 3s
1951
Servel Inc5s..
...1948
Shawlnlgan WAP 4Ms '67
1st 4%s series B
1968
1st 4^8 series D _—1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
*21%
26
109% 109%
14%
15
130%
B.1958
L & P 6s B '52
Sauda Falls 5s———1955
♦Saxon Pub Wks 6s—1937
♦,>chulte Real Est 6s. .1951
a Deferred delivery sales not Included in year's range,
n
not included In year's range,
r Cash sales not Included in
Ex-dividend.
•
\
f Friday's bid and asked price.
No sales were transacted during current
♦ Bonds being traded
flat.
*
2,000
....
,
Used Above—"cod," certificates of deposit; "cons," consolidated;
cumulative; "conv," convertible; "M." mortgage; "n-v," non-voting stock;
c," voting trust certificates; "w i." when issued; "w w," with warrants; "x-w "
Abbreviations
♦'cum "
"v t
„
without warrants
Financial
3158
Chronicle
May 14, 1938
Other Stock Exchanges
Real
New York
Estate Securities
Exchange
Ask
Bid
Unlisted Bonds
Unlisted Bonds
75
26
11 West 42d St6*4s..l945
29
38th
B'way
St
7s
Bid
Listed and Unlisted
Ask
Internat Commerce Bldg—
Bldg—
1945
Bryant Park Bldg 6*4sl945
6*4s
5
Park Place Dodge
Income bonds
...
SECURITIES
CHICAGO
Closing bid and asked quotations, Friday, May 13
1
1
Paal R Davis & ©a
1
Corp—
v t c
Members
6
10 East 40th St Bldg 5sl953
77
250 W 39th St Bldgs 6s '37
New York Stock
10
IIII II
Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Curb (Associate)
10 So. La Salle
Baltimore Stock
Exchange
May 7 to May 13, both inclusive, compiled from official sales lists
Last
Sale
Par
Arundel
Price
*
com
Consol Gas RL & Fow_.
100
6% preferred..
Fidelity & Deposit
10
113*4
"iix
Mfrs Finance
High
50
12%
A
A
1
Jan
Mar
2A
Apr
13%
77
9%
Mar
17 A
Jan
67%
364
55%
Mar
70
Jan
156
112 A
Feb
4%
Apr
Mar
115
120
113*4 115
14*4
96 A
28%
28 %
1
coin
6*4
100
Mar
11
Mar
8A
18 A
75%
Mar
104 A
Jan
137
28*4
Jan
1A
Apr
May
35 A
5
1%
16 A
15 A
550
11A
Mar
A
'A
30
6*4
6*4
84
A
47
1A May
Jan
17 A
May
%
1*4
A
6%
A
*
1
Common class A
*4
1A
1
Merch & Miners Transp.. *
Monon W Pa P S 7% pfd25
2
IX
*12"
Jan
Jan
99*4
*
2nd preferred
Mar Tex Oil
Jan
134
25
t
com v
1st preferred
17%
Apr
29
1%
100
7
IX
12
1,625
20
Mar
Jan
%
3
1A May
10
Jan
7
May
Mar
1A
200
12
Jan
A
Apr
Jan
2%
Jan
16A
Jan
22 A
22%
235
21
Apr
25%
National Marine Bank--30
44 A
25
42 A
Apr
44% May
New Amsterdam Casualty5
No American Oil com
1
9%
44 A
10
476
7%
Mar
11*4
1,000
1A
2
Jan
Jan
1A
1A
67 A
67*4
55
59 A
May
Apr
75
Jan
12*4
11%
13
2,466
8%
Mar
15%
Jan
20
18 X
20
85,500
20
22
1,850
Penna Water & Pow com.*
U 8 Fidelity & Guar
1%
Jan
Bonds—
Bait Transit Co 4s (flat) '75
A 5s flat.
1975
B 5s flat
1975
80*4
Finance Co of Am 4%. 1942
4%
81
1,500
15
Mar
23*4
Jan
15 A
Mar
27
Jan
78
Mar
85
99A '99A
1,000
96*4
Feb
99 A
93
1947
1,000
92
Apr
Feb
94
93
Par
Stocks—
115
14
Last
Mar
Apr
Week's Range
for
Sale
Low
%
1%
6
20
Fidelity & Guar Fire
Realty
Houston Oil pref
Shares
16*4
64
67
Eastern Sugar Assoc com.l
Preferred
-1
Guilford
High
Sales
Friday
Range Since Jan. 1, 1938
for
Week
of Prices
13*4
corn v t c
1st pref vtc
Black & Decker
Week's Range
Low
16*4
%
1*4
*
Corp
Bait Transit Co
Chicago Stock Exchange
May 7 to May 13, both inclusive, compiled from official sales lists
Sales
Friday
Stocks—
St., CHICAGO
of Prices
Week
Low
Price
High
42
*
Common (new)
Adams (J D) Mfg
May 7
to
36%
7%
Apr
46
Mar
40
Jan
10*4
Mar
750
4%
Mar
7*4
Jan
3
300
2
Mar
4*4
Jan
4%
com.-l
Pub Serv Co pref 100
4A
100
4
Mar
7*4
20
45
Apr
Aetna Ball Bearing
53
Armour & Co common...5
4
X
53
4%
4%
850
3%
7
200
5X
Apr
"l
1
400
1%
29 A
Assoc Investment com..
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1938
Shares
A
1A
50
50
1st preferred
Amer Tel & Tel
100
14
131*4
Associated Gas & Elec A-.l
A
1A
Low
High
40
32c
Mar
128*4 133)4
1
1%
80
1
Apr
30
14
Feb
Mar
1*4
Jan
350
27
Mar
Jan
100
30
3
Apr
%
1A
100
1
Mar
IX
1%
800
9
100
1*4
7%
Mar
8%
Apr
10*4
Jan
Bastlan-Blesslng Co com.*
iox
450
8
Mar
13
Jan
1%
Aviation & Trans
3X
1
iox
7
5
Berghoff Brewing Co...
Binks Mfg Co cap—....1
3%
'
10
Belden Mfg Co com
Bendix Aviation com
950
Jan
Mar
13
8%
Mar
14*4
Jan
5%
Mar
8*4
Mar
7
A
4A
5
100
15*4
16
200
20 A
22%
3,800
13%
4A
Jan
900
12%
7
Jan
700
7A
U A
8
Bliss & Laughlin Inc cap.5
13%
100
50
14
8
4
Jan
Mar
6*4
Jan
12 A
Mar
22*4
Jan
16 A
Mar
28*4
Jan
10
Mar
13*4
May
Apr
22*4
Jan
Borg Warner Corp—
(New)
.5
common...
Brach & Sous (E J)
20%
cap...*
Brown Fence & Wire—
Class A pref
*
*
1
14A
7%
14%
8
250
6 *4
Mar
9*4
Jan
3*4
3%
3A
300
3
Mar
5*4
Jan
10
6A
6%
6A
2,200
554
Mar
8*4
Jan
Bruce Co (E L) com
Burd Piston Ring com
Butler Brothers
Castle & Co (A M) com. 10
Central Cold Stor com..20
18
Cent 111 Pub Serv pref...*
Central 111 Sec—
*51*
18
18
100
11
11
100
50 A
61*4
280
1
A
A
4%
4%
100
1A
2%
93 A
94%
14*4
9
Mar
25
Jan
Mar
14
41A
Mar
51*4
A
500
*
——1
Common...
11
Mar
80c
1%
15
Feb
Mar
May
2,074
110*4
Mar
14954
Jan
48
%
Mar
1%
Apr
1%
*
pref
Central States P & Lt pref*
Chain Belt Co com
*
Preferred
6% non-cum pref
7
Barlow&Seelig Mfg A com5
Automatic Products com.5
"5"
4
A
Jan
May
Mar
*4
Jan
4
Apr
6*4
Jan
6,900
1
Mar
2*4
Jan
140
5
12%
90
2
280
Jan
12
Mar
15*4
Mar
15
May
21*4
Jan
2A
4,950
29%
1,200
154
25?4
Mar
53
57
850
38*4
Jan
Chic & No West Ry comlOO
Jan
5*4
28 A
"57"
97
Apr
100
15
2
Apr
2%
50
12%
15
*
Chic Flexible Shaft com..5
*
Jan
Jan
C cap.l
*3 A
Cherry Burrell Corp com.5
Chicago Corp common..*
Amer Pneumatic Ser—
Common
Jan
6*4
36*4
4*4
1*4
2*4
Athey Truss Wheel'cap.. .4
Prior lien
Sales
Last
56
Mar
ox
1
Corp com
Asbestos Mfg Co com...
Aro Equip
250
8%
6%
6
Advance Alum Castings..5
Amer
43
3
*
Central S W—
May 13, both inclusive, compiled from official sales lists
Friday
High
8X
5%
8A
com..
Adams Oil & Gas com
Convertible pref
Exchange
Low
Abott Laboratories—
Common
Boston Stock
1, 1938
Range Since Jan.
Shares
Mar
%
1
100
X
Mar
98 A
99
30
96*4
Apr
7*4
2*4
Jan
34
Feb
59*4
Feb
1*4
Jan
Chicago Towel Co—
Convertible
*
pref
100
Jan
Cities Service Co—
10
10
10%
.-_._.25
26%
25 A
28
Comp essed Ind Gases cap*
Consolidated Biscuit com.l
14A
12
(New) com
1,150
May
10*4
May
16,450
22
Mar
28
May
15*4
1,450
12
May
25
5)4
450
Commonwealth Edison—
Blgelow-Sanford Carp com*
40
19%
19%
Boston & Albany
Boston Edison Co
100
79
77
79
696
60
Mar
100
120
119
121
549
108
Apr
Boston Elevated
100
57
57
58A
150
48 A
15
161
65
Boston
Herald-Traveller.*
1954
May
21
Feb
108 A
125
Jan
Aor
New capital
Jan
58%
May
12 A
Mar
20 A
Jan
Vtc pref part shares. .50
1A
May
2%
Jan
Cudahy Packing Co pref 100
Cunningham Dr Stores 2 A
Consumers
A
5X
3*4
Mar
Jan
5*4
May
Co—
14X
14H
Preferred std
100
1A
1A
1%
Prior preferred.,
100
8
7%
8
104
5A
Mar
12
Jan
2A
2
2A
183
1A
Mar
4
Feb
Dayton Rubber Mfg com.*
2A
2A
2A
254
2 A
Mar
2%
100
2A
May
8A
9A
35
8A
Apr
Boston & Maine—
Class A 1st pref std. .100
class B 1st pref std. 100
Class D 1st pref stpd.100
Boston Personal Prop Tr_*
Boston & Providence... 100
Calumet & Hecla
*"40"
25
40
25
25
May
4
X
Jan
Decker
Jan
Dixie Vortex Co
1254
Jan
75
Jan
5
6%
4
A
7A
310
4A
4A
'5%
130
4
A
*
A% prior preferred 100
6% preferred
100
2%
Mar
Jan
1*4
Mar
10*4
3*4
*
Dodge Mfg Corp com..—*
3A
150
250
14
Apr
16*4
Jan
150
30
Mar
34
Jan
9 A
50
Mar
14*4
Jan
3X
3
2%
14%
31%
450
200
15
Mar
5
100
5
Mar
6*4
Mar
Jan
Fuller Mfg Co com
1
Gen Finance Corp com.._l
Gen Household Utll—
Mar
51 A
Jan
24 A
255
20
Mar
30%
Jan
3
(Peter) Brewing com.5
Jan
Feb
10
9
1%
8
Mar
10*4
May
2
100
1*4
Mar
2*4
Jan
2%
2%
150
2*4
Mar
4*4
Jan
1
1%
2,100
1
Mar
2*4
550
10)4
100
27
7%
Apr
27
May
Gossard Co (H W) com..*
Great Lakes D & D com..*
7%
75
A
12%
100
24
100
14%
8
10
14A
250
8
2A
Apr
8
May
Hall Printing Co com.-.lO
6A
6%
50
Jan
Heileman Brew Co G cap.l
6%
450
ox
600
3
Georgian Ind pref cl A..20
Gillette Safety Razor
*
Maine Cent 5% cum pf. 100
Mass Utilities Assoc v t c.l
1
"~8A
"1%
1%
4%
1A
100
8A
225
15
1%
20
22
13
Feb
20
Mar
Old Colony RR
..25
Pacific Mills Co
Jan
81
115
60c
30
80
9A
522
12 A
IX
37c
Mar
Mar
102
2%
Jan
Jan
Mar
79c
Jan
2
Apr
5
Jan
1
May
3 A
Jan
Jan
60c
May
30c
Mar
16A
Jan
May
24%
Jan
370
2
Mar
4A
Jan
10
15
May
Torrington Co (The)
*
Union Twist Drill Co
5
16 A
16 A
17
United Shoe Mach Corp. 25
Preferred
25
66 A
63
6854
40
40%
33
1.00
1,900
9
9 A
277
8A
9A
1,228
9
5%
20
Jan
Jan
10A
Mar
Mar
11%
Jan
Warren Brothers
*
6%
6%
7
2%
2A
425
17
Apr
27
Jan
50
15
Apr
■20 A
Feb
1,052
50
Mar
77%
J an
60
8*4
Mar
11
Jan
A
200
A
Mar
2
Jan
108
Jan
29
Jan
7
1
13%
13 A
300
11*4
Mar
18*4
*
19
19
50
15*4
Mar
23*4
Jan
200
5*4
Mar
7*4
Jan
*
t c
com
oommon
*
Preferred
100
Ken-Rad T & Lamp com A*
Kentucky Utll Jr cum pf 50
6% pref
...100
Kerlyn Oil Co com A
5
391
19
6A
80
100
Loudon
Packing
Marshall Field
com
Prior preferred
55 A
Feb
80
Apr
Mar
12
Jan
80
20
Mar
28*4
55 A
55 A
10
63
Apr
60*4
250
8%
5*4
3%
4
400
3*4
Mar
1
1
100
54
Feb
6%
6%
,
50
2%
21%
3%
350
21%
1%
21%
100
1%
100
6
Mar
Jan
Jan
5
Mar
1*4
Mar
9
Jan
Apr
2
16*4
4
Jan
Mar
25
Jan
1*4
Apr
2*4
Jan
A
350
*4
Mar
1*4
Jan
8
8
8A
2,445
5*4
Mar
9*4
4A
4
4%
500
2*4
Mar
4*4
20
19*4
Mar
25
Apr
Mar
3
Jan
%
22
*
22
Jan
Jan
MIckelberry's Food Prod—
Common
2A
1
Jan
41X
Jan
Middle West
5
6A
1%
Jan
X
5A
Mar
8%
Jan
Stock purchase warrants
Midland United Co—
1%
Mar
4A
Jan
55c
65
23
*
*
com
70
80
8A
*
com
Manhattan Dearborn
6%
Jan
Jan
22
Kingsbury Breweries cap.l
Lib McNeil & Libby com.*
Lincoln Printing Co com.*
Lion Oil Ref Co com
*
6*4
80
Mar
38%
Corp
cap
2%
300
1*4
6
6%
12,250
4*4
Mar
7
Jan
%
2,100
%
Mar
2
Jan
%
Common
*
X
%
900
Conv preferred A
*
4%
4A
250
6% pref A
Bonds—
100
%
20
7% prior lien.
100
%
1A
Jan
*4
Jan
Feb
X
3
5
Apr
1*4
Mar
Jan
Midland Utll—
Eastern Mass St Ry—.
Series A 4 As
s
Mer & Mfrs Sec cl A com.l
96c
200
Kellogg Switchboard & Sup
*
*
Jan
9A
Mar
2%
*
1
Jan
11*4
Mar
1%
Shawmut Assn T C
Waldorf System
Jan
Mar
May
Jefferson Electric
Stone & Webster
Utah Metal & Tunnel
Apr
4*4
Jan
232
22
7*4
6*4
14
700
Apr
14 *4
Feb
2A
IX
21%
Jan
Mar
12*4
5*4
60
5A
140
16
4
Jan
150
Jan
1,740
16
5*4
Jan
7*4
250
Jan
50c
2
Mar
Jan
Feb
4A
2%
1A
17%
5
8*4
16
19
Indiana Steel Prod com._l
45c
2
Mar
Mar
107
Indep Pneu Tool
Jan
410
1654
107
100
13
6
12*4
18A
4%
Jan
24 A
88 A
87
1354
16
100
2 A
Mar
100
18%
"~8 A
HI North Utll pref
Mar
200
16%
Reece Button Hole MachlO
1
com
1A
IX
50
2
A
Feb
18%
4%
12 A
25
Hupp Motors
11
22
com
50
4%
*
Pennsylvania RR
Quincy Mining Co
9A
Mar
60c
(Ctfs of dep)
8%
Mar
2
100
7A
Feb
Houdaille-Hershey cl B._*
Hubbell Harvey Inc com.5
7A
12
5
12%
Feb
154
6 A
Hein Werner Motor Parts 3
Horders Inc
*
1A
1A
"45c
3 A
Feb
1
2.50
Apr
Apr
110
IX
*88"
2A
12
15%
Jarvls (W B) Co cap
21
N Y N H & Hartf RR..100
North Butte
Old Dominion Co
8 A
15
Natl Tunnel & Mines Co.*
New England Tel & Tel 100
50
20
875
1A
Mergenthaler Linotype...*
Narragansett Racing Ass'n
Inc..-..
3
13
20
IX
Jan
24
1%
"2%
1st preferred
13
Jan
18
5
Mar
18*4
4*4
17
Preferred B
19
Mar
15
Common
Economy Grocery Stores.*
Employers Group,.
*
2*4
Elgin Nat Watch
-
Eastern Steam Lines com.*
7*4
Jan
Four-Wheei Drive Auto. 10
2A
80
5*4
8
Jan
42%
X
Jan
200
7%
2X
14A
30%
9A
Jan
Feb
Jan
125
A
7%
6*4
7A
194
..100
15*4
10%
51
2%
May
Apr
70
11*4
Mar
49
2%
48
650
5%
Mar
22 A
51
Feb
30
13A
5A
*
com
4
49%
12 A
(Alf) & Cohn comlO
Class A
Fox
Common
4
East Mass St Ry—
Common..
35
110
Elec Household Utll cap.5
25
Copper Range
East Gas & Fuel Assn—
2%
20
49
1948
For footnotes see page
3161.
60
60
2,000
49
Mar
63 A
Jan
2
270
*4
1
Mar
2
Jan
Volume
Financial
146
Week's
Last
Sale
Stocks (Concluded)
of Prices
High
Low
Price
Par
Week
3
100
137
250
126
f 5%
5%
National Standard com. 10
16%
16%
16%
200
15 %
15X
15%
400
12
1%
1,300
19%
120
90
26
20
26
50
%
50
Peoples G L &,Coke cap 100
Prefect Circle Co
*
31%
13%
32%
24
24
Apr
Jan
Pines Winterfront com
1
Potter Co (The) com
1
%
%
%
1%
1%
2
Mar
3
Jan
81
16
Mar
1,300
4
Mar
6%
Feb
May
9%
35
Apr
11%
Jan
Jan
16
Jan
19%
34
32
34
38
30
Mar
36%
14
13
14
20
12
Apr
32%
Jan
Mar
3%
Apr
7
Feb
2%
Jan
Jan
May
Seiberling R 8% cum pf 100
32
Feb
9%
8%
Jan
27%
Apr
Jan
115%|May
Jan
1
Apr
14%iMar
33
Mar
29
Van Dorn Iron Works
2%
2%
*
65
1%
Mar
5
Vlchek Tool
*
5%
85
Warren Refining
2
2
2
90
1%
Mar
Weinberger Drug Inc....*
17
17
50
16%
May
5%
5%
20
Jan
Feb
Jan
24
Jan
1%
%
Mar
%
May
1%
Mar
100%
Jan
1%
Feb
%HMar
600
U
93%
140
9%
8%
24%f Mar
3%
May
11%
Jan
1%
85
140
2%
6%
19%
Apr
50
%
4%
3
Mar
%
40
Mar
16
Reliance Electric & Eng..5
Richman Bros
*
11
100
2%
Jan
2%
May
2.600
13 J*
95
Jan
23%
14
15%
X
108
6%
2%
Mar
31
%
Quaker Oats Co common.*
Raytheon Mfg 6% pf v t c 5
Common v t c
50c
23%
1%
8%
18%
15 J*
10
Apr
5
28
Peabody Coal cl B com
*
Penn Elec Switch conv A 10
Peerless Corp
Mar
25
3
2
*
6%
Mar
26
pf.100
Prior lien pref..
..100
Oshkosh B'Gosh conv pfd *
com
300
6%
15
17
Northwest Utll 7%
Parker Penn Co
1%
6
Northwest Bancorp corn..*
Patterson-Sargent
6%
13%
Noblitt-Sparks Ind com..5
North American Car com20
pre!-*
*
Jan
4
High
Low
Shares
Jan
3%
80
Nat Republic Inv Tr
National Tile
Mar
50
of Prices
High
3
National Refining
Jan
140
Apr
Range Since Jan. 1, 1938
for
Week
Low
Price
Par
Feb
4%
Jan
2%
4%
4%
National Pressure Cooker 2
Stocks (Concluded)
High
Low
Shares
136
137
Montgomery Ward cl A..*
Week's Range
Last
1, 1938
Sale
3
*
_
Range Since Jan.
for
Range
Sales
Friday
Sales
Friday
Miller & Hart Inc conv pf
3159
Chronicle
Jan
%
1150
1
*
Jan
Watling, Lerchen & Hayes
3%
9%
2%
9%
500
9%
50
7%
Mar
1%
%
Mar
Jan
Sangamo Elec com
*
Sears Roebuck & Co com.*
"l8%
1%
18%
1,350
New York Stock
18%
100
15%
Mar
27
Jan
Detroit Stock Exchange
58%
60
200
47%
Mar
63%
Feb
1
"3%
5%
Jan
Reliance Mfg Co com
Rollins Hos Mills com
10
1
Serrick Corp cl*B com
150
3%
3%
2
Mar
10
May
13
17
"Isk
100
64
Mar
10%
70
100
13%
15%
15%
Southw Gas & El 7% pf 100
95
95
80
90
St Louis Natl Stkyds cap.*
63%
63%
30
58
2%
300
2
*
Standard Dredge com
Util & Ind
conv
*
com
27
Jan
compiled from official sales list*
May 7 to May 13, both inclusive,
16%
800
15
18%
16%
400
14%
%
Feb
16%
Feb
Friday
Mar
1%
Jan
Last
Feb
Sale
1
1,500
1%
2
1%
400
1%
Mar
%
%
400
%
Jan
%
May
16%
16%
1 %
'"If
•
2
3%
20%
4%
Jan
Allen Electric com
5%
Jan
Auto City Brew com
Baldwin Rubber com
1
Briggs Mfg com
Burroughs Add Mach
*
*
Price
of Prices
High
Low
1
Mar
Sales
Week's Range
150
2%
Apr
5%
Jan
12%
1.300
9%
Mar
17%
Jan
1
90c
38c
40c
700
6
6%
1,190
1,260
2%
43
46%
2,887
13%
13%
90c
1%
300
15%
15%
"43%
com. 10
1%
Det& Cleve Nav com...10
Det Gray Iron com
BALLINGER & CO.
UNION TRUST
Cherry
Phone
6711—BeU
Sys.
1
5
Det Steel Corp com
Erankenmuch Brew com__l
10
General Motors com
Range Since Jan. 1,
Lost
Par
Aluminum Industries
_
_
Amer Prod part pref
Champ Paper & Fibre
^Preferred
.
.
Week's Range
for
Sale
Stocks-
of Prices
Low
High
Price
*
16%
*
9%
Kroger
"48%
5%
9%
Apr
100%
Jan
20
3
May
5
Jan
105
75
Jan
81
Mar
6
Mar
10%
Jan
27
7%
Mar
12%
Jan
186
22%
Apr
25%
Jan
100
100
5
Mar
7
Jan
10
6
Jan
7
Feb
14%
12%
Mar
89
27
88
May
10
2
10
Jan
100
48%
123
1
215
Mar
39%
17%
Jan
Jan
50%
211
Jan
217
18
15
18
Apr
26
21%
Jan
24%
Apr
27
24%
7%
10
Jan
10%
18
70
100
Jan
100
23%
*
Jan
Feb
40
46
31
Apr
6%
90
327
6
215
..10
Preferred
9%
5%
Apr
Mar
10
*
Wurlitzer
8%
24
Jan
105%
Apr
14%
88
P & G
■
3%
May
.
88
*
Playing Card
5
9%
5%
50
Manlschewitz
U S
96
6
*
8% pref...
Rapid
99%
97%
9%
100
Little Miami Guar
18%
46
78
18%
Feb
21
24
...»
Hatfield part pref
5
30
76%
8%
8%
10
Goldsmith
Mar
5
3%
__*
Gibson Art..
15
9%
94%
9%
96
50
Eagle-Picher
79
98%
100
100
Cin Street....50
Crosley Radio
16%
13
1%
1%
30%
30%
Jan
May
7
100
7%
Mar
10
Jan
70
14
65%
Mar
80
Mar
%
Jan
"Jan
13%
Mar
26
Jan
,
36
Mar
725
13%
Mar
341
87c
Mar
1%
Jan
Mar
3%
Jan
1%
May
62%
15%
1%
Feb
1%
Jan
Jan
Apr
Mar
77
100
1%
650
2
108
Jan
Mar
2
Jan
3%
3%
Jan
400
938
9
Mar
13%
Jan
1%
32%
1,000
2,701
1
Mar
1%
Jan
570
7%
6%
Apr
Mar
Jan
Jan
16
Jan
38
3%
Jan
70c
Feb
3%
Jan
232
100
7%
25%
2%
%
Mar
Jan
100
com.10
1%
10%
Mar
515
65c
2%
7%
Houdaille-Herehey B
*
Hudson Motor Car com..*
Jan
2
3
65c
3
Hoover Ball & Bear
Mar
6%
Mar
12%
Jan
7%
6%
125
6
Mar
11%
Jan
530
5%
Mar
Jan
37c
Apr
Mar
9%
%
3%
Mar
18%
Jan
Jan
Jan
com.__l
Hurd Lock & Mfg
50c
50c
50c
700
1
1%
1%
18%
2%
1%
18%
2%
545
1,150
1%
15%
200
1%
Mar
3%
81c
Mar
1%
Jan
Kresge (SS) com..
10
Lakey Fdy & Mach com_.l
Jan
1
91c
90c
95c
685
35c
35c
41c
1,425
%
Mar
55c
Apr
71c
72c
200
69c
Mar
1%
Jan
McClanahan Ref com
1
1
*
67c
60c
380
40c
Mar
%
Jan
Mich Sugar com
1
1%
225
1
Mar
2
Jan
Jan
Masco Screw Prod com
...
McClanahan Oil com
"60c
Mid-West Abrasive com50c
Murray Corp com
10
Packard Motor Car com..*
...*
com...*
Penin Metal Prod com...l
Prudential Investing com 1
Rlckel (H W) com...
2
River Raisin Paper com..*
Scotten-Dillon com
10
Standard Tube B com
1
Stearns (Fred'k) pref ..100
Tlmken-Det Axle com... 10
Tlvoli Brewing com
1
Tom Moore Dfst com
1
Union Investment com... *
United Shirt Dlst com
*
"5%
*
*
*
1
1
2
-
Walker & Co B
Warner A ircraft com
Wolverine Brew com
Wolverine Tube com
4
1,320
4%
Mar
3%
31%
Mar
5%
Jan
Jan
37%
Feb
Apr
12
Jan
36%
728
6%
264
1%
1%
36%
6%
Parker Wolverine
B
5%
3%
7%
534
5%
Parke Davis com
Universal Cooler A
Ohio Listed and Unlisted Securities
Jan
1%
9%
20%
2%
3
1
com..l
*
Kingston Prod com
High
Low
Shares
20
5
18%
Cin Gas <fc Elect pref
Cin Telephone
1938
Week
*
Churngold
official sales lists
Sales
Friday
10%
Hall Lamp com
Goebel Brewing com
Grand Valley Brew
Cincinnati Stock Exchange
May 7 to May 13, both inclusive, compiled from
2%
Ex-Cell-0 Aircraft com...3
Cin. 363
Tel.
2%
2%
Jan
Mar
1%
2%
2%
10%
13%
1%
1
Det Paper Prod com
CINCINNATI
BLDG.
5
Det-Mich Stove com
"u
37c May
4%
15% Apr
1% Mar
1% May
740
210
39
89
88
100
Detroit Edison com
100
19%
Consumers Steel
Cincinnati and Ohio Listed and Unlisted Securities
1%
87c
6
19%
16%
2%
1%
Chrysler Corp com
Consolidated Paper
Exchange
Trading Markets in
300
88c
6
Brown McClaren
Active
High
Low
Shares
40c
12%
Burry Biscuit com
Membera Cincinnati Stock
1, 1938
Range Since Jan.
for
Week
Jan
Mar
3%
3%
11%
Zenith Radio Corp com..*
Mar
3%
700
4
3%
4
Par
Stocks—
2%
15
50
100
3
3
*
Woodall In dust com
13
Mar
16
*
com
Mar
22%
16%
Williams Oil-O-Matic com *
Wise Bankshares
7%
200
Jan
1%
5
Common.
Walgreen Co common
Detroit Stock Exchange
Jan
200
Mar
7
pref
Jan
12
26%
16
common.2
Utah Radio Products
3%
Telephone: Randolph 5530
16 %
25
Swift & Co
Trane Co (The)
Mar
11%
15
International
1%
26
Convertible preferred. 20
Swift
DETROIT
Jan
Jan
Chicago Stock Exchange
Buhl Building
Feb
Apr
New York Curb Associate
Feb
Mar
10
Singer Steel Castings com.*
Sou Bend Lathe Wks cap.5
Members
Exchange
1%
800
6%
1%
May
3%
Jan
2%
Jan
1%
1%
400
3%
3%
2%
815
1%
2%
Apr
Mar
4
555
2
Mar
4%
24%
225
22
Jan
27
2%
885
Apr
4
Jan
May
2%
24
2%
2%
3%
3%
9%
3%
90c
90c
1.00
9%
Jan
Jan
96
150
8%
Mar
14
980
3
Mar
4%
1,505
Mar
1%
Mar
6%
Jan
5
Jan
45
96
96
1%
Jan
Feb
90
%
Jan
Mar
Jan
4
4
370
4
3%
3%
100
2%
3
3
3
100
3
Mar
5%
Jan
1%
1%
350
1%
Mar
3%
Jan
1%
200
1%
Apr
2%
Jan
65c
Mar
1%
Jan
%
4%
Jan
May
'77c
77c
26c
26c
100
4%
"4%
83c
400
4%
200
Apr
Jan
Jan
Members Cleveland Stock Exchange
GILL!
s(^)wOODc'o
Wm.Cavalier&Co.
——i
,n
MEMBERS
Union Trait Building, Cleveland
New York
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Lot Angelea
both inclusive, compiled from official sales
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Week
Price
5%
9%
8
Mar
11%
Mar
12%
Jan
10
63
May
11
63
16
48
49%
65%
Mar
Apr
20%
Jan
210
44
Mar
64%
Jan
Mar
25
14%
2%
2%
500
62 %C
65c
200
52 %c
2%
2%
400
1%
May
Mar
Mar
3c
2,000
3c
400
107
May
Apr
111%
20
32
Jan
Buckeye Union
11
Mar
18%
Jan
Broadway Dept
68
20
60
Jan
Oil com.
Store...
Chrysler Corp
*
19%
19%
85
19%
May
21%
Feb
33%
33%
30
31%
Apr
37%
Jan
*
5%
5%
100
Jan
6%
Jan
Elec Prods
Consolidated Oil Corp..,
Consolidated Steel Corp.
Creameries of Amer vtc
Faultless Rubber
Halle Bros pref
Harbauer Co.....
Interlake Steamship
Kelley Isl Lime & Tra
Lamson & Sessions
Leland Electric
A Heal
5
Claude Neon
*
30
30
32
190
27
Mar
44%
Jan
*
—
Douglas Aircraft Co
Exeter Oil Co A com
15
15
15
26
14%
Mar
18%
Jan
General Motors com
5
5
5
3%
Mar
6%
Jan
General
10%
__*
..*
1
9
For footnotes see page
3161.
9
2
—
2%
15
8
Jan
125
2
Apr
4
Jan
Jan
Paint com
Gladding-McBean & Co.
Milling..
Globe Grain &
3c
3c
7%
45
7%
45
46
200
2%
7% May
36
Mar
Jan
4
Mar
7%
5
27
705
Mar
High
Low
2%
14%
1, 1938
Range Since Jan.
2%
23%
70
for
Week
Shares
62%c
68
& Mfg..*
Price
Co..
14
107
of Prices
Low
High
Berkey & Gay Furn Co..
Bolsa-Cblca Oil A com..
Bandini Petroleum
23%
107
14%
Par
Stocks—
Week's Range
Sale
.100
Elect Controller
Lima Cord Sole
Apr
Sales
Last
Jan
10
16
49
Angeles Stock Exchange
official sales lists
Friday
9
4%
Teletype L.A. 290
both inclusive, compiled from
Jan
275
11
pref
*
Cleve El Ilium S4.50 pref.*
Cleveland Railway
100
Cliffs Corp vtc
—*
6
9%
63
Cleve Cliffs Iron
High
Low
Shares
10
_.l
Clark Controller
May 7 to May 13,
5%
Appl pref .100
Amer Coach & Body—..5
City Ice & Fuel...
*
Preferred .......—.100
Airway Elec
Los
Range Since Jan. 1, 1938
Last
Los Angeles
lists
Sales
Friday
Stock Exchange
523 W. 6th St.
Cleveland Stock Exchange
May 7 to May 13,
Chicago Board of Trade
San Francisco Stock Exchange
Stock Exchange
1.00
Jan
2%
Mar
5c
8
Jan
Apr
62%
Jan
8
7%
8
1,500
6%
Mar
8%
Mar
8%
8%
8%
100
Jan
200
4%
200
Mar
Mar
Mar
Apr
10%
4
7%
2%
4
4%
47
65c
32
4
4%
47
47
100
3%
43
4%
4%
47
62%C 67 %c
32%
31%
1,900
60c
Mar
95c
400
25%
Mar
37%
6%
7%
7%
7%
200
8
8
8
100
7
4%
4%
4%
400
3%
Jan
Jan
May
Jan
Jan
Mar
9
Mar
Jan
9
Feb
Mar
5
Jan
3160
Financial
Friday
Hancock OH Co A
corn..
Holly Development
1
Hupp Motor Car Corp—1
Intercoast Petroleum
International Cinema
Week's Range
for
Sale
Par
of Prices
10c
Kinner Air pi & M otor
1
Lincoln Petroleum Co.. 10c
Price
Imw
High
27%
27%
7214c
75c
Low
High
29%
400
25%
Jan
30%
75c
400
65c
Mar
95c
Apr
75c
75c
1.50
Jan
55c
55c
55c
100
52 %c
Apr
57%c
Apr
4c
4c
4c
1,100
35c
Jan
35c
Jan
5c
Jan
7c
3c May
10c
Apr
12c
Apr
Apr
18c
Jan
Jan
10%
3%
Mar
Mar
4%
Feb
5c
100
5c
3c
4c
25,318
11c
11c
75c May
1.000
4c
11c
800
5c
I
'
9%
9
9%
1,100
2%
2%
3%
2%
600
2
3%
3%
100
3%
49c
Angeles
InvestmentlO
Mascot OH Co
*1
H. S. EDWARDS a CO.
Mar
72 %c
Los
50c
55c
80c
80c
90c
1,200
5214c
52%c
55c
500
Mar
5%
2,600
1
Mt Diablo Oil M & Dev.-l
Nordon Corp Ltd
Occidental Petroleum
UNION
49c May
75c
120
1 %
Jan
70c
Jan
80c
-1
8c
8c
9c
200
8c
Apr
15c
21c
21c
21c
1,100
19c
Apr
30c
85c
90c
400
80c
5%
5%
5%
200
5
27%
27%
29%
27%
100
23%
Mar
29%
100
28
Mar
38
38
200
32%
Mar
35
101%
Mar
27% May
29% May
Jan
39%
Jan
104%
500
4%
Mar
5% May
100
17%
May
17%
May
4% May
Pacific Clay Products
*
Pacific Gas & Elec com..25
25
29%
Pacific Lighting com
*
6%
38
preferred
*
Pacific Public Serv com..*
103 %
1st preferred
.-*
Puget Sound Pulp & Tbr_*
Republic Petroleum com.l
17%
514% preferred
50
103% 104
5%
5%
5%'
17%
"
4%
4%
17%
4%
100
4%
4%
4%
1,600
30
33
33
34%
1.20
Pittsburgh Stock Exchange
7%
Mar
7%
Feb
Mar
5%
Jan
Mar
37%
Jan
-.1
25c
23c
25c
2,200
17c
Mar
25c
Richfield Oil Corp com—*
May
5%
5%
6%
2,200
5
Mar
7%
Jan
Ryan Aeronautical Co.-.l
1.20
1.20
1.30
400
1.05
Mar
1%
Jan
Rice Ranch Oil Co
.
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Allegheny Steel com.....*
Arkansas Natural Gas
*
Armstrong Cork Co
16%
*
Blaw-Knox Co
12%
Byers (AM) com
Carnegie Metals Co
Corp B
*
10
2
2
2
402
1.25
Apr
2.00 May
4%
4
4%
500
2%
Mar
Sierra Trading Corp...25c
4% May
5c
6%
com
preferred
Signal Oil & Gas Co A
*
5c
6c
20,000
22
23
200
8
So Calif Edison Co Ltd..25
8
8
100
200
22%
6% pref B
25
5%% pref C
25
25%
25
So Calif Gas 6% pref A. .25
Southern Pacific Co....100
29%
29%
14%
12%
2714
Standard Oil Co of Calif..*
27%
Sunray OH Corp
1
Superior Oil Co (The) ...25
31
2%
27%
27%
Jan
12%
101
10%
Mar
15
Mar
63
6%
Mar
11%
70c
24%
Jan
27%
Feb
Apr
25%
Feb
30%
Jan
Plymouth OH Co..
5
14%
30%
1,300
1,000
9%
Apr
Mar
21%
33%
Jan
Shamrock Oil & Gas
880
60c
5
300
3%
7%
575
720
80
70c
75c
55
100
Jan
2%
200
1%
Jan
Jan
5%
Apr
8
8%
Jan
Jan
600
70c
Feb
10
50%
57
8
96
1%
18%
9%
18%
20
10
II
11
11%
9%
80c
Apr
Jan
73%
Jan
Apr
105
Jan
6%
605
Mar
9
Jan
300
90c
Apr
1%
5%
662
4%
Apr
6%
Jan
2c
1,500
2c May
5c
Jan
9%
Jan
2c
7
6%
355
4%
Mar
Feb
"74%
73%
6%
74%
191
6%
128
5%
Mar
9
Jan
18%
18%
18%
50
15%
Mar
20
Mar
2%
2%
100
Apr
4
Jan
56
Apr
1%
3%
Jan
United Engine & Foundry 5
United States Glass Co..25
29%
Mar
26
Mar
Feb
Westinghouse Air Brake..*
20%
22%
345
15%
Mar
Jan
Westinghouse El & Mfg.50
76%
81%
287
62%
Mar
Mar
21%
6%
Jan
11%
Apr
60
1%
Jan
Feb
300
90%
Mar
8%
17%
36%
12%
Mar
100
25
Jan
14
11
1,400
31
9%
Apr
Mar
100%
5
2c
Mar
5
55
100
Jan
Mar
■
5
10%
8%
10
1
Apr
75c
4%
6%
Phoenix Oil common...25c
23%
Universal Consol Oil
9%
Jan
Apr
8%
28%
Traasamer ica Corp
Union Oil of Calif
.2
12C
27%
100
2%
31
12%
1
Mar
25%
Jan
Jan
McKinney Mfg Co
*
Mountain Fuel Supply. .10
500
300
4
39
8
Pittsburgh Forging Co...l
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.. *
22%
27%
25%
29%
Mar
Mar
*
Jan
19%
22%
Koppers G & Coke pref 100
Lone Star Gas Co
Jan
2%
24%
70c
5
Feb
7%
20
100
3%
21%
200
Pbllansbee Bros pref...100
Fort Pitt Brewing
1
Mar
5c
22
Sontag Chain Stores Co.
Mar
30
Clark (D L) Candy Co...*
Columbia Gas & Electric. *
Duquesne Brewing Co
High
11%
9%
1
Low
35
16%
3%
Range Since Jan. 1, 1938
Week
30
Jones & Laughlin St pfd 100
Samson
Sales
Friday
Jan
Jan
3
112
Mar
NEW YORK
May 7 to May 13, both inclusive, compiled from official sales lists
Jan
90c
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
BROADWAY.
Jan
1
BLDG.,
Specialists in Pittsburgh Securities
Jan
Mar
52 %c May
BANK
Tel. Court-6800
Jan
Oceanic OH Co..-1
6% 1st pref-.
1938
Range Since Jan. 1, 1938
Shares
Lockheed Aircraft Corp__l
Los Angeles Industries.-.2
Menasco M fg Co
14,
Week
1
Jade Oil Co
May
Sales
Last
Stocks (Concluded)
Chronicle
1,500
25%
Mar
2%
Weber Shwcse & Fix 1st pf*
3
3%
Western Air Exp rights
1
Yosemite Ptld Cement pf 10
Apr
30c
25c
30c
200
15c May
30c
3
3%
200
2%
3%
22 %c
23c
22
Mar
34%
Jan
1
May
1%
27%
107%
Jan
36
Jan
Jan
Unlisted—
Jan
23c
77%
10
1
Apr
314
29%
1
3
3
15
3%
Apr
Mar
Pennroad Corp vtc
1
Mining—
Blk Mammoth Cons M 10c
12c
Mar
Calumet Gold
10c
lc
lc
lc
4,000
19,000
lc
Jan
Cardinal Gold
1
12c
12c
12c
300
10c
Mar
22c
100
3
Mar
4%
Apr
Mar
3c
Apr
9%
Mar
Feb
3
Mar
14%
4%
44%
1%
5%
8%
ST. LOUIS MARKETS
Jan
Coasol Chollar G & S M.
Imperial
1
_
Development.25c
3
3
3
■.
l%c
l%c
l%c
8,000
American Rad & Std Saul. *
12%
12%
12%
100
Aviation Corp
4%
4314
1%
4%
43%
4%
44%
1%
200
36%
1%
3%
23c May
2c May
Mar
300
Apr
lc
I. M.SIMON &CO.
Business Established 1874
Enquiries Incited
Unlisted—
(The) (Del) 3
Caterpillar Tractor Co
*
Commonwealth & South..*
Curtlss-Wright Corp
1
International Tel & Tel..*
5
1%
5
8%
100
5
8%
8%
200
Mar
Jan
100
5%
Mar
35
35
100
27%
Mar
41
Chicago Board of Trade
Chicago Stock Exchange
Jan
33%
33%
33%
100
29
Mar
36%
Feb
New York Central RR
14
14
14
10%
Mar
19%
Jan
9%
21%
9
9%
1,300
6
Mar
10%
Jan
20
21%
200
15
Mar
21%
Jan
10%
10%
300
10%
May
12%
Apr
3%
3%
100
3%
Mar
5%
Jan
7%
(Associate)
8t. Louis Stock Exchange
Jan
35
all
MEMBERS
New York Stock Exchange
New York Curb
Feb
Montgomery Ward & Co. *
on
Mid-Western and Southern Securities
May
Kennecott Copper Corp..*
Jan
*
Nor American Aviation..!
North American Co
*
Ohio 011 Co
*
500
Paramount Pictures Inc..*
Sears Roebuck & Co
*
8%
60%
8%
60%
400
60%
United Aircraft
28
28
28
100
...*
28%
28%
28%
.....*
Warner Bros Pictures
5
46%
46%
6%
5%
Corp... ..5
US Rubber Co
US Steel
Corp
315 North Fourth
100
6%
Apr
60% May
24%
Apr
25%
Apr
31%
46%
100
38%
Mar
61%
St. Louis Stock Exchange
200
3%
Mar
7%
Jan
May 7 to May 13, both inclusive, compiled from official sales lists
Jan
5%
100
8%
Apr
60%
May
Last
Week's Range
28
May
Sale
of Prices
Mar
Friday
Stocks—
Par
American Inv
Brown Shoe
Established
1874
30 Broad Street
American Tel & Tel
Barber Co
Bell Tel Co of Pa pref
Budd (EG) Mfg Co
100
for
of Prices
.100
116%
_*
Budd Wheel Co
*
Chrysler Corp
5
Elec Storage Battery... 100
General Motors
10
Horn & Hard (PhUa) com. *
(N Y)
132%
High
*
com
"30%
"22%
Lehigh Coal & Navigation *
Lehigh Valley
....50
Natl Power & Light.;
*
Pennroad Corp vtc
.1
1%
16%
Phila Insulated Wire
,.*
Phila Rapid Tran 7% pf.50
Salt Dome Oil Corp
1
Scott Paper..
25%
*
_
_
*
*
Mar
12%
Mar
286
114%
Mar
116
3%
2%
Mar
3%
60
42%
46%
26%
32%
101
101%
22%
23%
3%
3%
1,147
25%
30%
240
4%
8%
1%
2
Mar
21%
Mar
822
25%
Mar
25
100%
Jan
191
21%
Feb
78
3%
Mar
29
23%
27%
41
1,205
69
Jan
Jan
32
May
23%
Jan
32% May
9%
28
6%
155
27%
11
50
11
10
38%
38%
10
27
2%
11
2%
May
3
388
28%
Apr
36
10%
2%
31%
10%
27
27
com...
com... *
*
com
May
212
2
Mar
14,565
10%
Jan
21
35%
Mar
500
ht
%
%
1,310
1%
431
%
3
.
%
Jan
Apr
2%
3%
465
22%
Mar
11%
6,553
8%
Mar
106%
153
99%
Mar
Apr
Apr
9
25
6%
9%
48
6%
Apr
Feb
10%
102
25
90
Jan
Apr
102
May
Mar
8
May
8
666
5
5
5
20
4
Apr
2
30
2
May
8%
8%
50
6
Mar
8%
May
5%
247
4
Apr
Mar
Jan
7%
5
Southwest Bell Tel pref. 100
122
122
5 %
156
119%
Mar
6%
123%
60c
20
50c
Mar
20%
21%
197
19%
Mar
46%
$1,000
Jan
1.23
46%
21
Mar
3
60c
Scullin Steel wts
15
Jan
May
2
5
com
Jan
Mar
13
8%
5
tScullin Steel 3s......1941
tUnited Railways 4s.. 1934
123
Jan
27
Jan
Mar
50
20%
21
2,000
20
May
28
Jan
20%
20%
tUnited Ry 4s c-d's
20%
9,000
20
Apr
27
Jan
Dean Witter
40%
Jan
11%
106%
Son Francisco
Oaklcnd
Seattle
Sacramento
San
Tacoma
Stockton
May 7
to
Priveies Leosed Wires
New York
Portland
Fresno
Beverly Hills
Honolulu
Los Angeles
Pptadena
Long Beoch
Francisco Stock Exchange
May 13, both inclusive, compiled from official sales lists
Sales
Friday
Mar
May
Co.
8c
Exchange, Chicago BoardofTradt
New York Curb
Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Jan
10%
9%
160
102
*
Mar
3%
32%
Jan
Mar
9
Jan
Feb
1%
9
2%
%
1%
11%
32
332
MUNICIPAL AND CORPORATION BONDS
1%
175
Jan
Apr
Mar
Members: New York Stock
Exchange, San Francisco Stock
Jan
1,237
10%
25
10%
Jan
May
3%
32%
May
10%
Feb
Feb
Jan
17%
38%
10%
4%
6%
8%
Feb
Feb
,32%
Feb
19%
Jan
4%
27% May
Jan
42%
40
Jan
Jan
15
Mar
Mar
Mar
Apr
May
14%
10
St Louis B B1 Equip com. *
St Louis Car com
10
com
Apr
38
15
108%
24%
30%
29%
"16%
30
10
Jan
Jan
116%
330
30%
10%
*
com
Mar
May
Jan
Feb
*
40
Jan
26
Mar
Mar
*
page 3161.
32%
31%
41%
Mar
Westmoreland Inc
see
32%
343
Jan
1%
Westmoreland Coal.
For footnotes
Jan
14%
112
ht
105
Jan
Mar
30
10%
105%
6%
5%
63%
Jan
Feb
Mar
ht
2%
11%
149%
18%
119%
3
2%
3%
32
21
Bonds—
4%
656
2,063
16%
17%
113% 115%
30%
30%
17%
17%
3
2%
Mar
36
1
*
United Gas Improv com
Preferred
111%
21
%
Transit Invest Corp pref..
Union Traction
50
United Corp com
Preferred.
6%
367
"ht
32
Mar
Mar
10%
37%
Wagner Electric
High
128% 132%
17%
17%
116% 117%
4%
4%
40
*
Tonopah-Belmont Devel.l
Tonopah Mining
1
Low
Mar
7%
Pennsylvania RR
50
PhUa Elec of Pa $5 pref..
Phila Elec Pow pref
25
Shares
329
4%
8
Range Since Jan. 1, 1938
8%
3%
43%
40%
20
9%
Scruggs-V-B Inc
Week
10
_
May
Rice-Stix Dry Gds com.. _*
Sales
7%
28
Mo Port Cement com...25
Midwest Pipe & Sply com.*
Natl Bearings Metals pf 100
May 13, both inclusive, compiled from official sales lists
American Stores
161
13%
11
com.
Natl Candy com...
Low
30
13%
37%
McQuay-Norris
Philadelphia Stock Exchange
Price
28
*
Knapp Monarch
1513|Walnut Street
Par
23
Hydraulic Pr Brick pref 100
NEW YORK
Stocks
May
1
com
International Shoe
PHILADELPHIA
Week's Range
High
20
Hyde Park Brew
Exchange
Philadelphia Stock Exchange
Sale
Low
250
;__1
Griesedieck-West Br
Members
Last
Range Since Jan. 1, 1938
Shares
20%
Hussmann-Ligonler com..*
New York Stock
Friday
for
Week
High
*
com....
Falstaff Brew
Low
20%
Coca-Cola Bottling com__l
Dr Pepper com
*
DeHaven & Townsend
to
Price
Sales
*
com
Burkart Mfg com
May 7
St., St. Louis, Mo.
Telephone Central 3350
13UR2
tar Co...*
10%
3%
Packard Motor
Apr
Last
Stocks
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Shares
Range Since Jan. 1, 1938
Low
High
Jan
Jan
Alaska Juneau Gold Min 10
10%
Jan
Anglo Am Mine Corp
1
23c
23c
23c
200
10%
Jan
Assoc Insur Fund Inc.-.10
4%
4%
4%
2.519
9%
9%
10
351
9
Mar
13%
Feb
23c May
45c
Jan
2%
4%
Apr
Jan
Volume
Financial
146
Sales
Friday
Par
Atlas Imp Diesel Eng
Co.5
5
*
Bishop Oil Co
Byron Jackson Co
Week's Range
for
Sale
(Concluded)
1938
Range Since Jan. 1,
Last
Stocks
of Prices
Low
High
Price
934
654
934
Mar
934
434
16
340
3M
Mar
554
13 34
Mar
1934
Jan
185*
1854
1854
227
17
Mar
21
Jan
2034
2034
2034
200
1934
Mar
2034
Jan
50
Jan
49
100
7% pref
—*
10
49
49
534
Mar
1234
Jan
993
15 J*
Mar
24
Jan
180
4534
Apr
50
Jan
15c
Apr
30c
Jan
1,250,544
2,658
Mar
5234
Jan
year,
refiners'
25c
734
300
2134
2034
2134
49
48
50
20c
20c
30
595
45
4434
4434
Central Eureka Min com.l
1.85
1.75
1.85
1,150
1.65
Jan
2.35
1.85
1.75
1.85
3,210
1.65 May
2.35
-...5
4634
4654
4634
370
3734
Mar
30
30
30
125
30
Mar
Total
Jan
----
Clorox Chemical Co
10
105
105
105
8
8
100
44c
36C
47c
*
Cons Chem rts
Consol Aircraft Corp
1
1734
1734
*
23*4
2354
24
Creameries of Amer Inc-.l
434
1034
434
934
Crown Zeller Corp com...5
Preferred
*
71
6834
434
DiGiorgio Fruit Corp com 10
$3 pref
100
Emporium Capwell Corp. *
434% cum pref ww
50
434
834
Mar
50c
Apr
consumption,
Apr
18
33
Jan
by
Jan
103,542
1634
2,410
434
140
3 34
Mar
1034
3.377
734
Mar
12
Mar
73
Jan
56
200
Mar
3
397
434
534
total
tion
22
2234
50
1834
Mar
28
Jan
11
1054
1134
1,097
934
Mar
1434
Jan
32
32
32
60
2634
Mar
3434
Jan
7434
7434
7434
123
62
Mar
76
Food Mach Corp com
2654
2654
27
312
17
Mar
33
22
24
50
19
Apr
2534
Apr
3034
3034
3254
754
754
754
354
10
General Motors com
General Paint Corp com .*
■
Gladding McBean & Co..*
Golden State Co Ltd.
*
2534
Mar
445
634
Mar
9
754
834
7
Jan
9
Mar
354
354
365
234
Apr
434
Apr
2934
Hutch Sugar Plant
3434
80
3234
Apr
17
1734
304
13J4
Mar
19
2.35
2.35
120
Mar
2.63
834
834
15
Langdendorf U Bk A unst *
Preferred..
*
*
B
3434
2.35
..10
36
17
*
Hunt Bros pref
Mar
34*4
10
Honolulu Oil Corp
14
14
38
3734
554
534
2
short
are
in
States,
United
January-March,
1938,
as
was
form for
follows:
short
3);
The
distribution
Hawaii
sugar
short
Such stocks
were
follows:
as
1938 was
of
held
sugar
821,139 short tons, and
factories,
beet
importers
Raw
refiners, 391,853
by
held
sugar
(in
of refined sugar),
1,724,541
terms
1,035,417 short tons
with
include
do not
refiners,
The data which
31
refined
held.by
converted to raw value,
for local consump¬
of sugar
These stocks, converted to raw value, equal
compared
as
March
tons;
mills,
sugar
11,895 tons (Table 5).
was
held by
sugar
sugar
short tons.
than
hand
on
297,816
importers,
by
cane
first three months
the
for
2);
continental
deliveries,
These
4).
tons.
(Table
tons
by
and
raws
for
the same date last
on
held by importers
processing
held by continental cane factories.
the first three months of 1938 were obtained in the
6tocks of sugar
or
cover
Jan
administration
Mar
834
40
8
Apr
17
1434
3734
1.214
12
Apr
1434
39
Jan
554
1,900
3234 May
Apr
334
Apr
39
for
Apr
the
the
534 May
April
Jan
34
34
34
115
3234
Le Tourneau (R G) Inc.. 1
1834
18
1834
340
13
Mar
1834
Libby McNeill & Lib com *
Lockheed Aircraft
1
754
754
100
6
Mar
834
Jan
934
9
934
3,360
Mar
1034
Jan
65c
65c
65c
180
134
Jan
9
9
during the
quotas
and establish quotas
of charges against
January-March was released on
requirements
consumption
The statement
producing areas.
period
6.
Mar
754
sugar
sugar
1937, which requires the Secretary of
Sugar Act of
determine
various
1938
the
of
Agriculture to
Jan
160
(Table
refined
tons
other
Mar
2034
Home F & M Ins Co
of
124,424
Jan
year.
2534
1,920
1938
during the years 1936 and 1937.)
continental
207,144
Territory of
tons;
Jan
Apr
405
2534
1134
the
Jan
1134
2934
2334
the
period
(Table
short
direct-consumption
Apr
180
29
2334
during
consumption
sugar
in
the
factories,
tons
refiners,
1334
1134
29
*
Pineapple
short
in
30
1134
Hanock Oil Co of Cal A..*
raw
sugar
tons
1,250,544
short
Jan
340
Hale Bros. Stores Inc....*
Hawaiian
by
Jan
38
1,165
8
of
sugar
Stocks
Jan
22
10
domestic
3,260 tons, and for Puerto Rico it
Jan
Fireman's Fund Insur.. 25
for
during
short
29,463
Jan
2234
Galland Merc Laundry...*
beet
Jan
71
period last
same
value, totaled 1,953,993 short tons.
sugar
By refiners, 837,191 short tons (deliveries shown in Table 2, less exports) ;
Jan
434
1938 amounted to
during the
(The total
converted
by using the factor 1,059, which is the ratio of refined sugar
Distribution
2234 May
200
1754
Cons Chem Indus A
Apr
Mar
6H
Deliveries
value.
raw
raw
deliveries
value
raw
■
.
during the first quarter of
sugar
tons,
produced to meltings of
Jan
32
Feb
101
37,784
to
short
in terms of
Sugar
In issuing the statement the
'
deliveries of
Jan
6234
10634
25c May
10
8
Coast Counties Gas pf.100
Calude Neon El Prod(Del)*
refiners, beet sugar processors,
cane
Section said:
Jan
1
Chrysler Corp
Ad¬
Jan
25c
Caterpillar Tractor com—*
Ago
May 4 issued its monthly statistical state¬
on
importers, and others.
F'eb
754
25c
Year
Below
Agricultural Adjustment
the
covering the first three months of 1938, consolidating
38c
25c
50
of
reports obtained from
1.75
7%
com..*
ment
Jan
Calif Cotton Mills com. 100
Preferred
Statistics of AAA for First Three
1938—Deliveries
Section
ministration
25 c
Calif-Engels Mining Co-.l
Calif Packing Corp
Preferred
May
49
20
500
Carson Hill Gold Min cap 1
Sugar
1.25 May
1.25
1.25
1.25
of
Mar
768
Calaveras Cement Co—•
Calif Art Tile B
The
Jan
1654
434
4*4
16
4J4
3.375
Months
High
Low
Shares
20
7% pref
Statement of Sugar
Week
20
Calamba Sugar com
3161
Chronicle
Leslie Salt Co
...10
23$
Magna vox Co Ltd
I Magnin &
*
Co com
9
534
34
Jan
8
1,123
Mar
13
_Sugar Statistical Reports—Vol. 5, Report 2, Period: Jan.-March,
TABLE
1—RAW
AND
1938
STOCKS, RECEIPTS, MELTINGS,
CONSUMPTION FOR JANUARY-
REFINERS'
SUGAR:
Jan
MARCH, 1938 *
Marchant Cal Mach com.5
1254
1254
1254
420
1454
Jan
1434
11
1434
200
834
934
Mar
Market St Ry prior pref 100
Mar
1434
May
834
240
734
Mar
954
Jan
5
800
334
Mar
734
934
1034
Jan
DIRECT
FOR
Jan
100
DELIVERIES
10
834
834
Natl Automotive Fibres.. 1
454
1154
740
734
934
Mar
Mar
1354
1,844
20c
Mar
30c
Jan
634
May
1034
Jan
Mar
1834
634
(In Short Tons, Raw Sugar Value)
Feb
21c
Mar
Meier & Frank Co
*
North Amer Oil Cons
Occidental Petroleum
_
_.
934
10
Natomas Co
1154
454
934
1154
20
20c
20c
*
554
554
1834
1834
1834
90
634
Oliver United Filters A... *
O'Connor Moffatt AA
V:
'
15
50
Mar
Stocks
Source
634
6
634
575
454
454
454
50
334
434
May
Pac Coast Aggregates... 10
1.80
1.75
1.80
354
1.40
Jan
25
27 J4
2734
2834
4,831
23
Mar
2834
25
25
.*
*
2934
29%
1,470
27
Mar
3034
27
2734
424
2434
Mar
28
Jan
3754
3834
687
3234
Mar
40
Jan
6% 1st pref
534% Pref
6% pref
Pac Pub Ser non-vot com. *
1st
3754
10434
554
Mar
105
Mar
6
600
1334
Mar
18
Apr
11934
137
2934
42
13554 13634
3534
>
70
245
3534
5634
25
2934
Mar
534
Mar
1434
1,204
434
Mar
734
434
45
600
1034
434
1034
1154
554
554
634
*
Soundview Pulp Co com..5
Signal Oil & Gas Co A
100
Preferred
Sou Cal Gas 6% pf ser A.25
*
So Pac Golden Gt A
119
4
22
119
4
2454
1,247
Apr
934
18
191
111
10
Mar
0
10,627
26,548
31,384
0
0
5,791
0
179
179
o
0
0
196,215 1,053,678
949,961
1,417
699
297,816
submitted on Forms SS-15A
The companies are: American Sugar
Co., Inc.; California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugar Co.; Godcbaux Sugars, Inc.; William Hender¬
son; Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; National
Sugar Refining Co. of New Jersey; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere
Sugar Refinery; Savannah Sugar Refining Corp.; South Coast Corp.; Sterling Sugars,
Inc.; Sucrest Corp. and Western Sugar Refinery.
Compiled in the AAA Sugar Section, from reports
Refining Co.; Arbuckle Brothers: J. Aron &
119
Jan
May
TABLE
2—STOCKS, PRODUCTION AND
BY UNITED STATES
Apr
Jan
BEET SUGAR
Mar
26
Apr
Jan
83
Feb
3034
DISTRIBUTION OF CANE AND
REFINERS AND PROCESSORS,
JANUARY MARCH 1938
23
Jan
1194
7454
7454
10
60
Mar
29
20
28
Apr
50c
0
3
29
50c
29,568
0
20
1354
7454
50c
0
0
180
29
1354
115
0
310
Mar
13
51,202
97,976
0
...
Jan
434
4
0
*
Jan
20
22
33
57,060
161,652
125,353
by 18 companies representing 23 refineries.
Jan
1,730
234
934
1034
1834
119
209,009
Total
Jan
Mar
1034
1834
100
62,493
3,878
—
Miscell.(sweepings, &c.)
Feb
Mar
46
1034
$2 cum pref.
1
...25
Republic Petroleum com.l
Rheem Mfg Co com
1
Richfield Oil Corp com... *
S J L & Pow 7% pr pref 100
Schlesinger Co(B F) pf__25
46
20
46
Rayonier Inc com
R E and R Ltd pref
52,606
699
-
Jan
101
13634
3534
0
138
Virgin Islands
F'eb
Mar
18
101
6% pref......——100
Paraffine Cos com....... *
839
116,070
Other countries
Jan
Apr
96,664
125,104
May
8734
13134
18
*
1754
121,362
54,296
Continental
Jan
957
100
pref
Pac Tel & Tel com.
41,607
28,747
Philippines
Mar
334
99
60
6
101
554
Jan
30
10334 10434
2,107
38c
100
Jan
434
63c
(In Terms of Short Tons
Refined Sugar as Produced)
Feb
Southern Pacific Co cap 100
13
1254
14
3,320
934
Mar
2234
29
29
3054
2,379
2534
Mar
3334
Jan
75c
100
70c
Mar
1 20
Jan
8
Mar
75c
1
75c
.2
954
Treadwell Yukon CorpLtdl
81c
80c
1854
1854
Traasamerica Corp
Union Oil Co of Calif...25
United Air Lines Traas—5
Universal Consol Oil..-.10
Co 20
Pipe & Steel Co 10
Waialua Agricultural
Western
Yel Checker Cab Co ser 150
934
10
81c
20
5,931
3,983
45c
Apr
1,558
1734
Mar
Mar
1234
Jan
81c May
2134
Feb
934
222
10
10
1134
2,229
634
Jan
3034
3034
3034
120
2834
Mar
4134
2234
Jan
32
Jan
934
934
534
19
17
19
480
1434
Mar
24
24
25
30
2434
May
934 May
1134 Mar
Jan
..50
1154
Copper...
_
3 34
Mar
2934
2234
Jan
36
,
1154
75
11
Apr
17
Jan
334
334
120
3
Mar
654
187
454
434
454
4,219
Bunker Hill & Sullivan 2.50
13 34
1334
1334
100
.10
1054
1054
1034
389
1,021
Cities Service com
_
..5
Claude Neon Lights com.l
Curtiss-Wright Corp.
Dumbarton Bridge
1
10
654
654
354
Mar
854
534
Mar
1734
3
154
154
154
5
5
5
441
834 May
Jan
134
334 Mar
40c
40c
40c
130
40c May
.
2,160
534
Great West Elec Chem cm*
55
54
55
90
4434
Mar
20
Hobbs Battery Co B
*
Idaho-Maryland Mines.. 1
International Tel & Tel cm*
2734
2734
2734
30
2734 May
Italo Petroleum com...—1
Preferred...
934
234
50c
934
59
Jan
3534
F'eb
50c
100
35c
Mar
50c
Feb
634
2,711
4.95
Mar
6.25
May
934
1,113
Feb
834
Jan
33c
33c
35c
845
27c
Mar
50c
Jan
1
—.10
2.00
2.00
2.15
800
1.50
Mar
3.20
Jan
12c
12c
14c
242
1
17c
17c
21c
4,100
6
12c May
17c
Mar
38c
4
934
554
2.375
954
954
305
2234
2234
2234
125
20
May
35
11
11
11
20
11
May
20
*
242
434
634
310
5
2934
100
24
1.05
500
75c
46 34
,292
4034
134
54
100
1.00
4534
134
541
1.00
45
134
54
r
z
Listed,
2nd
Liq.
t In default.
Jan
Source
34
Jan.
of Supply
Receipts
1,
114,400
a30,708
Cuba.
—.i.
Hawaii
734
Jan
734
-- - -
1938
60,503
084,605
783
783
0
14,708
43,800
32,846
25,662
—
.—.......
8,691
8.834
5,984 '
0
391
342
49
0
8
8
0
a7,428
922
3,027
a5,323
59,313
England.......
168,653
103,542
124,424
- — - -
---
China and Hongkong
——
Other foreign areas
Total
Sugar Section from reports and information submitted on
SS-3 by importers and distributors of direct-consumption sugar,
bond and in customs' custody and control.
Compiled in the AAA
Forms SS-15B and
a
Includes sugar in
Feb
2534
Feb
Mar
1.55
Jan
Mar
6034
Jan
154
Jan
May
34
May
4—DELIVERIES
TABLE
OF
DIRECT-CONSUMPTION SUGAR
CONTINENTAL CANE
SUGAR MILLS
Ex-rights.
FROM
consumption sugar by Louisiana and Florida mills amounted
29,463 short tons, in terms of refined sugar, during the first three months of 1938^
Deliveries of direct
to
TABLE
5—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION IN
TERRITORY OF HAWAII AND PUERTO RICO, JANUARY-
THE
.
(Short Tons, Raw
V
March 28,
0
—
— -
Puerto Rico.......
MARCH, 1938
dividend,
Ex-dividend,
Stocks on
or
Usage
1938
Jan
Mar
No par value.
Div. Pay. Endorsed.
b Ex-stock
Cash sale—Not Included In range for year
*
a
306
1
Deliveries
Stocks on
Jan
Mar
634
6
2934
954
Apr
634
6
2934
Mar
Apr
634
DIRECTJANUARY-
Tons of Refined Sugar)
(In Terms of Short
Jan
634
RECEIPTS.
AND
DELIVERIES OF
FROM SPECIFIED AREAS,
SUGAR
MARCH, 1938
Jan
Mar
Ltd cap.20
Pioneer Mill Co.
20
Radio Corp of America...*
Riverside Cement Co A..*
So Calif Edison 5 H % pf 25
U S Petroleum Co
1
U S Steel com
*
Utah-Idaho Sugar com...5
Western Air Exp rights
9
CONSUMPTION
Feb
15c
No American Aviation... 1
534
3—STOCKS,
TABLE
Jan
50c
534
.
Apr
834
Oahu Sugar Co
submitted by refiners and
„
delivered against sales for export.
The Department
of Commerce reports that exports of refined sugar amounted to 12,340 short tons
during the first three months of 1938.
b Larger than actual deliveries by a small amount representing losses in transit,
through reprocessing, &c.
Jan
634
Mountain City Copper..5c
Section, from reports
906,906
1,056,675
1,212,992
Deliveries include sugar
Jan
534
50c
MJ&M&M Cons..
Compiled by the AAA, Sugar
beet sugar factories.
Jan
854
...
Co.,
834
391,853
31,1938.
1034 May
634
.....
Kleiber Motor
854
a849,531
Jan
634 May
1034
886,574
•-— —
Factories
1,362,761
1,007,951
20,332
b207,144
821,139
354,810
1, 1938—
.
.
F'inal stocks of refined, March
Jan
Hawaiian Sugar Co
5
Delivei ies
Jan
Mar
Electric Bond & Share
Initial stocks of refined, Jan.
Production
Jan
1154
Bankamerica-Blair Corp.,1
Atlas Corp com.....
Jan
Jan
46c
895
52c
2954
Anglo Nat Corp A com.._*
Arkansas Nat GasA.__._*
Jan
70c
11134
300
2854
54c
Anaconda
14934
113
54c
13134 133
13254
(Del)... 1
Amer Toll Bridge
i
Beet
Factories
Refiners
a
Unlisted—
American Tel & Tel....100
Refiners and
Domestic Beet
Jan
Standard Oil Co of Calif..*
Texas Consol Oil Co
96,156
0
•:
473,500
Hawaii
Jan
Pac Lighting com..
292
1938
&c.
Consumption
418,659
Cuba——...
Jan
2.05
for Direct
Meltings
Receipts
Puerto Rico
Jan
2954
2734
Pacific G & E com..
12
Lost by Slocks on
Fire, Feb. 31,
Deliveries
on
1,
1938
Jan
*
15
B.
Paauhau Sugar....
Jan.
of Supply
Territory of
Value)
Hawaii
Puerto Rico—.
—
3162
Financial
Chronicle
LISTED AND
Provincial and
May 14, 1938
UNLISTED
Municipal Issues
Montreal Stock Exchange
Closing bid and asked quotations, Friday, May 13
Province of Alberta—
Bid
Jan
1 1948
—Oct
1 1956
5s
4mb
Ask
5s_
49%
6s
Prov of British Columbia—
5s
July
4Mb
Oct
Province of Ontario—
50
f48%
f48
...Oct
1942
Sept
5s
12 1949
99
1 1953
93
100
May
112%
116% 117%
121M l22m
107m 108 m
1 1959
4s
June
1 1962
4Mb
Jan
1 1941
Aug
5s
June 15 1954
5s
Dec
2 1,959
92
94
98%
99%
91
93
15 1965
115
15 1960
15 1961
Apr
Apr
for
of Prices
Week
Stocks
(Concluded)
Price
Par
Mont L H & P Consol
—4
o© COM
o©
—<
116M
4Mb
Sept 15 1952
5s
Mar
1 1960
109
4s
Feb
1
1958
May
1 1961
109
110
29%
mm
29%
Low
High
3,726
27
Mar
31
JaD
28
28
30
28
May
28
May
56
39
50
Jan
62
Jan
40
84
83%
84
National Breweries
38
38
38%
Apr
41%
Jan
41%
26%
61%
41%
26%
42
78
31
Mar
42%
Apr
26%
70
26%
Mar
31
61
62%
4,864
48
Mar
62%
12
12
39
12
May
14
Jan
313
23
Mar
31
Feb
5
80
Feb
86
23
May
*
Niagara Wire Weaving...*
Noranda Mines
*
N S Steel & Coal pref —100
5s—
June
15 1943
74
77
Ogilvie Flour Mills
107 %
109
5 mb
Nov
15 1946
73
76
Ottawa L H & Power..
116
118
4mb
Oct
1 1951
74
76
Bid
Canadian Pacific Ry—
4s perpetual debentures.
Sept 15 1942
Dec 15 1944
July
1 1944
bid
Ask
Canadian Pacific Ry—
80%
28
28%
80
27
29
160
11%
um
12 *
253
12^
2,970
38
38
25
34
15%
15%
210
14
14
14
160
14
May
100
100
56
95
4
3,785
27
95%
97
"12%
*
100
Power
—*
Roil and Paper vt
Saguenay Power pref. .100
4Mb
103% 103%
Sept
1 1946
97
97%
5s.'
Dec
1
99
4Mb
July
1 1960
92%
93%
St Lawrence Corp
99%
1954
A
*
3%
50
preferred
12%
13%
St Lawrence Paper pref 100
33%
33
36
410
20
19%
20
1,426
13%
11%
13%
11%
60
941
*
Sherwin Williams of Can.*
Dominion Government Guaranteed
Southern Canada Power..*
Bonds
Steel Co of Canada
Bid
Ask
Canadian National Ry—
Bid
Ask
Canadian Northern Ry—
4Mb
Sept
4^8
June 15 1955
117%
4Mb
Feb
1 1956
115Vb 115%
4Mb
July
July
1 1957
115
115%
4s
Jan
1
1962
5s
1 1969
117
3s
Jan
1
1962
5s
Oct
1 1969
120
117%
120%
5s
Feb
1 1970
120
114% 115%
6Mb
July
1 1946
124% 124%
118%
Western Grocers Ltd...
99m 100
"io%
16%
Mar
50
Jan
Mar
18
Feb
17%
Feb
Feb
Feb
100
Mar
2%
8%
Jan
Jan
5%
Jan
Mar
Apr
24
17
48
Jan
17%
Mar
21%
Feb
10
Mar
16
Jan
11%
Mar
13%
Jan
56
Mar
69
Jan
54%
Mar
63
10%
10^
10
10
Apr
150
11
100
Mar
4%
310
3
Mar
"~4%
4%
25
60
10
108
5
Windsor Hotel pref--.. 100
7
7
40
1.85
*
B-_.
Mar
42
60
*
Preferred
8%
64%
150
.
Winnipeg Electric A
Jan
15
61
108
Preferred
Jan
Mar
33%
Mar
64%
100
Grand Trunk Pacific Ry—
109m mm
64%
25
Tooke Bros pref
100
Tuckett Tobacco pref..100
United Steel Corp...
*
120%
1 1951
Jan
May
60%
__*
Preferred
Feb
89
9%
830
Shawlnigan W & Pow
112% 113
Apr
80
*
5% pref*
Ask
83
34%
*
Ottawa Electric Ry
Quebec
10
1,865
100
_
Price Bros & Co Ltd
Railway Bonds
5s
29
Range Since Jan. 1, 1938
Shares
56
Telegraph
Power Corp of Canada...*
4%s
High
Montreal Loan & Mtge..25
National Steel Car Corp..*
108
Prov of Saskatchewan—
Province of Nova Scotia—
6s
Low
Montreal Tram ways.. .100
Province of Quebec—
4Mb
Mar
2 1950
4mb
Prov of New Brunswick—
4Mb
4Mb
Week's Range
Sale
Montreal
94%
Province of Manitoba—
4Mb
Last
Ask
112
15 1943
Sales
Friday
Bid,
1
10
2%
3,150
2.25
Apr
Jan
6
Mar
65
Jan
Mar
108
Mar
1.50
Apr
3
Jan
1.25
Mar
2%
Jan
Mar
14%
Jan
60
Feb
59%
108
782
10
1.60
.100
Jan
Apr
10%
150
120
7
Banks—
Canada
Montreal Stock
J\Tay
7
to May
Friday
Last
Par
Week's Range
for
Sale
Stocks-
of Prices
Low
High
Agnew-Surpass Shoe
9m
100
Associated Breweries
Bell
Telephone
3m
25
25
*
Assoc Tel & Tel pref
Bathurst Power & Paper A*
Bawlf (N) Grain
~~8%
2.25
403
6,667
4
95
3m
20
20
38
46
1,182
10^
17m
17m
17m
3%
1.066
10m
35%
12%
1,943
3
9M
35m
35 m
12
12
8
25 m
11
147
7%
27%
3%
2%
225
93
3
7
1.15
7M
143
89
100
17%
2
4
May
Mar
166
Apr
Locomotive
Mar
12%
33%
Mar
5
Mar
4
Apr
52%
Mar
12%
110
Apr
Mar
19%
Jan
3%
+
Mar
Jan
Mar
26
Apr
280
11
Mar
$20
100
5
97
Apr
106
Jan
Jan
108
Jan
19
14%
Mar
4
Jan
Brewers & Distill of Van..5
3,460
9%
635
2,599
Mar
47
28
267
21
18%
16
3
3%
mirn'immmm.
84%
71%
Jan
Jan
Jan
Jan
Jan
20
98
Mar
108
Jan
160
145
Feb
150
May
3,915
9
Mar
16%
Jan
*
pref 100
Can & Dom Sugar Co
*
20
-
.
Canada Malting Co
*
Can Nor P 7% cum pf.100
Can Breweries Ltd
*
Preferred
*
Cndn Pw & Pa Inv Ltd
5%
cum pref
-
20
Can Vickers Ltd—
•
-
7m
7
10
Jan
78
5
4%
80%
Mar
78
Mar
.84
Feb
65
356
60
Mar
70
Jan
Catelli Food Prods Ltd
110
4
Mar
20
205
110
55c
11^
24
8%
Jan
32
Jan
Claude Neon Gen Adv...*
Commercial Alcohols Ltd.*
10
Jan
24%
15%
7
7
5
7
Jan
10
22
Mar
23%
11m
9%
'S%
10
9%
517
85
9%
100
23%
UM
85
185
75
Mar
6
985
5
Mar
57
5
45
Mar
70
Mar
53
56
Feb
•
5m
157
100
Goodyear T pref inc 1927 50
i52m
il6%
Gurd (Charles)...
5
4%
5%
5m
100
100
Mar
53
5
750
4
Mar
45
5
35
8%
Mar
15
•
Mar
5%
10%
185
Mar
5
5%
35
13%
14%
14%
7M
28
13
*
Mar
6%
35
"l3%
8%
948
90
11M
10%
*
7%
8%
Jan
*
*
Mar
16
Feb
Mar
98
28 ^
Mar
17%
19^
Feb
14%
2,747
13%
Jan
14%
Feb
4,531
37
Mar
52%
Feb
4.510
23%
Mar
31%
Mar
125
125
12
12
370
110
110
12
100
125
*
12
'
100
Lang & Sons (John A)
Legare Ltd
*
"9m
*
8
Lindsay (C W).
Massey-Harris
*
*
McColl-Frontenac Oil
*
74%
13
75
ikioi
32
5
125
K
fc
10%
120
Feb
Feb
Mar
Apr
68%
Feb
10
32
44
107
51
59%
Apr
27%
Mar
103
18%
425
14%
1.50
42
1.00
Jan
Mar
36
Jan
110
Feb
1.90
Apr
T—1 CO
Jan
2.00
9
44
8
Feb
7%
8
355
3
Mar
8%
45
18
Mar
31%
2
May
33
33
2%
—
-
2%
1,150
3%
3%
80
2
2
10
3% May
2
Mar
9
Apr
Mar
Jan
May
Apr
3%
Apr
Apr
6
Feb
Mar
34
Jan
130
120
-
25c
15
25
5%
14,277
3%
50
3
60
22
23
23
2
Mar
70c
Mar
Apr
13
Jan
8
May
8
May
3
Mar
5
Jan
7
6M
7
1,580
4%
Mar
7%
Feb
13
llM
13
1.511
11
Jan
14
96
96
5
95
Apr
98%
cum
*
Apr
Apr
35
Feb
5
9
Feb
4
4
4
120
3%
Apr
6%
6%
6%
3,562
7
7%
145
4%
17
17%
560
14%
40c
5
*
17%
40c
No par value.
3
95
40c
15
42
9
14%
16
1,795
37
*
37
15
15
40
825
10.
10
Feb
Jan
Jan
Apr
Jan
Mar
7%
6%
Apr
Jan
8%
Jan
Mar
18%
Jan
Feb
50c
Feb
Mar
16%
Feb
Mar
17%
37
Mar
39
55c
Mar
Jan
Apr
70c
70c
10
75c
19%
3%
19%
4
565
70C
75c
425
40c
8%
10^
900
7
Mar
17
Jan
41%
19%
i[3%
pf 100
Reliance Grain Co Ltd
*
Sou Can Pow 6% cm pf 100
United Amusement A
*
Feb
Mar
4
10
43%
155
32%
Apr
50
Feb
98
265
86%
Jan
97%
266
5%
Mar
6%
355
7%
Mar
15%
Jan
Mar
99%
Mar
98
10
Jan
Apr
10
pflOO
pflOO
97
15
6%
6%
Pow ofCan6%cmlst pf 100
Quebec Tel & Pow A
*
75
1.60
6%
810
Jan
Mar
Mar
Mar
Apr
130
35c
Mar
10^
5
Mar
3
10%
9%
3%
May
3%
97
8
90c
1.25
Mitchell (Robt) Co'Ltd—*
5
15c
5
McColl-F Oil 6% cm pf 100
Preferred
10
9m
25c
200
3%
5%
Jan
Jan
500
55
Lake Sulphite
50
Mackenzie Air Service_._*
MacLaren Pow & Paper..*
May
Apr
«.
15
1.25
-
5
Internat Utilities Corp B.l
Lake St JohnP&P.
*
Massey-Har 5%
16%
25c
-
5%
Voting trust ctfs.
*
Frelman (A J) 6% cm pflOO
Feb
8
*
14
85
9
-
Jan
Jan
1.50
«.«.«.
Jan
Feb
Apr
17%
8
Jan
Feb
10
18%
Fraser Companies Ltd—*
84
Mar
21%
Jan
85
4%
Ford Motor Co of Can A.*
Mar
33
7%
4%
Foreign Pow Sec Corp
Jan
Mar
33
Mar
5%
4%
Jan
14%
15
174
Jan
4%
133
4%
Jan
Apr
Mar
90
International Power pf_100
cm
Fleet Aircraft Ltd...
20%
Jamaica Pub Serv Ltd...*
EaKootenayP7%
Jan
1,085
26%
17
Feb
*
East'n Dairies 7% cm
Fairchild Aircraft Ltd
7,534
46^
5%
Mar
Mar
*
B__
Jan
92
25 m
2%
2%
132
1.10
*
Donnacona Paper A
27
20
Feb
265
DomjEngineering Works.*
Mar
14
16%
14%
46%
26 m
David & Frere Ltee A
Mar
26%
16m
26 M
Imperial Oil Ltd
Consolidated Paper Ltd..*
May
92
Hudson Bay Mining
Jan
65%
2%
Apr
Mar
'
*
19
Mar
1.85
City Gas & Electric Ltd..*
Jan
Mar
1.75
Celtic Knitting Co Ltd... *
1.35
VI5
Apr
Mar
*
Jan
9%
47
1.85
7% cum pref..
100
Canadian Wineries Ltd—*
i.60
Mar
5
32
*
High
©©
15
107
*
*
Yi60"
75c
3,419
12
84^
71%
100
13%
20%
12
Calgary Pw 6%
cm
5
20
British Columbia Packers *
Brit Amer Oil Co Ltd
50
1,828
5%
Jan
150
6%
5%
3
3%
133
Jan
98
420
3%
133
Mar
150
27
Montreal Cottons pref. 100
647
26
Mao-
12^
7%
1,907
32%
Mar
510
18
17
pf_100
Low
4,030
62
75
Apr
27 m
70c
Range Since Jan. 1, 1938
Shares
15
10%
8%
Mar
27 m
1.85
11%
64%
15%
Mar
11
70
13%
Mar
30
57%
13%
71
27
Preferred
5
6%
35
13m
70
*
Preferred
6
Mar
1.75
High
60M
*
1.50
60
cm
TJOW
17
Beautiarnois Pow Corp...*
1
Lake of the Woods
Bathurst P & P Ltd B
Belding-Cort 7%
6m
6
Sales
61%
*
Jan
6
13 m
1.80
100
Feb
*
*
6% cum pref
Asbestos Corp Ltd
2,650
70
Price
Abltibl Pow & Paper Co..*
4%
8m
100
*
Par
Mar
7
12
Stocks—
2%
7
12
Montreal Curb Market
May 7 to May 13, both inclusive, compiled from official sales lists
7,790
3%
25
Industrial Bonds
330 Bay St., Toronto
Jan
May
56
St., Montreal
Sparks St., Ottawa
for
851
11%
14
56
255 St. James
56
Week
26
3m
*
Municipal
Public Utility and
of Prices
104
14
3m
3m
INCORPORATED
ESTABLISHED 1883
Week's Range
1
Int Nickel of Canada
Jan
HANSON BROi I Canadian Government
Sale
100
Imperial Tobacco of Can.5
Jan
Last
104
Internat Pet Co Ltd
191^
Friday
104
100
Howard Smith Paper
Preferred
Mar
Jan
Jan
*
170
Feb
May
5
173
Apr
Electrolux Corp
English Electric A.
Preferred
172%
12%
Eastern Dairies
Hamilton Bridge
171
172%
40
67
Hollinger Gold Mines
100
112
20
Gypsum Lime & Alabas..*
Royal
Mar
*
Preferred
Feb
Mar
Mar
*
305
Mar
Dryden Paper
Preferred
May
7
7M
18%
*
General Steel Wares
296
30
Dominion Textile
B
11
60
Mar
Famous Players C Corp..*
Foundation Co of Can...*
Gatineau
;
*
298
1,241
16%
Dominion Glass
100
Dominion Glass pref.-.100
Preferred
298
Jan
65
Dominion Steel &CoalB25
Dom Tar & Chemical
*
Jan
100
Feb
Jan
75
100
*
208
Jan
20
8m
Dominion Coal pref
Mar
Jan
Jan
18
"~6%
BlPreferred
ominlon Bridge
197
Feb
67
*
79
....
Feb
67
25
Distill Corp Seagrams
211
Jan
Apr
100
Cockshutt Plow..
209
Jan
100
*
Con Min & Smelt new...25
Canadian Pacific Ry
100
Montreal
Jan
100
*
Canadian Indus Alcohol--*
Class B
*
178
Jan
18
Preferred-.
Can Foreign Invest
162%
Apr
Apr
600
9%
Rights
Canadian
Mar
835
93
11
Canadian Cottons
Jan
160
Apr
Mar
13%
43%
10%
2
46
26
Preferred 7%
Apr
93
Canadian
*
Mar
8%
159% 160
10M
12%
29
29M
*
Canadian Car & Foundry. *
Preferred
25
Celanese
13%
2
*
_
Jan
11%
3m
Canada Steamship (new) *
Preferred
50
Canadian Bronze
...*
160
93
Jan
Mar
8m
"llM
11
Apr
2
12
34
*
*
9%
5
20
Bruck Silk Mills
Can Northern Power
58
9
163
High
80
25
*
100
250
3%
25
13%
HB
Preferred
10
Low
34
4
Canada Cement-
Shares
13%
British Col Power Corp A. *
Building Products A
Range Since Jan. 1,1938
34
100
Brazilian Tr Lt & Power.*
29
163
163
Week
Price
Alberta Pacific Grain A..*
Preferred....
59
162
100
Nova Scotia.--.
Sales
59
100
Commerce
13, both inclusive, compiled from official sales lists
50
Canadienne
Exchange
5%
4
5%
5%
105
15%
6
4
197
25
3
13
2%
92
Mar
31
Mar
12%
Mar
1.00
4%
Mar
5%
115
5%
May
105%
35
104%
Feb
15%
15
1.00
Feb
Jan
Jan
Jan
Jan
May
Jan
4%
Jan
5%
May
106
17%
Jan
Mar
Volume
Financial
146
3163
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Week's Range
Last
Sale
Stocks
(Concluded)
Price
Par
of Prices
High
Low
10
10
Walker-Good & Worts(H) *
38
39 H
$1
18H
*
pref
cum
17H
18 H
Week
10
May
32 H
663
480
Stocks
High
Low
Shares
Mar
17 H May
Corp...*
43c
1
lHc
43c 48 He
2,800
lHc
1,000
lHc
66
66
130
Feb
19
Jan
3Hc
Jan
Feb
Canadian
8Hc
7,800
7c
Brazil Gold & Diamond.. 1
3c
3c
1,000
3c May
May
57c
Feb
13c
Jan
Canadian
Feb
Canadian Ind Alcohol A.
5c
1,800
4Hc May
10c
27 H
985
24 H
30
1.00
1.00
100
77c
Mar
1.27
1
4c
5c
7,000
3Hc
Mar
9Mc
Jan
8c
8Hc
2,500
5c
Jan
15c
59c 154,660
24c
Mar
75c
2.12
Mar
3.20
Capitol-RouynGold
27H
Cartier-Malartic G M Ltd 1
39c
Central Cadillac G M Ltd 1
1
Central Patricia Gold
30c
1
Chibougamau
55 %
Duparquet Mining Co..
4c
1
Eldorado Gold M Ltd
2.55
1,000
Feb
4Hc
200
20c
Mar
47 H
Feb
3He
Mar
Mar
60
13,400
6MC
Jan
8,700
1.05
Jan
1.73
Apr
11,500
1.96
Mar
3.25
Mar
*
5.75
5.75
250
1
6Hc
7c
1,500
35c
Francoeur GoldM Ltd...*
35c
35c
14c 15Hc
—
15c
Kirkland Gd Rand Ltd... 1
15c
Mar
4.90
4Hc May
1,300
4,558
1,167
Mar
28c
10c
14c May
Apr
6.95
Jan
Jan
4.60
4.70
1,075
3.50
Mar
5.50
Jan
Commoil Ltd
1.01
1.10
Apr
Conduits Natl Co.
2,800
30Hc
60c
1.10
Feb
21c
Cons
Apr
44
Consol
Mar
80c
May
1.14
Jan
Consumers
Mar
5.40
Jan
34c
40c
6,250
2.00
1.75
2.00
4,450
1.55
Apr
2.70
Jan
Crows Nest Coal
1.60
1.60
1.70
700
1.40
Mar
2.65
Jan
Perron Gold Mines Ltd.-.1
1.35
1.32
1.53
14,300
1.023 Jan
1.77
4.65
Pickle Crow'Gd M Ltd—1
14c
1
2.00/
Powell-Rouyn Gold
3.90
100
13Hc
Mar
200
1.70
Mar
Jan
62c
Feb
Stadacona
Thompson
5.151 Jan
17Mc
Feb
400
2.60
Mar
4.50
Jan
9c
May
42c
Jan
Dominion
3 He
Apr
6 He
Feb
33c
Mar
28,150
16Hc
Apr
2,100
96c
Mar
1.78
Jan
665
2,679
7,600
4H
2.05
Mar
3.40
Jan
Dominion
1.15
1.23
8,850
88c
Mar
1.39
Mar
14H
4H
14H
10
"14 H
26c
32c
1,700
1,231
60c
70c
7,839
60c
Apr
May
Preferred
980
1.00
4,150
80c
26c
31c
10,000
7.50
7.50
400
5.00
Cad
*
Wright Hargreaves
Apr
Jan
Mar
6.55
Brown Oil
Okalta Oils Ltd
Pecalta.
1.26
1.60
7,300
2.67
1,800
48c
650
55c
:——*
*
*
56c
2.50
48c
2.59
*
*
Home Oil Co
700
52Hc
-
Calgary & Edmonton
Dalhousie Oil Co Ltd
Davies—
1.50
55c
700
1.25
1.34
1.60
1.72
9c
1,000
45 H
905
9c
—
...—
43
*
Royallte Oil Co
3,185
1,000
43
Feb
1.42
41 He
Mar
1.86
Mar
Mar
40c
29
Apr
12c
Apr
40
Jan
9c
Apr
Mar
2.20
Jan
17c
Feb
47H
Feb
Last
Sale
Price
Week's Range
High
Range Since Jan. 1,1938
for
Low
Shares
6%
Ford
1.85
1.75
1.85
2,653
1.00
Mar
15%
9Hc
17%
1,525
8H
Mar
2%
19H
7c
Mar
14c
Jan
Jan
May
9Hc
500
2Mc
2Hc
3,000
lHc
Mar
Alberta Pacific Grain pf 100
22H
25
675
10 %
Jan
1
22c
22c
600
20c
Mar
36Hc
Jan
42c
49c
25,600
Mar
70c
Feb
—*
1
Acme Gas & Oil
Alton Mines Ltd
A P Consolidated Oil
42c
Amer
Cyanamid B
*
10
Amm
Gold Mines
1
26c
Anglo-Can Hold Dev..—*
1.50
Aldermac
Copper—,
Anglo-Huronian
„
18 H
1
Astoria-Rouyn
22c
1
Ashley Gold
300
26 %
26c 228,000
16Hc
Jan
Jan
95c
Mar
18H
1
1.50
1.52
3.25
—.—_*
Arntfield Gold
22c
3.40
937
20c
22c
8,300
6Hc
40c
6Hc
14,420
8,000
3.10
Apr
15c
Feb
9
Mar
25
4H
Mar
16H
8H
10
4H
Mar
10
75
75
May
84
Mar
5c
1.61
1.70
23,650
1.05
Mar
214
3
2.55
450
2H
Mar
61,660
625
Mar
Jan
59
50
227
-100
—
3H
*
Bell Tel Co of Canada. 100
160 H
1
1
27 %c
Bloodgood Kirkland
Big Missouri
Biltmore
Hats—
Blue Ribbon
— —
10c
37c
5,750
35c
31
10c
100
9
22
11c
8.95
24
24
10M
12 J*
5,700
580
15
5,540
5
5H
5H
35
*
"26"
19H
20 H
—*
52 He
51 He
3,125
43,810
65
100
Preferred.:
Buffalo-Canadian
Building Products-
*
15~Hc
1
*
Bunker
Hill
.
.
*
-12 He
25
Calgary & Edmonton
*
Burry Biscuits
Burt (F N) —
CalmontTOlls
1
Canada Bread
A
-
Preferred
Canada
Malting
56c
65
15c 15 He
130
2,015
Apr
Apr
7c* Mar
8.00. Mar
21
7%
5
16H
39c
60c
Feb
Feb
Mar
5%c 129,125
2HcTMar
47H
10
37 *r Apr
12c
13c
7,800
12c May
2H
"l6H
4Hc
2%
10
16 H
2.50
"""38c
3%
*
16H
2.70
42c
3%
88
110
12,340
4,200
15
1.80
33c
CMay
50c
Feb
58c
Jan
11 %
Jan
12c
Jan
9.15
Feb
7H
Feb
21H
Jan
68 He! Jan
72
Apr
17Hcw Feb
6Hc'May
52 H
22c
3
/ Feb
Jan
*1 Jan
23 H
5c
31c
Mar
68c
Jan
18c
18c 19Hc
8,300
14c
Mar
27 He
Feb
36c
36c
500
Jan
39c
Apr
20c
23c
20,700
5c
6,250
4Hc
30c
May
4Hc May
40c
Feb
12c
Jan
52
72 H
20c
4HC
Jan
30
52 H
54
105
51H
Mar
56
Jan
4Hc
4Hc
500
4c
Mar
9 He
Feb
5Hc
"54
57
6c
5c
Mar
8c
Feb
5c
Mar
4H
Apr
7Hc
1,500
11,500
11c
Jan
8H
182
Mar
12
Jan
22 H
86
16
Mar
33
May
""7c
7c
2H
Jan
Jan
10
3Hc
—
*
3Hc
3
3H
61c
4H
2c
7,500
1.10
1.10
1.10
200
12c
12c
1,500
6,255
2,200
91c
19c
1
Min & Sm—*
2,900
22c
65
6H
2,325
17
82
—
200
16H
Imperial Oil
Tobacco
16 H
201
17H
H
15c
20H
57
6H
*
100
Jan
Feb
20c
Mar
Feb
Jan
1.47
Apr
Mar
Jan
17H
14H
Apr
Jan
May
37c
Mar
33c
Mar
Apr
28 H
Mar
67 H
Jan
Jan
8H
Apr
214
Jan
Jan
190
Mar
17,936
15
Mar
19 H
Mar
Mar
14H
Jan
154
13H
7
155
4H
14H
Mar
May
22
6
13H
...5
International Metals A.
200
1.40
Mar
26c
27
Mar
Mar
1.35
6H
Mar
8c
13
15c
62
Jan
2.54
17c
1.00
160
25c
26 H
3H
Jan
77,550
11c
100
Apr
4c
Mar
2.36
10c
1.25
-100
Imperial Bank....—-.100
8H
9c
2.20
10c
1.25
Huron & Erie
1.09
Mar
Apr
1.10
2.20
25 He
—
Mar
2H
*
1
Co..'.
May
50
Hollinger Consolidated—5
Imperial
Jan
56
11
9H
Mar
..
76
Jan
Mar
70
70
30
68
98 H
98 H
99 H
10
98 H
May
102 H
47 H
46 H
48 H
19,143
37
Mar
52 H
Mar
International Nickel
26 H
25 H
26 H
14,361
23
Mar
31H
Mar
International Pete
Mar
.1.00
Preferred
-.100
*
*
International Utilities B..1
Jack Walte_—
1
Jacola Mines————-1
Jellicoe Cons
-1
Intl
Milling pref
Kerr Addison—...Kirk Hud Bay
Kirkland Lake—
Gold..
Jan
Lamaque
7
Mar
13
Jan
Lapa
89
Apr
108
Jan
30%
30H
32
Apr
36
*
—
Contact
Cadillac
No par value.
75c
80c
700
"48c
40c
50c
47,250
18c
18c
21c
II,203
47c
46 He
54c
67,820
13 He 15Hc
1.94
1.70
74,065
85c
2,400
13 He
1.89
1.04
1.03
1.08
1
34c
34c
37c
1
49 H
48 H
51H
5,560
4
125
12
12
12
75
3HC
3Hc
2,300
44c
46c
8,400
*
1
85c
80c
3H
"46c
50C
Apr
Mar
Jan
.Feb
53c
Jan
13Hc May
38Hc
Jan
40c
Mar
82c
Mar
May
16c
May
32c
10,568 13 He
.1
.-1
---1
1
Consol (New stock)
J M
160
Jan
Apr
Mar
13,159
3,090
20%
32c
Mar
3He
48c
15
485
29
8c
1,500
44c
13 H
10 J*
84
21c 158,900
3Hc
Jan
Lake Sulphite.—.—
*
Lake of Woods—....—*
H
6
16c
Jan
Lake Shore..
Feb
May
Mar
12
Laguna
4H
Feb
8H
May
Jan
92
10 H
84 H
Mar
3Hc
Mar
34
Feb
Mar
5
13 H
Hudson Bay
166HI Jan
6H
74 H
14
Howey Gold
4H
Jan
5%1 Jan
5H
96
140
105
13%
Mar
10 H
84 H
"15"
93
9H
5H
9H
84 H
—..*
92 H
88
9H
84 H
10
Jan
Mar
Feb
10
Feb
Mar
53c
10
3.10
3
Mar
10
62c
80
27c
*
1
Mar
10
1,200
Mar
Mar
35
35c
Feb
25
— —
Hinde & Dauch
93
-100
*
100
38c
Apr
35c
Halcrow-Swayze....... A
Feb
Jan
Mar
2
45c
Jan
11c
Apr
Mar
1
*
13
46
22c
20
Harker
24
Jan
Mar
10
Hedley-Mascot GoldHigliwood-Sarcee
Apr
Mar
13c
May
35
Feb
Feb
Mar
47 H
4Hc
"~12c
*
Canada Cement
♦
30
B A Oil
Brown Oil
Mar
30c
9
Brewers & Distillers
Buff alo-Ankerite
HI. Mar
20c if Feb
32
11H
*
Traction
18,400
8.90
Mines—,—.__*
Brantford Cordage pref. 25
Brazil
30c
27c
6,900
6,600
Home Oil
146
21c
30c
20c
50
_
Homestead Oil
501
Jan
20c
17H
4c
Jan
Feb
17H
18H
3 He
3
Feb
9H
"32
1
Bobjo Mines
Bralorne
35c
*
preferred..50
1.03
Jan
Mar
16H
Mar
967
249
2
Apr
14 H
Jan
2
Jan
11c
27c
207
2% May
7c
2,077
3,000
305
2
13Hc~ Mar
3,800
13,275
Apr
75
2,700
8c
75c
May
50
21c
5H
290
555
21c
4Hc
227
8H
Apr
70c
8
2H
2H
3H
3%
159H 161
Jan
30c
21
1
1
Mar
Mar
14c
21o ('May
7c
4H
90
20c
3Hc"May
30c 173,700
70c
105
5,000
66,700
22c
5H
235
38c
5Ho
1
300
8H
*
—*
B
Beau barnois
Jan
Mar
2
Gold
227
36c
Base Metals Min.——*
Bathurst Power A—
57 He
195
16
Gypsum Lime & Alabas..*
Gunnar
209 H 210
Bank of Nova Scotia—100
Bank of Toronto
22
465
21
Grull-Wihksne
298
100
Bank of Montreal
60
Apr
17H
18
2
Hard Rock
13c
Jan
Mar
17H
24H
21H
*
Preferred..
Greening Wire..
Harding Carpets
6Hc
6.95
Mar
8
Great West Saddlery
Jan
62c
Mar
21
Preferred
Feb
19,881
Mar
4.70
10
2.31
22
Mines.—--—-*
44c
10c
Mar
1.97
5.90
24
1
Mines—.
4Hc
3,000
10,750
Bank of Canada..
Granada
Mar
82c
Feb
5.75
-.1 '21Hc
4Hc
1
--*
50
Mar
15c 18Hc
3.25
Jan
Apr
17c
Bousquet——1
20c
74c
5
6c
*
Preferred
2 He
9Hc
1.74
Jan
24
5.90
—50c
26,900
74c
7c
Jan
Mar
44c
Gold BMlt
38,000
18c
15c
1.62
1
3c
1
Mar
9Hc
Jan
Jan
3Hc
31c
—1
26c
9c
.100
27c
28 He
Apr
9c
.
Preferred
Jan
Jan
75
11 He
15,100
1,900
*
Francoeur ..—_———*
Gatineau Power
*
2Hc
Augite-Porcupine Gold. — 1
Aztec Mining———50c
Bagamac Mines
Bankfield Cons
10c
10
12c
*
Jan
Mar
Mar
May
2,160
Great Lakes Paper
1.65
34
102
7
13c
Mar
Jan
5H
A
Grandora
4.15
7c
Mar
Apr
25 H
12H
Foundation Pete
Graham
3 He
101
7c
Mar
33c
50
7
Petroleum—25c
May
Jan
45
Jan
27c
4Hc
Mar
3,000
1
25
26 %
27c
4c
33 H
102
._*
Gold Eagle _—._—
Goodfish Mining
High
16H
preferred--- ——100
Feb
189
100
Goodyear" Tire
Abitibi
206
50
5
Goldale Mines
Week
of Prices
Apr
197H
12
God's Lake Mine
Sales
Low
Feb
5
General Steel Wares
Par
Jan
60
12
Gillies Lake Gold———
Stocks—
16
Apr
46c
*
Glenora.
Toronto Stock Exchange
Friday
Mar
2,975
FontanaGold
Apr
Mar
1.45
11
56
*
Fernland.Gold—
Firestone
Jan
Feb
47 H
13H
54 %
25
3
Feb
Mar
Mar
3Hc
Federal-Kirkland-.
Jan
73
19c
8,200
I,070
196
2.36
3.10
38
23 He
21,896
32
Players vot
70c
Mar
1,200
59c
102
*
1
1.45
13c
20c 21 He
50c
1
*
*
65 He
33%
13c
13H
Falconbridge
Feb
Jan
10
Eldorado
Mar
43c
95c
64H 1 Jan
199Hj
32
Jan
58He Apr
Mar
32
Easy Washing——*
Mar
Mar
Feb
Jan
1.51
Feb
46 H
178 H
Mar
Fanny Farmer
1.50
Apr
Jan
42c
24
East Malartic
Oil—
Anglo-Can Development—
16
Mar
105
Jan
8.10
5
4H May
11H Mai
20c
Apr
Apr
43 c
85c May
Apr
East Crest Oil
Mar
22c
Jan
12c
Mar
5.00
90
Jan
1.84
18
Dorval Siscoe
1.23
38c
183
56 H
57 H
183
184
11H
Mar
80c May
102
;
5.60
Apr
"56H
5
Mar
7
1.10
15
Famous
5.00
26c
7.50
*
Ventures Ltd
78c
8H
10
Stores—
Mar
Mar
Feb
19
Dominion Tar
4.40
3.20
103
Dom Steel Coal B
6,025
4.75
Feb
100
23c
1.16
2.35
19c
15c
Mar
19
Preferred
20c
100
Mar
85c
Explorers
2.17
100
8 He
9%
Dominion Foundry
19,800
8,500
100
9,400
29c
13c
~54H
4,500
4.70
Jan
*
4c
25c
2.10
1.25
Dome Mines
9c
4.70
54c
6,125
Distillers Seagrams
2.09 May
2.90
25c
Feb
4,200
21c
60c
1
1
Gold
Cad
Teck-Hughes
Feb
68c
52 He
2.90
1
73c
Feb
Feb
2.60
*
1.17
Sullivan Consolidated
104
66c
1
1.10
*
(new)
*
Apr
2.42
Denison Nickel Mines
21c
Sladen Mai..
Jan
Davies Petroleum
2T7
Siscoe Gold Mines Ltd—1
98 H
1
3Hc
.1
Sherritt-Gordon
10
102«* 102
2.25
100
9c
Shawkey
Jan
.100
Preferred
4c
Reward Mining
1.65
103
Dominion Bank
Red Crest-.....,———*
225
Mar
3H
20
*
2.90
.1
Read Authier Mine
Wood
Mar
1,515
14c
2.00
4.75
2.18
80c
Darkwater
Placer Development
2.10
8H
100
Gas
Pend Oreille M & Met—1
Mar
12
Mar
May
1.20
Cosmos
Pato Consol Gd Dredging 1
30c
2
17
""80c
6
1,200
1
8HJ Jan
Mar
8
85
35
1
Smelters
Cons
12,455
Cad
20
10
*
65c
Pandora
Mar
2%
.
Chibougama
3.90
2.75
5
18H
*
Bakeries
65c
1
5,461
*
*
—
3.55
*
Mining
O'Brien Gold
Mar
18
*
Mining.
3.60
Nor metal
Jan
115
Feb
Coniaurum Mines.
46c
16
Jan
72o
Cockshutt Plow
42 He
Mar
Jan
Jan
20HC
Mar
10
110
43c
Feb
McWatters Gold—_....*
6%
2H
Feb
74c
90
9,345
Feb
McVittie-Graham
1.28
Feb
25
10H
115
6
4
56c
5c
Jan
Jan
10,205
Jan
4HH Jan
Mar
Mar
54c
2Hc
Mar
1.03
2H
2H
Feb
58 %
Mar
350
45c
Mar
35 H
35
6,941
3H
Apr
Mar
3Hc May
lHc Mar
80c
Apr
45
3%
Jan
Apr
26c
46 H
16Hc
26
700
1,000
321
18 H
22
Mar
30c
1,500
1,450
125
H
30c
3,850
1,000
12
26
28
Mar
Mar
Chemical Research
2c
40c 40 He
9
7%
Central Porcupine
3Hc
20c 20He
Apr
500
Feb
27c
51H
5
17 H
6H
12H
12c
1
Lake
Mclntyre-Porcupine
177
Apr
2.42
1
Mines
Mar
16
"68c
Central Patricia
2c
""2c
157
10
335
18
*
Castle-Trethewey
3Hc
"_49H
47
Jan
17H
8H
3H
100
48 H
Lake Shore Mines
Mar
Jan
2.18
Chromium
Lamaque Contact Gold..*
Lee Gold
1
Apr
18 H
10
Caribou Gold
13c
Feb
15 He May
1.90
Mar
3%
*
Carnation pref
55He
Mar
99c
Cndn Wirebound Box
1.68
May
1.10
10
Cndn Wallpaper A
Canadian Wineries
2.53
15H
27 H
6H
22
14H
115
25
Mar
215
11H
25%
*
C P R
1.60
162
100
820
30c
56
Federal-Kirkland
Mackenzie-Red
Oil
Preferred
Jan
67
2,733
3H
Malartic
Canadian
41c
Falconbridge Mlckel
J-M Consol Gold(New)
Canadian
Apr
55
1.90
3H
*
12
6H
27H
Dredge
B
Feb
Mar
2.35
1.64
1
East Malartic Mines
54 H
4c
*
Dome Mines Ltd
31c
2.55
Apr
25
Jan
Apr
May
686
18H
162 H
8
11K
*
Jan
3H
16H
17H
*
Feb
4Hc
26 H
Can Malartic Gd M Ltd..*
—
2d preferred
Can Car & Foundry
Preferred
Feb
8c
162H
Cannerslstj?f.20
Jan
150
Mar
76
1.60
17
Cndn Bk of Commerce. 100
Jan
jMar
72
May
2
45
15H
1.90
*
Mar
128
56
56
*
...J
Preferred
Apr
7c
1
Dredging.-.5
Canadian^ Breweries
90c
35c
8
*
33c
17c
Gold
B
Mar
68c
3,100
Brownlee Mines (1936)
10
*
Mar
600
4,900
35c 35He
1
Beaufor Gold
Macassa
50
3%
10H
58
28
418
135
2H
1938
High
Low
Shares
67
135
*
3H
Range Since Jan. 1,
for
Week
70
*
100
67c
76He 76 He
20c
21c
Bankfleld
Consol
Canada Packers
of Prices
High
Low
Canada Steamships
Preferred
Mar
lc
Price
Par
Canada Permanent
Mar
42c
Big Missouri Mines
Bouscadillac Gold Mines.l
Bulolo
(Continued)
Jan
Mar
15
44 %
Mines—
Aldermac Copper
Week's Range
Sale
Canada Wire A
Alexandria Gold
Sales
Last
1,1938
Range Since Jan.
for
58
United Securities Ltd. .100
Exchange
Friday
Sales
Friday
1.35
2.30
Mar
60c
Mar
1.50
17,125
45c
Mar
1.50
12,477
28c
Jan
46
59c
58 H
Mar
Mar
Jan
Jan
Mar
Feb
Mar
13
Jan
11H
Mar
13 H
Feb
3c
Mar
5C
Feb
74c
Mar
2
37 He
Jan
.
3164
Chronicle
Financial
May 14,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
ye
Hale
(Continued)
Low
Price
Par
Lava Cap Gold
88c
Lebel Oro
1
7h
87c
7c
for
Range Since
Shares
*e
4,5(XJ
Apr
6c
Mar
l%c
c
14,101J
C
2,001 )
Gold.-------—-1
Leitcb
78c
lc
17,651 )
60c
Stocks
High
85c
7c
2%c
—
1.13
Apr
2%c
1.12
Low
Macassa
•
15c
Ymlr Yankee Girl
4.15
4.15
10
4,49'
3.90
Apr
22%
22%
4
341
19%
Mar
24
20 %
20%
4
401
18
Mar
21%
Jan
T—1
4.40
4.40
10
3,99?
3 50
Mar
6.55
Jan
1
3.50
3.35
10
87,39?
1.30
Jan
3.90
Mar
1
Mines
38c
29c
lc
47,32?
25c
Mar
49C
Feb
2,001
17c
Mar
27c
Jan
Last
5,50(
l%c
Apr
4C
Jan
Sale
11
3%c
Apr
3%c
Apr
Madsen Red Lake
McDougall-Segur
Manitoba
A
-1
—
East
•
Maple Leaf Gardens.
*
3%C
Maple Leaf Gardens prkflO
Maple Leaf Milling
•
Preferred..
*
Maralgo
Mines
7
2%
10 %c
Jan
201>
5
Apr
7
1 %
Mar
2%
Toronto Stock
May 7
3,400
23o
Mar
43c
Jan
8,035
6 50
Mar
8.20
Feb
3,200
15c
Mar
30c
Feb
Exchange—Curb Section
May 13, both inclusive, compiled from official sales lists
to
Stocks—
Jan
4
4
11
c
4,47?
10%c
Par
Sales
Week's
Low
3
Apr
9c
5
Feb
Mar
19%c
Mar
Shares
Low
5%c
4%c
37,500
3c
Mar
15%
15
2%
May
3
Canada Vinegars
Canadian Marconi
♦
8%
41%
40
43
38?
28
Mar
60
Jan
Coast Copper-5
13
12
13
341
11
Mar
14
Feb
Cobalt Contact
Arp
Preferred...
3.961
4%
Mar
Jan
7%
3
25
1.15
800
95c
Mar
1
250
2.00
Mar
3,500
Mar
1%
5%
6,645
%
3%
99
23 f
86 %
Jan
97
40: 4
1,05(
35%
Mar
45
Jan
Consolidated Paper
Corrugated Box pref-100
1.1 2
18,65t
69c
Mar
1.10
Jan
Dalhousie Oil..
45c
50c
19c 21 V. C
15,70(1
10c
Mar
24C
Mar
DeHavllland
8
8
43c
80c
Mar
28
28
Mr Watte re Gold
44c
5<
c
37,001
32c
10%c 10M
c
700
10%c
Apr
18c
Jan
Hamilton Bridge
1.8 5
425
1.45
Mar
2.49
Jan
c
1,000
2%c
Mar
4%C
15c
Mai
203
Jan
1.60
Mar
1.80
MlntoGoId
Moore
2%c
,.25c
2.15
1
Corp...
2.56
Montreal L H A P
*
Apr
35%
Jan
National Steel Car
♦
Apr
150%
Feb
Mar
17c
Jan
A pr
3 %c
Jan
May
41%
Jan
12
12
50
12
May
19
Jan
Robb-Montbray
C
2%e
15c
c
2,300
61%
61
&
c
0,604
1,700
7c
Apr
3%c
c
7,500
2c
Mar
64c
c
5.075
50c
1.00
[)
100
1.00
3%
{
50
"aleo
3%
lloo
596,450
13%c
2,000
Apr
2c
May
15o
35 %c
May
48
Mar
M
4%C
Mar
14c
May
1.50
May
3%
5
20,000
2.75
Mar
5
10,075
1.23
Mar
2.30
C
10,500
2%c
Apr
6%c
Jan
43c
15
50,205
31c
Mar
48c
Apr
1.00
98c
J
17,100
46c
JaD
1,45
Mar
*
8%c
15
6,500
8c
Mar
...II""
Paymaster Cons.
Payore Gold
3.55
i
Powell Rouyn.
5.45
"2.61
48 %c
"i
Feb
Feb
Burns A Co 6s
Calgary Power Co 5s.-I960
Reeves-Macdonald
1
Roche Long Lac....... l
Royal Bank
ino
JaD
20c
Jan
9c
May
22o
Mar
38c
Mar
69c
12%o
JaD
230
19,000
1 02
Jan
1.76
Sullivan Cons
Feb
Apr
3
18
Mar
21%
Feb
5
12
Mar
23
Jan
200
31
Apr
36
May
9%c
Mar
25c
30
Mar
42
36
6,300
Mar
4
38%
41
1.25
50
1.00
Jan
Jan
Jan
1.75
Mar
Jan
Bid
MaoLaren-Que Pr 5% 8 '61
Manitoba Power 5%s.l951
79
49
97%
98%
McColl Frontenao Oil 0s '49
104
Minn A Ont Paper 6s. 1945
/30%
Montreal Island Pr 5%s '67
Montreal L H A P (J50
103%,104%
1939
50
50%
100% 101%
1941
105
104
104%
92
92%
«
«
~
101
1.95
)
96%
97%
114% 116
35,655
1
Mai
2.41
Feb
15
Jan
48%C
16,600
1.95
2,200
100
37
87c
3
Feb
I
50c
52c
34
98c
Mar
Feb
Mar
81
82%
68
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
95
41c
Jan
Fraser Co 6s.. -Jan 1 1950
2.60
Mar
4 65
Jan
Gatlneau Power 5s
16c
May
36 %C
JaD
500
30c
Jan
39 %e
May
Jan
55c
8,450
64c
Feb
9,000
IOc
Jan
24o
Mar
50c
11c
]
68
170
Feb
45
668
34%
Mar
100
5
97%
Feb
12c
7,740
IOc
12%
Mar
190
48%
100
Mai
25
70c
1,630
20C
17
»
101% 102
104% 105%
102
Pa Mills
103
102% 103%
4%s '51
103
United Grain Grow 5s. 1948
84
86
60%
68
Winnipeg Elec 6s.Oct 2 '64
73
89
No par value.
47
49
n Nominal.
/ Flat price
Mar
Jan
11
Mar
1.55
Jan
19%c
5,400
16%c
May
34c
Mar
3,900
94c
Mar
1.21
Feb
1.10
12,357
1
95c
Mar
1
12
30
12
May
18
4
21
3
May
35
71
80
8%
CURRENT
Jan
2.34
9,455
2 05
Mai
3 40
Jan
1.15
1.23
19,200
86c
Mar
1 38
9%c
13,700
7c
Apr
24c
16%
64
135
65
61
~8%c
5
55e
40
16%
188
56
25
62
54
77c
42
17%
Jan
May
May
Apr
Mar
8%C
14.500
60
2.30
2.55
1,005
2 00
69%
Jan
Apr
7c
Apr
63%
I5%c
Jan
Mar
3.80
Jan
Goodale
is
—M.
E.
Norwine
as
Cornelius & Co.,
Inc.,
—Mackenzie
Williams,
formerly
manager
Mar
19c
Mar
M ar
1.23
Mar
Building.
1.75
1.75
165
1.25
Mar
2.25
3.25
4,460
2.60
Mar
3 60
Fen
13
13%
13%
Jan
J.
McHale
Co.,
Way Co. at 115 Broadway.
the election of William H.
I.
Jones
Secretary
as
as
&
of the partners of the Stock Ex¬
Co.,
has become associated with
of their uptown office in the Greybar
*4
^
Mar
3.15
one
Snedeker
lOo
1.75
announces
change firm of Charles V.
85c
3.15
M.
with
The Cornelius firm maintains offices at 67 Wall St., New
Baker, Weeks & Harden
*
office
York City.
Jan
""l
Tamblyns
."II" *
Tashota.......!!!!""" i
Teck Hughes..HI
•
Texas Canadian
."""•
Tip Top Tailors
Il00
his
Robert S. Way expects to continue in the
Executive Vice-President and Maurice
and Treasurer.
1,700
1.00
making
securities business under the name of Robert S.
3,325
11%C 11%C
95c
Apr
May
May
95
D.
115 Broadway, New York City.
Jan
10,169
Walter
Mar
8c
60c 70 %c
40
42
Apr
NOTICES
—The co-partnership of Goodale & Co. has dissolved by mutual consent-
JaD
Mar
78
.
93"
92
102
Jan
May
2.16
11 %c
87
1951
««
104
United Secure Ltd 5%s '52
—
1961
5%s
Jan
91
102
96
99
97%
105% 106%
102
103%
Smith H
104%
89%
95
31
Saguenay Power 4%s A 60
4%a ser B
1966
Shawlnlgan W A P 4% a '67
97
104
1973
jl04%
Provincial Pap Ltd 5% 8 '47
m
52
96
1956
Gt Lakes Pap Co 1st 5s *55
lot Pr A Pap of Nfld 6s '68
Lake St John Pr A Pap Co
98
Price Brothers 1st 5s.-1957
mm
48%
1956
Ottawa Valley Pow 5%s*70
Power Corp of Can 4%s '59
5s
Dec 1 1957
--
66
750
Mar
«
3s
Montreal Tramway 5a 1941
40%
39%
45
1956
4«
1,000
16c :
par value)
3%s
3%s
Donnaconna Paper Co—
Jan
Mar
129,050
2.85
171
70c
500
2 42
19
Mar
81
10
61,400
Apr
Mar
Mar
30c
1
Consol Pap Corp 6%s 1961
6%a ex stock
1961
Dom Gas A Elec 0%s.l945
Apr
77
"64"
Maple Leaf Milling—
2%s to '38—5%s to 49
Massey-Harrls Co 5s. -1947
Canadian Lt A Pow 5e 1949
9%
72
66
Canadian Vlckers Co 6e '47
110
Ask
90% 100%
64
Cedar Rapids M A P 5t "53
12
Utility Bonds
Ask
Jan
77
•
..."
Supers ilk A
115
117
Mar
3
."1111
Sudbury Basin
Sudbury Contact
Feb
225
5.10
12
25
""
110
5
Jan
3%
3.30
16%
.
112
Jan
16
Mai
96c
42
"
Feb
Mar
1.25
60 %c
Canada..IH""_
2%c
2.K0
9c
Preferred
l%c May
3.80
1.16
Straw Lake Beach
3,200
Canada North Pow fie.1953
Canadian Inter Pap 6s '49
Mar
13%
Slave Lake
Standard Steel pref
Stedman Bros Ltd
Jan
l%c
84
84%
112% 112%
1958
Canada Bread 6s
Feb
2.20
-.1111"
3c
2,580
13c
"T.io
Bladen Malartlo
Mar
11,505
44%
20 %c
Stadacona
1%c
)
100
II".I~50c
Blaooe Gold
2,500
>
11%C
172
]
Simpsons pref
7 %f
27,200
1.34
~52c
I
III"
.""""
""""ion
4.30
22,750
30c
..IllllfiO
Simpsons B
Mar
8,100
46c
2.90
♦
Sherrltt Gordon...
3
2.90
12,500
60c
Saguenay Power pref. 11100
Simpsons A
2c
4.50
*
Reno Gold
3
9c
20c
San Antonio
2.82
46
77
Bell Tell Co of Can 5s. 1955
Feb
87 %c
IIHIIi
Shawkey Gold..
Sheep Creek
Jan
Mar
37
/45%
beauharnols Pr Corp 5s '73
63c
7%
1
Read Authler.
Red Lake G Shore
Anthony
lc
1.25
Alberta Pac Grain 6a. 1946
Mar
1*
St Lawrence A
Jan
Mar
1.30
ll%c 12 %C
37
Abitlbl P A Pap ctfs 5s '53
Mar
12%
1.96
".
May
9,010
3.00
*
Preston E Dome
Feb
Feb
30c
3
Premier
Prospectors Airways.
Quebec Mining
170
96
4
3
12%
125c
Apr
1,200
15c
1.37
"j
78
1,300
45c
I
Royallte on
42%
Mar
Closing bid and asked quotations, Friday, May 13
6,779
45c
4.60
Metata.II.ir*
31
Mar
2%c
1.73
Industrial and Public
>
15 %c
j
Royalties
Mar
32
Jan
c
9c
""Ill
.
PowerCorp
95
12c
~_1
....
90
4
"..Ill
"*i
Perron Gold
27
20%
*\
3.55
i
"*
20
298
l%c
34
.100
39c
•
"l
.
Pickle Crow.....
Pioneer Gold
8%C
89
Hi
Pauiore Gold
Jan
Jan
2c
*
Porcupine..
Jan
4%C
2c
3%
Bid
Pamour
23c
14c
Mar
ar
1.60
Oro Plata
Pandora-Cadillac..
PantepecOil
Fartanen-Maiartlo
Apr
600
19
12 %c
United Fuel pref
Waterloo Mfg A
Feb
Jan
8%
20%
Jan
Mar
16
Supertest ord
Teml8karning Mines
Jan
32
Mar
1,000
4,000
3%
20%
Jan
14
Mar
5
3
112
Standard Paving pref.. 10
43c
Oils...
21%
l%c
112
Shawlnlgan W A P..
Feb
5%0 May
1
10
Rogers Majestic
Jsd
380
62
3.50
Omega Gold..
Pacalta
Jan
1.60
~i%c
Robt Simpson pref
Feb
1.60
—
Okalta Oils
OlgaGas
Page-Hersey
8%
12
42%
Ritchie Cold
2%c
.
Mar
40
29%
1.60
38
—
Gold
5
l%c
Pend Oreille
c
-*
Preferred
Jan
Jan
15
29%
Pawnee-Kirk land
1 %c
100
"
North Star Oil
Steel of
7c
2,000
8c
Norr.oetal
St
6,000
C
26 %c
Norgold Mines
Jan
69c
2c
c
2%C
*
82
Mar
35
41
29%
41%
3
38
1
Noranda Mines—
Nordon Oil
Prairie
9%
3%c
New Golden Rose
7
Apr
40c
25
10c
Oil Selections
31 %c
*
Mar
68
6
16c
Mar
38
12
15
1,750
Jan
Mar
17
5%
-..1
25
1%C
Newbee Mines
Pressed
Klrkland Townsite
143
MurphyOold
National Brew
5%
17
97
8c
National Sewerplpe
Naybob Gold
*
60
Klrkland--.
O Brlen
13,130
Dominion Bridge
30
28%
-100
Morris
2%
Jan
145% 147
---*
A
75
Jan
40
Jan
1,300
1.80
Monarch Oils...
Moneta Porcupine.-
5
70
Humberetone.
17c 18% c
2.05
2.2 0
10%c|
*
Feb
4.00
lc
96%
Mercury Oil
Mining Corp
Jan
2.50
40
21c
Jan
4
17%
Apr
lc
40
McVlttle-Grabam
15
1.00
100
1.03
High
12c
2.40
.1
Mclntyre Mines..
6
McKenzle Red Lake—--1
Sylvamte Gold..
Toronto General Trusts" 100
Toronto Mortgage
50
Towagmao
Ii
(Jnlon Gas.....
United Oils
_
"
*
Apr
16
2c
9,000
2c
Feb
3%e
2,865
4.40
Mar
5.70
Jan
1.25
1.25
1.29
3,425
1.10
Mar
1 57
102
Jan
101
Apr
108
Jan
220
12
Mar
17
Jan
20
41
Apr
48
Apr
79
79
25
73
Mar
85
110
18
110
May
122
38c
1.63
13
40c
2,100
1.63
1.75
7,175
33o
Mar
90c
Jao
11
Mar
*
12%
13%
20%c 22%c
437
8,600
l3o
Mat
600
1.90
15%
26c
Jan
Jan
Mar
Jan
Jan
4%
4%
920
4.85
4.80
5.50
3,215
4 00
Mar
7.40
Jan
1.40
1.40
1.50
10,684
1.02
Mar
2.14
Jan
1,692
30%
Mar
Feb
39
37%
39
♦
Walkers
18
17%
18%
898
10c
12c
»
4
4
25
ido
28
31
35
3
16.500
Preferred
IIIIIIl
Western Canada Flour
Preferred
Westflank Oil
•
West Turner Petroleum50c
•
.....
I.II" II100
I
*
IIII~1
Wiltsey-Coghlan
Winnipeg Electric A...
B
*
*
—Robinson, Webster & Gibson of Nashville, Tenn.
announce the with¬
11c
15c
12%c
drawal of Walter M.
Robinson
as
a
partner and the change in firm name
to^Webster & Gibson with offices in the Stahlman Building.jg^^^ ——3^
—Walter M. RobinsoD and R. Walter Hale Jr., announce the formation
Mar
110
79
5
15%
44
I
•
"HI*
Wendlgo Gold
Preferred
102
15
4%
♦
Walte Amulet
White Eagle
102
43
•
Ventures
►
Jan
4.80
United Steel
Wee tons
13
3c
4.60
Exploration._l
Uchi Gold
75
2c
4.65
Toronto Elevators...... *
Preferred
"60
*
115
15%
99
1.03
Range Since Jan. 1, 1938
for
Week
High
4%c
*
4
Range
of Prices
Price
Brett Trethewey
BruckSllk
Preferred-. ^100
McColl Frontenao
*
6%
Jan
%c
Feb
911
2%
4
1
Maasey Harris
c
High
10
Apr
7.60
7.35
Friday
c
20%c 20%c
lc
1%C
MacLeod Cockshutt
...
8
Feb
7.60
--•
-
B
Low
140
15c 16%c
I
......
Wnght Hargreaves
*
A
Shares
11
28c 30
Range Since Jan. 1, 1938
for
Week
High
9
Feb
6.00
W ood Cadillac
Jan
Jan
Mar
Price
Par
Winnipeg Electric pref. 100
Feb
15c
(Concluded)
Range
of Prices
—*
Little Long Lac.
Lob law
Sales
Week's
Sale
Low
1
Lee Gold-,-
Last
Week
of Prices
Exchange
Friday
Sales
Last
Stocks
Toronto Stock
Exchange
Friday\
16c
1,200
12c 12 %c
10%
10%
75
75
78
l%c
3,500
3
%cj
1%C
3%c
3%c
3,000
2.00
2.00
2.40
549
1.80
2.25
330
6
Jan
Jan
Robinson, Hale & Co. to conduct
offices in
the
Nashville
Trust
a
a
—W.
L.
Lyons &
Henry J. Arnold is
Co.,
now
115
Fourth,
East
Jan
that
Mar
4%
Jan
Montreal office with Lennox G. Black.
28
May
8c
9
60
74
that
—L. F. Rothschild & Co., members New York Stock Exchange, announce
Alexander
H.
MacKinnon
Feb
has
been appointed
co-manager
,*j
Jan
I4%c
Apr
that Andrew S. Messick has become associated with their firm
Feb
of their
■$& t»
—Moore, McLean & McDermott, 200 S. La Salle St., Chicago,
34o
Mar
& Co. will retire from business.
14
Apr
84
Feb
Mar
3%c
Mar
3c
Feb
4%c
Jan
1.50
May
3.15
Jan
partnership in their firm.
Jan
at 208 S. La Salle St.
1.25
announce
Mar
Mar
1%C
Cincinnati,
associated with them in charge of their municipal
bond and unlisted trading department.
2
9%c
with
brief summary of the history and current developments and
18C
745
business
Tenn.w
operations of the Cornucopia Gold Mines.
44%
19%
35
Nashville,
—Neelands & Platte, 42 Broadway, New York City, have prepared for
distribution
Mar
80
general investment
Building,
Mar
17
28,800
10%
Mar
of
Mar
2.75
—Sherson, Hammill & Co., have admitted Lawrence Howe
announce
Messick
to general
Mr. Howe will be located in the Chicago office
Volume
Quotations
Jan
1 1977
a35*s
a35*e
a35*s
a35*s
a35*s
a3?*s
July
1 1975
May
1
1954—
104?* 106
Nov
1
1954
105
106
104?* 105?*
104?* 105?*
1 1960
a4s
Mar
15 1976
Jan
1 1975
July
1 1957
May
a4s
Nov
1 1958
1105* 111?*
1105* 1115*
May
1 1959
111
1145* 1155*
a4«
..
110
108
112
a4s
May
1 1977
a4e
Oct
1 1980.——
115
1 1960
1145* 1155*
1°62
1155* 1165*
115?* U6?*
a45*s Sept.
a45*s Mar
a45*s Mar
1
1 1964
116
a45*s
a45*s
a45*s
a45*s
a45*s
a45*s
a45*s
a45*s
a4 5*8
a4>*s
a45*s
a45*s
a45*s
a45*s
Par
Ask
Bid
995* 100
100?* 1025*
a 3a
Nov 15 1978
1 1981
Mar
May 1 1957
1 1957
Nov
1 1963
Mar
June 1 1965
1 1967
July
Dee 15 1971
1 1979
Deo
Commercial
52 35:lee8
1
52 45:1668
125*
Penn Exchange
World
5s Jan A Mar 1964 to '71
Highway Imp 45*b Sept '63
133
Peoples National.
60
45
800
Public National
26
24
255*
1625
Sterling Nat Bank A Tr
25
125*
22
24
Trade Bank.
16
19
First National of N Y—100 1585
1215* 123
1245*
123
46
36
100
Chicago & San Francisco Banks
125?* 1275*
1
Ask
Bid
Par
275
290
i»0
500
525
D H
42
FRANC'S
SAN
59
61
175
100
180
i1
*
Bk of Amer NT A - a
44
Ask
Insurance
War Bonus—
52.00
45*8 April 1940 to 1949.
Ask
t
uO
Northern Trust Co
Illinois Natl
Trust—.33 1-3
A
Bid
a.
Harris Trust A Saving
184
154
100
First National
Improvement—
4e Mar A Sept 1958 to '67
Canal imp 4e JAJ '60 to 67
Barge C T 4a Jan 42 A '46
Barge C T 45*s Jan 1 1945.
135
14
127
100
Flatbusb National
42
750
National.. 100
126
Companies
Par
Ask
Bid
tar
Highway
52 60
11
55
National Safety Bank
24?*
American National Bank
1
A Highway—
9
315*
235*
60
.
105"
1195* 120 X
1205* 122
-4s*
1981
12
10
78
295*
Fifth Avenue
1165* 118
116?* 118
Bid
1974
Canal
37
.125*
75
13.55
City (National)
Bank
3B
National Bronx Bank...60
Merchants Bank.
Continental
3B
99
Klngsboro
48
Chase
122
121
65
100
22 U
40
Bensonhurst National..
120
119
1195* 1205*
119?* 120^
1205* 1215*
:
Ask
National... 100
215*
Bank of Yorktown__66 2-3
New York State Bonds
t
V
Bia
Pai
Ask
bia
Bank of Manhattan Co. 10
1165* 1175*
1185* 1195*
1 1966
Apr
1—
Apr 15 1972
1 1974
June
15 1976
Feb
1 1977
Jan
A Trust
Bid
•
New York Bank Stocks
City Bonds
Ask
Bid
'
'*; •
Over-the-Counter Securities-Friday May 13
on
New York
3165
Chronicle
Financial
146
84
10
126
1115*
88
Home Fire Security
445*
Homestead Fire
Bid
VA
125*
10
425*
Aetna Cas A Surety
10
75*
h
sk
2 5*
135*
45*s Jan 1964
..
135
132
854
Aetna Life
1145*
10
23 5*
25
Importers A Exporters._-6
Agricultural
26
64 5*
665*
Ins Co of North Amer... 10
59
American Alliance
Canal Imp
Can A High Imp 45*8 1965
10
185*
205*
Knickerbocker
6
9
Lincoln Fire
5
2
Maryland Casualty
1
Mass Bonding A Ins.. 125*
Mercb Fire Assur com
5
43
46 54
39
42
American Equitable
Port of New York
bu>
Gen A ref 4s Mar 1 1975
1939-1941..
1075* 1085*
1055*
11
35*s '76
103
Gen A ref 4th ser 3« 1976
100
1942-1960
Gen A ref
35*s-
1005*
10
215*
23
American Surety
25
40
42
10
285*
295*
National Casualty
25*
55*
765*
79
1939-1941....
2.00%
to
Hi
30
25
ser
1040-53.M N
B
.
100
531
175*
1954
New Brunswick
10
20
215*
New Hampshire Fire
10
15
165*
New Jersey
10
20
10
24
2554
New York Fire
5
26
28
Northern
25*
Employers Re-Insurance 10
110
..—.10
Connecticut Gen Life
4He
2
3
6
Camden Fire
Carolina
United States Insular Bonds
Continental Casualty
Eagle Fire
Bid
Philippine Government—
4s
100
1946
Apr
Feb
1959
1952
1035* 1045*
1055* 107
108 5* 110
45*6 July 1952
6s
July 1948..
.—
U Sconversloi 3s 1946
Conversion 3s 1947
1941
55*9 Aug
116
3.00
118
Hawaii 45*8 Oct
1155* 117H
1966
395*
...
55*
—
108
1105*
Flyman's Fd of San Fran25
73
111
96
70
72
14
10
295*
165*
315*
5
75*
225*
Providence-Washington
24
CorpS
10
.
55*
65*
..10
10
Republic (Texas)
215*
235*
1954
38 1956 opt 1946—
38
1966 opt
1946
3 Hp 1956 opt
6
Rossla
5
4
5
Marine...25
177
185
1035* 103?*
1035* 103?*
4s
my
1958 opt 1938..MAN
112
1015*
—
4 5*8
17
185*
St Paul Fire A
5
375*
395*
Seaboard Fire A Marine..6
5
95*
115*
Seaboard Surety
Fire...15
16
205*
2354
Security New Haven
102
62
66
Globe A Rutgers
2d preferred
5
Great American
23
bid
Bonds
Bid
Ask
995* 1005*
Lafayette
Atlantic 3s
9954 1005*
Lincoln 45*8—.....
J4b
Burlington 5s
55
/4 0
45
California 6s
100
102
Central Illinois 5s
/26
29
45*s
465
436
446
29
3054
U 8 Fidelity A
67
69
U S Fire
/5 5*
Chicago 4?*s and 6s
65*
1005* 1015*
995* 1005*
Dallas 3s__..
Denver 6s
98
First Carollnas 5e
First of Fort Wayne
100
45*8.
Flrst of Montgomery 6e
First of New Orleans 5s
97 5*
..
.
99
.
99
102
99
1005*
99 5*
995*
/31
100
101
Pac Coast of Salt Lake 5s..
100
Pao Coast of San Fran 6s—
Pennsylvania 5s...
100
101
3t Louis 6s
f27
102?*
San Antonio 3s...
100
Fremont 45*9
74
71
75
78
Southern Minnesota 6s
100
102
Illinois Midwest 5s
86
88
Iowa of Sioux City
93
96
45*8.
/145*
58
1005*
Virginian 5s
Virginia-Carolina 3a..
75
165*
995*
1005*
1005*
995* 101
'53
Inv DebCorp 3-6s 53
50
Atlantic
North
Bid
Carolina
55
Pennsylvania
100
20
Denver
100
17
22
Potomac.
100
series)
Cons Bd Corp 2-5s *53
Deben Corp 3-68.1953
75
100
46
50~~
6
1
15*
100
60
San Antonio
45
50
10c
4
7
Virginia
Virginia Carolina
100
Fremont
Lincoln
_
1
25*
..100
2
Par
Bid
10 193*
16 193*
15 1938
15 1938
16 1938
—May
15*«—June
1H« ..July
15*8—Aug
15*8—.Sept
I C 15**-
Bank Debentures
F I C
PIT
PIC
F I C
.20%
b .20%
b .25%
b. 25%
b .30%
Bid
Ask
F I C
b
P
1 C 1
F
I C 1 5*8...Dec
F
—
I C
15*8
Jan
F IC 15*3...Apr
b
.30%
b .35%
15 1938 b. 35%
16 1939 6.40%
15 1939 6.45%
15 1938
Ha...Nov 15 1938
15*»...Oct
Banca
bid
Comm Itallana.100
Fulton—
Tr.-100
10
7
331
339
Guaranty
45
47
Bk of New York A
Bankers
Bronx County
Brooklyn—
5
65*
—.100
76
81
20
Chemical Bank A Trust. 10
39
41
50
25
54
60
Clinton Trust
Kings County ...
Lawyers
Manufacturers...
Preferred
•
20
25
145*
New York
Continental Bank A Tr.10
115*
135*
Title Guarantee A Tr...20
20
465*
475*
Underwriters
10
205*
215*! United States
Colonial Trust—
Corn Exch
Empire
BkATr
Bid
190
115*
100
335*
49 5*
84
55*
75
100 1485
44
42
44
42
Bond
72
1953
Atlantic
1963
Realty
Corp 3-6e
42
Mortgage
1963
A
44
295*
315*
Bid
Unified Deben Corp 5s 1955
Bid
Ask
17
13
40
Telegraph——26
Peninsular Telep com
•
Preferred A
100
Rochester
Bell Telep of
116
118
30
Canada—.100
Pa pref—.100
Cuban Telep 7% pre!.. 100
Emp A Bay State
Tel..100
50
25
30
875*
Pao A Atl
58
100
Corp—
90
Franklin Telegraph....
1
»
far
New York Mutual Tel. 100
162
Mtn
I
Stocks
Ask
19
116
1
*
Telegraph...100
States Tel A Tel-100
60
25
113
Telephone—
100
109
26
Sou New Engl Telep... 100
S'western Bell Tel pref. 100
Wisconsin Telep 7% pf.100
13
10
135
137
*6.50 1st pref
So A Atl Telegraph
65
107
16
22
109
111
...
1215* 123 5*
1155* 1175*
1
I
I
t
til
1
Miscellaneous Bonds
I
65*
85
1535
Home
Mountain-Hudson
...
Ask
Owners' Loan Corp
...Aug 15 1938
28
1005*
355*
515*
87
Bid
Ask
97
Ask
215
100
223
228
10
11
12
100 1580
1620
—.25
28 5*
325*
—.20
44"
157
Preferred
J) com.*
100
Int Ocean
I
88
85
Central Hanover
Irving
100
42
Maryland Deben¬
Corp 3-6s
deb 3-6s
113
Am Dlst Teleg (N
Bear
Par
102
Realty
25
88
$6 preferred
Ask
Companies
Ask
90
ture
Potomac
Deb
96
Par
72
1953
Corp—
1963
Potomac Deb Corp 3-6s '63
Potomao Franklin Deb Co
3-6s
1953
3-6s
Potomao
Bid
New York Trust
(all
Potomac Cons Deb
88
/21
73
42
70
Corp
issues) 2-5a
43
83
Gen Telep Allied
F
41
77
48
.1964
1954
—...
Bond
Potomac
Bell Telep of
70
5
Federal Intermediate Credit
Ask
52
Series B 2-5s
Telephone and Telegraph
80
100
Series A 3-08
84
76
65
part ctfs
Funding
62
75
Carollnas
Bia
49
25
100
First
30
Debentures
Ask
33
1953
12
9
100
Dallas
Des Molnee
2 60
AS*
100
New York
45
Bid
1946
Ino 2-58
Nat
bar
Ask
40
38
Westchester Fire.
2-5s'66
2-3s
interstate Deb Corp
Nat
Bid
U fi Guarantee...—.... 10
Mortgage Bond Co of Md
Nat Bondholders
Joint Stock Land Bank Stocks
Par
1963
3-6s
Inv Bd Corp 2-5s
(Central
Atlanta
5254
Empire Properties Corp—
99 5*
....
46
26 54
Mtge Cos Inc—
Debenture
C -at'
C <nti
29
99
-
495*
43 54
28 54
25
100?*
98
Union of Detroit 45*s
1005*
Greensboro 3«
Associated
107
101
2-5s '53
'63
Arundel Deb Corp 3-6a
1075*
995*
Southwest 5s
13
475*
Nat Union Mtge Corp—
1963'
Ail series 2-6s
Arundel Bond Corp
105
77
115*
.4
505*
mc—
m
.
101
106
45*8
5s
100
99 5*
Allied Mtge Cor
100
Fletcher 35*8
5a
.
34
Pacific Coast of Portland 5b
Potomac 3s
2
-
Surety Guaranteed Mortgage Bonds and
1005*
Oregon-Washington 5s
Phoenix
Guar Co.
1005*
First Trust of Chicago 4 5*8
Greenbrier 5e
87
995*
...
Ohio-Pennsylvania 5b
100 H
995* 1005*
First Texas of Houston 5e
85
5s...
New York 5s
5
9
86
84
North Carolina 6s
10
A*
415
100
10
Home
35*
30
107
100
..10
Hartford Steamboller
Ask
995* 101
5s—
Atlanta 3s
2454
104
95*
215*
Travelers
22
Hartford Fire
28?*
10
Springfield Fire A Mar..26
Stuyvesant
6
Sun Life Assurance
8
10
Hanover
Joint Stock Land Bank
754
195*
10
2354
Great Amer Indemnity... 1
Halifax
7
Rhode Island
21
Globe A Republic
1045* 1055*
1945
MAN
1946 opt 1944. AJ
J
103 5* 103?*
JAJ
JAJ
MAN
5
335*
19
Glens Falls Fire
3s 1965 opt 1945
18
31
Gibraltar Fire A Marine. 10
Atk
Bid
9954
Y).2
Reinsurance Corp (N
9
6
Georgia Home
Ask
116
77
Firemen's of Newark
General Reinsurance
Bia
255*
10
5
Revere (Paul) Fire
Federal Land Bank Bonds
79
245*
25
Preferred Accident.
51
Hire Assn of Phlla
Franklin Fire..
1085* 111
_
96
49
1454
7554
Pacific Fire.
100
10
4154
13
12.50
2.60
Natlonal-26
Northwestern
385*
Fidelity A Dep of Md—.20
1105* 1125*
109
1105*
43
3754
Phoenix
65*
365*
8
40?*
2
North River
41
...5
10
Excess
Federal
Govt of Puerto Rico—
100 5* 102
-4 s*
i
53.50
,
1961'
U S Panama 3s June 1
1962...
45*8 July
5e
5a
Honolulu
1955
45*8 Oct
5s
b*a
Atk
1015*
1035* 1045*
55
985* 103 54
105*
95*
25
2654
2
New Amsterdam Cas
541
75*
6
215*
7
2
20
National Union Fire
4
53
10
National Liberty
65*
4
254
195*
10
National Fire
Bankers A Shippers
Boston
65*
Merch A Mfrs Fire New'kS
City of New York
1942-1960
George Washington Bridg«
3
Merchants (Providence)..5
Automobile
Baltimore Amer
D
MAS 51.00
108
..MAP
Inland Terminal 45*s ser
1015*
110
~1977
—
65*
Re-Insurance. 10
American Reserve
104
99
Gen A ref 2d aer 3?*s '0t
Gen A ref 3d eer
85*
125*
115*
285*
American
Atk
P
...MAP 50.75 to 2.00%
1115*
MAS
Tunnel 45ks aer
Holland
*
7
10
American of Newark...25*
Bid
Ask
York—
Port of New
Authority Bonds
215*
20
,.5
American Home
60 A
10
1 Hs.......
June 1 1939
Bridge—
100.14 100.18
101.10
1018
Marine Parkway
5*% notes Nov 2
Federal Farm Mtgu
1 5*s
Sept
1939
100.15 100.17
Corp—
1
101.16
1939 101.14
Banks
100.6
1 l*s
July 1938 100.3
102.13
2s
—-D90 1940 102 10
101.13
2s
..Apr 1 1943 101.10
Henry Hudson Parkway4s
April 1955 1045*
Federal Home Loan
...
For footnotes see page
4Hn
.-Deo
New YorkClty
~
Commodity Credit Corp
3168.
•
1960 60.50%
Park'yAuthorlty 35*s'68
3 5*s revenue
35*s revenue
1944
1949
62.40
less 1
62 90
less 1
50
4s
«
f revenue 1977 A AO
4s serial revenue
4s serial revenue
1942
1968
less 5*
103?* 1045*
52
1095* 1105*
62.00
less
63.50
less
*
j
3166
Financial
Quotations
Chronicle
May 14, 1938
Over-the-Counter Securities—Friday May 13—Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
Tel. RE
Chicago Indiana & Southern 4s
ctor
2-6600
STOCKS
•
98
65
69
.1956
-
Chicago St. Louis & New Orleans 5s
.Since1855.
i
35
95
.1951
60
Chicago Stock Yards 5s
Cleveland Terminal 4 Valley 4s
GUARANTEED
NEW YORK
75
31
.1955
_
38K
70
.1940
Cambria & Clearfield 4s_.
93
37K
.1943
Boston & Maine 5s
92
.1939
4Kb
Boston 4 Albany
"York Stock Exchange
Dealer* in
120 Broadway
.1939
.....
Baltimore & Ohio 4Ks
3o$cpb Walkers Sons
Member! J\[ew
Asked
Bid
Atlantic Coast Line 4s..
.1961
91
.1995
...,
Connecting Railway of Philadelphia 4s.
Guaranteed Railroad Stocks
4s—
Southern
Florida
37
.1951
.,
106
.1962
-
99
.1945
Duluth Mlssabe & Iron Range 1st 3Ks
i
68
99K
72 K
Illinois Central—
..1953
Gulf 5s
Oklahoma &
67
-1978
Indiana Illinois 4 Iowa 4s
Kansas
63 K
..1950
Louisville Div. 4 Terminal 3Ks
(Guarantor in Parenthesis)
78
113
Memphis Union Station 5s
Bid
Atkea
-1959
110
New London Northern 4s
-1940
95
New York & Harlem 3Ks
Dividend
Par \n Dollars
-2000
98
100
-1948
89
90
24
27
100
8 75
73
81
Norfolk
Norwich 4 Worcester 4Kb.-Pennsylvania 4 New York Canal
Philadelphia 4 Reading Terminal
Pittsburgh Bessemer 4 Lake Erie
.100
8.50
35
45
Portland Terminal 4s
-1961
ch.ab
42
47
Providence 4 Worcester 4s_.
-1947
65
90
95
6.00
28
32
100
.
2.00
..60
Canada Southern (New York Central)
98 K
82
...100
50
6.00
10.60
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)...
Boston A Albany (New York Central)....
Boston A Providence (New Haven)
New York Philadelphia &
55
70
75
Terre Haute 4 Peoria
6.00
50
60
-1939
Toledo
103 K
-1947
114
.1942
—
.1957
U5K
85K
70
,«•
100K
■
85"
80
.1967
4Ks
Buffalo 4s
Terminal
90
55
-1941
Toledo Peoria 4 Western 4s...
•
80
51
-1947
5s...
5s
5s
5s—;
6 00
Carolina Ciinohfleld a Ohio common 6% stamped..100
CI eve Clnn Chicago A St Louis pref (N Y Central). .100
Cleveland a Pittsburgh (Pennsylvania)
60
4s
104 K
3.50
66
70
60
2.00
38
42
Toronto Hamilton &
.1946
26
100
2.00
37
40
United New Jersey Railroad 4 Canal 3Ks
.1951
103 K
5.60
45
50
Vermont
Georgia RR a Banking (LAN-AC L)
Lackawanna RR of N J (Del Lack a Western)
100
9 00
132
105K
94 K
(Pennsylvania)
Fort Wayne a Jackson pref (N Y Central)
140
Betterment stock
Delaware
4.00
38
43
60.00
600
800
29
100
60
New York Lackawanna a Western (D L a W)
Northern Central (Pennsylvania)....
50
55
42
32
100
Michigan Central (New York Central)
99
75
-1990
Pittsburgh 4s.....
West Virginia &
Morris a Essex (Del Lack a Western)
.1940
Valley 4Ks
'
3.875
100
60
5 00
4.00
78
80
4.50
25
30
Pittsburgh Bessemer a Lake Erie (U 8 Steel)
Preferred..
60
1.60
37K
39
60
3.00
74
Utility Stocks
82
Oswego a Syracuse (Del Lack a Western)
Public
-
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
bid
Alabama
7.00
140
150
100
7 00
151
156
100
100
100
6 82
42
47
6.00
125
130
3.00
60
...100
0.00
120
100
10.00
214
220
(D L a W)
100
Valley (Delaware Lackawanna 4 Western)........ 100
Vlcksburg Shreveport 4 Pacific (Illinois Central)... 100
6.00
40
45
5.00
50
Preferred...
Rensselaer a Saratoga (Delaware a Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred.
Tunnel RR 8t Louis (Terminal
RR)
United New Jersey RR 4 Canal (Pennsylvania)
Utica Chenango a Susquehanna
Warren RR of N J (Del Lack 4
40
45
60
3.50
19
3.00
48
120
123
Birmingham Eiec 37 pref.*
Buffalo NlagaraAEastern
31 60 preferred
25
Carolina Pr 4 Lt 37 pref..*
67
69
52
Western).
5%
7%
6%
8
6%
22
60
106
50
West Jersey 4 Seashore (Pennsylvania)
Bid
7%
36
Ask
62.75
2,00
67.50
6.50
67.50
0.50
65.00
4.00
65.00
6s
Boston 4 Maine 4Kb
6s
4.00
Bid
1 1938-1944...
65.00
4.00
Canadian National 4Kb—.
63.25
2.76
3Ks Dei
6s
63.25
Canadian Pacific 4Kb
Cent RR New Jersey 4Kb.
2.76
63.10
Ask
5.00
62.76
2.00
Ohenapeake a Ohio—
4Kb
6s
61.75
Chicago 4 Nor West 4Kb.
6s
Ohu
l
67.00
6.00
4Hi'.
6.00
83
85
60.00
5.00
66 00
5.00
66.00
6KS
N Y N H 4 Hartf 4Kb....
5s
5.00
88
92
6s
88
92
4KB
88
92
6s
88
Great Northern 4Kb
62.80
6s...
77
preferred
92
100
pref. 100
Gas
100
Federal Water Serv
Hudson
36 cum preferred
36.50 cum preferred
2.75
39
43
94
73
26 K
66.00
5.00
Hudson County Gas... 100
183
66 00
5.00
1.50
1.50
Interstate Natural Gas...*
61.76
1.10
Interstate Power 37
Jan 4 July 1937-49
Ks series G non-call
63.00
2.25
Dec 1 1937-60
62 85
2.25
63.75
2.75
Pere Marquette 4Kb
7%
6s
62.50
2.50
2.00
90
92
4Kb
St Louis Southwestern 5s
94
Southern Pacific 4Kb
5s
4.75
...
7
1.25
61.75
1.00
Illinois Central 4Kb
6s
65.75
5.00
65.75
5.00
40
65.75
64.25
3.25
64.25
3.25
4Ks.
Long Island 4 Kb
5s
Louisv 4 Nash 4Kb
61.75
Maine
Central 6s
1.10
61.75
6s
1.10
64.50
Missouri Pacific
3 75
64 25
4Kb
3 75
64.50
6Ks
Minn St P 4 fl 8 M 4s...
3 50
65.50
4.75
65.50
5Ks
4.75
65.50
5s
88 K
♦
pref
0% pf
preferred.
100
100
100
uref-.lOO
7% pf—100
Penn Pow A Lt $7
pref...*
Queens Borough Q A E—
0% preferred
.100
Republic Natural Gas
l
98
97K
25
31K
33
36%
66
86 K
31%
33 K
3K
94 K
7%
7%
preferred
24
26
Utah
66 K
68 K
Virginian
Public
Amer
100
Pow A Lt 57 pref..*
100
Ry...
81K
84
26 K
28
183
57 K
59
62
64
94
96
100
62 K
37 H
117
Bid
67%
83
86
62.25
1.60
Appalachln Eiec Power—
61.50
1.00
61.50
1.00
1st mtge 4s
1963
f debenture 4Ks._1948
61.70
61.70
75
75
1.00
1.00
85
85
75
85
75
85
63 50
2.50
66.00
5.00
60.00
5.00
Assoc Gas 4 Eiec
1948
Debenture 3 Ks
103
100K 101
Dallas Pow A Lt 3 Kb. 1967
107K
Federated Utll 5 Kb.. .1957
45
Green Mountain Pr5s.l948
46K
Income deb 3Ks
1978
24 K
Income deb 3Ks
Income deb 4s.
1978
25
1978
26%
30K
Income deb 4Kb.—1978
Conv deb 4s
.1973
49
1973
50
1973
53 K
1973
00 K
83
25K
25%
27K
31 %
—
~
—
51K
55 K
...
Iowa
Power 354s
1907
Sou Utll 5K8
Idaho
1950
Kan City Puo Serv 4s_1957
Kan Pow A Lt lat
4Kb '65
Keystone Telep 5 Kb—1955
Missouri Pr A Lt 3KB.1966
Mtn States Pow 1st 08.1938
Narragansett Eiec 3 Kb '66
Newport N A Ham 5s.l944
N Y State Eiec A Gas Corp
61
B
Shoe Stores
•
3
6
7% preferred
100
/G Foods Ino common..*
75
85
Blckfords Ino
*
52 50 conv pref
.._*
Bohack (H C) common.__*
7% preferred
100
Diamond Shoe pref
100
Flshm&n (M H) Co Inc..*
IK
9K
30
1
IK
10
35
2K
10
13
92
98
6K
8
Ko backer Stores
7%
preferred
Ask
103 %
97%
99%
29
31
109K 110K
88
100K
79
100
85"
27
23
Ohio
Sink fund inc 4Kb—1983
Sink fund inc 5s
1983
Sink fund inc 5Ks..1983
21
Old Dominion par 5s..1951
50
22
Parr Shoals Power 5s.. 1952
23
Pennsylvania Eiec 5b .1962
100
Preferred.....
10
1
l
7
5%
13K
8K
6K
Pub Service 4b..1962
15
..100
65
75
Sink fund Inc 4-5S..1986
20
Penn Telep Corp
UK
12
8 f inc
21
90 K
91K
105
105K
102 K
103
53K
"
101
Peoples Light A Power
*
4
5
6K% preferred
100
Murphy (G C) 55 pref. 100
16
22
Reeves (Danlen pref
100
United Cigar-Wheian Stores
preferred
Ask
15
1965
4s
North Boston Ltg Prop'B—
Secured notes 3 Ks—1947
10
«
96
98
100
20 %
21K
Sugar Stocks
Cuban Atlantic Sugar
Eastern Sugar Assoc
81
102
86
4K8-5K8-—1986
Sink fund inc 5-6s_.1986
S
f lno
23
5K-6K8—.1986
Bellows Falls Hy El 5s 1958
Blackstone V G 4 E 4s 1965
Cent Ark Pub Serv 5s_1948
...
Savannah Sug Ref com
Bid
A>k
1
26 K
28 K
West Indies Sugar Corp__l
2%
109
82"
08
70
73
76
f2%
3%
1962
4KB
1947
Sioux City GAE 4s.-I960
Sou Cities Utll 5s A—.1958
I
67 K
64 %
105K
69
101K 102 K
98 K
99 K
42 K
41K
3K
62 K
64 <
78
79%
1957
122
Tel Bond A Share 5s.-1958
Utica Gas A El Co 5s
Western Mass Co 3 Kb 1940
44 K
45K
44
46
Western Pub Serv 5 Kb '60
Wisconsin G A E 3 Ks.1966
Wis
page
63
104 K
Texas Public Serv 5s..1901
104 % 105 K
105 K
see
106K 107K
St Joseph Ry Lt Heat APow
80
Colorado Power 5s... 1953
ConBOl E 4 G 0s A...1962
For footnotes
1961
Pub Utll Cons 5 Ks—.1948
Central Q 4 E 5Ks-—1946
6s series B
1st lien 3-0s.
Public Serv of Colo 08.1961
25
Income 5 Kb with stk '52
Par
1st 4s '05
100K 102%
Central Public Utility—
Bid
92 K
101K
104K 104K
25
1st lien coll trust 6s_ 1946
Cent Maine Pr 4s ser G *00
Par
62 K
104
102%
83
•
Kress (S H) 0% pref
Miller (I) Sons common
55
108
102 %
Cons ref deb 4Ks—1958
8lnk fund inc 48.__.1983
Bid
103K
Cumberl'd Co PAL 3 Kb '60
Corp—
Conv deb 4Ks
Conv deb 5s
Conv deb 5 Kb
Ask
Consolidated Edison Co—
99% 100K
8-year 8s with warr.1940
Chain Store Stocks
Borland
65K
39 K
122
104 % 104K
s
Associated Electric 5s. 1961
Par
101K
Utility Bonds
Aft
05
Ask
4K
96
United Gas A El (Conn)—
4.25
4.75
Bid
99%
85K
8s without warrants. 1940
Assoc Gas 4 Elc Co—
Par
100
58
Calif Edison—
35
partlc pref..50
96 K
98 K
110K 112
88 K
90K
Rochester Gas A Eleo—
pf.100
preferred...
100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A .100
Utility Serv 6s .1964
6 Ks
87 K
South Jersey Gas A El.100
Amer Wat Wk 4 El 5s '75
5KS
92%
•
Tenn Eiec Pow 0%
2.75
6s
69%
91K
77
2.75
Western Maryland 4Kb...
Western Pacific 5s
100
,--.*
55
63.25
6s
98 %
52
63.25
Wabash Ry 4Kb
6s
7%
Southern
4Kb..
Virginia Ry 4Kb
96 K
75
Memphis Pr 4 Lt 37 pref.*
4.25
5.00
Internat Great Nor
32
67 K
preferred C
100
Sioux City G A E17 pf.100
106 K 108 K
41
37 K
Bid
Union Pacific 4Kb
5s...
30
2 50
65.00
65.00
Texas Pacific 4s
-
71
0%
5s
61.80
-
19K
88
preferred
6% pref series B
2.16
Hooking Valley 6s
«.
18
3.00
63.00
...
16
108
4.75
63 75
Southern Ry 4KB
6s
106 K
124
86 K
*
preferred...100
Pacific Pr A Lt
Utilities Associates—
conv
14
69
preferred..
Okla G A E 7%
38
100
preferred
60
7% pf—100
7% pref. 100
Kings Co Ltg 7% pref..100
Long Island Ltg 0% pf.100
7% preferred
100
5%
cum
20 K
22 %
Utilities—
7K%
95
65.50
65.50
_.
57 prior Hen pref
*
New Orl Pub Serv $7 pf—*
New York Power A Light—
$7
5
Jer Cent P A L
Mass
100
New Eng G A E 5K% pf-*
Ohio Pub Serv
Jamaica Water Supply—
63-26
Newark Consol Gas
20 K
107 K 109 K
23
25
pref..*
preferred
1%
23K
Ohio Edison 50 pref
97 K 100 K
100
Kan Gas 4 El
St Louis-San Fran 4s
20%
preferred
Southern
20%
30 K
Idaho Power—
Iowa
%
100
preferred
Nassau A Suf Ltg 7% Pf 100
Nebraska Pow 7% pref. 100
(Del) 7% pref
(Minn) 6% pref
124
due
24 K
Ohio Power 0%
18 K
19 K
*
*
37 cum preferred
62.25
E
4K
22 K
7% cum
183
Gas 4 Eiec of Bergen.. 100
preferred
107
4%
116
6.00
7%
104 K
♦
Northern States Power—
75
114
5.00
36
Miss Rlv Pow 0% pref. 100
Missouri Kan Pipe Line..5
Monongahela West Penn
Pub Serv 7% pref
26
50
Corp—
3.00
62.60
4s series
8
92
*
Pennsylvania RR 4Kb
2
6K
J). 100
Northern Pacific 4Kb...
5Ks
Erie RR 6Ks
5 00
04 00
63.50
Reading Co 4Kb
Trustees' ctto 3 Kb
65.50
0.00
Chicago R 14 Pacific—
Denver 4 R G West 4Kb.
6s
73
63K
75
65.75
6.00
67.00
67.00
Paul
5s
71
65.75
4Kb
6s
no
67.00
MUw"i"St
6a
5s
....
66 K
61K
Derby Gas 4 El 37 pref..*
2 50
65.75
New Orl Tex 4 Max 4K«-.
New York Central 4Kb...
N Y Chic 4 St L
22 K
74 K
Continental Gas 4 El—
7%
55%
7%
100
Dallas Pr 4 Lt 7%
57
62
54 K
preferred
Mountain States Pr com..*
—
100
preferred
preferred
Ask
53
New Eng Pub Serv Co—
Cent Pr 4 Lt 7% pref—lOO
Oonsol Eiec 4 Gae 30 pref. *
Essex
AtlaatJe Coast Line 4Kb..
Baltimore 4 Ohio 4Kb
72 K
64 K
*
preferred
Consumers Power 35 pref
Equipment Bonds
21K
-
Central Maine Power—
Consol Traction (N
Railroad
4
Bangor Hydro-El 7% pf 100
45
5.00
3
preferred
*
•
preferred
*
Atlantic City El 6% pref.*
17
-
Bid
57
57
36.50 preferred
-
6 00
75
Mississippi Power 56 pref.*
Mississippi P A L $6 pref.*
Original
65
100
Preferred
Gas
Associated
Par
69
73 K
7% pref •
4 Electric
Arkansas Pr 4 Lt
-
•
Ask
67
Power $7 pref.
3108.
Mich
Pow 3 KB—1961
•
-
-
104K 105
74
76
104K 105
104 K 105K
Volume
Quotations
Over-the-Counter Securities—Friday May 13—Continued
on
Real Estate Bonds and Title Co.
Water Bonds
Alabama Wat Serv 56.1957
Muncle Water Works 5s '65
Ashtabula Wat Wka 5s *58
100
103
1951
74
78
-.1951
83
88
86%
89%
97
104
New Jersey
101
Atlantic County Wat 6a *58
96
Water 5s 1950
Newport Water Co 5« 1953
Ohio Cities Water 5 %s 53
105
6s
series
...
5s series B
5%s
Wks—
1957
103%
1954
101
1954
104
B
5%s series A
■
106
104%
Ohio Valley Water 5s. 1954
102% 104%
Ohio Water Service 5s. 1958
Chester Wat Serv 4 Ha '58
103
104%
Ore-Wash Wat Serv 5s 1957
Penna 8tate
(Wash)
City
6s
78%
95
104%
1948
.1948
100
Pinellas Water Co 6 His.
1946
62
103%
1946
64
69
101% 103 Hi
104 %
100
4%s
1958
92
97
1st mtge 6s
1958
94
98
St Joseph Wat 4sser
E St L A interurb Water—
100%
99
1950
Rocb A L Ont Wat 6s.1938
Roanoke W W 5s
Consol Water of Utlca—
...
101
A..'66
105
...
...
Gas A Water Co
Scranton
Y
N
1950
1942
6s series B
1942
100
103
6s series D
1960
104
106
Scranton-Spring Brook
Water Service 5s. 1961
1st A ref 5b A
1967
74%
77 Hi
75
25
19th A Walnut Sts
48
44
47
50 Bway Bldg 1st 3s lno '46
28
31
30 %
32 %
100
Sbenango Val 4s ser B 1961
98
South Bay Cons Wat 5s '60
71
4 Vis
Greenwich Water A Gas—
5s series A
1952
6s series B
.1952
1st Leasehold 3s. Jan 1'52
40
19
2l"
/41
43%
Prudence Co—
42
stamped
1961
Realty Assoo Sec Corp—
55
1943
/42
5 %s
66%
1400 Broadway Bldg—
5s Income
35
1948
Hackensack Wat Co 5s. '77
96%
106% 108 %
South Pittsburgh Water—
1st mtge 5s
Water—
Huntington
5s series B
1954
101
6s
1954
103
6s
1962
104
Bllnols Water Serv 6g A '52
101
104
103
1960
103 Hi
5s series B
110
1955
5h series A
1977
5^8 series B.
1960
105
Sprlngf City Wat 4s A '66
104%
f5
1944
29
1949
91Hi
101
-
-
-
58
(w-s)
37%
48
81
1958
6s
Joplln W W Co 6s
41
1950
45
43
Long Island Wat 6%s.l955
Middlesex Wat Co 6%s '67
Monmouth Consol W 6s '66
3% with stock
1950
Syracuse Hotel (Syracuse)
1st 3s..
1955
Lewis Morris Apt Bldg—
105
...1950
33
104
Lincoln Building—
101
103%
103
1950
93
1st mtge 5s
1951
1950
1st mtge 5%s
Westmoreland Water 5s '52
95"
90
1st 4s.....
SI
102
m m
m
101
99
'•«.
mm
33
101
5s
1947
6s series C
1960
104
104%
6« series A
1949
105
mmm
W'msport Water 5s—1952
100
...
---
3s
18
1950
with stock
Wall A Beaver St Corp—
4
88
1948
1961
91
21%
19%
Westlnghouse Bldg—
1st fee A leasehold 4s '48
66%
1st 4%s w-s
5
Metropolitan Chain Prop—
For footnotes see
36
Walbrldge Bldg (Buffalo)
63
Majestic Apt Inc—
4s w-s 1948 stamped
6s
50
(w s)
1st 5 %s
54
1951
(Bklyn)
52
40
Trinity Bldgs Corp—
1952
1st 5s (L 1)
1956
—
34
1939
1st 4s
90 %
38
1958
2 Park Ave Bldg 1st 4s 1946
89%
London Terrace Apts—
1st
Wichita Water—
64
Textile Bldg—
Ludwlg Bauman—
100%
101
Morgantown Water 5s 1965
Income
1st A gen 3s w-s
5s series B
Monongahela Valley Water
5%s
1950
''
31
60
100
5%s w-s... 1963
Loew's Theatre Rlty Corp
1st 6s
1947
5s series B
107
/27
61 Broadway Bldg—
101
Western N Y Water Co—
85
40%
1947
3%s
616 Madison Av 1st 6%s'38
54
1st 4-58 extended to 1948
103
106"
104
23
1st fee A leasehold
Manhattan Bldg
Lefcourt
..1949
6b series A
103 %
1957
Kokomo W W Co 6s_-1958
28
60 Park Place (Newark)
50%
42%
Union Water Serv 5 He '51
102% 104%
26
/21
with stock
Sherneth Corp—
35
Lexington units
Hotel
W Va Water Serv 4s-.1961
1966
Indianapolis W W Secure—
1st mtge 3 %s
1956
..1957
4s
Savoy Plaza Corp—
3s
Graybar Bldg 5s
Texarkana Wat 1st 6b_1958
Indianapolis Water—
47
2s with stock.... ..1956
39
1946
Harrlman Bldg 1st 6s.1951
Hearst Brisbane Prop 6s '42
44%
1st
32
37
1957
1st 2%-4s
Hotel St George 4s
---
90 %
Terre Haute Water 5s B '56
103"
mmm
44
Roxy Theatre—
6
Income 3s
...
...
45
165 Bway Bldg lgt5%s '61
37
1958
1939
/6
1951
103 E 57th St 1st 6s... 1941
33
Fuller Bldg deb 6s
75
Nov 16 1939
1st 6s
2d mtge 6s._
Film Center Bldg 1st 4b '43
1st 6%s stpd
(The)—
1 Park Avenue—
52d A Madison Off Bldg—
42 Bway 1st 6s
21
41
(Phlla)
July 7 1939
1st 6s
Oliver Cromwell
%s.l949
30%
50%
/19
6 %s series F-l
6
4%
46
46%
/44%
/29%
/49%
/38%
5%s series Q
.....
5
/4
stmp._1956
Mtge Co—
6 He series C-2
28
78%
97
99% 101 %
24
Majestic Corp—
Y Title A
28
Fox Theatre A Off Bldg
98% 100
1958
5s series A
62
22%
5%s series BK
40 Wall St Corp 6s
107
60
Club—
Athletic
4s with stock
500 Fifth Avenue 6
...
108
96% 100
106
'59
Pittsburgh Sub Wat 5s '58
Platnfleld Union Wat 6s '61
67
6s series A
35
N
...
Richmond W W Co 5s_1957
6 Vis series B
32
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended
102
99
Phlla Suburb Wat 4s.-1965
Connellsvllle Water 5s 1939
48
1st 3%s
1945
1946
Y
2s
Eastern Ambassador
101
5s
Prior lien
100%
1957
50%
46
Hotel units..
.1950
1948
1st consol 5s
Water Service
48
N
Dorset 1st A fixed 2s.. '57
1st consol 4s
101
1954
B
series
1st 5s series C
Community
75%
93
Water—
1st A ref 5s
(Chattanooga)
Water
61%
1948
Court A Remsen St Off Bid
Peoria Water Works Co—
103
5 He series A
1951
City of New Castle Water
6s
1941
59%
5 f deb 5s
33%
Colonade Constr'n 4s. 1948
99
95
Metropol Playhouses Inc—
32
1944
Motors Bldg—
4-6s
91
1947
6s
Chsebrough Bldg 1st 6s '48
95%
1st coll trust 4%8._1966
101%
1951
Metropolitan Corp (Can)—
22
Chanln Bldg Inc 4s.-.1945
101
73
Calif Water Service 4s 1961
5s
1st 3s
Broadway
Alt
Bid
30
/20
B'way A 41st Street—
Butler Water Co 6s...1957
Citizens Wat Co
1957
B'way Barclay 1st 2s..1956
New Rochelle Water—
100
Birmingham Water
5e series C
Alden 1st 3s
mmm
Mortgage Certificates
Ask
Hid
105
New York Wat Serv 5s '51
95
1956
Alton Water Co 5e
Atl
Bid
Ask
Bid
3167
Chronicle
Financial
146
3168.
page
Investing Companies
Par
Bid
AdmlnIsteredFund2ndinc*
Affiliated
Inc...1%
Fund
11.02
3.56
3.91
*
Am Insurance Stock Corp
Assoc. Stand Oil Shares..2
5%
Maryland Fund Inc
f1.70
2.20
Mutual Invest Fund
14.55
Nation
Canadian Inv Fund Ltd-.l
11%
12%
New
Shares Trust...*
*3.45
3.80
N
1 J20.33
2.91
Continental Shares pf.100
21.86
Commonwealth Invest
12.04
A 1.97
i 1.97
1
2.32
10
ACC mod
Crura A Forster com
2.32
100
19%
9.78
10.69
25
England Fund
2.72
B
shar
....100
7% preferred
Cumulative Trust Shares. *
«
Y Stocks Inc—
6.97
Agriculture
Deposited Bank Shs ser A1
..
-
7.86
small
7.02
7.91
6.64
7.19
7.41
8.02
1937,
7.88
8.53
there
5.81
6.30
6.49
7.03
Railroad equipment
1.39
2.66
3.50
3.20
........
-
-
1958
The
Pacific Southern Inv pref.*
-
-
-
-
*
5%
Class B
♦
%
Plymouth Fund Inc..-10c
35c
40c
Quarterly
Inc Shares.-10c
8.72
9.55
6% deb series A.
16.02
17.21
Equit Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Fidelity Fund Inc
_*
25.48
27.11
221 %
24%
16.52
17.79
7.90
6.23
Royalties
Restaurant
-
-
-
-
-
34%
34%
Chicago
19
23
31
28
20
Philadelphia
41
48
47
48
46
21
17
40
34
New York City
27
37
29
39
*21
9
13
10
26
31
12
28
31
26
19
19
23
17
10
16
18
18
25
25
30
31
2
2
13
9
9%
17%
Income Shares...
26c
3.64
67c
13.53
1.85
2.15
50c
54c
Utilities
2.76
Fundamental Tr Shares A2
4.25
4.75
*
3.82
AA...
73%
1.87
..
-
....
14.24
Inc. 50c-
Standard
Cleveland
Texas.
61c
*
70
All others
25%
Total
Same month of last yr.
*
BB
C
5.09
D
Capital
*
27.28
29.33
Investors Trust.*
4.16
4.53
Supervised Shares
Agricultural shares
99c
1.08
66c
73e
1.13
1.23
22
25
24
&
TREND OF
5.09
3
BUSINESS IN HOTELS IN APRIL,
APRIL,
Group Securities—
Building shares
1.14
82c
1
5.44
72c
Trusteed Amer Bank Shs B
55c
91c
Trusteed Industry Shares.
79c
U 8 El Lt A Pr Shares A..
12%
13%
1.07
Series B
B
1.62
Un N Y Tr Shs ser F
*
1
%
Wellington P4ind
1
12.41
15. .50
16.67
shares....
1.02
1.13
Group Shares
1.17
1.30
Insuranshares Corp
Hi
(Del)l
Bancamerlca-Blair
Corp. 1
27
1%
31
Schoelkopf.
4%
28
..♦
class B
First Boston Corp
2
10
17
5%
33
5
Washington.
Cleveland
of
(+)
63%
or
Last Year Dec. (—)
73%
+3%
—5
—9
64
70
+4
—1
—12
50
52
4-3
—7
—10
82
89
+1
+5
..
—9
—
—7
—12
68
77
—15
—17
—14
57
71
—13
—12
—14
58
68
+2
+3
+2
+5
76
78
+5
—10
—8
12
63
70
4-2
—
Pacific Coast..
Texas
All others
Total
1
Month
—12%
Inc.
—7
...
18%
Hutton A
Pomeroy Inc com...10c
—
Detroit
Corps
Central Nat Corp cl A...*
Institutional Securities Ltd
Invest Co. of Amer com. 10
fnvestm't Banking
1%
13.47
—11%
Month
—9
Philadelphia...
1.00
Voting shares
—12%
This
—7
Chicago
%
Investors..*
1.72
City
Rooms
Res¬
taurant
New York
90c
91c
82c
Same
Total
61c
2%
Un N Y Bank Trust C-3-*
42c
Group
Rate
Percent¬
Um~m
82c
69c
1.06
1
"
2
62c
97c
shares
Occupancy
89c
1.21
98c
shares
Holding Corp
Bank
5.91
( +)
age
83c
shares
shares
Insurance
2.09
1.11
shares.
shares..
Incorporated
1
63c
Guardian Inv Trust com.*
Huron
Series D
Trustee Stand Oil Shs A.l
74c
equipment shares.._
Tobacco
Room
Percentage of Increase
or Decrease (—)
2.14
1.04
shares
Food shares
Steel
1938, COMPARED WITH
1937
Sales
1
analysis
9.28
8.54
Series C
5%
*7
11
10
9
Horwath also issued the following
Trustee Stand Invest Shs—
Automobile
30%
25
10%
by cities:
1.87
General
25%
30%
Increase.
Horwath
2.89
_
General
shares
18
42
26
Super Corp of Am Tr Shs A
RR
31
.
19
State Street Invest Corp.*
Petroleum
23
*5
44
3.75
Mining
32
11
28
7.38
Merchandise
*7
48
11
15.59
Investing
15
47
25
3.50
Chemical
12
40
■
30
6.80
Corp
18%
17%
19%
50c
14.43
-
30%
9.14
23c
Fundamental Invest Inc.2
-
35%
34%
8.69
Standard Am Trust Shares
B
Apr.
Mar.
Feb.
Jan.
30c
3.37
-
Apr.
8.38
Fund.25c
Spencer Trask Fund
-
Mar.
Feb.
Jan.
Shares. 2>$
Amer
Sovereign Investors
-
102
8.19
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
B.
slump were general business conditions and reduced
convention business.
decreases in room
and restaurant sales from the corresponding
Management__l
Republic Invest
Selected
2.59
3.03
10
98
Representative TrustShslO
Selected
Fiscal Fund Inc—
2.35
April,
which the sales increased over
1
1.19
B_
in
given for the
5%
5.35
Fixed Trust Shares A—10
locality
the occupancy was lower.
In all the other groups
and occupancy. The most common
26
Class A
1.08
series. 10c
only
here
2.06
24
4.75
stock series—10c
reasons
the
even
sharp decreases in both sales
were
-
A-l—
Insurance stk
1
was
but
in
Rates in all
events.
2.31
Series
Texas
Only a
higher occupancy than
Rooms
—
Eaton A Howard Manage¬
ment Fund series
reporting had
was
occupancy
three points higher.
2.35
1
i
-
Bank
1
...25c
D
Dividend Shares
April
the
years
banquet and
1.95
Series 1955....
2.44
C
1953. ♦
8.56
50%
No Amer Tr Shares
4.10
10
about
is
1937, and in all of these it was due to special
localities held slightly above those a year ago.
Metals
No Amer Bond Trust ctfs.
110
it
hotels
all
of
than
more
usually
April,
6.96
Oils
-
-
March;
of
proportion
7.20
6.49
in
time
first
the
that
6.42
Bank stock.
Steel
Deposited Insur Shs A...1
7.55
said, adding:
firm
For
below
Insurance stock.
-
........
28
Deposited Insur Shs ser B1
Diversified Trustee Shares
2.82
Machinery
'
115
10
Wide Securities 25c
National
Series 1956
Common
5.49
in their monthly survey of the
state that "the sales decreases in
of business in hotels,
Electrical equipment.
7
23
20
insurance
8% preferred
Crum A Forster
18.27
,
Horwath & Horwath,
Building supplies.
3.11
A 6%
1
Series
1
10
Voting ihares
40c
22.99
Accumulative series... 1
4.56
5.01
2%
2.86
13.60
Corporate Trust Shares.. 1
Series AA
J
1
4.11
*
10c
Mass Investors Trust
0
A...1
mod
11.70
5%
25c
AA
10.88
12.86
Series 8-4
,21.50
Series
the
1
11.71
Series S-2
1
Century
1.24
4.98
9.87
Broad St Invest Co Inc.-6
Bullock Fund Ltd
1.13
9.01
Major Shares Corp
•i
Year Ago
4.68
Series K-2
62c
Sales Below
Investors Corp.l
14.07
7
*
Inc
Fund
British Type Invest
14.53
12.90
4
Bankers Nat Invest Corp ♦
Shares.. 10
13.28
3%
*
Hotels, According to Horwath &
Horwath—April
trend
April
from the corresponding month of last year were undoubt
edly sharper than they would otherwise have been because
of the fact that more than two weeks of Lent fell in this
month, whereas last year Lend ended in March.
Room
sales were down 8% and restaurant
sales 11%, against
average decreases for the first three months of 2% each,"
Series B-3
6
a
Amer Gen Equities Inc 25c
Trend of Business in
9.54
22.14
3.34
3.02
Amer A Continental Corp.
Boston
Ask
8.94
20.23
20 %
19
New common
Basic Industry
Bid
1
Shares-
Amer Business
C
Keystone Cust Fd Inc B-2
Investors Fund
Series K-l
Holding Corp
Amerex
Par
Ask
10.36
1%
Year to date
—
+3
-10%
-8%
—11%
63%
71%
+ 2%
—4%
-4%
-5%
65%
70%
+ 4%
Financial
8168
1938
May 14,
Chronicle
Quotations on Over-the-Counter Securities—Friday May 13—Concluded
Industrial Stocks and Bonds
Ask
Bid
Par
uys
*
Inactive Exchanges
Petroleum Heat A Power.*
10
6% conv pre!
Pilgrim Exploration
1
Pure Oil 4% conv pf
Remington Arms com....*
Rubber
Hard
7% pref
Con version ...1
Petroleum
American Cynamld—
American
Foreign Stocks, Bonds and Coupons
Par
28
1IH
American Arch..—_*
Pa the Film
3%
2%
23%
♦
Alabama Mills Ino
90
26
96
20^
100
8% cum pref
American Hardware
22%
Amer Maize Products——*
12
14
Scovlll
American Mfg
50
56
National Corp...*
45 %
48
Metal Construction. 10
l 6%
18
Andian
Art
Radio
Belmont
Corp
2%
4
Indus Loan pf. *
Beneficial
52 H
1
4%
Burdlnes Ine common
Manufacturing..25
52 William St.,
Standard Coated Prod _10c
Preferred
Standard
53^
20
4
3
5
*
Baking com
Columbia
*
Crowell Publishing com..*
29
100
Steel common.
preferred
H
Barranquilla 8s'35-40-46-48
*
i%
35
United ArtistsTheat com.*
IK
^7A
Dictaphone Corp
30
34
United Merch A Mfg com *
6
7
..100
United Piece Dye Works.*
112
30
1945
Cities 7s to
31
Preferred
35"
Preferred
Hansa 88 6s
Housing A Real Imp 7s *46
Hungarian Cent Mut 7s '37
24%
24%
19
22%
Hungarian Ital Bk 7%b '32
Hungarian Discount A Ex¬
change Bank 7s
K
%
2%
100
(Republic) 8s. 1947
1958
Bolivia
3%
7s
4K
S\ %
Conv prior pref....
7%
Nov 1932 to May 1935
Nov 1935 to May 1937
4%
51
(Northam)—
$3 conv preferred
*
4
Preferred
Fohs Oil
..30
....
17
21
16%
*
Foundation Co For she..
Garlock
Gen
*
Graton A Knight com
$3
Wick wire
6
WJR The Goodwill Sta_.5
20
22
Worcester Salt
47
52
Caldas (Colombia) 7^8 '40
Call (Colombia) 78—1947
Callao (Peru) 7%b
1944
f5%
6%
9%
50%
10K
Cauca Valley 73^8
1940
m%
12%
53
Oeara
100
80
90
100
123
38
41
28%
29
6%
1
York
7%
100
47 H
Chicago 8tock Yds 6s_1901
22%
1st conv s f 6s
80
41
.....*
/8
9K
1948
(Glenn
Martin
18
N
Y
5Hs
86
1945
Preferred 8H%
100
Northwestern Yeast...100
58
48
Wltherbee Sherman 6s 1963
Norwich
33 H
35H
106% 108
"
6%b
1953
European Mortgage A In
62
45
Woodward Iron—
Ohio
6
Leather common
•
*
Ohio Match Co
9
7H
1962
102%
80%* 83%
2d conv Income 6s..1962
8%
7s
100 %
income
Farmers
Natl Mtge
No
value,
par
/ Flat price,
dividend,
a
Interchangeable.
Nominal
n
quotation,
to
0 Basis
d Coupon,
price.
When issued,
t
Now selling on New York Curb Exchange,
v
w-s
<
Ex-Interest,
e
With stock,
x
Ex-
Ex-stock dividend
7s to
on
New York Stock Exchange
t Quotations
per
100 gold rouble bond, equivalent to 77 4234 grams of pure gold.
following securities
Wednesday
Protestant Church
1946
many) 7s
1946
Prov Bk
24
24
Westphalia 6s '33
Westphalia 6s '36
f2l%
1941
f20%
Rhine Westph Elec 7% *30
6s.
k
1941
Rio de Janeiro 0 %
1933
Rorn Cath Church 6%b *40
R C Church Welfare 7s '46
M
8aarbruecken
Salvador
Bk 6s '47
7%
1957
7s ctfs of deposit-1957
/22
—.1947
8%
Santa
98
Fe
7s stamped.
1942
Santander (Colomi 7s. 1948
Saxon State Mtge 6s. .1947
Siem A Halske deb 08.2930
State
03^8
Jan to June 1930
/34%
/33
Jan to June 1937
$30 lot
July to Dec 1937
/25
/25
/23
ctf. of dep.; 139 Springfield Street
Ry. Cos., preferred, par $100, and $4,900
Kedzie Business Block, 1st
Apr 15 '35 to Apr 15 '38German Young coupons:
mtge. 6^3, ctf. of dep
76 Units Industrial Credit
Corp. of Lynn
86 Units Industrial Credit
Corp. of New England
$650 lot
20
par $100..
120
By Crockett & Co., Boston:
Stocks
$ per Share
10 Naumkeag Steam Cotton
Co., par $100
100 Old Colony Investment Trust
30 Fall River Gas Works, par $25
33
I
I—II—III—III—
IIIIIIIIIIIIIIIIIII
Associates, preferred
Co., common, par $25
2%
13^
/61
6K
17%
Oct 1935
8%
17%
11%
13%
/46
/22
Stlnnes 7s unstamped. 1936
/69
4s—1936
f57
•..1946
/63
Certificates
4s—1940
to April
Certificates
Toho
7s
24
/51
1955
66%
65
1947
Electric
Tolima 7s
/30
1937
/ll
12
Union of Soviet 80c Repub
7%
112% 113%
1943
gold ruble
Unterelbe Electric 6s. .1953
/20
Vesten Elec Ry 7s
.1953
1947
Wurtemberg 7b to
22
(20
1945
*86.61 91.21
23%
/22
23
/21
f20% 22%
70
f Flat price.
124
CURRENT
Stocks
NOTICES
^ per Share
Corp.,
common, par $50
..$100 lot
—Ira Skutch and Lee H. Burton,
Bonds
&
881 Wilbur-Suchard Chocolate
Co., Inc., common, par 50c.
$33,000 N. W. Cor. 47th and Pine Streets (Garden
10c
Court),
B,
bonds,
due Sept. 15, 1938.
Subject in
due Sept. 15, 1938, together with
March
15,
Interest in
Oct 1932 to April 1935
7b unstamped
1948
By Barnes & Lofland,
Philadelphia:
1400 Investment Bond & Securities
/58
/58
26
fl0%
/13
—
1957
Haiti 08
36
1 New England Power
Co., preferred, par $100
1956
1956
Coupons—
Hanover Kara Water Wks
0s
Jugoslavia
2d series 5s
28
/16%
1960-1990
Guatemala 8s
Mtge Bk
f22%) 23%
/24
/405
5s
f8%
Graz (Austria) 8s
1954
Great Britain A Ireland—
4s
1951
Stettin Pub Utll 7s—1946
Dec 1 '34 stamped
June 1 '35 to Dec 1 '37
10
f8%
10%
f57
60
/12
I 13%
p%
8%
f22%\ 23%
28
/6 %
45
..."
14k
Santa Catharlna (Brazil)
34%
/34%
/93
/36
1938
25
/22
/37%
May..
/22
/15
/13 %
Ss ctfs of deposit-1948
Sao Paulo (Brazil) 03..1943
Jan to
23%
/ 24
Saxon Pub Works 78—1945
German scrip
8%
23%
/22
-1948
/36
German Dawes coupons:
Dec 1934 stamped
/25
/ 7%
f5
scrip
July to Dec 1935
285
f50
102
July to Dec 1930
...
8%
f21%
f21%
/ 36
/39
Engineering Inc
:
30c
Corp., common, par $25; $2,000 Midwest Athletic Club, 1st
mtge., 1938, ctf. of dep.; $1,000 Midwest Athletic Club, 1st ratge., 1935,
f7%
(Ger¬
5s
$100 lot
100 Stanley
default
on
payment,
accrued
class B
to
1st
mtge.
$990,000
interest
class
thereon
bonds since
1929—
on
or
6s,
Strasser &
Mayer,
announce
40
Wall
of Guggenheimer,
the formation of a partnership for the general
practice of the law to be known
A
from
about
constituting the firm of Feiner, Skutch
Burton, and Charles H. Meyer, formerly of the firm
as
Skutch, Meyer & Burton, with offices at
Harold Schwarzberg and Ira D. Wallach
St., New York City.
will be associated with the firm.
....$310 lot
—Announcement
CURRENT
relationship between
NOTICES
Calif.
and
&
Co.,
134
S.
La
Salle
St.,
Chicago,
announces
that
H. Pitt has become associated with them in
their grain department.
was formerly grain market
analyst for Thomson & McKinnon.
Mr. Pitt
made
Bigelow,
of
the
consummation
of
a
correspondent
Webb & Co., of Minneapolis, St. Paul &
Eau
Milwaukee,
Manitowoc, Madison, Ashland, Omaha. Appleton, La Crosse
Claire.
Direct
private wire service will be maintained
between
Chicago and Minneapolis.
—The investment firm of I. Newton Perry &
St..
Bros.
is
Rochester, Minnesota, and Barney Johnson & Co. of Chicago,
Green Bay,
Drumheller, Ehrlichman & White have changed their
corporate name
to Drumheller, Ehrlichman
Co., Seattle, Wash.
W. H. White, formerly
Vice-President, is now associated with White, Wyeth & Co.. Los Angeles
John
37
22%
23
1908
Jan to June 1935
100 Pierce Oil
Sutro
28
/35
Porto Alegre 7s
Prov Bk
___$8 lot
1930.
Coupons
July to Dec 1934
July, 1964.
series
1956
1936-1937
5% scrip
Poland 3s
Jan to June 1934
250 Trustees of One State Street, class A
10 Eaton Paper Corp., common v. t. c. and 10
preferred
1 Boston Athenaeum, par $300
Shares
22%
/23
/13
/24
Panama
22%
Office
Int ctfs of dep July 1 '38
German defaulted coupons:
$ per Share
39 Mass. Power & Light
15 Chapman Valve Mfg.
f20%
1952
City 6%b
4s
20 Cheney Bigelow Wire Works, preferred, par $50 and $192.60 debenture
5s,
Shares
1945
to
Panama
10 K
no
f22%
m%
J20%
f2l
f22%
f22%
99
1948
59%
f21%
July to Dec 1933
Stocks
Company,
7s
18
Land-
0^s
58%
1940
7s
19
22
Funding 3s
on
1947
Elec
8s
By R. L. Day & Co., Boston:
4 Franklin
18"
German
of the current week:
Shares
/96
1940 f] 00
German Atl Cable 7s. .1945
/45
SALES
sold at auction
were
0^8.1948-1949
4s
Gelsenklrchen Mln 08.1934 /100
0s
1937 /100
German Conversion
The
/96
Oldenburg-Free State
/ll
f20%
.1945
Building A
/35
6^8.1940-1947
Oberpfals
19"
French Nat Mall 88 6s '52
bank
AUCTION
6%b '38
Panama
B)
6s
t Now listed
Bank
37
/15
7s.'63
22%
/13
..1967
1906
22 %
/ll
/99
1967
1960
7B
1st Ss
11
41
37%
Nat
Mtge 7b
1948
North German Lloyd 6s *47
17
19
7%s
73^8 income
Nassau Landbank
66
/22
/15
/22
vestment
Frankfurt
•
1945
Electric Pr (Germ) 6%b '50
16
/13
Shipbuilding 5s.-1946
Scovlll Mfg
Cundlnamarca 6%b
1959
Dortmund Mun Utll 6s '48
East Prussian Pow 08.1953
195
1946
'51
1949
Dulsburg 7% to
1939
Nat Radiator 5s
New Haven Clock—
Pharmacal
/II
/35
/58
/16%
f 17
f\6%
Duesseldorf 7s to.. —.1945
75
L)—
Conv 6s
23
16 Ml
1938
Conv deb 6s
5
20
*
1953
1
68
f21%
Hungary 7%a.
1962
National Hungarian A Ind
Bank
1946
5s
78%
Kelsey Hayes Wheel Co—
%
109
3%
100
New Britain Machine
9
45
106
Nat Paper A Type com... *
Haytlan Corp 8s
90
8%
*
/64
Costa Rica Pac Ry 7%b '49
82
/ 76%
65
Nat Central Savings Bk of
17
Costa Rica funding 6s.
79
1937
Recklinghausen 7s. .1947
(A A
4
/2
f25%
/15
/15
Cordoba 7s stamped.. 1937
90
1940
Deep Rock OH 7s
National
Savings
Budapest 7s
98
Cont'l Roll A Steel Fdy—
113 H
7% preferred
100
Muskegon Piston Ring.2 %
preferred
95
20%
100
City
107
Colombia 4s
Mock Judson A Voehrlnger
5%
4s. 1951
Fabrics 7s..1942
43%
Merck A Co Inc common. 1
Preferred
Wire
Am
5%
/21 %
/20H
f20%
17
1908
Chilean Nitrate 5s
American Tobacco
4
*
1934
78 assented
100
/22
(CAD)
1947
Madgeburg 0s
Bonds—
100
12%
run
f!5%
Central German Power
16
200
100
(Brazil) 8s
Chile Govt 08 assented
14
Pub common.*
Casket
100
preferred
7%
150
100
preferred
100
Machinery.....*
4H
Lawrence Portl Cement 100
6%
Ice
7% preferred
Young (J S) Co com
H
1
%
/22
Municipal Gas A Eleo Corp
Burrneister A Wain 0s. 1940
26
1945
7s to
Munlc Bk Hessen 7s to '45
49
12
6
Preferred
Buenos Aires scrip
1957
Munich
/23
/45
/117
9
Klldun Mining Corp..
preferred
6%
1953
Merldionale Elec 7s
60
Harrlsburg Steel Corp
1st 6%
6%b..
5%
1948
Mannheim A Palat 7s. 1941
fl6
.1962
Brown Coal Ind Corp—
Wilcox A Glbbs com
26 %
100
2d 8% preferred
Spencer Steel..*
/S8
/48
/22
/50
f24%
Bank
7%b
75
100
Hungarian
Bk Warsaw 8s '41
Water 7s
l"
King Seeley Corp
Macfadden
Spring
British
55
55
Luneberg Power Light A
20
4
com.
Lord & Taylor com
1%
17%
1614
Land M
Leipzig O'iand Pr 6%b *46
Leipzig Trade Fair 78.1953
18%
/ 17K
fis
1940
6s
1943
22%
/33
Bremen (Germany) 78.1935
95%
1%
*
$7 1st preferred
12%
16""
91 K
Koholyt 6%b.
21
1953
.
Brazil funding 5s.. 1931-61
Brazil funding scrip
6%
Great Northern Paper...26
com
preferred
cum
White Rock Mln
105 K
•
Preferred
100
WeeA Dslrles Inc com v t c 1
3
12
General Foods $4.50 pf__*
Good Humor Corp
1
Great Lakes H8 Co
18
Preferred
2%
34 %
31%
Extinguisher...*
Brandenburg Elec 6s.
45
15
preferred
100 *104 H
West Va Pulp A Pap com.*
14
7%
2 %
2
shares
Packing com
Fire
*40
20
Co....
American
*
Welch Grape Julcr com..5
48
Draper Corp
Federal Bake Shops
f27%
Coupons—
4%
n%
1969
1940
Warren
1948
Ilseder Steel 6s
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s_ 1950
7s
H
/ll
/14
14
13 H
6s
4
Ant
/88
/22
/ll
1936
18
f!6
/ 13
/12
Bogota (Colombia) 6%s '47
8s
1945
Douglas (W L) Shoe—
3%
—.1939
Bavarian Palatinate Cons
Devoe & Raynolds B com *
Dixon (Jos) Crucible...100
1945
Bavaria 63^8 to
Trico Products Corp
.*
Tublze Chatillon cum pf.10
31%
H
1948
7s
...*
Tennessee Products
109
17
Dennlson MIg class A...10
Bank of Colombia 7%.1947
Taylor Wharton Iron A
%
7
15 M
13%
$1 cum preferred
22%
30%
f20%
J27%
f22K
f22%
fl6
f20%
1946
8s
Antloquia
nid
Ask
Bid.
1946
Anhalt 7s to
45
42
...100
ChUton Co common....10
2-5422
Foreign Unlisted Dollar Bonds
5
....
Screw
Stromberg-Carlson Tel Mfg
6
Sylvania Indus Corp
Cbtc Burl A Quinc
Tel. H An over
N. Y.
Skenandoa Rayon Corp..*
1
2%
Bankers Indus Service A.*
& CO., INC.
BRAUNL
Singer Manufacturing.. 100
Singer Mfg Ltd
5% pref. 100
with
Chicago,
them
marks
as
announces
that
Vice-President.
the renewal of his business
back to the old
Co., 135 South La Salle
Dean Henderson is now associated
ftenderson's connection with this firm
Albert
Mr.
association with Mr. Perry which dates
Chicago investment firm of Stevenson Bros. & Perry.
Volume
Financial
146
General
Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For
mechanical
reasons
However,
REGISTRATION
OF
FILING
following
it is
they
UTILITY—INDUSTRIAL—MISCELLANEOUS
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
not
are
ACT
additional registration
I
statements
e
amendment.
proceeds from sale of
of gypsum
plasters, boards and other gypsum products.
Cost of such construction is
estimated at $900,000.
Various sites to serve the South at ports with
suitable deepwater and railroad facilities on the Atlantic seaboard are under
consideration.
Tha new plant will enable company to supply this territory
National Gypsum Co. plans to utilize part of the
the construction of
a
unit for the manufacture
substantial savings in freight.
.
During past five years company has
addition to the production of gypsum
extended its activities to
include, in
and lime products, a diversified line
materials.
Expenditures last year for improvements
amounted to about $1,100,000, exclusive of the development at Mobile,
Ala.
As conditions warrant, company plans to expand its operations in
those fields in which it considers it is economically justified.
M. H. Baker
building
of related
is
1937
Sales of newsprint and pulp
President of the company.
Filed May 5, 1938.
(2-3684, Form D-l).
The bondholders
has filed a registration
statement covering certificates of deposit for $4,254,500 of 7% external
City of Cordoba, Argentina,
committee, of which Fred J. Young, is Chairman,
Filed May 5, 1938.
sinking fund gold bonds of 1927 due 1957.
Philip Morris & Co., Ltd., Inc. (2-3685, Form A-2) of New York,
Y., has filed a registration statement covering 77,873 shares of $100 par
value cumulative convertible preferred stock, series A, and 77,873 shares
of $10 par value common stock, including scrip certificates for fractions of
shares, and 519,151 full share subscription warrants and fractional share
subscription warrants evidencing rights to subscribe for the preferred.
The
common
stock is reserved for issue solely upon conversion of the new
preferred.
Filed May 6, 1938.
(For further details see subsequent page).
N.
Sovereign Investors, Inc.
(2-3686, Form A-l) of Jersey City,
N. J.,
$5,000,000, the proceeds to
was named underwriter.
pany.
Filed May 6, 1938.
Corp.
be used for investment.
The Sovereign
William R. Bull is President of the com¬
Income Estates of America,
Inc. (2-3687, Form C-l) of Philadelphia,
has filed a registration statement covering 2,5 )0 systematic invest¬
plans, to be offered at $1,815 each, and 1,000 fully paid investment
plans, to be offered at $500 each.
Proceeds will be used for investment in
shares of Sovereign Investors, Inc.
Registrant is sponsor. Allan N. Young
is President of the company.
Filed May 6, 1938.
Pa.,
Balance
has
filed a registration
and
general mortgage bonds, due 1960, to be sold to Travelers Insurance Co. at
par.
Registration also covers 5,000 shares of common stock, no par, to be
offered first to stockholders under pre-emptive rights at $100 per shars and
any unsubscribed for shares are to be sold to New England Public Service
Co. at the same price.
Proceeds will be used to reduce bank loans and
settle parent company advances.
There will be no underwriters, but bond
sale arranged by Coffin & Burr and First Boston Corp.
Walter S. Wyman
(2-3688, Form A-2) of Augusta, Maine,
statement covering $1,000,000 4% series G 1st
is
President of the company.
Filed May 7, 1938.
Alloys, Inc. (2-3689, Form A-l) of Medford, Mass., has filed
a registration statement covering 170,000 shares common stock, $1 par.
Of
the shares registered, 120,000 are to be offered through underwriters at
$1.50 each, 25,000 are optioned to the underwriter at $3 each and the
remaining shares are optioned to the underwriter at $5 each.
Proceeds are
to be used for payment of debt and for working caoital.
George W. Murphy
& Co., Inc., will be underwriter.
Lorenzo S. Guetti is President of the
company.
Filed May 7, 1938.
American
City, N. J.,
$l-par com¬
mon stock.
The first 5,000 shares are to be offered at $7.50 each.
The
balance will be offered at market.
Proceeds will be used for investment.
Aeronautical Securities Research Corp. will be underwriter.
Minton M.
Warren is President of the company.
Filed May 10, 1938.
(2-3691, Form C-l) of New York,
N. Y., has filed a registration statement covering 500,000 Lexington Trust
Fund shares certificates to be offered at market for estimated cash proceeds
of
$5,000,000.
Proceeds will be used for investment.
Sponsored by
depositor.
T. P. Heider is President of the company.
Filed May 10, 1938.
Trusteed
Funds,
The SEC has announced that at the request
has consented to
it
of the appli¬
the withdrawal of the following
Display Products, Inc. (2261) covering 50,000 shares (par $5), class A
Filed June 15, 1936.
Eureka Mining & Milling Co.
stock, par $1.
General
(3596) covering 109,112 shares common
Filed Feb. 5, 1938.
(Edgar P.) Lewis & Sons, Inc. (3645) covering 14,634 shares (par $10)
Filed March 30, 1938.
85 cents cum. convertible preferred stock.
Robe
mon
(3664) covering 400,000 shares of com¬
Filed April 18, 1938.
Coin Machine Mfg. Co.
stock, par $1.
Spencer Shoe Corp. (3369) covering 60,000 shares (20 par $1.50 cum.
preferred stock.
Filed Aug. 26, 1937.
conv.
Stop-order proceedings discontinued and registration state¬
ment
withdrawal:
The last
in
our
338,934
151,734
5,986
6,851
25,000
229,683
3,114
221,190
3,092
48,000
48,000
48,000
48,000
25,922
21,664
24,737
3,202
bondholders' meeting
re:
Prov. for bad & doubtful accts. rec
53,185
2,101
Investment
and located at shut-down mill
(Ste.
50,000
48,000
48,000
Anne division)
Prov. for legal and audit expenses
Paid to receiver in respect of renum.
_
Amt. applied in amortiz. of purchase
100,000
price of G. H. Mead Co. shares
Prov. for U. S. Fed. inc. taxes on prof.
of G. H. Mead Co
Cost of obtaining special reports under
authority of court
Expenses of liquidator
Divs.
on common
...
.
stock of Provincial
CrlOO.OOO
Cr90,000
Paper, Ltd
depreciation of
mills & properties & towards bond
interest.
b$4,838,965
available
Bal.
a
for
$1,205,186
$2,185,189
and gen. exps., but before providing
Incl. adminis., superintendence
interest,
b Amount provided for depreciation for
1937 (including provisions shown on books of subsidiary companias) was
$1,785,000.
for depreciation & bond
Nominal Surplus for the Period Prior to Receivership as
Statement of
Shown by
Balance Sheet as at Dec. 31, 1937
Nominal surplus for period prior to Sept.
sheet at Dec. 31, 1936-
10, 1932, as per balance
$6,762,277
-
liquidator by way of compromise of Newsprint Bond & Share Co. claim in connection with subscription
Amount admitted by
for common shares..
,
417,256
....
Gross book value of Crystal Falls power development together
with lands, dams, &c.; under the terms of agreement dated
24,1937 and approved by Supreme Court of
June
Ontario, this
property was transferred to Hydro-Electric Power Commission
of Ontario in consideration for the release and settlement of all
claims of the Province of Ontario
and Hydro-Electric Power
and its subsidiary
Commission of Ontario against the company
companies relating to the affairs of Ontario Power
Corp., Ltd., and for other consideration as set out
agreement
:
Sundry adjustments
Service
in that
1,894,424
115
—
....
Balance
Sundry adjustm'ts of amts. owing to
Nominal surplus for period prior to
sheet
as at
general creditors (net)
.
Sept. 10, 1932 as per balance
Dec. 31, 1937
[,450,481
3,476
$4,453,957
Condensed Balance Sheet Dec. 31
1937
S
1937
Liabilities—
of Receiver:
Wages accr. &
Cash on hand &
126,070
deposit.
Accts.
393,489
531,623
reserves
800,367
cured)...—
Liab.
for newspr't
1,495,306
shipments
Rec. fromoth.
.
2,653,475
1,504,856
4,814,742
..
3,072,701
71,350
70,450
94,695
bondholders..
prior to receiv¬
23,705
48,267,000
83,819
coupons
and
43,563,193
44,282,664
in
600,000
646,000
1,500.637
to
46,186,156
48,348,565
18,964,935
4,453,957
6,762,277
&
8,460,776
5,443,537
to¬
deprec.
bont
int.
operat'ns
during receiv¬
of
court
avail,
wards
from
under
authority
receivership
Amt.
&
(net)..
Boats under con¬
strue.
34,881,800
18,964,935
of period prior
& equip., rys.,
bldgs.
34,881.800
stock.
Nominal surplus
Invests. In mills
Townsltes
1,000,000
pref.
cum.
Common
17,6"6
1,000,000
pref,
stock.
1,500,635
—
1,877,050
17,636
cum.
6%
wholly
1,877,050
re¬
stock...:
corporat's
not
7%
1,300
to
bates
shs.
owned...-
accr.
for tax
Res.
of
Mead Co
of
Int.
prior..
•Sept. 10, '32
of G. H,
Invests,
due
Dec. 1, 1931
Rec
purch.
shs.
341,382
23,705
1st
rntge.
gold bonds. 48,267,000
Unpaid
int.
subs.
Mead Co.) net
in
750,003
ership
whly
by
lncurr.
5%
for
Invests, in & ad¬
Invest,
928,920
creditors'
claims
Res. for conting.
with
owned
for
boats under
Gen,
Invests, in bds
vances to
con¬
construction
rep¬
assets-
cur.
on
tracts
775,065
resented by
Inventories
3,650,000
tificates (se¬
H. Mead Co
subs,
2,600,000
Receiver's cer¬
G.
from
85,875
640,652
accts.
payable
tomers', less
Rec.
96,121
764,053
payable
Sundry
cus¬
rec.,
S
Sundry liabilities
cur¬
rent assets:
on
1936
S
1936
$
Assets—
Receiver's
—
Timber
previous list of registration statements was given
issue of May 7, page 2999.
743
......
Amount written off the value of pulpwood acquired prior to receivership
waterpowers,
Corp. (3571) covering 49,800 shares 6''-cent
class A nref. stock (no par) and a like amount of 60 cent class B stock, no
par.
Filed Jan. 4, 1938.
Maritime
355,315
(excl. of G. H.
(3043)) covering 82,290)^ shares (par $5)
Filed March 31, 1937.
Reinsurance Corp.
capital stock.
163,675
436,248
...
overdraft
trustee
non-voting common stock.
40,919
......
Cost of issue of receiver's report
Expenses
' $2,078,821
covering purch. of shs.
concessions tributary thereto
Interest on receiver's certificates and
Deposits
registration statements:
$2,987,169
$5,524,645
on contr.
of Thunder Bay Paper Co., Ltd
Cost of carrying idle mills and timber
United States Steel
cants
25,403
100,000
Total
Int.
Inc.
Corp. (2-3692, Form A-2) has filed a registration
statement covering $100,000,000 of 10-year debentures dated June 1, 1938,
and due June 1, 1948, the price of which will be supplied by amendment to
the registration statement.
Filed May 11, 1938.
(For further details see
subsequent page).
$1,913,599
39,819
ful debts—now restored-...
Aeronautical Securities, Inc. (2-3690, Form A-l) of Jersey
has filed a registration statement covering 300,000 shares of
American
$2,919,178
46,217
21,774
,441,195
59,185
24,265
Sundry minor operating profits
Amt. prev. provided as res. for doubt¬
ment
Central Maine Power Co.
1935
$21,754,781 $14,974,886 $11,232,180
12,052,486
9,357,033
16,300,309
13,276
3,221
Cr38,452
Interest and discount earned
a
of
_
Oper. costs
Discount on United States funds.
a
registration statement covering 7,812,500 shares of 10-cent par
value common stock to be offered at the market for estimated cash proceeds
has filed
1936
$21,150,077 $14,662,752 $10,906,209
604,704
312,134
325,971
Sales of power
Total
Eayment of debt, for plant and working capital. W. E. Huttonbe filed will
& Co. by
principal underwriter.
Names of other underwriters will
at
[Including also the results of wholly owned subsidiaries, but exclusive of
Provincial Paper. Ltd.]
approximately $130,529,230.
(2-3683, Form A-2) of Buffalo, N. Y., has filed
a registration statement covering $3,500,000 sinking fund debentures, due
1950.
Coupon rate will be filed by amendment.
Proceeds will be used for
National Gypsum Co.
its debentures for
Paper Co., Ltd.—Annual Report—
Earnings for Years Ended Dec. 31
.
(Nos.
3683 to 3692, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved in
Abitifcr Power &
STATEMENTS UNDER
SECURITIES
The
3169
Chronicle
concess.
ership period.
940,845
«fefree'ld timb¬
er
Real
Abbott
Laboratories—Earnings—
12 Months Ended March 31—
1938
NTet
x;After
undistributed
on
1 937
1 936
x$l,510,379 $1,198,782
$2.36
$2.00
depreciation and normal Federal income taxes, but before surtax
profit$1,590,407
Earns, per sh. on 640,000 shs. cap. stk.
$2.44
x
profits.—V. 146, p. 1863.
19,907,560
owned (net)
estate
office
19,923,509
326,972
38,337
237,198
327,052
and
bldgs—
Chattels & equip
Prepaid exps.—
Total
-V. 146. P.
26,795
198,980
123,087,257 121,955,850
2673.
Total.
.123,087,257
121,955,850
Financial
3170
American Car & Foundry Motors
Common Dividend—
Acme Steel Co.—Halves
May
Chronicle
declared a dividend of 25 cents per share on the com¬
stock, par $25, payable June 11 to holders of record May 26.
A divi¬
dend of 50 cents was paid on March 12 last and previously regular quarterly
dividendsof $1 per share were distributed.
See V.
record of previous dividend payments.—V. 146, p.
Ellsworth
Directors on May 10
mon
&
develop.
$2,605,678
39,190
78,188
82,699
29,195
315,660
330,683
326,562
108,142
50,000
42,253
329,066
87,921
331,039
228,818
76,378
79,859
27,173
gineering, incf. amort.
Dprec.ofoper. properties
'pm
mm
'
'
~
m
3",864
_ _
73,191
(estimated)
divs. guaranteed to
Income tax
_
1936; 50 cents on July 1 and Jan. 2, 1935, and 25 cents per share paid each
Jan. 1, 1930 to and incl. Jan. 2, 1934.—V. 146, p. 2674.
three months from
123,586
25,000
17,279
584
Commercial
American
$0.41
$0.67
Earnings per share
—V. 146, p. 2999.
148,205
$1,234,862
$1,822,618
$2.41
$1,491,434
419,397
77,645
628,982
70,760
Provision for doubtful accounts
14,891
18,527
$1.98
20,250
39,497
81,879
79,810
12,435
19,264
71,867
50,051
$96,344
$273,645
Discount
sales
on
—_——
Miscellaneous deductions
Aeronautical Securities,
Federal income taxes
Inc.—Files with SEC—
of the general management type,
application with the Securities and
of 300,000 shares of common stock.
The application states that the company has been formed to offer investors
participation in the aviation industry through investment primarily in the
securities of companies engaged in aircraft manufacturing, air transpor¬
Company, a new investment company
Profit.
having redeemable shares, has filed an
Exchange Commissioa for the issuance
tation and allied industries.
Although it will ordinarily be the policy of the company to confine its
it considers
investments to the aviat.on f.eld, the management may, when
keep its assets in cash and Government bonds, or, in excep¬
tional cases, invest in the securities of companies not related to aviation.
Not more than 20% of the value of the assets of the company may be
invested in securities not listed or admitted to trading privileges on the
New York Stock Exchange or New York Curb Exchange, and not more
tha i 10% of the assets of the company may be invested in the securities
of any one corporation.
Officers and directors of the company are Minton M. Warren, former
officer of Curtiss-Wright, Pres. and dir.; A. Pendleton Taliaferro Jr.,
former official of the Bureau of Air Commerce and aeronautical con¬
sultant, Vice-Pres. and dir.; Rawson Lloyd, Sec. and Treas.; Col. Henry
Breckinridge, lawyer, Assistant Secretary of War under President Wilson,
dir.; Charles R. Stevenson, Pres., Stevenson, Jordan & Harrison, manage¬
ment engineers, dir.; Prank A. Yanderlip Jr., dir.
The company's investments and affairs will be wholly under the control
of its board of directors, for which the Aeronautical Securities Research
Corp., 115 Broadway, will serve as investment advisor and distributor of
the company's shares.
Officers and directors of the Research corporation
are Minton M. Warren, Pres. and dir.; R. M. Taliaferro, V.-Pres. and dir.;
A. P. Taliaferro Jr., V.-Pres. and dir.; Itawson Lloyd, Sec., Treas and dir.
it advisable,
and J. E. Arrowsmith, dir.
The Commercial Trust Co. of New Jersey will hold all securities
and cash
£
on
37,200
$33,106
Balance to surplus
share on 260,930 shares common stock
(par $20)
$0.12
$0.76
x Earnings per share before reserve for estimated unrealized profit on sales
$0.27 in 1938 and $1 in 1937 —V. 146, P. 2029.
x
Earns, per
District Telegraph Co.
Companies)—Earnings—
$449,000
184,100
$437,000
203,000
operating expenses and developments
depletion and Federal income taxes.
Includes other income and is after
but
charges,
before
2522.
depreciation,
1936
1935
1934
$8,154,028
$8,013,594
$7,886,972
7,127,477
6,651,177
6,522,341
6,468,082
$1,354,574
Net oper. revenue
$1,502,851
$1,491,253
$1,418,890
Inc. from divs. and int..
2,434
2,760
14,447
20,754
Bal. tr. tosurp. acct..
Preferred dividends....
$1,357,008
402,708
523,704
$1,505,611
405,717
521,978
$1,505,700
570,537
416,008
$1,439,644
553,047
399,368
$430,596
$577,916
$519,155
$487,229
Common dividends
Balance.
....
Consolidated Balance Sheet Dec. 31
Trust—Earnings—
Net
x
operating income
Exclusive of $187,424 loss on securities sold,
securities sold of $13,130.—V. 126, p.
y
1937
y$7„893
3 Mos. End. Mar. 31—
Net
profit
sh .on
.stk.
1935
1936
$324,145
$0.43
$336,964
$0.45
x$551,054
Before possible Federal surtax on
undistributed earnings,
charges and estimated Federal and State income taxes.
x
y
After all
Merger Planned—
It is reported that negotiations are in progress for a merger of this com¬
pany
and the Ludlum Steel Co.
indications
that considerable
While details have not been worked out,
headway has been made.
Unless some
snag is struck, stockholders of both companies are expected to be called
upon soon for votes of approval.
The two companies are competitive to
only a very minor extent, duplication of products being less than 5%.
—V. 146, p. 2352.
are
Allis-Chalmers Mfg.
Co.—Plan Rejected—
Stockholders at a meeting held May 5 rejected an amendment to cancel
authorization for 162,000 shares of preferred stock of $100-par value.
The
shares were authorized June 2, 1937.—V. 146, p. 2522.
American
Alloys, Inc.—Registers with SEC—,
Oper. and admin,
1938
1937
1936
1935
$3,112,435
$2,543,447
$1,963,145
1,556,381
per
of shares
$970,775
213,500
$2,039,775
$1,733,116
$1,184,276
1,522,659
1,259,120
784,965
$434,889
$517,115
$473,996
$399,310
$0.55
$0.66
$0.60
$0.51
and
Net income
Earns,
992,369
$1,318,571
414,545
1,578,891
depletion
1,224,876
$1,714,020
325,754
$2,013,780
Deprec.,
1,398,414
$1,657,908
355,872
Other income
,
sh. on no.
outstanding.
—V. 146, p. 2674.
American
Airlines, Inc.—Directorate Increased—
Company at the recent annual meeting increased the membership of its
to 11 from 7 and elected 6 new directors, none of whom has any
official connection with the company.
The board has only 3 members who
board
also hold executive positions with the line whereas 5 of the 7 on the old
board were officers.
None of the newly elected directors has an important
financial
interest in the company.
The new men were picked from key
cities on the company's transcontinental system.
The newly elected directors include Amon J. Carter of Fort Worth,
publisher of the Fort Worth Star Telegram; Silliman Evans of Nashville,
publisher of the Nashville Tennessean and Chairman of the Maryland
Casualty Co.; Chandler Hovey, resident partner of Kidder Peabody &
Co. in Boston; James Bruce of New York, a director of National Dairy
Products; Davis D. Ingalls, Cleveland lawyer, who was formerly an Assist¬
ant Secretary of the Navy and Mark T. McKee, of Detroit, head of company
which operates a lakes shipping company.
The two other outsiders on the
board are Harry E. Benedict, a New York investment banker, and C. C.
Moseley of the Curtiss Wright Technical Institute in Los Angeles.
Other
directors include C. R. Smith, President of the line; Ralph S. Damon, VicePresident in charge of operations and Charles A. Rheinstrom, Vice-Presi¬
dent in charge of sales.—V. 146, p. 2352.
accrued....
100,677
100,676
5,624
5,165
455,247
451,332
Prov. for Fed. inc.
and local taxes._
114,956
70,896
&c...
1,718,552
1,621,566
Reserves
4,457,860
4,105,669
After
shares,
no
24,909,902 24,196,203
reserve
par
American
Total
145, p. 100.
Encaustic
Tiling Co., Inc.—Earnings—
1938
3 Months Ended March 31—
Net loss after int., depreciation
—V. 146, p. 1864.
American & Foreign
C. E.
24,909,902 24.196,203
b Represented by 104,746 508-1000
for doubtful accts.
value.—V.
& ordinary taxes._
1937
$21,348
$29,311
Power Co., Inc.—Annual Report—
Calder, President, says in part:
Operating Results—Operating revenues of subsidiaries increased $5,791,183, or 10%, to $62,162,194 in 1937. Net operating revenues amounted
to $19,278,208, an increase of $339,644, or 2%.
The lower relative im¬
provement in net operating revenues is due to increased operating expenses
(principally rising fuel and labor costs and taxes) and an increase of $982,239
in property retirement reserve appropriations.
Another factor affecting the
operating results for 1937 was the Sino-Japanese conflict.
As a result of
the hostilities that took place in the Shanghai area, the company's sub¬
sidiaries operating in and adjacent to the International Settlement in
Shanghai suffered a loss of $968,000 in operating revenues and $731,000 in
net operating revenues for the year 1937 as compared with the previous
1937, after interest and
exchange adjustments, was $6,153,093, an
previous year.
This improvement is prin-r
cipally due to an increase of $507,163 in the net equity of the company in
income of subsidiaries and a reduction of $633,338 in interest to public and
other deductions of American & Foreign Power Co., Inc.
After exchange and other direct credits and charges, consolidated earned
surplus increased $4,318,639 to $31,576,647.
In 1937 the number of customers served increased 7% to 1,258,498, of
which 1,192^813 were supplied with electric service.
Passengers carried
by transportation services increased 6% to 674,566,496 during 1937.
Generating station output (including power purchased) amounted to
3,031,846,000 kwh. as compared with 2,986,848,000 kwh. in 1936.
Plant—Increasing demands for service have necessitated the expansion
of facilities in several of the territories ^served by subsidiaries.
Construc¬
tion of increased plant capacity was completed in 1937 by subsidiaries in
Tucuman, Argentina; Pernambuco, Brazil; Santiago, Cuba, and other
smaller localities.
At the present time there is under construction a 22,500
kw. steam generating station at Laguna Verde in Chile which it is expected
will be put in operation about October, 1938.. In addition, there are serveral
smaller units under construction, the principal ones being in Bello Horizonte, Maceio, Natal, and Pelotas, Brazil; Barranquilla and Palmira,
Colombia; the El Salto plant near Guatemala City, Guatemala; San Luis
Potosi, Mexico, and Colon, Panama.
Prior to the beginning of the SinoJapanese hostilities, Shanghai Power Co. contracted for the equipment and
machinery for a new 15,000 kw. installation.
Work on this project was
started in March, 1937, but as a result of the Shanghai incident the project
was suspended in September, 1937, and the completion of the installation
will be delayed until demands for service increase sufficiently to require it.
In 1937 construction expenditures of subsidiaries amounted to $9,109,633,
all of which were financed with funds provided from operations.
After
property retirements and adjustments, the net increase in plant amounted
to $3,157,174.
The net increase in property retirement reserve for the
year was $1,540,042.
,
...
Compania Electrica Mexicana, S. A., a Mexican operating subsidiary,
abandoned in 1937 a hydro-electric project which it had acquired for
investigation and development in 1930. Events subsequent to the acquisi¬
tion of the concession indicated that it would be unprofitable to continue
the development further.
Accordingly, Compania Electrica Mexicana,
S. A. applied to, and received permission from, the Mexican Government to
forfeit its rights under the concession.
The abandonment of this project
The balance of consolidated income for the year
$3,214,289
:
Divs.
Acer, facll. rents..
1,600,735
43,959
Def. credits to inc.
other
exps.
Operating income.
180,714
charges,
but
before
increase of $1,092,646 over the
Corp. (& Subs.)—Earnings—
Quar. End. Mar. 31—
Gross oper. income
12,079
41,459
176,212
money
year.
See list given on first page of this department.
Amerada
12,079
oblig.
Accounts payable-
prems., develop
a
$0.65
Nil
of
cos..
Pur.
446,286
51,565
1,376,047
626,723
51,451
ployees, &c.)_..
Exclusive of profit on
1937
1938
loss$194,394
com
stock
controlled
In hands of em¬
Total..
Earns .per
12,188,811 11,921,59 3
and surplus
Capital
8
5,753,450
stock
b Common
1,105,561
1,032,192
(incl.
cash work, funds
expenses,
5,753,381
par)
terials & suppl..
aAccts. rec.
1936
8
($100
stock
1228.
Allegheny Steel Co.—Earnings—
y
Pref.
Prepaid rents, ins.
1938
x$12,631
3 Months Ended March 31—
Liabilities—
8
Marketable sees..
Investment
1937
1936
21,101,788
account.21
1,527,905
Cash in banks
Aldred
Con¬
1937
Oper. exps., incl. repairs,
res. for depr., rent for
lease of plants, taxes,
miscell. interest, &c._
Inventories of ma¬
1938—4 Mos.—1937
$1,853,500
919,700
(and
$8,482,051
Calendar Years—
Gross oper. revenue....
Property
$1,613,000
606,900
(N. J.)
American
trolled
1937
1938—Month—1937
Apr. 30—
Gross earnings
Profit
$199,768
Subsidiaries preferred dividends.
Assets—
x
26,038
$212,645
12.877
Net profit
Plimpton & Page are legal counsel.
Co.-—Earnings—
61,000
$59,144
sales, &c.
and make all disburse¬
Debevoise, Stevenson,
of the company as custodian, will receive all income
ments for the company, and act as transfer agent.
Alaska Juneau Gold Mining
1937
$1,086,657
$740,382
Interest, &c
$504,498
Subs.)—
57,434
Expenses
$309,813
(&
1938
$682,948
20,622
3,538
profit for the per'd
—V. 146, p.
Corp.
Total income
tax
x
Alcohol
3 Months Ended March 31—
Operating income..
Depreciation
1,340
before deducting sur¬
Period End.
dividend) of 50 cents per share in
dividend of $1 per share on the common
stock, no par value, both payable June 15 to holders of record June 1.
A
special dividend of $2 was paid on Dec. 15, last one of $1 on June 15,1937,
and one of $1.50 was paid on Dec. 15, 1936.
See V. 143, p. 2664, for de¬
tailed dividend record.
Extra dividends were paid as follows:
25 cents on April 1 and Jan. 2,
Other income
minority interests
Net
$3,022,157
22,345
en¬
Int., deb. disct. & exp__
Prov. for contingenciesLoss on exchange (net)
Pref,
1938—12 Mo*.—1937
1938—3 Mo*.—1937
$792,474
$576,916
8,633
6,054
Period End. Mar. 31—
Net operating profits—
Maint.of non-oper. prop.
Patents,
Earnings—
a
The directors have declared an extra
addition to the regular quarterly
Corp.-
Blackford
145, p. 2061.
American Chicle Co.—-Extra Dividend—
144.^>. 1095, for detailed
Addressograph-Multigraph
Co.—New Director,&c.
Block has been elected a director and L. A.
S.
member of the executive committee.—V.
1938
14,
„
has resulted in
a
charge to
.
,.
consolidated earned surplus of $999,450.59.
Volume
Financial
146
Funded Debt—The indebtedness of the company under its notes
to the banks and Electric Bond & Share Co. was reduced in 1937
payable
by pay¬
totaling $5,000,000.
In addition, $1,614,718 was expended to pay
off the remaining notes payable to Midland Bank Executor & Trustee Co.,
Ltd. amounting to £330,000.
As a result of arrangements completed with the banks, the maturity date
ments
of the
bank loan indebtedness
was
extended for
one
year
from Oct. 26,
1938, to Oct. 26, 1939, and the interest rate on the indebtedness was esta¬
blished at 4% per annum for the year ending Oct. 26, 1938, and 4Per
for the year ending
annum
Oct. 26, 1939.
uncertainty that arose with respect to the
obligation of Shanghai Power Co. and the rights of the debenture holders
debentures, 5H%
(Chinese silver) dollar series, due 1973, of Shanghai Power Co. as a result
of the decree issued by the National Government of China on Jan. 3, 1935,
nationalizing silver, suspending circulation of silver, and making it illegal
to hold or make payments in silver, Shanghai Power Co. invited its deben¬
ture holders to enter into an agreement with the company for the con¬
version of the first mortgage debentures, 5)4%
(Chinese silver) dollar
series, due 1973, into first mortgage debentures, 5H% Chinese dollar
series, due 1973, such debentures, if and when issued, to be essentially
similar to the first-named debentures, except that they would be payable
both as to principal and interest in Chinese dollars local currency, Shanghai
Power Co. agreeing to pay all debenture holders who accepted the offer an
amount in cash equal to Chinese $3 for each $100 face amount of the
debentures so converted.
At the end of the year debenture holders repre¬
senting over 98 % of the total principal amount of the outstanding deben¬
tures had accepted the company's offer.
There has been charged to con¬
solidated earned surplus $783,896 representing the portion of the pay¬
ments and expenses incident to the conversions up to the end of 1937.
This
relieves Shanghai Power Co. of any obligation to pay either interest or
principal of these debentures in any currency other than Chinese dollars,
In
order
to
eliminate
the
under the silver clause contained in the first mortgage
local currency.
Dividends—At Dec. 31, 1937, the undeclared
the preferred stock ($7) and $6 preferred stock
accumulated dividends on
to
per
meet
necessary
dividends
of
indebtedness,
additions, improvements and extensions to facilities
subsidiaries and to reduce the company's major short term
no
were
paid during 1937.
Earnings of Subsidiaries for the First Quarter of 1938
Earnings reported by subsidiaries during the first three months of 1938
(partly estimated) and a comparison with the corresponding period of 1937
follows:
are as
3 Months
$9,080,008
1,221,665
$232,258
84,628
3
7
$10,301,673
$316,886
3
$4,639,844
Total operating revenue deductions
and
realized
working capital in foreign currencies
transfer)—such adjustments for the
on
upon
1937, being shown in the
of consoli¬
summary
Summary of Consol. Earned Surplus for the 12 Months Ended Dec..31, 1937
Consol earned surplus, Jan. 1, 1937, $27,258,008; bal. of consol. income
for the 12 months ended Dec.
31, 1937:
Balance, before exchange adjust¬
ments—from
statement
of consolidated
income, $6,153,093; less net
exchange adjustments on working capital, $16,647; balance of consolidated
as adjusted, $6,136,446; add net
profit on securities of subsidiaries
retired or reacquired, $130,170; total,
$33,524,625; deduct: Net loss on
investment securities sold and written down,
$26,542; appropriations to
statutory and contingency reserves, $27,185; appropriation to special con¬
tingency reserve, $75,000; abandonment of concession and investigation
studies written off by subsidiary
companies, $1,009,523; payments in
connection with elimination of silver clause from
Shanghai Power Co., first
mortgage debentures, $783,897; minority interest in surplus debits and
credits (net) of subsidiary companies
(incl. minority participation in for¬
giveness of accrued interest by intermediate holding
company), $25,830;
consolidated earned surplus, Dec. 31. 1937, $31,576,647.
income
Balance Sheet Dec. 31
{Company Only)
1937
Assets—
Invests, in
subs., &c., stocks,
notes, &c
Cash in banks—On demand
Cash in transit
1935
1936
$
$
$
bonds,
515,630,031 517,323,238 488,384,541
7,276,439
7,716,894
11,190,177
58,480
Notes and loans receiv.—for advances
to subsidiaries
Contract receiv. from subsidiary
4,075,000
Special deposit
4,458,000
609,836
63,613
6,889,545
43,954
Unamortized debt discount & expense
Sundry debts
1,297,780
31,133,251
246,500
2,118,706
6,964,297
48,281
7,039,047
56,099
Total..
....534,588,419 537,808,490 540,226,803
Liabilities*— •
'•'vyV't\\
*■
,•
.*"';V ■•'•••',
Capital stock (no par value)
x393,940,452 393,940,452 393,940,452
Gold debentures, 5% series due 2030 50,000,000
50,000,000
50,000,000
Notes payable
63,500,000
70,105,966
74,883,810
Contracts payable
3,344
3,344
273,753
Accounts payable
18,167
121,865
254,286
Accrued accounts
2,609,219
2,497,425
2,692,532
Earned surplus.
24,517,235
21,139,438
18,181,969
,
Total
*1
*$482,007
*9
Net operating revenues
exchange adjustments
unrealized
12 months ended Dec.
31,
dated earned surplus.
%
*$165,121
Operating expenses, including taxes
Property retirement reserve appropriations
*
Amount
$14,941,517
revenues
(both
3171
Change from 1937
Ended
Mar. 31, 1938
Operating
account the
Accounts receivable
amounted to $20,117,790
share) and $13,932,756 ($36 per share) respectively, and on the
second preferred stock, series A ($7), to $132,491,446 ($50.75 per share).
Due to the continued necessity of conserving all available cash resources
($42
Chronicle
.534,588,419 537,808,490 540,226,803
x Represented
by preferred ($7) cumulative 478,995 shares $6 preferred
cumulative, 387,025.65 shares (inclusive of 4.65 shares of scrip); 2d pre¬
ferred, series A ($7), cumulative, 2,610,711 shares; common issued and
outstanding, 2,029,338 shares; option warrants to purchase 6,696,394.8
shares of common stock for $25 per share (one share of 2d pref. stock,
series A ($7), acceptable in lieu of cash, with warrants for four shares in
full payment for four shares of common stock); capital stock subscribed—
allotment certificates, $480.
Decrease.
Comparative Statement of Income (Company Only)
1937—3 Mos.—1936
1937—12 Mos.—1936
$2,299,438
$2,041,385 $10,502,438
$8,984,889
21,068
54,146
51,677
36,138
Period End. Dec. 31—
Income—From subs
Other.
Total
Expenses, incl. taxes...
(incl. interco.) and
$2,320,506
133,263
$2,077,523 $10,556,584
199,370
a670,142
$9,036,566
a619,818
Int.
other deductions
b Balanc©
1,594,106
carriod
1,689,865
6,418,371
7,051,709
Consolidated Balance Sheet Dec. 31 {Incl. Sub. Cos.)
Investments
Cash in
$593,137
Earned surplus, Jan. 1, 1937, $21,139,437; add:
Balance from statement
of income for 12 months ended Dec. 31, 1937, before exchange adjustments,
$3,468,071; miscellaneous adjustments, $1,196; exchange adjustments (net),
$669; total, $24,609,374; deduct: Provision for deficit of subsidiary company
liquidated in 1937, $92,138; earned surplus, Dec. 31, 1937, $24,517,236.
Comparative Statement of Consolidated Income (Co. and Subs.)
1937—3 Mos.—1936
1937—12 Mos.—1936
Operating revenues
$ 14,988,569 $14,589,568 $62,162,194 $56,371,011
Oper. exps., inc. taxes..
9,568,091
8.703,911 a37,561,820 a33,092,520
Property retire, reserve
appropriations
1,460.185
1,215,989
5,322,166
4,339,927
$3,960,293
$4,669,668 $19,278,208 $18,938,564
Rent for lease of plants
52,586
49,934
$3,937,431
141,699
$4,657,301 $19,225,622
137,715
861,483
$18,888,630
797,007
$4,079,130
(net)
$4,795,016 $20,087,105 $19,685,637
22,862
Operating income
Other income (net).
Gross income
12,367
Int. to public and other
deductions
Int. charged to constr..
1,198,126
397,947
945,901
Crl5,888
3,894,736
Cr68,181
3,966,033
Cr61,945
Subscrib.
$3,124,199
667,299
76,081
399,636
443,119
443,268
325,104
20,314
418,986
309,750
Materials and supplies
10,283,655
Sundry assets
649,817
Sinking funds and special deposits
y922,114
Due from foreign munic.
and other
governments
8,946,309
Notes receivable (non-current)
238,091
Unamortized debt discount & expense
8,742,172
Improvements to leased property
Miscellaneous suspense
—...
442,511
299,852
9,617,428
622,809
y949,093
289,817
8,933,951
555,262
1,029,909
9,646,954
9,984,129
8,857,197
106,609
468,175
8,999,697
108,704
184,724
751,836,911
7507893,781
750,568,545
Capital stock....
x393,940,452 393,940,452
Capital stock (and related surplus) of
subs., held by public:
Preferred stocks—issues and outstanding
43,606,536
43,658,650
Subscribed—not issued
9,483
*0,166
Undeclared cumulative dividends..
8,152,672
6,892,794
Common stocks—issued & outstdg.
9,203,010
9,072,808
Net deficit applic. to min. interests..
Dr656,999
Dr878,056
Funded debt..
189,342,920 196,204,262
Notes and loans payable
199,418
216,390
Dividends declared
161,814
37,434
393,940,452
surr.
value of life insur.
policies
...
Total
Foreign
Amer. &
Pow.
Co.,
Inc. in inc. of subs.
Amer. A
$2,472,106
$3,132,222 $13,187,460
$12,680,297
2,690,779
Total
other deductions
Miscellaneous accruals
n,fo\}
....
......
941,386
799,348
3,437,162
3,213,997
892,936
297,481
f26,125
JSI'IJfi
51,460,158
49,920,116
6,255,239
6,832,155
4$'£*2,355
6,817,686
797,142
840,208
1,066,024
516,821
deposits
Prov. for liabils. under labor
laws
employees'superannuation, &c
Miscell. deferred liabilities
946,550
444,667
2,919,584
559,143
226,665
172,153
255,610
Relating to fixed capital—property
retirement
Statutory and contingency
Relating to working capital—un-
$2,472,106
21,068
$3,132,222 $13,187,460
36,138
54,146
$2,493,174
collectible accounts
$3,168,360 $13,241,606 $12,731,974
199,370
b670,142
b619,818
133,263
$12,680,297
51.677
Casualty and insurance
Inventory adjustment
------
1,690,088
6,418,371
$1,278,902
$6,153,093
$5,060,447
-
7,051,709
$765,805
x
a Includes
provision for Federal surtax estimated at approximately
$200,000 and $120,000 on undistributed profits for the years 1937 and 1936,
respectively, of certain subsidiaries.
b Includes provision for Federal surtax estimated at approximately
$135,000 and $35,000 on undistributed profits for the years 1937 and 1936,
respectively.
Notes (1)—All intercompany transactions have been eliminated in the
above statement.
Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods, paid or accrued
(where not paid), on securities held by the public.
The "Portion Applic¬
able to Minority Interests" is the calculated portion of the balance of in¬
come or deficit (1936 includes portion applicable to surplus adjustments),
before exchange adjustments, applicable to minority holdings by the public
of common stocks of subsidiaries.
The "Net Equity of American & Foreign
Power Co., Inc. in income of subsidiaries (not all of which is available in
United States currency)—before exchange adjustments" includes interest
and preferred dividends paid or earned on securities held, and the income
or deficit for the respective periods, before exchange adjustments,
applic¬
able to common stocks held by American & Foreign Power Co., Inc.
(2) The above statement, which reflects foreign currency conversions
Into United States currency presents the income results before taking into
y
See
note
x
- - -
27,258,008
22,105,111
750.568,545
31,576,646
under company only balance sheet as of
Special deposits only.—V.
American Hair & Felt Co.
(& Subs.)—Earnings—
JoI8qoa
sales", selling, adminis. and general
Net profit from
Dec. 31, 1937.
146, p. 430.
3 Months Ended March 31
Net salesCost of
376,92o
*
751,836,911 750,893,781
Earned surplus....
1,594,106
,
893,953
283,224
Employees welfare
Miscellaneous
Total
4,578,185
2,683,688
588,343
nZ'nan
unpaid
Miscellaneous current liabilities
Balance bef. exchange
adjustments
163,302
1,608,246
4,584,459
2,556,677
385,535
Matured funded debt
of which is available in
Expenses, incl. taxes...
Interest
to
public and
204,499,112
R 6S6F V6S
Co., Inc.—
equity of Amer. &
Foreign Pow. Co., Inc.
in inc. of subs, (not all
U. S. currency)
5,664,933.
8,860,513
Dr855,818
2,364,930
4,408,133
2,381,686
617,172
Accounts payable
Taxes accrued
Net
Other income...
orTO
^
43,472,373
...
Deferred credits
Foreign Power
~
Liabilities
Customers'
Net equity of
3,999,302
8,201
Miscellaneous
Cash
Matured interest
Cr15,206
ority interests
$3,865,003 $16,260,550 $15,781,549
656,700
2,673,454
2,658,133
4,705,318
5,047
& other
capital stock
(incl.
subscription from employees)
to
Interest accrued
Balance
Preferred divs. to public
Portion applic. to min¬
786,087
2,589,450
4,683,475
Customers (excl. of munic.
-
973,328
Crl8,397
1,668,786
1,531,888
Accounts receivable:
$188,288
Summary of Earned Surplus for 12 Months Ended Dec. 31, 1937
Net oper. revenues._.
....
governments)..
$3,468,071
$1,365,039
a
for Federal surtax estimated at approximately
$135,000 and $35,000 on undistributed profits for the years 1937 and 1936,
respectively,
b Before exchange adjustments.
Period End. Dec. 31—
Subsidiaries
banks—on demand
U. S. Government securities
Notes receivable
to
earned surplus.
Includes provision
1937
1936
1935
$
$
$
694,775,594 691,618,420 689,174,499
3,552,930
3,537,399
4,353,342
16,246,103
16,930,547
19,140,370
Assets—
Plant, property, franchises, &c
expenses
$1,398,926
1,569,006
m«7KOX
$4,018toUo
3,532,229
oper'ns before inventory adjust.loss$170,080
15,549
23,062
Miscellaneous income
Total income
-
Other deductions——.
loss$154,531
44,102
-
—
Adjustment of inventory for market decline
Adjustment of reserves in accordance with
stock inventory
Net
profit..
_
v
Cr96,665
-
24,340
loss$148,981
$268,403
Note—The above profit and loss account Includes
tion. obsolescence
216,898
47,013
base
method
-
$£09-641
provisions for deprecia¬
and amortization of intangibles of $86,613 in 1938 and
State and local taxes of $84,899 in 1938
$86,657 in 1937, and Federal,
and $128,083 in 1937.
Financial
3172
Accounts payable.
Notes & accts. rec.
2,504,844
1937
$987,543
600,000
124,260
Other
170.836
taxes,
rolls,
307,144
386,361
577.837
eral Income taxes
65,511
in¬
565,462
pay¬
commls-
8ions, Ac
143.875
181.190
Land, bldgs., ma¬
chinery, Ac. (net) 2,174,598
226,203
Intangible assets--
2,087.931
Miri. stockholders'
307,838
Interest in sub..
Investments
Reserves
142,652
212.916
1st pref. stock
1,478.200
1,478,200
2d
1,796,400
1,796,400
800,270
800,270
def68,065
715,073
x
pref. stock
Common stock..
Surplus
$5,896,331
Total
x
Shares of no par
$7,249,3701
Total
$5,896,331 $7,249,370
value; stated value $5 per share,
y
Includes $500,000
U. S. Treasury notes.—V. 146, p. 2523.
Investment Co. of
American
Illinois—Earnings—
Estimated net profit
y
1938
$160,756
1937
$144,427
$0.51
3 Months Ended March 31—
x
$0.45
Earns per share
After
x
charges
—
and Federal
State income taxes,
and
provision for surtax on undistributed profits,
stock (no par).—V. 146, p. 2674.
American Steel Foundries-
y
any
1936
1935
3,692,151/
3 Mos. End. Mar. 31—
Not available
$766,496
209,210
loss$l72,769
219,925
$1,883,686
loss$392,694
C'r49,511
$1,464,750
GY6.263
$557,286 loss$138,463
Drl2,913
Dr7,077
Profit
loss$343,183
of subs, appertain¬
ing to min. stock, &c_
2,241
Federal taxes
33,000
Undistributed profit tax
$1,471,013
$544,373 loss$145,540
Net earnings
Depreciation
Profit
Other income
418,936
$86,615
225,078
Net
3,061
266,000
144,200
...
Net profit
loss$378,424
Earns, per sh. on 970,414
shs.com. stock (no par)
$1,057,752
$0.98
Nil
2,903
80,250
1,304
14,000
$461,220 loss$160,844
$0.37
Nil
—V. 146. p. 3001.
American
litigation may thereby be avoided.
additions during the year amounted to $22,801,$7,174,570, resulting in a net increase on plant
of $15 627,324, which compares with a net increase of $8,767,985 in 1936.
Simplification of Corporate Structure—The corporate structure of the
American Power & Light Co. system was simplified during the year by
the transfer to Nebraska Power Co. of the property and other assets of its
wholly owned subsidiary, Citizens Power & Light Co., which was thereafter
dissolved, and by similar transfer to the Washington Water Power Co.
of the property and other assets of its wholly owned subsidiary, Chelan
Electric Co., which was also dissolved.
Both of these transactions were
approved by the Federal Power Commission and by the State Regulatory
panies and that further
Plant Additions—Plant
^Applh^tion was made to the regulatory aurhotities of the States of Oregon
and Washington
of the properties
Telephone & Telegraph Co.—Earnings—
made.
The taxpayers of the nation are being taxed to provide money for con¬
duplicate electric facilities, which are not even
planned to be self-supporting since they are largely financed by gifts of
Federal funds.
The investor is being taxed for money to build the facilities
which threaten to destroy his investment.
The privately owned utilities
are being taxed to provide the duplicating systems which threaten to destroy
their own business.
It is obvious that the electric utilities cannot hope to
compete with our Government.
struction of unnecessary and
1938—Month—1937
1938—3 Mos.—1937
$9,118,392
$9,912,342 $26,306,254 $27,968,298
70,758
52,254
188,172
143,671
Operating revenues...
Operating expenses
$9,047,634
6,666,540
$9,860,088 $26,118,082 $27,824,627
6,774,437
19,745.230
19,254,907
From subsidiaries
Net oper. revenues...
$2,381,094
1,178,391
$3,085,651
919,043
Operating taxes
..
Net operating income.
Net income.
—V.
$1,202,703
37,853,945
$2,166,608
41,795,086
$6,372,852
$8,569,720
2,573,319
3,352,467
$3,020,385
38,678,319
$5,996,401
43,582,624
146, p. 2675.
Compatative Statement of Income (Company Only)
Other
$2,107,865
18,186
$2,057,578 $10,940,069 $10,065,522
4,881
55,510
23.Q85
Total
$2,126,051
$2,062,459 $10,995,579 $10,088,607
84,498
417,605
424,198
727,576
2,910,497
2,908,098
Funds, Inc.—Registers with SEC—
follows:
1938
1937
38,685,000
38,148,000
38,313,000
38*666,000
p.
49,814,000
50,000,000
50,513,000
50,876,000
1936
46,512,000
45,251,000
45,791,000
44,433,000
1935
profits for 1937 and 1936.
39,135,000
38,874.000
37,100,000
37,658,000
35,004,000
35,224,000
35,957,000
35,278,000
3001.
total
income
was
463,564
36,440
15,793
—
-
$19,202,018
Total
Divs.
on
$6 preferred stock—$5.62% a
share
on
$5 preferred stock—$4.68% a share
4,463,732
4,586,476
...—
Divs.
— ....—
Dec. 31, 1937
$10,151,809
-
Comparative Statement of Consolidated Income
Period Ended Dec. 31—
of company
for 1937 was $10,995,579, of
Of this latter amount, $2,870,484
interest, $67,105 was dividends on preferred stocks, and $8,002,480
dividends on common stocks, paid to company on its investments in the
which $10,940,069 was from subsidiaries.
was
$11,018,743
$7.667,477
31,1937
Earned surplus of wholly-owned subsidiary merged as of June 30,
1937 under plan of liquidation.
Divs. received from subsidiary from earnings prior to year 1937
Co.—Annual Report—
Howard L. Aller, President, says in part:
Income—The
Months Ended Dec. 31. 1937
$11,024,210
5,467
Balance
Net income for the 12 months ended Dec.
Earned surplus,
American Power & Light
1937
Miscellaneous adjustments
Miscellaneous adjustments
1934
$6,756,311
$7,667,477
$1,250,385
includes no surtax on undistributed
Summary of Earned Surplus for the 12
Co.—Weekly Output
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended May 7, 1938, toatled 38,666,000
kwh., a decrease of 24.0% under the output of 50,876,000 kwh. for the
corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
April 16
April 23
April 30
May
7
—V. 146,
726,614
$1,300,456
Net income
Earned surplus, Jan. 1,
American Water Works & Electric
Week End.-
98,981
Expenses, incl. taxes—
Int. and other deduct'ns
Note—The company's tax expense
American Trusteed
1937—12 Mos.—1936
1937—3 Mos.—1936
Period End. Dec. 31—
See list given o l first page of this department.
years
_
approval was had before the Commission on Dec. 2, 1937, but the Com¬
mission has not yet handed down its decision.
Competitive Projects Financed by the Federal Government—In addition to
the difficulties confronting company under the Holding Company Act,
many of the operating subsidiaries of company are confronted with competi¬
tive situations created by the expenditure of huge sums by the Federal
Government on various projects, a large part of the cost of which is for
electric power facilities.
These should be reported to you since they
seriously threaten the continued existence of the operating public utility
companies in the securities of which your company's investments have been
Operating revenues
Uncollectible oper. rev..
Period End. Mar. 31—
Light Co.
Light Co.
for approval of the transfer to Pacific Power &
of its wholly-owned subsidiary, Inland Power &
regulatory authorities of both States found the transaction to be in
the public interest and approved it.
Concurrently application was made
to the Federal Power Commission for approval of the transfer.
The Com¬
mission denied the application, finding, among other things, that this
consolidation, in the opinion of the Commission, would not simplify cor-|
porate structure within the meaning of the Public Utility Holding Company
Act* that a consolidation, to be consistent with the public interest, must
be of benefit to the public, and that sufficient evidence of public benefits
had not been shown.
Pacific Power & Light Co. has filed a petition with
the U. S. Circuit Court of Appeals for the Ninth Circuit for review of the
Commission's decision.
In June, 1937, the Montana Power Co. entered into an agreement with
its wholly-owned subsidiary, Rocky Mountain Power Co., to acquire all
of that company's properties and assets, including its Federal Power Com¬
mission license for the so-called Flathead project.
This agreement was
made subject to the approval by the Federal Power Commission of the
transfer of the Flathead license.
A hearing on the application for such
The
_
-Earnings—
1938
3,519,3821
Costs and expenses.
but before
On 277,337 shares common
1937
Net sales
proper
894. and plant retirements to
Provision for Fed¬
2,288,330
68,674
Inventories
Prepaid taxes,
surance, Ac
Bank loans
$399,572 y$1078,592
378,565
1,239,979
hand
on
1938
$273,940
Liabilities—
1937
1938
We must hope that the Act may be administered with a
regard for the interests of investors in public utility holding com¬
uncertainty.
Consolidated Balance Sheet March 31
Assets—
Cash in banks and
1938
14,
May
Chronicle
subsidiaries.
1937—12 Mos—1936
1937—3 Mos.—1936
Subsidiaries—
Operating revenues
..$24,918,220
Oper. exps., incl. taxes.. 13,334,436
Property retirement and
depletion res. approps.
2,614,888
$23,600,470 $98,363,851 $90,712,787
12,278,159
52,159,590
46,714,901
7.365,278
8,771,091
2,399,402
Dividends—Dividends declared during 1937 amounted to
$5.62% a share
stock and $4.68% a share on the $5 preferred stock of
Light Co., the dividends declared in the first three
quarterly periods being at the full rates and in the last quarter at threethe $6 preferred
American Power &
on
of the full rates.
fourths
1937
were
$16.50
a
share
Undeclared
on
cumulative dividends
at
the $6 preferred stock and $13.75
a
Dec.
31,
share on
Although the consolidated income statement of American Power & Light
Co. and its subsidiary companies for the year 1937 shows that the net
equity of American Power & Light Co. in the income of its subsidiaries,
after allowing for its expenses, interest and other deductions, is equivalent
to more than its full preferred dividend requirements,
nevertheless, the
income actually received by company from its subsidiaries provided only
about 80% of full preferred dividend requirements.
Preferred dividend
payments were 93%% of full requirements.
In no calendar year since
1931 has income actually received by company been sufficient to provide
for full preferred dividend requirements.
Debentures Acquired—Montana Power Gas Co., which was a
whollyowned subsidiary of company, acquired $10,589,900 of Montana Power Co.
5% debentures, due Dec. 1, 1966. in connection with the transfer of its
assets to Montana Power Co. in Dec., 1936.
Your company acquired these
debentures in June, 1937 in connection with the liquidation of Montana
Jan. 29,1937, to sell to the City of Superior,
Wis., the entire interest of company in the securities and indebtedness of
Superior Water, Light & Power Co. and Northern Power Co. was rejected
by the city on Oct. 5, 1937, following a court decision that the city had
authority to purchase only the Superior Water, Light & Power Co.
A
suit brought by a citizen of Superior to set aside an order of the P. S. Com¬
mission of Wisconsin fixing the amount of just compensation to be paid
by
the city for property of Superior Water, Light & Power Co. is now
pending.
Under date of Jan. 28, 1938, the Commission on its own motion
reopened
the valuation proceedings involving the acquisition of this
property.
The suit brought by the holders of 36 shares of preferred stock of Portland
Gas & Coke Co. (mentioned in previous reports), is still
pending.
There is
no indication when the case may be tried.
Counsel for the company are
of the opinion that this suit is without merit.
In the suit brought by the Securities and Exchange Commission
against
company and certain other companies to compel them to register under the
held,
Utility Holding Company Act of 1935, the U. S. Supreme Court
March 28, 1938, that the defendant holding companies are engaged
activities, that the registration provisions of the Act are con¬
stitutional and may be separately sustained and enforced "without prejudice
to future challenge of the validity" of any other provision of the Act, and
that the defendant holding companies may not presently obtain a deter¬
mination of the constitutionality of the Act as a whole.
The decree of the
lower court requiring the defendant companies to register was thus affirmed.
Company accordingly has registered under thelHolding Company Act. and
the subsidiaries of company are now subject to the provisions of the Act
relating to subsidiaries of registered holding companies.
The refusal of the courts to coasider at this time the coastitutionality
and applicability to your company of the regulatory provisions of the Public
Utility Holding Company Act leaves the future^of your company in .raat
Gross income-....--
$9,025,849
$8,993,814 $37,626,822 $36,843,067
Int.
to
public and other
„
„
_
„
4,006,398
Int. charged to construe.
Balance.
—
Pref. divs. to public
Portion applicable to minority interests
4,022,7o0
15,973,543
15,972,128
Cr94,744
Cr79,914
Cr315,376
CV86.417
$5,050,978 $21,968,655 $20,957,356
1,792,728
7,171,588
7,170,814
$5,114,195
1,792,914
76,397
20,826
17,326
78,525
Net equity of Am. Pr.
& Lt. Co. in income
$3,303,955
$3,237,424 $14,720,670 $13,708,017
$3,303,955
18,186
$3,237,424 $14,720,670 $13,708,017
$3,322,141
of subsidiaries
Amer. Pow. & Lt. Co.—
Net equity of Am. Pr.
& Lt.
Co. in income
of subsidiaries
.
55,510
4,881
23,085
on
on
in interstate
$8,922,909 $37,433,179 $36,632,608
70,905
193,652
210.459
Other income
Power Gas Co.
Public
$8,968,896
56,953
deductions
the $5 preferred stock.
Litigation—The offer made
Net oper. revenues...
Other income (net)
Expenses, incl. taxes—
98,981
Int. & other deductions.
726,614
$3,242,305 $14,776,180 $13,731,102
84,498
417,605
424,198
727.576
2,910,497
2,908,098
$2,496,546
$2,430,231 $11,448,078 $10,398,806
Total
Balance carried to con¬
solidated earned surp.
undistributed profits is included
of $73,321 for three subsidiaries for
Note—Provision for Federal surtax on
in the above statement in the amount
1937, and $4,930 for three subsidiaries for 1936.
American Power & Light
Co. showed no undistributed profits subject to the surtax for 1937 and 1936.
Balance Sheet Dec. 31
1937
(Company Only)
1937
1936
Liabilities—
$
Assets—
x
$
Capital stock
(no par value) 214,645.636
..253,947,508
254,221,650
11,340,698
sec..
6,101,035
3,379.392
5,743,008
1,065,027
Am. 6% scr..
Time dep. in bks
500,000
1,750,000
1936
S
S'west'n Pow. <fc
Investments
Cash
U.S.Govt. obligs
Short-term
214,645,636
Gold deb. bonds,
43,385,500
43,385,500
4,148,000
4,148,000
Light Co. 6%
Notes and loans
2.094.000
rec.—subs
gold deb. bds.
series A
328,416
358.338
Acct.s.rec.—other
28,603
9,186
Special
deposit.
46,012
43,138
Accrued
Reacq. cap. stk.
29,934
29,934
Mat. Int.
Deferred charges
3,496,074
3,541,007
Accts.rec.—subs
Accts. payable..
accts..
on
96,036
73,759
1,126,988
1,132,734
long
Total
273,599,983
274,452.979
&c.
46.012
43,138
Earned surplus.
10.151,809
11,024,210
273,599,983
274,452,979
term debt,
Total
Volume
Financial
146
Consolidated Balance Sheet Dec. 31
Assets—
[Including domestic and foreign subsidiaries]
Consolidated Statement of Income for the 52 Weeks Ended Jan. 1, 1938
$
,
744,544,448 729,135,027
d5,022,402
475,820
Notes and loans receivable
285,632
715,252
Cash in banks—on demand
15,137,014
20,090,420
Cash in banks—time deposits
500,000
2,550,000
U. S. Govt., State, mun. & other short-term securs. 11,021,136
3,905,513
....
12,031,938
4,600
418,946
_
7,010,002
486,625
434,806
Subscriptions for preferred stocks of subsidiaries.
13,467,402
6,428,847
Accts. receivable—customers and miscellaneous..
Prepayments.......
..
Miscellaneous current assets
U. S. Treasury notes._
10,870
2,453,968
1.798,111
e4,051,538 b41,669,131
Non-current receivable
Result before deprec., int. charges
^contributions to employees'
pension fund, and provision for Federal income taxes
$18,130,686
Provision for depreciation
Interest on funded debt.
"
29,934
1,583,464
16*046,518
...
-
_
29,934
1,573,717
17,418,70b
434,327
264,712
250,718
591,966
470,688
611,429
818,603,876 844,803,156
Total
Liabilities
*
214,645,636 214,645,636
111 ,622,300 111,612,000
Capital stock (no par)
Subsidiaries—Preferred stocks
a
Common stocks
451,451
508,725
Capital stocks subscribed—Pref, stocks of subs—
6,200
1?,200
Long-term debt
360,534,500 361,755,000
Contractual liabilities
Dividends declared
....
795,958
2,110,000
1,979,854
f16,966,364
4,338,067
...
Notes payable
Accounts payable
Accrued accounts
Customers'deposits
"
Other interest charges
Contributions to employees' pension fund
Provision for Federal income taxes._
Net income
25,750
794,943
—---
2,193,799
13,588,099
4,261,366
450,148
Seef
current liabilities
and accrd. int. on long-term debt and
redemption account (cash in special deposits)
1937
Toj*1------- on
Dividends
Dividends
268,858
470,688
800,272
49,985,283
Contingent liabilities (see contra)
Sundry credits
Retirement and depletion reserves
Uncollectible accounts reserves
1,816,221
Casualty and insurance reserves
Rate reduction in litigation
Inventory adjustment reserves
1,540,511
3,397,050
527,835
i
710,164
494,515
reserves
Contributions in aid of construction
Non-current accounts payable, &c
Undeclared cum, divs. on pref. stock of subsidiaries
Minority interest in surplus of subsidiaries
Earned surplus
common
Surplus at Jan. 1, 1938
8,274,440
210,619
36,657,086
2,397,479
1,078,776
2,788,129
579,343
1,134,803
redemption funds,
c Includes redemption accounts,
d In¬
e Special
deposits only,
f Includes miscellaneous
146, p. 1389.
accounts,
current liabilities.—Y.
Official—
J. B.
Tytus, who has been Vice-President in charge of processing develop¬
since 1927, has been elected Vice-President in charge of operations.
Frank H. Fanning has been named Assistant
Contributions to employees' pension fund
Provision for Federal income taxes
aries,
or
before dividends received from certain subsidi¬
contribution to subsidiary shown below.
$5,671,746
__
Dividends received from certain consolidated subsidiaries.
Contribution by the company to a consolidated subsidiary—
x
Net income
$9,749,718
Statement of Surplus for the 52 Weeks Ended
Net income
as
$55,184,541
9,749,718
Total.
on
on common
stock
8,000,000
Surplus adjustments
Adjustment of investments in consolidated subsidiaries
equity in change in net worth.
Surplus at Jan. 1, 1938
Gross profit on sales
Selling, adm inistrative and general
$759,486
463,023
expenses
for
Dr360,331
—
-
x$52,696,668
xComprising: Capital and paid-in surplus, $43,345,418; surplus arising
subsidiaries since date of
acquisition in respect of earned surplus, $1,907,363; earned surplus of com¬
pany—appropriated, $5,873,793; unappropriated, $1,570,093; total, $52,696,668.
yNet income, $3,057,797; adjustment of reserve against in¬
vestment in consolidated subsidiaries in respect of depreciation provided
during the 52 weeks ended Jan. 1, 1938, on books of subsidiaries applicable
to the reduction in property values reserved against on books of parent
company, (Cr.) $659,844; dividends paid (Dr.) $4,152,972; contribution
by the company to a subsidiary, (Cr.) $75,000.—V. 145, p. 4108.
from adjustments of investments in consolidated
Artloom
Corp.—Earnings—
March 31
—
1937
1936
1935
x$45,574
x$6,533 lossx$6,151
but before Federal taxes.
y After depreciation,
inventory adjustments and Federal and State taxes.—V. 146, p. 2839.
x
$4,888,209
4,128,724
Dr63,989
-
y
1938
Net profit
Earnings for Quarter Ended March 31, 1938
$64,934,259
3,813,271
7% preferred stock
April 2
Glass Corp. (& Subs.)—Earnings—
Jan. 1, 1938
1937.
above
Dividends
Vice-President in charge of
royalties
4,152,972
Dr75,000
x Tho net income of all consolidated subsidiaries for the 52 weeks ended
Jan. 1, 1938, amounted to $3,717,641, or $435,331 less than the dividends
received from certain consolidated subsidiaries.
3 Months Ended—
Net sales and other operating revenues
Cost of sales, including depreciation and patent
2,422,727
2,689,171
213,833
56,867
187,120
1,038,000
_...
Amortization of debt discount and expense
Other interest charges
operations.—V. 146, p. 2837.
Anchor Hocking
___x$52,696,668
Result before depreciation, interest charges, contributions to em¬
ployees' pension fund, and provision for Federal income taxes_$12,279,465
Provision for depreciation
Interest on funded debt
Surplus at Jan. 2,
41,865
7.686,308
256,367
35,043,217
.818,603,876 844,803,156
American Rolling Mill Co.—New
—
...
611,429
572,931
45,377,341
Represented by $6 preferred, cumulative (entitled upon liquidation to
$100 a share); pari passu with $5 preferred; authorized, 1,000,000 shs.
issued and outstanding, 793,581 2-10 shs., inclusive of 31 2-10 (34 2-10
in 1936) shs. of scrip; $5 preferred, cumulative (entitled upon liquidation
to $lOO a share); pari passu with $6 preferred; authorized, 2,200,000 shs.;
issued and outstanding, 978,444 shs.; common, authorized, 4,000,000 shs.;
issued, 3,013,812 27-50 shs., inclusive of 2,383 27-50 (2,666 27-50 in 1936)
ments
____
a Credit
arising from the purchase and retirement of company's bonds,
$28,908; credit arising from the purchase and retirement of company's
preferred stock, $333,506; total, $62,415. Adjustment of subs, stock pur¬
chased to book value at date of acquisition, $26,404; appropriated for
possible Federal income tax on capital gain arising from inter-company
transactions, $400,000; balance (Dr.) $63,989.
x Comprising: Capital and
paid-in surplus, $43,345,418; appropriated earned surplus, $5,873,793;
unappropriated earned surplus, $3,477,456; total, $52,696,668.
Statement of Income for the 52 Weeks Ended Jan. 1, 1938 (Company Only)
c37,380,502
a
fund
3,813,271
8,000,000
a63,989
stock
Surplus adjustments......
Dividends
Total
.$64,573,928
7% preferred stock...
on
Net income
......
__
Matured long-term debt and interest
shs. of scrip.
b Includes
$9,389,387
55,184,541
______
Surplus at Jan. 2,
Matured
cludes
expense
,
Sinking funds and special deposits
Reacquired securities—
1
Amer. Pow. & Lt. Co., 5,301 shs. common.....
Subsidiaries, preferred stocks
Unamortized debt, discount and expense
Unamortized leasehold improvements
Unamortized charges applicable to rents and tolls.
Other deferred charges.
Contingent assets (see contra)
Other
3,855,822
2,689,171
213,833
103,184
259,540
1,619,749
__
Amortization of debt discount and
451,473
Materials and supplies
3173
Armour & Co. of Delaware—Earnings—
(Company and Subsidiaries)
1937
1936
Plant, property, franchises, &c__
Investments (ledger value)
Miscellaneous
Chronicle
loss y$112,666
After depreciation, &c.,
Ashland Oil &
Refining Co.—Earnings—
1938
1937
$116,731
$111,870
Earnings per share
$0.12
$0.11
x After depreciation,
depletion, provision for Federal income taxes and
surtax on undistributed profits,
y On
958,990 shares common stock.
—V. 146, p. 1866.
x
3 Mos. Ended March 31—
Net income
y
Profit from operations
$296,463
....
Other income
80,710
Total income
Discounts
Interest
on
sales
...
Miscellaneous deduction
...
Prov. for Fed. & Canadian income taxes & Fed. cap. stk. tax..
Net
profit
Num ber of
Earnings
_
shares outstanding
common
per common
share after pref. div. requirements
i__
$377,173
39,700
10,593
54,285
66,900
$205,696
715,550
$0.19
Note—Provision for Federal income taxes has been made at the rate of
18%.—V. 146,
p.
2839. 2524.
Andian National
Corp., Ltd.—Si Extra Dividend—
Anglo-American Corp. of South Africa,
of Operations for the Month of April, 1938—
Tons
x
Milled
Companies—
Brakpan Mines, Ltd....
Daggafontein Mines, Ltd
Springs Mines. Ltd
West Springs, Ltd
x
Each
of which
is
y
1935
1934
$1,586,807
1,393,035
80,551
334
$1,411,665
1,324,189
87,313
146
$89,349
13,931
154,001
$175,967
38,913
141,999
$112,887
16,683
146,637
$17
21,329
132,324
$78,583
24,161
$4,945
23,205
$50,433
24,308
$153,636
21,459
$54,422 prof$18,260
Railway oper. income
Equipment rents—Dr..
Joint facility rents—Dr.
deficit..
Other income
incorporated in
the
Union
£144,088
149,992
161,103
79,732
of South
Profit
£104,162
134,093
156,182
45,835
Africa,
y
In
South African currency.
Note—Revenue has been calculated
fine.—V. 146, p. 2524.
Arizona Edison
Total operating revenue.
$392,423
331,427
Gulf
&
Period End. Mar. 31—
Operating revenues
Oper. exps. incl. deprec-
$132,177
943
428
prof$13,964
$26,729
$133,548
expenses
Net operating revenue
Other revenue..
Gross income
$60,997
3,546
$4.5,441
7,222
$1,590,027
1,326.315
$263,712
28,294
$1,425,738
1,262,383
$163,355
27,764
$64,543
34,497
27,805
$52,663
34,497
2,367
2,778
1,366
$292,006
137,989
50,695
9,490
7,747
110
946
236
def$431
$13,910
$85,138
$42,611
Federal & State inc. tax.
Other deductions
Balance.
~
$191,120
137,989
"8",917
1,366
Note—No provision has been made for surtaxes on undistributed earnings.
—V. 146, p. 2839.
Associated Dry Goods Corp.—Sales—
by subsidiary store companies for the 13 weeks period
Sales reported
ended
April 30, 1938
were
$12,923,713, compared with sales of $13,706,873
5.7%.—V. 146, p. 2839.
in the corresponding period last year, a decrease of
(&
$443,111
$332,384
73,440
150,379
182,593
$369,671
$182,005
$730,933
8,603
7,239
13,531
15,227
$376,910
$195,536
$746,160
112,927
311,819
331,918
$263,983 loss$l 16,283
$414,242
Interest, rentals, &c--_.
107,264
$70,357
x
earnings are before any year end audit
provision has been made for surtax on undistributed
146, p. 2676.
These operating
no
$913,526
$227,778
$177,621
Gross income
and
xl938—3 Mos.—1937
$6 295,421 $7,650,020
5,963.037
6,736,494
adjustments,
profits as the
earnings cannot yet be determined.—V.
304
Int. on 1st mtge. bonds.
Int. 2d mtge. inc. bonds.
Miscellaneous interest._
Lines
Steamship
xl938—Month—1937
$2,533,960
$2 960 304
2,306,182
2,517,193
Net income-.-...—
Operating
Indies
$169,018
Other income
1938—12 Mos.—1937
West
58,760
Net oper. revenue..._
Operating income
$382,444
337,003
$26,125
303
301
S u bs.)—Earnings—
the basis of £6,19s., 6p. per ounce
1938—3 Mos.—1937
180
4,116
$58,957
Net loss............
Taxes.
on
Co., Inc.—Earnings—
Period End. Mar. 31—
CY246
4,781
Fixed charges
Other deductions
Atlantic
Costs
£248,250
284,085
317,285
125,567
—..."
Loss.
96,322
...—
—V. 146, p. 2839.
Value of
GoldDecla'd
136,000
144,000
164,400
89,000
Ltd.—Results
V
1936
$1,804,607
1,532,318
the
regular semi-annual dividend of like amount on the capital stock,
both payable June 1 to holders of record May 20.
Similar distributions
were made on Dec. 1 and June 1,1937, on Dec. 10 and June 1, 1936. and on
Dec. 2 and June 1, 1935—V. 145, p. 3338.
RR.—Earnings—
1937
Calendar Years—
Net ry. oper.
The directors have declared an extra dividend of $1 per share in addition
to
Atlanta & West Point
Railway oper. revenues. $1,788,864
Railway oper. expenses.
1,596,358
Railway tax accruals
103,157
Uncoil, railway revenues
Associated Gas & Electric Co.—Weekly
Output—
April, Associated Gas & Electric System reports net
electric output of 351,592,594 units (kwh.)
This is a decrease of 28,714,305
units, or 7.6% under production a year ago.
This is the lagrest percentage
decline reported for any month since September, 1932.
Production for the 12 months ended April 30, was 4,585,888,400 units,
which is 118,075,853 units, or 2.6% above the previous 12 months' period.
Gas sendout for April was up 3.2% over a year ago to 1,941,354,800
cubic feet.
For the 12 months ended April 30, sendout increased 8.7%
over the previous year to 23,057,966,700 cubic feet.
For the month of
Weekly Output Off 6.5%—
For the week ended
May 6, Associated Gas & Electric System reports net
This is 5,649,264 units, or 6.5%,
electric output of 81,155,279 units (kwh).
Financial
3174
below the figure of 86,804,543 units for the corresponding week a year ago.
Gross output, including sales to other utilities, amounted to 85,982,776
units for the
week.—V. 146, p. 3002.
Earnings—
Automobile Co. (& Subs.)
Feb. 28 *38
Feb. 28 '37
Auburn
$623,903
Net
loss
$1,563,655
$1,414,837
215,381
Netsales
Feb. 28 '35
Feb. 29 '36
392,584
703,564
deprec.,
after
int.
min
taxes, int. &
451,597
N&VD DiT&ctov5 (Seca" "
*
This company has notified the New York Stock Exchange of the election
of John K. MacGowan as a director and Chairman of the board.—V. 146,
p.3003.
income first mortgage bonds of Beauharnois Light,
Sresent issue of 5lA%
[eat & Power Co. by
an authorized issue of $150,000,000, of which initial
$38,155,900 35-year 4^% bonds would replace an equal amount
blA% income bonds and $1,800,000 would be subscribed for
by Montreal Light, Heat & Power Consolidated at par plus interest.
Additional 25-year 4 H %
first mortgage bonds of operating company
totaling $18,000,000 would be exchanged for an equal amount of Montreal
Light, Heat & Power Consolidated 25-year 3Yi% first mortgage and col¬
lateral trust bonds to be delivered to the trustee for distribution among
the collateral trust bondholders.
The present issue of $36,000,000 collateral trust bonds of the holding
company would be replaced by $16,200,000 40-year 5% second mortgage
bonds and $1,800,000 40-year 5% convertible notes of Beauharnois Light,
Heat & Power Co. and $18,000,000 25-year 3y2% bonds of Montreal Light,
Heat & Power Consolidated.
The present issue of capital stock of the holding company would also
be increased by 669,559 shares of which collateral trust bondholders would
receive 90,000 shares, or »4 share per $100 bond, and Montreal Light, Heat
& Power Consolidated, 579,559 shares, or one share for each $100 of new
first mortgage bonds of operating company.
The collateral trust bondholders would receive under the plan for each
$100 held $50 principal of Montreal Power bonds, $45 principal of second
mortgage bonds of the operating company, $5 principal of convertible
notes of the operating company and \i share no-par value of Beauharnois
Power Corp., Ltd.
■
Beauharnois Light, Heat & Power has announced in connection with the
reorganization plan that the necessary authorizations from Provincial
Electricity Board concerning the plan and from the Lieutenant-Governorin-Council concerning new issues of securities have not yet been procured,
although negotiations are now in progress to this end.—Y. 146, p. 1540.
issues of
of
3 Months Ended—
1938
14,
May
Chronicle
present
,
Baldwin Locomotive
Works—Bookings—
April by the Baldwin Locomotive
Works and subsidiary companies, including the Midvale Co., was announced
on May 12 as $1,863,003, as compared with $3,378,344 for April, 1937.
The month's bookings brought the total for the consolidated group for
the first four months of 1938 to $10,667,080, as compared with $14,990,030
dollar value of orders taken in
The
period last year.
Consolidated shipments, including
in the same
Midvale, in April aggregated $4,943,-
compared with $3,319,775 in April of last year.
Consolidated ship¬
four months of 1938 were $15,461,159 as compared with
$12,305,890 for the first four months of 1937.
On
April 30, 1938
consolidated unfilled orders, including Midvale,
amounted to $19,924,587, as compared with $24,583,345 on Jan. 1, 1938
and with $33,275,649 on April 30, 1937.
All figures are without intercompany eliminations.—V. 146, p. 3003.
436,
as
ments for the first
1937
1936
$176,050
$121,086
$0.63
$0.43
depreciation and Federal income taxes but before provision for
undistributed profits,
y On 273,604 shares capital stock.—V
y
-
After
x
146,
on
1866.
p.
_ _ _ .
—
Maintenance
Taxes
________
.
__
$501,734
031,640
$69,511
Dr3,799
Non-oper. income (net).
$51,749
Drl58
$675,259
$65,713
13,589
Net oper. revenues-..
$51,591
13,544
$670,420
165,213
2,569
$553,374
163,672
$38,046
$5)2,637
176,318
37,254
$369,702
155,000
37,254
$289,066
$177,448
Balance
Int. and amortization
Dr4.389
736
Int.(Engineers P.S. Co.)
$51,388
Balance
Appropriations for retirement reserve.
Preferred dividend requirements
Balance for common dividends and
surplus
a No
provision has been made for the Federal surtax on undistributed
profits for 1938 since any liability for such tax cannot be determined until
the end of the year.
Note—On Jan. 1,
1937, changes were made in accounting procedure,
hence the above 12 months' figures are not exactly comparative.—V. 146,
p. 3003.
Beech Creek Coal & Coke Co.—Bonds Called—
1st mtge. 5% 40-year s. f. gold bonds, due June 1,
Pay¬
3323;
142, p. 3332.
Bendix Aviation
1937
1938
$8,282
3 Months Ended March 31—
Income—Interest and dividends
thorized issue, $7,000,000.
Earnings for 3 Months Ended Mar. 31 (Inc. Subs.)
1938
1937
1936
1935
loss$561,605
$806,508
$860,820
$803,537
y Earnings per share
Nil
$0.38
$0.41
$0.38
x After depreciation, interest and Federal income taxes,
y On 2,097,663
shares (par $5) of capital stock.—V. 146, p. 2526.
Net profit
x
Best & Co.—New Director,
Shipbuilding
Inc., Properties—
Shipyards,
See latter company
1,540
$7,432
3,911
Profit for three months ended March 31-
$1,130
prof88,752
$3,521
sale of securities.
on
$89,882
-V. 146, p. 2031.
Beatrice
$1,465,408
$1,839,174
182,045
115,911
$852,959
137,768
$1,279,852
125,778
$1,647,453
Net operating income.
Total income
$1,955,085
a371,469
$990,727
135,405
$1,405,630
172
175,646
370
$1,583,617
$855,151
$1,229,614
486,651
567,051
643,468
472,188
2,025
716,580
188,859
4,612
738,325
$391,023
Federal taxes
$467,960
Crl6,080
def$52315
Dr58,263
$486,677
028,583
Dr30,852
1,702,764
Minority interest
$1,444,815
90
Beatrice pref. dividends.
Common dividends
Surplus for
Adjustments
year
Prior years surplus chgs
Portion of sub. loss as¬
signed to min. int
Reduct of res. losses
Stock Buying Plan Dispute
90
May 19.
The hearing
Includes surtax
a
on
Assets—
$2.49
Balance
153,690
Cash
4,687,891
4,725,758
b Accts.«fc notes rec
3,373,542
219,768
196,824
Common stk.
as
22,710
1,697,533
Inventories
for
1,951,493
Due fr. employees.
Due from others..
61,058
78,324
plaintiffs ask that the defendants be restrained from placing the
before stockholders and be prevented from cancelling the plan and
obligations under it alleged to have amounted to $16,666,891 on Dec. 31,
1937.
The complaint also seeks to have allegedly delinquent payments
made and seeks to restrain the repayment to any beneficiaries of the plan
any of the money paid by them.
The complaint charges that 221,200 shares of Bethlehem common stock
were purchased with $20,261 920 of corporate funds, at an average price of
$91.60 a share.
Stock was then allotted to the various beneficiaries of the
plan.—V. 146, p. 3004.
Assets—•
108,788
106,832
Dep. in closed bks.
24,408
32,758
Minority
Prov.
interest.
for
9,661,700
9,909,500
Prop., plant and
equipment
14,940,764
Patents & goodwill
847,965
MLsc. investm'ts
1,932,834
7,052,236
9,451,000
478,538
9,448,875
532,170
17,308
193,355
171,921
14,467,656
126,093
2.652,400
3,564,538
int.
79,655
673,590
13,885,626
Inventories
13,039,736
divs. receivable.
51,535
5.576,725
Prepayments..
178,002
791,853
225,925
Deferred charges..
24,048
12,697,040
754,104
Total
375,424
408,786
5,688
5,644
61,072
43,726
Capital surplus
157,053
179,368
Earned surplus
2,474,826
x
After
.45,347,369 48,214,956
depreciation,
Borg-Warner
common
y
Including
The income statement
400,000
Accts. payable
and
2 368,279
4,766.267
Other accruals
2 ,098,953
2,596.339
Federal tax reserve
1 ,958.003
2,344,118
accrued.-.——
Adv. royalties
and
199,351
110.506
Refrig. maint. fund
446,643
660,512
Special reserves...
435.800
508,712
Min. int. in sub
Surplus
Total
159,850
def317
—
25 531,257 24.519.433
z
45,347,369 48,214.956
(79,925 in 1937) shares of
in 1937.
31 was pub¬
lished in V. 146, p. 3004.
Botany Worsted Mills-—Annual, Report—
2,076,315
Adv. to officers.10.666
Mtscell. investm'ts
146,533
164,079
Net sales
Deferred charges.
167,344
Cost of
TotaI-a
178,530
_
22,869,264
After depreciation
$317 959 in
'
Total
of $17,264,927 in
22,869,264 22,810,959
1938 and $16,684,658 in
1937.
m7n—^ ir46 pOI272UbtfUl accounts of $351,000 in 1938 and
Beauharnois
sider
22,810.9591
Power
Corp.,
Ltd.—Bondholders to
Con¬
r^^ie bondholders
secured
committee for the 5% Collateral trust bonds which
by second mortgage bonds of the operating company, in
2n Jr
a
are
letter
axV?J?unces that a meeting of collateral trust bondholders
May 27 tp consider reorganization of the capital structure of
the holding and operating con panies.
The amending agreement would eliminate the collateral trust bonds,
eventually wind-up the Beauharnois Power Corp., Ltd., and replace the
•ti
Earnings for Year Ended Dec.
227,476
912,419
119,702
194,987
70,303
Loss before other charges,
&c
,
Social security taxes
Depreciation
Provision for extraordinary losses
Net loss for year
11,505,535
;— —
$191,816
Loss from operations
Other charges
31, 1937
$13,517 ,o99
goods sold
Extraordinary charges
Packing & shipping & transportation expenses
Selling & sample expenses
Commissions paid to factor
Administrative & general expenses
Other income
Recapitalization—
12,309,070
Notes payable
Par $5 in 1938 and par $10
for the three months ended March
stock,
$
stock.. 12 309,400
other def. inc—
and
1937
S
LiabllUies—
iCommon
Notes&accts.rec.
social
security tax
s
March 31—
1938
1937
$
do¬
Prov.for Fed. tax.
by Federal Judge
defendants.
Accrued
27,952
terest, &c
Provision
mestic taxes
10,663
$
...
(par
Accounts payable.
Accrued wages, in¬
of
life insurance...
Feb. 28/37
$
Liabilities
3,345,936
Inv.&adv.affll.co
Ferdinand Pecora,
matter
Marketable securs.
$25)
136,362
surrender
$1.31
Feb. 28'38
Real est. & equip¬
Cash
$1,702,764
Sheet
Cum. pref. stock..
12,213.519 11,865,210
ment for sale...
held before Supreme Court Justice
May 3.
The suit was brought by Howard
W. Lyon, Ruth Harris Yaeger and
Florence Haber Warshawksky and named the corporation and its directors
Cash....
.
$
Land, bldgs. and
equipment
Carried Over to May 19—
on
Samuel Mandelbaum
y
Feb. 28 ,'38 Feb. 28,'37
$
a
$1,592,186
$0.41
$2,076,315
undistributed profits.
Consolidated
was
action
1938
1,592,186
$2,474,825
$2.53
-
restrain
after the matter had been remanded to the State courts
x
Profit & loss surplus.
arned on common
to
Borg-Warner Corp. (& Subs.)—Bal. Sheet
020,000
12,512
2.076,315
Previous surplus.
Steel are the Hydropress Handel,
of Bondholders, and Anglo-
for the company argued on a
proposed amendments to the management
stock purchase plan at the adjourned annual meeting May 4 announce¬
ment was made at the office of the corporation postponing the meeting until
on
closed banks
Prior years taxes
•
6 that a jury trial must
The
paid and accrued
stocks of subs
on
United
While counsel for minority stockholders and
motion
1,218,356
202,593
44
Purchase
Vice-
Continental Treuhand.
Feb. 29, '36 Feb. 28, '35
$64,223,669 $59,667,156 $57,117,065 $54,883,395
61,727,091
56,796,514
55,209,253
52,417,652
1,031,171
1,031,467
1,054,853
1,185,891
Other income
Divs.
Corp.—Bond Suit—
Supreme Court Justice Wasservogel ruled May
Feb. 28, '38 Feb. 28, '37
exps...
director
decide whether foreign purchases of bonds of the Lackawanna Steel Corp.
and Bethlehem Iron Mines Co., guaranteed by the Bethlehem Steel Co., are
entitled to payment in Dutch guilders or in American currency.
The
plaintiffs in the suit against Bethelhem
Years Ended-—
Netsales.....
a
elected a
the International Trustees for the Protection
Creamery Co.—Annual Report—
Selling & admin,
Depreciation.
Corp.—To.
elected
below.—V. 142, p. 943.
Bethlehem Steel
Net income
cfee.—
John W. Hanson, Secretary and Vice-President has been
succeeding Jvd&ry I^ewis
James W.
Kierman, Assistant Superintendent, was
President.
V. 146, p. 2527.
$2,670
850
Expenses
Realized loss
Corp.—$5,000,000 Loan—
announced May 10 that it arranged the $5,000,loan which, it was recently announced, had been placed
privately for the corporation. The proceeds will be used for the erection of
a plant to house the company's aeronautical
division in Bendix, N. J.,
and for working capital.—V. 146, p. 2526.
Central Hanover Bank & Trust Co. has been appointed trustee for the
series A 10-year 3 Ml % sinking fund debentures due April 1, 1948, and series
B 10-year 2% and SH% sinking fund debentures due April 1, 1948.
Au¬
The Paul Hammond Co.
000 3Yi% 10-year
Bethlehem
Participations, Inc.- -Earnings-
Beacon
3002.
share was paid on March 1, last.—Y. 145, p.
A total of $61,000
V.
1938—12 Mos.—1937
$2,047,965
$1,762,386
1,038,240
951,337
89,040
81,658
a245,425
227.656
1938—Month—1937
$186,352
$164,091
90,430
85,545
8,479
7,925
a
17,931
18,872
,
1944, has been called for redemption on June 1 at par and interest .
ment will be made at the Irving Trust Co., N. Y. City.—V. 144, p.
Electric Co.—Earnings—
Baton Rouge
Period End. Mar. 31—
Operating revenues
Operation.
-
,
this time on the
dividend of 37^
Directors passed the dividend ordinarily payable at
$1.50 convertible preferred stock.
A regular quarterly
cents per
,
Inc.—Preferred Dividend Passed—
Beaunit Mills,
'
1938
loss$31,675
Nil
profit-. *....Earnings per share._____
surtax
.
Co.—Earnings—
Baldwin Rubber
3 Months Ended March 31—
Net
x
„
5121,513
342,170
138,082
226,150
427,001
$1,254,917
Volume
Financial
146
Balance
Assets—
*
$
$
Cash
Cash
Sheet Dec.
Dec
Notes payable
Acc. payable—trade creditors
55,319
Inventories
Sons, Inc....
taxes
&
5,144
&c
Property
Res. for losses on acc. rec
Deferred charges
2,236,473
Stock of subs
275,,000
288,200
5% serial notes... 2,000,,000
1st mtge. 6% bds.
75,,000
2,000,000
69,996
4,716,005
119,300
Other
9,855,383
1.254,917
curities....
Deferred charges.
Total
20,453
Represented by shares of $10
Shares of $1 par value.—Y. 146,
a
c
b Shares of $5
value,
p. 101.
par
35,500
268,637
144,312
.
under
machinery
Accts.
Stores, Inc.—Sales—
-Annual
1937
before prov. for deprec
Other income
J.
$1,957,836
372,805
247,359
$1,547,095
352,242
198,087
496
$1,122,423
221,400
180,294
2,657
....14,713,318
50
1,728
a265,488
152,087
$1,069,925
b825,000
$838,502
260,175
$615,771
239,701
$320,099
300,000
$244,925
300,000
$578,327
300,000
$376,070
239,701
$4.06
$3.56
$2.79
$2.56
share
undistributed
on
S.
1937
^
1936
$139,762
$154,127
799,951
Treas.
600,000
439,612
763,409
9,000
7,950
disc.
net
income,
Acc'ts receivable..
Cash surrender val.
b Includes
$0.50
Inventories
Real est.,
x
1,017,522
913,529
2,225,827
&c
Deferred charges
Total
Accounts payable.
1936
$119,940
$226,075
429,192
516,209
for taxes,
comm'ns, &c
Dividend payable.
150,000
50,000
150,000
Capital stock
1,500,000
1.5CK)"666
Surplus
Capital surplus
2,418.672
2,098.573
18,560
18,560
y
2,028,488
54,690
...
..$4,686,365 $4,509,4171
Total
..$4,686,365 $4,509,417
1936.
in
Briggs Manufacturing Co.—Earnings—
3 Mos. End. Mar. 31—
Net profit
Earns, per share on com.
x
1938
1937
y$317,007
$2,474,899
$0.16
$1.25
After depreciation, taxes, &c.
y lifter surtax
1936
$2,503,248
on
1935
$1.26
$1.64
undistributed profits.
At the annual meeting of stockholders held on May 10, W. O. Briggs Jr.
elected to the board of directors, succeeding H. W. Griffiths.—V. 146,
was
2527.
Burlington Mills Corp. (& Subs.)—Earnings—
1937
Years Ended Dec. 31—
ShIgs
(Icjss
returns
allowances)
1936
1935
executive
committee.
Mr.
Platten
also
is
a
director.
1412.
p.
Brown Fence & Wire Co .—Common Div.
Action will
be taken at
Postponed—
adjourned meeting on June 1.1
Regular quarterly dividend of 15 cents per share was paid on Feb. 28, last.
146, p. 2842.
an
Buffalo Niagara & Eastern Power Corp.
Period End. Mar. 31—
(& Subs.)—
1938—3 Mos.—1937
Operating revenues
$8,894,249
Oper. rev. deductions.—
5,945,321
1938—12 Mos.—1937
$9,699,780 $37,806,903 $36,240,061
5,894,628
25,518,802
22,182,780
Operating income
$2,948,928
Non-oper. income (net).
Dr231
$3,805,152 $12,288,101 $14,057,281
9,799
Dr4,897
27,160
.
Gross income
$2,948,697
1,075,131
$3,814,951 $12,283,204 $14,084,441
1,148,190
4,419,426
5,030,888
$1,873,565
Netincome--Notes
$2,666,761
$9,053,553
$7,863,778
(1)—Operating
revenue deductions for the three months ended
1938, and March 31. 1937, include $224,585 and $170,435
respectively, and for the 12 months ended March 31, 1938. and March 31.
1937, $926,148 and $170,435 respectively, representing expenditures in¬
curred in
connection
with changing customers'
electric equipment to
standard frequency.
Prior to Jan. 1, 1937, such expenditures were charged
to surplus.
(2) No provision has been made for possible surtax on un¬
distributed profits for the calendar year 1938.—V. 146, p. 2033.
March
31,
$27,319,509
$25,421,358 $20,900,330 $16,606,543
1,620,887
2,124,454
2,074,277
1,635,455
511,605
obsolescence
471,121
461,644
Electric Corp.—Earnings—
Period Ended March 31, 1938—
Operating
Operating
3 Months
12 Months
$4,965,402 $20,748,308
3,753,778
15,559,582
revenuas.
revenue
deductions
$1,211,624
961
Gross income
293,727
...
....
Deductions from gross income
$1,109,282
104,242
$1,653,333
Other deductions
$1,213,525
300,944
163,543
Net income...;
$5,190,251
2,074,573
$3,115,678
Oregon Power Co.—-Earnings—
1938
$1,686,019
305,446
$1,671,341
308,895
$1,382,596
204,819
241,441
242.504
225,082
$4,515,890
1,701,647
res.) $2,625,553
1,104
Dr 42,193
$2,814,242
Operating revenues
Oper. expenses, maint. and taxes
Net oper..revenue (before approp. for retire,
Interest on notes & accounts receivable, &c
40,868
Net oper. revenue & other income (before approp.
for retirement reserve)
,
$2,584,465
Appropriation for retirement reserve
300,000
$2,756,138
300,000
$2,284,465
$2,456,138
238,176
845,025
203,207
45,047
238,614
851,346
202,875
45,047
1,817
Gross income
13,500
147,866
$735,538
$991,265
-
Rent for lease of electric properties
charges (net)
Amortization of debt discount & expense
Amortiz. of prelim, costs of projects abandoned—
$1,119,942
$952,694
Amor tiz. of limited-term investment.
19,943
20,697
16,569
7,000
$715,595
$970,568
$1,103,372
$945,694
15,942
14,027
$929,797
Netincome
Notes:
Consolidated Statement of Capital Surplus for the Year Ended Dec. 31,
1937
Capital surplus arising from the acquisition of net assets of pre¬
decessor and constituent companies as of Jan. 1, 1937, pur¬
suant to agreements, including $421,510.53 of capital surplus
arising through consolidation which represents accumulated
earnings of subsidiary companies prior to acquisition thereof
by Burlington Mills Corp
$5,745,830
Excess of proceeds of sale of 199,780 shares of original issue of
common stock of Burlington Mills Corp. over par value thereof
2,967,860
Proceeds of sale of stock purchase warrants evidencing rights to
purchase 39, 111 shares of Burlington Mills Corp. capital stock
at $18 per share
10,476
Capital surplus arising from the acquisition in 1937 of the net
assets of a subsidiary company, said company having been
shown
on
$1,102,411
(1) The revenues and expenses subsequent to Jan. 1, 1937 are
accordance with the classifications of accounts prescribed by regu¬
latory commissions effective Jan. 1, 1937 which differ in certain respects
from the classifications previously followed by the company.
In certain
instances the
figures prior to Jan. 1, 1937 have been adjusted in accordance
(2) No provision was made
Federal income taxes or surtax on undistributed profits for 1936 as
with the new classifications of accounts.
copipany
year
dissolved
38,125
and subsidiary
Jan. 1, 1937, not
previously recorded on the books of account..
Total.
company as at
159,568
$8,921,859
—
the unamortized discount and expense and redemption
expense on bonds and debentures redeemed
taxable income for 1936.—V. 146, p. 2679.
Provision for contingencies in connection with claims applicable
to predecessor, constituent and subsidiary companies in re¬
spect of proposed additional Federal and State income taxes
for prior years, and other contingent items.
Sundry tax reserve adjustments applicable to prior years
Excess of cost over par value of treasury stock
Dividends paid on common stock of Burlington Mills Corp. and
charged to capital surplus as per resolutions of the
Directors
Balance, Dec. 31,
—
1937.
Cal.
Net sales.
Cost of sales
(incl. freight and lighterage)
Gross profit on
Net loss from
132
54,981
$2,128,415
$434,303
31,068
$534,562
34,728
----------
$403,236
$499,834
—
197,085
128,371
.
operations
Board of
411,221
$8,331,952
Net loss
-----
Interest, &c., deductions
x9Mos. End.
$3,138,687
3,572,990
sales
expenses....---
Year
1937
Dec. 31.*36
-$17,032,696 $ 11,320,711
13,894,010
9,192,296
Other income
123,573
premium and
in 1936 which resulted in no
Bros., New York (& Subs.)—Earnings—
Burns
Period—
Operating
for
the
claimed as a deduction in its final income tax return for that
----
Inventories of mill supplies of predecessor companies, constitu¬
„
7,270
—
Other income deductions
interests.
618
Dr58,721
$1,341,727
32,686
$1,612,633
58,708
1937
$4,642,109
2,016,556
Year Ended March 31—
Interest
taxes.
$1,212,585
499,715
Note—No provision has been made for possible surtax on undistributed
profits.—V. 146, p. 1868.
Merchandise and jobbing
Net profit
Other income.....
$5,188,726
1,525
$712,870
Operating income
Non-operating income, net.
California
1934
d.nd
Net profit from opers...
Prov.
for
deprec.
and
ent companies
of
$3,247,141
New Director—
p.
In
,
After depreciation of $1,320,383 in 1937 and $1,121,564
Represented by shares of $5 par.—V. 146, p. 3004.
x
of the
145,
Buffalo Niagara
x
y
c
41,914
build¬
ings,
1937
Res. for conting..
life insurance
p.
for
Homer Platten has been elected a Vice-President.
Ernest L. Nye,
a director (replacing Wm, M.
Hagen) has been appointed
member
Deduct, from gross inc..
Liabilities—
Reserve
bills
145,
exercise
reserves,
reserved
Directors have decided to postpone action on
payment of a dividend on
common stock
because auditors have not completed their figures.
102,251
$1,220,099
900,000
Balance Sheet Dec. 31
17.
16,826.718
deducting
were
—V.
payable March 25, 1937.
Cash
a
"5",678
315
9,300
50,000
a315,000
Surplus
Assrts—
Total
b After
1937)
3340.
the
Shs. cap. stock (par $5).
surtax
16,826,718'
depreciation,
on Jan.
1,
(49,111
recently elected
—V.
Prov. for Fed. inc. tax..
Includes
for
reserves
447,930
Brill Com.—New Vice-President, &c.—
1934
1935
-.14,713,318
After
stock purchase warrants.—V.
$1,079,206
43,216
Approp. for conting
a
a
$1,507,563
39,531
_
per
T°tal
addition, 48,131
$1,922,285
35,551
Interest paid.
Loss on sale of cap. assets
Loss on building razed.
Earnings
8,695,239
18,449
payable
Accrued liabilities.
216
..
8,331, 953
715 595
offi¬
Paid-in surplus
Earned surplus.
$2,103,333
37,888
_
Net profit—.......
Dividends paid
410,834
notes
to
(sundry)
$2,141,222
268,210
278,613
Total
Sell., adm. & gen. exps__
Depreciation...
Discounts allowed
98,075
378,025
and
Accounts
Report-
1936
sales
on
100,000
cers, &c
Bower Roller Bearing Co,
profits
48,639
-
losses..
Company reports net sales for the month of April, 1938, of $2,380,306,
compared with $1,723,052 for April ,1937, an increase of 38.1%.
Sales for the four months' period ended April 30, 1938, were $5,848,585,
against $6,126,256 for the corresponding period of 1937, a decrease of 4.5%.
Figures for March and April of 1938 were $3,751,200, against $3,892,445
for the same months of 1937, a decrease of
3.63%.
Six additional stores were opened during the month of March, 1938, one
on March 24 and the
remaining five on March 31.
Since then another
store was opened on Arpil 7 of this year.—V. 146, p. 2678.
Years End. Dec. 31—
6 125
purch. options.
Reserve for credit
:/•';
as
Gross
pref.
352 043
payable
Bond
on
Paym'ts to be made
value,
par
2,035,216
27 458
stock of subs
■
$16,761,3221
875 936
(to
Reserves
"
Total
2,065,466
74,600
Acer. divs.
50,371
se¬
213,000
95,000
1,030,550
others)
and
receiv.
549.071
to
...
Accts. pay. (trade)
Curr. maturities
10,385
$16,761,321
surplus..,
Operating deficit
notes
payable
Notes payable
policies
accounts
545,,632
banks)
18,254
life insur
Capital
;
Notes
Cash surr. value of
Sundry invest,
Preferred stock
Class B stock
$1)
161,041
3 194,459
&c
4,864
6,120
b Class A stock
S
2,995,570
1,762,630
1,176,345
50,000
a
c
'37 Jan. 1, '37
6,509,177
Mdse. inventories.
In debt, of officers,
3,661,127
Res. against loss on wool com.
12,090,568
49,234
.
!5
Com. stock (par
6 ,274,452
notes receiv
115,886
Notes payable—Long term..
Deferred credit
Liabilities—
c
600,168
bAccts.rec. (cust.) 4, 021,782
Miscell. accts. and
24,211
621
2,260
Dec. 31
S
Cash
224,122
payable
Due employees
Accrued liabilities
31,250
...
Cash in bank of United States
Trade marks, trade names,
$
Prop., plant and
equipment
accrued interest
8,088
receivable—Stoehr
a
Federal & State social security
85,016
31, '37 Jan. 1, '37
Assets—
$395,726
619,903
Property taxes payable—incl.
3,855,194
Investments—at cost..
Inv. In wholly owned sub
Note
Comparative Consolidated Balance Sheet
23,205
Accounts receivable
3175
1937
Liabilities—
556,043
res. for social secu .taxes
31,
Chronicle
2,662,977
$600,320
$628,205
x The net loss from operations of Burns Bros. (N. J.) and its subsidiaries
for the period Jan. 1 to March 31, 1936, was as follows: Net sales, $6,046844; cost of sales, $5,033,096; operating expenses (incl. depreciation of
$58,270), $1,143,441; net loss from operations, $129,693.
Net loss for
period
—
Financial
3176
Chronicle
May
Consolidated Balance Sheet Dec. 31
Consolidated Balance Sheet Dec. 31
Assets-
$404,175
$780,096
—...
Accounts payable.Sl ,098,876
Notes pay, to bank
Notes <fe accts. rec.
(net)
2,518,148
Inventories..
1,225,916
2,467,867
1,424,138
Special deaposit...
254,336
246*,892
Mlscell. Investm'ts
5,305
Fixed assets---.
2,277,953
5,030
2,229,221
a
Vendors' credit al¬
Deferred charges.Goodwill.
2,500,000
..
59,320
x
357,187
years' State tax.
Mtges. payable...
Truck purchase ob¬
143,611
143,611
bl04,021
bl03,980
b84,752
6,981,700
2,285,905
4,657,348
1 803,283
4 211,799
12 986,370
Inventories
z
108,973
7,459,717
17,414,479
2 652,009
Deferred charges..
75,976
1,774,460
98,222
32,000
32,000
637,312
stock...
c46,803
552,525
46,805
6% pref. stock
Capital surplus...
250,000
764,921
Total
1,228,525
628,204
Deflclt-
depreciation
...$9,767,456 $9,381,042
Total
After depreciation and amortization of $369,594 in 1936 and $567,081
in 1937.
b Current,
c Represented by 46,803 shares (no par).—V. 144,
3490.
Balance
...
Interest received
Total Income
Wholly Owned Subsidiaries)
Feb. 28, '38 Feb. 28, '37
Feb. 29, '36
Feb. 28, '35
12,035.739
126,627
40,1.30,633 47,468,780
Total....
1936
Interest paid..
Bond interest & discount
1934
1935
$3,359,489 b$l,997,573
729,938
679,504
58,000
25,000
$1,958,550
$2,214,777
g62,168
16,486
$2,571,551
34,708
34,600
$1,293,069
42,843
$1,266,785
38,334
$2,293,431
48,302
$2,640,859
39,391
$1,358,923
299,506
126,275
438",466
141,772
$1,305,110
10,634
61,593
165,456
5,509
10,409
813,837
25,000
Prov. for income taxes..
$61,175,583 $61,750,1181
49,374,714
48,244,817
Cost of goods sold
1,306,325
—.12,068,991
Surplus
1937
operations..f$3,053,614
Prov. for obsolescence..
Corp.—Earnings—
Consolidated Income Account (Incl.
493,891
789,006
154,255
payabl*
Subs.)—Earnings—
Calendar Years—
Profit from
Miscellaneous income
California Packing
Dividends
of $12,028,341
Carnation Co. (&
250,000
a
Years Ended—
Sales....
1,624,491
Accts., <fcc„ pay..
Fed. & State taxes
—40,130,633 47,468,780
After
Depreciation
p.
Loan payable—
in 1936 and $12,068,991 in 1937.
y Represented by 1,000,000 shares (no par),
z Including, among other
things, 12,200 shares of company's stock reacquired.—V. 146, p. 2680.
565,133
Mtges. payable-..
Reserves...
$9,767,456 $9,381,042
6.000,000
300,000
2,700,089
Notes payable
Reserves
Other receivables
x
ligations
Total
Capital stock...25,000,000 25,000,000
long-
term debt
Truck purchase ob¬
Common
3 334,872
secure..
M'ketable
6,981,652
143,940
&
13,778,647
& investments..
bl35,607
ligations
Funded
15 066,325
$
5
Liabilities—
y
Accts. receivable..
337,247
1936
1937
$
property,
Cash
taxes,
interest,
&c—
for
prior
2,500,000
Plant,
&C._
Prov.
44,400
25,050
78,653
lowance
300,000
1936
$
Assets—
$802,568
damage
claims,
102,000
Investments
Accrued
1937
1936
1937
Liabilities—
1936
1937
Cash
1938
14,
Provision for surtax
666.765
25,000
23,012
29,749
37.999
158,550
Propor. of profits applic.
to min. int. in sub. co-
Gross profit..
.$11,800,869 $13,505,301
Sell., admin. & gen. exps.
8,590,676
8,108,082
on debs.......
375,000
375,000
Profit.
$2,835,192
85,387
Other income
Total income........
....
(cash).
Com. dividends (cash)..
Com. div. paid in pf. stk.
Shares of com.
outst'g
$3,227,740
326,037
$4,747,268
(no par)
Earns, per sh. on com..
$2,542,248
$3,240,704
1,760,596
2,582,232
1,447",609
965,073
$4.92
965,073
965,073
$2.63
$3.36
$
18,218,320 17,251,298
14,042
Inventories
c
33,907
9,466,907
Investments
9,490,897
26,261,275 22,902,620
Advs. to growers
Feb. 28,'38 Feb. 28,'37
on
d Pref, stock
Notes & accts.
1,682.723
2,392,462
Notes payable
9,000,000
6,750,000
Owing
to
Alaska
Packers Assoc. &
162,296
1,485,352
Funded
5,189,862
deposits...
8,521,001
Accrued payrolls..
341,603
3,408,456
319,541
3,558,455
490,086
Cash
492,390
Deferred charges..
2.582,200
Accounts payable.
subsidiary
rec.
$
30,000,000
3,064,700
279,586
future
crops
Insur.
$
Common stock..30,000,000
1,737,874
Expend,
113,186
$3,638,919
$3,461,584
609,600
$2.83
609,586
$1.65
609,701
$1.50
Accrued taxes....
290,081
Consolidated Balance Sheet Dec. 31
on
hand
x
Liabilities—
3 083,831
and
3,183,356
payrolls
62,500
ceivable—trade.
2 894,379
2.826,265
accrued expenses
217,579
242,886
13,025,339 12,182,892
Sundry debtors-
107,704
107,949
Notes pay. to 1bks.
1 250,000
3,500,000
Total...
251,594
270,713
478,340
648,093
1937
1936
1935
$228,449
$294,033
$133,927
$0.84
$0.38
On 348,000 shares capital stock (no par)
Res.
secure.
at cost..
938,216
Inventories
7 330,041
.65,408,012 64,217',760
y
1,022,897
and goodwill
Fed'l
,207,095
9,058,008
Due to officers and
349,018
Pats., trade-marks
25,754
Canadian
paid
on
International
Investment
a
dividend of $1.25 per share on
account
1938
$3,129,375
revenues
—V.
146,
p.
3 889,200
3,889,200
Common stock..10 058,020
10,058,400
Total.........25,132,048 26,948.759
Carson Hill Gold Mining Corp.—Earnings—
Tons milled
1937
$3,967,103
82,286
$201,637
Revenue from sales of bullion
Decrease
123
Revenue from other sources
$837,728
1938
$2,397,000
,
$201,760
_
Operating costs
Ry.—Earnings—
164,791
...
Operating profit before deducting depreciation, depletion, &c
Earnings for Week Ended May 7
____
25,132,048 26.948,759
Total
Total revenue
Traffic earnings
146, p. 3005.
15,944
4,333,565
x After reserves for doubtful items and discounts of $296,713 in 1937 and
$239,586 in 1936.
y After reserves for depreciation and general obsolescence
of $10,393,483 in 1937 and $10,117,877 in 1936.
z Represented by 609,577
no par shares in 1937 and 609,600 no par shares in 1936.—:V. 145, p. 3969.
3005.
Canadian Pacific
15,560
4 ,968,891
Capital surplus...
Earnings for 3 Months Ended March 31, 1938
Ry.—Earnings—
_
Gross
62,237
61,544
z
Ltd.—
Trust,
Earnings of System for Week Ended May 7
^
600,000
co._
Earned surplus
of accumulations on the 5% cumulative preferred stock,
par $100, payable
June 1 to holders of record May 16. Similar amount was paid on March 1,
last, Dec. 1, Sept. 1 and June 1, 1937, and dividends of $2.50 were paid on
March 1,1937, and on Dec. 1, 1936.—V. 146, p. 1233.
*
Canadian National
781,651
600,000
5% 1st pref. stock.
March 1, last.—V. 145, p. 2065.
have declared
353,415
913,350
Mi n. stockholders'
Accumulated Dividend—
The directors
353,403
pa>able
3% notes payable-
Campe Corp.—No Common Dividend—
was
38,780
Res. for processing
tax
227,9121 Reserves
223,758
•
17,505
40,035
employees
Divs.
...
Deferred charges..
for
Income taxes
,016,645
330,378
Capital assets...
and
taxes
Reserve
advances toaffll.
companies
for local
Fed. capital stk.
935,069
9.238,285
Investments In and
Other assets
.
Other accts. pay. &
Accts. & notes re¬
x
Directors have decided to take no action on the payment of a dividend
on the common shares at this time.
A regular quarterly dividend of 10
share
2,136,364
2,008,776
900,000
int. in sub.
cents per
S
$
62,500
on
$0.65
Nil
After all charges and taxes,
—V. 146, p. 2842.
-
Accts. pay., trade,
435,000
taxes
Campbell, Wyant & Cannon Foundry Co,—Earninas—
Earns, per share
1936
1937
S
Cash in banks and
Represented by 965,073 no par shares,
b After depreciation' of $20,841,079 in 1937 and $21,054,720 in 1938.
c Less reserve,
d Represented
by shares of $50 par.—V, 146, p. 2842.
y
1936
1937
a
3 Mos. End. Mar. 31—
1938
Net profit
loss$80,176
out¬
Assets—
Marketable
65,408,012 64,217,760
stock
com.
Payment to preferred stockholders on reclassification of preferred
capital stock,
b Approximately 16% of the total profit from operation rep¬
resents earnings of affiliated company accumulated in prior years. c Reserve
for investment in affiliated company no longer required and now restored to
surplus of $50,000 and cancellation of provision for minority interest appli¬
cable to preferred stock of subsidiary purchased during the year, less pre¬
mium thereon—net of $3.926.
d Adjustment of minority interest in respect
of shares of subsidiary company purchased during year,
e Provision to
reduce marketable securities to quoted values,
f Approximately 3.6% of
the total profit from operations represents earnings of affiliated company
accumulated in prior years,
g And dividends.
163,670
214,190
Provision for Fed'l
Surplus...
y
$4,333,565
609,577
$2.65
Balance
7,500,000
234,484
debentures
x
$4,213,075
141,792
609,698
standing (no par)
Earnings per share
1,469,844
7,500,000
co...
debt
Accrued interest
Total
$4,601,796
129,773
609,611
223,492
stk.—cash
c53.927
a
Liabilities—
$
a
Empl. stk, subscr.
$5,596,883
178,906
914,385
al70,028
—
pref. stock
on
on com.
Shares
Feb. 28, '38 Feb. 28,'37
b Land, plant, ma¬
Divs.
1,447",609
509
[Incl. Wholly-owned Subsidiary Companies]
chinery, &c
$1,057,027
3,156,048
$6,144,012
194,460
914,375
Miscell. deductions (net)
e66,286
Divs.
781.192J
Consolidated Balance Sheet
Assets—
$1,140,212
3,461,584
$4,968,891
Total
$5,528,460
$2,901,703
129,110
1,447,610
482,537
965,073
$2.87
Prov. for Fed, inc. tax.
divs.
3,683
$1,904,038
3,638.919
$1,810,391
Surplus at Jan. 1__.
4,333,565
Miscellaneous credits—
d56
441,637
307,161
Net profit
5,848
Net profit...
profits.
Pref.
Not comparable
$5,022,219
64,604
Packers Ass'n
Alaska
3,143
50,695
24,729
21,845
on disposal of nonoperating properties-.
Goodwill pur. during yr_
Miscellaneous charges..
share of
Proportionate
3,108
Loss
Interest
1937
$2,7 07,000
Note—The above operating costs include all expenditures for development,
Decrease
S310.00
$36,969
as
well
as
for repairs
and renewals.—V. 146,
p.
905.
—V.
Central Maine Power
Cannon Mills Cc. (& Subs.)—Earnings—
' 1937
1936
1935
Calendar Years—
See list given on first page
..$40,252,621 $38,302,927 $30,495,252 $24,191,996
Cost of goods sold...... 34,396,091
30,313,381
23,656,307
18,892,639
Gross profit from sales $5,856,530
$7,989,547
712,119
$6,838,945
724,775
$5,299,357
716,068
Gross profit from oper. $6,632,632
Sell., admin. & gen. exp.
2,490,536
depreciation..
889,805
$8,701,666
2,309,465
804,570
$7,563,720
2,221,884
802,318
$6,015,425
1,944,015
776,647
Net profit from oper..
Other income credits
$3,252,292
498,617
$5,587,632
589,842
$4,539,518
379,561
$3,294,762
475,258
Gross income
Iricome charges
$3,750,909
1,519,151
$6,177,474
1,901,916
$4,919,079
1,647,491
$3,770,021
776,101
Prov. for
of this department.—V. 146,
p.
3005.
1934
Net sales
Inc. from commissions..
Co.—Registers with SEC—
Carrier
Corp. (& Subs.)—Earnings—
Consolidated Income Account for Year Ended Dec. 31, 1937
Completed contracts and sales, less returned sales
a Cost of completed contracts and sales
b Manufacturing variances and inventory adjustments.
Selling, administrative and general expenses
.....$17,412,355
13,452,249
412,432
2,891,518
Net profit from operations.
$656,156
339,279
Other income
Total income
$995,435
116,697
Discount allowed to dealers and customers
1,199,639
Interest
payable to banks
Miscellaneous charges
c
Expenses.
on
notes
_
Net income for year..
Dividends
Net inc. added to
Surp. at begin, of
sur.
year..
Gross surplus..
Surplus
adjustment
$2,231,759
1,975,562
$4,275,558
3,951,120
$3,271,588
1,975,557
$2,570,382
2,370,666
$256,197
12,035,739
$324,438
11,556,304
$1,296,031
10,326,411
$199,716
9,840,929
$12,291,936 $11,880,742 $11,622,441 $10,040,645
Dr222,945
Cr154,997
66.138
Cr285,765
F
Surplus at end of year.$12,068,991 $12,035,739 $11,556,304 $10,326,411
Earns, per sh. on 1,000,000 shs. common stock
(no par)
$2.23
$4.28
$3.27
$2.57
;.
...
.
659
537,456
— .—
d Provision for Federal income taxes
Net Income
37,889
i.
—
51,939
$250,795
a Including
own manufactured products at standard costs but before
inventory adjustments,
b Less $30,000 considered by the management as
being applicable to moving expense (net debit).
c
In connection with
moving to Syracuse, N. Y. (including $29,195 depreciation and expenses
relating to idle plants).
d Including $38 for surtax on undistributed profits
of subsidiary.
Notes—The write-down of $435,506 of land and buildings neld for sale
to management's estimate of realizable value
was charged directly to
deficit account.
The allowance for depreciation for the year 1937 amounted
to $321,343.
Volume
Financial
146
Chronicle
Consolidated Balance Sheet at Dec. 31
Assets—
1936
1937
Cash.
»,aNotes and accts.
^receivable
1,333,265
Inventories
Cash.
2,504,040
Misc.
Acer.
54,075
of
Prov.
753,435
com.
103,860
150,989
112,001
Prov. for additlon'l
Land & bldg. held
future
400,000
1,556,337
1,3~8~9~240
68,544
b Fixed assets
&
costs
for sale
35,790
159.944
,
local
&
taxes..
accts. rec. &inv.
78.302
128,114
Fed
for
State
and
notes
wages,
& exp
1,723,462
5,813
val.
sur.
life insurance
$250,000
329,435
Notes pay. to bks.Sl ,000,000
Accounts payable-
931,885
possible
completed
172,446
130,000
100,000
150,000
on
600.000
contracts
1
1
Goodwill
cess
In
.
152,798
132,510
250,000
500,000
5 ,249,472
Common stock..
5,249,472
339,488
Deficit
11,988
stock.
.$7,325,162 $6,231,830
Total
sales, sell.,
1937
Net sales
ti§
$1 475,140
3,470,177
1,297,954
$770,126
9,130
$177,186
171,814
3,836
$100,620
29,057
$1,536
11,970
$129,678
55,699
12,114
3,339
101,864
418,541
660,374
Net profit from operations
Other income....
Net income for the
Interest
on
funded debt
Amortization of debt discount and
expense
Other interest
Depreciation
Federal income tax
400,149
$7,520,234
1,493,575
1,438,700
790,532
$7,809,492
1,404,855
1,580,913
761,004
$5,817,619
year
$3,797,426
4,491,368
$4,062,719
3,368,526
6,456,341
Consolidated Surplus Account Year Ended Dec. 31, 1937
Capital surplus;
Balance Dec. 31,1936 and Dec. 31,1937 after distributions to „
stockholders in 1935 and prior years totaling $20,471,849,
•'
designated on books as capital distributions
$32,151,853
Earned surplus:
Balance Dec. 31, 1936 after deduction of $50,391,048 of dis¬
tributions to stockholders, charged on books to earned
surplus
1,238,404
Amount transferred from income account for 1937—
Depletion for
Net income
299,193
Dividends
$13,506
30.598
9,986
Gross profit
Selling, admistrative and general expenses
Provision for doubtful accounts
$7,409,343
'
m
Dec. 31.'36
$4,240,303
Cost of goods sold (incl. idle plant expense)
9,915,077
$7,221,040
Net income before deprec., deplet.
_
4 Mos. End.
Year
1937
10,333,389
$10,993,245
1,994,394
1,923,728
1,257,504
>'
Represented by 391,386 no
Cal.
1935
11,762,041
d 578 snares in 1937 and 568 shares in 1936 of common stock
cost.—V. 146, p. 1393.
Foundry Co. (& Subs.)—Earnings—
1936
$10,574,704
par shares,
Period—
undistributed
admin, exps.
Net inc. from other operations, incl.
net miscell.
income, int., divs., &c.
After allowance of $69,652 in 1937 and $38,604 in 1936 for doubtful
notes and accounts,
b After reserve of $836,530 in 1937 and $1,138,851
in 1936 for depreciation and obsolescence,
c
Y
$1,877,469
on
$22,336,744 $17,554,429 $17,324,420
gen. &
817,781
12,348
...
Sal^ of metals.
Cost of
a
Central
$3,753,986
1,876,617
Copper Corp.—Earnings—
Calendar Years—
89,488
947.521
Capital surplus
at
_
(Including Wholly-Owned Subsidiaries)
(not curr.)
$7,325,162 $6,231,830
$1,600,427
648,598
$951,829
Ceno de Pasco
'
of cost
d Treasury
$3,738,255
15,731
Note—No provision has been made for possible surtax
profits.—V. 146. p, 2529.
ex¬
Notes pay. to bks.
c
9,013
income.
Deductions from gross income
uncompleted
150,000
$1,591,414
net
Gross
con¬
177,862
600,000
Total
Operating income
Non-operating income,
Billings to custom'8
research...
Patents
$6,235,404 $16,809276
4,643,991
13,071,021
deductions
revenue
8 Months
3 Months
revenues
Net income..
tracts and sales.
exp. & def.
charges
Design, develop. &
Subs.)—Earnings—
Period Ended March 31,1938—
Operating
Operating
on
exps.
Prov. for conting..
Prep'd
Central New York Power Corp. (&
1936
1937
Liabilities-
$556,171 $1,235,376
3177
Total.
555
.
5,817,619
1937
tax purposes
as computed for United
States income
(offset by charge to income account) ...
—
—
$8,911,396
.
Deduct, distributions to stockholders during 1937, charged
on books to earned surplus
47,167
Net loss.
Depreciation
_
Surplus, capital and earned, Dec. 31, 1937
1937
611
34,215
3,883
*
$77,806 prof$27,985
No provision has been made for undistributed
1936
1935
$3,502,047
12,888,961
Cash
$7,107,197
6,562,894
585,058
4,058,557
2.715,255
39,358
501.734
21,270
628,301
25,792
2.495,502
2,211,464
1,772,829
on
1,159,063
256,032
of Peru
3,255,911
2,528,592
2,926,906
Loan to Govt
115,128
1,797,076
97,032
1,797,078
17,372,272
U
$4,793,103
6,521,592
1,733.000
754,388
2,135,757
Marketable securities, at cost
17,922,218
17,531,948
Callao docks
Accounts receivable
Metals sold for future delivery at net
Cash
$100,318
Accts. & notes
Liabilities—
1936
$218,302
492,632
534,591
1,306,588
mach. & equip't 2,710,144
1
Patents <fc goodwill
Investments
1
49,301
Award agt
111,484
_
_
49,301
18,178
Acer. int.
on
34,438
17,825
bonds
183,282
dep., prepaid ex¬
&c
assets,
less allowances
for de¬
pletion and depreciation
27,525
19,017
42,065
Total
$44,799,528 $43,466,588 $42,867,515
—
Curr.acct.due Cen¬
5-year
1st
conv.
Drafts payable
mtge.
351,100
743,300
648,200
6s
Gen. mtge. 5s
653,200
375,100
2,681,089
y505.899
1,958,433
deficit-..
120,035
74,799
Common stock...
Capital surplus.
$585,688
609,155
Accounts payable
Accrued liabils. pay rolls, inc. taxes,
&c., plus provs. for freights, treat¬
charges, commissions, &c., on
830,000
y632,214
__
5% cum. pref. stk.
Earned,
Liabilities—
999
tral Ir. & CoalCo
26,907
Fixed
25,753
19.370
Other accrued liab.
City of
N. Y_.
1,170,648
supplies,
Investments
and
xAccrued taxes
and
advances
Deferred charges
salaries
receivables,
penses,
1,296
wages
&
of materials
at cost
Defd.
claimedAcer,
buildings,
Inventories
8246,599
Acer, bond int. un¬
2,654,137
Land,
$159,021
.
2,149,660
Accrued interest receivable.
1936
1937
Accounts payable
1,352.798
rec.
Inventories
Inventories of unsold metals
Inventories of ores, concentrates, &c.,
at cost exel of depletion
profits tax.
Consolidated Balance Sheet at Dec. 31
1937
ment
sold
—
Capital stock
Surplus, capital & earned, as annexed.
.$4,803,375 $4,992,4121
Total
$4,803,375
$4,992,412
x Incl.
provision for Federal income tax of $22 in 1937 and $8,300 in
1936.
y Including 4,510 shares issuable to holders of old securities not
presented in 1937 and 14,632 shares (incl. 400 shares represented by scrip)
in 1936.—V. 145, p. 3190.
Central Ohio Light & Power
Co.—Earnings—
12 Mos.End
Period Ended March HI—
1938—3 Mos.—1937
Total operating revenue
Operating
x
$373,692
198,758
33,118
expenses
Taxes..
Mar. 31 '38
$377,149
212,214
31,300
$1,418,821
833,007
126,142
Total.
x
$141,815
$133,634
406
956
$142,221
$134,590
Prov. for renewals, replace. & retire._
Interest charges
„
53,819
Amortiz. of debt discount & expense-
9,403
44,830
4,519
964
598
...
Taxes assumed
on
interest
Fixed chgs. allocated to construction.
Provision for Federal income and un¬
Crl3,322
$459,671
3,831
$463,503
96,000
206,523
34,356
4,346
Cr41,687
-
distributed profits taxes
3,000
6,000
$81,643
$157,964
,
Balance to surplus.
$91,357
x Excluding Federal income and undistributed profits taxes.
Notes—It is the policy of the company to make appropriations for re¬
newals, replacements and retirements at the end of each calendar year;
therefore, the income statements for three months ended March 31, show
results before deducting such appropriations.
The provision shown for
12
months
ended
calendar year
March
31,
1938, is the amount appropriated for
the
1937.
Condensed Balance Sheet March 31
Assets—
Property,
1938
Liabilities—
1937
standing
oth. intangibles-$7,586,716
9,688
9,688
Cash
112,644
56,827
Spec, cash depos..
37,394
132,695
128,758
Accts. receivable..
Notes receivable-.
1937
$3,585,000
Notes payable
99,974
70,753
60,002
Consumers'
depos.
—refundable.
Notes
5,802
rec.
.
.
6,200,000
33,164,718
34,606,908
8.106
8,318
(mdse.
1937
1938
1936
x
$110,626
$75,319
interest, &c., charges.
disct.)
Before Federal income taxes.—V.
146,
p.
""375
Reserves
908,452
840.421
58,085
80,741
x$6cum. pref. stk.
1,044,900
Chesapeake & Ohio Ry.— Young and Associates Fail to
a
(Quorum at Meeting—A djournment Until May 19 Voted—
failed again May 10 to obtain a quorum
stockholders of the company held at Richmond, Va., and
Robert R. Young and Associates
at a meeting of
the scheduled
meeting was again adjourned upon motion of Mr. Young
until May 19.
After four hours'
.
during
delay
which
a
Prepayments
18,154
12,741
y
1,000,000
1,000,000
529,316
440,941
Insur.
3,000
deposits—
Unamortized
the fight for
on
—
268,203
244,021
2,899
Total.........$8,232,380 $?,079,6451
x
Total.........$8,232,380 $7,079,645
Represented by 11,610 no par shares, in 1938 and 11,721 no par shares
y Represented by 20,000 no par shares.—V. 146, p. 2034.
*n 1937.
committee
control of C. & O. could not be determined. At the last meeting
April 19, Mr. Young,
through the C. & O. management, had 41.68%
of the stock.
had to be adjourned to 4 p. m. from
be counted, Thomas B. Gay, representing the
submitted revocations for some of the proxies which
the road's management committee had received.
George D. Brooke,
President of the C. & O. and Chairman of the meeting, questioned Mr.
Gay at length asking if he was a stockholder who he represented and also
whether any proxies which were revoked had been withheld to prevent a
At the outset of the meeting, which
11a
m.
so
the proxies could
Earl Baillie committee,
qUMr "Gay
show the
Mr. Gay refused to
stated that he represented Alfred Brisket.
Mr. Brisket became a stockholder, stating the records would
facts.—V. 146, p. 3007.
Chicago Corp.—«Smailer
Directors have
declared
a
Preference Dividend—
dividend of 50 cents per share on the preference
shares, payable June 1 to holders of
dividends of 75 cents per share were
Chicago, Rock Island
record May 15. Regular quarterly
previously distributed.—V. 146, p.
& Pacific Ry.-
General Statistics for
Freight Traffic—
Average miles operated.
Rev.
—
Calendar
1937
8,146
25,333,218
Rev. for tons carried-—$65,802,175
A v. rate per tons per m_
0.92 cts.
Av. load in tons per mile
488.95
Rev. Pass. Traffic—
No. of pass, carried
8,385,163
Rev. for pass, carried— $8,182,732
Av rate per m. per pass.
1.68 cts.
Tons carried..
debt
discount «fe exp.
Suspense
Surplus
824
.
.
proxy inspection
attempted to count an avalanche of proxies and revocations of proxies
submitted by the Guaranty Trust Co. committee, the inspection com¬
mittee reported that while their count was incomplete it was clear a quorum
of the commou stock had not been obtained.
Whether Mr. Young and his associates have gained or loss ground in
1,044,990
Constr. advances
$92,983
3006.
5,802
100
Inventories: mat'ls
Common shares
1935
x$199,224
2530.
Interest receivable
contracts
45, p. 2385.
(& Subs.)—Earnings-—
Net
113,133
205,919
Accrued items
6,200,000
33,390,257
state when
Accounts payable.
$6,542,670
Investment—affili¬
ated company..
1938
$4,346,000
L'g-term debt out¬
plant &
equip., franeh. &
932,118
1,374,256
6,200,000
-$44,799,528 $43,466,588 $42,867,515
-
Checker Cab Mfg. Corp.
Get
Non-operating income (net).
1,199,122
1,644,256
Represented by 1,122,842 shares of no par value.—V.
3 Mos. End. Mar. 31—
loss after deprec.,
$484,909
711,513
'
_
—
.
$442,900
590,052
1,133,709
1,664.069
unsold metals
and
Reserves.
x
Total...
$34,606,908
1937
Assets—
selling pricesNet loss.—
$2,455,055
Consolidated Balance Sheet at Dec. 31
$85,845
15,412
3,738
19,491
Federal income tax (estimated)
-
$74,799
$43,360
3 Months Ended March 31—
1938
Net income from oper. before int. chgs., deprec. &
Federal income tax
loss$41,708
Interest on funded debt
13,369
Amortization of debt discount and expense
2,760
Other interest477
Assets-
6,456,341
22
Earned surplus, Dec. 31,1937-
x
1,855,373
1936ft
8,191
23,474,235
$62^389,183
.
Annual
Report-
Years
1935
1934
8,297
8,318
19,949,039
19.582.715
$53 991.903 $54,599,416
0.96 cts.
1.01 cts.
462.58
431.51
438.64
7,837,269
$7,307,758
7,337,966
$6,336,239
7,128,663
$5,935,350
1.67 cts.
1.69 cts.
1.66 cts.
1.01 cts.
Financial
3178
Consolidated. Income Account for Calendar Years
1937
1936
1935
1934
$65,802,175 $63,093,218 $53,991,903 $54,599,416
8,182,732
7,440,426
6,336,239
5,935,350
Operating Revenues—
Freight revenue
Passenger revenue.
2,419,961
Mail revenue....
Express
revenue.-.
—-
Other transport, revenue
Miscellaneous revenue.-
2,506,833
2,416,241
2,365,049
1,270,113
1,701,992
1,404,088
1,629,577
1,184,621
1.414,311
1,992,564
1,773,539
Empire Gas &
1,621,845
Consolidated Balance Sheet Nov. 30
1937
12,095,893
11,084,438
15,618,083
Traffic
2.990,751
Transportation—
33,478.140
Miscellaneous operations
1,118,912
General.3,843,296
Transp. for invest.—Cr.
634,274
16,940,115
2,608.302
Maintenance of equip..
--
—
.-—-—
Total ry. oper. exps..$68,510,801
Net rev. from ry. oper.. 13,132,449
a4,334,922
70,000,000
70,000,000
produc. prop.,
Bonded debt...
43,939,800
45.714,800
8,325,661
15,087,512
7,297,779
Empire Ref. Co.
1st mtge. bds.
9,630,000
pipelines,
re¬
fineries <fc serv¬
2,465.278
14,869.516
2,347,738
32,058,560
1,105,647
29,291,316
947,867
27,491,219
839,393
4,045,019
3,792,261
4,089,387
Inventories.—
440,309
79,406
59,844
Accts. receivable
Miscell.
10,664,934
7,286,365
5,611,294
4,160,000
29,623
184,095,886
611,764
501,874
3,356,723
3,195,623
invests.
Cash—...—
26,775
1,125,000
accrued
exps.
14,494,483
Accts. pay. (affil.
4,867,411
Due Empire Gas
437,572
4,352,101
548,725
ree'le
163,232
354,694
receiv.
789,206
3,225,571
612,581
accts.
income. $4,458,707
309,020
173,563
43,324
iceCo
$4,984,614
--
Miscellaneous
Special cash dep.
3,430
1,099,298
& accts. receiv
75,259
44,951
& accts. pay..
.28,951
36,006
Prov. for Inc. tax
$1,000,681 def$939,198
$1,678,800
326,169
204.638
45,892
328,617
175,583
41,533
314,337
180,621
573
$1,577,380 def$393,464
155,386
8,020
109,589
155,286
Prepaid
48,714
11,851,480
1,176,087
11,851,466
1,421,785
11,851,456
1,422,065
11,851,401
1,422,065
157,500
1,087,496
term notes
Int.
equip, notes
on
on
indebtedness..
Int.
loans&accts—_
on
88,375
1,061,348
1,145,723
Net loss
a
7,717
of
ctfs.
trustees
other prepay's
cancellation of 1936 excise tax accruals amounting to $1,220,-
Notes—By order of the Interstate Commerce Commission, effective
Jan. 1, 1937, Rock Island lines revenues accruing to the line Tucumcary to
Santa Rosa are included in the appropriate primary revenue accounts
instead of joint facility revenue—Cr.
For comparative purposes, revenues
in
For comparative purposes, operating expenses for 1935 have been re¬
stated to conform to changes in Interstate Commerce Commission classifi¬
1, 1936.
Investment in
road
V-'
1936
$
$
$
1934
.
r
Rents and insur. prems.
.528,181,111
Liabilities—
$
28,065
1,201,083
Chickasha Cotton Oil
530,231,567 529,543.054 539,211,024
$
$
$
1,426,595
1,384,905
1,362.850
1,406,139
53.574,007
41,470,212
26,536,711
Mar. 31 '38
Cash
528,181,111
$
Accrued
cost
1,923,302
7,821,888
530,231,567 529,543.054 539,211,024
7,571,954
rec.
39,824,290 50,132,862
6,597,383
7,750,485
equipment.64,300,201
66,064,473
assets
-
Property,
and
plant
1
Years Ended Nov. 30—
1937
Gross earnings.
$70,411,170
Operation and maint... 65,712,037
Non-oper.
from oper—
taxes, &c_.
Interest
on
other
discount &
.
$7,840,164
b688,260
$4,554,298
b531,198
$5,020,774
2,669,011
debt-.
1,507,098
$3,909,161
2,571,496
1,069,681
$8,528,424
2,663,016
860,016
$5,085,497
2,754,535
683,940
of
Total
x
expense.
498,792
__
192,133,739 188803,077
After
reserve
before
3007.
surp.
15,447
13,405
4,405
46,600
63,300
Cities Service Power &
(net)..
Total surplus
Approp, to reserves
Dividends paid
Deprec. & depletion
e
Operating
as
Net operating revenue
$9,579,772 $10,363,338
947,598
742,385
—
Other income
Gross income
.$10,527,371 $11,105,723
Subsidiary deductions:
Int. charges & amortization of discount
Preferred dividends paid and accrued
Earnings applicable to minority interests
Cities Service Power & Light Co., int. chgs.
4,674,285
1,599,121
322,925
4,270,572
1,594,080
304,230
&
1,771,115
1,734,877
$2,587,373
amortization of discount
$2,774,514
—
Net income
x Includesprovision for normal Federal income tax and reserve for possible
liability for Federal surtax on undistributed profits for both years.
Note—Above figures include profit and loss adjustments applicable to
respective periods.—V. 146, p. 2686.
Clark
Equipment Co. (& Subs,)—Bal. Sheet March 31—
Assets—
1938
Cash in banks &
hand
Notes
&
Liabilities—
1937
Curr.
on
..-.-$1,493,556
securs.
47,000
153,895
Notes payable (due
1937)
2,470,505
Invest,
in
&
34,481
b Common
4,996,760
4,996,760
608,180
608.601
Earned surplus
580,958
847,245
stock
_
Treasury stock.. Dr293,825 Dr222,874
c
61,654
65,480
3,024
3,024
2,136
3,668
4,746,765
4,627,564
stk.
common
against
closed banks
a
700,000
1,214.000
Capital surplus
23,516
37.147
owned..
Claims
600.000
1,927,900
stock
Bu¬
chanan Land Co
Misc.
100,000
(due
serially '39-'41).
ad¬
to
vances
198,195
100.000
7% cum. preferred
val. life
.
....
Notes payable
one
policies.
225,062
accrued
49
4.268
surr.
insur.
1937
$623,728
$260,136
Tax., royalties, &c.
732,761
year
Cash
1938
pay¬
payrolls.
461,441
2,102,112
within
accts.
able &
$910,108
accounts
recov.
Land,
buildings,
—
Defd.
charges and
prepaid expenses
69,600
Total
$319,226 loss$338811
9,604,579
9,850,097
$4,347,160
10,911.598
$963,134
14.787,652
17,558
143,673
a
After
1937.
reserve
$10,202,943
826,919
1,050,000
40,799
46,020
....$9,005,171
$9,066,554 \
of Nov. 30. $8,326,024
$9,005,171
Total
$9,066,554
for depreciation of $4,005,490 in 1938 and
$3,578,999 in
Represented by 1,081
$100, and 12,222 (12,197 in 1937)
b Represented by 249,838 no par shares,
(375 in 1937)
197,250
81,888
shares pref. stock, par
stock, no par value.
c
shares common
93,292
The income statement for the 3 months ended March 31 was published
in V. 146, p. 2845.—V. 146, p. 3007.
$9,604,579 $15,276,316 $15,894,459
Cleveland Graphite Bronze
5,426,219
$9,604,579
4,982,862
$9,850,097 $10,911,598
a Includes
$143,899 excess of par over book value of Empire Oil &
Refining Co. bonds retired through sinking fund,
b Includes $130,691 in
1936; $395,308 in 1935 and $392,271 in 1934, excess of par value over cost
published in V. 146,
1938
1937
.$31,178 840 $30,463,434
19,057,847
18,037,206
2,541,220
2,062,890
expenses,
x
3 Months Ended March 31—
Net income
y
Surplus
..192,133,739 188803,077
Light Co. (& Subs.)—Earnings
maintenance and taxes
Reserve for depreciation
x
cost
—
pro¬
ducts. in prior years..
Adjusts, to
—
^
6 Months Ended March 31—
prov.
deprec. Adeplet.
Previous surplus
d Proceeds
of
oil
614,288
...
$51,791,182 in 1938 and $50,407,-
machry., &c., at
11,200
income tax
for
590,527
Total.
for depreciation, &c. of
Gross operating revenue
on
interest coupons
Prov. for Federal & State
inc.
546,790
.
surplus.-.84,850,453 82,740,484
Earned
The earnings for the 3 months ended March 31 were
P.
bond
P ederal & State taxes
Net
$60,924,590 $49,460,880 $42,499,872
57,487,493
41,620,715
37,945,573
Capital stock (par
$5)
21,755,660 21.755,660
Capital surplus...25,958,106 25,958,106
352 in 1937.
cl934
$3,437,096
b472,065
Total income------on bonded debt.
Amortization
cl935
Reserves—Operat¬
ing contings., Ac.19,246,179 19,674,632
2,259,106
Cost of special tools
for acct. of cust.
$4,699,133
a321,641
income
Interest
cl936
922,152
12,300,000
1
1,800,379
Goodwill
Inventories.
Subs.)—Earnings—
[Formerly Empire Oil & Refining Co.]
1,173,896
and taxes...
Prepaid insurance,
receivable (net).
Accrued interest.
Cities Service Oil Co. (&
7.736,207
6,546,367
insurance
Fed'l, State & for¬
eign taxes on inc.10,669,938
12,916,198
Investm'ts & other
x
$
payrolls.28,479,506 25.452,043
accrd.
deposit...-.62,294,341 35,397,378
Inventories-
Dec. 31 *37
S
Liabilities—
Accts. payable and
_
earns,
Mar. 31 *38
Dec. 31 *37
$
hand and
on
on
9,115,842
—V. 146, p. 2845.
Net
Co.—Special Dividend—
Chrysler Corp.-—Consolidated Balance SheetAssets—
U. S. Govt,
Total...
Empire Oil & Refining Co.
y
a special dividend of 25 cents per share on the
stock, payable June 15 to holders of record May 25.
A special
dividend of 50 cents was paid on March 1 last, this latter being the first
dividend paid since July 1, 1936, when a regular quarterly special dividend
of 50 cents was distributed.—V. 146, p. 1066.
-
s;urplus...
9,604,579
The directors have declared
29,010
1,053,337
29,416,889
29,416,889
29,416,889
29.416,889
25,115,900
25,115,900
25,115,900
25,115,900
Common stock
74,359,722
74,359,722
74,359,722
74,359,722
Governmental grants—
2,770,746
2,663,975
2,406,876
2,341,170
Funded debt
.142,263,125 132,402,640 135,553,250 143,311,100
Trustees ctfs. of indebt.
4,500,000
4,500,000
*
Non-negotiable debt to
affiliated companies..
3 445
3,457
3,467
3.477
Loans payable
17.843,700
17,843,700
17,843,700
17.466,421
Audited accts. and wages
payable
4,691,216
4.243,954
5,798,243
5,989,508
Interest matured unpaid 57,783,212
44,755,541
32,244,256
20.148,899
Fund, debt mat. unpaid.166,570,900 177,441,900 174,981,000 167,224.000
Unmat. int. & rents accr.
885,868
943,549
1,115,155
1,16,3,201
Misc. current, payable..
2,411,457
3,056,537
2,143,538
2,725,028
Other deferred liabilities
1.176,988
569,581
779.501
807 092
Tax liability
3,095,602
3,095,118
4,610,449
3,489,392
Prem. on funded debt..
6,471
Accrd. deprec.—Equip. 45,938,964
46,513.780
48,341,147
52,099,516
Other unadj. credits....
1,494,317
1,875,299
1,519,152
1,259.410
Addit. to prop, through
Profits loss—Debit bal-
603,706
8,326,024
...
common
7% preferred stock
6% preferred stock
income and
50,790
59,840
1,304,307
reserves
Total.......247,437,382 213,996,757
...247,437,382 213,996,757
shipments
—
Total—
3,767,521
change
x Represented by 700,000 no par shares,
(& subs,) balance sheet.—V. 142, p. 4333.
Notes & accts.
Other unadjusted debits
5,373,791
price
reserve.—..
Surplus
$
—
25,962
1,541,854
35,451,197
14,150
Drafts against car
and
19,313
1,393,579
40,693,370
Crude & ref. oil
closed
Total
62,748
3,514,871
Deprec. & deple.
Miscell.
at
1935
equipment—Road —.361,222,195 361,103,505 363,704,522 366,080,983
Equipment120,837,770 121,161,128 127,657,188 136,798,192
Improvements on leased
railway property
772,982
657,716
717,875 ■
747.724
Deps. in lieu of mtged.
property sold
3,875
535
Misc. physical property3,453,743
3,450,819
916,801
787,742
Inv. in affil. companies. 16,420,382
' 6,388,148
17,032.617
17 135 640
Other investments
2,095,499
2,238,771
2,382,955
2,601,401
Cash and spec, deposits.
8,590,194
9,991,429
5,070,749
3,122,747
Loans & bills receivable.
4,011
3,915
7,365
12,810
Materials and supplies..
7,402,664
7,034,650
5,066,169
5,059,097
Other current assets
3,645,461
4,121,569
3,165,903
3,539,232
Other deferred assets...
2,319,444
2,511,564
2,591,761
2,243,108
paid in advance
78,511
419,052
Other liabilities-
Marketable securs.
1937
■
488,321
78,917
624,871
52,207
Injuries & dam.
Consolidated Condensed General Balance Sheet
■
265,424
56,710
on
Customers' dep.
390,547
2,747,304
banks..
for 1936 are restated.
Assets—
445,807
2,186,965
unamort.
exp.
accrued
bonded debt..
Bond discount &
777,455
400 under repealed Carriers Taxing Act of 1935.
cation effective Jan.
notes
-
$9,556,880 $13,118,590 $15,024,425 $12,100,691
—
Includes
30,'38
Int.
insur.,
155,286
8,020
60,794
__
Int.
to Nov.
Non.curr.
Non. curr. notes
$2,174,331
159,550
8,099
101,281
Other income charges.
Int. on bonds and long-
5,625,000
subseq't
$5,704,724
2,926,626
Oth. def. charges
rents
18,141,163
4,500,000
——
due
$3,096,741
2,924,879
1.111,059
$5,053,639
2,921,861
1,131,097
Bals.
—
Deducs. from Income—
Rent for leased roads—
18,140,000
Due Cities Serv-
Note pay.(bank)
taxes, int. and
Rentals—
Interest and dividends--
720,379
16,321,100
_.
& Fuel Co
2,521,919
7,401
Non-Oper. Income—
Miscellaneous income—
1,429,500
33,357,000
companies)
cos.
Adv.to personnel
Total ry. oper. income $8,797,527
Equip, rents, debit bal..
3,223,586
deb. bal.
1,115,234
5,434,233
Accts. payable &
Other notes &
Accepts,
1,736,150
5.040,689
_
23,399,238
Affiliated
10.086.500
4,355,000
269,401
Mtge. notes pay.
Notes payable.
ice stations... 207,357,931
$67,401,772 $59,830,490 $56,875,189
—
Jt. facil. rents,
Total income..
■
Capital stock.
x
Mat'ls & suppls.
Net ry. oper.
$
$
Liabilities—
$
oil-
Customers
Railway tax accruals
Uncoil, ry. revenue
yl936
1937
yl936
$
storage facil's,
rev—$81,643,250 $78,066,706 $67,116,854 $66,961,688
M?&Tfof^ayKructT.
Fuel Co.
Assets—
Leaseholds,
Total ry. oper.
1938
14.
Refining Co. accounts,
in year 1937 through
settlement
of such litigation, less depletion applicable thereto,
e For
crude oil price changes with respect to storage crude oil purchased from
of bonds purchased for retirement,
c Empire Oil &
d Witnheld because of title litigation, recovered
1,127.401
1,312,627
2,266,276
May
Chronicle
Earnings
x
After
taxes,
per share
all
charges, including
Co.—Earnings—
1937
1938
loss$67,924
Nil
provision
for
$596,226
$1.85
depreciation and
1936
$318,456
$0.99
Federal
y On 321,920 shares common stock (par $1).
Note—No provision has been made in the above figures for surtax on
undistributed profits.—V. 146, p. 2686.
Volume
Financial
146
Cleveland Cliffs Iron Co. (&
Subs.)—Earnings—
$184,869
169,631
Premium and commission
bonds purchased
discount and expense
Amortization
of bond
Provision
depreciation
for
19,273
17,040
49,396
on
and depletion
3179
in the market.
Earnings for the Period of 3 Months Ended March 31, 1938
Total income
Interest on bonds
a
Chronicle
Bonds
purchased may be re-sold to the sinking fund at a
price not to exceed the price paid for them.
12. Funds in the sinking fund must be used
by the company for the pur¬
chase and retirement of, bonds
either upon call for tenders, in the open
market or by redemption.
Each bondholder shall receive a notice of the
advertisement for tender of bonds.
13. Cash on hand at the time of the consummation of the Terminal
so
rower
plan, after payment of reorganization expenses and the creation of a
reserve fund in the amount of
$100,000, will be distributed to bond¬
holders who may receive as much as
$20 for each $1,000 bond. The amount
of this distribution
will, of course, be dependent upon the amount of cash
on hand and the extent
of the reorganization expenses.
No representation
is made that the above sum
will be available
special
Net loss
After
a
$70,470
deduction
of normal
Federal
income
of subsidiaries
taxes
but
before deducting interest on bonds, premium and commission on bonds
purchased, amortization of bond discount and expense, and provisions for
depreciation and depletion (except cost depletion applicable to land and
standing timber sola).
^ Note—Total provision for depreciation and depletion for the period of
three months ended March 31,1937, was $112,250 (incl. depletion applicable
land and
to
standing timber sold in the amount of $4,234), of which the
applicable amount of $58,619 was charged to surplus arising from adjust¬
ment of properties for Federal income tax purposes.
Provision has been made in the foregoing statement for the estimated
normal income taxes applicable to profits of subsidiaries consolidated herein,
but no provision has been made for possible surtaxes on undistributed net
profits .—V. 146, p. 2686.
Cleveland Electric
Illuminating Co. (& Subs.)—Earns.
12 Months Ended March 31—
Total operating revenues
$27,851,236 $27,408,854
15,565,198
14,817,530
3,043,189
2,883,317
1,077,916
1,156,907
Operating expenses
Taxes, other than income taxes
Provision for Federal income taxes
Net operating revenues after depreciation
$8,164,933
104,186
$8,269,119
1,500,000
9,791
Cr12,554
revenues
Gross income
funded debt
on
Other interest
Interest during construction
Net income
$8,551,100
111,470
$8,662,571
1,500,000
14,019
$6,771,882
Non-operating
Interest
1937
1938
$7,148,552
although present indications
for the
12
months
ended
on
Cleveland Terminals Building Co.
Provision is made that no divi¬
be paid on this or any other stock of the Terminal Tower Co.
long as any Tower Building bonds remain outstanding.
15. Bondholders will be entitled to nominate candidates from
whom two
dends may
of the
directors of the Terminal Tower Co. shall be elected.
Such bond¬
will have veto power over matters vitally
affecting net
six
holder
directors
earnings of the Terminal Tower Co.
16. Interest accrued to Oct. 12,
1936, on the bonds deposited under the
indenture of June 1,
1932, will be treated as a general unsecured claim
against the Cleveland Terminals Building Co. and in the
reorganization
proceedings of that company, will receive distribution equivalent to that
by other general unsecured creditors.
received
To illustrate the operation of the Terminal Tower plan,
^
a holder of one
stamped under the 1932 indenture, will
plan:
A duplicate bond, in lieu of his stamped bond, in the same
principal
$1,000
Tower
Building
1.
amount.
2.
New
A
modified
of reorganization of the company, a Van Sweringen
Corp. subsidiary, which, among other things, calls for the segregation of the
Terminal Tower Building in a separate company, and application of its
earnings for the primary benefit of the Tower Building first mortgage
leasehold bonds, subject only to the prior land trust certificates, was an¬
nounced May 10 by Frank R. Bailey, Chairman of the Cleveland Terminal
Tower Building bondholders committee.
The modified plan, the committee states, is the result of months of in¬
tensive effort and has been approved by the debtor company and leading
bondholder and creditor groups.
The next hearing on the plan is scheduled
for Aug. 2, 1938, in the U. S. District Court in Cleveland, and the com¬
mittee anticipates that the required number of bondholders will have
assented to the modified plan of reorganization by that time.
A statement of results of operations of the Terminal Tower Building
computed on an accrual basis for the year ended Dec. 31, 1937, which is
included in the new plan, shows net income before ground rent, interest
and depreciation, of $467,282.
After deducting ground rent of $310,000,
net income for the year, before interest and depreciation, was $157,282.
Under the plan, which calls for segregation of net earnings, mainly on a
cash basis, no deduction is made for depreciation and the entire "cash net
earnings" are available for interest, special reserve fund and sinking fund.
Monthly company statements filed in the court, on the basis of "cash net
earnings" as determined pursuant to similar provisions of the 1932 inden¬
ture, show fixed minimum interest of 1% on the new bonds to be out¬
standing under the plan covered more than 2 Yi times in 1937.
Other members of the committee, which is located at 1 Wall St., New
York, are Charles E. Stoltz, of Stoltz & Moss; W. T. McFadden, of Penington, Colket & Wisner, and Ralph W. Vogell, Secretary.
Mr. Bailey is a
partner in Williams, Bailey & Benjamin.
Ralph H. Sharpe, Vice-Pres. of the company, states:
The aim of the Terminal Tower plan is to give the management a reason¬
able opportunity to operate the Tower Building with the necessary manage¬
ment discretion and, in addition, to give holders of Tower Building bonds
the
benefit
of interest payments, retirement through sinking fund, and
on and veto of such major corporate transactions as
directly
largely affect the net earnings of the building.
Views as to how these
results could be accomplished were numerous and varied.
Compromise
of different views, adjustment of bondholder interests to fit the earning
capacity of the building and preservation of some incentive to manage¬
ment through a chance of realization upon equity value after the Tower
Building bonds are paid off were necessary to reach general agreement.
The Terminal Tower plan represents the combined efforts to creditor repre¬
sentatives and the management, and the provisions contained therein are
approved by those bondholder representatives who have recommended its
information
and
The
was
finally reached
Terminal
on
the
basis
of the
Tower
and trust certificates.
{irimary benefit of the Tower Building bonds, subject only to the prior
Provision is made for
2.
a
Certain
holders
of "unstamped" bonds (those not deposited under
of June 1,
1932) have asserted a claim of priority over
deposited bonds. This claim has been adjusted by the pro¬
vision that treasury Tower Building bonds shall be delivered to the holders
of such "unstamped" bonds for the amount of accrued interest on their
bonds to Oct. 12, 1936.
5. The maturity of the Tower Building bonds is to be extended to a date
which shall be 17 years and 6 months after the first interest payment date
as defined in the plan.
4.
the
indenture
"stamped"
6.
or
Provision is made for a fixed minimum interest payable semi-annually
of 1% per annum on the bonds whether or not the same shall
been earned.
Additional interest is payable if earned as discussed
at the rate
have
below.
7.
Provision is made for
semi-annual contribution to a "special reserve
after payment of the minimum interest, for
from that fund for capital improvements
and other purposes subject to the limits specified in the plan.
8. After the payments provided above, provision is made for a semi¬
annual fixed contribution to a sinking fund of a sum not to exceed $30,000
in any six months' period.
9. The balance of net earnings as defined in the plan is to be divided
equally between additional payments of interest on the outstanding bonds
up to but not exceeding 5% per annum and to payment into the sinking
fund.
To the extent, however, that in any accounting period the portion
of net earnings allocated to interest, computed as above indicated, exceeds
5%, the balance shall be applied and added to interest up to 5% for pre¬
vious periods when less than 5% was paid.
10. At such time as the principal amount of bonds outstanding shall
have been reduced to $3,000,000 by operation of the sinking fund, net
earnings after initial payments as above specified shall be divided twothirds to additional interest up to but not exceeding 5% and one-third
to sinking fund.
11. Provision is made for the creation of a fund amounting to $50,000
fund"
out
of net
reimbursement
which may
of
a
earnings,
funds
used
be used by the
company
for purchase of Tower Building bonds
rate
of
1%
plus
additional
Two shares
A
of capital stock
of the Terminal
Tower Co.
non-transferable receipt for $277 representing accrued and unpaid
12, 1936, which will be treated as an unsecured claim in
the final plan of reorganization of the Cleveland Terminals
Building Co.
—V. 145, p. 753.
Cliffs
Corp.—Earnings—
3 Months Ended March 31—
Net income
x
After
charges and
Equal to $0.11 a share
x
1938
z$93,084
1937
y$165,415
Federal income taxes,
y Before Federal taxes,
805,734 shares of capital stock.—Y. 146, p. 2531.
on
RR.—Earnings—
March—
1938
1936
1935
$727,356
404,255
385,297
$497,195
207,746
203,246
$473,690
208,086
194,886
1,489,206
595,117
493,852
Net after rents
1937
$515,881
197,385
150,213
Gross from railway
Net from railway
1,873,301
952,528
919,203
1,617,724
1,363,896
583,396
543,996
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
758,204
739,402
—V. 146, p. 2201.
Colonial Beacon Oil
3 Mos. End. Mar. 31—
x
Net loss
Earns, per
x
Co.—Earnings—
1937
1938
prof$55,488
sh. on cap.stk
$0.04
$549,964
Nil
1936
$339,576
Nil
1935
$1,052,440
Nil
After Federal income taxes, depreciation,
interest, but before
—V.146, p. 3008.
Columbia
any
provision
for
amortization and minority
surtax on undistributed profits.
Broadcasting System, Inc.—Smaller Div.—
11 declared a dividend of 25 cents per share on the
10 to holders of record May 27. This
with 40 cents paid on March 11, last
a special dividend of 50
cents in addition to a 40 cent dividend paid on Dec. 13, last, and an initial
dividend of 40 cents per share distributed on Sept. 10, last.
See V. 145,
p. 3105 for detailed dividend record.
In announcing the current dividend, it was pointed out that the company
has been undergoing an expansion program calling for rather sizable capital
expenditures.
The change in the dividend from the last 40 cent quarterly
rate reflects the company's policy of financing expansion out of earnings
and its desire to maintain its cash position.—V. 146, p. 3008.
Directors on May
class A and B stocks payable June
compares
Columbia Gas & Electric
Corp.—Damage Suit—
Triple damages amounting to $21,980,069 and also costs and "reasonable
attorneys' fees" are sought in the U. S. District Court at Wilmington, Del.,
by Ben Williamson Jr., trustee of the Kentucky Fuel Gas Corp. (Del.),
in a declaration filed May 3 against the Columbia Gas & Electric Corp.,
monopoly in violation of the Clayton Anti-Trust Act.
The
plaintiffs contend $250,000 is a "reasonable" attorney's fee "in this case."
Arthur C. Logan, of Marvel, Morford, Ward & Logan, Wilmington,
Del., who filed a similar action against the same defendants recently on
behalf of Mr. Williamson and the Inland Gas Corp., acted again May 3.
charging
New Director—
August P. Doll, President
board of directors of
of Valvoline Oil Co., has been elected to the
this company.—V. 146, p. 2845.
Commoil, Ltd.—Listing—
The Toronto
Stock Exchange has admitted to the list 1,500,000 shares of
capital stock, no par, of which 934,187 are issued. A total of 420,941 shares
were sold
for cash, the company realizing $147,333: 400,000 shares were
issued to Commonwealth Petroleum, Ltd., for properties and 113,246 were
issued in connection with drilling of the first well.
"
Initial dividend of five cents per share has been declared payable May 25
to shareholders of record May 10.
Company was incorporated under Province of Alberta laws, Dec. 17,1936.
possible future advantageous refunding of the
The principal amount of the Tower Building bonds is to be retained
and the lien of the bonds is to be preserved.
fixed
interest to Oct.
Commonwealth
land trust certificates.
3.
the
prior expenses and
4.
following general
Building is to be separated from the other
properties of the Cleveland Terminals Building Co. by its transfer to a
company known as "The Terminal Tower Co.
and the net earnings as
defined in the plan from the Terminal Tower Building applied for the
1.
at
charges.
acceptance.
Agreement
principles:
interest
as
"earned," as defined in the plan, and available for payment
to a total rate of 5%, payable semi-annually.
3. Cash in an amount to be determined according to the plan and con¬
ditioned upon the amount available after payment of
up
■Modified, Reorgan-
plan
for
coupons
interest
Clinchfield
Cleveland Terminals Building Co.-
bond,
receive, upon consummation of the
z
ization Plan—
hand.
of the capital stock
to the
so
that date.—V.
146, p. 1066.
on
xiu6 Terminal Tower Co., and the balance of such stock will be delivered
5.
Note—The provisions for Federal income taxes for the 12 months ended
March, 1938 and 1937, include $3,345 and $301 respectively, of provisions
on undistributed profits which were made in December
of 1937 and 1936 for the respective calendar years.
No provision has been
made for the surtax for the three months ended March 31, 1938, and no
provision for the three months ended March 31, 1937, is included in the
income account
a substantial
portion thereof will be
Bondholders will receive an aggregate of
20%
14.
for Federal surtax
consolidated
that at least
are
Edison
Co .—Registers
Approximately
Underwritten by IJalsey,
$75,000,000 New Securities to Be
Stuart & Co. and Associates—
May 9 authorized the filing of a registration statement
Securities Act of 1933, as amended, covering the proposed issuance
$33,000,000 of 1st mtge. bonds and a proposed conv. deb. issue of not
lass taan $39,083,195 or more than $42,303,845. The registration statement
was filed with the Securities and Exchange Commission on May 12.
The 1st mtge. bonds are to bear a 3Vi% interest coupon and mature in
1968
The proceeds will be used to retire $30,000,000 princ pal amount
of series A and series B 5% bonds, maturing in 1953 and 1954, respectively,
and callable at $110.
Neither the interest rate nor the maturity of the conv. debs, has been
determined.
The debentures will be offered pro rata to stockholders at
par and each $100 thereof will be convertible into four shares of
Edison
stock
The proceeds of the debentures will be used in part to retire
$19 429 000 principal amount of Commonwealth Subsidiary Corp. 5H%
debentures, due 1948.
The remainder of the proceeds from the debentures
will be used to retire oank loans and for general corporate purposes.
The subscription warrants will be issued to stockholders at the rate of $5
of debentures for each share of stock held on the record date.
Warrants
will be transferable but may be exercised by the holders only in amounts
calling for $100 of the debentures, or any multiple thereof.
The record
date to determine the stockholders who will be entitled to subscription
warrants is to be fixed at the time the registration statement under the
Securities Act of 1933, as amended, becomes effective.
The necessary authority to issue the 1st mtge. bonds is to be acted upon
at the special meeting of stockholders to be held May 20.
The stockholders
authorized the conv. debs, a year ago.
Both issues are subject to the ap¬
proval of the Illinois Commerce Commission.
The 1st mtge. bonds and the conv. debs, will be underwritten by one
group of underwriters headed by Halsey, Stuart & Co.
The directors on
under the
of
.
Electric Output
Shows Decrease of 8.7%—
output of the Commomwealth Edison Co. group (inter¬
sales deducted) for the week ended May 7, 1938 was 119,973,000
The electricity
company
Financial
3180
131,383,000 kwh. in the corresponding period last
of 8.7%.
are the output and percentage comparisons for the last
and the corresponding periods last year:
Consolidated Retail Stores, Inc.—Sales—
compared with
kwh.
year, a decrease
The following
four weeks
Kilowatt-Hour Output
1937
131,383,000
132,267,000
134.446,000
134,977,000
1938
Week Ended
May
7
April 30
April 23
April 16
119,973,000
~-119,314,000
119,646,000
119,391,000
-
—
-
—V. 146, p. 3008.
Commonwealth Gas Corp.—Exchange Agent—
The First National
Bank of Jersey City has been appointed exchange
agent with the duties of transfer agent by this corporation in connection
with the termination of the voting trust agreement.—V. 145, p. 754.
1938—12 Mos.—1937
1938—Month—1937
$302,455
148,980
22,666
31,473
$4,469,480
1,959,636
267,296
a431,858
$4,096,403
1,878,719
225,071
374,773
$125,152
1,626
$99,336
Dr707
$1,810,688
7,177
$1,617,840
5,774
$126,778
29,172
$98,629
12,585
$1,817,866
300,721
$1,623,614
280,933
$97,606
2,720
70,450
$86,044
2,358
69,502
$1,517,145
29,224
839,406
$1,342,681
25,004
831,140
Public
492
1,211
Parent company
533
12,376
6,806
$338,508
156,53 5
Operating revenues
Operation
19,958
36,863
Maintenance—
Taxes
-
Net oper. revenues.
(net).
inc.
Non-oper.
Balance
Retirement accruals.
Gross income
Interest to public
Interest to parent co
Amort, of dt. dis. & exp.:
170
88
2,590
14,541
6,944
1,145
$23,240
$12,305
$626,742
100,152
4,882
$463,906
99,527
5,831
Miscell. income deduc's.
income
Net
Div8. paid & accr'd on pref.
To parent company.
579
*
stocks—To public—
Consolidated Textile Corp.—Plan Confirmed—
corporation, bondholders and general creditors of the old corporation receiv¬
ing income debentures in reduced face amount for their claims.—V. 146,
p. 2688.
.
.
Consolidated Water Co. of Utica, N. Y.—Earnings—
Income Account
$521,708
applicable to parent company
Earns, from sub. cos. deducted in arriving at above:
Interest earned-
Provision for
-
832,180
7,226
4,882
6,806
bl86~,449
808,866
22,273
5,831
32,516
5,272
73,117
278
—
Interest not earned
Preferred dividends-----Other..
-
—
companies
Oommon dividend from sub.—Not consolidated..
Miscellaneous earnings from subsidiary
income.-
Other
-
$1,559,558
$1,306,703
892,785
Amount available for dividends and surplus
No provision has been made for the Federal surtax on undistributed
profits for the year 1938, since any liability for such tax cannot be deter¬
b Includes $186,443 representing amount
assigned to 14,623 shares Of common stock of General Public Utilities, Inc.,
received as a dividend in lieu of cash in December, 1937.—V. 146, p. 3009.
mined until the end of the year,
Net income before interest
Interest
Provision for amortization
54,432
56,016
$238,339
$1,267,846
357,297
Taxes
Net inc. from oper
332,576
59,817
Operation
Maintenance
y
$3,233,432
1,519,214
224,203
222,169
$z60,157
Total oper. revenues
49,185
$2,869,238
1,338,909
179,355
208,505
$1,142,469
Net from mdse. & other
$21,451
Net income.
Dividend paid on
Dr4,659
bonds
Drl,701
43,672
5,000
58,344
$255,498
Balance
on
$236,638
85,906
$1,316,518
$1,208,813
346.805
84,619
paid public
(net)..
Sundry int.
& inter-co. int.
8,000
340,407
2,473
1,817
8,508
7,332
51,218
54,865
278,382
23,503
268,458
6,230
$117,187
$94,049
$665,717
x88,873
88,869
354,225
$579,988
9,383
395,625
Provision for renewals &
replacements
Fed. & State income tax.
"
Net income
Divs.
on
pref. stock
Divs. paid on com. stock
Does not include dividend of 50 cents a share declared
x
March 15, 1938
payable May 16, 1938, to stockholders of record April 25, 1938.
45,000
finally upheld.
Balance Sheet Dec. 31, 1937
Liabilities—
;
-——
b Accounts receivable..--—
(est.)-----
Unbilled revenue
plies, &C-._--—---------
reserve
c
79
1,296
15,203
c
539,768
Common stock
3,000,000
Earned surplus
192,885
Total
$9,299,731
for depreciation of $1,164,157.
ful accounts of $8,299.
thorized 140,000 shares
5.385
Service billed in advance..-.
$9,299,7311
-
After
a
13,841
Consumers' and other depe._
Reserves.
67,950
8,695
503,677
Total
53,272
Miscellaneous current 11 abils.
28,653
Due from subsidiary company
1,550,000
Prov. for Fed. income tax
Inventories of materials, sup¬
Prepaid insurance and taxes.
Deferred charges
-----
$3,928,000
Accounts payable...
Accrued accounts
202,790
550
86,500
61,370
Cash in banks and on hand--
Notes receivable
4H% ref. mtge. bonds
5% 1st mtge. bonds
$7,493,423
322,579
523,542
Fixed capital
Investments (at cost)
b Less
reserve
for doubt¬
Represented by class A $1.50 cumulative
au¬
of no par value, issued and outstanding 120,000
shares; class B authorized 35,000 shares of no par value, issued and out¬
standing 30,000 shares.—V. 145, p. 3192.
Corp. of America—Bonds Called—
f. 6% 20-year gold bonds due June 15,
1946 have been called for redemption on June 15 at 102 and accrued interest.
Payment will be made at the Continental National Bank & Trust Co. of
Chicago or the National City Bank of New York.—V. 146, p. 3009.
Continental Shares, Inc.—To
Liquidate—
a new corporation to liquidate this company once capitalized
$100,000,000, was directed on May 9 in a decree signed by
Judge Edwin T. Dickerson in Baltimore (Md.) Circuit Court.
Judge
Dickerson recently approved a plan of reorganization but subsequent
disagreements among stockholder groups prompted him to sign the liquida¬
tion order.
Under the decree, two conflicting groups of stockholders are
to be represented equally on the board of the new corporation.
Court
receivers named in Maryland and Ohio also are to become members of the
board.
Several millions of dollars worth of assets, including large holdings
of stocks in iron and rubber companies, are involved.—V. 146, p. 3010.
Formation of
y
Other
[Including Domestic Subsidiaries]
Calendar Years—
"
Gross profit
General administration,
selling
State income tax deductions
are
based
Inc.—Earnings—
Coty,
than Federal and State income tax.
Note—Federal and
$1.50 cum. class A common stock
operating revenues are stated after deducting $120,000 in
respect of estimated annual reductions which will result if tne rate case
decision of the Public Service Commission of the State of New York is
Note—The
at more than
miscell. operations
Divs. from subsidiary-
Interest
of rate case expense
A total of $45,000 first mortgage s.
1938—12 Mos.—1937
$332,835
255,877
17,279
33,902
4,326
-
and expense
Federal income tax
Container
1938—3 Mos.—1937
$731,704
$676,116
and other charges
-
Amortization cf debt discount
Community Public Service Co.—Earnings—
Period End. Mar. 31—
69,540
$328,730
4,105
operating revenue
Other income (net)
$397,882
a
$675,156
276,885
Net
908,820
b$666,773
Total
Expenses, taxes and deductions from gross income
the Year Ended Dec. 31, 1937
depreciation
Special deposits
306
------ —------—-
_
$358,548
for
Operating revenue—Water
Operating expenses.
a
Balance
$2,946,785
2846.
Federal Judge Henry W. Goddard has confirmed the amended plan of
reorganization, dated Dec. 10, 1937.
The court held that the plan is fair
and equitable and in conformity with provisions of Section 77-B of the
National Bankruptcy Act.
Under the court's order, a new corporation.
Consolidated Textile Co., Inc., will be formed to take over assets of the old
(& Subs.)—Earnings—-
Community Power & Light Co.
Period End. Mar. 31—
$753,008
$799,544
--
—V. 146, p.
1938—4 Mos.—1937
$3,074,455
1938—Month—1937
Period End. Apr. 30—
Sales.
Decrease
8.7%
10.7%
11.0%
11.5%
May 14, 1938
Chronicle
expenses,
1937
1936
1935
1934
$4,193,148
$3,358,757
$2,916,973
$3,272,261
3,515,557
2,537,387
2,831,871
2,612,083
$677,591
61,040
$821,370
74,763
$85,102
81,529
$660,178
96,878
$738,631
25,561
46,746
$896,133
24,485
489,467
$757,056
yl50,247
yl65,188
$166,631
28,543
347,396
27,377
&c__
rendered
on
Balance
return
by the company for 1936 and 1937; no provision has been made for
income taxes which may be assessed against 1938 earnings.
_
Other income.
Balance Sheet March 31
Total income
1938
1937
1938
x
1st mtge. 5%
Prop., plant and
$
in progress
Invest'tslnsub.cos
Miscell. lnvestm'ts
Funds depos.
debt
40
-
215,356
cash
654,212
6,870,250
on
Federal taxes.
.
83,900
7,891
17,713
standing (no par)
Earnings per share
x
85,878
27,881
27,284
71,543
58,522
17,669
630
Net income
$516,077
x
Acer, insur.,' wages
10,200
5,000
Accts. receivable
485,942
4,147
486,792
4,328
Accrued Inc. taxes
Consumers' depos.
265,261
2,600
5,928
Unred. ice coupons
Reserves
1,675
1,008
1,784,256
1,803,380
Com .stk.
4,436,625
849,974
material & suppl
Inventory of mat'l
and supplies
Prepaid taxes,
surance.
365,345
356,002
21,806
Income tax)
(par $25)
Earned surplus
14,402,766 14,171,420
Total
taxes(other than
243,756
After reserve for retirements
Total
14,402,766
14,171.420
1938
Earnings
per
$8,146
257,237
$0.03
share—
1937
$66,735
76,398
$0.91
$0.87
—V. 146, P. 3009.
Biscuit
Co.—Earnings—
*
Net .profit.
y
Earnings per share
After
z$89,516
$0.27
1937
loss$64,265
Nil
depreciation and estimated Federal income taxes
y On 323,000 shares common stock, no par.
z Before undistributed profits
tax and before refund of processing taxes in amount of $9,780.—V.
145,
p. 3493.
x
interest,
Consolidated
Chemical
Industries, Inc. (8c Subs.)—
3 Months Ended March 31—
Net profit, before deprec.& inc. taxes.
Earnings
per
share on
class A stock (no par)
x
p.
1936
15,725
Final net profit
1937
$517,932
99,188
58,559
$212,980
90,105
15,987
x$101,858
Depreciation
Income taxes
1938
$228,509
110,926
x$360,186
$106,887
$0.42
$1.50
$0.45
240,000 shs.
49,285
18,453
55,692
Accts. rec.
Guarantee deps
Inv. in adv. to for¬
20,432
20,432
cr.
bal.
Due officers &
em¬
ployees, &c
eign sub. & affil.
Accrued expenses.
4,356,845
4.356.845
a
eral taxes
8.340,181
8,320,181
Accts. rec.—Coty,
S. A. I., Italy..
458
674
Misc. other assets.
1,917
1,791
Acer, payroll
636,603
680,223
Due for affil.
1
1
Marketable
securs.
Due
1,777,936
Accrued taxes
279,863
Accounts payable
Res. for
on
.
from
.
27,528
34,971
25,423
co...
poss.
746
loss
returns
516,325
Accts. receivable.
114,261
Reserved for Fed¬
1,906.334
1,070,641
Earned surplus
3,790
10,120
9,627,643
9,169,960
132
Deferred income..
1,443,924
officers
and employees.
5,185
4,072
1,062,435
953,393
.
Inventories
•
Due from affil. and
assoc.cos., for'gn
3,287
10,832
Deferred charges..
59,539
44,546
Total
16,574,650 17,492,422
Total.
,
i
.
16,574,650 17,492,422
Includes State's taxes, also undistributed profits tax in 1936.
b Repre¬
shares,
c After depreciation of $151,151 in
1936 and $163,699 in 1937.
d After dpreciation of $554,478 in 1936 and
$567,853 in 1937.—V. 146, p. 3009.
a
sented
by 1,537,435
no
par
Creole Petroleum
Corp.—To Pay Extra Dividend—
The directors have declared an extra dividend
Before provision for Federal surtax on undistributed profits.—V. 146.
3009.
5,730
64,039
Cash
1938
11,796
67,399
&c
Consolidated
6,426,870
Mach.,equip.,&c
Goodwill, formulae
3 Months Ended March 31—
$
6,426,870
b
Advances
1936
$143,795
157,640
?
Capital stock
58,414
d
1936
1937
Liabilities—
S
60,118
cos
Compressed Industrial Gases, Inc.- -Earnings—
3 Months Ended March 31—
$0.06
1936
S
Building Impts..
c
of
Net profit after all charges.
Shares capital stock outstanding
Nil
Consolidated Balance Sheet Dec. 31
1937
Asset?—
$2,982,994 in 1938 and $2,852,975 in
1937.
y After
reserve
for uncollectible accounts of $53,053 in 1938
$55,596 in 1937.—V. 146, p. 1707.
x
1,537,435
$530,904 after providing for dividend taxes on proportionate profits (but
before deducting exchange difference of $659,270 in 1937, arising from the
year end adjustment to closing rates of U. S. dollar obligation due by
O. P. I, L. to Coty, Inc.) $620,730 in 1936; $503,897 in 1935; and a net loss
of $1,006,706 in 1934.
y Including $32,265 provision for Federal undistrib¬
uted profits tax in 1937 and $18,623 in 1936.
16,847
In¬
&c
$89,762
1,537,435
Exclusive of proportions of profits and losses of foreign subsidiary and
535,425
Letter of credit for
1,537,435
$0.14
associated companies applicable to Coty, Inc., amounting to net profit of
4,443,675
Insur. & other dep.
$216,994 loss$236,685
1,537,435
$0.33
con¬
deposits
Notes receivable..
y
31,902
495,291
140,101
Shares capital stock out¬
84,596
int.
sumers'
990,336
hand
Acer.
.
Depreciation
Miscell. deductions
87,694
12,448,125 12,349,948
called for red
71,379
74,107
2,844
2,900 Acer. int. on fund
with
trustee.Bank depos. &
bds. 6,767,700
Accounts payable.
Liab. for pref. stk.
equip., inc. wrk.
on
1937
$
Liabilities—
Assets—
of 25 cents per share in
regular dividend of like amount on the capital stock, both
payable June 10 to holders of record May 27.
Like amounts were pai
on Dec. 15 and on June 10,1937.—V. 145, p. 3193.
addition to
a
Volume
Financial
146
Chronicle
(William) Cramp & Sons Ship & Engine Building Co.
-Balance Shee. Dec. 31—
Assets—
1937
Cash in banks
$2,475
876
687
*16,710
X16.507
207,937
assets
In treasury
ties, Ac
992,721
125.000
y7,578.548
7,578.548
24,494
24,611
$7,953,860 $7,944,595
Includes accrued interest,
y
After deducting depreciation of $1,818,811
—-V• 144, p. 3170.
Expenses
$670,436
1938
$739,865
123,438
$415,992
Total income
$2,016,660
258,319
$2,274,979
114,676
56,402
12.000
3,964
$863,304
79,103
Cash discount on sales
Loss on bad accounts
98.935
49,325
Amortization of patent rights
Interest paid
12,000
7,287
17,586
343.314
Loss
on capital assets
Flood and fire loss
Sundry losses
Provision for undetermined liabilities.
Depreciation
Federal taxes
^
994
30.313
233,153
Not nrofifc
-
Surplus adjustments.
2,806
—V.
.....
loss$9,625
loss$376,915
6,188,913
a24.008
$1,237,056
5,613.585
20,521
$469,675
5,259,631
20,729
$5,836,006
19,538
$6,871,163
$5,750,035
......
-
for prior years.
682", 250
Net worth at Dec. 31
136,456
$6,188,913
$5,766,468
$5,613,585
Cunningham Drug Stores, Inc.—Earninqs■—
6 Mos. End. Mar. 31—
Net profit after all charges
Curtis
1938
$263,302
a
&
Accts.
and
Adv.
notes
rec.
1,508.992
and
241
959
Notes
6,530
5,092
4,040,002
2,535,971
(officers
in
mdse.
72,754
38,162
and
trade
Quar. End. Mar. 31—
1938
Operating income
$8,056,064
Net earns, after deprec.
bReal est. Abides.,
mach'y A equip- 2,907,607
Securities—Argen¬
2,226,530
79.799
667,724
70,588
108,595
144,993
103,106
78,856
52,912
85,756
..
taxes
Sundry accounts.
Acer,
1937
*
Revved-
y
246,289
Excluding dividends
Curtis stock owned by
2,500
13,567
Cash
_
commissions
3,343
life insurance.
c
27.800
28,037
3,275
..
Sundry def. assets.
Patent rights
notes
533,333
payable..
689,440
947,035
capital 3,000,000
3,000.000
2,766,468
3,188,913
Reserves
of
val.
surr.
2,500
Common
Surplus
a
earned
24,559
Guy W. Vaughan, President, announced May 9 that first quarter earnings
1938 were the largest for any quarter in the history or the company.
net profit of $733,910, equivalent to 63 cents per share on
1,158,464
shares of class A stock, compares with $269,251, or 23 cents
per share for
the first quarter of 1937.
The first quarter earnings, which are nearly
triple the same period of 1937, represent the net profit after depreciation
profits.
Vaughan also announced that a moderate factory expansion pro¬
under way.
New buildings have been constructed and addi¬
tional equipment of a specialized nature has been installed at
Buffalo, N. Y.
where the Curtiss Aeroplane Division and the Curtiss
Propeller Division
are located and at Paterson, N. J., the site of the
Wright Aeronautical
Corp., the manufacturers of Cyclone and Whirlwind engines.
At the Wright Aeronautical Corp., a new
four-story wing recently com¬
pleted, and an addition to the assembly department has increased factory
space to approximately 800,000 square feet, making the Wright factory
the
largest aircraft engine manufacturing plant in the United States.
Together with the installation of special machine tools and processes, this
increased space will make possible a 26% increase in production.
In prepa¬
ration for future development, the sound proofed experimental engine
testing
laboratory, capable of accommodating aircraft engines up to 3,000 hp.,
Mr.
gram
was
1938
Net profit after deprec.
int. & other
1937
..—$8,802,049 $8,142,088
Total
in 1937 and $93,082 In
1936.
b After reserve for depreciation of $1,784,002 in 1937 and $1,683,358
in 1936.
c Represented by 545,800 no-par shares.—V. 146, p. 3010.
of
a
per
to payment
A dividend of 50 cents
dividend on the common shares at this time.
share was paid on March 7, last, and each three months previously.
Consolidated Income Account Unci. Domestic Subsidiarues)
Calendar Years—
Net sales
Mines, Ltd.- -Earnings-
1937
1936
1935
1934
Previous
year's balance
(diamondsunsold,&c.) £1,329,346
Diamond acct. dur. year
2,536,603
Int. & divs. on inv., &c_
843,923
Profits on inv. realized84,865
Sundry receipts, &c..i. ■
13,600
£54,842
2,242,803
843,848
416,773
12,260
£1,038,312
7,578
£905,866
900,323
528,055
12,279
3,691
Total
£4,808,337
898,339
£3,570,526
504,547
£4,014,243
608,238
132,803
96,392
Mining expend., &c
Int.
£2,350,216
442,423
132,803
96,392
16,134
60,365
4,045
1,520,111
1,369,099
79,141
debs. & sk. fd_.
on
of leased cos.
directors' fees and
96", 392
96,392
on cap.
38,758
Exchange
Prem. on debs. redeemed
...
Blue
ground purch. from
Koffyfontein
Mines,
195,125
-
220,000
2,000,000
860,842
Prov. for taxation
Def. div. account
3,200,000
400,666
xl.598,517
Pref. div. account
251,252
1,602,180
636,236
£1,329,346
£54,842
£1,038,313
Res. for allowances to re¬
tired employees
596,908
Res. for authorized exp.
1937
1936
1935
1934
$24,785,548 $15,623,457 $14,161,290 $10,879,534
&
less other inc... 21,992,810
1935
$733,910
y$269,261
x$268,479 loss$197,348
Before provision for possible Federal surtax on undis¬
tributed income.—V. 146, p. 2204.
y
Ltd
Crown Cork & Seal Co., Inc.—-No Common Dividend—
Directors at their recent meeting took no action with regard
1936
charges..'
Revised,
Def.
$8,802,049 $8,142,088'
*
A
Int.
16,210
After reserve for loss in collection of $110,681
p
for
staff salaries
Total
$1,778,849
company and
Curtiss-Wright Corp.—Earnings at Record High—
Years End. Dec. 31—
A selling expense
Non-current
inactive subs.—
Other securities.-.
1935
1,513,740 x$l,572,540
on
_
Sees.—cap. stk. of
1936
$9,306,828
subsidiaries.—V. 146, p. 2846.
De Beers Consolidated
acceptances pay.
Accrued royalties.
Accrued
Inventories
$1.64
1936
$283,441
$1.42
y
x
'
to salesmen-
tine Republic.
$665,430
$812,485
transit)
employees)-
1936
1937
Accts. pay. (trade)
Accts. pay. (mat'ls
1.505,740
(customers)
rec.
Accts.
$1,735,517
$1.32
1937
Earnings for 3 Months Ended March 31
Liabilities—
1936
1937
$186,951
$326,202
Publishing Co.—Earnings—
Consolidated Balance Sheet Dec. 31
Assets—
$12,600
14b, p. 2689.
has been doubled in size.
Including $20,650 cash surrender value of life Insurance.
Cash
1935
$17,756
surtax on undistributed
50,000
Dividends paid..
1936
$24,865
and normal Federal income taxes but without provision for
possible Federal
218,021
82.597
Provision for prior years' Fed. taxes
a
lT.Ioo
36,044
310.738
504.097
...
1937
charges
and taxes.
Dec. 31, '35
$288,864
127,128
Profit from operation
$4,989,452 $5,010,664
Crystal Tissue Co.—Earnings—
12 Mos. End. Mar. 31Net profit after
and all taxes
Other income......—...........
1938—7 Mos.—1937
$702,376
F. B. Hufnagel, Chairman of the board announced on
May 6 that Raoui
E. Desvernine has been elected President of the
company.—V. 146, p. 2689*
9 Mos. End.
$18,735,450 $21,583,213 $15,056,176
16,308,433
17,605,459
13,119,211
2,138.154
1,961,094
1,197,098
Net sales
Cost of goods sold—
1938—Month—1937
—V^lH Pei* 38156 °n corrmlon stock-
Crosley Radio Corp. (& Subs.)—EarningsYear End,
Year End.
Dec. 31, *37 Dec. 31, '36
Apr. 30—
p"2362
Crucible Steel Co. of America—New President—
$7,953,860 $7,944,595
Total...
Period—
—V8"146"
270,854
1,337,500
1,,397,500
5,812,723
Past due obligat'ns 5,,997,643
4,032
Ground rents (est.)
4,032
24,271
Reserves
24,272
Capital stock
15 ,232,500 15,232.500
Deficit
16,,092,711 15.730,653
196,766
125.000
Deferred assets...
x
290,914
Notes payable
Gen. mtge. 6s held
Total....
$645
.
Prop, taxes, penal¬
(not current)...
Proceeds of sale of
Fixed assets
$1,265
1,,098.445
Accounts payable
Notes payable
receivable
1936
1937
Liabilities—
$294
Accts. receivable..
Notes
Period End.
1936
3181
Crown Drug Co.—Sales—
mach. plant
on
Approp. for gen. reserve
Cost of sales, deprec.
exps
.
Interest
Int.
bonds
on
on notes
Amort,
payable—
11,769,720
9,097,857
$3,142,733
219,001
$2,391,570
252,341
$1,781,675
259,756
13,048
x578,635
22,133
236,342
27,271
210,640
x
Amount
discount & expens
£732,764
transferred from general reserve.
Comparative Balance Sheet Dec. 31
1937
1936
£
debt
bonded
of
12.480,724
$2,792,738
214,167
131,013
12,691
z810,269
.
profit acct.
(diamonds unsold).
Suspense
£
1937
Liabilities—
.
dividends—
Preferred
Common dividends, cash
$1,880,753
392,477
555,922
$2,332,048
447.461
1,805,505
$1,624,598
506,320
1,033.520
$1,284,008
392,477
185,307
3,384,320
and farms
$79,082
$84,758
y516,891
$2.16
Earnings per share
$932,354
370,620
$4.02
y385,966
$4.88
$706,224
2,726,285
Reserve, general.. 2,000,000
2,000,000
to retired em pi's
1
I
508,240
552,259
181,307
Res. for authorized
exp. on mach. A
Invest, in diamond
$2.40
plant
Consllidated Balance Sheet Dec. 31
A kindred ints..
1,631,225
Credit balances
108,310
572,750
121,805
662,777
3.614,858
Current liabilities.
619,902
—.
370.620
y Average amount of common stock
Including surtaxes of $135,153.
outstanding during the year,
z Including $237,952 surtax on undistributed
profits.
x
3,171,308
Bal.
min.
m'd
2,000,000
Res. for allowances
works,
stores
Balance, surplus
Shs.com.stk.out.(no par)
3,386,408
permanent
bldg8. A
Mach.,
£
2,000,000
2,869,473
Deferred shares
interests, estates
1936
£
Preference shares.
Claims, other min.
cos.,
DiaCorp.,Ltd.,
Prem.
2,343,843
Livestock..
32,815
Investments
2,099,751
Current assets
2,335,290
Diamonds on hand
1
32,496
V
on
shares..
Diam. sales in adv.
1
transf.
approp.
14,818
3,032,282
from
732,764
1,329,347
10,196.021
11,836,297
account
[Inc. Wholly-Owned Domestic Subsidiary Companiesl
1937
$
Assets—
a
Land,
1936
$
1937
Liabilities—
$2.25
buildings,
machinery, Ac..22,905,394 15,676,954
Cash
1.186,376
5,426,997
»
1936
$
pref.
cum.
Jstock—
Common stock
__
2,656,090
1,780.230
Com. stock scrip__
2,434
...
9,421,223
15-yr.
Accrd. int. receiv.
30,712
6,706,052
11.321
Inventories
Cash surr. value of
insurance
149,787
161,448
315,705
investm'ts
324,704
414,214
policy
Sundry
Notes
152,396
receivable
228,245
106,823
1,596,170
1,628,614
1,295,444
423,000
1,650,459
b58.373
393,959
309.212
209,868
159,700
161,482
1,154,793
64,895
Pats, A tr. marks.
Prepayments
Unamort. bond dis¬
90,980
73,512
Unadjusted credit.
103,010
88,487
liabil¬
207,421
sub.
to
co.
124,152
(non-current)
Capital surplus... 7,830,543
Earned surplus... 5,286,892
Treasury stock—Z>r266,728
7,713,220
5,209,111
Dr266,728
contingent liability.
'
Company has guaranteed the repayment of an overdraft to the extent of
£100 000 allowed by Standard Bank of South Africa, Ltd., to New Jagersfontein Mining & Exploration Co., Ltd.
The amount of the overdraft
31, 1937, was £9,199.
There is also a contingent
at Dec.
liability in connection with guarantees with
diamond mining companies in respect of agreements which
with the Diamond Corp., Ltd.—V. 145, p. 605.
those companies have
Delaware & Hudson Co. (&
Subs.)—New President, &c.
elected President of this company and its sub¬
organization meeting of the board held May 11.
Thomas L. Ennis, general counsel; William H. Davis. Treasurer, and Mr.
Nuelle and Mr. Leamy were elected to the board to succeed L. F. and
J. Taber Loree and Nathan L. Miller and to fill a vacancy.
sidiaries as of May 9, at an
Reduces
Bank
Loans—Sells Additional Securities in 1938
The company has sold additional securities since the
and has applied the proceeds to reduction of bank loans,
man,
Exper. devel., Ac.,
costs A exps
Contingent Liabilities—Company has guaranteed repayment of and inter¬
Joseph H. Nuelle was
775,452
281,122
Total
980,093
for
176,243
1,030,898
Due from sub. cos.
11,836,297'
£504,865 of hy%% 1st mtge. debenture stock, being the unredeemed
portions at Dec. 31,1937 of an issue of £l,250,000"made:by Cape Explosives
Works, Ltd., Somerset West, Cape Province.
Imperial Chemical Indus¬
tries. Ltd., have indemnified the company to the extent of one-half of this
others to certain
354,943
Due
sub-
► sldiary cos
count A exps...
payable
Reserve
leased
in
5,375,000
8,689,000
Accrued wages, in¬
Due to sub. cos..
153,875
A equipment
Capping, bottling,
Ac.,
machines,
Invest,
5,250,000
ity insurance...
mach.
*
---10,196,021
^
fund bonds
Notes payable
Trade acceptances
terest, Ac
Federal taxes
Adv. pay. for pur¬
of
2,643,849
sinking
Accounts payable.
(not current)-—
chase
4%
—
est on
d9,562,500 d9,562,500
Notes A accts. rec. 3,833,444
c
Total...
beginning of 1938
E. Holland Harri-
chairman of the board, stated at the annual meeting of stockholders
M^hen'
a
stockholder asked whether the company has been selling more
RR. stock this year Fred W. Leamy, Vice-President,
policy of the management to make interim reports on
New York Central
42,198,948 33,613,9871
Total
a
jar
After
depreciation,
shares in
&25.000
42,198,948 33,613,987
Total
b Due currently,
c
Represented by 531,218 no
d Represented by
1937 and 628,770 no par shares in 1936.
no par
shares.—V. 146, p. 3010.
*
said it was not the
SUBankfloaim
were
reduced $3,500,000 to $10,113,000 during 1937 in anti¬
cipation, Mr. Harriman
said, of lower security prices.
Col. J. T. Loree,
3182
Financial
of L. F. Loree, who retired recently as
son
Chronicle
President, informed the board of
Diamond T Motor Car Co
managers that he would be unavailable for re-election as the manager or
officer of tne company or as a director or officer of tne railroad.
A stockholder asked Mr. Leamy whether a receivership for the Hudson
Gross profit
Nathan L.
$1,544,039
8,436
4,008
9,095
$2,184,108
7,725
14,104
$1,548,046
4,808
13,621
$1,405,674
5,438
17,434
1,316",884
34,958
48,290
1,205,294
13.294
43,566
973,309
7,611
42,100
909,332
3,617
2,551
4,218
$491,943
28,530
$870,120
43,756
$496,896
31,281
$419,541
47,358
Other deductions.
$520,473
1,889
$913,876
6,990
$528,177
10,533
$466,899
14,076
$518,584
$906,886
$517,644
$452,824
75,523
138,097
71,802
56,003
1,755
48,031
$441,307
$720,759
6,852
y416,257
$445,843
11,746
129,994
$396,820
11,746
169,325
Maintenance and
repairs
Depreciation
Taxes (other than Fed¬
eral income)
H. Ennis, General Counsel, and
Treasurer, were elected to tne board of managers of
They succeed L. F. Loree, J. T. Loree and
There had been one vacancy on the board.—V. 146,
Rents'
2847.
Sell., gen. & adm. exps.
Deisel-Wemmer-Gilbert
Corp.—Earnings—
1937
Calendar Years—
1936
$927,119
116,190
259,660
161,663
$472,819
191,224
$431,102
41,610
$495,586
6,839
$616,755
y70,100
$664,043
75,600
$472,713
58,200
$502,425
72,000
$588,443
$414,513
$430,425
37,000
11,000
393,884
$625,443
72,044
393,884
$425,513
79,044
172,327
$430,425
92,817
148,750
$87,727
$159,515
$174,142
$188,858
196.142
Shipping
Selling & advertising
$939,427
35,071
252,092
156,677
$389,606
227,149
sales
196,942
$2.81
196,942
197,092
Admin. & general
Net
x
operating profit
Misceil. income (net)._-
Net inc. before inc. tax;
Prov. for Fed. inc. tax..
notes and accounts—
1934
$872,366
36,582
244,406
160,274
doubtful
for
Provision
1935
$972,306
111,044
242,607
145,835
$516,655
Gross profit on
Net income
for Fed.
Prov.
excess
inc.
and
profits taxes—
Prov. for Fed. surtax
undistributed
on
profits.
Credit to advertising, by
charge to reserve for
extraordinary advertis
$546,655
Transferred to surplus
dividends
Preferred
65,044
Surplus
stock
com.
$2.45
Earnings per share
x Preferred
stock retired May 1. 1936.
y Includes dividends of $211
paid on $2 par stock,
a New trucks and service parts, less discounts, re¬
turns, allowances, Federal excise and State sales taxes.
Comparative Balance Sheet Dec. 31
Assets—
$1.76
$1.56
1936
1937
$285,836
Accts. rec., others
Accts. receivable..
inventory..
259,971
$63,604
101,715
41,333
65,999
Inv.
in
of
stock
Cigar Corp
Cash
surr. value
investm't
1
28,325
16,580
Com.stock (par $2)
Capital surplus
1,185,839
83,238
Earned surplus
1,274,337
1,243,659
$4,367,318
$3,428,795
1,655,858
461,406
487,732
18,750
1,613,150
1,613,150
$6,254,143'
$6,421,973
Des Moines Gas
See Iowa Power &
Total
$6,421,973 $6,254,143
.
Detroit Motor Bus
a
dividend
liquidating
of 10 cents
per
share
cents
This
paid on Nov. 10 and on July 10, 1937; 15 cents paid on Dec. 10, 1936;
25 cents paid on Dec. 10, 1935; 10 cents paid on May 6, 1935; 22 cents on
Dec. 10, 1934; 12H cents on Dec. 20, 1933; $1 in Feb., 1932, and 40 cents
per share paid in December, 1932.—V. 145, p. 2842.
Detroit Paper Products
stock..
giving effect to 4-for-l split-up.
p.
$80,185
$74,157
52,000
y
$1,42
provision for surtax
any
2363.
1937
1936
1935
Operating profit
$8,817,160
$931,967
10,674,744
9,237,987
$1,044,533
$778,643
8,216,358
42,935
...
Total income
$931,967
128,325
118,958
75,000
.
Deprec. of plant & equip>
Disc., int. & sundry chgsi
Prov. for Fed. inc. tax..
748.
p
Mines, Ltd.—Earnings—
Calendar Years—
Bullion production
$1,044,533
129,551
110,402
97,370
$778,643
112,302
81,777
54,500
$609,683
$643,737
117,095
14,748
52,381
$707,210
37,930
62,580
270,000
$530,064
78,011
62,552
270,000
$108,353
$336,701
$119,501
62,580
1934
$4,658,674
377,035
$4,749,522
350,502
$4,665,159
363,595
$4,549,617
378,908
$5,035,709
$5,100,024
$5,028,754
$4,928,525
193,859
137,089
200,000
200,000
726,751"
790,3T6"
4,296
28,558
500,000
590,987
18,047
500,000
332,377
13,725
$4,116,802
3,406,669
$4,144,061
2,920,002
$3,719,720
2,860,002
$3,882,423
1,946",668
973",334
953*334
2,860,002
123,398
953,334
$1,236,535
2,768,346
P$250,725
2,535,920
$93,616
2,681,286
•2,791,922
24,590
18,300
51,750
56,325
$1,507,221
$2,768,346
$2,535,920
$2,681,286
for
revenue.
deprec.
of
buildings, plant, &c__
Reserve
for
contingen¬
cies, securities, &c
Provinc'l & income taxes
Outside explor. writ. off.
Net profit for year
Divs. declared and paid.
Dividend tax paid
Prov. for divs. declared
.
Previous surplus
$51,697
1st pref. dividends.
2d pref. dividends..
Common dividends.
1935
Non-operating
$459,513
80,549
59,909
438,750
.
1936
$7,484,436 c$7,234,390 b$6,939,989 a$6,672,721
2,825,762
2,484,868
2.274,830
2,123,104
Deduct—Bonus
Net income for year..
1937
Oper. & maint. expenses
$600,802
sales of temp,
investments
146,
Reserve
'
11,424,399
long been identified, Group Securities. Inc.,
Foreign Bond Associates, Inc.; the trading of unlisted securities; and
underwriting and wholesale distribution of individual securities.—
Dome
1934
$12,356,366 $11,719,277 $10,016,630
Cost of sales and exps.,
excl. of depreciation..
and
the
After provision for bonuses
but before
Raynolds Co. Inc. (& Subs.)—Earnings—
Years End. Nov. 30—
on
no
At the same time the firm announced that it had
transferred its interests
in various "fixed" or "unit
type" investment trusts and would concentrate
its activities in the future
upon the sponsorship and distribution of the
mutual funds with which it has
1935
x208,000
$0.39
210,000
$0.34
Nil
146,
1936
y$70,693
240,000
share
undistributed profits.—V.
Profit
stock,
Company announced the election of the following officers: Chase Donald¬
Chairman of the Board; Kenneth S. Gaston,
President; Herbert R
Anderson, Executive Vice-President; F. C. Zuchtman:, Secretary; and the
appointment of Eugene M. Matalene as Vice-President.
V.
1937
under management profit sharing plans
y
un¬
Display Products, Inc.—Registration Withdrawn—-
Corp .—Earnings—
Quar. End. Mar. 31—
1938
Net prof, after charges
deprec. and Fed. taxes loss$ 13,655
Devoe &
on
Distributors Group, Inc.—Personnel—
the capital stock, payable June 13 to holders of record May 23.
will be the tenth liquidating dividend paid and compares with 10
on
profits taxes and surtax
son,
Co.—Liquidating Dividend—
The directors have declared
After
Total
See list given on first page of this
department.—V. 142, p. 4337.
Co.—Merger—
Light Co.—V. 144, p. 3669.
on
x
4,961
$4,367,318 $3,428,795
a dividend of 25 cents
per share on the com¬
par, payable June 1 to holders of record May 13.
A like
paid on March 1, last, and compares with $2 paid on Dec. 1,
last; $1.50 paid on Sept. 1 and on June 1, 1937; $1 paid on March 1,
1937;
$2.25 paid on Dec. 1,1936; $1 on Sept. 1 and June
1, 1936; 75 cents paid on
March 2, 1936; $1.50 on Dec. 2, 1935; 75 cents on
Sept. 3, 1935; 40 cents on
June 1, i935; 25 cents on March
1, 1935; $1 on Dec. 1, 1934; 50 cents on
Sept. 1 and June 21, 1934, and 25 cents per share paid on April
21, 1934;
Dec. 31, 1933, and March 1,1932.—V. 146,
p. 437.
for depreciation of $483,312 in 1937 and $455,665 in 1936.
b Charges under contracts, less provision for amortization.—V. 146, p. 1873.
per
705,520
680,732
4,961
842,518
The directors have declared
reserve
common
1,315,010
a Includes
Federal income and excess
distributed profits.—V. 146, p. 3010.
mon
brands
trademarks..
Shares
...
&
Patents and trade¬
1,568.132
12,823
12,750
Earnings
Res.for truck guar¬
amount was
equipment
After
472,267
Dictaphone Corp.—To Pay 2o-Cent Dividend—
23.216
leased
a
Unearned interest.
marks
of
Total
278,151
3,477
Total....
b Cigar machinery
&
of
52,677
13,297
Accrued items..
8,696
1.572,096
Prop., plant and
Goodwill,
a
2,439
1,588
life Ins. polclles.
a
64,080
701,995
31,858
963,607
964,597
-
333,788
dep.
5,091
44,000
Bernard-Schwartz
Other stk. invest.
creditors
and credit bal.
anty expense...
929,200
1,969,420
Capital surplus
12,273
------
2
44,000
1,961,420
1,571,109
Earned surplus...
40.573
employees
400,000
85,697
829,200
stock
(bank)
Other accts. pay
126,301
improvem'ts
Property, plant
equip, (net)
103,334
for
Preferred stock
Common
$
157,265
Customers'
405
....
owner
1936
$
Deferred charges..
96.782
advertising.
200,000
to
1937
Accts. pay.: Trade
suppliers
Security
22,731
State taxes
to officers &
.
plant real estate
for
curr. acct.
pany
to
die costs
Adv.
$45,229
com¬
Appropriation
Advances to sub..
Adv.
sub.
to
Prov. for Fed. and
Supplies & revenue
Prepaid ins., adv.
& other charges.
1,443,392
68,758
200,000
Due
205,299
123,279
73,140
Advs.
'
acceptances
Notes pay.
9,779
1,726,079
on
accrued expenses
336,910
2,054,697
stamps........
2,914
Inventories......
1936
Notes pay., banks
433,785
2,135,823
inventories
Cigar
1937
Trade
676.879
Acer. int. receiv..
Liabilities—
Total leaf tobacco
537,209
Value of life insur.
Accts. payable and
.$205,852
Liabilities—
$377,528
payable
(net).
customers
Comparative Balance Sheet Dec. 31
.
1936
$553,375
Notes & accts. rec.
depreciation and amortization on buildings, machinery and equip¬
ment of $61,376 in 1937, $60,451 in 1936, $60,580 in 1935 and $54,308 in
1934.
y includes $7,600, Federal surtax on undistributed profits.
Assets—
1937
Cash.
After
Cash
4~lb~629
Common dividends
out¬
standing (par $10)
x
Preferred dividends
x
Common dividends
Shares
$1,396,579
$2,175,673
9,661
of
profit on sales
used trucks......
Hudson Co.
Miller.
1934
$8,209,955
6,813,376
$1,799,166
Gross
the coal company is a little better.
J. H. Nuelle, F. W. Leamy, Thomas
p.
1935
$9,956,672
8,412,634
Other income.
Another stockholder wanted to know
in diversion of the coal company's
Mr. Leamy replied in the negative.
The railroad's traffic is now about 35% below 1937, but the business of
Davies,
1938
$1,808,827
pany is still meeting its obligations.
whether a receiversnip would result
traffic to other roads.
William H.
1936
$13,405,822 $14,435,591
11,606,656
12,259,919
Cost of sales
14,
-Earnings—
1937
Calendar Years—
Gross sales
a
Coal Co., of which he is Vice-President, would destroy the Delaware &
Hudson's equity in that company.
Mr. Leamy replied that tne coal com¬
the Delaware &
May
to
management and staff
for preceding year
Profit
267,358
&
loss
$54,311
mine
surplus,
Dec. 31
After
deduction of Dominion Govt, gold tax of $504,365.
b After
of Dominion Govt, gold tax and mint
charges of $346,202.
After deducting mint
charges of $80,778. p Profit.
a
deduction
135,000
Earnings
y
135,000
$4.05
per share
On 2d preferred and
135,000
$4.49
$2.88
135,000
$2.36
c
common stocks.
Balance Sheet Dec. 31
1937
Consolidated Balance Sheet Nov. 30
1937
c
1936
$
Assets—
$
Plant, equip., &c 3,518,852
1937
Liabilities—
Investments
202,299
3,357,426
213,809
Cash
865,373
989,039
135,953
Accts. receivable..
132,572
1,940,375
1.966,395
7% cum. prel. stk.
Accts. payable, &c
Notes payable
Inventories
4,230,586
3,439,705
Prov.
344,953
315,095
Notes receivable..
Prepaid
exps.,
&c.
Assets—
a
CI. A
$
1936
S
10,417,421
b CI. B com. stock
1,333,333
894,000
894,000
Cash
551,472
677,573
Accounts
1,900,000
900,000
for
Federal
Income tax
Investments
terest
107,704
129,674
186,405
11,235,011
7,000,000
3,026,979
Accounts payable.
89,247
125,119
4,018,124
Salaries and wages
71,659
75,754
728,593
Dividends payable 1,946,668
746,782
361,102
1,506,353
payable
Prov.
for
silicosis
assessments
62,031
74,091
386,860
299,997
9,335
9,428
186,405
2,756,689
Total
7,000,000
in¬
10,417.421
Deferred charges..
$
Capital stock...
424,487
receivable
1936
$
y
1,703,181
and
1937
Liabilities—
$
7,577,284
6,158,829
Bullion..
Inventories
2,722,351
1936
7,622,408
fund..
assur.
3,539,746
1,333,333
a
Represented by 95,000 shares of no par value,
b Represented by
40,000 shares of no par value,
c After depreciation of $3,164,254 in 1937
and $3,079,189 in 1936.—V. 146 p. 3010.
Div.
3,539,745
Surplus
11,235,011
Property acct
stock
com
Res. for conting
Total
x
$
22,483
Accrued Income &
other taxes
Unclaimed divs
973,334
Total.
x
After
16.367,132
depreciation.
16,873,360
y
73,644
4,943,912
Surplus
no par
79,831
Reserves
1,507,221
5,087,897
2,768,346
16.367,132
16,873,360
Total
Represented
shares.—V. 146, p. 2847.
by
973,334
(953,334
in
1936)
Financial
Dixie-Vortex Co.—Smaller Common Dividend—
share on the common
payable July 1 to holders of record June 10.
Previously regular
quarterly dividends of 37H cents per share were distributed.
In addition,
an
extra dividend of 50 cents per share was paid on Dec.
15, last.—V.
Northrop Corp.
3183
Chronicle
Volume
146
parent company in preparing this profit and loss statement.
of The Northrop Corp. from Dec. 1, 1936 to March 31,
Directors have declared a dividend of 25 cents per
stock
146,
p.
Paper Co., Ltd. (& Subs.)—Earnings—
$600,275
257,873
Deprec. & depletion....
259,223
1934
1935
1936
1937
Calendar Years—
Profits for year
Int. on 1st mtge. bonds.
Int. on 10-year notes—
Assets—
205",993
147,891
103,943
Accounts
Cash val. of life insurance.
$529
$59,184
$40,856
Balance, surplus
16,006
25.136
Accts. pay.
450,600
542,708
liabilities
793,181
553,504
Bank loans
689,206
Accts. receivable..
Inventory
Adv.
on
wood oper.
353,039
Accrued
Deterred
1st
11,679,392 10,890,281
charges..
57,525
27,784
bonds..
mtge.
39,035
82,300
6.584,000
6,584,000
Deprec. reserve—
11,076
12,875
2,107,860
reserve.
Capital
a
Represented
oy
.13,685,912 12.392,454
Total
253,484 shares class A stock, no par, and
144, p. 3330.
123,088 shares
class B stock, no par.—V.
Douglas Aircraft Co., Inc.—Annual Report—
depreciation, previsions for Federal income, excess-profits, and undis¬
tributed-profits taxes, and after aeducting extraordinary write-off of
experimental cost amounting to $789,530. This is equivalent to $1.90 per
snare for 1937 as compared with $1.75 for 1936, based on the total number
of shares outstanding at the end of each fiscal year.
Net sales during the year ended Nov. 30, 1937, amounted to $20,950,361
and spare parts. The following is a summary
Commercial transports (four types
$6,049,348
515,399
11,365,036
131,100
180 planes)
and 107 planes)
Foreign military (two types and two planes)
Total
$18,060,885
-
Douglas type transports.
Dining the year company delivered 104
2,824,425
5,824
&
commis¬
469,452
sions payable
138,395
Federal taxes on Inc.
322,276
757,784
164,277
(est.)...
Reserves
4,360,104
3,783,131
2,593,688
Capital stock
a
Capital surplus.
Earned surplus
1,404,458
Total.
..$19,314,1261
Represented by 570,680
no par
..$19,314,126
Total
shares.—V. 146,
Dominion Rubber Co., Ltd.—To
2848.
p.
Increase Capital—
Company notified Montreal Stock Exchange that a special meeting of
May 25 to consider a by-law passed by the direc¬
tors to increase the capital stock by creation of 152,220 additional no-par
common shares.
The shares, upon ratification of the by-law, are to be
allotted and issued at a price not exceeding $25 per share or equivalent
consideration or for such greater consideration as the directors may fix.
—V. 146, p. 3011.
The
has delivered during the four years ended Nov 30, 1937 , 263
DC-2, DC-3 and DST airplanes.
Of this total, the records show that 240
still in service. It is estimated that to Nov. 30, 1937, the total number
company
Ry.—Committee—
May 4, upon application, au¬
H. Fox to serve
as a protective committee for holders of the first mortgage 5% gold bonds,
due Jan. 1, 1937.—V. 146, p. 3011, 2848.
on
thorized John R. Hattstaedt, John R. Maher and Charles
Dunham Candies, Inc.—Stock Ban
Sustained—
Director Backus of the Securities Division of the Department of Public
Utilities has handed down an order sustaining his finding of March 21 last,
which forbade the sale in Massachusetts of securities or the company.
A
hearing was held by the Director on an appeal by the company from the
Directors' order.
The company stated that there were no sales of the
stock and none were contemplated.
In his order the Director says: "The
order of March 21,1938, being consistent with the finding, I see no reason
for its revocation."
1935
1934
17,333
$888,271
23,526
$1,011,045
2,581
$1,119,758
x33,230
$949,110
$911,797
$1,013,626
$1,152,988
923,361
7,107
849,446
6,868
1,067,399
8,134
1,306,764
14,715
64,662
78,031
2,326
130,807
299,129
y5,205
$51,225
$24,876
$192,714
$467,620
1936
1937
Calendar Years—
$931,777
Total sales
United States Army Air Corps (four types and
United States Navy (three types and 14 planes)
payroll
Accrued taxes.
The Interstate Commerce Commission
1937 was an important year in the history of the company.
It was marked by a tremendous growth of business, a rapid expansion of
the company's activities and influence in the industry, and by the rise and
solution of several vital problems—new and old.
The
year also
witnessed new development and engineering carried
forward, in anticipation of future needs and opportunities, furtner than
ever before.
Consolidated net earnings for the fiscal year ended Nov. 30, 1937,
amounted to $1,081,513 after deduction of all charges, including interest,
year
303 planes of 13 different types
of plane deliveries only:
$5,230,000
1,495,021
banks.....
payable (trade)
Accrued
Duluth South Shore & Atlantic
Donald W. Douglas, President, says in part:
The
Accts.
stockholders will be held
40,856
Surplus
12.392.454
2,990,347
2,107,860
Insurance
17,710
9,049
Deferred charges
a
727,500
a
.........13,685.912
351,800
3,146,288
174.056
....
Intangibles
130~358
5M% notes
10-yr.
Total
224,235
377.973
560.000
Notes payable to
Deps. ree'd on contracts
Sundry receivs., advs., &c
Prop., plant & equip, (net)..
& accr.
interest._
17,052
Due from officers & em pi's
$
Bank overdraft...
Prop. & plant
Government....
1936
$
Liabilities—
$
$
Assets—
Cash
_.
Disputed claims against U. S.
1937
1936
1937
12,240,569
62,735
Domestic corporation bonds.
Consolidated Balance Sheet Dec. 31
TAnhililififi-
-
$1,420,560
1,137,686
receiv.—(trade)
Inventories....
9,000
Prov. for income taxes._
;
Cash
33,323
1937
Consolidated Balance Sheet, Nov. 30,
$206,522
$207,075
$285,003
181,060
Operating loss
1937, $60,683;
operating profit of The Northiop Corp. from April 1, 1937 to Aug. 31, 1937,
$179,174; net profit, $118,491. b In Northrop Corp. over book value thereof
at date of acquisition (computed at $45 per share of Douglas stock issued to
acquire the minority interest).
c Credit
to be made to surplus as the
relateu products are delivered, at which time profit and loss of tne period
in which delivery occurs will be charged.
2534.
Donnacona
shown below have been consolidated with those of the
as
Other income
Total income
of sales,
admin.,
selling & gen. expenses
Depreciation
Loss on oper. leaseholds,
Cost
&c_
Prov. for Federal taxes.
_
were
of
Net
amounted
x
flying hours were 745,000 and that the daily passenger-miles flown
to 3,389,400.
These planes were purchased direct from the
company by 30 separate customers operating in approximately 18 different
countries and on five continents.
At Nov. 30, 1937, the back-log of orders amounted to $31,256,497 (not
$20,228,231
5,434,818
United States Army
United States Navy
Commercial—Domestic
2,034,429
Commercial—Foreign
2,045,593
Foreign Military
1,513,424
(Feb. 17, 1938) is approximately $28,300,000.
In the year 1937 the company did not obtain any new funds through
financing. The increase in the number cf shares outstanding from 560,880
at Nov. 30, 1936, to 570,683 shares a year later is accounted for by the
issuance of stock in exchange for 49% of The Northrop Corp. stock.
New
funds required were obtained almost entirely from bank loans which
amounted to $5,230,000 at Nov. 30, 1937.
The number of stockholders increased from approximately 4,342 at
Nov. 30, 1936, to approximately 5,453 at Nov. 30, 1937.
The current back-log
Income Account
Net sales
Cost of goods
for Year Ended Nov. 30, 1937 (Intl. Subs.)
sold, exclusive of depreciaton..
Selling and administrative expenses,
787,694
exel. of depreciation
Operating profit
Experimental costs written off
Other deductions from income
$2,519,978
789,530
Net profit
Other income
$1,597,648
92,342
132,799
-
-
Profit before depreciation
$1,689,991
136,434
229,135
272,643
-
Provision for depreciation
Federal normal income tax
Federal surtax on
(estimated)
undistributed profits (estimated)
securities.
undistributed profits.
y
Including $3,707
pro-
Consolidated Balance Sheet Dec. 31
1936
1937
Liabilities—
1936
1937
$186,158
$290,361
Accounts payable-
Accts. & notes rec.
132,243
139,446
Accrued charges..
Inventories
Cash....
$144,431
$120,076
10,383
249,130
235,124
Notes payable
94,326
79,179
Reserve for taxes.
5,205
Fixtures &
equip..
41,390
47,400
Deferred
Deferred charges..
12,191
11,670
1
1
5,921
24,999
2,326
8,333
Investments
........
2,771
liability.
145,866
145,866
Capital surplus
2,036,407
2,036,407
Earned deficit
Goodwill
Capital stock...
x
y
x
950,217
Dr0O9,327
$715,439
$803,181
Total
$803,181
$715,439
Total
1,001,504
Cap. stk. purch. Dr609,327
Represented by 145,866 shares of $1 par.
145, p. 1583.
y
Represented by 16,545
shares at cost.—V.
Duquesne Light Co.—Change in
Collateral—
The Union Trust Co. of Pittsburgh as trustee
$20,950,361
17,642,689
—
vision for Federal surtax on
Assets—
comprising the following:
including miscellaneous spare parts orders)
loss
Includes $26,634 profit on sale of
under first mortgage and
supplemental indenture dated June 1,
1935, securing first mortgage 3H% bonds, has notified the New York
Stock Exchange that the following changes have taken place in the col¬
deed of trust, dated April 1,1927, and
lateral held under said first mortgage and deed
Dec. 31, 1937: Payment of $65,000 made on
of trust:
account of principal of
Equitable Real Estate Co. 6% serial gold bonds, leaving an unpaid balance
of $1,675,000.
Jan. 20,1938: Promissory note of Harwick Coal & Coke Co. in the amount
of $68,750, dated Jan. 20, 1938, due Jan. 10,1939, received in exchange for
note of Harwick Coal & Coke Co. in a like amount dated Jan. 20, 1938.
The trustee has also advised the Exchange that 2,700 shares of capital
stock of Equitable Auto Co. heretofore deposited under the mortgage has
been returned to the Duquesne Light Co.—V. 146, p. 3011.
Eastern Air
Lines, Inc.—Stock Qualified—
has been qualified for sale in Massa¬
Division of the Department of Public Utilities.
The common stock of the company
$1,051,778
Profit
a
stock of sub. (now merged with the com¬
pany) held by the min int. during part of the period
chusetts with the Securities
2848.
—V. 146, p.
Loss applic. to cap.
29,735
Eitingon Schild Co., Inc. (&
Surplus Account
.
$4,156,985
stock acquired
b Excess paid during current
period for minority interest.
....
Earned
373,759
surplus—Balance, Nov. 30, 1936:
$548,309
$1,210,511
$104,083
$1,432,345
Expenses
590,959
552",038
521,167
409,806
1,094,446
Loss
$42,650
354,472
a$658,473
116,624
$417,084
215,260
$71,907
142,356
$311,822
16,044
23,500
$775,097
16,380
34,822
b$201,824
19,868
56,991
$70,449
28,803
75,986
370,265
20,120
144,767
33,592
153,278
28,737
261,769
85,532
"T.936
14,622
24,307
140,937
55,652
57,155
Partic. or Fur Cos. Syn¬
Inc..
Total income
$2,241,013
worth of Northop Corp.
representing accumulated earnings to Nov. 30,1936.
Bond disct. & expense..
Interest on
100,932
Other
int.
debenturesand financial
_
charges
Total
Consol.net profit for the year ended Nov. 30,
Res. for conting. of sub. returned to surplus
Portion of proceeds
$2,341,945
1,081,513
6,677
1937...
from sale of treas. stock (equal to cost
purchase was made)
Provision for bad acc'ts.
Net loss on gold
bullion
operations
Other
thereof, which cost was charged to earned surplus when the
charges
Depreciation
-
24".153
22,029
$142,260
35,658
a$521,570
$499,630
6,714
$635,383
11.395
$106,602
532,924
a$532,966
eor45,189
$492,916
22,521
$366,838
-
—
171
Loss from
Total
1934
$7,506,180
6,073,835
$3,783,131
:
Douglas Aircraft Co.,Inc
Company's proportion (51%) of net
1935
$5,569,689
5,465,606
Other income
Balance, Nov. 30, 1937
30 '36
$9,789,474
8,578,963
Gross profit
$4,157,029
139
Total
Nov.
$10,758,117
10,209,808
Cost of sales, &c
dicate,
Cost of three shares of treasury
Subs.)—Earnings—
11 Mos.End —Years Ended Dec. 31—
43
1
facturers' Aircraft Assn.
30
Nov.
Sales...
Capital surplus: Bal., Nov. 30, 1936
Proceeds from sale of treas. stock in excess of cost thereof.
Nominal amt. set up for value of one sh. of stk. in Manu¬
End.
'37
Years
$1,081,513
Consolidated net profit
$3,430,307
-
improves, abandoned prior to
Dec. 1, 1936 and not reported for accounting purposes until
operations.
Special credits
268,545
Book value of bldgs. and prop,
after that date
c
Loss
26,601
Prov. to reduce to estimated recoverable value the amount
included in work in process in respect of a contract on which
a loss is expected
Special charges
Special contingency res.
wholly-owned
previously consol
Cr300,000
554,013
subs,
Drl 1,892
"
liability in excess of that charged
against profit and loss
The entire minority
Douglas Aircraft Co.,
$2,593,688
interest in The Northrop Corp.
Inc. on April 5,
1937.
~Dr56
Dr 134", 987
Drl,492
c$639,582
$443,168
c$228,822
256,005
—
Balance, Nov. 30,1937
a
d Prov. for inc. taxes—
Bal. transf. to surplus
Prov. for possible inc. tax
was
83,546
300,000
Net loss of
acquired by
Operating results of The
a
Profit,
b Loss,
c
Deficit,
d Of subsidiary companies,
wholly owned subsidiaries $37,019, and
$8,170.
e
c$750,384
Net profit of
dividend declared on investment,
Financial
3184
Consolidated. Balance Sheet Nov. 30
1937
Assets—
$172,079
Cash
Cash held to secure collection of notes and acc ts
124,728
and
acceptances
—
402,312
Due from factors
161.041
Notes, trade accepts. & acc'ts rec , less reserve..
a Surrender value of life insurance policies
184,548
1,916,714
Merchandise inventories
1.027,568
Advances on and participation in joint ventures..
156.459
Advances on consigned goods
...
1,443
Advances for purchase of merchandise
Due from Fur Cos. Syndicate, Inc..
11.230
Due from affiliated company
21,260
Other investments.
363,036
Land, bidgs. & equip, at cost, less res. for deprec..
1936
$511,818
127.899
106,884
330,786
26,336
882,435
150.736
183.704
9.860
461,476
383.699
95,853
87.172
Deferred charges
55.165
in escrow
2,496,664
2.500.850
$7,258,418
Total.
$5,772,337
Liabilities—
Loans
Notes
payable to banks
payable (bank)
$150,000
1,996,327
43,999
215,895
222,755
199,042
...—
Notes payable (others)
Accounts payable (trade)
Other
payable
accounts
Accrued interest, taxes and other expense
Due to officers
Due stockholder
Reserve
$77,516
41,910
284,466
15,901
180,000
73,612
759,525
69,201
380,41
Mortgages payable
Five year debentures
497,230
—
...
46Y.655
15,902
1,988,221
2,088,447
804,745
15,860
available to Electric Power & Light Corp. for its general corporate purposes.
If the income from such securities is not sufficient to meet the debt service,
1,988,330
2,235,280
165,163
the company is required to provide the necessary amount.
In no year
since 1918 have the earnings on the collateral failed to exceed substantially
the present requirements of the company with respect to the assumed bonds.
$7,258,418
Ad vs. sec.
$5,772,337
by depos. in escrow of debs.
Deferred income—.—
b Capital stock
„
i
Capital surplus
Operating deficit.....
Total
r
b Represented by 397,645 no-par shares In 1937 and 397,666
shares in 1936 at a stated value of $5 per share.—V.145, p. 606.
Eastern States
Statement of Income (Company Only)
Period End. Dec. 31—
no-par
trar
From subsidiaries
for
the
York has been appointed regis¬
and common stock of this corporation.—V. 146,
preferred
—
$685,309
$1,809,033
600
676
613
2,607
$601,771
70,066
387,500
Total.
a
Int.
$685,985
46,367
387,500
$1,809,646
215,344
1,550,000
$1,794,649
208,801
1,550.000
1937
9,744
38,974
$242,374
$910
$1,792,042
Power Securities
on
collateral
Corp.
1938
4
Exp.,i pel. taxes
on 5% gold debs
Int.
—
Easy Washing Machine Corp.—-Earnings—
3 Months Ended March 31—
Net loss
1937—12 Mos.—1936
$601,171
Other
Corp.—Registrar—
1072.
1937— 3 Mos.—1936
Gross income:
The Marine Midland Trust Co. of New
p.
1938
14,
Property—During 1937, the subsidiaries of company expended
in excess of $30,000,000 for extensions, betterments, improvements, prop¬
erty acquisition and development.
Rate Reductions—The rates for the retail electric and gas distribution
services supplied by company's subsidiaries are fixed, for the most part, by
public authorities.
In addition to rate reductions ordered by such authori¬
ties, the subsidiary companies, when they find it economically practicable
to do so, voluntarily reduce their rates to stimulate wider use of service.
To this end the managements of company's subsidiaries exert constant
efforts toward the operation of their respective properties at the lowest
cost consistent with safety and maintenance of equipment in condition to
render dependable service.
As a result of reductions put into effect during
1937, it is estimated that customers of such subsidiaries will save approxi¬
mately $515,000 each year on electric service and $1,465,000 each year on
gas service based on the amount of service used in 1937.
Power Securities Corp.—Pursuant to a plan of liquidation for Power
Securities Corp., your corporation acquired on Dec. 8,1937, ail of the assets
of Power Securities Corp. upon surrendering all of the outstanding 2d
preferred and common stocks and assuming all of the liabilities of the latter.
The principal asset acquired was an interest in Idaho Power Co. consisting
of 3,030 shares of its 7% preferred stock and the entire amount of its common
stock outstanding (150,000 shares.)
These shares formerly were pledged
and still remain in the possession of the trustee as collateral security for the
collateral trust gold bonds, American 6% series, due June 1, 1949, of Power
Securities Corp.
The liability for the payment of the principal of, and
interest on these bonds (of which $1,196,200 principal amount was out¬
standing at Dec. 31, 1937), was assumed by the corporation.
It is expected
that the liability will be extinguished on Dec. 1. 1948, by action of a sinking
fund.
Under the terms of a supplemental trust agreement between Power
Securities Corp. and Bankers Trust Co., trustee, dated Nov. 26, 1937, it
is provided that any income from the 7 % preferred stock and common stock
of Idaho Co. shall be applied first to the interest and sinking fund require¬
ments on such bonds, and any excess above such reacquirements will be
Plant and
~
Company's own stock deposited
Assets in foreign countries
May
Chronicle
trust
$126,341 prof$176748
foldseries American
bonds,
%
Earnings per share
Nil
$0.34
x After depreciation, interest and taxes,
y On combined 518,615 no par
shares of class A & B stocks.—V. 146, p. 2364.
Amortiz.of debt discount
x
y
.
Securities
Inc.—Weekly Input—
Ebasco Services,
1937
'
Amount
114.772.000 *13,557.000
Electric P. &L. Corp... 45,961.000
50,738,000
*4,777,000
National P. & L. Co.... 72,004,000
82,626,000 *10,622,000
*
uted profits
%
Electric Boat Co. (&
Period End. Dec. 31—
1936
1935
1937—3 Mos.—1936
$7,889,643
6,858,476
$7,205,209
5,972,361
$4,730,664
4,153,507
$1,306,897
145,712
$1,031,167
56,568
$1,232,848
87,355
$577,157
39,785
$1,452,609
$1,087,735
4,780
$1,320,203
x3,491
252,362
73,466
22,039
$616,941
8.976
189,002
66,172
12,842
415,165
61,088
465,326
61,088
Net oper. revenues— $8,962,840
Rent for lease of plants
(net)
Operating profit—
Other income
Total income
—
Interest, discount, &c__
Depreciation
Inventory adjustments.
Uncollectible accounts.
Res. for guar,
_
4,920
241,789
238.705
124,067
6,752
986
under con¬
tract, Fed. taxes, &C-.
Amort. of development.
Loss on capital assets
517,610
56,604
Operating income
Other income
b Other inc. deductions,
Gross income
Int.
on
890
Net profit..
x
on cap.
$358,115
450,316
$508,870
451,636
stock
$434,264
$339,948
Net
1
731,883
1,739,006
goodwill
Investments
Cash
rec.
Inventories
1,851,434
1,592,561
3,533
Depos. In susp. bks
Deferred assets
182,972
Accounts payable.
1,707,704
1,348,640
Accrued
4,247
356.042
under
Res.
payroll..
for
.
Total
jDrl48,422
468,083
4,950
107,970
57,301
97,039
77.827
$2,308,915 $11,535,653
$9,544,081
$2,308,915 $11,535,653
$9,544,081
c
613
2.607
$2,309,591 $11,536,266
46,367
215,344
397,244
1,593,392
$9,546,688
208,801
1,588,974
$1,865,980
$9,727,530
$7,748,913
$142,930
$582,388
$558,920
$838,088
203,456
329,752
203,456
329,752
$2,380,646
70,066
Exp., incl. taxes.
Int. & other deductions.
contr.—
1,239,780
809,420
205,656
40,835
3,866.266
3.809,032
Bal.
earned
a
Incl.
surplus
prov.
of
subsidiaries.
Taxes of $14,855,452, charged to operations in 1937
equal to 13.6c. of each dollar of operating revenues, or, stated other¬
wise, were equal to more than 1.8 times the full annual dividend require¬
ments on all preferred stock of company's subsidiaries held by the public.
It is worthy of note that, while company received $1,809,033 from the
earnings of its operating subsidiaries, governmental bodies were exacting
$14,855,452 (more than 8 times as much) from these subsidiaries in the form
401,662
consol.
for Fed.
uted
profits
b Incl. prov. for Fed.
surtax on undistrib¬
uted profits
c
Corp.—Annual Report—
stock.
Government continues to take a growing proportion of the earnings
to
676
surtax on undistrib¬
$8,265,169 $7,553,065
$1,809,646, of which all but $613 was received from subsidiaries. Although
of company again decreased, taxes increased substantially
1936. Net income after expenses and taxes was sufficient to provide
for interest on all of its outstanding long term debt, amortization of debt
discount and expense, and to leave a small surplus.
No dividends were
paid on the $7 preferred stock, $6 preferred stock or 2d preferred stock,
series A, during the year.
The total undeclared cumulative dividends as ef
Dec. 31, 1937 amounted to $18,595,562, or $36.16 2-3 a share, on the $7
preferred stock: $7,918,237, or $31 a share, on the $6 preferred stock; and
$3,339,301, or $40.25 a share, on the 2d preferred stock, series A.
Net Equity in Income of Subsidiaries—-The net equity of corporation in
the income of its subsidiaries for the year 1937, as reflected in the comparative
statement of consolidated income, amounted to $11,535,653.
More than
61% of the net equity represents the amount accruing from United Gas
Oorp. and Its subsidiaries, no part of which was actually received by Electric
Power & Light Corp.
After making regular quarterly payments during
1937 totaling $7 a share, United Gas Oorp. had a dividend arrearage on
its $7 preferred stock amounting to $11,564,174 ($25.70 5-6 s share) at
Dec. 31,1937.
Until such time as this arrearage is eliminated no dividends
may be paid by United Gas Oorp. on its 2d preferred stock and common
carried
d
Incl. prov. for Fed.
surtax on undistrib¬
uted profits
Incl. non-recurring
chgs. for reorg.
exp.
Balance
1937
Assets—
Investments
2,538
2,668
of
certain subsidiaries.
over
985,603
$1,908,918
Total
the expenses
of taxes.
1,187,498
42,343
600
Joe H. Gill, President, says in part:
Income—The income received by company during the year 1937 totaled
were
$2,380,046
$2,380,046
After
your
$4,334,884 $20,644,017 $18,464,191
1,983.626
7,920,866
7,934,507
subsidiaries
1936.
Electric Power & Light
$4,409,382
1,972,035
Other income
depreciation reserve of $2,734,881 in 1937 and $2,498,931 in
b Represented by $3 par value shares,
c Represented by 47,274
shares of capital stock in 1937 and 49,474 in 1936 of which 2,200 shares
were reserved for employees at $6,600.—V. 145, p. 3195.
a
$8,219,745 $36,774,053 $33,951,360
3,233,135
12,813,894
12.203.831
535,523
2,730.736
2,110.057
6119,043
1.309,188
154,308
066,441
38,105
0103,103
Elec. Pow. 6c, Lt. Corp.—
Net equity of Elec. Pow.
& Lt. Corp. in inc. of
91,340
guaranty
Fed. taxes, &c_.
Earned surplus
$8,265,169 $7,553,065
.
490,280
747,435 Acer, salaries pay¬
able In cap. stk.
1,234.201
Accrued taxes
$8,806,809
3,159.545
531,873
726.198
020,189
equity
income of subsidiaries.
1936
Capital stock... $2,400,000 $2,400,000
Treasury stock.. Dr 141,822
Advances
Total
1937
b
c
75,389
Market, securs
Aocts. & notes
Liabilities—
1936
$2,154,794
3.097
$8,182,004 $36,965,898 $34,000,786
492,100
668,794
794,005
454,359
860,639
843.431
of Elec.
Pow. & Lt. Corp. in
Consolidated Balance Sheet Dec. 31
1937
Assets—
Plant & prop'ty.$2,088,390
Patent rights and
public
applic. to min.
626
2,658
$8,967,638
254,440
415,269
interests
Interest only.
a
_
Pref. divs. to
Portion
Divs.
long-term debt..
Other interest
d Other deductions
Int. chgd. to construe.
8,166
$8,184,662 $36,966,524 $34,003,883
Cr4,798
Balance
scrapped and sold
1937—12 Mos.—1936
Subsidiaries—
1934
$9,060,930
7,754,033
_.
$2,668
Operating revenues
$28,331,689 $26,743,562 $109,369,229 $96,739,231
a Oper. exp., incl. taxes.
15,415.442
14,687,417
57,789,625
50.848,453
Prop, retire. & depl. res.
appropriations
3,953,407
3,871,483
14,613.080
11,886.895
Subs.)—Earnings—
1937
Calendar Years—
$2,538
Comparative Statement of Consolidated Income
*11.8
*9.4
*12.9
Decrease.—V. 146, p. 3011.
Gross earnings
Costs and expenses
loss$3,126
for Fed.
surtax on undistrib¬
jXtictcclsc
1938
American P. & L. Co. —101,215,000
22
22
$130,043
Incl. prov.
38,974
bds.
Corp.
Net income
a
4,396
9,744
retired
For the week ended May 5, 1938 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power <fc Light Corp. and National Power & Light Co. as compared
with the corresponding week during 1937, was as follows:
Oyer. Subsidiaries of—
4,396
& exp. on gold debs...
Prem. & exp. on Power
$
418,505
Sheet Dec.
418,505
31
1936
1937
Liabilities—
$
184,692.312 182,802,245
Subscriber for $7
1,582
4,190,682
Special depsoits.
23,284
103,002
3,597,651
Deferred charges
1.500
1,500
32,090,000
' 27,982
762,321
31,000,000
.
4.004,029
Accts.
payable.
.
Accr'd accounts
31,249
3,636.625
24,940
688,391
b Mat. and accr
103,002
interest
c
Coll. trust bds
Reserve
Earned surplus.
Total
$
Long-term debt.
288,194
Accts. receivable
cap. stk.
1936
allotm't ctfs..
Cash in banks..
Reacq.
$
Capital stock .155,044,139 155,044,139
$7 preferred stk
a
pref. stk. allot.
certificate
(Company Only)
11,564
300,726
156,361
156.424
4,502,115
3.661.757
192,896,709 190,577,1511
Total.......192,896,709 190,577.151
Represented by: $7 pref. cum. (entitled upon liquidation to $100
share); pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 shares.
$6 pref. cum. (entitled upon liquidation to $100
a
share); pari passu with $7 pref., and $5 pref.; authorized 1,000,000
shares; issued and outstanding, 255,430 2-3 shares.
$5 pref. cum. (en¬
titled upon liquidation to $100
a.share); pari passu with $7 pref. and $6
pref.; authorized, 1,000,000 shares; issued, non.
2d pref., series A ($7),
cum. (entitled upon liquidation to
$100 a share): pari passu with 2d pref.
series AA ($7); authorized. 120,000shares; issued and
outstanding, 82,964
shares.
2d pref., series AA ($7) cum. (entitled upon
liquidation to $100 a
share); pari passu with 2d pref., series A ($7); authorized, 100,000 shares;
issued, none.
Common, authorized, 4.000,000 shares; issued, 3,422,089
a
a
Volume
Financial
146
b On Power Securities Corp. collateral trust gold bonds,
c Power
Securities Corp. collateral trust gold bonds called for redemption ($194,526)
shares,
Income Account
(Cont'd)Prem. & exp. on Power
$
Assets—
Net income
615,262,186
6,909,659
18,848,652
21,065,433
15,888,426
775,000
12,783,602
1,015,000
2,400,000
471,865
473,546
(on demand)...
Cash in banks (time deposits)..
Special deposits
1,894,095
457,550
9,889,206
262,783
12,030,744
bl81,132
Accts. receivable—Customers & misc. 11,815,301
Subscribers for $7 pref. stock allotment ctfs. of El. Pow. & Lt. Corp
Inventories
5,183,345
Prepayments
1,597,484
Miscellaneous current assets
458,940
10,995
1,582
418,711
4,530,334
4,665,483
252,021
354,273
6,619,458
882,194
16,537,877
675,929
19,231,142
717,962
716,786
....r.........726,977,977 700,731,742
683,806,663
155,044,139 155,044,139
117,329,400 118,125,300
5,002,684
5,901,065
155,044,139
118,132,300
4,497,875
_
248,421
Miscellaneous assets
Contra assets (contra)
Deferred charges.
108,421
14,064,050
Capital stock expense.——*
359,378
Reacquired capital stock
694,592
------
_
Electric Bond & Share Co.— Utility Committee—•
C. E.
Groesbeck, Chairman of board of Electric Bond & Share Co. and
Fogarty, President of North American Co. have made public a copy
on May 5 to W. O. Douglas, Chairman of the Securities and
Exchange Commission, outlining the formation of a committee of executives
to represent the utilities in various discussions with the SEC on the question
of the Public Utility Act of 1935.
The letter was sent following a conference of officials of 14 major public
utility holding companies and in order to expedite progress, these executives
choose the following as a committee to present their views to the Com¬
mission from time to time as this review proceeds:
P. L. Smith, President, Middle West Corp.; John E. Zimmermann,
Pres., United Gas Improvement Co.; Wendell L. Willkie, Pres., Common¬
wealth & Southern Corp.; C. E. Groesbeck, Chairman of the board, Electric
Bond & Share Co., and J. F. Fogarty, Pres., The North American Co.
of
a
letter sent
—V.
Total.—
Liabilities—
Capital stock
Subsidiaries preferred stocks
Subsidiaries
Capital
common
stock
stock
stocks.
subscribed—$7
allotment
ctfs.
of
5,903,905
pref.
Electric
Power & Light Corp.
Long-term debt.
,
1,500
1,500
10,900
259,207,932
2,530,091
374,108
47,175,000
412,225
130,714
279,946,598 279,879,279
3,709,497
2,736,574
224,051
232,966
29,035,687
26,582,382
Accounts payable.
Dividends declared—preferred
Notes payable
Contracts payable.:
Mtge. & deb. bonds of subs, currently
maturing
Pref. stocks called for redemption &
...
3,129,188
_
1,752,500
40,815
dividends thereon..
Matured long-term debt incl.
and interest
129,500
-
Long-term debt of subs. incl. premium
and interest called for redemption. 11,303,675
Customers' deposits
3,304,960
3,388,117
Reserves
Contributions in aid of construction.
Undeclared
cum.
3,096,214
9,118,563
86,938
3,532,414
675,929
235,852
40,070*342
173,507
_
divs. on pref. stocks
22,341.996
by public
of subsidiaries held
21,142,920
17,906,343
Min. int. in surplus (and deficits) and
in reserves (approp. from capital
764,249
10,871,074
Appropriated surplus..^
9,126,560
420,571
9,405,516
accrued
19,105,941
....
...
17,784,914
198,951
10,619,387
68,594
.726,977,977 700,731,742 683,806,663
Total.
The directors have declared an optional dividend of 44-1000 of a share of
stock (or $1.50 per share in cash) on account of accumulations on
common
the $6 optional cum. conv.
holders of record May 18.
Electric Storage Battery Co.
a
Includes fund accounts,
b Notes receivable only.
Note—The earnings appearing on page
3011 of "Chronicle" of May 7,
Light & Power Corp. belong under
this company's
title.
will amount to
(& Subs.)—Earnings—
1934
Calendar Years—
1937
1936
1935
..$27,057,213 $25,452,038 $21,527,333
manufacturing,
Gross sales
Cost
of
355,116
73,897
z428,706
346,427
241,000
$1,191,718
918,366
$1,641,464
953,847
$1,194,352
1,053,404
$1,100,948
903,456
$2,110,084
2,269,281
$2,595,310
2,496,195
$2,247,756
x3,176,953
$2,004,404
2,042,311
$159,197
12,629,901
193,271
.......
Net income....,
....
Balance, deficit—....
Previous surplus
Refund of excise taxes.
Profit on sale of sec. (net)
_
sur$99,115
12,714,414
$929,197
11,695,798
1,265,816
65,675
$37,907
11,884,415
...
196,127
..
$12,663,974 $13,008,656 $12,098,092 $11,846,508
100,709
118,721
167,144
128,755
Total surplus
Other adjustments
for
50,000
50,000
Pension fund
income
17,895,281
23,307,971
Special distrib. to empl's
Prov. for inc. taxes (est.)
Dividends
19,936,555
50,000
$19,237,229
25,510,379
oper. expenses, &c__.
Prov. for contingencies
add'l
Federal
taxes
406,000
17,500
Prov. for contingency
75,000
250,000
surplus..$12,073,331 $12,629,901 $11,854,371 $11,695,798
Profit & loss
Shs. combined pref. and
com. stocks outstand.
Earned per share
$2.32
Note— Depreciation
provided during the
807,810
$2.21
907,810
907,810
$2.86
907,810
$2.47
1935 of $907,702.
Includes special dividend paid during year
cludes $350 undistributed profits tax estimated.
x
under the head of Electric
payable June 1 to
pref. stock, no par value,
Accumulations after the payment of the current dividend
$9 per share.
See also V. 145, p. 3007.—V. 146, p. 1239.
Prov.
surplus) of subsidiaries (net)...
Deferred credit
Earned surplus (less amount
to minority interest)
Shareholdings Corp.—Accumulated Dividend—
Other income
------
114,011,647f 12,376,871
1
83,572
1,673,691
108,421
882,194
768,357
282,030
50,700,669
42,490,102
Deferred credits
2690.
p.
Balance.
625,214
Contra liabilities
146,
Electric
—
prem.
Accrued accounts
Miscellaneous current liabilities
Miscellaneous liabilities
$2,668
$2,538
J. F.
-
Notes and loans receivable
loss$22,200
■•■/.■■a
—---
United States Government securities.
Temporary cash investments
Incl. prov. for Fed.
surtax on undistrib¬
uted profits.
—V. 146, p. 3011.
$147,663
loss$33.435
$162,533
a
650,686,193 632,249,150
a7,527,789
5,801,811
Plant, property, franchises, &c
Investments (securities)
Cash in banks
1935
S
1936
$
146
146
retired
Consolidated Balance Sheet Dec. 31
1937
1938—12 Mos.—1937
1938—3 Mos.—1937
Securities Corp. bonds
callable within 12 months ($106,200).
.
3185
Chronicle
z
In¬
$814,632 and $872,075 has been
1937 and 1936 respectively.
in the amount of
years
Consolidated Balance Sheet Dec. 31
Comparative Statement of Consolidated Income (Co. and Subs.)
Period End. Feb. 28—
1938—3 Afos.—1937
1938—12 Mos.—1937
Subsidiaries
■
••
Operating revenues
$28,932,290 $28,948,900
a Oper. exp., incl. taxes.
15,602,491
15,135,265
Prop, retire. & depl. res.
appropriations4,054,954
4,004,204
Net oper. revenues...
Rent from lease of plants
$9,274,845
Drl,329
(net)...
$109,086,400 $99,028,038
58,474,310 51,999,236
Preferred stock..
14,960,991
12,622,708
and equipment-
9,198,569
2
Pats., tr.-mks., &o
Cash..
2,944,141
Bills & accts. rec..
$9,273,516
Operating income
98,792
413,356
b Other inc. deductions.
Gross income
.
$8,958,952
230
8,108,610
147,192
1,297,933
547,361
186,949
1,350.698
577,648
48,514
48,514
$9,807,333 $35,651,754 $34,406,324
167,408
671.754
792.709
456,285
876,387
845,637
3,235,445
12,837,968
1,998,044
1,406,335
2,538,702
623,361
Cr47,121
Crl02,675
Cr71,082
1,971.618
$2,838,973
applic.
interests
Net
P.
to
$5,634,491 $19,307,449 $18,841,642
1,983,626
7,912,861
7,934.507
$3,650,865 $11,394,588 $10,907,135
>
87,760
496,994
505,481
equity of Electric
L. Corp. in inc.
1,015,224
(non-current)
—
Other investments
Insur. fund securs.
38,684,258 38,713,122
Total
$3,145,384 $10,897,594
$9,891,911
Elec. Pow. & Lt. Corp—
$2,751,213
611
$3,145,384 $10,897,594
613
611
$9,891,911
2,211
$3,145,997 $10,898,205
$9,894,122
Expenses, incl. taxes..
67,754
67,372
199,935
228,688
Int. & other deductions-
413,713
397,243
1,605,443
1,588,974
Bal. carried to consol.
earned surplus
Incl. prov. for
$2,270,357
$2,681,382
$9,092,827
$8,076,460
$169,330
$698,022
$476,686
$1,008,522
203.456
profits.
for Fed.
Operating
Operating
revenues
1937
1936
1935
1934
$21,340,188 $19,119,317 $14,202,771 $10,289,152
14,919,847 13,118,928 10,123,781
8,344,359
1,408,686
1,333,391
1,135,238
886,938
$5,011,655
1,288,384
Operating income
Equipment rents
$3,723,271
168,570
$4,080,304
121,863
$2,870,358
75,953
$661,634
62,397
$4,202,167
2,552,655
$2,946,311
1,826,831
$724,031
1,113,090
$1,498,921
284,090
9,732,852
$1,649,512
690,218
9,245,909
$1,119,480
34,368
8,121,947
x$389,059
50,092
8,480,715
surplus———$11,515,863 $11,585,639
1,168,133
1,852,787
$9,275,795
$8,141,748
29.886
19,801
$9,732,852
$9,245,909
$8,121,947
Deductions
Net income
Other credits
Previous surplus
329,752
203,456
Profit & loss
—
surplus..$10,347,730
329,752
x
uted profits
Incl. prov. for
Deficit.
Balance Sheet Dec. 31
uted profits
Incl.
non-recurring
chgs. for reorg. exp.
2,668
2,538
*
Statement
Gross income:
From subsidiaries
$
Prop, investment.36,609,327
Leaseholds invest. 4,000,000
surtax on undistrib-
Period End. Feb. 28—
1937
Assets—
Fed.
ofcertainsubsidiars.
4,000,000
Other
$430,567
613
$1,952,430
611
$1,793,251
2,211
Total
$644,000
$431,180
$1,953,041
$1,795,462
67,754
67,372
199,935
228,688
156,004
301,795
Int. & divs. rec—
4,313
Int. on 5%
gold dbs
Securities
$363,808
387,500
$1,753,106
1,550,000
$1,566,774
1,550,000
Int. on Power
Corp. coll. trust
bonds, American
gold
Traffic A
car
16,323
16,323
of
& exp. on
debt
&
car
—
ser¬
other cos.
ser¬
786,428
Misc. accts. pay..
212,928
302,060
14,508
17,525
187,875
398,911
109,870
361,374
Unadjusted liabils. 8,879,850
8,974,661
wages
Unmatured int.
47,503
133,804
289,153
169,011
Mat'ls & supplies.
1,020,775
from other cos—
payable.. 2,153,000
Matured int. accr.
4,313
33,439
Net bal.
Traffic
rents
&
accrued—
Other curr. liabils.
due from
cond'rs
136,449
1,049,503
Other curr. assets.
15,635
Deferred assets—
141,470
Unadjusted debits
218,204
262
8,965
606,868
Deferred liabilities
811,334
116,299
Add'ns to property
57,983
58,046
...10,347,730
9,732,852
through Income.
Profit
&
plus
loss
sur¬
6%
series
Amortiz.
2,878,982
Audited accts. and
Special deposits—
15,185
1,012,587
1,909,566
3,051,234
Misc. accts. rec...
$576,246
387,500
15,185
2,742,597
...
deposits
agents &
and other deductions.
of
aid
construction
vice balance due
vice balance due
Net income before Int.
in
Grants
120,245
623,142
Demand loans &
1938—12 Mos.—1937
1936
8
Capital stock—..10,000,000 10,000,000
Funded debt
13,400,067 10,865,000
625,051
834,514
Cash
of Income (Company Only)
1938—3 Mos.—1937
$
Liabilities-—
8
90,184
Corp....
...
Other investments
423.721
231.992
1937
1936
32,766,913
Adv. to RR.Credit
$643,389
611
Exp., incl. taxes
$1,057,855
396,221
$3,891,841
2,392,920
Net railway income..
Other income
Total
$2,943,752
73,394
$4,666,998
586,694
undistrib¬
surtax on
a
38,684.258 38,713,122
Elgin Joliet & Eastern Ry.—Earnings—
b Incl. prov.
d
Total
Other debits
Fed.
surtax on undistrib¬
uted
759,853
.nfter allowance for
.
$2,751,824
Total.
z400,500
12 ,073,331 12.629,901
depreciation of $17,099,715 in 1937 and $18,080,383
y Common stock outstanding, 906,5o4 shares no par value, after
deducting 4,000 shares held in treasury at $100,000.
z Includes undis¬
tributed profits taxes.—V. 146, p. 2848.
x
Gross income
c
874,000
893,424
(est.)
Surplus
in 1936.
expenses....
Tax accruals..
.
$2,751,213
Net equity of Elec. P. &
L. Corp. in inc. of subs
Other income
a
tax
Reserves——
&
of subsidiaries
c
139,863
Notes & accts. rec.
Calendar Years—
min.
——
450,648
12,420,773
538,708
156,933
$4,810,591
Balance
Portion
$9,518,456 $35,447,121 $34,353,396
526,513
public
y
6,206,672
655
Dr2,098
Crl9,416
Balance.
Pref. divs. to
Accrd. Fed. Income
10,364,738
504,346
Other interest
d Other deductions
Int. chgd. to construe
2,314,409
2
Ind.,ry.&utll. bds. 9,912,039
Other curr. assets.
156,010
3,136,918
long-term debt..
on
3,747,424
4,194,344
$9,809,431 $35,651,099 $34,406,094
Deferred accounts.
Int.
•
31,400
31,400
.
Common stock..23 ,484,692 23,484,692
809,953
702.886
Accounts payable563,785
576,329
Accrued accounts.
33,038
Other curr. liabils.
48.195
9,131,214
4,294,927
U. S. obligations— 1,688,984
Can. Govt, secur.
339,976
Inventories
Other income.
$
$
Liabilities—
*
xReal estate, plant
•.*«.« ■ •
1936
1937
1936
1937
Assets—
Total
disc.
gold debs...
9,744
9,743
38,974
38,974
-V. 146, p.
46,790,494 44,919,746
2849.
Total
46,790,494 44,919,746-
Financial
3186
EI Paso Electric Co.
'.
_
.
_
_
98,414
16,502
27 249
1,215,221
168,096
.327,739
1,232,744
181,1.50
$80,201
Dr 6,579
$1,183,604
$996,180
£>rl,049
$73,621
36.130
$1,155,362
2,083
(public)
Interest (El Paso Elec.
Co., Del.)
Int. & amort iz.
$2,710,407
$79,375
36,272
Non-oper. income (net).
$2,894,660
$87,136
Dr7,761
.
Net oper. revenues—
$222,367
98 417
13 161
.28 628
Maintenance
Taxes.....
indebtedness of the company.
1938—12 Mos.—1937
$227\343
Operating revenues
Operation
300,332
Dr28,242
438,988
$995,131
434,343
:
2,083
25,000
25,000
$41,019
$35,408
Appropriations for retirement reserve
Preferred dividend requirements (public)
$691,374
335,753
46,710
$535,787
307,050
46,710
applicable to EI Paso Elec. Co. (Del.)
Earnings of El Paso Electric Co. (Texas)..
$308,911
308,911
25,000
$182,027
182,027
25,000
Balance
of $5,300,000.
Other bids for
Note interest deducted from above
earnings.....
Earnings of other subsidiary companies
to El Paso Electric Co. (Del.)..
"■
■
Total.
applicable
80,042
80,042
«
...
88,876
$413,953
24,430
Expenses and taxes............
/;-
Balance for common dividends and surplus
$389,523
182,972
$269,468
182,972
$86,496
a No
provision has been made for the Federal surtax on undistributed
profits for 1938 since any liability for such tax cannot be determined until
the end of the year.
Note—Effective Jan.
,
,
$29,285,908 $25,235,304 $25,681,225 $23,205,241
4,300,589
3,664,867
3,930,241
4,099,319
$33,586,497 $28,900,171 $29,611,466 $27,304,559
11,865,292
11.719,491
10,236,871
10,363,423
Amort, of bond discount
879,717
960,665
1,029,501
1,172,112
Prov. for income tax
al,700.800
a946,950
297,951
343,340
Total earnings
Interest charges
Federal
and
State
-
0568,143
0500,013
$2,306,115
0925,091
$5,269,748
$2,461,190
1937
1936
Total
line
Invent,
of
rec.
9,696,370
5,291,295
12,201,345
5,512,867
4,860,000
8,604,637
taxes,
4,559,226
1,623,804
1,963,244
243,113
427,325
612,581
2,227,108
1,118,462
Due to parent co
cos.
Accpts. receiv,.
789,206
5,536,698
90,379,068
69,586
87,055,980
(non-current). 13,216,741
14,803,536
Cast's' deposits.
accts.
4,498,946
534,340
Mat'ls & suppl's
468,985
in
tracts payable
Notes
14,599
—
&
price chge.res.
143,720
85,277,274
512,899,481
489,347.679
4,913,442
512,899,481
89,711,959
Total
3,937,484
806,538
1,317,032
22,282,631
489,347,679
reserves..
Min. stockhldrs.
int.lnsub.cos.
debt
Other def.chges.
.Total
529,846
Represented by 750,000 no par shares.—V. 145, p. 2545.
Erie
The
RR.—Appointment of Trustees Approved—
Commerce Commission
Interstate
ments of Charles E. Denney and John A.
of the Erie company.—V. 146, p. 3012.
Eureka Mining & Milling
on May 2 ratified the appoint¬
Hadden as trustees of the property
Co.—Registration Withdrawn—
Eureka Vacuum Cleaner
146,
p.
on
y
1936
$82,913
1935
$68,994
240,395
$0.25
240,545
$0.34
240,595
$0.29
profits,
y
After taxes, depreciation,
$14,376
18,122
4,378
11,613
123
127
...
_
.
surtax,
$92,969
10,013
3,217
Net loss.
for
1937
$4,745
Operating profit
Depreciation of plant and equipment.
on serial gold notes
deduction
~
1938
Miscellaneous credits (net)
Estimated Federal income taxes
Fairchild Aviation
After
1936
4,781
93
xl0,300
$8,358 prof$60,292
$1,925
manufacturing, selling,
administrative and idle plant expenses and provision for bad debts j but
before charging depreciation of plant and equipment.—V. 146, p. 3012.
y
charging
Corp.-—Backlog Rises-
Corporation announced that unfilled orders as of March 31, 1938, were
as against $1,147,502 a year ago, and $1,363,738 as of Dec. 31,
1937, increases respectively of 34.6% and 1577%.—V. 146, p. 2535.
$1,544,191,
Fall
River
Electric
Awarded to First Boston
Light
Co.—$2,000,000 Bond Issue
Corp.—
Close bidding by a large number of investment firms featured the sale
May
which
11
of $2,000,000 first mortgage bonds, series A, due May 1, 1968
awarded to The First Boston Corp. on its bid of 102.10 for
were
3M% bonds.
The winning bid represented an interest cost basis to the company of
only 3.0182%, believed to constitute a new low effective rate for 30-year
corporate money.
The second bid, for 3 Ms, represented an interest cost
basis of 3-025% and the third best an interest cost of 3.0329%.
Proceeds of the present issue will be used by the company to retire on or
before July 1, 1938 the $2,000,000 first mortgage 5% bonds now outstand¬
ing, by redemption at 106.
Following this retirement, the present issue of
Corp.—To Purchase Pre}. Stock
The Securities and Exchange Commission on May 6 approved the acquisi¬
tion
by the corporation of 5,000 shares of $6 cumulative 2d preference stock
Virginia Water Service Co., a subsidiary.
The stock will be
for $300,000 payable in an initial instalment of $100,000 and
eight subsequent instalments of $25,000 each.
The Commission also
declared effective a declaration covering eight promissory notes each for
$25,000.—V. 146, P. 2365, 3012.
West
acquired
Federated Publications,
Inc.—Pays 20-Cent Dividend—
a dividend of 20 cents per share on the common stock
May 5 to holders of record April 27.
This compares with 25 cents
paid on Dec. 28, last, Oct. 2, last, and each three months previously.
—V. 142. p. 4339.
v
t c
on
Fifth Avenue & 28th Street Realty Co.,
In
*
—Earnings
The company showed
operating income of $69,730 for 1937, compared
$44,892 in 1936 and $30,836 in 1935, it is reported in an operating
study of the property prepared by Amott, Baker & Co., Inc.
The percentage earned by the property on its outstanding $1,750,000 of
with
first mortgage
6M% bonds, before depreciation and mortgage interest, was
3.32% for 1937, as against 2.07% for 1936 and 1.34% in 1935.
The property, which has been operated by a trustee since late in 1933,
was assessed for
1937 at $1,625,000 and is reported in excellent physical
condition.
On Feb. 1, 1938, it was approximately 86% occupied.
Dis¬
tributions at the rate of $25 per $1,000 bond have been made on Oct. 29,
1935, May 1, 1937 and March 1, 1938 out of funds on hand with the trustee.
No plan has been announced as yet for reorganization of the property,
but title is held by the trustee for benefit of the bondholders.—V. 141,
p.
2434.
Firestone Tire & Rubber
Co.-—Acquisition—
purchased Andrews-Alderfer Co., a small Akron com¬
rubber thread, and will move its opera¬
Fall River, Mass. This marks entry of
Firestone into the elastic rubber thread field which has been dominated
many years by United
States Rubber Co., manufacturers of "lastex"
pany manufacturing "contralastic"
tions to the new Firestone plant at
Rubber thread is made from latex or rubber in water suspension.
Firestone is concentrating manufacture of latex products at Fall River
plant which
—V.
was
purchased last year.
can
The plant is located on the water¬
Liberian plantations.
be landed direct from company's
146, p. 1709.
(M. H.) Fishman Co., Inc .—SalesSales--.
(& Subs.)—Earnings—
Interest
No
Federal Water Service
of Subsidiary—
Period End. Apr. 30—
3 Mos. Ended March 31—
x
retiring all preferred stock outstanding, and for the reduction
capital stock.
a special meeting on May 27 will consider a proposal for
the reduction of the capital of the company by retiring shares of preferred
stock owned by the company and by drawing for retirement 5,505 shares
of preferred stock by lot for retirement on June 30, 1938, at par, plus
accrued and unpaid dividends.—V. 146, p. 2849.
authorized
front where latex
1240.
Fairbanks Co.
'
undistributed
on
and
thread.
1937
x$59,320
Quar. End. Mar. 31—
1938
Net profit
loss$68,213
Shares capital stock (par
$5) outstanding
240,395
Earnings per share
Nil
Before surtax
1073.
Co.—Earnings—
y
&c.—V.
11, 1938,
This company has
See list given on first page of this department.—V. 146, p.
x
6,370,724
151,097
2,000,600
36,006
disct. & exps.
■
$2,099,469
Stockholders at
78,522,114
5,414,426
22,678,293
Other
137,157
28,951
Unamort.
3.514,871
85,412,519
Surplus
145,819
v
$1,003,480
$949,988
Company paid
Injuries & dam.
accts.
sonnel
(at par) and
Before deducting $140,602 for options written off and year end adjust¬
ment
Crude & ref. oil
rec., not curr.
Advances to per¬
x
Deprec. & deple.
closed
banks
$895,504
No action will be taken at special meeting called for May
71,380
payable
Well drilling con¬
Prepd. Ins.. int.,
&c
$152,133
744tons
3,555 tons
ments.
y Includes profit in amount of $142,391 on investment sold,
z In
stating net income refined lead unsold is carried at cost.
Note—The above statement of earnings for quarter ended March 31,1938,
has been prepared from the books of account for the period covered and is
subject to adjustment at the end of the year when the accounts are audited
by independent auditors.—V. 146, p. 2849.
Other notes and
accts. receiv—
Bals.
3,243,681
&c
income taxes.
Other notes and
taxes,
764,966
Prov.for Federal
20,175,270
5,558,121
Current accts. of
affiliated
y$662,820
232,684
$157,511
z
end of quarter
of
J
23,660,744
cust.
x$152,133
-
short term marketable securities at
5,051,150
4,860,012
54,424,737
Accrued interest,
crude
& refined oils.
Accts.
86,126,600
Accts. payable..
and
co.
other lnvest'ts
93,336,901
Common stock
Long-term debt.
pipe¬
Cash
metal stocks sold
quarter for future sale
Cash and governments
37,405,357
Notes payable..
17,121
22,822
of
on
$
37,405,357
Preferred stock. 54,424,737
x
436,000,563
Secure,
1936
$
IAabULities—
^
Plant & invest-.452,303,328
Spec. cash depos.
4,331
Special Meeting—
Consolidated Balance Sheet Nov. 30
$
1
3,294
$157,511
income...
Profit
of the
$4,391,452
1937
A. 33Cf/8
25,309
2,128
>
profit on metal stocks sold & before
deducting depl. & any Federal taxes
12,039,406
Including surtax of $558,250 in 1936 and $1,206,050 in 1937.
a
1937
30,198
the proposed reduction of tne capital of the company by retiring 3,527
shares of preferred stock owned by the company, and by calling for retire¬
.
Net avail, for dlvs
12,584
12,196,667
32,090
13,434,874
.
1937
Net income after deprec. but excl. of
taxes
on interest coupons—
33,512
14,922,289
Deprec. and depletion.
Proportion of net income
of subs. cos. applicable
0206,566
of minority interests
Quar. of 1st Quar. o
34,991
-
x
Net earnings
Non-oper. income
1 st Quar. of 4th
1938
Tons of concentrates produced
Tons of shipping product produced by
lessees
Stocks of refined lead held at end of
1937
1936
1935
1934
$88,608,871 $77,801,330 $68,457,272 $63,079,980
59,322,963
52,566,026 42,776,047 39,874,739
Yean End. Nov. 30—
elected
750.
Federal Mining & Smelting Co.—Earnings—
on
Empire Gas & Fuel Co. (& Subs.)—Annual Report—
Oper., maint. and taxes.
Alpaca Co.—-New President—
Period
system of accounts prescribed by the Federal Power Commission, hence
tne above 12 months' figures are not exactly comparative.—V. 146, p. 3011.
Gross earnings-
which
ciated with the company since 1919, and now Treasurer, has been
to take Mr. Metcalf's place on the board of directors.—Y. 146, p.
,
1, 1937 the subsidiary companies adopted the new
Capital stock outstanding has a par value
the issue on
Arthur B. Chapin, a director of the company for nearly 15 years and with
his family among the large stockholders of the company, has been elected
President to succeed the late Frank H. Metcalf.
Donald R. Green, asso¬
$295,904
26,435
$206,551
Balance
Preferred dividend requirements.
1938
14
the rate had been specified at not
exceeding 3M% were: First Boston Corp., 104.20 for 3Ms; Lehman Bros.,
Graham, Parsons & Co., Arthur Perry & Co., and Burr, Gannett & Co.,
101.617 for 3Ms; 103.677 for 3Ms or 106.587 for 3 Ms; Halsey, Stuart & Co.
and Newton, Abbe & Co., 101.4759 for 3Ms or 103.9259 for 3 Ms; Estabrook
& Co., F. 8. Moseley & Co., Stone & Webster and Blodget, Inc., R. L.
Day & Co., and Putnam & Co., Hartford, 101.2399 for 3Ms, or 103.6899
for 3Ms; Coffin & Burr, Inc., and Whiting, Weeks & Knowles, Inc., 100.046
for 3Ms, 102.17 for 3Ms, or 106.27 for 3 Ms; Dee Higginson Corp., 104.4015
for 3Ms, or 109.1589 for 3M»; E. H. Rollins & Sons, Chace, Whiteside &
Co., Inc., Otis & Co., Edward Lowber Stokes & Co., and Ladenburg,
Thalmann & Co., 102.907 for 3Ms; and Hornblower & Weeks, Paine,
Webber & Co., Jackson & Curtis, and Tucker, Anthony & Co., 102.661
for 3Ms; "William Edmunds, 100.9585 for 3Ms, or 105.75465 for3Ms.—
V. 146,p. 2691.
Farr
Balance
May
$2,000,000 of first mortgage 3Ms, due 1968, will constitute the only funded
Subs.)—Earnings—
(Del.) (&
iggg—Month—1937
Period End. Mar. 31—
Chronicle
—
1938—4 Mos.—1937
1938—Month—1937
$360,791
..
$1,020,329
$272,954
$965,286
Company had 38 stores in operation, against 35 stores a year ago.—V.
146, p. 2365.
Florida Power Corp. (&
Subs.)—Earnings—
1938
12 Months Ended March 31—
Operating
Operating
revenue
-
$2,924,140
1,131,617
238,670
241,861
279,114
Maintenance.
Provision for retirements
Provision for taxes
Operating income.
Other income (net)
1937
$3,244,084
1,534,624
(electric)
expenses
—
-
237,936
$949,814
$1,143,959
•
51,497
101,747
-
190,394
220,233
:
Gross income
Interest
on
Interest
on
Interest
mortgage bonds
sinking fund debentures.
on
unfunded debt.
...
Amortization of debt discount and expense
Interest charged to construction
Balance of income.
Dividends
Balance
on
preferred stock
...
$1,051,562
400,000
119,942
79,782
115,825
Crl,735
$1,195,456
554,672
.32,291
55,873
$337,747
222,124
$489,098
$115,623
$266,974
64,863
Crl,342
222,124
Note—No provision is made in this statement for Federal surtax
undistributed profits, if any, for the year 1938.—V. 146, p. 1241.
on.
Follansbee Brothers Co.—Plan Extended—
Judge R. M. Ginson, in U. S. District Court, signed an order extending
confirmation of the plan of reorganization of Follansbee Brothers Co. until
Volume
Financial
146
Aug. 5,1938. The purpose of the order is to allow the
financing arrangements.—V. 146, p. 1074.
Formica
.
Insulation
Quar. End. Mar. 31—
Net income
x
company to
1938
1937
$41,178
loss $11,965
Earnings per share
Nil
$0.23
x After
depreciation and Federal income taxes,
capital stock.—V. 146, p. 3013.
Fort Worth & Denver
Quar. End. Mar. 31—
1937
1936
1935
$2,460,473
2,509,048
$2,313,589
2,351,800
$2,238,770
2,350,992
Miscellaneous income
prof$69,170
14,543
$48,575
30,508
$38,211
15,912
$112,222
12,136
Amortization.
Interest
1936
1935
$38,161
$29,765
$0.21
$0.16
y On
180,000 shares
City Ry.—Earnings—
1937
1936
1935
prof$83,7l3
256,870
x4,723
$18,067
236,385
2,155
$22,299
231,769
2,866
$100,085
256,628
3,31-1
$177,880
$256,607
$256,934
1934
$6,910,911
677,553
Drl83,705
$5,464,428
605,024
8,773
$4,244,121
449,831
779,974
$4,510,'505
Total oper. revenue._
Maint. of way & struc—
Maint. of equipment—
$7,404,759
646,200
1,111,814
$6,078,225
530,552
989,673
$5,473,927
528,435
888,993
$5,650,343
427,644
_
Traffic
I
823,287
193,204
5,032
4,242
$4,656,817
$4,074,311
$3,884,695
$3,685,126
223,002
1,898,994
63,904
357,938
380,469
55,863
General
Miscellaneous
Transp. for invest.—Cr_
_
_,
—
Includes $4,629 for miscellaneous deductions.- -V. 146, p.
x
General Steel Castings
E-
$360,024
1398.
Corp.—New Vice-President—
c. W. Whitehead has been elected Vice-President in charge of sales and
G. Hallquist was elected Vice-President in charge of engineering.—V.
146,p.2693.
General
1,796,456
417,445
30,832
3,742
revenues..
Net loss
416,806
723,032
198,132
1,881,004
346,948
48,344
7,162
218,580
2,263,413
Transportation
-Earnings—
1938
$2,796,864
2,727,694
Operating
Freight revenue.
Passenger revenue
Mail, express, &c_
Calendar Years—
3187
General Outdoor Advertising Co., Inc.-
complete
Co.—Earnings—
y
Chronicle
Telephone Corp.—Gain in Phones—
This corporation reports for its subsidiaries a gain of 1,968 companyowned telephones for the month of April, 1938, as compared with a gain of
2,831 telephones for the month of April, 1937.
The gain for the first four
months of 1938 totals 4,712 telephones (exclusive of purchases) or 1.29%
as
compared with
a
gain of 9,301 telephones, or 2.78% for the corresponding
period of 1937.
$2,747,942
357,668
Tax accruals, &c.
Operating income
Hire of equip, (net)—Dr.
Jt. facil. rent (net)—Dr.
$2,003,914
408,949
$1,589,232
$1,965,217
28,585
341,856
$2,390,274
293,676
215,719
$1,594,965
150,882
232,511
$1,560,647
149,721
230,287
$1,623,361
131,301
The subsidiaries
telephones.—V. 146
Non-0 per. Income—
Inc. from lease of road..
$1,211,572
$1,180,639
$1,239,356
668
668
668
668
10,416
1,729
11,020
11,992
31,359
9,578
2,096
48,118
423
439
$1,925,913
Miscell. rent income
.
Misc. non-op. phys. prop
Inc. from funded securs.
Inc. from unfunded
353
72,208
97",284
303
437
11,797
541
3,233
932
$1,272,876
$1,268,559
$1,362,029
726,379
436,144
3,760
80,742
725,545
121,691
724,756
465,279
7,259
218,532
$25,851
def$38,412
def$53.798
sees.
and accounts
Miscellaneous income.
_
.
Gross income
Deductions—
Rent for leased road
724,988
327,957
3,502
121,305
Int. on funded debt
Int.
unfunded debt..
on
&c
Amortization,
Net profit.
-V. 146, p. 2850.
Gabriel
$748,161
Co.
456,181
3,553
•
(& Subs.)—Earnings—
Quar. End. Mar. 31—
1935
1936
b Net profit
loss $16,280
a$10,182
loss$8,022
$21,623
a Before Federal income taxes and Federal surtax,
b After taxes, inter¬
est, depreciation,
&c.—V. 146,
1876.
p.
Georgia & Florida RR.—Earnings—
—Week End. April 30—
1938
1937
—V.
$23,300
revenues
$26,573
Earnings for 3 Months Ended March 31, 1938
$275,395
$0.38
Georgia Power & Light Co.—Earnings—
12 Months Ended March 31—
Total operating revenues
Operating
_
Other taxes..
Operating income
Other income
Gross income
on
Interest
on
first mortgage bonds
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
&
Trust Co.
has
been appointed transfer
agent for 150,000 shares of $4.50 cumulative preferred stock, no par
—V. 146, p. 3014.
General Motors
on
Corp.—April Car Sales—The
May 9 released the following statement:
value.
company
Period Ended March 31—
Net
Interest
United States and Canada Plus Overseas Shipment
1937
1936
1935
103,668
74,567
260.965
98,268
121,146
169,302
184,059
134.597
181,188
1,715,688
October
166.939
November..
195,136
160,444
158.572
144,874
196,721
229.467
222,603
217,931
204,693
121,943
19,288
90,764
191,720
239,114
2.116.897
2.037.690
April
May.June
July
August
September..
December.
238,377
216,654
203,139
226,681
188,010
82,317
_
63,069
January—
February..
62.831
March
100,022
April
103,534
May
...
June
July
August
September.
October
1937
Other companies.
$288,094
$222,587
$185,676
$312,512
$4,768,092
$0.05
$0.11
$1.72
New England (a
Greyhound Corp.).
b Combined net income of associated
companies, based upon interests owned at the end of each period, after
deducting dividends received,
c Representing net income of Greyhound
Corp. for the period and equity in undistributed net income or loss of
associated companies,
d Based upon stock outstanding at end of each
a
Before income tax, of Eastern Greyhound Lines of
of
period.
^
Combined
Cbmparativef Income Statement {Associated Greyhound Bus CosJ
~—3
Period Ended March 31—
Operating
...
'—12 Mos.-
Months
1937
1938
revenues
$9,151,262
7,617,199
1,046,162
33,347,242
3.624,679
$740,946
24,027
$8,778,313
$764,973
$9,222,329
33,943
207,159
1,555,788
9,117
Net operating revenue
7,134,576
577,183
50,457
$487,901
31,688
185,698
Total income
Income taxes.
Surtax on undistributed
143,676
Miscellaneous deduction
1938
January—
February..
63,771
76,142
78,525
March
April
May
56,938
-
-
June
July
August
54,105
77,297
126.691
200,117
195,628
189,756
143,909
109,051
137,782
108,645
163,459
133,804
85,201
44,274
155,552
173,472
122,198
1,720,213
1.278.996
127,346
66,547
68.566
136,589
$302,773
Combined net income
$536,896_ $7,232,459
"™Note—TheTforegoing statement, for comparative purposes'Tincludes the
operatiois of Eastern Greyhound Lines of New England, a division of the
Greyhound Corp.
Effective Jan. 1, 1938 the Interstate Commerce Commission prescribed
a system of accounts for motor carriers which differs slightly from that
previously used.
In the above statement the operating revenues and
expenses shown for the two quarterly periods conform to the new classifica¬
tion; for the 12 months ended March 31, 1938, only major items have been
adjusted.
Equity of The Greyhound Corp.
1937
1936
131,134
116.762
162,418
187,119
58,181
1935
75,727
92,907
132.622
105,159
152,946
150,863
139,121
103,098
22.986
194.695
186,146
177.436
99,775
—
136.370
November.
153,184
4.669
69,334
156,041
108,232
197.065
September.
October
December.
......
Period Ended March 31—
1938
12 Mos
1,680,024
97.746
148,849
150,010
1,682.594
1,370,934
Buick, La Salle and Cadillac
and commercial cars are included in the above figures.—V. 146,
Unit sales of Chevrolet, Pontlac, Oldsmobile,
passenger
p.
3014.
General Reinsurance Co.—Registration Withdrawn—
See list given on
first page of this department.—V. 146,rp. 1398.
—
1938
upon interests
each period
owned at the end of
$213,657
$326,427
$4,963,970
238,080
52,974
4,829,292
loss$24,423
$273,452
$134,678
received from associated
bus companies,
incl. net inc. of
Eastern Greyhound Lines of New
Dividends
England, a division of the Grey¬
hound Corp
Net equity of the Greyhound Corp.
in
combined undistributed net
income of associated
bus com¬
panies,
based
upon
interests
owned at the end of each period..
made for Federal surtax on undistributed
profits in the quarterly periods.
The deduction shown for such surtax for
the 12 months ended March 31,1938 is applicable to the calendar year 1937.
Due to the seasonal nature of the business, earnings for the first quarter
of the year are usually materially less than the average of the last 3 quarters.
This being an interim period, the results as now reported are subject to
audit and any necessary year-end adjustments relating to reserves, in¬
ventories, &c.
This statement is issued on the best information available
N0te—No provision has been
Total.
1937
Equity of the Greyhound Corp. in the
above combined net income, based
70,901
49,674
216,606
180,085
199,532
162,390
187.869
157.000
122,038
1935
Sales to Dealers in United States
....
444,016
104,886
profits
3 Months
Total.
1938
$8,452,705 $45,750,235
$519,589
65,992
141,707
Operating expenses
Other income
1.594,215
November.
December.
134,678
87,908
Dr$16,758
Depreciation
89.682
—
$4,545,505
273,452
14,642
7,665
Combined
127,054
102,034
96,134
181.782
196,095
198,146
178,521
153,866
163,818
156,322
88,564
107,216
117,387
$24,418
182,754
1936
92,998
51,600
19.031
76,253
130,000
Dr24,423
167,790
124,680
39,152
Sales to Consumers in United States
1938
297,936
b Equity of Greyhound Corp. in bus
Interest
Total.
$5,068,725
und„stributed profits
division
compared with 199,532 in April a year ago.
Sales in March were
76,142.
Sales for the first four months of 1938 totaled 275,376, compared
with 536,713 for the same four months of 1937.
March
$80,927
50,885
5,625
600
in April,
1938
$4,900,549
121,716
46,460
-
on
1938
$62,443
27,953
Dr9,468
$268,996
65,962
income
General expense
Surtax
1937
1938
d Whereof earnings per share of com.
stock
94,449
109,555
109,659
Cr347
$38,887
$235,141
30,316
3,539
Income—dividends
103,534 in April compared with 198,146 in April a year ago. Sales in March
100,022.
Sales for the first four months of 1938 totaled 329,456,
compared with '538,839 for the same four months of 1937.
Sales of General Motors cars to dealers in the United States totaled 78,525
were
94,267
9,791
Cr820
...
$202,434
April sales of General Motors cars to dealers in the United States and
Total Sales to Dealers in
$226,444
157,570
20,542
9,791
loss$75,809
Federal income tax
Canada, together with shipments overseas, totaled 109,659, compared with
238,377 in April a year ago.
Sales in March were 109,555.
Sales for the
first four months of 1938 totaled 407,930, compared with 677,577 for the
same four months of 1937.
Sales of General Motors cars to consumers in the United States totaled
January
February
$225,392
1,052
756
75,789
Note—No provision is made in this statement for Federal surtax on un¬
distributed profits, if any, for the year 1938.—V. 146, p. 1399.
a
Bank
$966,816
511,416
54,113
99,349
$109,226
157,570
18,495
...
.
Provision for retirements
Federal income taxes
$1,118,680
658,001
80,068
181,991
3,387
92,006
$103,226
6,001
Maintenance
Interest
1937
1938
expenses
General Foods Corp.—Transfer Agent—
Hanover
1937
$443,703
146, p. 3014.
Interest
3654.
Central
April 30—
1938
$332,444
Greyhound Corp.—Earnings—
Net profit after deprec., deple., Federal & State income taxes..
Earns, per share on 539,221 shs. common stock (par $5)
The
-Jan. 1 to
Comparative Statement of Earnings of Greyhound Corp., Including Equity in
Undistributed Net Income or Loss of Associated Companies
3 Months
12 Mos.—
Gaylord Container Corp.—Earnings—
—V. 145, p.
company-owned
3014.
Balance of income
1937
1938
p.
252,704
Operating
$1,880,879
have in operation a total of 368,125
now
Financial
3188
Greyhound Corp. solely for the information of the holders of securities
to the
Greyhound Corp. and not to induce the purchase or sale of any such
securities and shall not be used for such purpose.—V. 146, p. 1877.
of the
Chronicle
on or
May 14, 1938
prior to March 1, 1948 and no premium if red. after March
1, 1948.
The net proceeds will be used to pay and retire certain promissory notes-of the corporation, to liquidate the cost of constructing and equipping a
laundry and power house building for Good Samaritan Hospital,
Zanesville, Ohio, now under construction, and for other corporate purposes.
Bonds are the direct obligations of the corporation and are secured by a
valid and direct, closed, first mortgage on the real estate, buildings, and
new
(W. T.) Grant Co.—Sales—
1938—Month—1937
Period End. Apr. 30—
1938—4 Mos.—1937
$7,174,009 $25,441,449 $26,030,387
$8,060,716
Sales.
—V. 146, p.
2694.
Great Northern Paper Co.—Extra Dividend—
•The directors have declared an extra dividend of 13 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, par $25, both payable June 1 to holders of record May 20.
An extra of 12 cents was paid on March 1 last; one of 63 cents was paid on
Dec. 1 last; one of 12 cents was paid on Sept. 1 last; one of 13 cents was paid
on June 1, 1937, and extra dividends of 12 cents were paid on March 1,
1937 and on Dec. 1, 1936.—V. 146, p. 1076.
Great Atlantic & Pacific Tea Co.—To Pay % 1 Div.—
The directors have declared a dividend of $1 per share on the common
stock, no par value, payable June 1 to holders of record May 13.
A similar
payment was made on Feb. 16 and on Dec. 1 last and compares with a
other property of the corporation known as the Good Samaritan Hospital,
Zanesville, Ohio.
The Cummunity of The Holy Family Covent of Franciscan Sisters of
Christian Charity now numbers 692 professed Sisters, 47 novices, and 37
postulants.
406 Sisters are actively engaged in school work.
Sisters of
the Order conduct 71 parish schools.
Hudson
The directors have declared a dividend of
Illinois Bell
3015.
1938—Month—1937
Period End. Mar. 31—
Operating revenues.....
1938—12 Mos.—1937
Taxes
Net oper. revenues—
Uncollectible oper. rev.
1938—Month—1937
$7,337,321
1938—3 Mos.—1937
$7,324,362 $21,497,492 $21,300,337
17,099
_
17,089
51,976
51,668
$6,617,326
2,552,266
320,511
a728,782
$5,940,059
2,554,014
266,971
516,329
$153,628
9,409
$3,015,766
14,092
$2,602,744
157,448
$163,036
$3,029,859
973,345
$2,760,192
1,117,371
—V. 146, P.
$2,056,514
748,728
$1,642,821
753,951
The directors have declared an extra dividend of 37 H cents per sharein addition to the regular semi-annual dividend of 25 cents per share on the
$1,307,786
567,184
$888,870
$740,602
$321,686
UrS22
Operating revenues-..
Operating expenses
$7,320,222
5,216,065
$7,307,273 $21,445,516 $21,248,669^
4,871,852
15,218,336
14,135,224
Net oper. revenues—
$2,104,157
1,181,045
$2,435,421
1,167,043
$6,227,180
3,531,794
$7,113,445
3,493,025
$923,112
765,573
$1,268,378
1,108,259
$2,695,386
2,193,794
$.1,620,420
Operating taxes.
Net oper. income
Net income
$185,737
81,256
Balance
Int. & amortization.
...
82,118
Balance..
$104,480
Appropriations for retirement reserve
—
$80,918
—
—
requirements.
Balance for common dividends and surplus..__
567,183
capital stock, both payable June 1 to holders of record May 18.
1934.—V.
America, Inc.—Registers with SEC—
See list given on first page of tjiis
Indiana Harbor Belt
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.—V. 146, p. 3016.
145, p. 3347.
Income Estates of
the end of the year.
new system
Similar
distributions were made on each dividend date in the three preceding years.
An extra dividend of 15 cents per share was paid on Dec. 1 and June 1,
No
Note—Effective Jan. 1, 1937, the company adopted the
3,114,457
2854.
Imperial Oil, Ltd.—Extra Dividend—
provision has been made for the Federal surtax on undistributed
profits for 1938 since any liability for such tax cannot be determined until
a
share on the capital
per
$439,348
204,413
27,325
53,982
Non-oper. income (net).
dividend
75 cents
$186,059
Maintenance
Balance
Ltd.—To Pay
$498,521
212,014
34,885
a65,563
Operating revenues
Operation
Preferred
Co.,
Telephone Co.—Earnings—
Period End. Mar. 31—
Co.—Earnings—
Smelting
This compares with
$1 paid on Dec. 10, last; 75 cents paid on June 28, last, and dividends of
50 cents paid on Dec. 21, and June 29, 1936, and on Dec. 16, and Aug.
31, 1935, this latter being the initial distribution on the issue.—V. 146, p.
2854.
re
Gulf States Utilities
&
stock, payable June 27 to holders of record May 27.
rirterly dividend of $1.50 per share and an extra including or 25 cents per
paid each quarter from Sept. 1, 1931 to and dividend Sept. 1, 1937.
—V. 146, p.
Bay Mining
75-Cent Dividend—
Period End. Mar. SI—
department.—V. 145,
p.
282.
RR.—Earnings—
1938—Month—1937
1938—3 Mos.—1937
Railway oper. revenues.
Railway oper. expenses.
$727,531
512,962
$1,011,258
603,474
$2,063,391
1,550,891
$2,775,292
1,769,786
from ry.oper.
$214,569
64,194
63,993
$407,784
89,224
85,415
$512,500
183,517
197,438
$1,005,506
238,280229,888
$86,382
2,947
$233,145
2,149
$131,545
8,964
$537,338
6,169-
$89,329
3,076
37,367
$235,294
3,207
37,845
$140,509
9,186
112,070
$543,507
9,797
113,699
$48,886
$0.64
$194,242
$2.56
$19,253
$420,011
$5.53
Hackensack Water Co.—New Director—
Garret G. Ackerson has been elected a director
filling vacancy caused by
death of Elmer Blauvelt.—V. 146, p. 2853.
Hayes Body Corp. (& Subs.)—Earninqs—
1938—3 Mos.—1937
$95,193
$587,178
Period End. Mar. SI—
Gross
$48,528
Operating loss
598,858
$11,680 prof$17,lll prof$l 1,357
6,350
6,266
14,944
243
Other income
$48,285
Loss
Miscellaneous
$5,330 prof$23,377 prof$26,301
2,905
12.271
11,269
16,030
66,090
116,917
1,676
7,318
6,136
179
1,096
513
3,710
charges..
Depreciation
16,704
1,712
...
Interest
282
Net loss of subs—
Net
1938—12 Mos.—1937
$2,276,122
$2,027,171
2,259,011
2,015,814
143,721
Costs
$70,693
loss
$26,120
$63,398
$108,534
1936
$499,939
211,070
13,960
24,438
73,812
$309,710
210,519
22,600
19,592
66,882
$176,660
Hecla
Mining Co.—Earnings—
1938
Quar. End. Mar. 31—
Taxes accrued..
1937
a$485,935 a$l,151,363
273,573
364,480
b43,305
bl09,225
37,440
38,412
79,614
119,660
...
Operating expenses
j
Depreciation
Depletion of ore bodies.
Net profit...
$52,004
$519,585
1955
Earns, per sh. on 1,000,000 shs. cap. stk. out¬
$0.05
standing (par $0.25)..
$0.51
$0.17
Includes other income of $16,919
($212,199 in 1937).
provision for undistributed profits tax.
a
Nil
b Contains
no
action
on
the payment of
a
x
3 Mos. End. Mar. 31—
Net profit
Earns, per 3h. on310,100
shs. com. stk. (no par)
dividend at this
1937
1936
$6,440
$177,696
$111,438
$0.02
$0.57
$0.36
1935
*
$95,644
$0.30
After depreciation, taxes, &c., but before provision for surtax
distributed profits.—V. 146, p. 1711.
x
Honolulu Rapid Transit Co., Ltd.Period End. Mar. 31—
rev. for transpor.
Gross
Operating
Net
rev.
from
1938—Month—1937
$112,423
$93,890
on
un¬
transp
Rev. other than transp..
Net rev. from oper
Taxes assign. to ry. oper.
Interest
Depreciation
1938—3 Mos.—1937
$36,537
1,674
$29,136
2,791
$102,591
5,313
$77,141
11,203
Drl37
10
Profit and loss
Replacements
—V.et146TeDU2d44;
$10'929
$107,904
33,101
5,000
50,914
$88,345
24,898
Drl37
894
Crl51
239
$17,857
16
37,077
Holy Family Convent of Franciscan Sisters of Chris¬
Charity, Manitowoc, Wis.—Bonds Offered—B. G.
Ziegler & Co., West Bend, Wis., are offering $2,50,000
3H%-4% 1st mtge. serial bonds (Good Samaritan Hospital,
Zanesville, Ohio).
The 3y2% bonds are offered at par and
int. and the 4% bonds at 101 and int.
are
due serially, $2,500 semi-annually
Mafc5+11, i94£rt0 Sept.l. 1949 and $200,000 on March 1, 1950. Serial
^ ? £arr.y
enupon and the balance carry a
^
National Bank, West Bend, Wis., trustee and registrar.
Tvr
+t
i*
£
,
payable (M. & S.) at the office of
the trustee.
Both
principal a.nd interestof these bonds will be payable in lawful
money of the
United States of America.
Bonds are in coupon form in denom. of
$1,000
and $500 and $100, registerable as to principal. Redeemable
at option of the
corporation, and upon not less than 30 days' notice as follows:
1% if red
on or prior to March 1, 1943;
H of 1% if red. after March 1, 1943. and
Corp.—Dividend Action Deferred-
meeting decided to defer action on the common
May 25.
A dividend of 15 cents per share was paid on
Marcn 21, last. See V. 146, p. 1077 for detailed record of previous payments.
—V. 146, p. 2855.
dividend
until
International
Nickel Co. of Canada, Ltd.
(& Subs.)
1937
1936
$16,837,868 $11,901,862
106,828
70,439
1935
$7,609,37564,902
$14,831,534 $16,944,696 $11,972,301
430,190
418,990
445,464
2,091,590
2,897,674
1,498,314
$7,674,277
357,243
939,707
71,618
Quar. End. Mar. 31—
1938
Earnings.
$14,706,209
Other income
125,325
Adm. & gen. expense.._
Provision for taxes
Int. paid and accrued—
Prov. for
deprec., depl.,
&c., reserves
1,913,075
1,641,735
..$10,113,765 $11,714,957
Surplus being, of period 70,950,662
59,896,144
$8,386,787
$4,917,627
44,176,488
30,990,016
2,195,990
....
Net profit....
Common dividends
Trans, to retire.syst. res
1,388,079-
$81,064,427 $71,611,100 $52,563,276 $35,907,643
483,475
483,475
483,475
483,475
7,289,085
7,289,085
3,644,542
2,186,725
1,500,000
Surplus end of period.$73,291,868
Shs.com. st.out.(no par) 14,584,025
Earnings per share after
preferred dividends
$0.66
$62,338,541 $48,435,259 $33,237,443
14,584,025
14,584,025
14,584,025
$0.77
$0.30
$0.54
Mar. 31/38
Dec. 31/37
Liabilities—
$
Dec. 31/37
$
%
154,617.168
7% pref. stock.. 27,627,825
27,627,825
950,605
956,603
Common stock 60,766,771
Accts. pay. and
60,766,771
system reserve 13,101,962
Inventories
28,171,049
12,736,251
Prov.
for taxes.
27,573,766
Pref.
div.
xProperty.... .154,744,505
Investments
held
against retire,
Accts.
&
Retire,
5,713,972
5,789,573
12,466,894
12,203,913
pay.
May 2, 1938..
notes
receivable
y
payrolls
483,475
483,475
13,116,679
12,753,397
953,433
Cash..
Insur.
&
8,609,041
50,609,126
securities-
8,738,836
393.624
48,871,396
Exchange res...
Insur., conting.
793,420
240,612
257,732
& other res...
2,007,315
2,016,887
Capital surplus.
Gov.
60,606,500
73,291,868
60,606,500
70,950,662
454,880
other
prepaid items
.
$26,264
tian
bonds dated March 1, 1938
International Mining
Directors at their recent
Securities
239
$8'353
International Harvester Co.—New Vice-President—
Fowler McCormick, formerly Second Vice-President in charge of foreign
sales, has been elected Vice-President in charge of manufacturing to suc¬
ceed O. R. McDonald, who is retiring June 1 after 43 years service. L. P.
Thayer, director of foreign sales, has been named Vice-President and will'
continue in charge of foreign sales.
E. A. Brittenham, manager of foreign
sales, has been named director of foreign sales.—V. 146, p. 1402.
Assets—
$260,912
183,770
12.359
Cr21
$0.25
Consolidated Balance Sheet
$323,193
220,603
$31,927
8,421
Net income
Net inc. per sh. of stock.
—V. 146, p. 2538,
Mar. 31,'38
64,754
$38,212
11,093
1,666
16,971
Total fixed charges
-Earnings—•
75,886
expenses
Total income
Misc. deduct, from inc._
Total surplus
Preferred dividends
Corp.—Earnings—
1938
income.
Total income._
time.
A distribution of 10 cents per share was made on the 25-cent par
capital stock on March 15, last dividends of 25 cents were paid on each
of the three preceding quarters; a dividend of 20 cents was paid on March
15,
1937 and on Dec. 18. 1936, and regular quarterly dividends of 15 cents per
share were paid on Aug. 15, 1936 and each three months prior thereto.—
V. 146, p. 915.
Hercules Motors
Net ry. oper.
no
Dividend Omitted—
Directors decided to take
rev.
Other income
loss $9,882
-V. 146, p. 1076.
Gross income
Net
Railway tax accruals
Equip, jt. facil. rents.__
system
reserve
Earned surplus.
Total..
x
256,950,320 254,076,836
Total
256,950,320 254,076,835
After depreciation and depletion reserves
$51,333,725 in 1937.
p.2372.
y
of $53,098,927 in 1938 and
Represented by 14,584,025 no par shares.—V. 146,
International Petroleum Co.,
Ltd.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share
in addition to the regular semi-annual dividend of 75 cents per share on
the
common
stock, both payable June 1 to holders of record May 20.
preceding
Similar payments were made on each dividend date in the three
The company on June 1 and Dec. 1, 1934 paid semi-annual divi¬
dends of 56 cents pot share and extra dividends of 44 cents per share.
Regu¬
lar quarterly dividends of 28 cents per share were distributed to and includ¬
ing March 15, 1934.—V. 145, p. 3658.
years.
International Power Securities Corp.—Accum.
Div.—
a dividend of $3 per share on account of
$6 cum. pref. series A stock, payable June 17
This compares with $2 paid on Dec. 15, last;
The directors have declared
accumulations on the no par
to holders of record June 1.
Volume
Financial
146
$3 paid on June 15, 1937; $4 paid on Dec. 15, 1936; $2 June 20, 1936; $3
paid on Dec. 30, 1935; $2 on June 15, 1935; $3 on Dec. 31, 1934; $2 on
15, 1934 :.$3 on Dec. 15, 1933 and $2 on June 15, 1933.—V. 145, p.
June
3189
Chronicle
Income Account (Parent Company Only) for Calendar
™
Other.
Interstate Bakeries
income taxes......
—V. 146. p. 2210.
Corp.—Earnings—
Other
Apr. 23, 1938
other than Federal
$142,098
$52,612
Telephone & Telegraph Corp.—Annual
Total gross earnings
General
expenses
..
Company
existing rates of exchange was
issue at the then
91,327
1,190,170
17,373
$3,627,474
Profit
or
loss
$3,834,868
$1,518,331
1,114,089
$1,147,924
$2,083,306
90,277.,
1,160,459'
foreign exchange—net
on
Management and service fees charged to subs
Rent & house services charged to subs. & other cos
.
series aggregating Argentine pesos 94,876,000
by banxing groups for distribution
respectively.
Out of the net pro¬
ceeds of this financing, the United River Plate Telephone Co., Ltd., pro¬
vided for the redemption on April 8, 1938 of its outstanding
300,000 of
debenture stock, liquidated its $1,000,000 short-term bank; indebtedness
and applied the balance to reduce its indebtedness to International Tele¬
phone & Telegraph Corp. and its subsidiaries.
The remainder of such
indebtedness was liquidated through the subscription by International
Telephone & Telegraph Corp. to Argentine pesos 5,000,000 of the above
mentioned bonds and
1,800,000 par value of 5^ % cumulative redeemable
first preference (Sterling) shares of the River Plate company.
Changes in Financial Position—On Aug. 5, 1937, under an agreement
dated July 8, 1937, the corporation purchased from certain New York
banks an aggregate of $20,882,160 of notes payable by certain of its sub¬
sidiaries and bearing the endorsement and guarantee of the corporation.
Payment was made to the extent of $7,250,000 in cash and the balance by
delivery of the corporation's own 4 H % six months notes in the aggregate
amount
of $13,632,160.
Subsequently these notes were reduced by
$3,959,593 to $9,672,567 at Dec. 31, 1937 and were renewed on Jan. 1,
1938 and are again renewable on July 1, 1938 to a maturity date of Jan
1,
1939.
In addition, cash in the amount of $11,323,030 was set aside for
the acquisition or retirement of debentures of the corporation s issue of
10-year convertible 43^% debentures, due on Jan. 1, 1939, of which the
principal amount of $37,661,100 was outstanding at Dec. 31, 1937.
Of
this amount of cash set aside to acquire or retire the maturing debentures,
$132,251 had been utilized up to Dec. 31, 1937 to acquire by purchases in
the open market $150,000 of such debentures, leaving $37,511,100 out¬
standing in tne hands of the public at that date.
Since the first of this
year a further amount of $844,600 has been similarly utilized in acquiring
an additional $984,000 of such debentures, additional cash in the amount
of $290,047 has been set aside to acquire or retire debentures of the same
issue, and bank loans have been further reduced by $403,485.
Telephone and Radiotelephone Operations—Gross earnings from telephone
and radiotelephone operations (excluding those of Spanish and Mexican
subsidiaries, which are not consolidated) amounted to $32,749,694 for 1937
as compared with $26,931,704 for 1936, an increase of $5,817,990 or 21.6%.
Net income after interest charges and other deductions for 1937 aggreOf the original issue, three
3,787,222 or 75.8% compared with $4,999,596 for 1936, an increase
fated $8,786,818, as over tne preceding year.
of
Manufacturing Activities—Gross sales by the manufacturing and sales
in the history cf the coiporation, amounting
to $82,297,317 as compared with $66,511,936 for 1936, an increase of $15.785,381 or 23.7%.
The highest figure previously reached was $80,323,000
(including sales by the Spanisn subsidiary) for the year 1930.
Net income
from manufacturing and sales activities after interest charges and other
deductions amounted to $9,096,236, an increase of $2,684,007 or 41.9%
over the net income of the preceding year.
Orders on hand at the end of the year 1937 amounted to the equivalent
•of more than $63,000,000 as compared with approximately $40,000,000 at
subsidiaries were the highest
31,1936.
Cable and Radiotelegraph
Dec.
Operations—Gross earnings of cable and radio-
Total general expenses, taxes, deprec., &c.r-met.
Net earnings...
Interest to subsidiaries
Interest on notes payable to New York
Other interest charges....
Consolidated Income Account Years Ended Dec. 31
Sales of mfg. & sales
Interest
on
Interest
on
Affiliated operating
$82,297,317 $66,511,936 $56,078,564
-
-a^Cost of goods sold
61,119,479
—
42.241,603
$21,177,838 $16,996,697 $13,836,961
Gross profit on sales
Operating revenues—Telephone
Cable revenues
49,515,239
32,476.363
5,019,224
662,514
—
26,750,786
4,656.562
612.779
25,622,812
4,383,539
480,126
$59,335,941 $49,016,824 $44,323,438
1,003,942
1,062,193
1,631,086
928,250
831,002
630,329
2,356,258
c2,010,199
2,187.989
Total
Dividends
-
Interest
-
Miscell. &non-oper. income—net
$63.624,392c$52.920,218 $48,772,842
Oper., selling & gen. expenses
Less—Mgt. & serv. fees chgd.to subs.
Maintenance and repairs
U. S. Federal normal income tax
U. S. Federal surtax on
23,778,166
20,831,022
19,852,499
0774,867
c0662,121
0536,249
4,822,002
441,960
4,573,578
457,846
4,546,211
419,195
undistributed
226,504
5,226,755
596,627
4,327,448
7,813,726
137,656
192,001
6,739,686
divs. and
foreign income taxes)
uncollectible accounts..
Provision for depreciation
8,161,503
Amort, of intang. assets segregated..
182,064
-Losson foreign exchange—net
Crl,013,933
Provision for
773,766
80,424
1,694,749
$657,394
$206,055
Consolidated Balance Sheet Dec. 31
:
:
1937
..
Assets—
1937
Amort, of bond disct. & expense—
111,594
65,494
68,946
de¬
by
I. T. & T. Corp. to N. Y. banks...
•Other interest charges
charged to construction—Crediton pref. stock of subs, outst'g in
hands of public (incl. cum. pref.
divs. accrued but not declared)
Int.
509,918
552,052
183,552
932,555
1,105,802
324,017
377,269
151,271
86,577
685,630
693,166
680,885
235,856
196,404
144,297
223,635
21,561
43,901
511,237
511,237
Spanish subs. 66,862.014
Net income before deducting int. on
debenture bonds
$16,005,799
$9,778,852
$8,322,762
1,575,000
1,694,651
2,500,000
1,575,000
1,694,749
2,500,000
1,575,000
1,694,749
2,500,000
Spanish subsidiaries..
$10,236,148
b Divs., int. and mgt. and service fees
from Compania Telefonica Nacional
de Espana
—...
$4,009,103
$2,553,013
accts.$10,236,148
$4,009,103
bonds
bonds
25-year 5% gold deb. bonds..
4,190,315
4,017,785
17,374,271
I.T.&T.Corp. 122,511,100
10,394,343
10,438,009
44,652,034
122,661,100
equities
66,660,970
Mexican subs.
Funded
debt
of
subs, consol—
Inv. in & adv. to
Funded
Postal
Tel. &
Cable
Corp.. 45,457,382
45,456,144
Def'd
Inv. in & rec'les
debt
of
liabilities
13,985,497
16,901,152
Special deposits.
4,603,588
697,934
6.486.061
805,167
9,914,571
7,222,480
Accts.
Cash set aside.
11,190,779
f Notes
Def'd rec'les and
misc. invests.
payable
b Cash on depos.
Int.
1,574,055
1,878,651
1,350.738
fund. dt.
1,699,066
1.707,294
on
taxes..
1.936.375
6,059.114
1,620,131
3,428,658
Res. tor deprec.
44,515.384
40.116,885
Other
83,926.611
83,483,306
46,188,108
4.016,336
Other accr'd int-
Accts. & notes
23,804,812 Accrued
25,383,866
receivable
Mdse., materials
22,056.016
758.300
supplies... 32,226,608
&
....
f. instalm'ts
s.
13,412,054
16,586,845
hand
Sund.
wages
g Funded debt &
Cash in banks &
c
13,698,260
loans
&
payable
&
27,786.196
266,517
17,160.945
Other notes pay.
Deferred charges
cos.
11,745,084
18.338,230
356,865
& def'd Income
17,748,756
on
10,960,256
10,084,808
Minority com.
stockholders'
865,889
cur. assets
reserves._
46.188.108
13,149.815
Capital surplus.
Earned surplus.
568,612.962 518,300,969
Total
558,612.962 518,300,969
Total
a
For the acquisition or retirement of International Telephone & Tele¬
graph Corp. 10-year convertible 4W% gold debenture bonds due Jan. 1,
1939.
b For redemption of £285,076 principal an ount of United River
Telephone Co., Ltd., debenture stack,
c Less reserve of $1,380,897
Dec. 31, 1937, and $1,478,176 at Dec. 31, 1936.
d Represented by
6,399,002 no par shares at stated value of $20 per share,
e In subsidiaries
consolidated,
f To banks,
g Of subsidiaries due within one year.
Plate
at
Balance Sheet Dec. 31 (Parent Company
1937
Owing
1,060,889
2,625,214
2,634,896
Corp.. 44,491,282
Inv.in other cos.
8,508,676
44,487,808
1,182,758
1,848.472
1,146,690
Inv. In & adv. to
&
Cable
9,672,567
_
Accts.
74.451
15,937
5,728.728
1.634,874
1,161,364
1,042,235
899.355
292,308
taxes.
_
from
11,190,779
Cash in banks &
101,919,074 101,266,638
35,538,004
206,055
Earned surplus.
382,554
Reserves
6,061,344
4,907,061
84,260
759
122.466
b Accts. & notes
Sund.
cur.
assets
178,493
408,566,261 394,431,059
Total
408,566,261 394,431,059
Total
consolidated balance sheet,
b Less reserve of $2,321 ,as at Dec. 31, 1937, and $967 as at Dec. 31, 1936.
c See footnote (d) on
consolidated balance sheet.—-V. 146, p. 1879.
a
See footnote a on
(&Sub.)—Income Account, Year Ended Dec. 31,
Net sales
including charge for excess tonnage,
after deducting miscellaneous income
Gross profit
Net profit on exchange.
Interest
—--
—
5,527,231
$1,874,063
15,493
—
$1,889,556
-
on
first mortgage
bonds, $310,356; debenture and other
interest, $844,892; depreciation and
bond discount and expense, $15,540
surplus
$754,220;
depletion,
Surplus beginning of period
Adjustment during 1937
2,263,712
Cr174,508
-
Surplus end of period
$2,402,770
—-------
Cosolidated Balance Sheet as at
Dec. 31, 1937
Liabilities—
„
n
—-.$41,625,122
172,362
Investments
10,000
Cash.
64,862
Accounts receiv. (less res.)—
132,455
a Notes receivable.
3,222,295
Fixed assets....Woods improv.
& equip
$24 ,883,305
Funded debt..
445,658
Accounts payable-.
361.349
Accrued interest
Due
Paper Co.
Internatl.
&
-
Inventories
1,925,007
$35,451
-
&
— -—
advances
for
3,034,642
920,771
hands of trust-
130,139
woods oper..---—------Sink. funds in
affil. cos
Res,
deprec.
1,315,029
-
—
on
plants
&
equip.
Res., depl. on timber lands--
4 ,445,651
1 ,298,320
677,568
Res., other.
Pref. shares (par value
£1)
Common shares
Earned surplus
1937—
$7,401,295
-
Cost of sales and expenses,
Deferred assets & expenses—
3,234,398
Newfoundland,
International Power & Paper Co. of
Ltd.
-
10 ,088,000
3 ,395,000
2 ,402,769
$5,787,411
Including provision for depreciation of $2,809,995 in 1937, $2,453,356
in 1936 and $2,443,425 in 1935.
b The accounts of Spanish subsidiaries
ihave not been included in the financial statements for the years 1937 or
1936.
c Revised figures.
a
..
Capital surplus- 35,549,253
Assets—
Net income before income accrued
~~Net income carried to surplus
114,017
1,632,197
Int—
accr.
Accrued
16,362
5,233,887
hand
wages
Other
Special deposits.
Cash set aside.
&
.
&
payable
Int. on fund. dt.
8,533,676
1,171,086
Furn. & ffxt'S—
liabils.
def'd
10,394,343
on
4,159,090
income-
Notes paj able to
N.Y. banks..
10,438.009
a
122,661.100
subs.
to
consolidated
62,986.551
Def'd
Mexican subs.
Miscell. invest.
127.980,040
Capital stock.127,980,040
Funded debt—122,511,100
c
Spanish subs. 63,164,260
Tel.
$
$
Liabilities—
Inv. in & adv. to
Postal
1936
1937
$
consoll.257,022,796 254,080,832
subs,
Only)
1936
$
Assets—
511,237
Int. on 25-year 4H % gold deb.
Int.on 10-yr.conv.4>4% g-deb.
-'Vj
nf Rllhq
consolidated..'
e
Balance deducted from
equity in
Charges of I. T. & T. Corp .—Interest
Amort, of bond disct. & expense—
oflr
T>rv>f
solidated:
Total
Divs.
Minority com. stockholders'
net income—net
stock. 127,980,040 127,980,040
d Capital
subs, not con¬
a
$
Liabilities—
$
Inv. in & adv. to
from other
1936
$
1936
,
$
Plant, property,
intang., &c..315,062,664 304.342,567
and
after depreciation
$20,296,865 $13,598,053 $12,569,860
•Charges of subs.—Int. on funded debt
1,644,694
1,226,037
1,401,337
Net earnings
Int. charges in respect of inter-co.
mand notes of subs, endorsed
21,561
155.075
7,067,581
436,544
profits
Other (incl. foreign taxes on
1,575,000
2,500,000
receivable
Total gross earnings
511,237
1,575,000
1,694,651
Deferred charges
revenues..
102,459
2,500,000
Inv. in & adv. to
companies
$6,611,062
157,195
204,064
19,571
511,237
banks
10-year con v. 4K % gold deb. bonds..
25-year 5 % gold debenture bonds
Inv. in & adv. to
$75,494,041 $60,044,358 $51,061,759
6,803,276
6,467,578
5,016,805
$1,751,561
Net income carried to earned surplus account.._
1935
companies—
Customers
Total
1936
$995,053
$7,319,113
Amortization of bond discount and expense
Interest on 25-year 4)^ % gold debenture bonds
-telegraph subsidiaries consolidated amounted to $5,327,197 as compared
with $4,931,194 for 1936, an increase of $396,003 or 8%.
Net income was
$863,733, an increase of $194,229 or 29% over the previous year.
1937
935,382
approximately $30,-
'
in principal amount were underwritten
in Switzerland, Sweden and Argentina,
Int. on
CY42.286
Rent to subsidiaries consolidated
Financing—During 1937 the United River Plate
Telephone Co., Ltd., operating in Argentina, authorized an issue of 25-year
floating charge debenture bonds in the aggregate principal amount of Argen¬
tine pesos 100,000,000, or the agreed equivalent in other currencies, witn the
rignt from time to time to make issues under specified limitations of addi¬
tional bonds.
The U. S. dollar equivalent of the principal amount of
Subsidiary
Radio
100,000
260,705
178,809
125,000
Provision for contingencies
Provision for depreciation
$2,632,421
Report—
000,000.
$8,362,624
2,175,291
125,000
197,936
10,040
Apr. 24. 1937
Taxes—U. S. Federal surtax on undistributed prof.
Taxes—Other (incl. for. taxes on divs. & int.)
International
the
income
$6,377,875
8,686
1,768,086
$8,314,166
1,990,214
Interest—Subsidiaries
16 Weeks Ended—
Net profit after all charges
1936
$5,876,050
2,966
2,052,290
374,165
8,695
Other.
■3975.
Years
1937
.
Dividends—Subsidiaries
a
And open accounts
for sales of
Total
.$49,312,649
receivable from International Paper Sales Co., Inc.,
$49,312,649
Total
newsprint to them (less
reserve).—V. 144,p. 3840.
Financial
3190
Chronicle
International Ry. Co. (Buffalo)—Earnings—
3 Months Ended March 31—
Total
$1,490,183
Power operation
$1,586,690
203,151
225,405
127,565
454,588
188,517
98,100
474,491
_
—
Taxes
.— —
_
;
231,449
195,861
—
—
Interest
-
—V.
146,
-
14,578
286,134
$109,506
2539.
Iowa Power &
000.4s
7,149
316,652
—
—
p.
$449,648
251,291
$312,166
—
Depreciation
140,965
$287,130
259,613
7,839
15,190
Gross income
Rentals, transfer taxes, &c
Amortization of discount
Light Co.—SEC Approves Sale of $5,700,-
>
by the company, a subsidiary of the North American Co. system,
covering the sale to seven institutional investors, at 102% and accrued
interest, of $5,700,000 4% first mortgage bonds due in 1968 and the acqui¬
sition by Iowa Power & Light Co. or all the physical properties and other
assets or its subsidiary, Des Moines Gas Co.. in a merger tending to simplify
the corporate structure,
The SEC, after examination,
of the common
subsidiary, all
of the bonds of such subsidiary and the greater part of its preferred stocks
are outstanding in the hands of the public.
In order to effectuate the
proposed merger, Iowa Power proposes to have such outstanding securities
of its subsidiary called for redemption.
This operation is to be financed
by Iowa Power,
The funds necessary to carry out these plans of Iowa Power are to be
derived from the sale of the bonds covered by the declaration under con¬
sideration.
Such bonds will be a first lien on the physical properties and
other assets of Iowa Power and are to be sold at private sale to seven insti¬
tutional investors at 102%% of the principal amount thereof, plus accrued
interest.
The negotiations for the sale of such bonds were conducted
through The First Boston Corp. which is to receive for its services in this
connection a commission amounting to % of 1 % of the principal amount
a
annual sinking fund of 1% of
Such supplemental indenture
Power to make provisions for depreciation and main¬
tenance, on a cumulative basis, of not less than 15% of operating revenues.
The proceeds from the sale of the bonds of Iowa Power will amount to
$5,806,300.
Of these funds, $500,000 will be used for the repayment of
bank loans incurred for additions to the new plant, $2,579,100 will be
deposited with the indenture trustee to be used for completion of additions
to the plant now contemplated or in the course of construction, $2,567,775
will be contributed to Des Moines Gas for the redemption of its bonds and
preferred stock outstanding in the hands of the public, and the remainder,
amounting to approximately $159,425, after deducting the expenses of the
issue and sale therefrom, will be used for additional working capital and
also requires Iowa
other corporate purposes.
The cash contribution to be made to Des Moines Gas,
excess
of cost has been carried
the books of Iowa Power
on
$1,026,341
680,030
575,721
$1,441,801
Operating profit
58,682
Non-oper. income (net).
$803,843
499,354
$450,619
153,348
$295,005
183,721
$1,500,484
$1,303,197
$603,968
$478,726
3,560
213,000
21,000
40,163
120,825
27,000
149,535
11,800
$456,142
$1.31
$317,390
$0.92
Selling, gen'l & admin.,
&c., oper. expenses—
Int. exp., deb. discount
and expense, &c
Prov. for Fed. income tax
Prov. for Fed. surtax—
Earns, per sh.on
1938
Depreciation
Operating taxes
_
Net operating revenues
revenues
Gross corporate income
Interest on long-term debt
,
Amortization of premium on debt
Taxes assumed on interest
Other interest charges
$695,150
$780,841
215,437
Maintenance
$1,676,460
282,623
258,052
67,300
102,000
271,333
$726,819
54,022
expenses,.
Administrative and general expenses
1937
$1,783,815
296,375
282,215
85,508
99,440
293,457
revenue
$733,441
309,744
Cr2,582
6,228
47,487
Cr2,478
738
9,416
Cr7,756
3,080
64,230
Crl,834
39,851
Interest charged to construction
Income taxes—Federal
Amortization of debt discount and expense
Net income-
$467,833
100,000
133,890
Common stock dividends
Preferred
dividends
stock
38,291
$364,888
100,000
133,890
Balance Sheet March 31
1938
Assets
§
Misc.
Investments
1937
1938
S
Totai fixed capital.10,653,795
Liabilities—
10,426,479
Com.
§
1937
$
capital stk.
1,715,941
1,715,941
Pref. capital stk..
Bonds
2,000,000
5,745,000
2,000.000
5,745,000
900,000
1,000
1,000
45,051
66,015
1,200
735
1,147,427
1,200
Notes payable
Accounts payable.
925,000
900
1,179,323
Dividends declared
62,500
62,500
rec...
103,550
65,621
105,008
100,771
Acer, utility rev..
56,000
Mat'ls & supplies.
143,468
20,673
Cash
Special deposits
Working funds
Accts. receivable.,
Int. & divs.
Prepayments
Other current and
Total
145,
71*333
65,375
Interest accrued..
18,039
Deferred
71,812
265,537
71,812
272,051
1,177,425
1,113,227
183,753
1,460,672
189,245
1,730,679
13,850,95 j
14,025,833
credits..
Reserves
91
2,181,030
14,800
14,800
13,850,955 14,025,833
p.
3348.
59,230
109,445
497
Reacq'd cap. stk—
-V.
depos.
28,859
Taxes accrued
1,662,757
accrued assets..
Deferred debits
Customers'
Contrib.
in
aid of
construction
Earned surplus...
Total..
$1,262,924
$3.33
cap.stk.
•
156,500
6,500
$1,100,035
$3.01
$735,549
440,543
•
Consolidated Balance Sheet Dec. 31
1937
Assets—
1936
$254,714
Cash
Liabilities—
*486,341
purchases,
Accrued
after
1937
&c_.
1,368,179
385,494
268,850
expenses,
men's com p. ins.
5,589
Long-term debt...
Instalments on cus¬
2,160,129
tomers' contr'ts.
30,217
15,408
25.000
25,000
Paid-in surplus
Earned surplus
_
al¬
288,000
2,083,542
414,699
Capital stock.
Certif. of deposit.
Investments in and
to
$257,499
Self Ins. res., work¬
Other curr. assets.
advances
$251,078
incl. Fed'l tax..
542,105
1,109,503
3,335
781,097
reserves
Inventories
1936
Payable for current
Notes, contracts &
231,416
1,926,346
663,422
3,083aDrl09,854
Treas. stock..c Drl,05
138,997
104,304
1,444,461
1,311,309
lied and subs—.
Mlsc. receipts and
secur.
18,467
investm'ts
b Fixed assets
Fa tents,
&c.,
at
1
1
47,587
67,101
nominal value-
Prepaid exps.
deferred
and
charges
$4,090,253 $3,682,8761
Total..
$4,090,253 $3,682,876
Represented by 8,996 shares held in treasury at cost,
b After allow¬
for depreciation, cost of 8,996 shares of capital stock restored to status
unissued shares, $109,853, and divs. paid, $943,229.—V. 146, p. 2856*
a
ance
of
Ferry Co.—-Review of Decision
Sought—Franchise Held Illegal—
Coast
Jersey
York Court
Executors of Elizabeth H.
by
New
Stanton's estate and holders of securities of
the company on May 5 asked the U. S. Supreme Court to review a decision
of the New York Supreme Court denying them, they said, the return by
New York City of certain securities.
In
a
brief filed with
the Court the complainants
asserted that
a
ferry
franchise granted to them by New York City in 1922 was illegal because
it violated the Interstate Commerce clause of the constitution and contra¬
vened
an
diction
interstate compact of 1834 giving to New Jersey exclusive juris¬
certain waters between Staten Island and New Jersey.
They
over
said also that the lease violated the New York-New
the Port of New York
Jersey agreement vesting
Authority with complete jurisdiction over any trans¬
portation facilities in the area.
The franchise of 1922 authorized operation
of a ferry from Tottenville
Amboy.
As bond for performance of the lease Elizabeth H. Stan¬
deposited securities worth $25,140 with the Controller of New York
City.
Subsequently these securities were held in trust as security for notes
aggregating $89,000 sold to the public and which the brief says are now
involved in the controversy.
The notes were to be redeemed from interest
on the deposited securities.
to South
A
few
build
a
months after the lease was granted New York City started to
terminal at Tottenville, but shortly afterward abandoned all con¬
struction.
Kill
Apparently this was because two bridges across the Arthur
These were subsequently built at a cost of $16,City concentrating on this project and abandoning
in prospect.
were
New York
the ferry scheme.
000,000,
The brief stresses that the
bridge legislation
supervenes
anything author¬
ized previously, and argues that the deposit must be returned.
Jewel Tea
Co., Inc.—Sales—
Company reports that its sales for the four weeks ending April 23, 1938,
$1,824,511 as compared with $1,777,991 for parallel weeks in 1937, an
increase of 2.62%.
Sales for the first 16 weeks of 1938 were $7,319,658 as compared with
$6,960,386 for a like period in 1937, an increase of 5.16%.—V. 146, p. 2539.
were
J-M Consolidated Gold
The Toronto Stock
stock,
$1
Jonas
and
to
par,
&
Mines, Ltd.—Listing—
Exchange has admitted 3,000,000 shares of capital
the list.
Naumburg
Corp •—To
Withdraw Registration
.
Listing—
Corporation
May 9, 1938 filed with the Securities and Exchange
Washington, D. C. a written notification of withdrawal
on
Commission in
from registration of the corporation's capital stock, with the result that the
listing of the stock
the New York Curb Exchange will thereafter be
on
terminated pursuant
1934.
The decision
Supply Co.—Earnings—
12 Months Ended March 31—
Interest
802,651
1.537,883
as
intangible item.]
Based upon the income statement of Des Moines
Gas for the year ended Feb. 28, 1937, the rate of return to Iowa Power on
such consideration would be approximately 5 85%.
Giving effect to the proposed merger, as of Feb. 28, 1938, the fixed
capital account of Iowa Power would be $19,653,808.
After deducting the
depreciation reserve of $2,582,586 applicable to su
fixed capital account,
the net book value thereof would be $17,071,222.
This figure, of course,
does not include $2,579,100 which is to be deposited with the indenture
trustee for withdrawal against property additions.
As against such net amount of property
Iowa Power, upon issuance of
the bonds covered by the subject declaration, would have a total of $11,700,000 of bonds outstanding with annual fixed charges thereon aggregating
$498,000.
In addition to such bonds, the capitalization of Iowa Power is
composed of two classes of preferred stock having an aggregate par value
of $6,400,000 and common stock with an aggregate par value of $2,500,000.
The annual dividend requirements on the preferred stock total $407,103.
Giving effect to the transactions proposed and to the completion of the
additions to the power plant with the increased rental thereon, the gross
income of Iowa Power, as of Feb. 28, 1938, would have been $1,618,796.—
V. 146, p. 2373.
Operating
\
$1,955,346
1,219,797
reported
an
Jamaica Water
1934
($2,564,224
ton
together with the
original cost of the securities of such company now held by Iowa Power,
including a $150,000 note to be canceled, brings the total investment of
Iowa Power in Des Moines Gas to $6,363,792.
This investment is the
equivalent of the consideration for the proposed acquisition and Iowa Power,
for such consideration, will receive net assets having a book value, as of
Feb. 28, 1938, of $5,517,049.
Accordingly, the consideration will exceed
the book value of the assets to be acquired by $846,743.
(The common
stock of Des Moines Gas was acquired by Iowa Power in 1928.
Shortly
thereafter, Iowa Power also acquired some of the preferred stock of sucn
company.
The total cost of such securities was $3,919,017 which was
$846,743 in excess of the book value of such securities at the dates of acquisi¬
This
Not
$1,483,874
/
goods sold
Total
the supplemental indenture provides for an
all bonds issued thereunder less those retired.
1935
■
reported
The
further requirement that earnings applicable to bond interest shall equal
annual interest charges at least two times.
In addition to an improvement
fund of 2% of the outstanding bonds called for by the original indenture,
-Earnings—
1936
Not
.
of the bonds sold.
supplemental indenture under which these bonds are to be issued
provides that no additional bonds shall be authenticated and delivered
against any property additions made prior to March 1, 1938, and that
bonds authenticated against additions subsequent to that time shall be
deliverable only up to 70% of such additions, subject, however, to the
1938
$2,244,452
ost of
accts. rec.,
merger of the properties.
While Iowa Power owns all
stock and some of the two classes of preferred stock of such
Gross
■
1
'
makes the following statement:
pursuant to a plan for the simplification of its corporate
structure, desires to dissolve its subsidiary, Des Moines Gas, and bring
Iowa Power,
tion.
1937
Privately—-Merger Also Approved—
The Securities and Exchange Commission on May 11 approved a declara¬
tion
about
Calendar Years—
ross sales less discountreturns & allowances. 1I
1937
—
.
Conducting transportation
General including accidents—
Deficit..
(Byron) Jackson Co. (& Subs.)
1938
revenue
Maintenance-.
May 14,
to the provisions of the Securities Exchange Act of
to withdraw registration was reached by directors
after careful consideration.
At the time of the original registration in 1935, corporation determined
that the public disclosure of certain data required in the registration applica¬
tion would in fact be detrimental to the interests of the corporation and to
its stockholders and confidential treatment thereof was applied for.
This
data concerned the corporation's business activities and had nothing to do
with questions of officers' salaries, bonuses, stock options or the like, which
should
be and have been disclosed to stockholders.
After a hearing in
Washington before a Trial Examiner of the Commission, the Commission
evidently agreed that the disclosure of the information would be detri¬
mental to the interests of the corporation and its stockholders.
The corpo¬
ration's application was granted with respect to a part of the information for
which confidential treatment was asked and such information remained in
the
confidential
files
of the
Commission
and
was
not
publicly disclosed.
As to the balance of the information for which confidential treatment
asked,
no
decision
was
was
then reached by the Commission, and pending such
decision the information
not
publicly disclosed.
Under date of April 28, 1938, orders were entered by the Commission
denying the corporation's application and directing that the information
be made available to the public after the lapse of 15 days from the dispatch
of notice of the Commission's determination unless, prior to the lapse of
such 15 days, the corporation shall file with the Commission a written
notification of withdrawal from registration of the corporation's capital
stock, or unless within such 15 days the corporation shall file a written
statement that it intends in good faith to seek a review in the courts of
the Commission's determination.
This second alternative of appealing to
the courts has been determined by corporation's directors to be inadvisable
on the basis of the opinion of counsel that it appears from the applicable
rules of the Commission that if such an appeal were determined adversely
to the corporation, the corporation would then have lost its right to with¬
draw from registration and the information for which confidential treat¬
ment has been requested would then be made public.
Under the rules of the Commission, upon receipt of such notification of
withdrawal the Commission will send notice thereof to the New York Curb
Exchange and the registration shall continue in effect until, and shall ter¬
minate on, the close of business on the tenth day after the sending of such
notice, at which time the listing and trading of the stock on the New York
Curb Exchange will terminate.
It is the opinion of your corporation's directors that such termination
does not affect in any way the inherent value of the stockholders' invests
ment.
The financial condition of the corporation remains, as it remained
throughout the depression years since 1929, sound and amply liquid.—
V. 146, p. 916.
was
Volume
Financial
146
Kansas City
would be meaningless in
Southern Ry.—New Directors—
of New York
were on May 10 elected new directors of the railway.
Both are bankers.
They displace J. A. Nixon of Omaha, Neb., a business man, and Kenneth
Elbert G. Bennett of Ogden, Utah, and Percy J. Ebbott
D. Steere of New York, a broker.
William J. Sinek of Chicago, a former member, was
to fill a vacancy.—V. 146, p. 2696.
distributed.—V. 140, p. 976.
subsidiary of NY PA NJ Utilities Co.,
sub-holding company
approval of the sale of all
(File 56-1) under the Holding Company Act for
These assets consist of all the common
its assets to NY PA NJ Utilities Co.
following the sale the
stock of Bradford Electric Co. of Pa», and
will be dissolved.
is the first under the recently promulgated
referring to the sale of utilities securities or assets.
The application
Taxes
Rule 12D-1,
1,055
1,826
$1,321,382
Langendorf United Bakeries, Inc.—Initial Pref. Div.—
an initial quarterly dividend of 75 cents per share
new 6% preferred stock,
par $50, payable June 15 to holders of record
May 25.
A regular quarterly dividend of 50 cents per share was declared on the
new $2 class A stock likewise payable June 15 to holders of record May 25.
An initial dividend of like amount was paid on April 15, last.—V. 146, p.
the
2375.
Lefcourt Realty Corp.
3 Mos. End. Mar. 31—
Net loss after taxes, int.,
58,230
8,233
20,762
1938
xSecur. owned
$58,824
6,031
$72,123
Drl,269
Dr270
& amortization
$64,855
26,288
$70,854
24,639
$5,130
2,065
$6,535
1,880
$46,215
19,882
$3,064
$4,655
Appropriations for retirement reserve
$38,567
20,000
$26,333
Balance
134,121
6,034,797
3,677,410
xU.S. Govt, secur.17 241,750
xlnv.inrealest
1 025,688
2,509,036
agem't compen.
curities sold
def$5,806
of which $2,880 is Federal surtax
$1,959
undistributed profits.
hence
3019.
330,162
307,465
70,882,995 78,491,7921
V. 146, p. 2375.
n
Lerner Stores
Period End.
Corp.—Sales—
Earninqs—
Lessings, Inc.-
1938
1937
1936
1935
$145,947
$157,561
$104,426
$146,897
3i,
Earnings for 12 Months Ended March
Cost of sales, oper. and
1938
interest, amortization, Federal
but before surtax on undistributed profits
share on 100,000 shares common stock.
2697.
general
Net income after depreciation,
income taxes, &c.,
$3,022,016
$18.22
During April, company had 737 stores in operation of which 681 were
American and 56 Canadian.
A year previous stores in operation totaled
730 with 679 American and 51 Canadian.—Y. 146, p. 2857.
Net
$6,671,157,
an
$12,317
$13,707
$3,317
1,475
2,450
2,700
585
$6,593
$9,867
4,500
$11,007
4,578
$2,522
4,500
per
$2,093
$0.07
$5,367
$0.11
$6,429
$0.36
$2,522
$0.08
210
share
Inc.—Annual Report-
$5,127,177
4,992,166
$5,500,279
5,175,136
$4,776,082
4,655,112
$4,223,129
4,200,078
$135,011
34,146
$325,143
51,266
$120,970
82,974
$23,051
107,880
$169,157
31,699
a28,680
$376,409
27,456
1,560
a57,921
$203,944
26,811
2,895
37,408
$130,931
29,312
2,825
12,800
$108,545
80,996
$289,473
244,040
$136,829
$85,993
Other income.
Depreciation
Interest paid
234
Prov. for Fed. inc. tax..
Net profit
Preferred dividends
1938
equipment,
75,292
Land
$373,731
75,292
4% preferred stock
136,064
properties
44,849
8,526
Accts. receivable
Cash
.
1.498,000
1,022,163
559,767
21,469
Inventories
8,526
1,498,000
680,589
Sundry lnvestm't.
d Inv. in The Fair
1,171,658
555,425
799,035
Res.
1,401.950
for
_
«
Ml
After
reserve
for depreciation
1936
$297,496
189,539
189,539
$2.53
$1.57
250,864
243,525
Cash.......
388,369
int.
62,938
Instalm't
accts.
Earned surplus
Capital surplus
res've
Alter
on
25,893
247,382
2,355,664
Marketable
5 ,088,179
4,821,972
2,829,051
106,425
45,927
secure
301,899/
Other assets
167,800
Alliliated co. (50%
.$4,359,069 $4,544,051
84,977
of $207,607 in 1938 and $180,328 in
c After reserves of $70,000
b Represented Dy shares of $1 par value,
in 1938 and $60,000 in 1937.
d 166,500 shares
Goodwill
13 672,704 13,871,465
........
Delerred charges.
190,996
for
342,556
134,000
134,000
lnstal.
due
reded,
of
stamps,
376,613
456,213
6 ,457,000
<fcc
6,591,000
Mtges. on land and
Prop., lixtures &
equipment
$
1,429,012
296,889
Income
mtge.
Res.
1937
289,361
taxes
1st
trading
owned)
Total
$
payable_cl,316,958
lor
Res.
lor
...
Accounts
Accrued accounts.
2 ,330,823
doubtlul
Inventories
25,701
274,931
1,909,075
852,295
839,480
—
1938
Liabilities—
Accts. receivable—
Fed. inc.
tax
Unearned
Balance Sheet Jan. 31—
1937
8
201,143
stock.
(& Subs.)1938
a
1937.
1937
a$480,334
189,539
$1.57
Assets—
M
17,534
$4,359,069 $4,544,051
Total
1938
a$297,818
provision for surtax on undistributed profits,
b After depre¬
Federal taxes and other deductions.—V. 146, p. 3019.
Lit Brothers
1937
M
again giving serious study to
Before
a
ciation,
39,324
b Common
Accts. pay., &c
Improve, to leased
are
Lily-Tulip Cup Corp.—Earnings—
12 Months Ended Mar. 31—
b Net profit
$256,080 $1,220,280
8% pref. stock
$357,199
&c.
Deferred charges.
1938
Liabilities—
1937
flxt.,
understood,
Officers and directors, it is
Earnings per share
Palais Royal, Inc., for period
1936, to Aug. 31,1936, date of dissolution.
Consolidated Balance Sheet Jan. 31
Assets—
Furniture,
2375.
proposals for refunding the present mortgage debt, after a lapse of nearly
three years since the time when a proposed issue was withdrawn.
A proposal for offering $12,500,000 of new bonds at a maximum of 4%
rate to refund a 3% premium $10,312,000 of 5% mortgage bonds was au¬
thorized in 1935 but abandoned in August of that year when the directors
took the view that the terms offered by a syndicate together with a soft¬
ened market were unsatisfactory.—V. 146, p. 918.
Shares common stock outstanding
Includes surtax on undistributed profits.
Noie—1936 earnings include operations of
from Feb. 1,
first page of this department.—V. 146, p.
Libby, McNeill & Libby—Refunding Plans—
1935
1936
1937
1937
Years Ended Jan. 31-
Withdrawn
(Edgar P.) Lewis & Sons, Inc.—Registration
See list given on
p.
726
$8,068
income..
Earnings
increase of $271,548, or
ending April 30 were $23,241,132, a decrease
5.03%.—V. 146, p. 2375.
Kresge Department Stores,
a
Drl67
Dividends paid.
Sales for the four months
c
460
—V. 146, p. 1404.
of $1,309,412, or
a
$2,591
546
Balance
4.2%.
a
144,306
$13,873
State taxes
(S. H.) Kress & Co.—Sales—
Sales for the month of April were
90,552
$11,857
.
$11,198,996 $41,574,675 $43,025,399
$12,595,644
145,703
$7,522
Loss from sale of bonds.
Prov.
for
Federal andL
1938—4 Mos.—1937
1938—Month—1937
30—
138,425
expenses
i
Profit from operations
Other income
Total income
(S. S.) Kresge Co .—Sales—
Period End. April
Sales.
$8,910,976
$8,730,558
$3,267,846
$3,763,748
Sales
—V. 146, p. 2540.
Quar. End. Mar. 31-
p.
1938—3 Mos.—1937
1938—Month—1937
April 30—
Koppers Co. (& Subs.)—Earnings—
146,
70,882,995 78,491.792
Total
b Par $1 after deducting 5,304 shares held in treasury, at cost of $87,710.
The income statement for the three months ended March 31 was published
City, N. J.—Sale—
Tennessee Avenue and
the Boardwalk, Atlantic City, N. J., once known as Youngs and later as
the Alamac, was sold at auction May 6 to the City Bank Farmers Trust
Co. of New York for $250,000.
The bank holds a $2,067,650 judgment
against the property, including a $1,750,000 mortgage.
13,046,403
Profit & loss def.. 16,059.561
x At cost,
y Represented by 690,123 no par shares, excluding 1,768
shares held in treasury, at cost of $87,710.
z Includes $2,925,509 special
dividend
payable April 7,
1937.
a Miscellaneous
investments only,
The Knickerbocker Hotel, nine-story structure at
Earnings per
406,044
*
83,673,396 81,739,884
Capital surplus
785,120
Total
Note—On Jan. 1, 1937 changes were made in accounting procedure,
the above 12 months' figures are not exactly comparative.—V. 146, p.
—V.
2,219,284
749,591
& taxes
expenses
se¬
$18,567
Balance for common dividends and surplus
Knickerbocker Hotel, Atlantic
$
Res. for accr. man-
39,974
Divs. receivable &
24,374
Includes $5,585 Federal income taxes,
1
1
a8,375
Misc. loans & invs.
for
1937
$
Reserve for accru'd
equities
interest accrued.
Balance
Preferred dividend requirements.
a
1938
Liabilities—
Capital stock
bl,999,174 y3,362,905
Divldens payable.
520,395 z3,441,775
Payable for securi¬
368,304
ties purchased..
Real estate loans &
Receivable
on
Sheet March 31-
S
51 165,595 65,115,292
l
prof$7,977
$47,147
1937
$
1935
1936
1937
$17,152
$37,656
Assets—
Cash
$5,400
(& Subs.)—Earning
1938
•
Lehman Corp.—Balance
$146,049
9,912
al9,381
Dr427
Balance
1938—4 Mos.—1937
$4,468,389
$4,835,005
1938—Month—1937
$1,387,075
April 30—
depreciation, &c
—V. 146, p. 1404.
$156,188
54,772
$6,963
Net oper. revenues
Non-oper. income (net).
Int.
$12,785
4,503
$14,460
4,798
1,156
1,543
Maintenance
146, p. 2697.
Bryant—Sales—
Sales
1938—12 Mos.—1937
1938—Month—1937
revenues
The Bank¬
applied to
of clause 6
—V. 146, p. 2375.
applicant
Key West Electric Co.—Earnings—
Period, End. Mar. 31—
is solvent.
Directors have declared
in the registered holding company system of Associated Gas & Electric Co.,
has filed with the Securities and Exchange Commission an application
Operating
Operation
Lane
on
Keystone Utilities, Inc.—To Dissolve—
a
the Swedish Court held.—V.
as
Period End.
Yards Co,—Dividend Reduced—
The company paid a dividend of SI per share on its common stock on
May 2. Previously regular quarterly dividends of SI-50 per share had been
solvent corporation and thus the argument is
a
unsound that it applies only where the company
ruptcy Act requires that assets of the debtor be liquidated and
the payment of debts.
That is liquidation within the meaning
elected to the board
Kansas City Stock
Company,
3191
Chronicle
1,046,783
276,069
1 046,783
252.846
.
bldgs
b Common
of common stock.—V. 146,
130,865
Earned
surplus...
9,840,353
999,145
999,145
,043,404
_
stock.
103,747
9 ,640,300
Deferred income.
6% pref. stock
3,863,923
2374.
Kreuger & Toll Co.—Appeals
Court Subordinates Claims
of Participating Debentures—Appeals on May 9 affirmed unanimously a decree of
the District Court under which more than $41,000,000 participating de¬
bentures and American certificates will fail to share in the assets.
The
decision subordinated their claim to those of other creditors.
A statement by Edward S. Greenbaum, trustee of Kreuger & Toll, said
that the decision "makes it probable that the American bankruptcy of
Kreuger & Toll will shortly be wound up."
The last report by the trustee
stated that $1,600,000 was on hand for distribution, which would be made
as soon as the status of American certificate holders had been determined.
The U. S. Court of
They will not share in the final dividend, it was said.
The opinion was written by Circuit Judge Martin Manton and concurred
in by Judges A. N. Hand and Harrie B. Chase.
Lee, Higginson Trust Co.,
as trustee, and certain individual holders of Kreuger & Toll American cer¬
tificates made the claim that they were entitled to share in the estate on a
par with other creditors.
This was resisted by the
Marine Midland Trust Co., as trustee for the
Toll 5% secured sinking fund gold debentures, which contended
of participating debentures and American certificate holders
clause 6 of the participating debenture,
which provided that in the event of liquidation the participating debentures
were to be redeemed out of the company's assets before distribution to share¬
holders "but after all other debts of the company have been paid."
Judge Manton, sustaining this position, stated:
"There was no reason for limiting claust 6 to voluntary liquidation.
Subordination to the general creditors of the participating debentures
Kreuger &
that the claims
were
subordinate on the basis of
23,578,643 24,056,838
Total
23,578.643 24,056.838
Total
depreciation of $3,620,330 in 1938 and $3,360,477
Represented by 999,145 shares no par, after deducting 855
c Including $22,308 accounts payable to affiliated
companies.—V. 146, p. 602.
a
in
After reserve for
1937.
b
shares held in treasury,
Liquid Carbonic Corp.—Earnings—
Period End. Mar.31—
Net
sales
Profit before charges
Dividends
received
Interest
Depreciation
U. S. & Can. income tax
1938-—3 Mos.—1937
$4,199,620
$3,684,494
423,167
370,516
30,038
6,829
$644,218
4,569
320,921
39,148
$377,345
4,386
163,944
32,091
89,137
50,014
153,498
88,577
$126,910
$0.1-8
$102,204
$0.14
$191,003
$0.27
group
Net
$712,377
77,769
355,137
23,769
$453,205
42,769
183,605
20,952
Security tax and
insur. prem
Social
1938—^ Mos.—-1937
$7,575,664 $6,609,776
670,297
635,818
42,080
8,400
profit
sh. on cap .stk.
1557.
Earns. per
$116,742
$0.16
—V. 146, p.
Lockheed Aircraft
Deliveries of
Corp.—April Deliveries—
the month of April
a gain of 30% over
twin-engined commercial airplanes for
10 planes, with a dollar value of $764,000,
the $531,000 delivered in the same month last year.
totaled
3192
Deliveries
at
the first four
for
1938 totaled 36
months of
$2,560,000, compared with deliveries of $1,676,000,
the first four months of 1937.
over
Chronicle
Financial
or
Transfer Agent—Corporation Trust Co., 16 Exchange Place, Jersey City,
planes valued
gain of 35%
History and Business—Corporation was organized in New Jersey on
April 12, 1937.
Corporation is a reorganization of the Luscombe Airplane
Development Corp. which was organized in New Jersey on April 17, 1935.
The Luscombe Airplane Development Corp. was the incorporation of a
According to company officials, 80% of April deliveries were Lockheed
Model 14s, the company's largest model.
Planes of this type are now
being built for Trans-Canada Airplanes,
Northwest Airlines,
British
Airways, Royal Dutch Air Lines, Rumanian Air Lines, Royal Netherlands
Indies Airways and other transport companies and
private operators
throughout the world.
Backlog of unfilled orders on the company's books as of April 30 last
was
$4,694,000.
This compares with $2,972,000 as of the same date
a year ago.—V. 146, p. 2858.
proprietorship called Luscombe Airplane Co. which was engeged in the
research and preliminary development of metal aircraft.
The company, whose plant is located at Mercer Airport, West Trenton,
N. J., produces the first metal airplanes for civilian use in the popular
1938
1937
$2,571,828
143,719
$1,966,287
195,515
xNet loss
x After depreciation, amort, and setting up
charges.—V. 146, p. 2375, 2047, 1880.
Louisiana & North West
reserves for taxes and other
336
682
789
$11,456
4,200
5,910
588
414
$40,851
12,61 0
17,133
1,619
$37,621
12,600
17,452
1,066
$2,446
-
Retirements
Bond interest
$132
$9,499
$5,703
Other interest
Income tax
800
.
Net income
—V.
142, p. 2164.
Louisville Gas & Electric Co.
(Ky.) (& Subs.)—Earnst
Year Ended March 31—
1938
Operating revenues
Operating expenses, maintanance and taxes
Co., and directed the design of the fLst small cabin plane for private use to
be put into production.
Frederick .T. Knack, Vice-President, formerly was
structural de-ign engineer for the Douglas Aircraft Co. and assistant Chief
R.
reserve)
(net)
Other income
Interest
charges
(net)
$4,516,048
1,069,194
160,197
—
Ludlum Steel
4,978,070
Dividends
on
Dividends
on common
$5,120,411
332,653
$5,453,064
1,181,000
37,000
$4,235,064
1,221,088
142,696
in¬
curred during 1937
312,500
19,333
Other income deductions
Net income
$2,954,823
1,595,000
1,051,943
preferred stock
stock
"14,888
$2,856,392
1,595,000
247,516
pany claimed as a deduction in its Federal and State income tax returns for
year
1936 the unamortized discount and expense and redemption
premium and expense on bonds redeemed in 1936 which resulted in no
the
taxable income for that year.
During the period from Jan. 1, to Aug. 31,
1936, the company made provision for Federal income taxes in the amount
$271,400 which was reversed over the period from Sept. 1 to Dec. 31,
1936.
During the period from Jan. 1, to Nov. 30, 1936, the company also
of
made provision for State income taxes in the amount of $90,060 which was
reversed during December, 1936.
Also provision made for the
year
herein
during
for
1937
or
Period End. April 30—
estimated that no such surtax will be incurred by the
company or its sub¬
sidiary companies for those years.—V. 146, p. 3020, 2540.
on
on
Net income
Dividends
on common
stock
Crl,526
$64,217
121,924
Prov. for retirements and replacements
Amortization of debt discount and expense
Int. of indebtedness of Amer. Utilities Associates..
600
Crl,145
other debt
$142,035
42,750
11,243
30,355
600
long-term debt
$132,970
9,064
$158,140
42,750
9,582
42,136
II
1937
$748,323
615,353
$145,430
12,710
expenses.
V Gross Income
Interest
Interest
Manhattan Towers Hotel—Sale
Assets—
1938
1937
plant,
equipment, &c.$3.613,862 $3,704,139
Due
from
Amer.
in
52,248
Public
Util.
Manage't
Corp
Long-term
appli¬
ance
Manhattan
on
Consumers'
36,992
42,103
10,133
197,278
contracts
4,760
1938
_
13,329
186,112
125,236
5,470
39,013
187,608
3,717
31.578
Mdse., materials &
supplies
Insurance deposits
Deferred charges__
$950,000
1937
$950,000
47,069
47,850
30,000
Federal Judge Patterson on May 12 permitted a bondholders protective
$16,138,000 of the $40,683,000 outstanding consolidated mortgage 4s
65,000
Hearings on Tax Sale—Citing the dangers involved in the mounting total of taxes outstanding
against the company's properties, Boykin S. Wright, counsel for the first
mortgage bondholders' committee, urged Federal Judge Robert P. Patter¬
son at a hearing May 6 to approve the proposed plan for
liquidating the
arrears through sale of the Sixth Avenue line to the city for $12,500,000,
$8,623,000 of which would immediately be repaid to the city for back
taxes penalties.
Tax liens are currently being advertised by the city for sale on June 30
next.
The attorney said that in order to prevent foreclosure of the liens
thereafter the company will have to pay all interest accruing thereon, plus
current taxes as they fall due, the total ranging between $1,900,000 and
$2,400,000 annually.—V. 146, p. 3021.
Maritime
stall. accts
Accounts payable.
Aoer. int. on long-
54,758
144,861
3,562
taxes,
3.563
739
accrued liabil...
stock
32,599
33,488
Net operating revenue
b Net loss
a
Total
which is the effective
...
$7,116,146
199,373
285,757
1937
$7,422,780
679,624
profl72,925
Includes other income and is after deducting taxes and retirement
b After
interest, amortization and other deductions.—V. 146,
2859.
a
reserve,
p.
Marlin-Rockwell Corp.
Quar. End. Mar. 31—
Gross earnings
Total income
Other charges
1937
$574,881
18,300
128,973
1936
$404,196
23,700
112,366
1935
$350,144
38.685
100,172
$427,608
17,225
$268,130
23,099
$211,287
18,627
$152,521
-
Balance
$444,833
2,446
x68,445
$291,229
2,731
43,435
$229,914
8,837
30,923
2.111
Federal taxes
*22,672
Net profit
$127,738
169,622
$373,942
169,622
$245,063
169,622
$190,154
169.622
def$41,884
$204,320
$75,441
$20,532
339,245
$0.37
339,244
$1.10
339,244
$0.72
339,745
$0.56
Common dividends
Surplus
com.
stock
out¬
standing (par $1)
Earnings per share
on
(& Subs.)—Earnings—
1938
$274,966
17,730
125,174
$132,062
20,459
Depreciation
Expenses, &c~
No metion is made
to whether or not
provision for Federal surtaxes
undistributed profits has been included in this item.—V. 146, p. 2698.
as
Master Electric
5,117
5,088
369
1,500
787,932
1,524,050
445,058
1,524,050
577.337
$4,032,745 $4,225,593
-V. 145. p. 3200.
Luscombe Airplane Corp .—Stock
Offered—Public offer¬
ing of 155,160 shares of common stock (par $0.50) was made
May 9 at $1.25 per share by a group of dealers headed by
Eugene J. Hynes & Co.
The public offering of 155,160
shares is subject to prior subscription by officers, directors
and present stockholders of not more than
59,997 shares.
The stock is offered as a speculation.
Corporation has agreed, upon request of the underwriters, to make
application to the New York Curb Exchange and (or) the Chicago Board of
Co.—Earnings—
Net profit
Earnings
per
•
--
share
1938
$680,004
1937
$1,040,721
52,804
y$0.25
3 Months Ended March 31—
Net sales
x
(par
Earned surplus
Gross
5,424
local.
State & Federal.
Other current and
Com.
$4,032,745 $4,225,593
Ry.—Granted Fare Increase—
fares to be put into effect within 30 days after May 29,
date of the Commission's order.
x
802,642
Trade to list these shares.
Market Street
The California Railroad Commission has granted the company authority
25 cents, the new
other
debt
Acer,
Corp.—Registration Withdrawn—
to establish a cash fare of seven cents or tokens at four for
Shares
71,779
Unadjusted credits
Total
Investment
See list given on first page of this department.—V. 146, p. 282.
27,500
on
was
formed April 5.
117,000
Acer. int.
977.
by Van S. Merle-Smith, to intervene in proceedings for
the filing of an answer to company's petition to reorganize under Section
77-B. The committee, which according to its petition represents holders of
meter
deposits.
Notes pay., bank.
Notes pay., other.
term debt
hand...
Adjourned—
Ry.—Committee to Intervene—
Other income
Liab. for mdse. in¬
4,760
Cash In banks and
Accts. receivable.
Liabilities—
Long-term debt
& ext.
Utilities Assoc..
Invest,
196
The sale of the property scheduled for May 11 by order of the Supreme
Court has been adjourned to May 20.—V. 140, p.
$58,613
Balance Sheet March 31
Property,
201
1938
1938
.....
3021.
Earnings for 12 Months Ended March 31
$745,608
600,178
Non-operating income
p.
Stores in operation
—V. 146. p. 3021.
Co.—Earnings—
12 Months Ended March 31—
Operating
146,
1938—Month—1937
1938—4 MoS.~ 1937
$3,492,900
$3,022,749 $11,614,697 $11,750,075
Sales
1937
by the other companies
1936.
No provision for surtax on undistributed
1938 is included in the above statement as it is
Lowell Gas Light
Hiram
received:
Co.—Merger Planned—
See Allegheny Steel Co., above.—V.
was reduced as a result of deductions to be made in income tax
returns for
losses resulting from the flood in Louisville during
January and Feb., 1937.
No surtax on undistributed profits was incurred
consolidated
as
committee headed
Notes—(1) The above figures for the 12 months ended March 31, 1937
have been adjusted to reflect $55,730 of additional taxes applicable to the
period of 1936 included therein, paid in 1937 and charged to surplus.
(2) No provision was made by the company for Federal or State income
taxes or for surtax on undistributed profits for the year 1936 as the com¬
profits
and
■
McCrory Stores Corp.—Sales—
Net operating revenue and other income (before
appropriation for retirement reserve)
$5,734,048
Appropriation for retirement reserve
1,181,000
Amortiz. of contractual capital expenditures
37,000
Amortization of debt discount and expense
Amortiz. of flood and rehabilitation expense
.
Liquidation of current liabilities, $15,000; materials for inventory increase,
$54,000; machinery, jigs, tools and equipment, $5,000, balance for erection
new building, equipment, &c.
Capitalization—Authorized 400.000 shares: outstanding 133.648 shares.
Of the 266,352 shares of unissued common stock, 155,160 shares are being
offered to the public, 35,000 shares may be optioned to the underwriters,
12,000 shares may be optioned to certain directors and stockholders,and
10.000 shares may be optioned to the officers and keymen of the corporation.
Of the 133.648 shares of common stock issued and outstanding March 1,
1938, 100.000 shares were paid to the Luscombe Airplane Development
Corp., for all of its assets.
These shares were distributed to stockholders
of Luscombe Airplane Development Corp.—V. 146, p. 3020.
$10,098,482
$5,510,523
223,525
Gross Income..—...
■
of
Net operating revenue (before appropriation for
retirement
Mallinson.
Purpose—From the first proceeds—estimated—to be applied
1937
$10,999,279
5,488,756
from
and General Manager of Mono Aircraft, Inc. and Lambert Aircraft Engine
$68,234
31,403
489
Net revenue
be manufactured
Engineer of Bellanca Aircraft Corp.
Directors include George B. Cluett, II, of Troy, New York
$74,816
34,648
$12,945
4,200
5,711
Other income
to
tories of the United States.
Company believes that its standardized, inter¬
changeable parts method of production, with consequent ease of assembly
anywhere, will facilitate export business, the prospectus states.
D. A. Luscombe, President of the company, formerly was Vice-President
Co.—Earnings—
1938—Monthr-1937
$24,232
$20,535
11,776
9,415
Period End. Mar. 31—
Operating revenue
Operating expense
airplanes
according to the prospectus, are largely standardized and interchangeable
the three models now being produced, "thus eliminating large
2858.
Lower St. Lawrence Power
civilian
first
inventories, idle time and heavy machine overhead."
Distribution of the
three models now being produced at West Trenton is achieved through a
dealer organization, with a quota of 344 planes, covering the major terri¬
RR.—Reorganization—
p.
the
among
1936
$2,544,939
307,658
The ICC has authorized Jonah J. Goldstein, Arthur M. Whitehill. and
K. Belcher to serve as a protective committee for
holders of first
bonds.—V. 146,
and
machine made, die cut components, which offer continuing manufacturing
economies as production increases,
the prospectus states.
The parts,
W.
mortgage 5% gold
field,
priced
Loft, Inc. (& Subs.)—Earnings—
Quarter Ended March 31—
J.
N.
a
•».
Sales
May 14, 1938
123,040
z$0.58
1936
$585,629
43,604
$0.24
a
After provision for Federal Income tax but
before undistributed profits
tax.
y On
210,000 common shares outstanding,
z On 209,900 shares
outstanding,
a On 180,000 common shares outstanding.
x
Balance sheet as of March 31, 1938, showed current assets of $1,583,425,
including $497,746 cash, with current liabilities of $309,513.—V. 146, p.
2541.
Michigan Bell Telephone Co.—Earnings—
1938—Month—1937
$3,340,324
$3,358,231
Period End. March 31—
Operating
revenues
1938—3 Mos.—1937
$9,885,177
$9,741,477
50,888
24,192
Uncollectible oper. rev._
19,437
6,972
Operating revenues—.
Operating expenses
$3,320,887
2,262,109
$3,351,259
2,073,459
$9,834,289
6,599,726
$9,717,285
5,869,988
Net operating reves._
$1,058,778
408,521
$1,277,800
427,695
$3,234,563
1,226,024
$3,847,297
1,275,008
$650,257
$850,105
$2,008,539
$2,572,289
$606,408
$837,785
$1,873,051
$2,497,471
Operating taxes
Net operating income-
Net income
—V. 146, p. 2541.
Volume
Financial
146
Midwest
Metropolitan Edison Co. —Earnings—
Years Ended Dec. 31—
Operating
Operating
$10,606,658
3,215,072
1,109,014
$12,812,163 $12,220,869 $11,046,914
4,589,194
4,219,445
5,063,029
1,135,456
1,059,871
842,889
revenues
expenses
Maintenance
Prov. for retirements
Given
1934
1935
1936
1937
re¬
newals & replacements
of fixed capital
1,604,160
360,047
786,481
1,750,000
466,697
417,527
$3,016,910
1,693,417
$3,648,348
1,449,504
$5,097,852
1,877,980
72,672
$4,710,327
1,913,946
62,125
1,400,000
$3,683,213
1,547,260
Operating income
Other income
$3,977,408
413,715
705,096
1,642,316
$5,619,724
1,843,989
Gross income
Interest on funded debt.
$5,230,474
1,752,693
Int. on unfunded debt..
51.715
Amortization of debt, dis¬
count and expense.
133,568
43,540
130,513
2,328
196
3,004
70
$3,294,825
1,276,317
2,370,000
Net income
Preferred dividends
Common dividends
$3,572,746
1,276,317
2,490,000
$2,620,025
1,276,317
2,109,000
$3,059,403
1,276,317
2,860,000
Balance Sheet Dec. 31
21,606,242
85,867,147
21,606,839
a442,36l
Note
71,599
affil. company
bond int
b85,197
70,341
co-
77,734
400,072
71,599
810
Notes payable-.
Accts. payable..
490,426
in lieu of
tees
M.
40,615,900
payable to
affil.
trus¬
Taxes accrued..
1,545,594
548,091
26,072
with
12,010
3,064
sold
piop.
605,628
Special deposits.
Notes receivable
Interest
accrued
Miscell. accruals
'
1,256,080
562,471
4,825
Guar,
of appl ce
340,498
503.000
Def. debit items
4,050,258
4,161,830
...116,144,874
115,585,854
503,000
14,813,663
85,904
20,187,371
1,234,541
Res. and miscell.
receivable sold
340,498
accts. rec. sold
212,465
15,590,886
88,604
1,075,162
207,088
511,231
Accts.
recelv'le.
Inr. & divs. rec.
Mat'ls & suppl's
extensions
Capital surplus- 20,187,371
Corp. surplus-.
883,049
Operating expenses
State, local and miscel¬
$339,636
225,176
$319,295
221,253
27,089
5,045
25,529
3,125
Interest
Undistributed profits tax
on
851,458
920.546
98,298
11,220
$69,389
1,726
$362,502
7,014
Note—The provision for Federal surtax on undistributed
12 months ended March 31, 1938. represents the provision
$71,115
57,949
396
$369,516
231.798
2,846
$349,332
231,798
1,445
4,575
18,300
18,300
636
636
742
2,546
3.083
2,546
2,297
$6,821
$110,942
Minneapolis Brewing Co.—Earnings—
Earnings for 3 Months Ended March
long-term debt..
$83,246
57,949
General interest
of bond
Amortiz.
and expense
Amortiz. of prior
.
Net profit
...
Liabilities—
Assets—
a
*
lien &
pref. stk. comm. & exp
Miscell. inc. deductions_
749
$18,663
Net income
Trade acceptances
revenue
50,991
Other assets—.J..
b Fixed assets....
484,119
ers
Deferred Income
Total——.—........ - •
p.
After reserves of
.$3,463,9351
.
$50,509.
Missouri & Arkansas
Ry.—Notes-—
Commission on May 3 authorized the company
exceeding $80,066 of promissory notes to be delivered at par to
the American Car & Foundry Co. as vendor in part payment for certain
equipment.—V. 146, p. 2860.
Co.—Earnings—
Mississippi River Power
[Including Missouri
Transmission Co.]
St., Chicago; Ralph T.
April 8,
Building
of which
Evans are:
Mich.; William H. Haight, 1 North La
voting trust appointed by Judge
Corp.—Offering of Securities—An issue of
$500,000 5% income debentures and 25,000 shares of com¬
mon stock were recently offered by Stern Brothers & Co. in
units at $1,000 for each $1,000 principal amount of 5%
income debentures and 50 shares of common stock.
Mid Plains Oil
of common stock do not
constitute a new offering by the
History and Business—Corporation was organized Oct. 15, 1937 in Dela¬
ware, was organized to take over the ownership of certain leases covering
the production of both oil and gas from property located in the adjacent
Hauschild, Theede and Wherry pools in Rice County, Kan., and to conduct
the operations incident to the exploration for and production of oil, gas and
other minerals on said leaseholds.
The leases assigned to the company on Oct. 20, 1937 and Nov. 12, 1937,
Interest on
approximately 3,900 acres of land, of which approximately 600 acres
producing or are considered as proven, of which approximately 2,600
acres are non-producing and are unproven and of which approximately 700
acres are considered to be unproductive.
There were, on Nov. 3, 1937,
22 producing wells, 2 wells in the process of drilling and 1 abandoned wed
are
(no
full paid and
authorized capital stock consists of 100,000 shares
par), all of which shares are issued and outstanding
non-assessable.
funded debt of the company consists of $5,000,000 of 5%
debentures—due Sept. 1, 1947, of which $1,000,000 is outstanding,
The authorized
income
having beei issued on
Oct. 20, 1937.
The proceeds from the issue of $1,000,000 5% income debentures and
100,000 shares of common stock, to the extent of $526,732 (subsequently
adjusted) were used to acquire the leases, 20 of the producing wells and the
materials, equipment and tools.
The balance of the proceeds received by
the company is intended to be used in the ordinary course of doing business.
Upon organization company issued to Stern Brothers & Co. $500,000 of
debentures and 50,000 shares of common stock.
Stern Brothers & Co., the underwriter of the securities offered 47,500
shares of such common stock, being 47.50% of the common stock #ut-
standing.—V. 145, p. 3977.
$2,302,490'
957,311
41,701
17,491
$1,229,701
$1,285,986
-
—
--—----—-----------------
discount and expense
-
-
- -
-
260,535
235,557
be determined the companies had no liability for
undistributed income for the years 1936 and 1937 and no pro¬
has been made for the 3 months ended March 31, 1938.—V. 146,
Notes—So far as can
surtax on
vision
1718.
p.
Missouri Pacific
RR.—New Director-
of this railroad were elected on May 10 at the annual
stockholders.
Eight new directors of a subsidiary, the New
Texas & Mexico Ry., were chosen at a meeting of stockholders in
Four new directors
meeting of
Orleans,
NThe°new
Missouri Pacific directors are
Walter W. Smith, Roy M. Farrar,
Harold M. Stratton.
caused by the resignations of two Van Sweringen directors, John Sherwin Jr. and George A. Toralinson.
Two other
directors Fred G. Hilvert, and W. P. Weber, resigned for lack of time.
Guv A Thompson, trustee of the Missouri Pacific, voted proxies for 80%
of the New Orleans, Texas & Mexico stock in bringing about reorganization
of the subsidiary's board.
The Van Sweringen directors replaced were
Mr. Sherwin, Mr. Tomlinson, Leonard P. Ayers, IX
S. Barrett, Alva
Bradley, William Wyer, J. S l'yeatt, andIW W BeIlly.
Their successors were F. P. Johnson, W. G. Vollmer, C. E. Perkins,
John Cannon, R. C. White, P. J. Neff, T. T. Railey, and M, Eckert.
Ward McGill, and
R.
Two of them
—V.
fill vacancies
146, P. 2860.
Montgomery
Ward & Co .—Sales—
1938—Month—1937
Period End. Apr. 30—
Sales
-
— -
—V. 146, p.
-
$37,062,930 $40,095,518
(Philip) Morris & Co., Ltd.,
Oomnanv on
a
1938—3 Mos.—1937
$89,624,311 $97,187,252
2378
and Common
which leases, in the opinion of
of common stock
$2,235,807
949,535
41,141
13.518
1,911
—
funded debt.
Net income
assigned to the
leases, about 43 in number, covering property as yet non-producing
such counsel, purport to cover an interest
generally similar to that leased under the terms of the leases to the producing
properties.
company
and
$2,183,714
118,776
„
under firm
Other interest charges—
are
Capitalization—The
revenues-.------------—----- $2,115,374
revenues..--—120,433
Other deductions
cover
located on the property covered by the company's leases.
In addition to the above producing leases, there have been
$4,034,304
1.367,706
331,072
220,152
Amortization of bond
Larrabee, Chicago; Ray W. Spindler, 4724
2166.
of debentures and 25,000 shares
corporation.
1937
$4,071,087
1,391,281
March 31—
Net operating
Greenwood Ave., Chicago.—V. 142, p.
The $500,000
1938
12 Months Ended
Gross income.
Criscuolo is Chairman.
Salle
Total....................$3,463,935
b After depreciation of $1,299,351.—V. 146»
The Interstate Commerce
Chicago—Voting Trustees—
U. S. Circuit Court of Appeals in Chicago,
Luigi Criscuolo of 40 Wall St., New York, one of the voting
trustees of the 168 Adams Building Corp. of Chicago, which owns the
Midland Building.
The Midland Building is a 22 story building located in
the financial district of Chicago.
The corporation has been in process of
Evans A. Evans, Judge of the
The other members of the
1,117,842
767,033
to issue not
has named
WilliamE. Brown Jr., Ann Arbor,
500,000
...
2699.
Non-operating
Mr.
3,950
...
surplus
Earned surplus
Capital
stock.—v. 146, p. 2541.
reorganization for some time and an amended plan was filed on
1938, by the bondholders' protective committee of the 168 Adams
Corp. and Midland Club first mortgage fee 6M% bonds due 1946,
361,682
43,832
Capital stock
provision has been made for Federal
Midland Building,
120,015
paid for
Long time liabilities
Reserve for contingencies
Oper. rev. (electric) incl. gross charges
power contract
Operating expenses
Taxes, other than income taxes
Provision for income taxes
No
payable
Containers in hands of custom¬
356,938
297,416
—
95,313
107,256
..—2,263,217
Notes and accts. receivable-
Inventories
$53,329
12,131
Accounts payable, &c
Notes
$292,803
State
and
undistributed profits tax.
Note—-Cumulative prior lien stock dividends not declared or accrued on
the books at March 31, 1938, aggregated $253,813, or approximately $18.58
per share on the 7% and $15.92>3 per share on the $6 prior lien stock.
Dividends of 87He. and 75c. per share on the 7% and $6 prior lien stocks,
respectively, were declared April 9, 1938, payable May 2, 1938, to stock¬
holders of record at the close of business on April 15, 1938.
Cumulative
preferred stock dividends not declared or accrued on the books at March 31,
1938, aggregated $140,647, or $31 per share on the 6% and $6 preferred
a
$83,680
1938
Balance Sheet March 31,
5,153
disct.
31,1938
operations
$372,911
Selling, delivery, administrative and general expenses
191,731
Doubtful accounts charged off
12,659
Interest paid
7,091
Miscellaneous income (net)
_ - .... .——— Cr4,453
Provision for depreciation
53,911
Proyion for normal income
taxes....
—
28,292
a
Gross income
income for the
made in Dec.,
Gross profit from
$92,946
921
22,661
1937, for the year 1937, and the provision shown in the 12 months ended
March 31. 1937, represents the provision made in Dec., 1936, for the year
1936.
No provision for the surtax has been made for the three months
ended March 31. 1938.—"V. 146, p. 2542.
$344,179
a
$2,804,209
Net income
Deferred assets
106,737
20,429
4,748
$82,325
$6,109,374
3.051,775
147,841
90,437
Cr7,550
$1,676,283
Other deductions.
117,050
$5,490,246
2,985,163
146,590
90,970
014,477
605,717
funded debt
stamps on hand
1938—12 Mos.—1937
$1,414,964
$1,305,155
4,575
See
Net oper. income
Other income (net)
$5,992,323
111,229
Other interest charges
Interest during construction..
146,
673
laneous Federal taxes.
Fed. normal income tax.
$5,379,017
Amortization of bond discount and expense.
Michigan Gas & Electric Co.—EarningsTotal oper. revenues
698,551
206,264
Gross income
Federal
1938—3 Mos. —1937
544,4ol
143,172
_
Net operating revenues after depreciation
Non-oper. rev., incl. net results of oper. of subs.
Cash
Period End. Mar. 31—
on
undistributed income
...116,144,874 115,585,854
Total
2860.
Int.
on
_
b Includes accounts payable.—V.
Includes accounts receivable,
a
p.
credits
Contrlbut'ns for
Appliance accts.
Total
unadj.
634,207
1938
1937
$30,206,700 $29,281,779
18,839,626
20,290,855
3,545,014
3,849,204
Provision for income taxes
32,785
390,293
319,214
and line deps.
437,828
787,619
19,168
1,132,906
Light Co. (& Subs.)—Earns.
operating revenues
Operating expenses
Taxes, other than income taxes
Consumers' serv.
Cash (incl. work¬
ing funds)
Milwaukee Electric Ry. &
12 Months Ended March 31—
Total
$
35,353,630
40,615,900
Mat'd bond Int.
Deps. for mat'd
Dep.
debt...
Funded
Note
from
rec.
Capital stock
393,311
70,341
Investments
$
35,353,630
Liabilities—
$
Plant, prop., &c. 86,974,098
1936
1937
1936
1937
Assets—
majority in the sale of the company to the Standard Oil Co. of Indiana.
The complainants charged that the sale, involving more than $8,000,000.
had not been fully considered and that they received "less than fair" treat¬
ment.—V. 145, p. 1265.
Provision for surtax
117,235
Int. charged to construc¬
tion (credit)
_
Refining Co.—Court Hears Stockholders' Views-
Sale—
on
After hearing arguments, Federal Judge John A. Peters at Portland, Me..
May 7, ordered opposing counsel to file briefs in the attempt of a minority
stockholders' group of the company to set aside action of a stockholders'
116.998
1,500,000
568,923
1,154,108
Federal income tax
Other taxes
3193
Chronicle
Inc.—Files to Issue Preferred
Stock—
with the Securities and Exchange Commission
(No. 2-3685, Form A-2) under the Securities Act
May 6 filed
registration statement
pref. stock,
including scrip
subscription
evidencing rights to
reserved for issue soley
covering 77,873 shares of $100 par value cumul. conv.
series A, and 77,873 shares of $10 par value common stock,
certificates for fractions of shares, and 519,151 full-share
warrants and fractional shares subscription warrants
subscribe for the preferred.
The common stock is
uDon conversion of the new preferred.
The price to the public of the securities, the names of the
and the estimated net proceeds are to be supplied by amendment.
of 1933
underwriters
allocation of the proceeds has been made.
The registrant
stated that the proceeds will be applied to the extent necessary to pay in
full notes held by banks.
The aggregate amount of the company's
loans on March 31, 1938, was $8,850,000 and will, on June 1, 1938, amount
No specific
bank
approximately $7,500,000, the registrant said.
Any balance of
proceeds will be added to the general working capital of the company.
p
OH
Chalkley of N. Y. City, is President of the company.—V.
to
p.
2699.
net
146.
3194
Financial
Morris Finance Co.-
1937
$178,640
61,182
1936
$176,125
68,756
Net income from operations,
Other Income credits
$72,848
$117,457
4,547
$107,369
1,520
Gross
$72,848
$122,005
$108,890
22,033
36,701
28,820
$50,816
$85,304
8,750
17,500
$80,069
8,750
10,500
Operating expenses
Int.,
it.,
income,
commissions
commissior
income &
excess
& prov. for Fed.
jfit
profit taxes.
Net income.-Cash dividends paid on pref. stock—
8,750
17,500
Cash dividends paid on common stock
,
Period End. Mar. 31—
1938—3 Mos.—1937
Gross oper. revenue
$3,114,430
$3,245,937
Other income
31,780
33,811
Total gross earnings-
$24,566
$59,054
533,583
Depreciation
Fed., State &
pal taxes
Consol.
$592,637
an
as
1938
$747,154
Notes receivable-
3,475,288
Coll.
5,741,593
trust
Accounts
18,188
Accrd. Fed.,
local
Prepd.
14,100
29,391
74,207
91,274
excise
withheld
308,744
171,898
170,068
276,715
500,000
Common cap. stk
350,000
National
118,735
350,000
118,735
668,897
592.637
Total
1937
$44,424
1,591
$83,904
104,528
72,317
$46,015
104,528
55,668
$92,941
$114,181
Total income
6 H % income bonds.
Other income deductions
Net loss.
1936
$68,385
«
6,187
»
w
m
-m
3,311
Materials & suppls
13,835
13,008
Tangible prop
b Intangible prop.
812,754
792,776
1,355,600
1937
—
$31,184
Accrued
Special funds.
taxes
5,683
Other accruals
7,521
44,698
Deferred charges-
6,491
2,121,285
6,003
4,306
Res.
credits..
11,468
Other
stock
6,854
$2,324,189 $2,286,186
Drl6,811
($10
688,320
Total
688,320
722,236
Deficit
After
30,537
reserves
par)
Total
9,755
26,892
for Injuries &
damages.
$2,324,189 $2,286,186
reserve
Montour RR.-
1938
From Jan. 1—
Gross from railway.
Net from
railway
Net after rents
1937
1936
1935
$217,917
99,351
91,266
$121,650
30,916
37,986
$177,472
82,513
79,174
348,085
78,145
107,113
Net after rents
550,878
213,157
198,658
466,613
169,624
174,050
432,510
188,712
193,977
Telegraph
States
&
An issue of around
$30,000,000 bonds of the company, a subsidiary of the
Telephone & Telegraph Co., which at present has no funded
debt, is looked for in the near future according to reports in the financial
district.
Proceeds, it is understood, would be used to repay advances made to the
by the parent company.—V. 146, p. 1882.
company
Munson Steamship Line—Foreclosure
Southern Cross,
Western
World,
146,
Pan
company.
America and the
p.
2700.
a
30, last, there
in operation 201 stores
as
compared with 195
year ago.
Common Dividend Reduced—
Directors have declared
dividend of 75 cents per share on the common
shares, payable June 1 to holders of record May 21. This
compares with $1
a
paid on March 1, last; an extra dividend of 25 cents paid on Dec.
27, last;
$1 paid on Dec. 1, last; 90 cents paid on Sept. 1,
last; 80 cents paid on
June 1, 1937; 65 cents on March
1, 1937; an extra dividend of $1.30 paid
Dec. 28, 1936; an extra of 75 cents
paid on Dec. 23, 1936; a dividend of
50 cents paid on Dec. 1, 1936; one of 40 cents
paid on Sept. 1, 1986, and
one of 30 cents
per share distributed on June 1, 1936, this latter
being the
initial dividend on the larger amount of
—V. 146, p. 2379.
common
stock
now
Directors
at their recent meeting took no action on the
payment of a
the common shares at this time.
A dividend of 12H cents per
paid on Feb. 21, last, and regular dividends of 25 cents
per share
paid in each of the four quarters of 1937.—V. 146, p. 2700.
dividend
were
before
(& Subs.)—Earnings—
1938
1937
1936
1935
$608,196
$817,884
$341,750
$196,775
000 no-par shs. cap. stk.
$0.37
$0.50
$0.21
$0.12
$10,733,388, against $10,-
For 12 months ended March 31, 1938, net profit was $3,710,979 after
deducting $241,999 provision for surtax on undistributed profits, &c.,
equal to $2.28 a share, against $3,341,475, or $2.05 a share, for the 12
months ended March 31, 1937.
Net sales for the two months totaled
$51,717,338, against $45,056,384 for 12 months ended March 31, 1937.
Current assets as of March 31,1938, amounted to $26,462,314 and current
liabilities were $6,966,516, comparing with $24,925,090 and
$7,571,092,
respectively, on March 31, 1937.—V. 146, p. 2379.
Corp.—Earnings—
3 Months Ended Match 31—
1938
1937
1936
Operating profit
Interest, amortization, &c
Federal income tax, &c
$1,916,753
$1,871,479
184,915
261,556
$1,798,826
189,080
Net profit
Shares common stock
$1,445,223
2,036.896
$0.71
$1,425,008
2,036,896
$1,349,634
2,036,896
$0.70
$0.66
Earnings
186,980
284,550
per share
After
260,112
depreciation.—V. 146, p. 2214.
National Electric Power Co.—Distribution—
The holders of secured gold debentures, 5% series due 1978, are notified
that the Chase National Bank, New York, as trustee under the trust
indenture dated Jan. 1, 1928, has received and has available for distribution
on the debentures and
appurtenant coupons matured on or before July 1,
1932, other than debentures and
coupons
deposited with,
and
on
wnich
payment in like amount is made by, the referee in bankruptcy, a first and
final dividend of 4.735% of the claim against National Electric Power
based
The
such debentures and coupons as allowed in the
on
on
trustee
also
has
available
for
rata
distribution
bankruptcy
all of the
debentures (of which $9,997,000 are outstanding ) and appurtenant coupons
matured on or before Jan. 1, 1933, the sum of $43,184.52 as net proceeds
of the sale of certain collateral pledged under the indenture.
pro
on
To receive such distributions, the debentures and coupons should be
presented at the office of the trustee, attention Corporate Trust Depart¬
11 Broad St., New York.
When payment is made, such debentures
ment,
and
coupons
will
be stamped with appropriate legends noting such pay¬
ment, and returned to the respective holders.—V. 145, p. 2233.
National Gas & Electric Corp. (&
Period End. Mar. 31—
Operating
Gross
inc.
after
Subs.)—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$96,266
revenues
$87,092
$1,249,609
$1,086,124
11,345
2,850
16,653
10,491
245,269
154,423
250,636
176,321
retire.
accruals
Net income--..
Note—No provision has been made for the Federal surtax on undis¬
tributed profits for the year 1938, since any liability for such tax cannot be
determined until the end of the year.—Y. 146, p. 2542.
was
Nashua Gummed & Coated
Paper Co.—Smaller Div.—
Directors have declared
dividend of 50 cents per share on the common
stock, no par value, payable May 16 to holder of record
May 9.
Pre¬
viously regular quarterly dividends of $1 per share were distributed.—
V.
$0.50
but
Federal taxes, &c
Earns, per sh. on 1,628,-
outstanding.
Nash-Kelvinator Corp.—No Dividend Action—
share
$0.80
taxes,
proceedings.
1938—Month—1937
1938—4 Mos.—1937
$3,651,690
$3,081,509 $11,412,359 $11,530,486
were
1936
$384,251
Broadcasting Co.—April Billings—
National Cash Register Co.
Co.
(G. C.) Murphy Co.—Sales—
On Apr,
$0.53
3 Mos. End. Mar. 31—
Net profit after deprec..
x
American Legion, were purchased from the Government in
1935 for $1,026,000, 25% of the purchase was paid in cash and the remainder was to be
paid in annual instalments.
The company, which is now in
receivership,
was unable to keep
up the payments.—V.
Period End. Apr. 30—
Sales
stock
National
of Ships—
Federal Judge Alfred C. Coxe has granted
permission to tne U. S. Attor¬
ney to bring suit in Admiralty to foreclose a
mortgage of $2,537,000 which
the Federal Government holds on four liners
belonging to the
liners,
1937
y$564,869
612,200 shs. of
x
American
four
on
National Distillers Products
Telephone
$30,000,000 Bonds Soon—
The
sh,
Continuing for the fifth successive month the regular gains which raised
figures for each of those months to a record high, expenditures by clients
for time on the National Broadcasting Co. in April rose 1
% over April, 1937,
to $3,310,505.
Last year's April billings were $3,277,837.
The increase brought the cumulative total for the first four months of
1938 to $14,408,905, up 4.9% over the previous record of
$13,729,901, for
the same period in 1937.—V. 146, p. 920.
Co.—
—V. 146, p. 2051.
Mountain
—
455,912 in first quarter of 1937.
$110,761
23,311
31,098
railway
1936
$351,296
(& Subs.)—Earnings
1938
$402,275
-
Net sales for the March quarter amounted to
Earnings—
March—
Gross from railway
Net from
per
common
619,228
for depreciation of $278,487 in 1937 and $194,004 in
1936. b Excess of income bonds and capital stock issued over useful value
of assets acquired at
inception of company, less reserve for amortization.—
V. 146, p. 3022.
a
1937
y$144,588
x After
depreciation, interest and Federal income
provision for surtax,
y Revised.—V. 146, p. 1082.
782
obligations 2,238,552
Com.
$263,880
Baking Co.—25-Cent Common Dividend
Consolidated net income.
& oth. long-
Deferred
1938
loss$96,112
National Bond & Investment Co.
25,091
14,866
term
1935
x$209,074
Corp.—Earnings—
Quarter Ended March 31—
$31,588
30,980
Eqpt
1936
y$236,190
Directors have declared a dividend of 25 cents per share on the common
stock, par $1, payable June 11 to holders of record May 26.
An initial
dividend of 50 cents per share was paid on June 21, 1937.—V.
146, p. 2379.
1936
Mat'd pa v. liens—
Accounts payable.
1,398,395
a
loss$41,561
146, p. 3023.
National
Earnings
Liabilities—
m
Inc.—Earnings—
1937
vision
Consolidated Balance Sheet Dec. 31
1,725
Fibres,
1938
x
or
x
1937
$33,004
$0.06
On 500 000 shares capital
y
Includes net loss on sale of securities of $101,276 in 1938 and net
profit
sale of securities of $152,332 in 1937 and
$389,567 in 1936.
y No pro¬
was made for surtax on undistributed
profits.—V.
1936
$81,134
2,770
$81,867
profits,
1935
$140,016
$0.28
&
National Aviation
$636,031
591,607
Net operating revenue.
Other income
—■
1936
$0.58
income taxes
$811,516
730,382
expenses
Cash
1937
x$291,838
$0.38
3 Months Ended March 31—
Net profit after expenses and Fed.
Subs.)—Earnings—
revenues
Notes rec., sec'd—
Accts. receivable-
1938
x$189,951
...$4,313,550 $6,606,123
Calendar Years—
A 8sets—
Co.—Earnings—
x Equivalent to 84 cents a share on
247,290 class A common shares out¬
standing.
y Equivalent to 95 cen*s a share on 247,290 no par shares of
class A stock.—V. 145, p. 3662.
x
on
$2,850,708
Automotive
Net inc. after deprec.
other charges.
x Represented by 5,000 shares class A
stock, par $50, and 10,000 shares
class B stock, no par.—V. 146, p. 1407.
Interest
$2,538,242
3 Mos. End. Mar. 31—
500,000
Capita) surplus
Operating
Operating
$773,111
297,500
357,004
104,632
income.
Earned surplus
Motor Transit Co. (&
104,139
39,311
361,700
Before surtax on undistributed
stock (par $1).—V. 146 p. 1560.
from dealers
$6,606,1231
115,438
25,578
28,396
x
7% cum. pref. stk.
(par $100)
$4,313,550
28,160
13,615
$665,353
after all chgs.
y Earnings per share
(estd.)
Unearned
Total....
$4,742,341
1,386,482
28,050
6,807
5,679
Net prof,
114,577
22.855
Reserve for losses.
x
$3,897,655
1,190,000
Quar. End. Mar. 31—
State,}'
&
taxes,
National Acme
payable
Funds
on
comm.
receivables purch
$1,112,385
146, p. 2700.
1937
$2,001,200 $4,101,700
10,881
12,528
7,069
1938
payable
12,433
Accts. receivable—
trust notes
$1,003,390
297,500
dis¬
bal. for divi¬
dends and surplus—
notes
Repossessed autos.
Prepd. int. on coll.
debt
Note—No provision has been made in this statement for Federal tax on
undistributed net income applicable to the 1938 periods, the amount of
such liability, if any, being determinable only at end of calendar
year.
—V.
Liabilities—
1937
$776,841
1,110,955
Consol.
Includes proceeds from sales of
y
asset.
deposit.__
on
1,408,359
count and expense
Condensed Balance Sheet March 31
Assets—
391,913
before
Miscellaneous interest-.
Other charges
Note—No provision has been made for the surtax on undistributed profits
for the three months ended March 31, 1938.
Cash
of
$3,279,749 $12,788,294 $12,724,771
1,387,391
5,840,732
5,408,469
117,310
622,522
564,005
270,750
1,019,025
899,000
380,943
bal.
funded debt
on
1938—12 Mos.—1937
$12,571,691 $12,562,189
216,602
162,582
$506,351
Capital $118,736; earned, $668,897.
securities not carried
1938
14,
munici¬
capital charges
Int.
$60,819
445,531
x$668,897
x
644,332
$3,146,211
1,361,832
135,394
264,650
Operating costs
Maintenancea
Amortiz.
Surplus for the period.
Surplus, Jan. 1,1936
May
Narragansett Electric Co. (.& Sub.)—Earnings—
1938
$96,560
23,711
3 Months Ended March 31—
Gross income from operations
y
Chronicle
-Earning s-
145,
p.
3202
a
National
Gypsum Co.—Earnings—
Quarter Ended March 31—
x
Net
x
profit
,
1938
$112,176
1937
1936
$172,915
After charges and normal Federal income taxes.
Registers with SEC—
See list given on first page
of this department.—Y. 146,
p.
3023
$55,624
Volume
Financial
146
National
Life
Co.—Cash
Insurance
Accident
&
3195
Chronicle
New
England Power Association—Annual Report—
Consolidated Income Account (Incl. Sub. Co.) for Calendar
Dividend Reduced—
Directors have declared
cash dividend of 30 cents per share on
a
the
common stock, payable June
1 to holders of record May 20.
Previously
regular quarterly dividends of 40 cents per share were distributed.
In
addition, a stock dividend of 33 1-3% was paid on March 1, last.—V.
146, p. 1408.
National Oil Products Co.
Operating
expenses
Maintenance
1937
1938
income
Total income.
.....
Depreciation
Taxes...
Net profit after charges, reserves for
Federal income taxes and contingencies
$81,361
$158,205
173,075
$0.43
Shares capital stock
Earnings per share.
—V. 146, p. 2053.
$55,026,817 $54,171,677 $51,893,567
17,894,250
17,008,935
16,172,629
2,053,472
2,034,968
1,808,108
3,413,895
3,818,670
3,617,734
4,369,346
4,680,722
4,788,590
8,129,058
x7,949,774
y9,036,909
Purchased electric energy
(& Subs.)—Earnings—
3 Months Ended March 31—
Other
169,128
$0.94
Years
1937
1936
1935
1934
$53,371,075 $52,576,578 $49,972,829 $49,176,049
1,655,741
1,595,099
1,920,739
1,978,058
Gross oper. revenue
$51,154,107
15,186,284
1,817,107
3,263,672
4,436,854
7,937,278
&divs.$l7,881,225 $18,678,607 $17,755,167 $18,512,911
8,394,944
7,141,653
7,723,195
8,140,909
143,142
425,498
87,372
Min .int .in earns .of subs
1,119", 951
1,016,935
974,544
909,823
3,835,149
Pref. & cl. A div. of subs.
3,850,907
3,851,148
3,851,726
Net before int.
Int. paid & amort, of disc
Other charges
_
National Paper
& Type Co.—Earnings—
Net
x
profit
per share
Earns
After
x
Feb. 29, '36
Feb. 28, '38 Feb. 28, '37
6 Months Ended—
depreciation,
$54,216
$0.55
stock
$5,728,587
$5,704,222
$4,765,336
$5,162,868
Pref. divs. of New Eng¬
land Power Assn.....
Common dividends
3,977,518
3,314,619
2,651,783
3,977,642
Balance, surplus.....
$79,748
$67,043
$0.95
$0.75
Federal income taxes, surtax and other charges.
on common
$1,751,069
$2,389,603
$2,113,553
$485,769
$1.85
$0.85
$1.27
Net consol.
earns
699,457
—V. 144, p. 4189.
National Tea Co.—Sales—-
Earns,
1938—4 Weeks—1937
1938—16 Weeks—1937
$4,893,756 $17,728,324 $20,345,416
Period End. April 23—
$4,334,599
Sales
April 23, 1938, company had 1,124 stores in operation as compared
with 1,235 a year previous.
As a result of the decrease in the number of
stores, percentage decline in average sales per location for the four weeks
ended April 23 was 2.7% from a year ago.—V. 146, p. 3023.
On
Subs.)—Earnings
Nevada-California Electric Corp. (&
$465,401
19,108
$463,552
19,778
Maintenance
Other oper.
Taxes
1938—12
1938—Month—1937
Period End. Feb. 28—
Operating revenues
183,908
43,354
47,508
179,559
expenses
50,603
50,013
Depreciation
Mos.—xl937
$5,749,919
256,009
2,240,129
532,771
601,099
$2,222,968
$2,315,970
1,340,609
$163,597
3,964
Gross income
Interest
$171,522
5,069
$176,591
$2,180,436
1,363,455
111,189
93,002
Amortization of debt dis¬
1,405
$43,259
$56,829
$717,152
$873,507
4,910
Net income
Profits
89,174
12,680
84,401
15,428
7,101
1,472
6,991
count and expenses
Miscellaneous
Dr 461
74,044
Dr9,594
retirement of
on
bonds and debentures.
Other misc. debits & cred.
to
y
8,441
019,093
12,673
4,163
$39,728
$75,461
$778,522
$859,749
surplus (net dr.)
Earned surplus
In order to make proper
Light Co.—Earnings-
New Bedford Gas & Edison
revenues—
oper.
Operating expenses
1937
$4,386,516
1,877,603
1936
1935
1934
$4,477,844
1,816,672
$4,268,620
1,873,961
373,255
340,002
362,463
364,034
350,629
300,394
$4,114,625
1,734-,184
322,710
304.775
a827,426
758.937
Maintenance
for retirement
Provision
Taxes
(incl.
undistributed profits of the other subsidiaries or
their officials, are not liable for any surtax with respect to
$949,922
22,659
$981,864
Gross income.
Int.
$979,891
$989,287
$1,129,909
43,295
58,097
85,598
127,696
$938,569
854,784
$1,071,812
908,208
$903,689
$852,196
641,088
(net)
Divs.
.Drl,432
debt
unfunded
on
$981,323
$984,698
4,589
$1,107,249
31,942
Operating income
on common
stock
_
a Includes
$4,066, surtax on undistributed profits,
b
Federal surtax on undistributed profits has been made.
No provision for
1937
17.438.153
582
585
127
Com. sth. (par $25)
5,342,400
Prem. on cap.
3,081,268
587
Investments
dlvs.
Cash
ing
(contra)..
(incl.
5,342,400
stk. 3,081,268
Notes &accts. pay.
Deps. for unclalm.
to
6,687,847
10,617
11,085
Mat'ls & suppl's
4,066,973
3,349,431
571,254
Restricted dep..
585,825
36,289
owned..
15,018,182
Secure,
work¬
527,033
466,894
funds)
Unclaimed
Accts. receivable..
449,918
504,345
Mat'ls & supplies.
467,995
289,994
28.226
348,796
142,441
dlvs.
127
Notes pay. (bank)
587
1,005,500
(contra)
30,000
860,000
Accounts payable.
107,264
213,696
213,696
156,253
183,257
accrued..
34.095
expenses
80,087
48,784
52,188
8,047,067
7,930,783
989,785
5,694,085
for deprec.
805,694
364,666
50,096,479
47,652,896
Other reserves..
1,623,037
1,485,948
712,941
127,784
1,500,000
16,158,175
749,507
134,180
1,500,000
14,471,277
2,634
deposits
Divs.
4,776,555
756
355
3,835,154
of
subs.(less exp.)
1,623,950 Suspense credits
1,623,950
Assn..
earned.
.412,399,983 407,283,698
Total...
.412,399,983 407,283.698
775,365
364,915
prem.
bonds
Surplus
Represented by 932,604 no par shares.
Income and Surplus Years
Statement of
(Not incl. the Association's
Ended Dec. 31
share of undistributed earnings of its subs.)
1934
1935
1936
from Cash divs.—
shs. of subs.,
in consol. finan¬
Income
com.
incl.
income
other
261,688
247,183
305,723
381,646
$8,899,722
$8,335,802
236,636
$7,714,921
81,026
$8,302,017
110,257
116,343
2,031
2,674,581
121,620
2,210
2,750,381
...
Total..
295,616
holders or paid at
616
915
2,561,943
136,622
136,622
136,748
139,375
61,187
86,229
92,750
18,092
102,406
19,458
11,262
134,850
8,370
$5,643,755
$5,178,587
$4,571,064
$5,062,967
surplus $5,643,755
$5,178,587
$4,571,064
$4,699,969
3,938,742
38,776
3,291,295
44,756
2,633,040
35,888
3.949,560
53,800
$3,977,518
$3,336,051
$2,668,928
$4,003,360
21,432
17,145
25,718
$3,977,518
$3,314,619
$2,651,783
$3,977,642
699,456
debt.
of discounts
Int. on advance
on
from In-
ternat'l Hydro-El
Sys
Other interest
inc.
Other chges. against
income
Net
82,242
2,551,637
—
Interest on funded
Amort,
124,058
--
Other taxes
3,716,804
1,369,305
92,321
950,900
86,322
981,285
87,292
-
from sub. cos
Less
$6,458,745
950,154
88,909
of
--
On other shares.
and
$7,051,397 x$6,370,134
$7,569,457
cial statements
On pref. & class A shs.
such subsidiaries
109,708
4,950.636
payable..
Surplus paid in.
2,257
115,044
and
pay.
on
pref. shs.
Eng.
Power
387,452
5,996,475
Associates...
Accts.
Unamort.
6%
New
of
2,750,000
.to subs, of
Mass. Utilities
pay
Res.
bond
on
cum.
148,556,500
4,475,000
Consumers', &c.,
75,524
.
disct. & exps.
Disct.
65,278,776
accts.
accrued
currently due)
34,826
Mlscell. accruals..
Interest
30,830
14,977,696
receivable (not
118,415
Divs. declared
Taxes accrued
25,912
Prepayments
.
&
Notes
Accts. and notes
Def'd
payable..
Notes
and
funded debt
parent & affil.
companies
Notes receivable..
public
64,656,717
Funded debt.-.148,615,100
7,063,943
(less res.)
Prepaid charges
50,614,346
Shs. of subs, held
int. accrued._
rec.
Dividends
65,645,700
620,416
by
source
S
$
Liabilities—
$
?
2,022,993
5,823,632
2,880,853
6,046,538
1936
$
65,645,700
$2 pref. stock...
620,416
x Common stock
50,614,346
Accts. and notes
ity
1936
1937
1936
1937
Assets—
Liabilities
Pref. stock
in
orders
progress
Cash
31
1937
$
Capital assets..367,011,719 364,005,636
Work
at Dec.
as
1936
$
Assets—
Corporate & legal exps._
Taxes refunded to secur¬
Balance Sheet Dec. 31
Plant, prop., &c.„ 17.545,843
Balance Sheet
Consolidated
Int.
641,088
income for the
1937.
year
x
771,632
of the Association.
No provision has been made for surtaxes on undistributed profits of
association or its subsidiaries as these companies, in the opinion of
y
the
On
Other income
liable for total surtaxes of $^.605
1937
for
prov.
on
Total
b845,733
Years End. Dec. 31—
Total
$1.87
undistributed profits and provision for this amount has been made in
the consolidated income account.
No provision has been made for surtaxes
Unamort.
comparison 1936 figures (as to major items)
were revised
to conform with Federal Power Commission classification
effective Jan. 1,1937.
y Available for redemption of bonds, dividends, &c.
Note—This statement properly omits extraordinary debits to surplus
arising from amortization of pension funds, &c.—V. 146, p. 3023.
x
aver.
on
187,799
2,056,316
$2,087,319
93,117
$167,560
115,905
Net oper. revenues._.
Other income
on
Certain of the subsidiaries will be
x
$5,600,954
588,936
577,524
sh.
per
number outstanding..
—
*
divs.incl. in the fore¬
going net inc. rec. early
in Jan., 1934 & accrd.
income as in 1933-..-
362,998
Consumers' service
&
line
deposits.
Reserves
Contribs. for exten
Surplus
18.987,272
Total..
Total
18,788,923
-
18,987,272
Net income to
Dividends (in cash):
6% preferred shares._
$2 div. pref. shares—
18,788,92
Total
pref. shs.
of this Assn. held by a
sub. co. and excl. from
div. income above
-V. 146, p. 3023.
Less divs. on
(J. J.) Newberry Co.—Sales—
1938—Month—1937
Period End. April 30—
$4,058,451
Sales
1938—4 Mos—1937
$3,545,847 $12,662,397 $12,967,045
Balance
To Pay
Smaller Dividend—
Directors at
a
Div. on com.
meeting held May 10 declared a dividend of 50 cents per
stock, payable July 1 to holders of record June 16.
share on the common
Previously regular quarterly
tributed.—V. 146, p. 2379.
New
dividends of 60 cents per share were dis¬
<&30
England Gas & Electric Association (& Subs.)—
1938
1937
$13,824,002 $13,904,531
operating revenues
6,869,713
Operating expenses
1,014,040
Maintenance
Provision for retirements..
.
j
Federal income taxes
Other taxes
Operating income
Other income (net)
Gross income
Subsidiary companies deductions from income
New England Gas & Electric Association:
funded debt
unfunded debt
Amortization of debt discount and expense
Interest on
Interest on
1,222,089
346,393
2,031,305
6,612,707
1,123,964
1,287,734
414,522
1,982,155
$2,483,447
314,032
294,318
$2,654,493
203,154
$2,777,765
232,406
2,110,959
30,491
19,359
made
1937
A
■
&
Notes
rec.
receivable
Investments
906.379
y28,807
204,167
204,333
3,948
49,021
170,282,769 169,271,565
2,007,827
& expenses
1,623,950
1,623,950
--- —
73,758
liq.
70,152
-
24,058,000
24,522,500
24.058,000
202,556
514 % debs
Reserves
6% cum. pf. stk.
19.373
includes for both periods the results of opera¬
New England Gas & Electric
No income is included herein
from investments in transportation securities.
(2) No provision is made
in this statement for Federal surtax on undistributed profits, if any, for
the year 1938.—V. 146. p. 1409.
21,096
569,249
24,522,500
116,327
65,645,700
65,645,700
$2 cum. div. pfd.
620,416
620,416
Common stock
50,614,346
1,500,000
6,028,565
Earned surplus.
50,614,346
surplus.
1,.500,000
4,519,680
stock.
Paid-in
Notes (1)—This statement
of all properties now subsidiaries of
Association, irrespective of dates acquired.
In
5% debs
x
Balance of income
13,387
579,333
and
for liabils.
assum.
of subs
$403,685
Other assets
pay.
accruals.....
Prov.
2,250,000
payable
sub
Accts.
2,144,449
Disc, on 6% cum
shares..
a
$
1,250,000
Accts.
to
1936
$
payable to
banks
Unamort. dt.dis.
pref.
1937
Notes
accts.
from sub.
Dlvs.
279,250
profits.
Dec. 31
Liabilities—
$
838,096
f
for surtax on undistributed
1936
X
QQpf C1—.
Cash in banks..
2,120,919
1,382
$290,530
been
Balance Sheet
Other cur. assets
$2,340,461
from surplus of subsidiaries at dates
credited to investment accounts, of
(
Xote--No provision has
12 Months Ended March 31—
Total
shares—-
After portions of dividends paid
acquisition by this Association,
x
of
—
tions
Total
x
.175,034,804 174,507,466
Represented by 932,604 no par
146, p. 2214.
—V.
Total
shares,
y
175,034,804 174,507,466
Accounts receivable only.
3196
New
Financial
England Telephone & Telegraph Co.—Earnings—
Period End. March 31—
Operating revenues
Uncollectible oper. rev._
1938—Month—1937
1938—3 Mos.—1937
$6,132,972
$6,191,076 $18,120,296 $18,043,888
29,362
Operating revenues—. $6,103,620
Operating expenses
4,435,704
Net oper. revenues—
$1,667,916
16,738
76,149
41,175
$1,741,482
678,365
$5,004,064
1,935,583
$1,063,117
$3,068,481
$665,449
$1,848,574
p.
son, President, together with the corporate income account
statement, are cited under "Reports and Documents" on a
President Williamson further says in part:
Railway Tax Accruals—Railwaj tax accruals were $32,160,527, an increase
$1,348,489 (4.38%).
Accruals for Federal and State
unemployment
insurance amounted to $3,608,749, an increase of
$1,921,256, due to an
increase of 1% in the rate of taxation, and to an increase in
compensation
paid.
Federal excise taxes in connection with the Railroad Retirement
Act amounted to $5,026,543, an increase of
$214,248.
State taxes on gross
earnings increased $136,934, as follows: New York,
$59,366, due to credit
adjustments included in accounts for the previous year;
Pennsylvania,
$7,685, due to increase in rate of taxation; Ohio, $69,667, due to increase
in gross revenue; and Indiana, $215.
Taxes on real and personal
property
and special franchise taxes increased
$22,098 and $32,472, respectively.
Canadian Income taxes increased
$35,499, due to adjustment of accruals
of
for
prior years;
State and Federal capital stock taxes increased
$74,845,
increase in the tax base and to
adjustments and there were increases
$19,731 in other items.
Federal income taxes decreased
$84,264 of which $19,486 is due to a decrease in net income of lessor
com¬
panies and $64,778 resulted from adjustments in
due to
an
aggregating
taxes
of prior years.
York City tax on gross income and
$1,024,329, due largely to the inclusion in 1936 of
prior years New York City taxes assessed on income.
Capital Stock Issued in Conversion of
Bonds—During the year, the com¬
pany issued $1,453,387 shares of capital
stock, together with stock scrip
certificates representing
399H shares, in conversion of and in exchange for
$58,151,600, 10-year 6% convertible secured bonds, such
exchange having
been at the rate of 25 shares of stock
per $1,000 of bonds except as to $700
of bonds which were converted after
May 10, 1937, at the rate of 20 shares
of stock per $1,000 bond applicable
after that date.
229 additional shares
Emergency
revenue, sales taxes, New
other items, decreased
accruals to
cover
share,
script certificates for 171 shares.
Stockholders—The number of stockholders of the
company and the average
holding at the end of each year follows:
Date—
Dec. 31, 1915
Dec. 31, 1925
Dec. 31, 1930
Dec. 31, 1935
Number
25,042
40,660
56,635
56,949
Dec. 31, 1936
54,206
Dec. 31, 1937-..--- 61,418
Holding Number
100
Average
Holding
22,270
40,238
56,282
55,376
52,639
59,650
94
88
87^
92
105
104
94H
stock.
88
353
85
1,573
HHV2
98%
1,567
1,768
Changes in Funded Debt—The changes in the funded debt
were
as
follows:
The amount
December 31, 1936
was increased as follows:
New York Central equip, trust of
on
trust certificates-
after the effective date of the merger.
These
merger agreements were entered into by the directors of
the com¬
panies involved subject to required approval by the stockholders and
by the
Interstate Commerce Commission, and the
mergers are not to become
effective until such approval shall have been
given and the agreements
filed.
Property
Investment Accounts—Changes in
the
property investment
year shows a net increase of $32,977,280.
Conditioning of Passenger Equipment—During the year air condi¬
tioning equipment was installed in 75 coaches, 28 dining cars and
arrange¬
ments made with the Pullman Co. for air
conditioning 80 pullman cars.
accounts for the
Air
Traffic Statistics for Calendar Years
[Including Boston & Albany RR., Ohio Central Lines, Michigan Central
Lines, Big Four Lines and all Other Leased Lines]
reduced
as
-
Payments falling due during the year on com¬
pany's liability for principal installments under
equipment agreements
There
rev.
pass. carr.
320%
pass
51,171,829
48,269,076
44,381,459
45,495,809
2,788,243,923
2,245,951,995
x$55,290,870
2,299,954,622
2.244 cts.
$2,02
$2.00
x$l.P0
$1.83
131,549,445
*125,943,268
104,482,468
*99,865,111
$62,575,824
Totft
rev.
frt. carried
Tons
rev.
per
train
0.913 cts.
0.942 cts.
0.952 cts.
0.929 cts.
$7.23
$7.42
$7.08
$6.77
m.
Comparative Income Account for Calendar Years
[Including Boston & Albany RR., Ohio Central Lines, Michigan Central
Lines, Big Four Lines and all Other Leased Lines]
1937
Revenues—
v
Mail
Exnress
Pining
-
cars,
-----
storage.
12,401,824
was
discharged during 1937.
the lessee may elect,
offsetting against the same an equal
amount of expenditures or
advances made by the lessee in
resoect of which
it is entitled under the
provisions of the lease to be reimbursed
by the lessor
through the issue of securities or otherwise.
Where such payment is made
in cash, it is provided that
such cash shall be treated in
like manner as cash
transferred by the lease or, with the
approval of the board of
as
may
lessor,
may be applied toward the cost of
additional
betterments to equipment
provided at the cost of the lessor
cost of additions and
betterments
to the
leased property
or
directors of
equipment
or
purpose, the expenditures or advances in
respect of which
would, if made
by the lessee, entitle the lessee to be
reimbursed therefor by the lessor under
the provisions of the lease.
The provisions of the leases
governing the amount of equipment to be
delivered by the lessee to the lessor
upon termination of the lease was
also
modified by such supplemental
agreements, so as to require in such case
delivery of equipment in good repair so distributed
among the several
classes thereof as to meet the then
requirements of the lessor, with
proper
adjustment between the parties in case
the value of the
equipment so
delivered shall be more or less than the
inventory value of the leased equip¬
ment at the time of such termination.
P Proposed Mergers
of Certain System Companies—In view of the
enactment
during 1937 of legislation in Ohio, Indiana and West
Virginia facilitating
mergers of railroad companies, steps were taken in
the latter part of that
year looking to the merger into
Cleveland, Cincinnati, Chicago & St. Louis
Ry. of eight of its subsidiary companies and the
merger into Toledo & Ohio
Central Ry. of five other companies.
Under date of Dec. 15,
1937, the directors of
Cleveland,
Chicago & St. Louis Ry. entered into an agreement with theCincinnati,
respective
directors of Cincinnati Northern
RR., Cincinnati, Sandusky & Cleveland
RR., Cincinnati, Lafayette & Chicago RR.,
Columbus, Hope & Greensburg RR., Evansville, Indianapolis & Terre Haute
Ry., Evansville, Mt.
Carmel & Northern Ry., Muncie Belt
Ry. and Vernon, Greensburg &
Rushville RR. for the merger of the
eight last named companies into
Cleveland, Cincinnati, Chicago & St. Louis Ry.
All, or a large majority,
of the shares of capital stock of each
of these eight companies is
owned by
Cleveland, Cincinnati, Chicago & St. Louis Ry.
The shares so owned are
to be cancelled upon the
consummation of the merger, and as to shares
of
stock of the eight companies not so
owned the merger agreement
provides
that the holders, upon surrender thereof at
any time within 10 years after
the effective date of the
merger as provided in the
agreement, shall bs en¬
$
x310,030,771
41,184,591
36,741,914
79,377,372
76,537,118
6,780,674
6,566,99)
139,550,843 131,318,812
5,722,003
5,232,784
11,441,910
12,499,925
66,954
67,197
31,478,584
65,297,666
6,397,438
117,330,074
4,363,439
12,3)4,734
-..284,000,439 268,830,436
82,225,687
92,233,436
Per cent of expenses to
revenue.(77.55)
(74.46)
Railway tax accruals.
32,160,527
30,812,037
Uncollectible railway revenues
237,197,455
x72,833,316
x(76.51)
20,619,432
...
Transp. for investment—Cr
Total
operating expenses
Net operating revenues
29,480
___
——.
Railway operating income
Equipment rents, net debit
Joint facility rents, net debit
50,065,160
10,722,838
—
52,213,885
3,314,055
36,028,267
45,278,626
35,964,711
710,121
624,734
Net railway operating income...-
61,421,393
12,424,248
3,718,525
655,614
559,238
615,952
562,136
Miscellaneous Operations—
Revenues
Expenses and taxes
or
towards the
for any other
xl935
Operating Expense—
Transportation expenses
Miscellaneous operations
General expenses
Modification of Certain Leases—By supplemental agreements dated May
12, 1937, the leases dated Jan. 2,
1930, under which the properties of
Cleveland, Cincinnati, Chicago & St. Louis
Ry. Co., Evansville, Indian
apolis & Terre Haute Ry., Cincinnati Northern
RR. and Michigan Central
RR. are operated by this
company as lessee, were modified so as to
provide
for payment each
year, beginning with 1937, by the lessee to
the lessor of
the inventory value of leased
equipment retired during such year, it
being
1936
$
257,714,419 x218,212,828
62,575,824
x55,29),870
11,136,818
10,839,444
7,796,383
6,831,451
10,797,959
x9,666,116
11,042,463
*9,149,061
Total oper. revenues.
——.366,226,126 361,063.872
Maint. of way & structures..
Maintenance of equipment
Traffic expenses.
the
$
87,013,600
also outstanding on Dec.
31, 1937 the amount of $24,478,745
payable over a period of years to the State of New York
for a proportion of
the cost of certain grade
crossing eliminations which amount is carried in
provided that such payment or such
portion thereof
be made either in cash or by
'
-.257,541,451
66,405,564
11,393,843
7,341,132
11,137,312
Passenger--..
deferred liabilities.
Loans from Railroad Credit
Corporation—The loans obtained by the com¬
pany from the Railroad Credit Corp.
originally amounting to $5,700,000
2.381 ets.
Restated for comparative purposes.
Freight
$640,043,200
$54,752,612
28,206,471,339 27,370,143,347 22,935,043,493 21,973,818,783
$257,541,452
$257,714,419 *$218,212,828
$204,155,074
Milk, switching, &c
Dec. 31, 1937--..
cts.
fit. carried
1 mile
Total freight revenue
Av.rev. per ton per m
44,323,200
was
2.462
service
pass,
rev.
1934
11,399.04
3,150,672,585
$66,405,564
train rev. pertr. m.
Freight—
x
6,965,000
1935
11,214.92
car¬
mile.
Total pass, revenueAver. rev. per pass.
Av.
$1,280,000
59,863,600
8,000,000
5,000
3,000,000
7,900,000
11,218.81
2.108 cts.
rev.
ried 1
$727,056,800
10-year 3%% secured sinking fund bonds
10-year 6% convertible secured bonds.
Ref. & improv. mtge. 5s, series C
New York & Putnam RR. 1st
mtge. 4s
1%% serial note, April 1, 1937
•
5-year 3% secured note
on
Total
per mile
172%
205%
1936
11,079.52
Passenger—
Aver.
1937, equip.-
follows:
leaving the funded debt
64
64
68
—$682,733,600
Total.
was
1937
Av. mileage rd. oper.
of the companv
$4,290,000
15-year secured 3%% bonds, dated May 1, 1937.
40,033,200
and
Average
Holding
Under the terms of the merger agreement the stock of
the Kanawha
& West Virginia RR. and all shares of stock of the other
companies to be
merged owned by Toledo & Ohio Central Ry. at the effective date of the
merger are to be cancelled.
As to the shares of Kanawha &
Michigan Ry.
stock not so owned, it is provided that the holders,
upon surrender thereof
at any time within 10 years after the effective date of
the merger as pro¬
vided in the agreement, shall be entitled to receive therefor
$150 per share,
together with an amount equal to dividends accrued but unpaid on the
shares so surrendered provided such surrender be made
within three months
Total
Abroad
Number
2,772
422
$4 in cash.
Under date of Dec. 15, 1937, the directors of Toledo & Ohio
Central Ry
into an agreement with the respective directors of
Kanawha &
Michigan Ry., Kanawha & West Virginia RR., Zanesville & Western
Ry.
Bailey Run, Sugar Creek & Athens Ry. and Middleport & Northeastern
Ry. for the merger of the five last named companies into Toledo & Ohio
Central Ry.
As of that date all of the capital stock of these five
companies
was owned by Toledo & Ohio Central
Ry., except the stock of the Kanawha
& West Virginia RR., all of which is owned by Kanawha &
Michigan Ry.,
and the stocks of Bailey Run, Sugar Creek & Athens
Ry. and Middleport
& Northeastern Ry., all of which are owned by this
company and are pro¬
posed to be transferred by it at cost to Toledo & Ohio Central
Ry. pre¬
liminary to such merger, and 454 shares of Kanawha &
Michigan Ry.
were issued in
exchange for stock script certificates previously
making the total number of shares issued
during the year 1,453,616.
On Dec. 31, 1937, there were
outstanding 6,447,400 2-5 shares of stock and
In United States
or
entered
of stock
Average
$240 in
or
stock of Cleveland, Cincinnati, Chicago & St. Louis Ry. is
available only
to stockholders of merged companies surrendering their shares
within three
months after the effective date of the merger.
issued
Total
shares,
For each share of Cincinnati, Sandusky & Cleveland RR.
common stock
0.4 of a share, or $80 in cash;
For each share of Cincinnati, Sandusky & Cleveland RR.
preferred stock
0.35 of a share, or $70 in cash;
For each share of Cincinnati, Lafayette &
Chicago RR. common stock
0.02 of a share, or $4 in cash;
For each share of Columbus, Hope &
Greensburg RR. stock 0.02 of a
common
2861.
New York Central
RR.—Annual Report Year Ended
Dec. 31, 1937—Extracts from the remarks of F. E. William¬
page.
follows:
cash;
The agreement provides for adjustment of dividends in
certain cases,
but this provision as well as the option to receive cash instead of
New Orleans Texas & Mexico Ry.—New Director—
146,
as
For each share of Cincinnati Northern RR. stock 1.2
$2,053,668
See Missouri Pacific BR., above.—V,
1938
14,
In
the effective date of the merger, cash
33,295,525
$644,584
May
receive
to
exchange common stock of Cleveland, Cincinnati,
Chicago & St. Louis Ry. (or scrip therefor in the case of a fraction of a
share) or, at the holders' option, if surrendered within three months after
$5,344,258
2,048,733
$1,021,282
Net income..
—V. 146, p. 2861.
subsequent
titled
$6,174,338 $18,044,147 $18,002,713
4,432,856
13,040,083
12,658,455
646,634
Operating taxes
Net operating income.
Chronicle
Miscellaneous operating income.
12,460,315
3,788,859
85,387
96,376
53,816
36,113,654
45,375,001
36,018,527
551,341
3,525,523
632,230
3,471,038
1,33 5,228
1,225,304
527,220
695,862
9,088,453
5,098,429
1,153,099
3,305,336
918,242
614,399
10,695,431
5,395,959
1,249,449
160,123
142,417
-
Total operating income
Non-Operating Income—
Income from lease of road & equip.
Mi seel 1 rent income
_
Miscell. non-oper. physical property
Separately operated prop.—profit..
Dividend income....
Income from funded
securities
...
Inc. from unfund.
secur.
Inc. from sink. & other
Miscellaneous income.
Total non-operating
& accounts
reserve
funds
...
11,675,123
4,654,455
1,186,281
77,870
74,234
1,308,541
114,102
175,888
income—23,607,275
21,809,848
23,634,456
59,720,929
67,184,850
59,652,982
25,163,019
627,011
26,707,627
26,578,105
623,017
359,929
Gross income
Deductions from Gross Income—•
Rent for leased roads & equipment..
Miscellaneous
Miscellaneous
rents
tax accruals..
572,322
301,466
648
352,349
7,5)9
26,404,466
28,777,854
7,448
28,549,102
unfunded debt
Maint. of investment organizations.
629,579
1,656,069
3,455,939
Miscellaneous income charges.
183,665
177,945
25,814
Cr2,954
53,368,317
58,251,675
59,537,936
6,352,612
8,933,175
115,(545
Separately operated properties—'loss
Interest
on
Interest
on
funded debt...
Total deduc. from gross income..
Net income
x
Revised for purposes of comparison.
Volume
Comparative Condensed General Balance
Stocks
161,729,162
18,682,627
34,764,183
199,332,931
Notee--^...—Advances
-
-
Stocks
—
-
_—
-
-. -
-
Bonds
Notes
Advances
--
——
Miscellaneous
Cash
—
—
-
-
_
_
-
_
- i
—
-
_
-
153,869
-•
—
Special deposits
Loans and bills receivable
Traffic and car service balances receivable.
Net bal. rec. from agents & conductors
Miscellaneous accounts receivable
_
-
Material and supplies
Interest and dividends receivable
Rents receivable-
—
;
Other current assets
-
Rents & insurance premiums
paid in advance
Total
$ 1,829,425,538
_
Liabilities—
Capital stock.
_v
^
Equipment obligations,
Mortgage bonds
*
Collateral trust bonds and notes
Miscellaneous obligations
Non-negotiable debt to affiliated companiesLoans and bills payable.
Traffic and car service balances payable— —
Audited accounts and wages payable
Miscellaneous accounts
Dividends matured unpaid-
-
—
Other current liabilities
...
Tax liability
Insurance and casualty reserves
Accrued
depreciation—road
2,469,373
184,276,469
.... — - _ .
Equi pment
: -—
—
-
Miscellaneous physical property
Other unadjusted credits
Additions to property through inc. &
Miscellaneous fund reserves -
surplus
-
Profit and loss—balance
;—
3,498,918
71,875,822
7,446,469
1,701,055
194,657,970
r
Ry. operating revenues.$24,202,202
Ry. operating expenses. 20,303,523
Net
from ry oper.
rev.
from ry. oper..
13,216,784
2,364,229
21,201
19,038
1.596,395
12,161
1,475,838
17,204
$26,637,173 $23,107,185 $22,692,256
15,075,778
11,136,328
10,451,608
2,599,763
1,334,324
1.676,057
4,767
$8,770,784
2,779,655
481,702
$9,137,723
5,818,516
$6,759,546
1,890,945
$5,509,427
2,079,549
$10,096,583 $14,956,239
7,441,022
7,575,757
$8,650,491
7,534,562
$7,588,976
7,530,342
$2,655,561
98,562
$7,380,482
$1,115,929
99,000
$58,634
99,875
$2,556,999
$7,380,482
$1,016,929
def$41,241
non-oper.
Total deductions
2,512,317
156,949
228,890
5,795,657
2,191,621
6.701.774
58,716,183
24,768,835
4,613,859
2.462.775
156,292,837
3,498,918
101,317,773
7,400,121
1,701,055
189,128,381
$7,660,564
2,436,019
income.
Gross income
■
Net income..—
Inc. applied to sink,
fund
Balance, surplus
-
General Balance Sheet Dec, 31
jjjj
Net ry oper.
"
7,067,446
1,301,199
3,285,160
3,913,226
income-- def$36,918
1,276,598
Other income
Total income.
Misc. deduc. from inc
-
-
-
.
.
.
_
56,284,475def$1798,743 $13,183,937
1,693,117
4,031,509
6,052,900
$1,239,680
122,037
$7,977,592
4,019,074
4,364,039
Total fixed charges...
a$2,901,431
sh. of stock.
Nil
Net income
Net inc. per
a
Deficit.
$24,164,609
8,810,111
127,916
$2,232,766 $19,236,837
413,184
397,825
12,015,920
13,543,918
$3,485,637 a$10196,338
$0.59
Nil
$5,295,094
$0.90
-
as Collateral—
Commission on May 4 authorized the company
to pledge and repledge from time to time to and including June 30, 1940,
as collateral security, or as a part of the collateral security, for short-term
notes, all or any part of not exceeding $6,903,000 of consolidation-mortgage
4% bonds, series C, $6,000,000 of New York Central & Hudson River RR.
Authorized to Pledge
Bonds
$
73,172
90 045
1,365,076
9,269,277
29,104,428
6,184,097
245,757
7,211,591
345,420
386,469
6,760
706,115
503,154
793,348
1,848,383
223,277
5,893
650,200
4,539
1,789,451
768,225
1,016,800
1,443,106
139,694
5,215
679,002
8,307
int., divs., & misc.
deposits
Loans and bills receivable
receivable.
bal. receiv. from agts. & conds—
Traffic & car service bals.
_
Miscell. accounts receivable.
Material and supplies
Interest & dividends receivable
-
Deferred assets
paid in advance
unadjusted debits
Total
-'
1937
6% cumulative pref. stock, series A_Stock liability for conversions..
Prem. on 6% cum. pref. stock, ser. A.
Govenmental grants in aid of constr'n
36,054,026
36,054,026
Funded debt...-
33,800
200,724
33,800
200,724
819,890
786,835
160,192.000 159,768,849
500
Non-negotiable debt to affil. cos
Loans and bills payable.
Traffic & car service balances pay—
Audited accounts and wages payable
1,705,193
1,709,825
180,969
283,076
13,423
7.750
2,062,365
payable
unpaidunpaid
Dunded debt matured unpaid..
Unmatured interest accrued.
Other current liabilities.
Interest matured
Dividends matured
112,813
1
575,052
2,184,575
1,510,964
536,746
229,189
18,911
6,000
2,090,409
119,563
23.759./51
& surplus
259,712
22,747,763
1.281.601
1,183,038
31,789,027
29,935,872
259,534
The Interstate Commerce
3M%
gold mortgage
bonds, and $6,171,000 of Michigan Central RR.
4H_% refunding and improvement mortgage bonds,
The bonds proposed to be pledged are now held
series A.
unencumbered in the
pany's treasury.
The company states that it
co*'
is negotating with several banks and others
for loans not to exceed $20,000,000, to be evidenced by its short-term notes,
to provide for its general corporate purposes or for the renewal of or sub¬
stitution for short-term notes previously issued, and it proposes to pledge
appropriate amounts of available collateral therefor, inoluding all or a part
of the bonds mentioned above.—V. 146, p. 2861.
Newmarket Mfg. Co.—Common Dividend Passed—
Directors have decided to omit the dividend ordinarily due at this time
on the no-par capital stock.
A dividend of 50 cents was paid on Feb. 15,
last; $1 was paid on Nov. 15, last; $2 on Aug. 16 and on May 15, 1937;
$1.50 paid on Feb. 15, 1937, and a regular dividend of $1 per share was
paid on Nov. 16, 1936, and each of three months previously. In addition,
an
extra
dividend
of $1.50
per
share was paid on
Dec. 23, 1936.—V.
146, p. 1082.
Newport Industries Inc.—Earnings1938—3 Months—1937
$1,441,030
$969,670
910,708
834,584
Cost, exp., ord. tax., &c_
42,387
52,764
Depreciation, &c
Period End. Mar. 31—
Net sales
$82,322
profit
Operating
2,594
Other income
Total incomeInterest (net)
Federal inc. taxes, &c
oper.
loss Arm¬
strong-Newport Co
— _
519,347
stk. (par $1)
—V.
145,
p.
$4,946,706
3,728,020
$1,093,067
15,560
8,724
77,610
$400,560
$813,329
$0.07
$0.77
$1.56
4122.
1.183.039
25,380,529
given by the New
York Evening Journal, Inc., to the
and
principal
personal
the
three
mThedterms
mortgage shall
its consent the
is discontinued
or
the property vacated.
The terms also provide that nothing "shall
prevent the merger of "The Journal" and "American" with any other
newspaper nor prevent a change in its format, size or title."—V. 141, p.
stipulate that the principal of the $500,000
become due at the option of the Equitable Life if without
publication of "The New York Journal" and "American"
'.-'V'/V;
3234.
NY PA NJ
Utilities,
New York
;
Co.—Acquisition—
Inc., above.—V. 146, p. 3205.
Utilities
Power & Light
Mar. 31—
Corp.—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
$l,261,433 sil,021,489
8pSatrev.rdS5::::: $t426,501
$2« "'MS7,61|:il7 $7flr7.551
Gross income-——
$2,048,348
$2,274,543
inc -
1,154,876
1,158,399
Deducts, from gross
New York Air Brake Co.—Common Dividend Omitted
Directors have decided to defer action on payment of a dividend on the
common stock at this time.
A dividend of 25 cents was paid on March 1,
last; 50 cents per share was paid in each quarter of 1937; $1.50 paid on
Dec. 15, 1936, and 50 cents distributed on Dec. 1 and on Sept. 1, 1936, this
last being the first distribution to be made since Aug. 1,1931, when 25 cents
per share was paid.—V. 146, p. 2543.
.
.
The mortgage was
$814,331
$1.57
5,250
2,128,062
82.174
77,901
20,492,591
260,452
Equitable Life Assurance Society.
It is for 10 years at 5% interest
provides for the payment of quarterly instalments of $15,960 on
and interest beginning Aug. 1, 1938
Under the terms of the loan all the fixtures and personal property
used
in connection with the publishing business on the premises are considered
part of the realty and covered by the lien of the mortgage.
The
property is covered by a chattel mortgage issued every
years to
68,810
$38,506
36,178
1
Evening Journal, Inc.—Buildings Financed—
The financing of two more properties in the extensive real estate holdings
of William Randolph Hearst was revealed May 6 with the filing in the Re¬
gister's office of a $590,000 mortgage on the Hearst Publications Building
at 220 South Street and the printing plant at the southeast corner of Walton
Ave. and East 149th St., Bronx
'
Period End
23,441
34.100
200,724
14,333
158,566,587
1,216,477
4,008,371
1,686,106
1,300,894
40,442
432,230
3023.
See Keystone
$1,108,627
25,399
192,289
33,742,734
36,053,726
New York
$1,055,726
6,175
$490,044
1,859
78,901
9,092
2.260.038
294,258,866 292,033,354 286,942,900
Total
162,960
$84,916
9,420
13,549
Earns, per sh. on
shs. com.
$4,985,386
3,685,7.32
206,587
$1,061,901
8,671
170,089
Prop.
Net profit--
$487,935
2,109
1938—12 Mos.—1937
Profit and loss.
—V. 146, p.
4,319
534.567
1935
$
_
33,742,734
through inc.
15.357
525,608
595,705
1,380.624
1,112.039
346.707
1936
$
$
33,742,734
Addns. to prop,
1,449,094
294,258,866 292,033,354 286,942,900
Liabilities—
Deferred liabilities
Unadjusted credits
83.983
1,354,851
10,023,468
29,968,576
2,395,696
237,145
1,457,987
Common stock-
Miscellaneous accounts
92,756
671,065
9,043
499 502
Cash in transit.
Cash dep. to pay
1935
;
■ .
29,113,091
Cash in treasury
.
.b;.,
73,388
59,684
1,694,354
9.065,171
Other investments
Net
V
241,112,348 237,669,786 234,553,275
Inprovements on leased ry. prop.-___
Deposits in lieu of mtgd. prop, sold—
Miscell. physical property—
Investments in affiliated companies..
Other
2,647,628
1936
1937
j\,SSCtS
Investment in road & equipment
Rents & insur. prems.
1,000,380
rents-.---
1,274,760
11,797,651
•
Net ry. oper. income..
Date
$3,898,379 $10,233,302 $10,296,528
3,511,252
4,899,700
1,205,126
11,636,920
23,867
1,474.322
58,931
4,999,433
8,063
1938—3 Mos.—1937
$34,832,708 $70,057,954 $94,024,618
24,599,406 59,761,426 69,860,009
facility
$33,143,864
3,557,669
4,119,980
5,930,637
1,382,599
13,598,522
$9,793,941
2,574,692
459,703
Total
2,934,917
Ry tax accruals
Equip, <fe joint
1934
Railway oper. income$10,852,555 $12,476,015
Equip, rents (net deb.).
2,742,486
2,852,916
Jt. facil. rents (net deb.)
449.505
485,376
-$1,829,425,538 $1,789,232,675
Earnings for March and Year to
Including all Leased Lines]
Period End. March 31—
1938—Month—1937
.
$34,243,513
$41 712,951
Other current assets
Total
16,073,564
1935
Uncollect, ry. revenue..
520,991,000
122,510,600
5,500,000
89,090
198,440
7,758,936
19,421,918
6,870,588
5,385,853
2,242,303
5,909,430
35,106,493
20,128,674
4,925,698
-----
Unmatured rents accrued
Deferred liabilities.
:
rev.
Railway tax accruals...
$504,187,405
484,749
33,822,000
456,090
Funded debt matured unpaid
Unmatured interest accrued.
Total ry. oper. exps-$28,395,482
Net
13,810,635
19,567,989
2,724,095
2,479,799
155,397
payable
Transp. for invest.—Cr.
1/789,232,675
5,479",851
Interest matured unpaid
Miscell. operations
General expenses
1936
$562,332,122
753,807
31,147,000
512,896,000
90,500,200
5,500,000
55,808,661
——- - . - _
-
Grants in aid of construction.
Transportation expenses
351,344
273,566
191,206
1,968,144
27,003,474
67,082
1937
,
Years
1936
4,579,335
6,474,184
1,424,229
14,397,012
10,076
1,517,745
7,102
Traffic expenses
25,642,047
3,492,032
1,515.131
4.113.318
52,768
16,707,266
debits
Other unadjusted
Total ry. oper. rev--_$41,612 266
5,771,128
92,917
2,541,389
5,488,491
11,118,103
189,092
Working fund advances
Insurance and other funds._
Other deferred assets
1.90 cts
2.11 cts,
17,446,892
Operating Expenses—
Ma nt. of way & struc—
Maint of equipment--
70,000
70,000
4,129,120
80,912
1.866.317
3,753,418
9,174,778
30,527,219
2,220,019
346,733
427,030
47,739,896
$39,209,271 $39,332,694 $32,221,852 $31,087,824
963,007
969,176
800,315
909,186
466,670
482,889
447,387
438,382
973,318
928,192
773,959
708,472
Freight
Passenger.
Mail and express.
Miscellaneous.
24,156,023
Time drafts and deposits
1937
Operating Income—
1934
202,131
1935
188,523
37,919.302
4415843,0493,596485,0003459867'.000
Results for Calendar
139.181
18,712,701
—- _ _ -
_
-
_
51.762,543
1.86 cts.
21,796.833
mile.4703,924,519
Rev. frgt. (tons) 1
26,021,868
6,285,631
1,212,923
13,911,711
Other investments:
mile—
one
Rate per pass, per mile.
Revenue freight (tons)._
159,763,015
22,000,547
35,091,932
162,401,652
26,021,593
6,479,063
1,079,030
13,947,978
;
Pass, carried
248,104
50,189.644
1.93 cts.
20,854,468
252,446
Passengers carried.
Calendar Years
1936
1937
148,044,928
250,954
34,251
35,026,766
229,545
229,545
61,030
61,030
37,525,038
37,525,038
St. Louis RR.—Annual Report-
General Statistics for
1936
$1,057,009,731
146,244,685
Improvements on leased railway property-_
Sinking funds
Deposits in lieu of mortgaged property soldMiscellaneous physical property
Investments in affiliated companies:
New York Chicago &
Sheet Dec. 31
1937
$1,089,288,982
Assets-—
Investment in road and equipment
3197
Chronicle
Financial
146
$7,894,577
$7,618,362
4,662,578
4,627,890
$893,472 $1,116,144 $2,990,471 $3,231,999
j\~Qte
No provision has been made for possible surtax on undistributed
profits.—V. 146, p. 2054.
Netincome--
New York
y
Quarter Ended
Net profit
x
inborn
loss$90,850
toaqq
x$2,498
undistributed profits,
Federal income taxes, &c.—V. 146, p. 2379.
Before any
depreciation,
Shipbuilding Corp—Earnings—
March 31—
provision for surtax on
ms oqi
y
$35,231
After int.,
3198
New
Financial
York
State
Electric
&
Gas
Corp.—Exempted
Chronicle
May
New York Title
on
&
14, 1938
Mortgage Co.- -Payment
on
Series Q
$2,000,000 Loan—
Issue—
The Securities and Exchange Commission granted on May 4 an exemption
from the necessity of filing a declaration under the Public
Utility Holding
Supreme Court Justice Frankenthaler was asked May 9 to approve the
report of the trustees of the $10,250,000 series Q guar. mtge. certificate
issue for the eight months' period expiring Jan.
1, 1938.
The trustees
informed the court they had liquidated 75 of the mortgages turned over
to
them by the Mortgage Commission and had paid out
$1,486,090 to cer¬
tificate-holders in two years.-—V. 146, p. 3024.
Company Act to the corporation in connection with the issuance and sale
at par of a 4% serial note for $2,000,000 to the Chase National
Bank, the
proceeds to be used to discharge obligations for construction already com¬
pleted and for future construction.
The note is to be secured by $2,000,000 first mortgage bonds,
4% series,
due 1965.
Niagara, Lockport & Ontario Power Co. (& Subs.)—
The 4% note is to be dated on or before May 2, 1938, and is
equal instalments of $100,000, the first instalment payable
May 15, 1938, and the remaining instalments on the first day of each
month thereafter to and including Dec.
1, 1939.
The first mortgage
bonds are to be dated Aug. 1, 1935, to mature Aug. 1, 1965, and are to
to mature in 20
bear interest at the rate of 4%
per
annum
payable semi-annually
on
Period End. Mar. 31—
therefrom
to
$723,189
379,493
$761,852
401,568
$2,622,886
1,549,694
$2,986,694
1,577,084
"
"
Niagara Share Corp. of Maryland
-New Director s-
the recent annual meeting Lawrence D.
Bell, President of Bell Air¬
Corp.; Thomas Bobbins Jr., President of Hewitt Rubber Corp., and
Patrick H. Hodgson, attorney, all of Buffalo were added to board of
direc¬
tors.—V. 146, P. 2702.
At
Noblitt-Sparks Industries, Inc.—Earnings-
[This account
without giving effect to such additional construction, equals
$92,636,502,
of Feb. 28, 1938, and is stated roughly on a basis of historical cost.
On
of certain items
$2,969,878
16,816
craft
3 Mos. End. Mar. 31—
Sales.
as
account
$2,607,116
15,770
------
"
be filed with the Public Service Commission of New York,
that, giving
effect to the proposed issue and additional construction, the funded debt
account.
$757,473
4,379
Net Income.
$343,697
$360,284
$1,073,192
$1,409,610
Note—No provision has been made for possible surtax on
undistributed
V. 146, p. 2380.
profits for the calendar year 1938.
conditioning the
exemption:
(1) It appears from the balance sheet, as of Feb. 28, 1938, furnished this
Commission, which is stated to be of the same form and content as would
58.4% of its fixed capital
2,883
Gross income
In its report the SEC further states:
;
:
;
\ :
The following matters, disclosed by the record in this
case, have caused
the Commission to consider the advisability, in the public interest and for
the protection of investors and consumers, of further
of applicant would equal
$720,306
Deducts, from gross inc.
for future construction now authorized by the
Of this amount, it is specified that not less than
$350,000 shall be expended for rural extensions.
pay
New York Commission.
1938—12 Mos.—1937
$2,887,484 $10,923,049 $11,333,848
2,130,011
8,315,934
8,363,970
$2,424,715
1,704,409
Operating Income-—.
Non-oper. income (net)-
the
first days of Feb. and Aug. in each year.
The order provides that of the proceeds of the note, $1,484,376 shall be
applied to the discharge of obligations recently incurred for construction,
and that the remaining $515,624 shall be deposited in a bank and with¬
drawn
1938—3 Mos.—1937
Operating revenues
Oper. rev. deductions...
1938
1937
cost as reported to the New York State
Commission, but report the fixed
capital account on the basis of alleged reproduction costs less subsequent
retirements, and include write-ups equal to $32,375,153, which increase
the fixed capital account to
$125,011,656.]
The income statement for the
Earnings
per
share
Nil
Revised.—V. 146, p.
x
1938
*$232,175
North American Oil
146, p. 1722.
Earnings from Jan. 1,1938, fo March 31, 1938
Gross oil royalties.
Contract charge for operation of leases
(2) It appeared at the hearing that during the 12-months' period, above
mentioned, applicant paid or credited various persons and organizations,
including affiliated companies, for various services, at least the sum of
$1,591,989.
During this period the income statement, above mentioned,
shows total operating expenses of
$18,667,554.
While the record is not
full as to the exact nature of the services
rendered, it appears that a great
many items, which were billed applicant through
Utility Clearing Corp.,
cover services
rendered, or alleged to have been rendered, for the benefit
of the Associated
System as a whole and not particularly for the benefit
Taxes—other than income.
Other expenses
..........w
;..
Depletion (27 H % of gross income) ......
Taxes on income, estimated—Federal_a
State.
....
...
.......
—
...........—.........
$21,151
Provision for Federal income taxes for the three months ended
March 31,
upon laws at present in effect.
No provision has been made
on undistributed profits, the amount of
which, if
a
1938, is based
for
For example, it appears that
applicant was billed the amount of $142,714
legal services in resisting income tax claims by the Federal Government.
It appeared that these
claims, as against the Associated System as a
Federal surtax
any,
will depend upon net profit and dividends paid for the calendar
year 1938.
Balance Sheet
whole,
Assets—
Mar.SI '38
Dec. 31 *37
Cash demand dep.
$22,247
$87,700
Acc'ts receivable..
14,873
Royalty interests.
307,710
13,834
220,592
802
was unable
amount which applicant might, as between the various
companies in the system, be called upon to pay if the Government's claim
was fully sustained.
It did not appear that this question had been
given
consideration in fixing the portion of the
legal fees assessed against applicant,
Organization
802
exps.
the assessment being based
upon the proportion which applicant's operating
revenue bore to the
operating revenues of the entire Associated System.
—V. 146, p. 3024.
Liabilities—
Mar.31 '38
Dec. 31 '37
$1,901
$1,544
1,013
1,013
Accounts payable.
Acer, cap stock tax
Acer. Fed. & State
payroll taxes...
Prov. for Fed. and
State
taxes
34
on
income (est.)
15,448
306,225
Com. stk. (par $1)
New York
—
Net profit..
for
to state the maximum
$48,935
4,642
1,840
2,510
1,005
13,457
2,747
1,584
...
Salaries and directors' fees
applicant.
aggregated approximately $52,000,000, but applicant's witness
$643,559
Co.—Earnings-
economies and increased revenues which
may reasonably be expected from
new construction.
of
1936
1
Before profit on bonds acquired.—V.
x
pending before
SEC], and $1,787,731 after giving such effect.
It is estimated by
applicant's witness that net earnings for the next year will at least equal
this figure, and will probably exceed it
by approximately $100,000 due to
1937
x$685,543
int., amort., &c
of $2,903,200 of 10-year
5% notes also authorized by the Public Service
Commission of New York and as to which application is
$108,630
150,000
$0.72
150,000
$0.72
Corp.—Earnings—
12 Months Ended March 31—
Net loss after taxes, deprec., dept.,
the
107,900
1935
1250.
North American Cement
12-months'period ending Feb. 28, 1938, which accompanied the balance
sheet and was prepared on the same basis, shows net income of
$2,008,149
before giving effect to interest requirements on new indebtedness
(such
indebtedness includes the proposed $2,000,000 note and an additional issue
$1,550,896
xl92,116
158,905
$1.21
Net profit after deprec.,
Fweral taxes, &c
loss$89,965
Shares capital stock
190,687
1936
$2,291,216
....—
in suspense, it is possible that the account
may be increased to the extent of approximately $7,000,000.
Published
annual statements to stockholders fail to disclose this historical cost or the
now
Telephone Co.—Earnings—
Capital surplus
Earned
Period End. Mar. 31—
1938—Month—1937
1938—3 Mas.—1937
Operating revenues—- $17,299,209 $17,500,376 $50,941,113 $51,108,199
Uncollectible oper. rev..
74,141
66,538
249,335
222,876
8,449
306,225
223
223
20,789
5,475
$345,634
$322,929
surplus...
_
Total
$345,634
$322,929
Total
—V. 146, P. 1250.
Operating revenues.. .$17,225,068 $17,433,838 $50,691,778 $50,885,323
Operating expenses
11,458,209
11,692,560
34,584,818
33,675,832
Northern States Power Co. (Del.) (&
Subs.)—Earnings
1938—2 Mos.—1937
1938^-12 Mos.—1937
16,377,135 $35,770,392 $35,054,150
Period End. Feb. 28—
_
Net oper. revenues.__
Operating taxes
$5,766,859
2,681,141
Net oper. income
Net income—
New York
£5,741,278 $16,106,960 $17,209,491
2,440,336
8,041,901
7,319,562
$3,085,718
3,264,209
—V. 146, p. 3024.
Operating revenues
$6,316,425
Oper. exps., maint. and
taxes
3,875,422
$3,300,942
3,534,927
$8,065,059
7,482,604
$9,889,929
9,479,317
Net oper. revenue-Other income (net).
x
The company informs
Assistant Secretary of the
us
that
on
corporation,
April 27,
1938,
Joseph
Operating
Oper.
deducts
Operating income
Non-oper. inc. (net)
$4,693,871
251,851
$1,471,010
284,881
$4,945,722
1,125,495
$1,186,128
Net income
$3,820,226
$4,099,975
surtax on undistributed
Niagara Hudson Power Corp. (&
Subs.)—Earnings—
Period End. Mar. 31—
1938—3 Mos.—1937
revenues
$6,868,694
68,301
inc.
$8,337,941 $27,320,882 $30,140,348
2,679,744
10,5341238 11,139,363
'05^
^,658.196 $16,786,644 sli7o553SS
stocks of
subsidiaries
1,848,468
pref. stocks
Balance
2,265,598
7,487,285
11,158.226
$2,541,591
606,006
Net income.
on
$8,278,284 $26,979,068 $29,887,021
59,657
341,814
253,327
$6,936,995
2,546,935
inc°me
Divs.
$3,392,598
417,069
$9,299,359
2,410,960
$7,842,759
417,069
$1,935,585
Kwn. gen. & purchased.
Sales of mfd. & mixed
1992903798
$2,975,529
2113683458
(in 1,000 cubic feet)..
2,930,625
2,845,089
gas
M
Sales of natural
therms)
x
Changed
gas
229,166
45,833
1,375,000
7,387
11,294
58,812
65,967
$1,029,640
$1,188,797
$6,057,067
$5,217,090
45,833
x
Before appropriation for retirement reserve.
The revenues and expenses subsequent to Jan.
in accordance with the classification of accounts
Notes—(1)
1, 1937
prescribed
shown
are
by
regulatory commissions effective Jan. 1,1937 which differ in certain
respects
from the classifications
previously followed by the companies.
In certain
instances the figures prior to Jan. 1, 1937 have been
adjusted in accordance
with the new classifications of accounts.
(2) Northern States Power Co.
(Minn.) has made no provision for Federal and State income taxes for
the
year 1937 as it will claim as a deduction in its income tax returns
for that
year unamortized discount and expense and redemption
premiums and
and duplicate interest applicable to bonds redeemed
during the
1937, which deduction, it is estimated will result in no taxable income
During the period from Jan. 1 to Feb. 28, 1937 Northern
States Power Co. (Minn.) made provision for Federal and
State income
taxes in the amount of $79,500 which was reversed over
the period from
March 1 to June 30, 1937.
expense
year
Operating income
Non-oper. inc. (net)
gr.
1938—12 Mos —1937
$21,152,198 $22,273,240 $86,440,774 $83,212,039
14,283,504 xl3,994,956
59,461,706 x53,325,018
Oper.rev. deductions...
subs.co.held by public
$5,644,800
1,544,825
prS~V° 146Vpi01721S keen ma<*e for Possi^e
Divs6pref7
$2,266,297 $11,930,982 $11,796,687
915,736
3,723,866
5,847,186
96,087
631,431
567,695
8,550
84,806
52,915
res..
net inc.
of other subs, cos
$5,431,569
213,231
$838,659
Net income.
$1,410,334
60,676
$1,121,102
282,443
...
Deductions from
$2,692,964 $14,830,982 $14,696,687
426,666
2,900,000
2,900,000
and
rev.
Minority int. in
$1,049,622
71,479
Gross income...
Deducts, from gross inc.
Operating
$2,441,684
426,666
oper.
Approp. for retire,
1938—3 Mos.—1937
1938—12 Mos.—1937
$2,780,131
$2,999,849 $12,380,651 $11,487,282
1,730,509
1,589,515
7,686,780
6,055,713
revenues
rev.
20,437,057
Gross income
$2,015,017
Interest charges (net)
616,676
Amort, of debt dis. & exp
104,977
Other inc. deductions
27,170
Divs. on pref. stock of
Net
other income..
Dooley,
was elected to serve as a director also.
Niagara Falls Power Co.
(&Subs.)—Earnings—
Period End. Mar. 31—
20,996,464
681
x
C.
3,697,647
$2,679,489 $14,773,928 $14,617,093
13,475
57,054
79,594
Trap Rock Corp.—New Director—
—V. 144, p. 4193.
$2,441,003
(in
-
$6,888,397 x$7,425,690
8268446587 7896802485
10,333,044
9,955,357
24,040,725
to give effect to
33,215,152 120,701,551 128.679,687
major adjustments made later in the year
1937.
Operating revenue deductions for the 3 months ended March 31
1938 and March 21, 1937 include
$224,585 and $170,435 respectively, and
ended March 31, 1938 and March
31, 1937, $926,147
ana $170,435
respectively, representing expenditures incurred in
connection
with changing customers'
electric equipment to standard
frequency. Prior
to Jan. 1,
1937, such expenditures were charged to
surplus.
No provision
has been made for
possible surtax on undistributed profits for the
calendar
year 1938 under the 1936 Federal
income tax law.—V. 146, p. 2862.
.
for that year.
Weekly Output—
Electric output of the Northern States Power Co. system for
the week
May 7, 1938, totaled 24,928 287 k^a. an increase of
3.7% com¬
ended
pared with tne corresponding week last year.—V. 146
Norwalk Tire & Rubber Co. (&
6 Months Ended March 31-—
Net sales
p.
3025.
Siabs.)—Earnings—
1938
1937
$1,079,297
1,015,251
$1,015,007
974,297
$558,412
575,164
$64,046
$40,710
24,213
loss$16,752
825
Depreciation
$64,871
25,654
$64,923
22,006
loss$14,435
Profit-...
y$39,217
y$42,917
loss$31,025
x
Cost and expense.
Operating profit
Other income
Total
x
income.
---
1936
2,317
16,590
Less
tax.
y
returns, allowances, discounts, adjustments, freight and excise
Before Federal income taxes.—V. 145, p. 3664.
Oahu Sugar Co., Ltd.—Dividend Reduced—
Directors have declared a dividend of 10 cents
per share on the common
payable May 16 to holders of record May 5.
Previously regular
monthly dividends of 20 cents per share were distributed.—V.
143, p. 3852.
stock,
Volume
Northern States Power Co.
(Minn.) (& Subs.)—Earns.
maintenance & taxes..
res.)$12,271,612 $12,052,269
1,054,878
1,035,162
Netoper.rev. (before approp. for retirement
Other income (net)
income (before approp.
Net oper. rev. & other
for retirement reserve)
599,691
74,170
4,990,982
535,234
42,792
$7,340,965
$5,072,964
2,867,722
Other income deductions..
Net income..
capital stock—cash:
7% cumulative preferred6% cumulative preferred
Cumulative preferred, $5 series.
on
2,524,619
2,164,081
45,833
Class A common
170,775
Class B common
36,458
Common
5,204,133
395,432
Notes: (1) As reflected by the above statement, net income of $7,340,965
for the year ended Feb. 28, 1938. shows an increase of $2,268,000 when
compared with net income of $5,072,964 for the year ended Feb. 28, 1937.
This increase is due to a large extent to a reduction in income taxes for 1937,
1,375,000
reduction in interest charges resulting from
a
the refunding of the com¬
pany's funded debt during Feb. 1937.
The increase of $2,268,000 was
offset to the extent of $1,329,166 by dividends on the 275,000 shares of
cumul. pref. stock, $5 series, issued and sold Feb. 19, 1937, the proceeds of
which were used in the said refunding of the company's funded debt.
are shown in
by regulatory
commissions effective Jan. 1, 1937, which differ in certain respects from the
classifications previously followed by the companies.
In certain instances
the figures prior to Jan. 1, 1937 have been adjusted in accordance with
the
new
classifications of accounts.
(3) Northern States Power Co.
(Minn.) has made no provision for Federal and State income taxes for the
year 1937, as it will claim as a deduction in its income tax returns for that
year unamortized discount and expense and redemtionp premiums and
expense and duplicate interest applicable to bonds redeemed during the
year 1937, which deduction, it is estimated, by Northern States Power Co.
(Minn.), will result in no taxable income for that year.
During the period
from Jan. 1 to Feb. 28, 1937 Northern States Power Co. (Minn.) made
provision for Federal and State income taxes in the amount of $79,500,
(2) The revenues and expenses subsequent to Jan. 1, 1937
accordance with the classifications of accounts prescribed
which
p.
was
reversed over the period from March
1 to June 30,
1937.—V. 146,
—V.
Oliver United
and taxes
p.1886.
Oswego Falls Corp.—Earnings—
Operating expenses, maint. and taxes
for retire, reserve)
—„
Gross income
Interest charges (net)..
Amortization of debt discount
Amortization of limited-term
Other income deductions
$6,156,566
1,200,000
x
y
$4,627,993
1,716,814
& expense—.______
270,477
electric investments.
19,184
41,375
$4,956,566
2,065,413
347,083
4,789
30,847
$2,580,142
$2,508,433
___-_
2703.
p.
Oklahoma Power & Water
x
$109,808
Net income per share is based on 224,752 shares of $5 par common
outstanding.
The earnings for 1937 are before deducting dividends on
1st preferred stock which was retired May 1, 1937.—V.
145, p. 2237, 1911.
y
now
the $110,000 8%
Otis Elevator Co.
Net operating profit.
profit.
Earns, per sh.
885,142
869,699
835,836
$456,292
$426,720
1,«63
$358,147
2,079
$346,426
3,104
$456,582
316,440
$428,583
327,661
$360,226
340,226
$349,530
344,286
$100,922
26,450
$20,000
on
115,000
$
Telephone & Telegraph
226.358
251.339
3,385
1,978
7,374
Prep'dinsur. & int.
1,354
$
$
Liabilities—
Net oper. revenues
Rent from lease of oper.
$1,461315
$1,729,932
70
750,133
93
736,826
$711,252
$1,361,389
$1,663,520
income
Mutual Water Co. from the
centa
dated May 1, 1922, and has transferred
Co.—V. 146, p. 2545.
_
Provision for
80.415
37,953
Corp.—Earnings—
Depletion and lease
39,524
___■_
123,809
14,963
—
105,440
Intangent development costs
41,000
34,321
48,000
48,590
Reserves...
62,434
19,449
104,881
68,774
20,769
105,254
taxes
aid of construct.
Earned surplus
73,775
$226,839
xll5,271
$265,409
90,000
$269,611
50,413
20,000
$342,110
48,103
25,000
$355,409
6,903
25,000
$199,198
$269,007
$323,506
$0.27
$0.32
Profit
______
—
___
Federal income taxes.
_ _
Net profit
per
share on
1,000,000 shs.
stock (par $10)
$0.20
x Includes $70,450 profit on sale of securities.
Note—No mention was made of any provision for
profits.—V. 146, p. 2218.
capital
4,847
2,075.327
1,281,134
34,483
113*186
144,422
Packard Motor Car Co.
___11,056,100 10.469,855
a After reserve for uncollectible accounts of $7,575 in
1937 and $8,356 in
1936.
b Represented by 60,000 no par shares.—V. 145, p. 3354.
10,469,855
___,11,056,100
Total
Quar. End. Mar.
$4,683,001
33,850
depletion._
interest
Provision for Federal
Minority
income tax,
&c_
No
$4,586,451
$2,990,745
234,164
74,435
$6,927,307
$4,820,615
580,899
2,569,726
1,332
2,472,666
x471,790
2,092,454
1,232
$3,065,180
529,040
1,913,399
591
200,457
y400,445
,_
1,668
provision was
Directors
at their
Omitted—
meeting held May 7 decided to omit
common stock.
incidental to pre¬
Packard 121 car
x
Semi-annual
Dec. 15, and on June 15, 1937;
35 cents was paid on Dec. 15, 1936; 25 cents on June 15. 1936, and 15 cents
per share paid on Dec. 14 and June 15, 1935, and on Dec. 15, Sept. 15
and June 15, 1934.
O. D. Donnell, President,
Parke Davis &
Co. (&
Ended March 31—
from operations
3 Months
Profit
Foreign exchange
credit
issued the following statement in
connection
of common dividend action:
demand for petroleum products coupled with the
ment of excessive new production has resulted in a sizable decrease
able production by State conservation commissions from prolific
"The decline in
Subs.)—Earnings—
e?i8oQ«
of
12^-228
pa"t__
fields in
47,084
fo'lll
$2,758,708
$3,067,103
13,on*
„rnfi,
x
04 •°*<
$3,007,913
income
— ------
—
Revised,
146, P.
505,782
$2,561,321
______
nrofit
capital"stock (no
454,958
y$2,303,750
Federal income taxes.
—V.
777
9L7L
z,o/o
$3,165,655
o/.uoi
-_—
investments
Miscellaneous other
Shares
aa*™??
'
-
-_ — -
$2,698,120
Earnings per
develop¬
of allow¬
undistributed
$2,856,299
Depreciation "and amort,
Employees' pensions
■NTPt
with omission
on
profits.—V. 146, p. 2704.
Income on
the dividend
ordinarily due at this time on the no-par
dividends of 50 cents per share were paid on
Nil
$0.08
$9.17
Nil
Deficit,
Till a nee
Common Dividend
1935
$1,248,029*x$l, 210,162
This loss was caused largely by expenses
paring the plant for production of the new lower-priced
Note—No mention was made of any provision for surtax
*
rp-.-,
$3,471,629 $2,255,139
$622,150
made for surtax on undistributed profits.
$1,292,148
Net profit......
x
$6,794,810
132,497
$4,716,851
653,188
Total income
x
1936
1935
$11,978,475 $10,277,9787,392,024
7,287,233
$2,610,701
sh. on 15,000,-
Subs.)—Earnings—
1938
1937
$13,440,365 $14,966,335
8,757,364
8,171,525
surtax on undistributed
(& Subs.)—Earnings—
1937
1936
NeF£e°ralfat|Ld!P_r_W:_1o88$389,430
Earns, per
Ohio Oil Co. (&
3 Mos. End. Mar. 31—
1938
31—*-
o,»5oz
5,4*51
$195,836
------
Interest J.
Earns,
*
In
Contributions
25,477
Profit-
Accrued interest..
advs.
------
Other income.
payable to
Customers'
85,037
5,646
88,357
86,533
deps
Curr. mat. of 5%
& extension
iqo'™!
13S.766
28,794
taxes-"."."- Jri— _____31,788
Insurance
Orclinary
322,175
34,996
109,414
21,032
amortization-...
—
$S,489
$928,936
355,901
_ _
_
2,300,000
local
such shares to the Southern
I
;_
397,174
abandonments54,503
539,099
5,886,000
notes
Stock Exchange that it has with¬
Water Co. and one share of Crescollateral held under the refunding mort¬
California Telephone
539,099
for construction-
Deprec. and
234
2,173,511
$2,134,380 $2,930,498
$4,073,554 $4,925,871
$993,199
Company has notified the New York
drawn 15 shares of Whitewater Mutual
2,300,000
Fed. income taxes.
102,369
Taxes..
$5,103,775
211
2,223,743
Withdrawn—
5,580,000
Accounts payable.
124,429
Gross profit....
$4,357,912
_
property
Operating taxes
Depreciation.
Accrued State and
& warrants rec.,
Other income—__
60,550
73,200
$5,596,920 $16,460,965 $16,110,160
3,866,988 12,103,053 11,006,385
Amortiz. of drill & oper. contr
90,177
Cust.accts.,notes
Sales
1938—3 Mos.—1937
$16,534,165 $16,170,710
$5,618,635
4,157,320
6% cum. pref. stk.
($100 par)
b Common stock.
Sand Spgs Home
200,000
_
Cost of sales
Nil
$0.16
1254.
Operating revenues
Operating expenses
Expenses
1936
1937
349" 961
82,312
Total
21,250
25,800
Uncollectible oper. rev__
Pacific Western Oil
Consumers'security
ot am-
Spec, depotsts. &c.
$136,781
Co.—Earnings—
1938—Month—1937
$5,644,435 $5,618,170
Period End. Mar. 31—
Operating revenues
Funded debt
9,629,328
10,337,222
Rlat'ls & supplies.
$0.60
undistributed profits.—V. 146, p.
G
1936
hold, rights, fran¬
&c
$0.35
100,935
186,108
1,347,338
107,596
189,730
1,380,532
189,129
2,000,-
Includes surtax on
x
gage
Bond dlsct. & exp.
a
$53,538
$3,927,331
2,077,338
$5,244
_
Plant, prop., lease¬
U. B.Treas. bills.
$422,491
000 shares com. stock.
Collateral
$
RFC notes..-.—
83,243
$1,306,993
Net
Net oper.
Balance Sheet Dec. 31
Cash..
21,600
82,872
Netincome-..-
$140,142
nortization
$526,963
___
1934
1937
in process
$1,748,148
x356,000
85,155
_
Other income
$1,121,065
774,639
Net income
k
$172,135 loss$170,166
354,828
306,947
Depreciation
Expenses
1935
6% pref. dividends
chises, &c
$1,125,161
622,987
$933,999
x66,000
69,886
_
1,746,939
$798,113
Maintenance & repairs_
$1,193,983
Interest deductions.
1935
$2,938,811
1,474,596
1936
$154,432
779,567
Cost of sales.
1937
$5,822,188
2,568.378
192,581
190,197
1,973,472
Net sales
1936
Other income (net)
Assess—
(& Subs.)—Earnings—
1938
$7,041,124
4,550,100
172,923
3 Mos. End. Mar. 31—
Co.—Earnings—
.
from oper.
and surtax on
undistributed profits.
$1,296,419
290
»■
earns,
$0.60
for Federal income tax
allowance is made above
No
1937
Oper., expenses & taxes.
Net
$133,935
$0.49
Net income
$1,341,434
Calendar Years—
167,784
33,849
Per share
Pacific
___
Net income..
139,322
29,514
Interest and discount on funded debt
1,235
1,200,000
-
1937
$1,292,615
but before interest
Net income after depreciation,
and discount on funded debt
$6,155,330
income (before approp.
Net oper. rev. & other
for retirement reserve)
Appropriation for retirement reserve.
146,
$5,824,785
3,208
$5,827,993
Net oper. rev. (before approp.
Other income (net).
1938
$1,323,675
3 Months Ended March 31—
Net sales
1937
$13,301,001 $12,686,070
7,476,216
6,530,739
revenues
-V. 146,
undistributed profits
Before provision for Federal surtax on
Miscell. deductions
1938
Years Ended March 31—
Nil
Nil
$0.52
$0.47
_
$25,420
$9,377
x$132,658
x$122,108
Earns, per share on 198,891 shares cl B stock.
x
1935
1936
1937
1938
profit after charges
Profit
Operating
—V.
Filters, Inc.—Earnings—
3Mos. End. Mar. 31—
Federal taxes.
Co.—Earnings—
dividend action for the present."
146, p. 2217.
Net
2703.
Oklahoma Gas & Electric
period
cut-backs,
company's unit cost of operation, which has
materially reduced the earnings for the first quarter.
"With the year's drilling program curtailed as much as is justifiably
possible the company still will be faced with heavy capital expenditures
over the balance of the year.
In view of these factors and the prospect of
little improvement for the industry in the near future, the directors have
has temporarily increased the
$10,882,549 $10,641,973
Gross income
refinery
This, together with reduced pipe line runs and
of 1937.
2,445,458
2,443,941
Interest charges (net)
Amortization of debt discount & expense
and
which the company has substantial holdings. Consequently the company's
crude oil sales for the first quarter of 1938 fell 13% below the same
deemed it advisable to defer any common
$13,326,490 $13,087,431
Appropriation for retirement reserve
Dividends
^
$30,930,217 $30,358,070
18,658,605 18,305,801
revenues
expenses,
1937
1938
Years Ended Feb. 28—
Operating
Operating
3199
Financial Chronicle
146
4,892,808
pari...
share
y Before any provision
1723.
—
for surtax on
4,891,761
.
undistributed profits.
3200
Financial Chronicle
Parker Rust-Proof Co.
3 Mos. End. Mar. 31—
Net
1937
After
x$117,184
x$329,850
12 Mos. End. Mar. 31—
1935
charges but
before Federal taxes..
$250,392
$317,507
000 shs. capital stock.
The net profit of $117,184 ($329,850 in 1936) Is equal, after preferred
dividend requirements, to 27 cents (76 cents in 1936) per share on the
429,498 shares of
Penick &
stock.—V. 146,
common
p.
$594,428
$246,452
4,720
$619,453
16,766
$599,231
140,212
90,129
$251,172
24,536
$636,219
169,471
78,468
$368,890
369,000
$1.00
.
1938
$1,173,124
$90,460
370,000
$388,280
370,000
$0.24
$1.05
..
4,803
Total Income i
Depreciation
-
-
,
-
i.,
.
Federal income tax, &c.
Net profit
Shares capital stock (no par)......
Earnings per share
—V. 146, p. 1563.
—
—
..
-
.....
553,671
136,176
C.) Penney Co.—Sales—
Sales of the company for the month of April, 1938 were
$20,370,936, as
compared with $20-232,760 for April, 1937.
This is an increase of $138.176, or 0.68%.
Total sales from Jan. 1 to April 30, 1938, incl., were
$66,115,469, as
compared with $70,2.35,008 for the same period in 1937.
This is a decrease
of $4,119,539, or 5.87%.—V. 146, p. 2545.
1937
1936
1935
$7,960,691
$8,982,571
1,574
216,756
4,293
2,829
$7,877,775
3,906
200,285
178,629
2,722
282
825
174
38
41
.$10,529,553
$9,187,470
$8,143,015
$8,001,310
755,751
733,988
482,998
1,971,667
15,214
991
500,000
1,994,607
2,599,702
13,076
4,296
2,403,830
credit of prof. & loss $7,032,788
Previous surplus
a65,316,455
Profit on sale of securs..
$5,915,702
59,626,985
249.286
24,482
securities & accounts.
Gross income
Deductions—
Tax accruals
1,008,893
Maint. of invest, organ.
Miscell. inco me charges
Sin. fd. appropriations.
_
_
16,971
4,439
12,596
7,156
500,000
Sundry net credits
Total surplus
$4,791,952
58,637,102
334,069
$5,094,730
54,784,500
15.642
Sundry debits
Profit and loss surplus
Dec. 31
$72,341,997
Philadelphia Dairy Products Co., Inc.
Period End. Mar. 31—
sale of securities.
Balance
1937
Sheet Dec.
Stocks..
1937
4,699,962
Note
40,000
...
Cash
1936
Common stock. 124,625,000 124,625,000
28-yr. 4%
sec.
226,633,778 220,498,156
10,695,051
5,960,356
Bonds..
31
$
4,699,153
Real est. owned...
Securs. owned:
6,398,714
10,023,610
Misc. sects,
rec.
1,812
rec.
1,005,682
966,051
65,447
bds., due Aug.
1, 1963.
49,000,000
Misc. accts. pay.
Int. bonds ma¬
9,903
Int. & dlvs.
65,500
Deferred charges
Consol.
34,217
17,728
84,670
816,667
825,000
1,178,711
minority interests
accrued
500,000
Funded debt..
and
balance
lossl8,964
loss38,361
loss70,993
loss81,124
428,453
341,162
Earned per 1st pref. sh_.
Earned per 2d pref. sh—
—V.
145,
183,530'
134,267
$2.80
$7.12
$1.23
3664.
P.
Philadelphia
Postponed—
&
Reading Coal &
Iron
Co.—Hearing
the petition of the company to disaffirm eight leases on coal
lands has been postponed from May 11 until May 16 at request of Arthur
Littleton, company counsel.
Mr. Littleton explained that at the time the petition was filed
company
on
notified local officials of the United Mine Workers of the proposed action.
Subsequently the union asked for an opportunity to appoint an engineer to
a
study of the situation and consult engineers representing the
security holders who suggested the leases be canceled.
Hearing on the company's plan of reorganization is also scheduled to"be
May 16. Special Master Lewis has suggested that counsel for the
various security holders get together and endeavor to work out a
composite
plan of reorganization and report at that time.—V. 146, p. 2056.
resumed
Pierce-Arrow Motor Corp.—Sold at Auction—
The corporation was sold,
May 12, at auction at Buffalo, when Federal
Judge John Knigtit confirmed a bulk sale of assets for $40,000 subject to
bankruptcy action that has been in
The business was sold to William R. Emblidge "as agent."
Although
the principals for whom Mr. Emblidge acted were not made known,
they
are assumed to be the Marine Trust
Co., which Mr. Emblidge has repre¬
sented
at
court
hearings,
and
the
Federal
Reserve
500,000
1,000,000
500.000
of
New
York.
new
small corporations."
Liquidation value of Pierce-Arrow was placed at $947,335 by appraisers.
1928, the corporation reported assets of $18,383,000.-—V. 146, p. 3028.
Pinellas Water Co.—
-Earnings-
3 Months Ended March 31—
loss
72,341,997
Bank
were creditors in the amount of $1,310,000,
holding corporation probably will be formed soon, according toMr. Emblidge, and the service parts and maintenance operations con¬
tinued.
The name of Pierce-Arrow probably will not be used by the new
concern, he said.
Other than that, he explained, "no definite plans have
been made, but we have numerous purchasing inquiries from individuals and
A
In
Sink.fd. approp.
a
be¬
fore prov. for Fed. &
State inc. taxes, divs.
on subs. pref. stks. and
854,684
int.
accrued.
Accrued taxes..
Profit
(& Subs.)—
1938—12 Mos.—1937
$4,213,803 $19,309,133 $18,190,781'
The two banks
49,500,000
43,045
tured unpd...
Unmatured
net income,
1938—3 Mos.—1937
$4,184,801
liens of $1,349,383.
The sale ended the
Federal court about a year.
1936
$
Consolidated net sales..
$65,816,455 $59,626,985 $58,637,102
a After an adjustment of
$500,000 for funded debt retired through income
income and surplus charged to 1936 accounts,
b Including $7,239 net loss
Assets—
1937
$1,684,130
for de¬
make
$72,349,244 $65,816,455 $63,763,123 $59,^94,872
(1%)1246,250
b7,247
4,136,138
11,519
Less div. approp
1938
$1,737,415
reserve
Philadelphia Co.—New Vice-President—
Hearing
Balance transferred to
1256.
p.
Pressly H. McCance has been elected a Vice-President, according to an*
by Frank R. Phillips, President of the company.
Mr.
McCance was formerly assistant to the President and director of
personnel.
—V. 146, p. 3027.
Consolidated net income
bonds and other
indebtedness
$4.86-
146,
announcement
309
185
secur
unfunded
Miscellaneous income
on
$7.79
$11.50
82,845
27,376
The March 31.1938 balance sheet shows total current assets of
$1,699,063,
Including cash of $142,331, against current liabilities of $749,050.
Total
assets were $2,389,959.
Earned surplus was $996,381.
Of 300,000 shares
of $1 par capital stock authorized, 220,000 shares are issued and 50,000
reserved for exercise of purchase warrants.
"The company is currently operating at practically physical capacity, and
indications are that the second quarter of 1938 will likewise show a good
profit," according to Carl Pharis, President, in his letter to stockholders.
T'The principal reasons for the company's splendid showing this year as
compared to the balance of industry are first, efficient operation has
enabled it to price its production on a competitive basis and second, the
good business enjoyed by its principal customers.
"Because of the large volume of business, accounts receivable are high,
substantially in excess of one month's business.
The company's current
position is strong and business for the month of April has been unusually
good."—V. 146, p. 2865.
119,135
Mlscell. rent income.
1935
$729,58$-
Co.—Earnings
after all charges Incl.
preciation & income taxes—
1934
$10,308,326
on
$8.30
undistributed profits.—V.
Net profit,
■Annual Report
Pennsylvania Co.
Calendar Years—
Dividend income.
Int.
1936
$1,168,662
Gross sales
1937
$815,942
569,490
Other income
from
on
Pharis Ttre & Rubber
1938
$1,273,981
679,553
.
——
Inc. from fund,
After surtax
x
2863.
Ford, Ltd., Inc. (& Sub.)—Earnings—
Expenses-
Income
1937
x$l,724,403
3 Months Ended March 31—
3 Months Ended March 31—
Gross profit
(J.
1938
Net profit after deprec.,
Federal taxes, &c
x$l,245,081
Earns, per share on 150,-
for Federal taxes.
reserves
1938
14,
Pennsylvania Salt Mfg. Co. —Earnings—
1936
profit after deprec.
and other
x
(& Subs.)- -Earnings—
1938
May
65,316,455
_
1938
_.
Total
Total
..249,539,637 242,223,5381
Total
249.539,637 242,223,538
Retired through income and surplus since
Aug. 1, 1935.—V. 146, p.
2382.
operating expenses
Provision for depreciation
1937
$83,063
26,371
8,236
$79,173
$48,455
Operating revenue-—water.
$46,168
25,116
7,889
a
Net operating income
Other income (net)
Pennsylvania Power & Light Co.—Earnings—
Period End. Feb. 28—
1938—Month—1937
1938—12 Mos.—1937
$3,269,766 $38,445,830 $37,349,279
1,776,787
21,700,170
21,221,225
210,000
2,636,667
2,165,000
Operating revenues
$3,247,299
Oper. exps.,incl. taxes._
1,792,642
Prop, retire, res. approp.
218,333
$1,236,324
Operating income
Other income (net)
$1,282,979 $14,108,993 $13,963,054
1,742
20,856
Other income (net)
$1,236,324
8,737
$1,281,237 $14,108,993 $13,942,198
17,272
198,074
265,018
$1,245,061
Gross income........
$1,298,509 $14,307,067 $14,207,216
453,750
5,445,000
5,447,083
50,000
600,000
600,000
18,584
219,169
211,144
Cr 19,245
Crl,391
CY15.105
Other int. & deductions.
Int. chgd. to construct'n
Net income.
$728,524
$777,566
Dividends applicable to preferred stocks
for the
_
$8,062,143
3,846,543
No provision has been made for
Federal surtax
on
undistributed
1938
Preferred dividends
Common dividends
$4,844,333
69,151
$5 241 114
Crl5 296
$5,498,146
5,178,503
Crl4,666
26,975
50,146
$284,163
14 Q64
Net profit
15,118
61,368
5,076,*574
61,368
Surplus
x
$77,429
75,380
I
245 474
$207,677
245,474
$0.57
stock (no par)
$1.10
per share
$4,913,484
4,605,583
CrlO.221
47,718
$270,404
31,369
61,331
$177,704
245,324
$0.97
Includes depreciation and
amortization.
Sales—
Period End.
April 30— 1938—Month—1937
—VSai46",p"."27b4:
$1,601,078
813,458
35,411
23,180
1,032,483
70,596
31,233
$3,309,928
1,033,350
3,695,209
$4,430,785
1,084,453
4,045.682
248,733
13,549
S1-810-98? $1,807,358
/
265,039
loss......$769,174prof$201,727
on
250.786
33,171
x304,643
$2,007,231
$961,632
mortgage receivable for property sold,
Pittsburgh & Lake Erie RR.—Earnings—
Period End. Mar. 31—
Railway
•Railway
revenues.
oper. expenses.
1938—Month—1937
1938—3 Mos.—1937
from ry. opersi
rev.
Net ry. oper. income.
Other income
Total income
$1,047,328
1,009,146
$2,231,810
1,799,673
$2,777,073
3,018,468
$6,178,695
5,178,742
$38,182
114,939
$432,137
172,973
def$241,395
$999,953
476,105
Crl74,727
oper.
1936
$5,422,766
$1-52,861
Total store income
Costs, expenses, &c
Other deductions, less other
income..
Federal income taxes, &c
x
1937
$5,169,489
71,625
Other store income
Earnings
$4,237,374
193,411
considered inrecoverable.—V. 146, p. 2219.
Net
3 Months Ended March 31—
Net sales.
common
$2,842,146
467,782
Charge-off of balance due
Railway tax accruals
Equip. & joint facility
Peoples Drug Stores, Inc.
(&Subs.)—Earnings—
Shares
x
$7,964,094
$4,215^597 "$4,117,551
profits.—V. 146, p. 3027.
Net
now
3,846,546
unpaid
Balance..
Note
$1,394,298
206,780
Deplet., deprec. & amort
Federal income taxes
1938—12 Mos.—1937
$158,486
194,104
Minority interest
Charged off
453,750
50,000
14,130
Crl,343
.
or
1938—3 Mos.—1937
$352,590
249,715
Interest
...
Total income.
Int. on n ortgago bonds
Interest on debentures..
508
$46,676
Pittsburgh Coal Co.—Earnings—
Period End. Mar. 31—
Profit..
Net oper. revenues...
Rent for lease of plant..
period, whether paid
507
$48,962
Balance available for fixed charges
—V. 145, p. 3208.
Crl69,608
Cr549,076
Cr524,202
$97,970
13,086
$428,772
14,142
def$23,853
$1,048,050
42,131
45,249
$111,056
$442,914
$18,278
$1,093,299
13,271
3,423
61,867
5,791
5,169
10,900
164,643
17,802
$94,362
$375,256
$2,209
$910,854
$0.11
$0.43
331,534
Miscell. deductions from
income.
Total fixed charges
.
Net income
Net income per share of
stock.
—V.
146,
p.
Nil
$1.05
3028.
Pittsburgh Rys.—Files Bankruptcy Plea—
Judge Nelson McVicar in the U. S. District Court at Pittsburgh on May 10
granted permission for the company and its subsdiairy, the Pittsburgh
Motor Coach Co., to file reorganization plans under Section 77-B of the
Federal Bankruptcy Act.
4
.
1938—4 Mos .—1937
$6,990,961
$7,226,663
The Court ordered that the company management remain in control
of
the system for 30 days, subject to the Court's jurisdiction and set June 9
as the date for a hearing on the appointment of trustees.
Volume
Financial
146
The company's petition listed assets
liabilities of $51,-
of $39,268,437 and
In addition, the petition said that there was $2,400,000 due
this year on car-trust certificates and other fixed charges.
The company's
gross revenue, the petition pointed out, had declined from $20,382,440 in
1929 to $13,256,965 in 1937 and further decline was experienced in the past
603,459.
four
months.
Company officials said the action was precipitated by an adverse decision
Court where Samuel L. Putnam had entered suit for
of the State Supreme
Cannonsburg
Rys.
redemption of $30,000 of mortgage bonds of the Pittsburgh,
& Washington Ry.
These bonds were guaranteed by the Pittsburgh
and were due three years ago.
Philadelphia Co., which is,
the Standard Gas & Electric
'/
' >
' •> ■
,
The Pittsburgh Rys. is a subsidiary of the
the intermediate holding company for
Co.—V.. 144, p. 2670.
,
■
in turn,
$175,847
179,850
loss$4,003
1,509
•Other
$761,123
737
$341,782
1,954
48 400
51.664
83 164
86.389
39,983
86,122
129,380
—V.
146
surtax
x$517,523
$165,056
loss$83,218
Pond
Nil
$0.12
$0.36
profits tax.
The Pennsylvania Supreme Court, in a decision handed
the decree of the lower court and directed that
•°$11X 25 3i share
luThe Court upheld the
Schiller agreement.
down May 9,
the value «f
of capital stock (no
par) outstanding
Earnings per share
Poor &
penalized for the entry of these suits.
The case revolved around an agreement as of April, 1932 under which
Pittsburgh United Corp. agreed to liquidtae pro rata among its preferred
holders the corporation's holdings of 108,402 shares of U. S. Steel common.
The preferred holders were to receive the equivalent of $110, plus accrue
•dividends for each share held.
Liquidation was to become effective as of Feb. 28, 1937.
At that time
U. S. Steel common was selling at $111-$112 a share. Court action prior
to the date of liquidation prevented fulfillment of the agreement.
The contention raised in the suit that the agreement was invalid because
it provided for payment of dividends irrespective of earnings and that under
Pennsylvania law a dividend can only be paid from earnings, not capital,
by the court.
"when a corporation
With respect to this argument the Court
decides upon a course of liquidation when
ated dividends there is no legal prohibition upon
the right these accumufiartial or entire, irrespective of earnings providedpayment of of creditors is
unimpaired."
In overruling the lower court,
which had ordered that the
distributed should be valued at the
to be
U. S. Steel
Feb. 27, 1937, market
iteral the Supreme Court agreement is enforced.
{>rice, compliance with the said: "It is clear gross The valuewill be done if
injustice Steel common
of
as
Feb.
27,
1937, when it is now selling at
about $40 a share would
justice
result in
This
deprive holders of United preferred of valuable rights.
neither
nor equity should countenance.
Such literal enforcement would
a
surplus to be returned to the corporation for the benefit of its common
shareholders and those preferred shareholders who did not seek the benefit
of the
agreement."
Dealings Suspended—
Pennsyl¬
pending determination as to whether the reported decision of the
vania Supreme Court will have the effect of depriving such stock of value.
It has been reported that this decision upheld the validity of the liquidat¬
ing agreement known as the "Schiller" agreement, providing for the dis¬
tribution of the corporation's holdings of United States Steel common stock,
and directed that the value of liquidation of United States Steel common
stock to Pittsburgh United preferred stockholders should be as of the
date of distribution.—V. 146, p. 2383.
Pittsburgh & West Virginia
1937
1936
1935
Railway oper. revenuesRailway oper. expenses.
Railway tax accruals—
$4,092,692
3,165,133
249,273
$3,856,901
2,692,239
$3,000,955
2,040,278
$2,720,147
2,003,046
297,840
231,285
Railway oper. income-
$678,286
489,852
25,347
$866,822
422,925
24,437
$729,391
326,860
23,063
$1,142,791
404,317
$1,265,311
37,498
$1,033,188
12,009
$1,547,008
$1,302,809
882,856
25,611
911,259
14,593
$1,045,198
935,031
14,667
$638,540
$376,956
Equipment rents—C'r—
rents—Dr.
.
Other income.
x
Other deductionsNet income.
$95,500
384,846
23,072
Tel. & cable oper. revs..
def$92,270
1936
1,929,809
$134,646
5,176,075
5,637.442
$24,623
$366,394
18,000
$280,958
6,000
revenues
15,000
262,484
Taxes assign, to oper...
5,000
84,510
Operating income
Non-operating income..
$45,136
1,422
$194,932 def$252,861
3,760
6,801
$113,630
11,181
$46,558
$198,692 def$246,061
$124,811
Uncollectible oper. revs.
Gross income.
245,922
755,724
729,708
$205,220
Net deficit
$47,230
$1,001,785
$604,897
2383.
Pullman, Inc. (& Subs.)—Earnings—
Period End. Mar. 31—
1938—3 Mos.—1937
1938—12 Mos.—1937
after expenses
and Federal taxes
$3,480,638
Depreciation, &c-.....-
3,052,086
3,596,589
11,638.239
14,552,246
$428,552
$3,276,699
$9,427,803
$8,423,543
$0.11
$0.85
$2.47
Earnings
Net profit..
Earns, per sh. on
$6,873,287 x$21066,042
3,820,-
182 shs. of cap. stock.
made for surtax on
Note—No provision
undistributed profits.—V. 146,
2058.
p.
(The) Pure Oil Co.—Earnings
a
Decline—
covering the first three
Preliminary figures
indicate
reduction from the earnings
months' operations in 1938
of 1937 for the corresponding
considerably lower.
are
"Such
conditions closely
730,787
4 377,451
4,341,062
mat'dunpaid-
3,390
5,030
508.177
248,517
&c
10,012
5.020
118,688
417,547
145,760
158,044
...
Int.
Funded
-
debt
unpaid..
Unmat'd int. accrd
Other current liabs
38,085
27*,232
158,056
Tax
Acer,
61,525
ma-
1,000
tured,
137~,0%
76,025
14,752
27,517
13,573
23,379
200,888
245,739
deprec.,equip 3,884,875
3,786,881
111,054
Deferred liabilities
liabilities
145,847
208,696
Other curr. assets.
576
2,002
Unadjust.
Deferred assets...
17,171
7,361
Add'ns to property
debits
179,465
credits.
102,642
152.484
155,006
7,178,777
7,294,387
...64,340,891
64.372.002
thru.inc.& surp
251,993
Profit & loss bal...
In
commenting on company
departmental operation, Mr. Dawes
Total.
and the decrease
—V.
146, p. 2706.
Corp. (& Subs.)—Earnings—*37 Apr. 18, '36 Apr. 20, '35
x$186,305
x$28,199 loss$l88,612
$179,464
771,476
771,476
771,476
771,476
0.24
$0.04
Nil
$0.23
undistributed profits, y After interest, depreciation
Purity Bakeries
16 Weeks Ended—
Apr. 23, '38 Apr. 24,
y.Net profit
Shs.com.stk.out.(nopar)
x
...
Before surtax on
and Federal
taxes.—V. 146, p. 1086.
Refining Corp. (& Subs.)—Earnings
Quaker State Oil
1938
1937 _
1936
y$101,472
$387,737
$163,752
927,305
927,305
902,305
—
$0.11
$0.42
$0.18
depreciation .Federal and State income taxes and other deduc¬
Before surtax on undistributed profits.—V. 146, p. 3029.
3 Mos. End.
Mar. 31—
Net Profit
-
capital stock (par
Earnings per share
Shares
After
tions.
y
$10)
New York City—Transit Lines
1937 Calendar Year—
Rapid Transit in
Ashtabula Ry.—Tenders—
general mortgage bonds are being notified that in accord¬
fund provision of mortgage covering issue of these bonds
RR. is inviting tenders of bonds for sale and delivery as
1, 1938, at a price not exceeding par and accrued interest, to extent
with sinking
$113,790.
Show
Passenger
traffic
Subway system,
11
176 693
478 491 to
Street
cline of
carried 1,886,927,692 passengers
during 1937, a decrease of
a decline of
or 0.59%.
Hudson & Manhattan RR. showed
77,989,857 in the number carried during the year.
car
lines
reported traffic totaling
554,700,000 passengers, a de¬
from the preceding year. This decrease,
and Queens, largely was due to motorization
27,400,000, or 4.7%,
almost entirely
in Manhattan
°f
Although11aggregate traffic on rapid transit lines as a group showed only a
percentage decline, the two principal privately^perated subway
suffered further diversion of passengers to the Independent Sub¬
The New York Rapid Transit Corp. (B.-M. T. subsidiary) carried
570 900,000 passengers during the year, a decline of 35,100,000, or 5.8%.
The subway division of the Interborough Rapid Transit system carried
784 800 000
or 30,100,000 less than in the preceding 12 month period.
The I
R T. elevated division carried 207,600,000, a decline of 7,000,000.
°rThe^ndependent System reported a total traffic for the year of 323,619,svstems
way
146, p. 2866.
Pittsburgh Youngstown &
Holders of first
said:
refining operation and increased production in Illinois
than offset by the decline in products prepared
in production allowed by the Texas pro-ration authorities."
and other fields were more
small
64,340,891 64,372,002
the Pennsylvania
company,"
stantially under those
travel on New York City transit lines showed a further gain
during the 1937
calendar year, according to the Transit Commission.
Traffic handled by all lines for 1937 totaled 3.128,700,000 passengers, an
increase of 24,900,000, or 0.8%, oyer 1936.
Bus lines registered a further sharp increase in passengers handled, the
gain more than offsetting losses by other transportation.
Total bus
amounted to 609,100,000 passengers, an increase of 64,000,000, or 11.7 %•
Rapid transit lines, including the municipally-operated Independent
investments
Loans & bills rec..
accord with the experience of the
"While gasoline sales in industrial districts were sub¬
of a year ago, in those parts of the country where
business is more diversified and agriculture is the principal activity sales
nearly offset the loss in manufacturing sections."
Dawes added.
Mr.
Passenger Gain in
Invest, in affii. cos.
of June
period
approximately $900,000, after eliminating inter-departmental profits
and Federal income taxes in both years.*
The company operations in the first three months of 1938 generally are
in line with general conditions covering the petroleum industry, Henry M.
Dawes, President, reported May 10.
"Gasoline sales in the industry this
year have been practically the same as in the corresponding months of
1937," Mr. Dawes said, "but the volume and price of industrial fuel oil
165,633
Mat'ls & supplies.
of
accruing
104,427
398,306
ance
$2.20
$679,808 net amount after Federal income taxes,
from remission of 1936 taxes under Railroad Retirement Act.
Includes
x
20,870,707
2,601,314
824,797
32,655
—V.
$22,975,789
99,726
Accts. & wages pay
Total
234,764
251,779
Deduct, from gross inc..
—V. 146, p.
80,026
104,427
Misc. accts. pay..
Unadjusted
1,756,506
Government grants
71,325
Misc. accts. rec
1938—3 Mos.—1937
$5,200,698 $6,003,836
Fund, debtunmat.18,743,207
436,891
...
loss of
Traf.,&c., bals.pay
179,119
84,325
Special deposits
1935
$94,377
Net tel. & cable oper.
stock...30,235,100 30,235,100
478,060
Traffic, &c., bals..
Co. (N. Y.)—Earnings
1938—Month—l937
$1,891,151
$2,210,767
expenses
x
Loans & bills pay.
191,077
$835,971
14,891
S
1,000
Bal. fromagts.,
b$869,000
& cable oper.
Total tel.
$850,862
932,398
10,733
LiabilitiesCommon
-.58 054,857 57,690,125
•
1937
$
and
Cash....
c$232,000
Telegraph Land Line System—Earnings—
Period End. Mar. 31—
Dec. 31
1936
8
Sinking fund
Other
a$570,000
excl. co.'s proportionate share of net
Congress Cigar, Inc.—V. 146, p. 2057.
x
Balance Sheet
1937
Dep.inlieuofmtge
property sold
1938—12 Mos.—1937
1938—3 Mos.—1937
After taxes, interest, &c.,
x
Earnings per share
Total interest accrued..
equipment
profits
Co.—Earnings—
[Including Porto Rican American Tobacco Co. (Del.)]
Quar. End. Mar. 31—
1938
1937
1936
Net loss
$83,332
$103,926
$106,074
$474,197
Misc. phys. prop-.
167,444
$0.75
Before provision for surtax on undistributed profits,
b After providing
$58,280 surtax on undistributed portion of 1936 earnings,
c After
providing for $32,407 surtax on the undistributed portion of 1937 earnings.
—V. 146, p. 1724.
242,903
Calendar Years—
Invest, in road
169,742
$0.62
"Materially improved
Ry.—Annual Report1934
Asset*—
169,742
$0.24
Federal surtax on undistributed
of
The Governing Coiunittee of the New York Stock Exchange on May 10
adopted the recommendation of the Committee on Stock List that the
common stock of the corporation be suspended from dealings immediately,
Joint facilty
$125,829
a
argued
common
$104,512
169,742
$0.20
>
Period End. Mar. 31—
Net profit after deprec.,
known as the
its
dismissed
$40,655
Note—No provision is made for
—V. 146, p. 2705.
Postal
validity of the liquidating agreement,
provision to the extent that "such Pittsburgh United
preferred holders who desire to have their shares liquidtaed on the sam
basis as those entitled under the Schiller agreement may do so."
L*The Court denied the argument of some preferred holders who
they were entitled to either interest or liquidating damages because of the
loss resulting from breach of contract.
On this point it said that the
"pendency of injunction suits placed United in the position of a stake-holder,
It was not at liberty to make distribution except at its peril."
The Court concluded on this point that the corporation could not be
was
1935
1936
1937
$34,158
Porto Rican American Tobacco
amended
said that
Co.—Earnings—
1938
Shs.
Modified—
(liquidation of U. S. Steel common to Pittsburgh United preferred holders
should be as of the date of distribution.
The lower court had held in a
decision last March that the U. S. Steel common should be valued at
amended
Creek Pocahontas
for
Pittsburgh United Corp.—Decision
It
&c.—V. 146, p. 286.
2546.
p.
$702,892
1,022,900
$0.69
Shares capital stock
int., & prov. for Fed.
taxes (est.)
loss$25.000
undistributed profits and excess
on
1936
1935
$361,156
$185,833
1,050,000 > 1,050,000
Earnings per share
$0.34
$0.18
x After
depreciation, interest, depletion, Federal taxes, minority interest.
1937
$640,319
1,050,000
$0.61
1938
Net income
$66,176
11,608
30 319
loss$97,255
Net profit
Earns, per share on capNil
It. ital stock (no par)
to
12,609
247
Depreciation
Eederal tax provision
Subject
1.438
$53,567
152,242
15,937
78,577
deductions
Interest
x
200.142
$205,809
$329,920
11,862
$759,685
loss$2,494
Other income.
$496,191
166,271
$959,827
Plymouth Oil Co. (& Subs.)—Earnings—•
Quar. End. Mar. 31—
x
Net profit after all chgs.
and taxes.
1935
1936
1937
1938
Quar. End. Mar. 31—
•Gross profit on sales
Expenses
Sealed proposals must be in office of Geo. H. Pabst Jr., Treasurer, Penn¬
sylvania RR. Co., 380 Seventh Ave., New York City, before three o'clock
P-m«» May 31, 1938, and must state series letter and numbers of bonds
offered.—V. 136, p. 3339.
3 Mos End. Mar. 31—
-Earnings—
Pittsburgh Screw & Bolt Corp.
3201
Chronicle
000. an increase
of 61,000,000 passengers, or
23.24%.
3202
Financial
Transit¥Commission
and
Mayor
Agree
Chronicle
Amendment—
penditures for rapid
in
,
on
to
left for
Albany
convention
on
May 11,
The refer¬
said a dispatch from Albany, which appeared on the surface to be
was a favorable augur for the proposal, as the Cities Committee
had greater New York City representation than has the
Committee on
Public Utilties.
ence,
routine,
Riegelman of N. Y. City is Chairman of the Cities Committee,
while the chairmanship of the Public Utilities Committee is held
by Martin
W. Deyo of Bingharnton.
Transit Commissioner Riegelman has called a public
hearing on the pro¬
posal before his committee for June 8.
income.
The Diocese of Toledo comprises 8,222 square mJes in
northwestern
Ohio, with a Catholic population of 170,000, served by 285 priests and
16 religious orders of men and women in 151 parish
churches, 128 schools
and colleges, with an enrollment of 28,672
students, 5 hospitals, 2 orphan¬
ages and 2 homes for the aged.
De Sales College, a diocesan institution
located in Toledo, has 1,269 students, inclusive of summer
school regis¬
Unity Cost Put at $320,(XX),000—
It is stated that'Mayor La Guardia and the Transit
Commission hope to
negotiate -with the representatives of the security holders of the B.-M.
T.,
the Interborough and the Mannattan Ry. a transit
unification plan under
which tne city will acquire the privately-operated
properties for not more
than
$320,000,000, payable in 3%
trations.
The Bishop of Toledo covenants that he will
retire, through the sinking
fund, prior to their fixed maturity, bonds in a par value amount of
60%
of the entire issue.
'.r^
stock or serial bonds, or a
city obligations.
The price limit suggested, it is reported, is based
upon maximum esti¬
mates of tne expenditure which would be supported
by the earnings of the
lines, under unification and at a 5-cent fare.
These estimates are said to
take into account ample allowances for such elements as loss of
taxes now
received by the city from the companies, pension
charges, wage rises, in¬
combination
of the
two
classes
corporate
of
Rose's 6,
—V.
maintenance and depreciation reserves and similar factors.
Actual negotiations, it was pointed out, might result in a
figure somewhat
owed the
Uncollectible oper. revs.
Taxes assignable to opers
Operating income
Non-operating income.
_
Gross income...
Deduction from gross inc
Net income
Revere
2707.
Diego Consolidated Gas & Electric Co.—Earnings
Period End. Mar. 31—
Operating
1938—Month—1937
$737,628
266,015
29
259
other mcome..
$266,044
Appropr ation for retirement reserve
on
$290,797
1,038,377
38,257
1,000
39,249
$100,006
93,436
120,188
3,000
81,979
$288,008
101,573
113,107
3,000
102,866
$73,611
82,980
def$ll,725
192,818
$170,607
$93,809
23,559
$161,591
28,970
$181,094
75,693
$404,117
83,812
Operating
$320,305
Operation
Maintenance
Taxes (other than Federal income
tax)
$132,621
Net oper. revenue &
x
Gross
Income.--.-----.--.-----------
Illinois—Earnings—
1937
1936
,
x$190.742
San Jose Water
$35,052
Interest
1937
Gross sales.
Cost of goods sold
$7,252,286
x5,848,002
646,216
expenses
depreciation.-
1935
$6,275,127
4,800,397
—V.
145,
p.
—-
Other income
;
_______
Total income
Int. paid except on own
bonds
43,817
-
$797,720
$950,658
77,198
69,714
.
132,728
2,950
Frov. to reduce book val.
of securities
$906,841
.
$2,289,305
9,511
65,530
Federal income taxes
loss$879,659
513,260
$2,153,627
95,210
16,949
326,756
300,000
$720,522
13,125
320,507
51,200
302,717
$1,414,712
$234,769
$390,242
$880,944
125,985
100,921
y
Earnings
Richfield Oil Corp.—New
Morgan
Operating
1938
was
Works
geologist.—V. 146,
p.
City of Roanoke
municipal operation on April 30, 1938.
By decree entered by the Court of Law and
Chancery of the City of
on May
11, 1938, the special commissioner of the
court, First
National Exchange Bank of
Roanoke, was directed to pay to the holders
of the first
mortgage 5% gold bonds of the
company, dated July 1, 1925,
and secured
trust to Chatham
Phenix National Bank & Trust
(now Manufacturers Trust
Co.), trustee, upon presentation and sur¬
thereof for
cancellation, the par value of the bonds with interest
thereon at 5% from Jan.
1, 1938, through April 30, 1938.
r*e sPePal commissioner is now ready to receive the bonds at its bank¬
ing house in the City of
Roanoke, Va., and to pay the same as provided in
the decree.—V. 144, p. 2498.
render
•
Robe Coin Machine
Mfg. Co.—Registration Withdrawn—
See list given on first
page of this department.—V. 146,
p. 2707.
taxes.
Nil
Net oper.
revenues...
—
1938—12 Mos.—1937
$2,203,210
861,907
117,141
a248.035
$2,012,022
758,713
110,342
210,358
$76,033
Drl,376
...
Interest & amortization.
$75,692
$976,127
5,890
$932,609
Dr68
$74,657
30,899
Non-oper. income (net).
Balance!..-...
Co.—Earnings—
$75,624
31,619
$982,017
378,574
$951,461
378,669
$44,004
$603,442
250,666
$572,791
220,333
$352,776
149,114
60,000
$352,458
149,114
60,000
$143,661
$143,343
Balance
$43,757
Appropriations for retirement reserve
Balance
Debenture dividend requirements
Preferred dividend requirements—
No
a
common
provision
dividends and surplus
has been
profits for 1938, since any
until the end of the year.
made for the
Federal surtax
liability for such
tax
18,852
undistributed
be determined
on
cannot
Note—On Jan. 1, 1937, changes were made in
accounting procedure,
hence the above 12 months'
figures are not exactly comparative.—V. 146,
3030.
p.
Schenley Distillers Corp. (& Subs.)—Earnings—
3 Mos. End.
Mar. 31—
y
Net profit
.......
Shs. cap. stk.
(par $5)..
Earnings per share.
x
Before Federal surtax
1938
1937
x$364,712
1,260,000
$0.09
1936
x$l,813,272
$1.24
on
$1,739,199
1,050,000
1,260,000
charges.—V. 146,
p.
y
$1.51
After int.,
Schiff Co.—Sales—
Sales for the month of April, 1938 were
$1,453,524, as compared with sales
April, 1937 of $1,201,376.
This was a gain of 20.99%.
Sales for the four months' period this year were
$3,379,618, as compared
with last year of $3,611,880.
This was a loss of
Sales
Loss
365,940
Federal
1889.
for
3 Months Ended March 31—
$625,293
1935
$1,587,622
1,050,000
$1.46
undistributed profits,
and excess profit taxes and other
Schulte Retail Stores Corp. (&
211,815 shares of capital stock (no par)..
$1.69
at March 31,
1938, shows total current assets of
$1,051,588, including $774,467 cash, compared with current
liabilities of
as
1935
$66,930
Nil
6.43%.—V. 146,
Pendleton, Inc .—Earnings—
Earnings for 6 Months Ended March 31, 1938
Net income after estmated
provisions for reserves for
depreciation, depletion, amortization and Federal income
....
Taxes
Balance for
Roanoke
per share on
1936
$53,968
$0.25
1938—Month—-1937
$179,090
$171,074
71,406
69,174
10,189
7,645
a21,461
18,563
—
Maintenance..
2384.
Co.—City Acquires Property—
The entire plant of the
company was condemned by the
and taken over for
The balance sheet
1937
Nil
re venues.....
Operation
Official—
Bond holders to Receive Par
for Bonds—
Gross earnings
$18,377
For the 12 months ended March 31,
1938, net profit was $364,744, equal
to $2.17 a share on
common, compared with $341,469, or $2.03 a share for
the 12 months ended March 31, 1937.—V.
146, p. 2869.
62,000
made on May 9 of the election of Frank
A. Morgan,
Director of Exploration, as a
Vice-President of this corporation, with which
he has been associated since
Richfield absorbed last year the Rio Grande
Oil Co., for which Mr.
Roeser &
$6,908
_
-
x
was
by deed of
17,733
4,364
1,914
3,243
After taxes, depreciation, &c.
y On 167,715 shares common stock
(no par),
z No provision has been made for Federal
surtaxes on undis¬
tributed profits.
common
Co.
2,222
1,219
$50,123profz$41,749
per share
-
stock.
Nil
$1.98
Nil
Nil
Includes $55,194 credited to metal
stock reserve.
Note—No provision has been made for
Federal surtax on undistributed
profits.—V. 146, p. 2384.
Water
264
$45,632
763
Savannah Electric & Power
x
Roanoke
$45,367
275
3210.
3 Mos. End. Mar. 31—
Net loss
...
loss$439,525
Interest
90,808
Amortiz., discount, &c.
13,437
Depreciation
335,889
Announcement
$39,422
$39,697
28,584
-
Period End. Mar. 31—
on
11,609
12,166
22,950
>
3,000
Profit
Net profit
Earns, per sh.
.—
Savage Arms Corp. (& Subs.)—Earnings—
567,889
$758,068
39,652
_______
-loss$361,484
Cash discounts, &c
Loss on bonds purchased
$2,243,602
45,703
1937
$137,176
45,082
47,543
12,064
15,185
25,125
L
x
loss$387,950
26,466
-------
funded debt
Net income
1936
$2,119,767
2869.
$139,339
-
Interest on unfunded debt.
Amortization of debt discount & expense
Pro v. for Federal income tax
(estd.)
Copper & Brass, IncEarnings—
1938
on
p.
1938
-----
Total income
1086.
146,
$3,384,767
1,265,000
Works—Earnings—
revenue—water-
Net operating revenue.—....
Other income (net).*......—...—......——.
1935
$145,581
$1,874,781
3 Months Ended March 31—
Provision for
1938
$3,174,781
1,300,000
Before appropriation for retirement reserve.—V.
x
233,510
$105,401
undistributed profits.—V. 146, p.
Operating profit
1938—12 Mos.—1937
$8,091,305
$8,091,597
3,172,807
3,381,122
1,973
3,644
$713,360
290,537
revenues
Net oper. revenue
Other income (net)-—
1,081,936
Earnings for 3 Months Ended March 31
[Including wholly owned subsidiaries]
Earnings
p.
357,805
loss$175,377
Before surtax
shares
146,
$123,046
after charges
and taxes
-i
prices not exceeding par
and accrued interest.'—V.
San
■
Quar. End. Mar. 31—
Operating
The
Co. will until 3 p. m. June 13 receive bids for
the sale to it of sufficient first mortgage
5% 50-year gold coupon bonds,
due July 1, 1955 to exhaust the sum of $18,929 at
$70,514
30,472
40,776
1,000
37,682
Reliance Mfg. Co. of
x
4
Rocky Mountain & Pacific Co.—Tenders— !<
Manufacturers Trust
x
$70,250
—V. 146, p. 2706.
Net profit
an
St. Louis,
1938—3 Mos.—1937
$1,181,942
$1,326,385
34,072
$1,408,724
extra dividend of 25 cents
per share in
regular semi-annual dividend of 50 cents per share on the
stock, no par value both payable June 1 to holders of record
May 20. Similar payments were made on Dec. 1 and June 1,
1937; Dec. 1
and June 1, 1936 and on Dec. 2, 1935. A dividend of
75 cents per share was
paid on June 7, 1935.—V. 145, p. 3357,
$21,529
72,280
Net tel.& cable op. rev
Other oper. revenues
Other oper. expenses
$1,362,856
addition to the
368,674
expenses
1938—4 Mos.—1937
$369,566
common
Communications, Inc.—Earnings—
1938—Month—1937
$439,189
$480,851
$402,890
2548.
P.
The directors have declared
city and other obligations from the companies.
The $320,000,000 estimate
$116,000,000 lower than the price named in the plan proposed by
Samuel Seabury and former City Chamberlain A. A. Berle
Jr., which the
Transit Commission rejected a year ago.
Every effort will be made, it is understood, to reach an agreement before
the State Constitutional Convention adjourns
July 29.
The estimate of a total cost of not to exceed $320,000,000 for the
prop¬
erties is based upon $170,000,000 for the Manhattan and
Interborough,
as given in the memorandum of
understanding made public by the Transit
Commission several months ago.
The estimate on price for the B.-M. T.
is about $150,000,000.—V. 146, p. 119.
Period End. Mar. 31—
Tel. & cable oper. revs._
Total tel. & cable oper.
1938—Months—1937
_
146,
Royalite Oil Co., Ltd.-—Extra Dividend—
is about
R. C. A.
10 and 25-Cent Stores, Inc.—Sales—
Period End. April 30—
Sales.
creased
lower than that named, after making allowance for back taxes
The
office.
Diocese of Toledo has assets
conservatively valued at over
$27,500,000 with debts of less than 20% thereof.
These bonds, issued
solely for refunding purposes, do not increase the indebtedness of the
diocese, and in fact reduce interest charges and hence enhance the diocesan
Harold
Transit
at
Dated April 1, 1938; due April 1, 1950.
Coupon bonds in denom. of
$1,000 and $500. Principal and int. payable A. & O. at
Mississippi Valley
Trust Co., corporate trustee, St. Louis, Mo.
Callable wholly or in part on
any int. date on 30 days' prior notice at par and int.
These bonds in the opinion of counsel constitute the direct
obligation of
His Excellency, the Most Reverend Karl J.
Alter, D.D., Roman Catholic
Bishop of the Diocese of Toledo, and of his successor and successors in
now
session.
The proposal was referred by Chief Judge Frederick E. Crane
to the Committee on Cities of the Constitutional Convention.
1938
14,
larger than
Catholic Bishop of Toledo—Bonds
Offered—
Bitting & Co., St. Louis, recently offered $250,000 direct
obligation 4% sinking fund bonds.
the text of a
exclude ex¬
transit unification from its constitutional debt limit.
Commissioner Fertig after conferring with the Mayor
where the amendment was submitted to the constitutional
$320,805
were
Roman
Mayor La Guardia of N. Y. City announced May 9 that he and Transit
Commissioner Fertig had reached •'substantial agreement"
proposed constitutional amendment committing the city
May
$61,255.
Net current assets of $990,333
Sept. 30, 1937.—V. 146, p. 447.
Unification
on
'
administration expenses and
but before special charges and credits.
The
ciation
March
but
loss
before
was
1938
1937
$4,527,713
...-
after
2221.
p.
Subs.)—Earnings—
$5,084,783
deprec.,
$55,179 after administration
123,330
56,760
expenses
special charges and credits, comparing
$1,444 in March, 1937.—V. 146, p. 1889; V. 145, p. 3982.
and
with
depre¬
loss
of
Volume
Financial
146
Seaboard Air Line Ry.—RFC Loan—
Quar. End. Mar. 31—
1938
Gross operating revenue $2,076,160
Share of products accru¬
ing
to
Subs.)- -Earnings—
1937
1936
1935
$1,884,726
$1,696,817
$1,275,191
195,527
421,985
173,831
312,344
164,008
287,211
$1,267,213
23,184
$1,429,748
x315,408
492,611
,290,398
168,925
293,750
$1,216,520
119,094
266,500
120,000
45,000
150,357
27,000
59,000
136,300
14,500
68,000
87,945
14,000
36,000
$456,729
$591,365
$612,126
$0.47
$0.49
See
Net profit..
on cap.
stk
x
$1,210,641
5,879
99,483
159,375
Provision for depletion, depreciation, amortization, property abandon¬
exploration works in foreign countries.—V. 146, p. 2385.
ments and
Seeman Bros.,
Inc.—Earnings—
Period End. Mar. 31—
y
Earnings
x
per
$58,302
$3.54
share
stock (no par).—V.
146,
p.
1938—9
$120,845
y
$$.16
$1.89
$1.12
After charges and Federal income taxes,
Sharo & Dohme, Inc.—Earnings1938
1937
1936
1935
$1,280,651
1,037,050
28,396
37,427
51,821,517
1,136,203
40,138
37,077
68,614
$1,448,732
1,006,576
42,460
37,588
51,587
$1,299,287
3,843
$173,935
z200,449
$539,485
z200,449
$310,521
z200,898
$250,496
z200,449
def$26,514
—
Expenses
Charges (net)..
Depreciation
$339,036
$109,623
$0.14
Soundview Pulp Co.—No Common Dividend—
on
Directors have decided to omit the dividend usually paid at this time
the company's common stock.
It was the opinion of the board that
cash should be conserved
the paper pulp market.
in
view of
for the previous dividend record.—V.
Nil
Regular dividend of 87H cents
919,971
52,931
37,908
37,981
was
share (amount estimated).
made for Federal surtax on undistributed profits.
per
—V. 146, p. 1727.
3 Mos. End. Mar. 31—
Net profit.
Shs.cap.stk.out.(no par)
Earnings per share.
x
1938
The Securities and
of the
company
Exchange Commission has approved the applications
and Walnut Electric & Gas Corp., the parent company,
£°r fbe issuance of three 5% unsecured promissory notes for $92,200,
$20,000 and $10,000 by the subsidiary and acquisition of the notes by the
An application covering the issuance of a fourth note, in the
$150,000, will be held under consideration by the Commission
amount of
until the other transactions have been
completed.
Southern California Water Co.—Securities—
The company has filed an amendment with the Securities and Exchange
Commission stating that the offering price on its
20,000 shares of 6%
cumulative stock, $25 par, will be $23 each.
The $117,000 of
4J4% first mortgage bonds of Southern California Water
to be offered by American States Utilities
Corp., parent company, will be
offered at 92.—V. 146, p. 2549.
Southern
Ry.—Earnings—
Jan, 1 to April 30—
1938
1937
$3,410,791 $37,208,415 $46,320,955
Week of April
1937
1938
Gross earnings (est.)
—V. 146, p. 3031.
$2,950,647
Period End. Mar. 31—
Operating
$7,339,626
32,226
1938—3 Mos.—1937
$7,217,909 $21,672,582 $21,005,757
95,711
76,557
25,546
$7,307,400
4,636,819
$7,192,363 $21,576,871 $20,929,200
4,570,510
13,991,704
13,438,789
$2,670,581
990,528
$2,621,853
933,822
$7,58,5,167
2,898,337
$7,490,411
2,682,060
$1,680,053
$1,688,031
1,599,899
$4,686,830
4,239,677
$4,808,351
4,376,783
1938—Month—1937
revenues
Uncollectibile oper.
x Oper.
Operating
1937
$124,325
1,365,500
$0.10
1936
loss$3,134
1,269,170
$115,532
1,269,170
$179,885
1,269,170
$0.14
rev.
expenses...
Net oper. revenues.
Operating taxes
Net oper.
income....
income—
Net
Div.—
declared a dividend of $1.75 per share on account
the 7 % cum. preferred stock, par $100, payable July 2
15. A similar payment was made on April 1 and
have
on
revenues...
Nil
$0.09
After depreciation and Federal taxes.—V. 146, p. 1889.
The directors
3983.
1935
Sherwin-Williams Co. of Canada, Ltd.—A ccum.
of accumulations
p.
.
(Frank G.) Shattuck Co. (& Subs.)—Earningsx
145,
Southwestern Bell Telephone Co.—Earnings—
stk. (no par)
Note—No provision
currently unsettled condition of
South Carolina Utilities Co.—Notes—
Earns. per sh. on 776,627
z
the
Regular dividends of 25 cents per share were paid
March 1, last and each three months previously.
See also V. 145, p. 3211
on
$0.06
...
com.
$0.33
—V. 146, p. 2548.
—Fourth
Net profit
Preferred dividends..
Surplus
43,375
—
$50,047
$0.43
Federal taxes
shs.
$453,471
—
Net income after all
charges, including Federal income tax
Earnings per share on 129,640 shares
On 107,840 shares capital
927.
Quar. Ended Mar .31—
Gross profit..
—
parent.
Mos.—1937
$203,521
$341,218
1938—3 Mos.—1937
Net profit
Corp.—Earnings—
Earnings for the 48 Weeks Ended April 2, 1938
.
Sales
$0.35
_
Prov. for Fe^. inc. tax..
x
0
$439,177
$0.36
_
Amort, of int. in Kettleman No. Dome Assoc.
Prov. for contingencies.
x
The directors have declared a dividend of $1
per share on the common
stock, payable June 21 to holders of record June 10.
A dividend of $1.50
was paid on Dec.
21, last, this latter being the first dividend to be paid on
the common shares since March
20, 1929 when a quarterly payment of
$1.50 per share was made.—V.
145, p. 3211.
$835,980
Total income
Deprec. and depletion.
Intahg. develop, costs.
Earns.per sh.
$823,972
12,008
—$1,369,264
60,484
1566.
p.
Sloss-Sheff ield Steel & Iron Co.—$1 Common Dividend
Solar Aircraft
195,785
Operating expenses. —511,111
_____
Balance
Other income
_
Funded debt wa
$1,736,719 against $1,481,882.
was
$1,575,000 against $1,750,000.—V. 146,
of
operators
Kettleman Hills
3203
£?d^rPed surplus
The Reconstruction Finance Corporation has approved a loan of $2,200,000 to the company for the purchase of nine Diesel electric locomotives,
representing 90% of their cost, Jesse Jones, Chairman of the RFC, an¬
nounced May 10.—V. 146, p. 2869.
Seaboard Oil Co. of Del. (&
Chronicle
—
1,565,756
—
Subject to refune in whole or in part of $19,845 and $19,350 for month
in 1938 and 1937, respectively, and $59,400 and $56,745 for three months
of 1938 and 1937, respectively.—V. 146, p. 3032.
x
to holders of record June
Sovereign Investors, Inc.—Registers with SEC—-
Jan. 3, last; Oct. 1, July 2, April 1, March 1 and Jan. 2, 1937; Oct. 1, July 1,
April 1, and Jan. 2, 1936, and on Oct. 1, July 2, April 1 and Jan. 2, 1935,
this latter being the first dividend paid on the pref. stock since the regular
quarterly dividend of $1.75 per share was paid on Dec. 31, 1932.—V.
146, p. 1090.
See list given on first page of this
See list given on first page of this department.—V.
Simonds Saw & Steel Co.—Dividend Halved—
The directors have declared
a
no
Sept. 15, 1937.
on
The company's stock was recently split-up on a
(Formerly Spiegel, May, Stern & Co., Tnc.)
3 Mos. End. Mar. 31—
1937, and
mon
dividend of $3 per share was distributed in March, 1937.—V. 146, p. 3031.
62-72 West 47th Street
are now
available at the office of Continental Bank & Trust
Co.,
30 Broad
St., New York, for a second distribution at the rate of $18.01
$1,000 bond with the April 28, 1932 and all subsequent coupons at¬
tached, such distribution representing payment of balance of the net fore¬
closure sale proceeds and other funds available with the trustee for dis¬
tribution.—V. 120, p. 2560; —V. 146, p 287.
Skelly Oil Co. (& Subs.)-—Earnings—
1938—12 Mos—1937
Operating profit
Other income
*
Non-oper. charges
Interest
Deprec., deplet., &c
Federal income tax
$8,554,227 $41,167,233 $37,057,680
4,998,853
27,018,649
24,379,749
5,555,374 $14,148,584 $12,677,931
257,165
1,053,791
1,146,313
$2,734,922
56,861
112,606
1,796,285
104,400
Expenses, tax, &c_
$8,237,852
5,696,172
$2,541,680
193,242
—
Total income
1938—3 Mos.—1937
$3,812,539 $15,202,375 $13,824,244
58,175
311,515
357,444
460,012
115,804
472,904
8,443,345
1,828,447
6,787,048
275,700
368,800
618,200
Minority interest
935
Net profit
Shs. com. stk. (par $15)-
—
Earnings
per
share
$664,770
1,003,948
$0.56
$5,618,703
1,003,948
$5.20
$1,534,413
1,006,348
$1.43
stock.—
$1.52
$1.29
$5,587,713
1,006,348
$5.16
1938, net income was $1,694,597, equal,
requirements, to 97 cents a share on 1,275,658
stock, comparing with $3,530,076, or $2.54 a common
For 12 months ended Mar. 31,
common
share, for 12 months ended Mar. 31, 1937.—V. 146, p. 2387.
Square D Co.—Earnings—1936
1935
x$214,073
220,638
$122,232
220,650
$132,135
70,926
$0.66
$0.25
$1.09
1937
1938
3 Mos. End. Mar. 31—
Net profit after charges,
$65,641
deprec'n & Fed. taxes.
Shs. class B stk. (no par)
Earnings per share
343,860
$0.19
provision was made for Federal surtax on undistributed profits. .
For 12 months ended Mar. 31, 1938, net profit was $914,341, equal to
$2.66 a share on 343,860 shares, comparing with $1,073,863, equal .to $3.12
a share on common for the 12 months ended Mar. 31, 1937, based on present
No
x
capitalization.—V.
146,
2549.
p.
Standard Cap & Seal
Corp.—Earnings—
1936
1935
$169,004
$150,346
211,005
209,405
$0.80
$0.72
x No pro vision has been made for surtax on undistributed profits,
y Com¬
parison of per share earnings with 1936 cannot be properly made because of
changes in capitalization during period,
z After interest, depreciation and
Net profit.
x$155,509
214,676
$0.53
——
Shares
capital stock..Earnings per share...-
145,
Federal taxes.—V.
1937
1938
3 Mos. End. Mar. 31—
z
x$179,951
213,105
y$0.64
2864.
p.
Standard Gas & Electric Co.—Weekly
Electric output of the public utility
s,
3 Months Ended March 31-
Inc. (&Subs.)—
1938
$3,043,401
.
1937
.
Depreciation, depletion and amortization
1,556,519
1,298,594
37,322
$3,718,521
1,786,013
1,378,837
47,486
$150,966
24,979
.
$506,185
19,890
$175,945
$526,075
74,508
72,407
26,822
Gas & Electric Co. system
.
Interest, provision for doubtful accounts, &c.
39,064
Federal income taxes
17,924
Undistributed profits tax
$118,957
19,534
69,070
.
Preferred dividends
Common dividends
$352,338
39,973
66,795
$30,353
276,237
$0.36
$245,570
178,066
$1.75
Output—■
operating companies in the Standard
for the week ended May 7, 1938 totaled 98,069,-
636 kwh., a decrease of 6.2%,
compared with the corresponding week last
year.'—V. 146, p. 3032.
Standard Oil Co. of California—-Earnings—
1938
1937
—$13,062,338 $13,076,5«>6
March 31—
3 Months Ended
Operating income
.
undistributed
after preferred dividend
shares of
—Y. 145, p.3211.
Other income
$292,145
$0.36
Nil
...
$449,934
Note—No provision has been made for Federal surtaxes on
per
Period End. Mar. 31—
Grossincome
1935
1936
1937
$545,583
profits.
Building—Distribution—
The holders of the first mortgage serial 6% coupon gold bonds dated
April 28, 1925, not presented for credit at the foreclosure sale are notified
that funds
1938
Net income after deprec.,
int., Fed. taxes, &c._loss$331,223
Earned per share on com¬
10-for-l basis.
A dividend of $4 per share was paid on the old stock on June 1,
a
146, p. 767.
Spiegel, Inc.—■Earnings—
dividend of 10 cents per share on the new
par common shares payable June 15 to holders of record May 28.
A
dividend of 20 cents was paid on March 15, last; one of 80 cents was paid
on Dec. 15, last, and an initial dividend of 59 cents was paid on these shares
department.—V. 146, p. 1729..
Spencer Shoe Corp .—Registration Withdrawn—
Dividends
Other non-operating
.
313,418
173,603
Drl3,582
314,986
$13,561,108 $13,376,392
4,609,902
b877,000
$7,613,858
4,432,901
223,000
$7,130,486
$7,889,489
$2,952,958
$0.54
$0.60
$0.23
income (net)
Total net Income--
)lj$6
$7,021,667
325,167
—
—
—
—
Deprec., depletion & amortization—
for normal Fed. inc. tax (est.),
Prov
5,365,622
bl,065,000
preferred stock of
subsidiaries in hands of public
Zl/.ZUo.
Dividends paid on
Net profit
—
Earnings per share
—
5,000
.
provision for surtax®? payable under the 1936
undistributed profits.—V. 146. p. 3032.
b Does not include any
Surplus
Shares common stock (no par)
Earnings per share
—
Revenue
Act on
Standard Oil Co. of Kansas—Earnings—
Current assets as of March 31,1938, including $668,513 cash and $3,784,-
Including Coastal Plains Oil Corp.
839 inventories, amounted to $7,291,469 and current liabilities, including
$650,000 bank notes payable, were $1,732,575. This compares with cash of
$827,802, inventories of $3,041,290, current assets of $6,841,509 and current
liabilities, including $300,000 bank notes payable, of $1,710,164 on March
31,1937.
Total assets as of March 31, 1938, were $10,293,754 comparing with
$9,803,025 on March 31,1937 capital surplus was $584,563 against $630,876
3 Mos. End. Mar.
x
31—
Net profit
Shs. cap. stock (par
Earnings per share
x
1938
$168,908
109.990
1937
$113,489
1936
$46,876
$1.53
13|,841
$U.S4
145,442
»u.oz
depreciation, depletion, amount of intangible
costs, and other deductions.—V. 146, p. 1891.
After
ment
$10)
taxes,
1935
$60,944
146,542
$0.41
develop
Financial
3204
Standard Oil Co. (New
x
1935
$
1 934
$
1162121244
income,.. 1308900351
Inc. from other sources
23,995,446
oper.
1076215249
26,288,795
1017972537
18,973,269
24,959,033
^-
.1332895797 1187080277 1102504044 1036945806
Cost, oper. & Ken. exp.. 934,268,905 863,768,280 825,8.30,188 795,270,661
Taxes
i
51,253,657
44,481,280
e80,750,672 e65,714,3l2
b Depreciation, &c
110,763,088 113,747,132 118,339,334 111,633,588
1937
$41,406
$0.15
$0.34
1938
Net income
y
193(1
$
$
'■.■'..•■'■.'■'O'
Gross
$21,047
3 Mos. Ended March 31—
Calendar Years Unci. Sub. Cos.)
1937
Miy 14, 1938
(G.) Tamblyn, Ltd.—Earnings—
Jersey)—Earnings-
Consolidated Income Account for
a
Chronicle
Earnings per share
After deductions for operating expenses,
x
normal Federal income taxes
before provision for Federal surtax on undistributed
On 112,000 shares common stock.—V. 146, p. 1091.
and other charges, but
earnings,
y
Total income.
Int. & discount
fund
on
and long-term debt.
Other
Divs.
2,792,886
7,053,003
2,468,922
28,570,512
c5,190,646
2,689,634
5,701,665
_.
interest.-.-
345.489
pf.stks.of subs.
Profitapplic. tomin.int
on
40,698,087
c9,685,110
.
Miscell. deductions
7,058,461
6,120,056
4,499,489
3,283,219
7,065,046
4,492,227
24,128,471
c5,248,708
22,263.311
Tecumseh Products
Co.—Earnings1938
1937
$13,852
$59,099
3 Months Ended March 31—
Net income after all charges but before taxes.
—V. 146, p. 1261.
—
—
fennessee Public Service Co.—TVA and Knoxville Bid
$7,.500,000 to Buy Light Plant—
The Tennessee
65,549,615
Surplus-.-..
45,618,960
31,940,882
82,443,532
26,224.767
$5.64
....
Shs.com.outst. (par $25)
Earns, per sh. on com
.
97,774,583
62,863,192
52,421,683 d50,634,434
45^352,900 IT,228.758
26,224,767
$3.73
13,678,078
25,856,081
$1.76
income......... 147,993,147
Net
Common dividends
25,856,081
$2.43
a
Inter-department and inter-company transactions have been excluded;
inter-company profits included in inventories have not been eliminated,
b Includes depletion, depreciation, retirements and amortization,
c Un¬
distributed earnings included above of certain foreign subsidiary companies
affected by restrictions on the payment of dividends, carried to contingent
reserve,
d Includes stock dividend of Mission Corp. of $18,329,913.
e
Includes government income taxes and $1,227,617 ($1,406,296 in 1936)
Federal
surtax
undistributed
on
Statement
profits.—V.
146,
p.
3032.
Valley Authority and the City of Knoxville on May 12
$7,500,000 for the electric properties of the company.
The bid
Paul B. Sawyer, President of the National Power & Light Co.,
intermediate holding company for the
T. P. S., which services Knoxville
and vicinity.
National Power & Light's directors received until May 18 to act on the
offer.
The joint offer does not include the company's Waterville-Kingsport
transmission line and the transportation system serving Knoxville. Neither
does it include any of the Tennessee Public Service Co.'s cash reserves,
capital or accounts receivable.
The Waterville-Kingsport line has been valued at $1,300,000, and it is
reported that American Gas & Electric Co. has offered to purchase this
offered
sent to
was
for $1 292 000-
The present offer is some $1,412,000 higher than the previous bid by the
the offer was $5,250,000
.Later $6,088,000 was bid.
accepted by the company and its bondholders, but
stockholder litigation.
The $6,088,000 offer afforded
a price to preferred shareholders of about $40 a share, while the $7,500,000
figure gives a range of from $60 to $75 a preferred share, depending on how
much the company might realize from salvage of current assets and sale
of traction properties.—V. 146, p. 3033.
city.
of Consolidated Surplus for 1937
Originally,
figure
The last
was
voided by preferred
Capital
llalancesat Dec.31,1936.
Undistrib. earns, at Dec. 31,1936,
certain add'l for. sub.
Surplus
$80,786,008
of
$5,296,229 $405,011,118
affected
cos.
by restrictions on pay. of divs.,
contingent reserve
of
excess reserve
for
Texas Gulf
JM6,423,947
carried to
Transfer of
Producing Co.- —Earning s3
deprec.
for. sub. co., as determined by
officials
Amounts transferred
Dr5,097,854
Commission
798,678
$1,127,231
214,518
146,221
19,927
15,000
13,306
changes
17", 833
41,534
30,000
1,247
238,701
Em hurst
Dr764,301
764,301
Corp.
Property investigation
Interest
7>r580,864
expenses
on
1,442,924
Dr96,069
44,541
Provision for contingencies
Prov. for Fed. excess-profits tax, inc.
tax & surtax on undist. profits—as
estimated
2,439,141
$5,964,461
$393,912,002
147,993,147
$80,249,685
$5,964,461
$541,905,150
65,549.615
dividends paid
......
.—$80,249,685
$5,964,461
88,813
year
used in
1937 improvements.
Directors
The
it
is
for
the
contingencies.
Beginning with January, 1937, the company resumed
practice of charging $10,000 per month to profit and loss as a provision
contingencies.
Balance Sheet March 31
debentures
will
on
the
plan
on
to
benefits of
indenture
and
be
a
5,675
Accts. receivable-
128,405
205,700
Accrued liabilities.
Notes receivable..
27,115
1,000
Earnings per share
—V. 146, p. 1730.
246,500 shs.
on
cap.
1938
Accr'd int.
receiv.
from
1,244
stk. (par$l)
Stewart-Warner Corp. (& Subs.)3 Months Ended March 31—
Gross profit from operation
1938
.
$923,611
1,095,154
Operating loss
$0.46
Loss
$214,218prof. 995,567
...
Net loss
948
...
Earnings per share
146, P. 2872.
1,241,847 shs. capital stock.
on
154,310
$215,166prof £141,257
$0.67
—V.
Struthers Wells-Titi'sville
Directors have
$1.25
31# cents
passed
convertible
per
share
Studebaker
Corp.—-Pref. Din. Omitted—
the dividend ordinarily payable at this time
A regular quarterly dividend
paid on Feb. 15, last.—V. 145, p. 2089.
on
preferred stock.
was
of
and directors...
Corp.—Sales—
Paul G. Hoffman, President of the corporation, reports the sale of 14,127
trucks during the first four months of 1938 compared
with 37,922 in the corresponding period of 1937.—V. 146, p. 3033.
Co.—Eantings-
Earnings per share on capital stock.
—V. 146, p. 2223.
earns,
after all
| before
reserve.
1,490
2,151
ReCve for conting.
Common stock..
263,707
9.503
633,844
633,825
0,431,024
Dividend credits—
1,471
1,490
Organization exps.
60,650
60,650
Surpl. arising from
Deferred charges—
Accts. receiv. from
24,202
41,324
3,723,758
4,008,993
4.573,833
4.096.606
177,705
211,074
27,370
205,442
0,936.037
10.378,363
y
appraisal
Earned surplus
—
Total.
9,936,037 10,378,363
x After reserve for depreciation and
depletion of $3,330,646 in 1938 and
$2,648,587 in 1937.
y Represented by 888,135 no par shares in 1938 and
888,116 in 1937.—V. 146, p. 1417.
3 Mos. End. Mar. 31—
Gross sales
....
1937
$1,644,920
1,459,624
$171,310
1,078,968
51,109
$329,547
21,399
$322,865
16,032
$116,407
9,806
$189,669
16,743
55,040
$350,946
19,624
91,919
$338,897
$126,213
8,712
23,000
$117,886
104,377
36,706
$239,403
$251,304
110,199
36,706
$94,501
36,706
$94,139
$104,399
def$52,404
$0.09
Profit
$0.89
$0.96
....
Total income....
Miscellaneous deductions(
Federal income tax, &c.
Net profit.
dividends
Preferred
_
.
Common dividends
on
10,256
77,337
108,558
657,105
53,109
110,199
36,706
146,832
common
stock
(no par)
Includes operating results of Olean Glass Co., Inc.
mention was made of surtax on undistributed
p.
1935
$826,621
Other income.
x
xl936
$1,396,286
1,023,999
49,422
def$23,197
Depreciation
shares
-Earnings-
1938
$1,468,712
1,297,681
1,081,277
45,094
18,359
Costs and expenses
Nil
profits.—V.
1569.
Thermoid Co.
$0.95
(& Subs.)—Earnings—
(Including wholly owned subsidiaries and Southern Asbestos Co.)
1937
1936
1935
Net profit after provision
for Federal taxes
1938—3 Mos.—1938
loss$95,741
1938—12 Mos.—1937
$140,394 loss$115,459
$309,085
Earns, per share on 458,334 shares com. stock
ex-
$79,603
$177,407
$158,749
$126,469
Sales volume for quarter ended March31, 1938, was $20,168,983 against
$26,670,698 in first quarter of 1937.—V. 146.
199,265
1937
$1,417,363
but
— — —
38,472
1,006,783
165,806
0,257,064
146.
1938
$1,008,700
$0.68
(James) Talcott, Inc.—Earnings—
penses and taxes,
58,516
379,745
Contingent Income
& equipment...
Properties, plant
Period End. Mar. 31—
1938
60,332
profits
taxes...
Note—No
3 Months Ended March 31—
Net profit after deprec., Fed. income taxes, &c.._
3 Mos. End. Mar. 31—
1,728
-J
Ins. & other depos.
x
Surplus..
Earns, persh.
passenger cars and
Sunshine Mininm
excess
7,500
58,574
Long-term debt...
Thatcher Manufacturing Co.
1937
$2,055,577
1,030,224
$171,543 prof 1025353
Dr42,675
Dr29,786
Federal income tax
&
127,817
Net sales
Other income.
Notes payable
1937
$114,721
-Earnings—
.
Expenses
225.592
76,601
■
56
71,127
officers
Total
$31,356
$0.12
?
Prov. for Fed'I inc.
Working funds
production
3 Months Ended March 31—
Net profit after deprec., Fed. & State income taxes
and surtax on undistributed profits
$
Accounts payable.
153,902
Other assets..
Sterling Aluminum Products, Inc.—Earnings—
1037
1038
Liabilities—
$
83,265
7,132
May 31.—
calculated
1937
S
Cash
Due
dated not earlier than June 1, 1938. will be
sinking fund to be provided in accordance with
to retire,
at their principal amount and
interest, not less than $3,750,000 and not more than $4,500,000 principal
amount of the debentures during the first nine years of their term.—V.
146, p. 2060.
entitled
Assets—
Inventories.
said will vote
44,405
per
1938
dispatches, has
$5,000,000 10debentures, partly to replace working capital
26,714
$833,742
year ended Dec. 31, 1936, the company made a charge of
month to profit and loss as a provision for contingencies.
As
of Dec. 31, 1936, provision for contingencies in the amount of $120,000 was
cleared, $107,268 to other profit and loss accounts and $12,731 to reserve
$476,355,535
(Ohio)—Arranges $.">,000,000 Loan—
49,709
$566,041
During the
$10,000
-V. 146, p.3032.
The company, according to Cleveland press
made tentative plans for the private sale of
x
12,500
—
Cash dividends
for
Co.
14,861
62,072
4,311
$181,898
^
Net income
x
Oil
11,004
long-term debt
Other interest
Consolidated net profit for 1937—
Standard
stock
N. Y. Stock Exchange listing expenses
Amortization of refinancing costs
$801,249,685
y
Balances at Dec. 31,1937
Development
charged off
of
ownership in various
subsidiary companies, &c
Proportions of above surplus adjs.
applic. to minority interest in sub¬
sidiary companies
Proportions of above surplus adjs.
applic. to certain for. sub. cos. af¬
fected by restrictions on payment
of divs., carried to conting. res've.
Cash
427
leaseholds and other property
on
abandoned
during year to unapprop.
(earned) sur pi us
Adjs. (net) arising fro"- liquidation &
sale
of certain
sub.
cos.,
from
Net
$1,149,510
4,458
5,680
Total income
Loss
stored
|
$1,084,656
42,575
5,160
oil sales
Net operating income.
Other income
/>r90.664
1936, in unapprop. (earned) surp.,
approp. during year, less amis, re¬
the
$1,115,069
34,441
587
on
General and administrative expenses.
Uncollectible accounts
paid in respect of prior
(net)
Earns. of prior yrs., incl. at Dec .31,
the
1937
1,866,048
$1,981,666
199,605
363,849
102,146
21,253
209,732
$240,284
Oper. expenses, maintenance & repairs
Depreciation and depletion
Taxes
Dr2,375,000
Months-
$231,214
9,070
Total net barrels produced
Total gross operating income
to
prior years,.,.
Amt. transf. by a for. sub. co. from
ins. res've, loss amt. applic. to prior
years transf. to misc. other res'ves
Res. for add'l inc. taxes & add'l tax
assessments
12
1938
,866,969
$: !,118,610
228,282
396,824
118,234
20,810
238,106
1,286
1938
8,971,907
annuity re¬
serves & annuity payments made
in respect of prior years
Est. amt. of add'l oil royalties pay¬
able by for. sub. cos. in respect of
years
Mos.—r
414,853
$478,536
62,389
90,239
28,753
4,683
61,258
a
p.
1569.
(par $1)_
Note—No
mention
$0.24
Nil
—
was
made
undistributed profits.—V. 146,
p.
of any
1569.
prbvisiou
Nil
for
$0.41
Federal surtax
on
Volume
(John
Financial
146
Chronicle
R.) Thompson Co.—Earnings1938
Quar. End. Mar. 31—
Net sales
1936
1935
$2,883,777
1937
$3,019,429
$2,9 )3,522
$2,753,698
1936
1935
loss$14.102
12 Weeks Ended—
Mar. 31 '38
Net loss after depreciation, interest, &c
$19,543
Earns, per sh. on 143,000 shs. com. stk. (par
$l)-_
Nil
Mar. 27' 37
taxes
1938
&c
1937
$1,483
$21,250
—V. 146, p. 2551.
45,215
prof22,422
7,985
84,369
Subs.)—Earnings
loss$5,662
Quar. End. Mar. 31—
Net profit after deprec.,
Net loss after taxes, de¬
preciation, &c-_.
146, p. 1893.
3205
United Chemicals, Inc. (&
—V.
Tide Water Power
United Specialties
Co.—Earnings—
1938
Operating
Maintenance.
_.
Provision for retirementsFederal income taxes
Other taxes
Operating income
$1,872,758
$424,224
expenses
1937
$2,096,677
1,042,716
120,828
211,389
23,843
273,677
12 Months Ended March 31—
Total operating revenues
i
$ 490,997
_
.
1st mtge. bonds
unfunded debt
on
Interest
on
United Gas Corp.—Annual
313,075
13,925
2,565
La.
Dividends
143,148
preferred stock
on
corporation had theretofore been jointly interested.
In addition, businasses of producing oil and natural gas and of
and wholesaling natural gas formerly carried on by United
corporation)
Note—No provision is made in this statement for Federal surtax on un¬
Tilo Roofing
Co., Inc.—Earnings—
1937
Years Ended Dec. 31—
Utilities
$3,985,788
2,054,010
$2,963,444
1,395,578
$2,210,234
1,071,010
operated respectively
by
Union
Producing
Co.,
Southern
Gas Utilities,
Gross profit on sales.. $1,931,778
Branch office sell. & gen.
$1,567,867
$1,139,224
$841,297
1,312,719
1,030,906
780,448
705,891
$619,059
54,043
$536,961
.
52,955
$358,776
35,370
$135,406
39,347
$673,102
8,400
yl36,000
$589,916
$394,147
$174,754
42,433
xl23,700
37,864
53,000
102,991
$528,702
$423,784
49,010
151,753
$303,283
34,544
$60,545
279,768
52,270
52,375
$1.50
$5.43
Inc. and United Production Corp.,
through merger or liquidation.
Except for the assumption by United Gas Corp. of the outstanding deben¬
tures of United Gas Public Service Co., all of the steps taken during the
$1,707,369
866,071
$ ).78
Cost of sales.
and
have been eliminated either
1934
1935
1936
owned
now
Co. and United Gas Pipe Line Co., direct subsidiaries of your corporation.
United Gas Public Service Co., and its former subsidiaries Northern Texas
distributed profits, if any, for the year of 1938.—V. 146, p. 3034.
Sales
transporting
Gas Public
Service Co. and its subsidiaries, are (with the exception of the properties
of Houston Gulf Gas Co. and Compania Mexicana de Gas, S. A., a Mexican
$26,584
loss$29,519
Balance
-.
in which United Gas Public Service Co. and interests not affiliated with
your
$169,732
143,148
$113,629
Balance of income
Report—
Corporation Simplification—Since its formation in 1930, when United
Corp. and its subsidiaries embraced a group of more than 40 com¬
panies, the continuing policy has been to reduce, as rapidly as feasible, the
number of companies composing the group and to simplify the corporate
structure as a whole.
During the past year considerable progress has been
made ip furtherance of the program, as a result of which United Gas Corp.
now owns and operates
all of the retail distribution properties formerly
owned by subsidiaries as well as the distribution system located in Monroe,
24,080
13,924
30,577
$0.66
Gas
29,814
...
prof$94,450
2712.
p.
Joe H. Gill, President, says in part:
$520,811
313,075
Amortization of debt discount & expense
Interest charged to construction—Cr
146,
136,200
44,417
Gross income
—V.
166,489
22,159
241,075
$468,641
Other income
Interest
815,837
Co.—Earnings—
in connection with the corporate simplification were effected without
changes in either the character or amount of the securities of United
Corp. outstanding with the public.
However, some changes have
occurred with respect to the securities of subsidiary companies reported as
outstanding at the end of 1936, as follows:
Houston Gas Securities Co. remains unchanged as a corporate entity.
Formerly there were $4,585,000 of Houston Gas & Fuel Co. 1st mtge. 5%
income bonds owned by Houston Gas Securitias Co. and pledged as partial
collateral to its 5% collateral trust gold bonds.
In exchange for such 5%
income bonds the company acquired $3,850,000 United Gas Public Service
Co. 6% debentures which have been pledged in substitution under the col¬
lateral trust agreement pursuant to which the Houston Gas Securities Co.
bonds Avere issued.
Coincident with that exchange, Houston Gas Securities
year
expenses-
Net profit on sales
Other income
Total income
Other
...
charges
_
Prov. for Fed. inc. tax..
Net profit
Preferred dividends....
zll7
Common dividends
Shs.
stock (par $1).
com.
Earnings
362,254
290,084
share$1.82
per
any
Gas
11,218
collateral trust gold bonds, using
hand for the purpose.
As a result there are now pledged with the
$8,435,000 United Gas Public Service Co. debentures (assumed by
United Gas Corp.) of which $4,585,000 are 20-year 6% gold debentures due
March 1, 1952 and $3,850,000 are 6% debentures due July 1, 1953, against
which there are outstanding only $4,600,000 5% collateral trust gold bonds
subsidiary finance company,
y Includes $25,900 for
Federal
undistributed
profits, including $100 on subsidiary finance
z Dividends on series A, convertible $2 cumulative preferred
stock, to date of redemption.
$4,800
on
surtax
on
x27,070
xl5,189
$0.09
$0.05
Before Federal excess profits taxes
and surtax
loss31,760
loss33,935
....
Trade accts. pay..
Notes receivable..
to
missions, &C
481,493
Divs.
on
25,469
7,139
Bond
assigned
Res. for ins. claims
156.467
y
a
123,700
2,820
41,580
292,168
281,852
1,242,416
2,290
7>r2,084
728
investm'ts
26.782
265
Real est. <Sr equip
391,963
312,456
Miscell.
Pats., less amortiz.
10,579
13,470
Prepaid
40,273
31,116
expenses
.
liquidation, the first mortgage 6% bonds were assumed by
and on Sept. 25, 1937 were assumed by
Co. in connection with the acquisition, by the latter
the plan of
Public Service Co.,
Gas
TcxfliS
physical
certain
of
company,
properties
formerly
owned
by
Northern
Tjfci 1 i
merged into United Gas Corp. on
Nov. 5, 1937
On this date corporation assumed payment of principal of
and interest on its 6% debentures due July 1, 1953 and its 20-year 6%
gold debentures due March 1, 1952.
The 5,957 shares of United Gas
Public Service Co. $6 pref. stock outstanding were called for redemption
and retirement on Oct. 4, 1937.
At the beginning of 1937, United Gas
Public Service Co. was the obligor for certain issues of underlying mortgage
bonds which have been retired, or assumed by another company as outlined
Gas Public
United
Service Co.
was
below:
1,038.924
Dr2,084
Surplus
529
810
receivable
2,820
cumul. pref.
stock, series A._
Treasury stock.
Miscell. accts. rec.
x
951
—
S2
Common stock.
40,728
45,876
Officers' and empl.
accts.
*•
136,000
457,497
228,468
life
policies..
•'«»
:
-
233,925
officers'
tnsur.
.
6,000
Fed. income tax..
accts.
......
Cash surrender val.
of
pref. stk
May 1. 1038
on
receivable
Inventories
3,853
29,965
& mtge. due
Misc. accts. recelv.
withheld
4.287
34,132
637,122
fees
100.015
106,302
.
.
tion by
United Gas Pipe Line
-_-
_
were
United
Miscell. accts. pay.
Accrued taxes
and
loss
credit
ing fund gold bonds, series A. of Southern Gas Utilities, Inc. ($1,638,500 of
which were outstanding at Dec. 31, 1937).
On the same day, such bonds
1936
for bonuses,com¬
28,561
less res. for
rec.,
,
United Gas Public Service
Sept. 25,1937, the latter thereby assuming the first mtge. 6 ^ % sink¬
$62,122
Accts. pay. to empl
accts.
Instalment
Bals.
$187,813
$184,686
on
1937
I iabUlties—
1936
deposit &
hand
The
$40,763
undistributed profits,
on
Consolidated Balance Sheet Dec. 31
on
1937.
assumed by United Gas Pipe Line Co. in connection with the acquisi¬
the latter company of certain physical properties formerly owned
by Southern Gas Utilities, Inc.
Any liability of United Gas Public Service
Co. as guarantor of those bonds now rests with United Gas Corp. by virtue
of the merger of the two companies on Nov. 5, 1937.
Northern Texas Utilities Co. was liquidated on Sept. 24, 1937.
Pursuant
Nil
Nil
Revised.
1937
7% preferred
by the public
i Gel1 ■
Southern Gas Utilities, Inc. was merged into
Earns, per share on com.
stock outstanding
on
liquidated on Aug. 2, 1937 at which time
income bonds formerly owned by Houston Gas Securities
Co., have been canceled and the mortgage securing them has been duly
Co.
stock divs. for the per.
but after reserves
Assets—
was
first mortgage 5%
Apr. 23, '38 Apr. 24, '37 Apr. 25, *36 Apr. 20, '35
$777,029
y$749,896
$387,237
$321,600
Net profit after all chgs.
before prov. for pref.
Cash
Fuel Co.
having been called for redemption and retirement on July 31,
■
y
Securities Co.
Houston Gas &
United Gas Corp. was the sole stockholder, the 113 shares of
stock and 1,643 shares of $7 preference stock formerly held
Earnings for the 16 Weeks Ended
x
Gas
Houston
of
company,
Sales
on
trustee
Includes $36,700 for Federal surtax on undistributed profits, including
x
called for redemption $585,000 5%
Co.
cash
-
Dixie Gulf Gas
Co.
1st mtge. 6^% sinking fund gold bonds, series A,
Sept. 1, 1937 and were paid in cash.
South Texas Gas Co. 1st mtge. and collateral 6^% gold bonds, series A,
were assumed by
United Gas Pipe Line Co on Sept. 25, 19.37.
These
bonds matured on March 1, 1938 and were likewise paiu in cash.
The Palmer Corp. of Louisiana 1st mtge. 6% sinking fund gold bonds
matured
on
United Gas Pipe Line Co. on Sept. 25. 1937.
These
1, 1938.
Gas Co bonds and Palmer Corp. of La. bonds were
assumed by United Gas Pipe Line Co. in connection with the acquisition
of physical properties from United Gas Public Service Co.
Operations—During 1937 corporation and subsidiaries expended in excess
of
$16,000,600
for extensions,
betterments, improvements, property
acquisitions, drilling and development.
Investments—Certain transactions occurred during the year affecting the
investment portfolio of company, in addition to those incident to the
corporate simplification.
Principal among them were:
Mississippi River Fuel Corp.
The $1,411,690 6% note of this company
was surrendered at maturity (Nov.
1, 1937) in exchange for a new note of
similar terms due Nov. 1, 1940.
This indebtedness continues to be subject
to the restrictive provisions of the Mississippi River Fuel Corp. mortgage.
were
assumed
by
bonds mature on June
Both the South Texas
x
$1,689,698
..$1,856,804
Total
After reserve for depreciation of
Total.
.$1,856,804 $1,689,698
$117,889 in 1937 and $89,939 in 1936.
Includes excess profits tax and
y Represented by 1,386 no par shares,
a
surtax on undistributed profits.—V. 145, p.
3366.
Tubize Chatillon Cor p.—Earnings—
•■■■,
Earnings for 3 Months Ended March 31, 1938
Net loss after all charges
—V. 146, p.
$31,964
1570.
Underwood Elliott Fisher Co.—TV) Pay 50-Cent Dir.-—
declared a dividend of 50 cents per share on the
payable June 30 to holders of record June 11.
March 31, last; a special dividend of 25 cents
in addition to a dividend of $1 was paid on Dec. 15, last; a special of 50 cents
in addition to the $1 quarterly payment was disbursed on Sept. 30, 1937
a dividend of $1 was paid on June 30, 1937: dividends of 75 cents were paid
in each of the four preceding quarters; 623^ cents paid on March .31, 1936
and Dec. 31, 1935; 50 cents paid in each of the five preceding quarters;
373^ cents on June 30, 1934; 25 cents on March 31, 1934, and on Dec. 30,
1933, and 123^ cents per share disrtibuted each quarter from Sept. 30, 1932
to and incl. Sept. 30, 1933 —V. 146, p. 2711.
The directors on May 12
stock, no par value,
A dividend of $1 was paid on
common
Union Carbide & Carbon
1938
Quar. End. Mar. 31—
Earnings (after prov. for
Corp. (& Subs.)
1936
1935
$9,807,647
$7,608,235
x209,512
2,095,742
Int.
187,651
2,590,191
on pref. stk. of subs..
Deprec.,&c.,chgs. (est.)
197,508
2,394,304
from Mississippi
share)
of for cash.
Statement of Income (Company
Net oper. revs.,
$4,209,333
9,023,138
Balance...
No. shs.
com.
outst'g—
$0.47
Earnings per share
x
$9,947,712
9,000,743
$1.10.
$7,502,393
9,000,743
$5,293,629
9,000,743
$6.83
$6.59
Does not include subsidiary preferred dividends.
was
share, comparing with $39,297,527, or $4.37 a share in 12 months
ended March 31, 1937.—V. 146, p. 2711.
$4.11
Other inc.
a
-
-
—
deductions
-
x
Net profit...
Shs.
com.
stk.
x
but
it
$-138,364
—
397,865
(no par).
Earnings per share
.
Subs.)—Earnings—1
1938,
.
$1.10
After Federal income taxes,
1937
$722,368
397,885
$1.81
1936
$567,831
397,885
$1.42
$1.21
146, p. 1262.
b$350,981
6,711,818
579,170
$6,483,629
c.306,488
1,759,604
13,648
6,470.319
705,890
$5,764,429
$1,692,100
$1,032,290
$1,248,583
$4,403,984
$3,284,308
$144,147
$320,177
$144,147
$320,177
on
on"debentures—
notes
b Includes
1935
$477,633
394,327
depreciation, depletion and other charges,
before surtax on undistributed profits.—V.
'
2,112,553
420,453
$1,790,566
306,488
443,517
Other interest
*,366
Int. charged to constr..
Cr95
Int.
and loans-
Net income..-.
United Carbon Co. (&
3 Mos. End. Mar. 31—
$380,824
1,691,694
281,952
Gross income
Interest
made of Federal surtax an undistributed profits.
For the 12 months ended March 31, 1938, net profit was $37,043,748 on
Note—No mention
a
b2,819,705
b200,000
natural
gas
Other income-
Only)
1937—12 Mos.—1936
b$3,370,686
31— 1937—3 Mos.—1936
Oper. reArs.f Natural Gas $2,487,726
Oper. exps., incl. taxes1,966,902
Prop, retire, res. approp.
140,000
Period End. Dec.
293,703
2,020,903
1937
>,987,175 $12,539,524
income & other taxes)
on fund.debt & divs.
-Earnings-
received dividends aggregating $305,688 ($1
River Fuel Corp. (Del.), which has had a
for several years past, but during the year
1937 had earnings in excess of $1 per share on its capital stock.
The divi¬
dends were taken into the income account of United Gas Corp. and there¬
after a charge was made against earned surplus account in the amount of
$152 844 and the investment in such stock Avas reduced accordingly.
El Paso Natural Gas Co.
The remaining interest of company, insecurities
of El Paso Natural Gas Co., represented by 1,590 shares of 7% preferred
stock and purchase warrants for 200 shares of common stock wa
disposed
During the year company
per
deficit in its surplus account
surtax on
------
443,517
_
2,479", 841
280
Cr95
provision for
undistributed
profits
marked represent operations of natural gas distribution proper¬
acquired on and subsequent to July 28, 1937.
c Represents interest on
United Gas Public Service Co. 6% debentures from Nov. 5, 1937 on Avhich
date said debentures were assumed by this company.
b Items so
ties
Chronicle
Financial
3206
Summary of Surplus for the 12 Months
Capital
Adjustment upon liquidation of sub¬
sidiaries (net)
15,646,008
Miscellaneous.
Earned
,
1,012,695
14,732
$37,957,589 $14,467,819 $23,489,771
It eduction in ledger value of miscel¬
laneous investments..
152,844
152,844
Balance
Total
-
Int.
Interest
$12,208,729 $14,467,818 $27,740,911
3,148,754
share...
a
3,148,754
Balance
v'v'Av.;-::'•' v.
Plant, prop. & equipment-.
Investment & fund accounts
Cash in banks.
Special deposits
receivable..
Materials and supplies.
....
e
divs. to
subsidiaries.
143,133
Deferred debits
Contra assets..
Preferred stocks
a
39,863
deposits
Taxes accrued...
Other
626,813
and
current
Reserves
.
d Contributions—
->
c
....
AA i
14,467,818
Earned surplus
$471,200
$9,954,140 $10,995,406
$98,100
$471,200
320,177
144,147
-——
144,147
320,177
Includes non-recurring
231,992
423,721
Mole—Figures previously published for prior periods have in certain cases
47,700
Capital surplus.^.-—.—..
$64,110
of subsidiaries..
2.900
Contra liabilities..........
$3,210,584
sur¬
chargesfor reorg. exps.
6,606,133
s
Fed.
undistributed
on
'profits
67,412
83,150
v...
■„
71,113
undistributed
on
tax
accrued
Customers' advances
48,881
55,059
fmofits v. for Fed. sur¬
ncl. pro
)■$.[
121,684
liabilities
c
Incl. pro v. for
tax
2,416,723
........ .
Interest accrued......J...
27,235
17,440
1,376,743
earned surplus
40,815
debt..
12,220
24,212
Bal. carried to consol.
789.057
b Matured long term
Customers'
212
____
28,925,000
a
2,124,447
343,673
158,344
57,313
405,063
501,796
public—
_____—
applic. to min¬
ority interests
33.435,000
payable
!,240,244 $10,036,434 $11,115,400
$4,329,517
Portion
$141,269,150
Long-term debt
Accounts
107,894
74.954
47,700
<fc accr, assets
•
Capital stock
Notes payable
223,842,804
2,255,263
17.915
Prepayments
Other cur
Liabilities—
i'-'-J f
$24,392,924
180,678
.......
Notes and loans receivable.
Accounts
1...
CV8.588
. -
....
Pref.
Balance Sheet Dec. 31, 1937 (Company Only)
:]'!'•
Other deductions
Int. charged to constr..
$39,059,975 $14,467,818 $24,592,157
Surplus, Dec. 31, 1937
debentures._
on
Other interestc
6,701,513
$2,401,167
on mtge. bonds.
coll. trust bonds.
on
8,438,122
2,582,863
$4,622,213 $14,947,984 $15,480,720
140,925
569,648
701,581
433,621
704,292
758,401
$14,813,340 $15,423,900
674,644
539,796
229,250
212,269
1,038,362
1,620,250
2,391,984
1,932,784
29,206
6,713
501,531
Cr54,946
Cr39,956
Cr29,724
$3,695,177
121,023
50,000
405,062
482,756
243,757
Gross income^.,
4,403,984
$7 preferred stock—$7
on
65,546
299,390
Interest
4,403,984
—....
Dividends
2,382,626
$3,929,021
b Other inc. deductions.
$37,804,745 $14,467,818 $23,336,927
-
& depl.
Net oper. revenues...
Other income
Net income for the 12 months ended
Dec. 31,1937
_
appropriations
reserve
Total.
Subs.)
1938—3 Mos.—1937
1938—12 Mos.—1937
revenues...$12,351,957 $13,466,289 $45,926,594 $41,093,227
Oper. exps., incl. taxes
6,040,310
6,261,213
22,540,488
18,910,994
oper.
Property retire.
14,633,313
23,180
1938
Period End. Feb. 28—
Total
$8,833,277
a
37,913
~
.
Comparative Statement of Consolidated Income {Co. and
Ended Dec. 31, 1937
Total
$22,273,668 $13,440,391
Surplus, Jan. 1, 1937
May 14,
been rearranged in the above statement.
Comparative Statement of Income {Company Only)
1938—3 Mos.—1937
1938—12 Mos.—1937
24,592,157
Period End. Feb. 28—
$253,531,387
Total
$253,531,387
Total
Operating revenues, naturalgas..
$3,348,429
Oper. exps., incl. taxes.
2,318,873
Prop, retire, res. approp.
215,800
a Called for redemption and dividends thereon of dissolved subsidiaries,
b Including premium and interest of dissolved subsidiaries,
c For con¬
struction.
d In aid of construction.
Shares
449,822
884,680
7,818,959
Represented by:
$7 preferred stock (no par value)..
$7 2d preferred stock (no par value)
Common stock ($1 par value).
e
Net
a
on
debentures.
on
Net income.
Interest
debentures..
Other deductions
Int. charged to constr—
Balance
Pref. divs. to public
—subsidiaries
3,238,294 $16,189,083 $15,328,777
$2,150,791 $11,396,172 $11,051,706
564,696
217,144
1,620,250
1,930,669
493,119
Cr32,967
160,058
57,313
405,063
493,819
8,106
Cr36,856
693,008
229,250
789,353
2,589,657
30,032
054,229
applicable
minority interests
628
12,220
35,241
48,881
27,809
Portion
14,192
55,458
80,419
;
to
$1,871,028
$2,124,379 $11,305,473 $10,922,406
Includes pro v. for Fed.
surtax on undistributed
ncludes
ftrofits pro
$114,900
$140,000
$410,000
for Fed.
2,262,521
280
GY95
$4,681,661
$3,284,264
$144,147
$320,177
$144,147
$320,177
marked represent
operations of natural gas distribution properties
and subsequent to July 28, 1937. c Represents interest on
United Gas Public Service Co. 6% debentures from Nov. 5, 1937 on which
date said debentures were assumed by this company,—-V. 146. p.3034.
United Gas
Improvement Co
(Excluding Philadelphia
,
(& Subs.)—Earnings—Gas Works Co.)
1938—12 Mos —1937
Period End. Mar. 31—
1938—3 Mos.- -1937
Oper. revs, ofutilitysubs.:
Electric-....$21,219,939 $21 850,210 $84,251,310 $82,840,256
18,193,649
18,671,055
Gas
4,887,294
4, 691,245
1,853,989
1,975,491
209,191
Ice and cold storage._
273,586
1,861,762
484,011
1,849,764
Transportation
437,860
292,260
1,308,825
1,284,133
Water
298,271
869,034
390,840
1,014,468
Steam heat
430,680
277,827
54,852
307,680
Other
54,587
......
revenues__$27,602,217 $27,972,609$109,353,9011107,205,342
9,429,748
39,035,780
36,516,378
Ordinary expenses.
9,676,285
1,300,889
6,249,875
5,181,161
Maintenance__________
1,425,072
Prov. for renew. & repl
2,533,919
9,757,001
8,864,136
2,338,897
Prov. for Fed. inc. taxes
1,291,046
5,017,772
4,759,247
1,280,617
Total oper.
Prov.
■
$41,510
v.
$5,547,065
on
_
earned surplus
a
$7,104,766
c640,838
1,759,604
22,758
$6,260,817
713,752
$750,186
_
601,940
■
for
State &
525,886
2,132,614
1,831,393
1,813,216
1 'rov. for oth. Fed. taxes
Bal. carried to consol.
b$805,361
6,887,621
588,216
$1,300,878
_.
|
so
acquired
5,996,434
$1,899,465
on
Other interest
■c
8,301,038
433",875
—.—
profits.
$3,204,040 $16,309,447 $15,385,771
466,397
570,761
701,296
432,143
691,125
758,290
423,559
undistributed
on
b Items
$3,427,335
124,063
50,000
405,063
490 ,470
470,815
Crl2,541
Gross income..
Interest onmtge. bonds.
Int. on coll. trust bonds.
_
......
Incl. prov. for Fed. sur¬
tax
1937—12 Mos.—1936
2,300,512
2,247,575
$3,513,249
219,533
b Other income deduct'ns
305,447
$1,184,061
Int. charged to constr..
$11,237,182 $46,825,907 $39,566,022
5,835,829
5,732,630
22,215,422
18,183,817
Net oper. revenues...
Other income
_
Other interest
Comparative Statement of Consolidated Income
Oper. exps., incl. taxes
Property retire, and de¬
pletion res. approp...
$1,607,620
$2,248,294
501,525
433,875
12,016
notes & loans
a
^
„
1,713,220
278,682
Other income deduct'ns
Interest
...
b$5,460,890
b4,299,729
b355,800
$813 ,756
Interest
Total oper. revenues...$11,596,653
a
na-
Gross income........
preferred stock and $36,124,433 on its second preferred stock.
There are outstanding option warrants entitling the holders, without
limitation as to time, to purchase 4,864,967 shares of common stock at
$33.33 1-3 a share; in lieu of cash, each share of second preferred stock,
surrendered with option warrants for three shares will be accepted at $100
in payment for three shares of common stock.
There are outstanding, also,
common stock purchase warrants entitling the holders to purchase, on or
before Feb. 1, 1938, 3,015 shares of common stock at $20 a share.
1937—3 Mos —1936
revs.,
tural gas
Other income.
Note—No provision has been made in the above statement for undeclared
cumulative dividends of United Gas Corp- amounting to $11,564,174 on its
Period End. Dec. 31—
oper.
,
......
1,759,380
6,977,803
6,993,444
Local
taxes
Operating income
Non-operating income.
_
$10,466,190 $11,131,741 $10,183,056 $43,059,583
99,925
310,090
1,178,103
1,421,785
surtax on undistributed
144,147
320,177
144,147
profits.
c
320,177
tion expenses of subs.
All
both
418,505
418,505
intercompany transactions
the
have
been eliminated from
the above
Preferred dividends of subsidiaries and interest deductions
of
and subsidiaries represent full requirements for the
respective periods (whether paid or not paid) on preferred stocks of sub¬
sidiaries and interest-bearing obligations of the company and subsidiaries
held by the public, and give no effect to preferred stock dividend arrearages
for prior periods.
The "portion applicable to minority interests" is the
calculated portion of the balance of income applicable to minority holdings
by the public of common stocks of subsidiaries at the end of each respecti ve
period. • Minority interests have not been charged Avith deficits where
company
income accounts of subsidiaries have
so
1937
equipment...269,784,940 261,299,970
&
fund
accounts.^
Cash in banks-
Special deposits
Liabilities—
7.164,834
4,808,296
a.5,727,480
7,127,965
......
v
$
Capital stock...141,269,159
Subs. pref. stk.
12,100
39,106,432
1.166.017
Pref.
pay..
divs. decl.
Inventories
2,042,019
1,605,558
Curr.
89,201
56,677
......
Contracts pay..
29,035,687
147,598
47,700
1,920,700
in spec, deps.)
118,723
264,322j
liabilities
a
Bal.
88,150
5,000
24,939,234
2,900
47,700
761,727
5,364
13,325
div*
int.—
133,876
Capital surplus.
14,420,735
14,164,051
Earned
26,563,317
23,620.198
Minority
surplus.
87,224
Total.......289,922,683 284,868.535
b Includes loans recei Arable.
tion and dividends thereon of dissolved subsidiaries,
29,856
1,881,567
$6,441,723 $22,980,555 $24,139,743
29,878
2,064,492
119,754
8,253,834
118,357
8,143,961
1,536,093 $31,354,143 $32,402,061
726,853
2,911,473
2,917,422
to
$7,146,533
956,520
$7,809,240 $28,442,670 $29,484,639
956,520
3,826,080
3,826,080
$6,190,013
$6,852,720 $24,616,590 $25,658,559
$0.2947
$1.0587
$1.1035
cap.
c
$5 div, pref stk.
applic.
to
com.
stock of U.G.I. Co.
Earnings
per
$0.2662
share
Includes advances, without interest, to Connecticut Gas &
Securities Co., to create sufficient surplus on the books of the Coke
a
f Undecl. cumu¬
lative
on
Bal.
275,675
Contributions.
In aid of construction,
applic.
stocks of U.G.I. Co.
Div.
Contra liabilities
held by public.
CY16,061
$7,877,411
730,878
_____
Exp., taxes, &e__
4,425,753
29,836,415
Reserves.
e
$24,123,682
Dr82,876
Dr52,526
169,061!
Miscell. liabs...
Investments only,
;6,494,249 $23,063,431
615,844
3,949,118f
and
curr.
Def. credits....
Total.......289,922,685 284,868,535
$5,965,988
Co.—deducted above.
Other inc. of U.G.I. Co.
99,245
646.61-5
Interest accrued
e
I)r67,880
on cum.
1,719,500
Total..
term debt....
accr.
$6,033,868
40,815
Customers' deps.
Other
a
$7,100,900 $25,268,118 $26,493,278
606,651
2,204,687
2,369,596
pref. stks. of subs, ap¬
plicable
to
U. G .1.
d Matured long-
761,727
Taxes accrued..
and interest,
Def. int. & dixs.
323,178
maturing
long-term debt
158,491
2,527,579
$6,589,619
555,751
_
Earns, of subs, applic.
to U.G.I. Co..
8,935
25,925,000
cPref .stks.(Cash
Miscell. assets—
4.537,317
44,444,980
2,036,923
Accounts
Notes payable..
Contra assets
4,192,233
of util.
Long-term debt.
b91,320
Deferred debits.
1,039,194
applic. to U.¬
applic to U.G.I. Co.
5,393,042
226,931
earns,
289,734
49,129
accrued assets
of
subs,
_
808,000
5,320.299
&
Bal.
$
$8,140,094 $29,460,351 $31,030,595
com.
stks. of util. subs...
1936
141,269,159
1,039,194
274,046
Notes receivable
Prepayments
Earns. avail. for
$7,628,813
&
stks.
com.
Accounts receiv.
Other current
on pref.
stocks
other prior deduc
G.I. Co
Earns, of non-util. subs.
Subs.
241,735
.
1937
.?
Net inc. of utility subs.
Divs.
Minority & former ints.
1936
$
Plant, prop, and
Invest.
_
_
resulted.-
Consolidated Balance Sheet Dec. 31
Assets—
on
Amortiz.
charges for reorganiza¬
statement.
.$10,566,115 $11,441,831 $41,361,159 $44,481,368
10,398,508
11,730,058
long term debt.
2,593,583
2,888,809
of debt
disc,
premium & expense
132,093
125,647
529,068
491,105
Taxes assumed on int..
47,464
98,217
337,323
518,119
Other interest....
67,896
32,396
268,235
171,962
Other deductions
135,459
168,881
498,179
565,316
Int. charged to construe.
039,193
012,213
0130,505
025,787
Gross income
Int.
Includes non-recurring
Called for redemp¬
d Including premium
f On preferred stock of subsidiary
enable it to pay
dividends
on
Coke
Co. to
its cumulative preferred stock, these advances
being made under agreement dated March 9, 1936, between the Coke Co.
Co., the latter company being the oAvner of a majority of the
outstanding shares of common stock of the Coke Co.
The agreement pro¬
vides in substance that the Coke Co. shall repay such advances and any
subsequent advances made for the same purpose, but only out of net earn¬
ings applicable to the payment of dividends, after all dividends on pre¬
ferred stock in arrears, if any, have been paid and before payment of any
diA'idends on common stock.
As of March 31, 1938, total advances under
and U.G.I.
agreement, amounted to $169,500.
The U.G.I. Co. is obligated to
indemnify Ivoppers Co. of Del. (noAV Koppers Associates, Inc.) on account
the
Volume
Financial
146
company's guarantee of the payment of dividends at the rate of
S3 per share per annum on 198,997 shares of preferred stock of Connecticut
Gas & Coke Securities Co. for 25 years from Oct. 1, 1926.
of that
Included in the figures for the 12 months ended March
Notes—(1)
and
were
the month
recorded in
of
Dec.
of the respective
years.
J1"?1106 committee, 'subject to any limitations prescribed by the
poard of directors' shall have special charge and control of all financial,
k
The
12 months ended March 31, 1937, also included $69,469
profits for U.G.I. Co. itself, applicable to 1936.
It is anticipated that no surtax on undistributed profits will be payable by
U.G.I. Co. itself for the year 1937, therefore, no provision for such tax was
made in that year.
No provision has been made in the current year's
figures for such tax, as the amount thereof is not determinable until the
close of the year.
(2) Previous years' figures restated for comparative
purposes.
Non-recurring income not included.
Py-laws eliminate
tnat
on
March 31
[Company Only]
1938—12 Mos.—1937
1938—3 Mos.—1937
Period End. Mar. 31—
Divs.
(receiv. or decld):
Subsidiary cos.
$5,570,865
Other companies
1,657,152
x
$5,577,676 $22,616,603 $22,779,410
1,695,434
6,995,517
6,730,525
$7,273,110 $29,612,120
368,514
1,256,140
$29,509,935
1,412.892
$7,451,887
474,997
255,881
$7,641,624 $30,868,260
464,105
1,870,293
262,748
1,041,180
by the board
^
$6,721,009
956,520
5,812,940
$6,914,771 $27,956,787
956,520
3,826,080
5,812,940
23,251,760
$28,005,405
3,826,680
23,251,757
$878,947
$927,568
,
of directors."
Duties of the Chairman
,tlle chairman of the board are as follows, in the
by-laws:
new
1 he chairman of the board of directors shall
preside at all meetings of
stockholders and of the board of directors and shall see that all orders and
resolutions of the board of directors are carried into effect by the proper
He shall exercise
omcers
a
general oversight of the conduct of the busi¬
and affairs of the
company and shall keep the board of directors
the finance committee advised thereof.
He shall have general charge
ness
and
and
supervision of the public relations of the company and shall perform such
other duties as from time to time
may be assigned to him by the board of
directors or the finance committee."
In the previous by-laws, the chairman's duties were as follows:
"The
Chairman of the board of directors shall be the chief executive officer of the
c2rP,°Pt.ion antl subject to tne board of directors, and tne finance committee
shall
be
in general
charge of the affairs of the corporation.
He shall preside
meetings of the stockholders and the board of directors and by virtue
at all
$30,922,827
Total dividends.$7,228,017
Other income
223,870
clause in those dated Dec. 18, 1933, providing
finance committee shall have the power to remove all officers,
agents and employees of the company, except officers elected or appointed
undistributed
Income Account for 3 and 12 Months Ended
a
the
figures for the
surtax
legal and general administrative' affairs of the company."
accounting
31,
provision for surtax on undistributed profits of $45,274 for 1937 and
$26,434 for 1936, these amounts being applicable to subsidiary companies,
is
3207
Chronicle
of his office
shall be
a
member of the finance committee."
Finance Committee Chairman
Total income
Expenses,
Taxes.
Net income
Divs.
on
Divs.
on common
pref. stock..
..
stock.
Balance
def$48,451
$145,311
1,751,720
1,165,702
x Interest, services to subsidiaries, compensation for operation of Phila¬
delphia Gas Works and miscellaneous, less loss on account of Northern
Liberties Gas Co.
May 7, '38
April 30, '38
81,721,798
81,950,431
United
Shipyards, Inc.—Bethlehem to Pay
Company—
■
May 8, '37
86,641,758
will receive $9,320 000 from Bethlehem Shipbuilding Corp.
through sale of its assets and business, if stockholders approve the sale at
special meeting to be held May 25.
Net assets of United Shipyards, as of
March 29
are estimated by the company to be about $5,540,000, allowing
for the completion of the sale and the discharge of mortgages on the com¬
pany's Staten Island and Morse plants.
If the proposed sale is consummated, it will take some time, probably
more than a year, to wind up the current affairs of United, J. W. Powell,
President of the company, says.
Meantime it is intended that United
may invest its available funds in U. S. Government or other high-grade
bonds, pending formulation by directors of a definite program which will
be submitted to stockholders.
The United has outstanding 411,710 shares of
out
approve
share in liquidation, which would require
class A stock, entitled to
$5,146,375.
In addition,
outstanding 336,549 shares of class B stock.
Mr. Powell points
that class B stockholders will still have the right to convert their stock
are
working capital, and has
found it necessary, for several years, to reply on bank borrowings.
As a
result of a strike, it was necassary to borrow additional money in 1937, and
to secure these borrowings, certain receivables of United were assigned,"
Mr. Powell says.
"A substantial part of the loss in working
Reference to the chairman of the finance committee in the old by-laws
that "during the interval between meetings of the finance committee
of the finance committee shall possess and may execute any of
the powers of the committee except as from time to time shall be otherwise
provided by resolution of the board of directors."
President's Duties Changed
Under the
United States Steel
Corp.—Files $100,000,000 Debenture
May 11 filed with the SEC a registration statement
(No. 2-3692, Form A-2) under the Securities Act of 1933 covering $100,000,000 of 10-year debentures dated June 1, 1938, and due June 1, 1948,
the price of which will be supplied by amendment to the registration
The corporation on
statement.
proceeds is to be reported later,
stated that $50,000,000 will be used for the repayment of
bank loans of that amount incurred in Feb., 1938, and that the remainder
will be added to the cash funds of the corporation, as were the proceeds of
such bank loans, to be used for capital expenditures.
The issue is the largest yet filed under the Securities Act by an industrial
corporation.
The two previous largest industrial issues were those of
Youngstown Sheet & Tube Co., in April, 1936, for $90,000,000 of bonds
and debentures, and of Standard Oil Co. of New Jersey, in May, 1936, for
While the amount of the estimated net
the registrant
$85,000,000 of 25-year 3% debentures. American Telephone & Telegraph
Co., with debenture issues of $175,000,000 and $160,000,000 in Oct. and
Dec. of 1936, has filed the largest issue of any type.
With reference to the use of the funds which are to be added to the cor¬
poration's cash, the registrant said that such moneys have been and are
to be called upon, among other things, for expenditures for modernization,
extension and replacement of various manufacturing plants and facilities
of the subsidiaries.
Expenditures for such capital purposes aggregated
approximately $135,000,000 during 1937, and at Dec. 31, 1937, authori¬
zations for uncompleted work in progress contemplated additional expendi¬
tures
after that date aggregating approximately $80,000,000, divided
approximately as follows:
$46,500,000 Completion of new hot strip mill and cold reduction sheet and
tin mills near Clairton, Pa., known as Irvin Works, and new
slabbing mill at Edgar Thomson Works at Bessemer, Pa.,
to be used in connection therewith.
5,805,000 Completion of blooming and slabbing mill and new facilities
for cold reduced tin plate in Birmingham district.
Works near Cleve¬
3 ,685,000 Completion of new facilities at Cuyahoga
land, Ohio, for manufacture of cold rolled
strip.
2,125,000 Completion of modernization of cement plants at Hudson,
N. V., Independence, Mo., and Leeds, Ala.
1,575,000 Completion of four new ore-carrying steam.ships for use on
Great
Lakes.
20,310,000 Miscellaneous capital expenditures on various plants and facili¬
at
various locations.
Approximately $45,000,000 out of such unexpended authorization of
$80,000,000 at Dec. 31, 1937, will have been expended up to June 1, 1938.
It is contemplated that most of such uncompleted work will be completed
by the end of 1938.
The registrant reported an underwriting agreement, dated May 31, 1938,
with the principal underwriters, who are to be named by amendment,
providing that Morgan Stanley & Co., Inc., may conduct certain market
operations in the debentures "for the purpose of stabilizing the market
price thereof. The existence of this provision is no assurance that any such
transactions will be effected or, if effected, that they will not be discon¬
tinued at any time."
Benjamin F. Fairless of New York, N. Y., is President of the company.
April Shipments—
See
under
New
"Indications
of
Business
Activity"
on
a
preceding
page.
By-Laws Shift Duties—Changes Voted on April o—
relationships of the principal officers of the
corporation are described in newr by-laws adopted at a meeting of the
directors on April 5, the day after the annual meeting of stockholders, made
public at the New York Stock Exchange May 12 recorded with the Securi¬
The
specific
duties
A restatement of the duties of
the finance committee was made in the
by-laws, which read as follows, the words
being those added:
marks
between single quotation
as
follows:
them concerning
Formerly, the provisions were as follows:
"In the absence of the chair¬
man of the board and the chairman of the finance committee, the president
shall preside at all meetings of stockholders and of the board of directors.
Subject to the board of directors and the finance committee he shall have
general charge of the business of the corporation relating to manufacturing,
mining, transportation and general operations.
He shall keep the board
of directors and the finance committee and the chairman of the board and
the chairman of the finance committee fully informed and shall freely con¬
sult them concerning the business of the corporation in his charge."
Other Provisions Maintained
Certain technical provisions pertaining to the finance committee, the
chairman of the finance committee and the president are the same in both
new
and old
by-laws of the corporation.—V. 146, p. 3035.
U. S. Vitamin
Corp.—Transfer Agent—
Manufacturers Trust Co. is transfer agent for 125,000 shares of common
stock, 10c. par value, and 10,000 shares of preferred stock, $10 par value,
of U. S. Vitamin Corp.
Utah Radio Products Co.—Par Value
Changed—
adjourned annual meeting approved modifica¬
of incorporation changing capital stock to $1
par.—V. 146, p. 2389.
Stockholders at
a
recent
tion of the company's articles
from
par
no
Vicksburg Bridge &.Terminal Co.—Plan
The
S.
U.
District
Court
at
Vicksburg,
Miss.,
Approved—
has approved the re¬
organization plan under which will be issued $6,250,000 first mortgage
4% bonds and 70,000 shares of stock, of which bondholders will receive
50,000 shares and debenture holders 20,000 shares.
Voting trustees to serve five years are K. D. Wells, D. L. Warner and
C.
Wilcoxon, Vicksburg; J. H. Scattergood, Philadelphia, and John
Matlock, Chicago.
For details of plan see V. 146, p. 1573.
F.
Virginia Electric & Power Co.—Earnings—
Period End. Mar. 31—
Operating revenues
Operation
-
Maintenance
Taxes
1938—Month—1937
1938—12 Mas.—1937
$1,446,395
$1,403,490 $17,909,579 $16,688,011
569,943
519,095
6,937,711
6,392,200
119,888
112,395
1,454,013
1,260,980
al89,650
179,588
a2,208,538
2,109,277
$566,913
Z)r7,893
$592,411
Drl4,411
$7,309,317
Drl88,404
$6,925,553
CV68.949
$559,019
$577,999
$7,120,913
145,605
144,869
1,740,312
$6,994,502
1,765,212
$413,414
$433,130
$5,380,601
$5,229,290
Net oper. revenues—
Non.oper. income (net)Balance-—.
Interest & amortization-
Balance-
-
Balance
-
Preferred dividend requirements
Balance for common dividends and surplus
2,051,938
1,976,666
$3,328,663
1,171,434
Appropriations for retirement reserve—
$3,252,623
1,171,620
$2,157,229
$2,081,003
a No provision
has been made for the Federal surtax on undistributed
profits for 1938, since any liability for such tax cannot be determined
until the end of the year.
Note—Effective Jan.
prescribed
accounts
1, 1937, the company
by
the
Federal
Power
adopted the new system of
Commission, which differs
respects from the system the company previously followed,
hence the above 12 months' figures are not exactly comparative.—V. 146,
certain
in
3035.
p.
Public
SEC—
Virginia
Asked of
Service
Co.—Private
of Bonds
Sale
in the registered holding company sys¬
tem of the Associated Gas & Electric Co., has filed with the SEC an appli¬
cation (File 32-89) under the Holding Con pany Act for exemption from the
requirement for filing a declaration with respect to the private sale of
$677,000 of Newport News & Han pton Ry., Gas & FUectric Co. (a con¬
stituent company of the applicant) 1st & ref. mtge. 5% gold bonds due
Company, a subsidiary company
Jan
1944.
1
proceeds are to be used solely to retire the same amount of Newport
Hampton Ry., Gas & Electric Co. 1st mtge. 40-year 5% gold
bonds due Nov. 1, 1938. This issue having been previously assumed by the
Virginia company as successor company by n erger as of Dec. 1, 1936.
The names of the purchasers are to be supplied by amendment.—V.
146, p. 1574.
The
News
<&
Vogt Manufacturing
Corp.—Dividend Omitted—
decided to take no action on the payment of a dividend
this time.
This compares with 20 cents paid on
March 1, last; a year-end dividend of 25 cents on Dec. 23, last; 20 cents on
Dec. 1, last; 40 cents on Sept. 1, 1937 and 20 cents paid on June 1 and
March 1,1937.
See V. 145. p. 3832 for detailed record of previous dividend
payments.—V. 146, p. 931.
Directors have
on
the common shares at
Vulcan
and
ties and Exchange Commission.
new
by-laws, the duties of the president are
chairman of each fully informed and shall freely consult
the affairs of the company in his charge."
was
Issue—Coupon Rate and Offering Price to Be Set by Amendment
new
"The president shall be the chief administrative officer of the company.
He shall keep the board of directors and the finance committee and the
capital incurred during 1937
directly attributable to labor troubles.
Gn April 7, 1937.
United
ooliged to grant an 11% increase in its wage scale, also for 10 weeks,
beginning June 12, 1937, its plants were practically closed by a strike that
affected ai the principal ship repair yards throughout the port of New York.
"Labor costs in Port of New York, which has highest wage scale on the
Eastern Seaboard of the United States for shipbuilding labor, handicap
United in competing with shipbuilding concerns in other parts of the coun¬
try where the wage scales are materially lower," Mr. Powell says.—V.
145, p. 2409.
subject to its review the chairman of the board and in his absence the
chairman
was
ties
the disburse-
the finance committee."
or
into class A stock upon payment of $10 a share.
"United has been handicapped by a lack of
the
for payment all vouchers and warrants for
ment of funds other than routine, current expenditures, the approval of
which he may delegate to the controller, and he shall perform such other
duties as from time to time may be assigned to him by the board of directors
$9,320,000 for
The company
a
ipcbiding budgetary, accounting and statistical methods of the company;
he shall
and
Weekly Output—
Week Ended—
$12.50
"Subject to the board of directors and the finance committee, he shall have
general charge and supervision of the financial affairs of the company,
was
Electric output of system (kwh.)
—V. 146, p. 3035.
there
Duties of the chairman of the finance committee under the new rules are
follows:
as
3 Mos.
Corp.—Earnings—
Ended March 31—
x
Net income--
y
Earnings per sharex
-----
—
y
$o.io
operating expenses, normal Federal
but before provision for Federal surtax on
On 229,413 common shares.—V. 145, p. 2410.
After deductions for
and other charges,
earnings,
193:
$■> 6480
$u.u/
income taxes
undistributed
Financial
3208
Waldorf System,
1936
1935
$3,269,49.5
$3,456,637
$3 ,237,572
x47,572
Total sales-.-.—
x60,936
129.101
26,997
426,419
$0.30
428,119
$0.06
Net profit after deprec.,
amort & income taxes
Shares
stock out¬
standing (no par)
Earnings per share_____
x
Selling, admin. &
426,419
$0.14
426,419
I
$0.11
After provision for Federal undistributed profits tax.—V. 146, p. 1731.
Walgreen Co.—Sales—
1937
1938—7 Mos.$5,431,519 $40,686,796 $39 ,658,388
$5,479,573
-
—V. 146, p. 3035.
100,454
-
_ -
_
.
loss26,596
$736,511
1,455
loss78,150
income.-.----—$701,751
Total
98,967
27.984
$490,577
2,330
213,218
29-vln
-
$418,206
$608,072
$689,381
—
dividends, &c
Foreign exchange profits.
- -
1,229
183,867
15,000
—
Hfgalnst1Toreign exch. fluctuation.
Res
1938—Month—1937
Period Ended Apr.30—
Sales.-.—-
212,700
$522,355
116,087
$275,029
59,304
$387,909
$406,267
—
359.369
355,920
—
298,371
299,502
capital stock
———
$1.30
$1.35
Earnings per share
,450 for surtax on undistributed profits.
x Includes
$215,725
239,439
299.317
$501,655
xl 13,745
Profit before income taxes.——.
Prov. for Fed., State &fore. inc. taxes
Net income
Dividends
(& Subs.)—Earnings—
Walworth Co.
1935
1938
1937
1936
$48,080
Net loss
$368,118 prof$542369 prof$10,475
1897.
x After all charges, incl. reserve for Federal income tax.—V. 146, p.
3 Mos. End. Mar. 31—
x
Profit from operations
Interest paid.
1935
$2,798,439
2,380,233
$3,157,556
2,549,483
2,621,340
development exps..
Interest,
com.
—
voi
profit on sales..-
Gross
Earnings—
1936
Calendar Years—
1937
$3,567,682
1938
(& Subs.)
(S. S.) White Dental Mfg. Co.
Inc.—Earnings—
3 Mos. End. Mar. 31—
1938
14
May
Chronicle
,
—
Shares
$0.72
Consolidated Balance Sheet Dec. 31
Washington Gas Light Co.—To Issue Pref. Stock—
2,497 warrants to subscribe to such shares and 46,800 shares of common
stock to be issuable on the conversion of the preferred.
The proceeds will
be used to reimburse the applicant's treasury for expenditures rr ade in
connection with additions to and expansions of plant and distribution
system.—V. 146, p. 1574.
(L. E.)
President of this company, died from pneumonia
May 6.—V. 139, p. 3819.
Frank D. Waterman, 68,
on
Webster Eisenlohr,
$59,509
.
—V.
146,
leaseholds,
254,278
$34,999
,
Gross earnings (est.)
Week Ended. April 30
1938
1937
Jan. 1 to April 30—
1937
$4,440,473
$6,305,785
Jan. 1 to May 7
1937
-Week End. May 7
1937
1938
Western Ry.
1938
$323,293
$204,416
$4,644,889
$6,629,079
1936
$1,682,448
1,506,702
$1,595,383
1,437,682
1935
$1,365,498
1,371 332
$175,746
132,666
$157,701
def$5,834
128,038
96,187
expenses.
75
Uncollectible ry. revs
Railway oper. income.
Non.operating income..
$1,298,765
1,327,032
$205,363
282,665
$190,528
273,144
def$77,302
def$82,616
$94,133
74,946
$126,845
75,693
.
Net income
$51,152
$19,189
146, p. 3037.
share
revenues
y
Other
Wisconsin Michigan
4,498,038
18,664,538
17,781,120
18,600,313
74,802,653
72,466,387
loss$44,926
1,034,818
$2,550,274
1,105,902
$5,124,560 $12,376,858
4,322,907
4,698,052
l's$1079,744
$1,444,372
funded debt.
on
Net income
Including dividends
x
and
interest,
y
$801,653
Including
rents
$7,678,806
of leased
lines
and taxes.
Note.--No deduction
146,
p.
is
made for
surtax
on
undistributed profits.—V.
2553.
Westinghouse Air Brake Co. (& Subs.)—Earnings-—
3 Mos. End. Mar. 31—
z
1937
1938
Net profit...-
x$2,639,354
v-. ■ \
$0.04
$0.85
inc.
1938
$748,713
1937
2,031,230
1936
5,341,512
a$').75
com.
z$2.00
1935
3,732,454
y2,326,496
z$1.40
Woodall Industries,
—
..-.
a On
2,592,155 shares common stock (par $50).
x Loss,
y Includes
approximately $900,000 non-recurring income,
z On combined preferred
common
with
shares under the participating provisions on the shares.
on March 31,
1938, amounted to $53,555,9 )0 compared
orders
$73,735,326
on
March 31, 1937.—V.
146,
p.
After
x
Shs. com.stock (nopar).
Earnings
per
share
1937
y$173,837
339,362
White Sewing Machine
Period End. Mar. 31—
x
Net profit
After depreciation,
$0.44
$0.30
After
deprec., Federal taxes, &c.
profits.—V, 146, p. 2067.
x
$221,874
339,362
y
1936
$162,699
284,962
$0.43
on
$77,907
1
$162,333
284,962
$0.43
$0.34
—
Worcester Suburban Electric Co.—Consolidation—
Company, subsidiary of Massachusetts Utilities Associates, a subsidiary
in the registered holding company system of New England Power Assn.,
has filed with the Securities and Exchange Comir ission an application
(File 32-88) for exen ption from the requirement for filing a declaration
with reference to the issue of 24,433 shares ($25 par) capital stock and
scrip
certificates for fractions thereof.
The applicant proposes to issue
such shares and certificates to the present holders of the outstanding capital
stock of Marlborough Electric Co. in exchange for the shares of such com¬
Worthington Pump & Machinery Corp. (& Subs.)—
Comparable figures for 1937
tion
did
not
not available as the
are
$239,665
Delaware corpora¬
1937.
Profit of predecessor
Virginia corporation for two and two-thirds month ended March 20, 1937,
business until
start
$95,366,—V. 146,
P
March
21,
1732.
Wright Aeronautical Corp.— Earnings—
3 Mos. End. Mar. 31—
Net profit after charges.
Eams. per.sh. on 599,857
shs. cap. stk.
—V.
145,
1937
1936
$586,288
$286,353
$270,019
$0.98
$0.48
1935
$0.45
1938
(no par)
loss$69,S12
Nil
3214.
p.
Wright-Hargreaves Mines, Ltd.—Extra Dividend—
The directors have declared an extra dividend of 5 cents per share in
addition to the regular quarterly dividend of 10 cents per share on the
stock, no par value, both payable July 1 to holders of record
Like amounts were distributed in each of the 17 preceding quar¬
prior to which the company made quarterly distribution of 5 cents
per share, and in addition paid an extra dividend of 5 cents per share on
Jan. 2, 1934.
common
May 23.
ters,
The company also paid a special
the common stock on Jan. 15,
on
interim dividend of 10 cents per share
1938, and on Feb. 1, 1937.—V. 146
p. 1093.
(L. A.)
Young Spring & Wire Corp. (& Subs.)—Earns.
3 Months Ended March 31—
Gross profit before depreciation.
Other income
1
Total income
1937
1938
1936
$200,613
9,088
$263,193
and
$306,954
after de¬
Expenses
Depreciation
$209,701
340,336
90,986
Loss before charges
Interest, &c
Federal income tax
undistributed
1938—12 Mos.—1937
interest and Federal income taxes
ducting surtax on undistributed profits.—V. 146,' p. 3037.
x
1935
Corp.—Earnings—
$41,964
$0.40
charges and Federal Income taxes.—V. 145, p. 3675.
2875.
Before surtax
1938—3 Mos.—1937
$103,542
(F. W.) Woolworth Co.—-Sales—
„
1938
1936
1937
$121,225
Period End. April 30—
1938—Month—1937
1938—4 Mos.—1937
.$25,926,435 $21,858,064 $87,192,528 $85,080,928
—V. 146, p. 2390.
Westvaco Chlorine Products Corp. (& Subs.)- -Earns.
3 Mos. End. Mar. 31—
Net profit
Inc.—Earnings—-
-.-.
Sales
z$0.87
a 1937
1938
1936
....193,296,046 214,248,419 135,381,901
.201,742,257 167,161,051 13 ),375 033
Net inc. after deprec., Fed. taxas, &c. 16,816.126
16,703,349
13,389,33
Earnings per share
z$6.29
z$6,27
z$5.03
......
Unfilled
—.
Net profit after changes, but before Federal income taxes.
$37,998,569 $74,242,584 $12,515,469 $30,762,901
42,067,250 46,673,300
33,981,280
26,212,802
12 Mos. Ended Mar. 31Orders received..
Sales billed..
and
$752,291
—
------
Earnings for 3 Months Ended March 31, 1938
Nil'
$0.16M
billed........
2,582,181 shs.
$1,212,220
459,039
<M,690
2,580
pany to effect its consolidation with the applicant.—V. 146, p. 2067.
after
deprec.
Fed. taxes, &c.......
Earn, per
sh. on com
bined 79,974 shs. pref.
&
$1,215,484
456,534
Crl,578
11,815
3 Months Ended March 31—
1938
Net profit-.
loss$40,357
Earnings per share on 300,000 shares
capital stock (par $2)
Nil
amounted to
sales
---------
Note—No provision has been made for Federal surtax on undistributed
income for the 3 months ended March 31, 1938.
So far as can be deter¬
mined no provision for the surtax was required for the years 1936 and 1937.
—V. 146, p. 2714.
Y/estinghouse Electric & Mfg. Co. (& Subs.)—Earnings
Orders received..
20,326
$1,195,496
16,723
Net income.
$513,613 loss$l74,250
Includes $1,546,248 profit from sale of stock in foreign company but
before Federal surtax on undistributed profits,
y Before surtax on
unr
distributed profits,
z After depreciation, taxes, &c—V.
146, p. 1732.
Net
195,597
$1,195,713
19,770
Interest charges
x
3 Mos. End. Mar. 31—
1937_
$3,228,530
1,561,981
450,726
-----
...
revenues.-—
Interest during construction
Other deductions
1935
1936
y$135.029
Earnings per share on
capital stock (no par).
Net
1938
$3,512,009
1,667,831
452,867
Provision for income taxes..
x
5,010,270
17,198.321
Balance
Interest
Power Co.—Earnings—
Total operating revenues.
Operating expenses
Taxes, other than income taxes
1938—12 Mos.—1937
$22,163,665 $25,648,625 $98,591,751$102,624,365
oper. expenses..
quarterly divs.
was
12 Months Ended March 31—
1938—3 Mos.—1937
Maintenance: Repairs &
reserved for deprec'n.
action on the payment
A dividend of
no
distributed. In addition, a special dividend of 10
paid on Sept. 10, 1937.
Company reports total sales for the four months ended April 30, 1938 of
$364,828, compared with $524,187 in the same period in 1937, a decrease of
approximately 30%.—V. 146, p. 2553.
cents per
Western Union Telegraph Co., Inc.—Earnings—•
Gross
took
Grossincome
$29,663 def$102,245 def$119,201
64,470
307,608
309,729
$43,080
83,764
Gross income
1937 and $3,483,-
Inc.-—iVo Dividend Action—Sales—
on
-
Net rev. from ry. oper
x
$179,824 in 1937 and $185,550
the $1 par common stock at this time.
paid on March 19, last, and previously regular
dividend
a
15 cents was
def$28,267
90,859
224
oper. revenues.
Period End. Mar. 31—
Total. ........$9,371,770 $9,354,872
.....$9,371,770 $9,354,872
y
Willson Products,
1934
1937
Railway tax accruals...
-V.
2,588,798
After reserve for doubtful accounts of
Non-operating
of Alabama- -Earnings-
Deduct, from gross inc.
84.303
6,000,000
Net operating revenues after depreciation
Calcndar Years—
oper.
38.460
6,000,000
Directors at their meeting held on May 10
of
1938
$383,159
$329,653
Gross earnings (est.)...
—V. 146, p. 3037 , 2875.
Railway
Railway
x
Maryland Ry.—Earnings—
—
notes
Cap. stk. ($20 par)
65,700
rec.
of 25 cents per share were
dividend of 25 cents per share on the common
a
Previously, regular
stock, payable Jujie 1 to holders of record May 20.
quarterly dividends of 40 cents per share were distributed.—V. 146, p. 2390.
Western
instal.
outstand'g.
Surplus—-t- 2,617,339
66,919
1937
$5,695,235
254,927 prof223,262
...
on
contract,
After reserve for depreciation of $3,383,443 in
471 in 1936.—V. 145, P. 3675.
Dividend Reduced—
Directors have declared
ized
2,174,983
1
in 1936.
undist. profits—
2,209,517
may
accr.profits
they are real¬
as
ma¬
1
$55,292
3 Mos. Ended March 31—
1938
Net sales..
.....
$5,847,455
Net loss after deprec., Fed. & State inc. taxes, etc.,
on
upon
chinery & equip.
as
have to be paid
$159,298
214,590'
$219,279
Western Auto Supply Co.—Earnings—
but before surtax
taxes
23,964
647,424
Deferred debits...
1935
1936
2227.
P.
21,590
675.213
—
Fed. & State inc.
buildings,
Land,
118.454
Reserve est.for such
and employees—
Total
Net loss
113,735
16,458
Miscell. accts. rec.
—
15,000
Deferred income..
2,974.371
14,361
—
_
129.246
fluctuates
exch.,
officers
from
Due
y
Reserve for taxes..
Res .against foreign
2,592.512
2,425,812
3,221.612
receivable
Inventories.
$484,070
$466,825
120,411
accrued charges*
Accounts & notes
marks—..y.—..
1937
$205,487
264,996
$62,771
_
45,655
Brazill. Govt, notes
x
1936
Accounts pay. and
Patents and trade¬
Inc.—-Earnings—
1938
$138,226
200,997
Quar. End. Mar. 31—
Gross profit from mfg_.
Expenses & depreciation
—V.-w-
1937
Liabilities—
1936
$649,386
150,000
60,073
1937
$691,090
Cash........
Other assets-
Co.—President Dead—
Waterman
— --
Market, securities.
Assets—
Company, a subsidiary of Washington & Suburban Cos., a registered
holding company, has filed with the SEC an application (File 32-90) for
exemption from the requirement for filing an application with respect to
the issuance of 15,600 shares of $4.50 cumulative convertible pref. stock,
$221,621 prf.$616,581 prf.$532,206
15,649
35,218
29,959
9,000
98,000
75,000
___
Net loss
Earns,
per
$246,270
share
on
common stock
—V.
146,
p.
2714.
408,658
______
prf$483,363
prf$427,247
$1.18
$1.04
shares
Nil
Volume
Financial
146
3209
Chronicle
The Commercial Markets and the
■
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
London noted
futures lV&d.
to 3d. lower on the Terminal Cocoa Market, with
1,250 tons changing hands.
In the local market scattered
short covering and a little new buying carried prices higher.
Local closing: May, 4.58; July, 4.46; Sept., 4.77; Oct., 4.82;
Only 132 lots,
COMMERCIAL EPITOME
outside
Coffee—On
Friday Night, May 13, 1938.
inst. futures closed 1 to 2 points
7th
the
higher in the Santos contract, with sales totaling 11 lots.
The
Rio
/Trading
on
3
2 to
closed
contract
of 6 lots.
points higher, with
sales
but the
steady.
Reports of sales of
Friday and again in Satur¬
the whole was very light,
undertone
of the market
Manizales
on
was
the
spot late on
day's session at 10c. and offerings from the primary source
at
Ysc.
higher
led
adjournment.
firmer.
primary
up
at 16.500.
generally about
francs higher.
the
the spot were
at 19.300, and hard 4s up 200
Cost and freight offerings were
10
up
On
the week-end
Brazilian grades
200 reis higher
over
for
market
on
13.400; Santos 4s, 100
at
covering
short
to
The
Rio
hard 5s
was
9th
reported to be
franc to 3
Havre was %
points.
futures closed
to 2
1
points up in the
Santos contract, with sales totaling 31 lots.
The Rio con¬
tract closed 1 to 2
points down, with sales of 31 lots. Trad¬
light, with prices generally ruling within a narrow
range.
Two Santos notices were issued. In the actual mar¬
ket it was too early to determine whether the good demand
which appeared at the end of last week was to continue.
Cost and freight offers from Brazil were about unchanged,
ing
was
Santos 4s of the better grades available at from
with
Manizales
to 6.70c.
0.50c.
reported offered in the spot mar¬
were
ket at
10c., while on a shipment basis offers ranged upward
9%c.
Havre futures were 1 to 1*4 francs higher.
from
On the 10th inst. futures closed 7 to 10
points off in the
Santos contract, with sales totaling 55 lots.
The Rio con¬
tract closed unchanged to 3 points lower, with sales totaling
19
Best
lots.
described
Brazilian
grades
of
coffee
were
about unchanged, but those in the lower brackets which are
selling about
with the futures market were reduced
on a par
make hedging operations attractive.
The
hedging was absorbed by shorts on the scale down.
In
Brazil spot quotations were advanced on Monday by 100 reis
to 19.400 for Santos 4s soft, 16.600 for hard 4s, and 13.500
for Rio 5s.
Havre closed *4 to % franc lower.
Monday's
sufficiently
to
Santos May notices were issued by E. A.
Pierce & Co. and
stopped by Nortz & Co. and Aron & Co.
On the 11th inst. futures closed 5 to 6
Santos
contract,
tract closed
with sales totaling
78 lots.
tion
Market
markets.
Brazil
Rio
con¬
unchanged to 3 points off, with sales of 24 lots.
Brazil's suppressed revolt appeared to have
the
The
institutes
the
observers
30-15%
little effect
here pointed
quota
out
arrangement,
on
that
if
elimina¬
next year
will amount to about 5,000,000 bags.
This
assumption that the crop will amount to
22,000,000 bags, of which 8,000,000 bags will be high-grade
is
based
the
on
Interest in the local market
coffee.
positions.
Hedge
commission houses
On the
down
in
selling
Santos
centered in distant
by operators
and
the scale down.
on
12th inst.
the
was
absorbed
was
futures closed 4 points up to
1
point
with sales totaling 57 con¬
tracts.
The Rio contract closed unchanged to 1 point up,
with transactions totaling 10 lots.
Trading was quiet and
thefmarket ruled barely steady.
Cost and freight offers
from Brazil were-little changed.
Mild coffees were still
firm, with Manizales on the spot quoted at 10c to 10V£c.,
contract,
shipment 9%c. was asked. Rainy weather is re¬
ported to have been holding up the movement of Colombian
coffee, with most cargoes immediately wanted as they
arrive.
Havre futures were 1% to 234 francs lower. Today
while for
closed unchanged
points down in the Santos
contract, with sales totaling 46 lots.
The Rio contract
closed 2 points up to 1 point down, with sales totaling 12
lots.
The coffee futures market again lost ground largely on
selling from European sources.
Santos contracts were 4 to
9 points lower in the early afternoon with March selling at
5.85c., off 9 points, and 31 points above the high made just
nine days ago.
Rio contracts were holding fairly steady.
A cable to the Exchange from Rio stated that the Minister
futures
to 4
of Finance has denied rumors that taxes
increased
were
about to be
coffee tax installed. Cost and freight
offers from Brazil were little changed
As usual good quality
Santos 4s held firm with a range of from 6.70c. to as high as
7.15c.
Milds were also steady, with Manizales at 10c. on
or any
new
unchanged, and
to
On the 10th inst. futures closed 9 to 6
points net lower.
Transac¬
tions totaled 132 lots, or 1,769 tons.
London outside prices
ran 6d. to 3d. higher, while futures on the Terminal Cocoa
Market ruled unchanged to 7%d. firmer, with 950 tons
trading.
Local closing: May, 4.49; July, 4.59; Sept., 5.69;
Oct., 4.74; Dec., 4.84.
The
opening range
On
the
lower.
11th
was
inst.
deliveries
unchanged to 4 points up.
closed
futures
Opening sales
were
to
unchanged
2 points
at losses of 2 to 5 points, with
sinking to losses
of 6 to 8 points before
steadying. Total sales during the session amounted to 139
lots, or 1,863 tons. London outside prices ranged 3d. to 6d.
lower, while futures on the Terminal Cocoa Market fell
Is. to 6d., with 940 tons trading.
Local closing: May, 4.49;
July, 4.57;
Sept., 4.68;
Oct., 4.73;
On the 12th inst. futim
Dec., 4.82.
closed 4 to 2 points net higher.
Transactions totaled 61 contracts. The market held its own
in
s
exceptionally dull trading, only 50 lots changing hands
early afternoon. At that time prices were 2 to 4 points
higher, with July at 4.60c. up to 3 points.
Interest was
obviously at a low ebb.
Warehouse stocks were 600 bags
lower, now totaling 688,200 bags. Local closing: May, 4.53;
July, 4.60; Sept., 4.71; Dec., 4.84; Jan., 4.89; Mar., 4.98.
Today futures closed 4 to 5 points off, with transactions
totaling 78 lots.
The market continued to drag along in
absence of buying interest.
Prices up to early afternoon
were 5 points lower on May at 4.48c., and 3 points lower on
to
to that time totaled only 65 lots. Ware¬
1,500 bags. They now total 689,714
July at 4.57c. Sal
s
house stocks
up
were
bags.
Local closing: May, 4.48; July, 4.56; Sept., 4.66;
Dec., 4.80; Mar., 4.94.
Sugar—On the 7tli inst. futures closed 1 to 3 points off.
a reflec¬
tion of the weakness in actuals.
Transactions in futures
The heaviness of the futures market was largely
Five lots were turned
September at 1.96c. and 1.97c.,
and 35 lots in March at 2c. and 2.01c.
The spot price of
totaled
points lower in the
1,769 tons, changed hands.
Dec., 4.90.
active
inst.
or
prices 3d. lower
firmer
in
over
raw
only 63
lots, or 3,150 tons.
July at 1.92c., 23 in
sugar
on
business late on Friday and again on Satur¬
day was established at 2.75c., off 5 points from the
previous
quotation.
The new level was established first
on a sale of 3,500 tons of Philippines, due May 12, at 2.75c.,
to Pennsylvania.
At the same price 011 Saturday, Pennsyl¬
vania got 1,000 tons of Philippines due May 22; National,
2,000 tons, due May 14, and American, 1,940 tons, due
May 12.
A further quantity of 3,000 tons was reported
under negotiation at the same basis, but the sale was not
consummated.
The world sugar contract closed 1 to 2
nominal
London terme
Raws there were un¬
points net lower, with only 26 lots traded.
prices finished l^d.
to ^4 d. lower.
changed.
On
the
9th
inst.
domestic contract,
market, led
futures
closed
4
points up in the
to 1
This
turned strong when 30
with sales totaling 104 contracts.
by the May position,
transferrable notices
were
immediately
accepted.
In
the
early afternoon prices were 2 to 5 points higher.
In the
raw market, 3,180 tons of Philippines due to arrive Thurs¬
low price paid
Nothing further was offered at 2.75c.
MayShipment Philippines and Puerto Ricos to arrive in
were offered at 2.82c.
Friday will mark the end of
day were sold to McCahan at 2.75c., the new
last
Friday.
June
June
last
allow
buyers an extension of time.
World sugar contracts opened
1 to 2 points higher and closed 1 to 2y> points higher, with
sales totaling 48 contracts.
London futures were Vjd. to
iy2d. higher at the close.
Raws there were reported sold
sold at 5s. %d„ equal to about 0.93c. per pound, f. 0. b.
Cuba, with freight at 17s. 6d. per ton.
the
30-day
period
during
which
buyers
of
refined
month, at $4.50, can take delivery, but refiners may
On
the
10th
inst.
futures
closed
unchanged
to 1
point
.
and 9%e. for shipment.
higher to U franc lower. V
the spot
franc
Rio coffee prices
closed
May
July
September
—
1
follows:
4.30
_.4.28
4.19
prices closed
-----
Cocoa—On the 9th
higher.
were
December
4.15
March
4.J.4
_ _
Santos coffee
May
July
September
as
Havre futures
as
5.72
5.82
-6.86
follows:
December
5.88
March--
5.90
inst. futures closed 8 to 5 points net
The opening range was unchanged to 3 points off.
Transactions totaled 176 lots, or 8.800 tons. The
speculative buying, in addition to hedge lifting, was entered
in the July position, while what appeared to be new demand
for the account of manufacturers who use large amounts
of sugar was entered in next March.
Business was de¬
cidedly absent in the raw sugar market because of the wide
disparity in views of buyers and sellers.
Best indicated
interest in prompt arrivals was not better than the last
paid price of 2.75c.
Sellers were asking 2.80c. The world
sugar contract closed unchanged to
% point lower. Trans¬
actions in this contract totaled 64 lots, or 3,200 tons.
O11 the 11th inst. futures closed unchanged to 1, point
lower.
Total sales were 145 lots.
Against the May delivery
higher.
3210
63
Financial
notices
were issued by Little & Christman, and before
stopped the market declined from 1.88c. to 1.84c.
After circulation of the notices ceased, May rallied to 1.85c.
they
were
The tone of the market firmed
from day
to day
the
in
market at
sugar
raw
2.75c.
Yesterday Refined Syrups, Inc., bought 10,000 bags, clear¬
ing May 18 at that price, and late in the previous session
5,000 bags, clearing today, also at
2.75c.
At the close 10,000 bags of Puerto Ricos, due on
Monday, were available on a bid at 2.77c., while 2,000 tons
of Philippines for Boston, which were held at 2.80c.,
pos¬
sibly were available on a bid of less. The world sugar con¬
operator purchased
an
tract closed unchanged to 1 point lower, with sales of 5,700
In the early trading this market had been H to 1
tons.
point
the previous close.
over
On the 12th inst. futures closed 1
point down to 1 point
with sales totaling 121 contracts in the domestic market.
Trading was relatively quiet, with prices moving within a
narrow range.
In the raw market 3,000 tons of June-July
shipment Philippines were sold to a local trade operator at
2.87e.
As against this premium paid for a distant
shipment,
up,
refiners
,
June 4, at 2.77c., while American took
2,000 tons of Philip¬
pines, due May 23, at 2.75e. C. & H. announced that west
of Chicago to the Rocky Mountains, to meet
competition,
they would allow customers to cancel old contracts and would
accept new "prompt'' or "thirty day" business at $4.50, the
former with
a price
guaranty until date of arrival. American
Sugar Refining followed the cut. World sugar contracts on
an easier tone in
London, broke 1 H to 3 points on a much
enlarged volume.
London futures were 34 to Id. lower,
volume of 5,000 tons.
a
Prices
price being $8.10, with sales generally ranging from $7.60
$8.10. Total receipts for the Western run were 48,700
head.
On the 12th inst. futures closed 10 to 12 points net
bulk of the previous day's gains in lard
The
.-
..
.
1.83
1.91
—
—
—
January (new)
-
-
_
.1.97
1.99
——-
March (new)
lower.
erased
ignored as market factors. Liverpool lard futures were firm
and prices in England finished Is. to Is. 3d. per cwt. higher.
The extreme declines in the local market today were 12 to 15
points. Scattered short covering at the inside levels prevented
further losses.
Export clearances of lard from the Port of
New York today totaled 71,100 pounds, destined for Liver¬
pool, Manchester, Glasgow and Stockholm. Hog prices at
Chicago were up 10 to 20c. Sales of hogs ranged from $7.75
to $8.25.
Western hog receipts were slightly below trade
expectations.
Today futures closed 18 to 22 points net
higher. The strength displayed in lard futures was attributed
to the firmness of
grains and hogs.
DAILY CLOSING PRICES
OF LARD FUTURES
Mon.
Tues.
Wed.
Sat.
7.97
May
July—-——September-——
October.
,w-
——
7.95
8.15
8.50
8.40
8.37
8.57
.8.50
8.50
—
—
CHICAGO
IN
Thurs.
Fri.
8.30
8.40
8.17
830
8.65
8.70
8.15
8.52
8.72
8.60
8.80
8.35
8.52
Pork—(Export), mess, $26.87H per barrel (per 200
pounds); family, $24.87 34 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export) steady. Family (export), $28 per
barrel (200 pounds), nominal.
Cut meats: quiet.
Pickled
hams: picnic, loose, c. a. f.—4 to 6 lbs., 1334*.; 0 to 8 lbs.,
12%c.; 8 to 10 lbs., 1234*♦ Skinned, loose, c. a. f.—14 to
16 lbs., 1734*.; 18 to 20 lbs., 17c.
Bellies: clear, f. o. b.,
New York—6 to 8 lbs., 1934*.; 8 to 10 lbs., 18He.; 10 to 12
lbs., 17c. Bellies: clear, dry salted, boxed, N. Y.—16 to 18
lbs., 1224*q 18 to 20 lbs
12c.; 20 to 25 lbs., 1134*.; 25 to
30 lbs., 11J4*.
Butter: Creamery, firsts to higher than
extra and premium marks: 27 to.27 He.
Cheese: State, held
'36—22 to 24c.; held, '37—1934 to 21 He.
Eggs: mixed
colors: checks to special packs—I7H to 2234*»
,
Oils—Linseed
oil deliveries are fairly satisfactory, with
quoted 8.7 to 8.8c.
Quotations: China wood:
tanks—.03H to .03H; Pacific Coast, .03 to .0334
Corn:
Crude, West, tanks, nearby, .07H• Olive: denatured, spot,
drums, 86 to 1.06. Soy bean: crude, tanks, West, forward,
.05H to .06; L. C. L., N. Y.— .07 to .07H nominal. Edible:
76 degrees, 9 %. Lard: prime, ex. winter strained, 8H• Cod:
crude, Norwegian,' light filtered—31c.
Turpentine: 29 to
tank
cars
31c.
Rosins: $4.85 to $7.70.
Cottonseed
Oil
Crude, S. E., 6HC«
sales, including switches, 110 contracts.
Prices closed as follows:
May-—_8.44@
follows:
were as
May.
July
September
were
today, due to profit taking by nervous speculative interests.
Steadiness in grains and the higher hog prices were practically
not interested above 2.75c. in
were
nearby sugars.
World sugar contracts were one-half point lower, with
July
at 0.92c. and next March at 1.00c., both off one-half
point.
London futures were Hd. to
lower, with sales of but
4,000 tons.
Raws there were unchanged, being valued at
5s. %d.
Freight rates for prompt shipment were reported
at 17s. 6d. per ton, while for June and
July fixture 17s. is
asked.
The world sugar contract closed unchanged to H
point off with sales totaling 106 contracts. Today futures
closed unchanged to 3 points off in the domestic contract,
with transactions totaling 310 contracts.
The world sugar
contract closed llA to 3 points off, with sales
totaling 184
contracts.
Domestic sugar futures were under pressure a
good part of the session. By early afternoon prices were 1 to
2 points lower, with both
May and July at new seasonal
lows.
In the raw market Refined
Syrups bought 756 tons
of Philippines, due June 14 at 2.78c., and 794
tons, due
with
May 14, 1938
to
late buying by the Wall
on
Street house with the leading Cuban producing connections.
Parcel lots of Puerto Iiicos continue to make their appear¬
ance
Chronicle
September
8.10®
June.October
8.30®
n
8.01®
July.-8.21® 8.22 November
8.00®
August-----————-- 8.20®
n
May—————— 7.96®
——
———
-1.96
Rubber
Lard—On the 7tli inst. futures closed 5 points up on all
deliveries.
A very steady undertone featured the lard
lower.
futures
On the 7th inst. futures closed 4 to 8
-—-
n
points net
market
5 to 7
market
the
on
points higher
firmness
in
grains.
close
of the
week.
Prices
started
scattered buying influenced by the
There was not much activity in the
on
Transactions
range was
totaled
only 850 tons.
17 points lower to 6 points higher.
market today (Saturday), and prices were
nominally
steady at Friday's finals.
Total hog receipts at the prin¬
cipal Western markets amounted to 13,200 head against
Rallying from the lows of the session
10,600 head for
of
Chicago
on
May 1
same
day
last
Lard
year.
stocks at
04,138,708 pounds compared with
61,026^267 pounds on April 1, an increase of 3,117,000 pounds
during the month of April.
Stocks, however, are still
nearly 50% below the 124,182,000 pounds on May 1, 1037.
In
were
April last year there
was an increase of 6,290,000
pounds,
double the increase in April this
year.
On the 9th inst. futures closed 2 to 10
points net lower.
The opening range was 2 to 5
points off.
The market ruled
or
heavy
during
features.
Lard
May
on
1
receipts
^
of
most
the
session,
with
outstanding
no
stocks
were
up
at the principal Western
markets
0,000,000 pounds from April 1.
Hog
at 11 markets, including Chicago, Jan. 1
to end
compared
to
of
April
amounted
to
4,812,043
pounds
5,088,140 pounds for the same period last year.
at
Ilog prices
Chicago closed 5c. lower, the top price registering $8.10,
the
sales generally ranging from $7.50 to
$8.
Total re¬
ceipts at the principal Western markets amounted to 55.800
head against 58,700 head for the same
day a year ago.
Liverpool lard prices
On
off.
the
10th
Trading
inst.
was
were 3d. up to 3d. down.
futures closed unchanged
2
to
relatively light and fluctuations
points
narrow.
Opening prices were unchanged to 2 points higher. Export
shipments of lard from the Port of New York today were
431,455 pounds, destined for Liverpool and Manchester.
Liverpool lard prices were unchanged to 6d. lower.
West¬
hog marketings
ern
head
against
were
54,500 head
fairly
for
heavy and
the
Hog prices at Chicago closed 10c. lower.
$7.50 to $8.05.
On
the
higher.
enced
the
11th
totaled
day
same
a
year
futures
The strength
considerable
displayed
short
whole, however,
dosed
the
in
15
volume
25
to
of
the
lard
trading
was
net
influ¬
market.
On
relatively
light.
Liverpool lard futures were unchanged to 3d. lower.
Export clearances of lard from the Port of New York today
were
Hog
483,670 pounds,
prices at
destined for London and
Chicago
closed
5c.
to
10c.
Rotterdam.
higher,
the
On
top
the 9th inst.
futures closed 2
to 4
points net lower.
the strength of
on
the securities market, the market closed at about the highs
the
day.
Transactions totaled 2,620 lots.
The actual
%c. to 11 %c.
After opening 5 to 20
rubber declined
spot
points
lower
nessed trade
weaker
on
cables,
futures
the
market
selling against shipment offerings.
wit¬
A stronger
stock
market in the afternoon brought out trade short cov¬
ering, commission house buying and some factory purchas¬
ing.
Local closing: May, 11.76; July,
Dec., 12.16; Jan., 12.22; March, 12.32.
On
the
higher.
Far
10th
inst.
Influenced
futures
11.79;
24
closed
Sept.,
12.00;
.
28 points net
London and the
to
by better cables from
East, the market showed unusual strength during most
of the session.
Transactions totaled 2,710 tons.
market also moved
up
to a spot basis of 12c.,
The actual
34c. higher,
for standard ribs.
A fair amount of shipment business was
done, but that activity on the whole was slow.
Local clos¬
ing: May, 12.01; July, 12.09; Sept., 12.24; Dec., 12.42,
On
the 11th inst.
futures closed 2 to 5
Opening 9 to 21 points lower
steadied
on
a
firmer
stock
on
points net higher.
easier cables,
market.
the
market
Trade
selling against
shipment offerings plus commission house buying for fac¬
tory interests comprised the principal features of yester¬
day's
session.
l/16c.
were
up
July,
12.13;
12.63.
Transactions
to
Sept.,
12
totaled
l/10c.
12.26;
Dec.,
-
Local
12.46:
'
'
2,190
actions totaled
quiet
tons.
108 contracts.
Actuals
tons.
closing:
May,
Jan., 12.53;
On the 12th inst. futures closed 1 to 9
while
'
points
grains and hogs
covering in
ago.
Sales ranged from
444; '4r":.44":
inst.
64.500
opening
The outside
was dull and remained unchanged at 11% c.
Local
closing: May, 11.80; July, 11.85; Aug., 11.94; Sept., 12.04;
Dec., 12.20; Jan., 12.25; March, 12.35.
hog
the
The
12.05;
March,
/
points
The market
Trans¬
steady in
up.
was
trading, which to early afternoon totaled only 470
Commission houses were reported buyers of December,
firms with foreign connections were credited with
buying September.
London was quiet, closing unchanged
to 1-16d lower.
Singapore was 3-32 to 34d higher. Local
closing: July, 12.16; Aug., 12.21; Sept., 12.35; Oct., 12.40;
Dec., 12.50; Jan., 12.55; Mar., 12.65. Today futures closed
6 to 11 points off.
Transactions totaled 158 contracts.
Trading was a little more active than on the previous day,
but the market had an easier undertone.
Opening 3 points
lower to 4 points higher, the market this afternoon was off
Volume
Financial
146
13
points, with July at 12.09 cents and September at 12.22
Trading to that time totaled 1,200 tons. It was said
shipment offers were light and dear.
London closed
virtually unchanged. Singapore also was unchanged. Local
closing: May, 12.02; July, 12.10; Sept., 12.24; Oct., 12.31;
Dec., 12.42; Mar., 12.57.
cents.
that
Hides—On the 7th inst. futures closed 3 to 6 points net
lower.
The market
fairly firm at the opening, with
prices unchanged to 6 points above Friday's closing levels.
Selling credited to profit-takers forced the list gradually
lower, from which levels theer was little or no rally. The
conditions
was
prevailing
in
the
hide
spot
have
markets
somewhat
been
heard
more promising
lately, but no sales were
(Saturday). Local closing: June, 9.20; July, 9.15;
Sept., 9.49; Dec., 9.82"; March, 10.13.
of
today
On
the 9th
inst.
futures
closed
5
9
to
points net higher.
The opening range was 9 to 17 points off from the previous
finals.
The sharp recovery that followed was influenced
largely by the
in the securities market, and there
recovery
considerable
was
commission
house
buying.
fair
A
of the offerings also came from commission houses.
actions totaled
quiet.
3,280,000 pounds.
Local closing:
On the 10th
inst. futures closed unchanged
The
market
the previous finals, but
siderably
the
list
Domestic spot hides were
June, 9.24; Sept., 9.55;
over
the
at
start
during the
ranged
showed
later
slightly
of
gains
selling
2 to
and
at
the
from
15 points
increased con¬
the
bell
last
previous
close.
Business around the ring was fairly
spirited, sales totaling
The condition of the domestic spot hide
4,720,000 pounds.
market
the
at
without important change during the day,
was
and
only trading heard of included 4,500 branded cow hides
There was considerable activity in Western calf¬
8%c.
skins, however.
skins
lights,
ago
June, 9.23;
the
higher.
8
today
totaled
70,000 calf¬
a
or
of
On
Sales reported
basis of 15c. a pound for River heavies and
unchanged from the basis established a few days
16c. for Northern heavies.
Local futures closed:
on
Sept., 9.55;
11th
inst.
Dec., 9.86; March, 10.17.
futures
closed
1
point
The market opened irregular, with first prices from
points
lower
to
3
points
higher.
Transactions totaled
4,040.000 pounds.
The certificated stocks of hides in ware¬
houses licensed by the Exchange increased by 3,578 hides
to a total
of 759,029 hides.
Local closing: June, 9.23;
Sept., 9.56; Dec., 9.86.
On
the
12th
Transactions
inst.
futures
totaled
54
closed
contracts.
1
to
4
Hides
points higher.
reflected
the
reported greater interest in the spot article as well as the
improved tone of the stock market. The hide market opened
6 to 11 points higher.
Certificated stocks in licensed ware¬
houses increased 3,214 hides to a total of 762,243 hides.
Local closing: June, 9.27; Sept., 9.57; Dec. 9.90.
Today
.utures closed
17 to 14 points net lower.
Transactions
totaled
65 contracts.
An
easier
futures market this session.
trend
featured
the
hides
Opening 1 point higher to 1
point lower, the market this afternoon was off 7 to 10
points on sales of 1,120,000 pounds to that time.
The
market eased further and closed at the lows of the day.
Certificated stocks in licensed warehouses increased 3,115
hides to a total of 765,358. Local closing: June, 9.10; Sept.,
9.43; Dec., 9.75.
Ocean
Freights—The charter market was fairly active,
demand for sugar tonnage rather outstanding.
Charters included:
Grain Booked:
Ten loads Albany to
Antwerp, May, 17c.
Thirty loads, Montreal to Scandina¬
via, June, 17c. Five loads, Montreal to Hull, May, 2s. 10%d.
Seven loads, New York to Liverpool, May, 2s. lid. Grain:
Gulf to Antwerp or Rotterdam, June 10 cancelling, 2s. 9d.,
option picked ports United Kingdom, 3s. Gulf to Antwerp
or Rotterdam June
10-25 canceling, 2s. 9d., option picked
ports United Kingdom, 3s.
Gulf to Antwerp or Rotterdam,
no
position given, 2s. 9d. (latter fixture reported but not
confirmed).
Sugar: Cuba to United Kingdom-Continent,
May, 17s. 6d.
Cuba to United Kingdom-Continent. July,
17s.
Cuba to United Kingdom, July, 17s.
Cuba to United
Kingdom-Continent, June-July, 17s.
Cuba to L. L. G.
A. R. A., early June, 17s.; Santo Domingo, 16s.
Three
ports Cuba to United Kingdom-Continent, June 1-15, 17s.
Barbados to L. L. G. A. R. A., June 1-15, 15s. 9d.
Cuba to
United Kingdom-Continent, June 1-15, 17s. 3d., option San
Domingo, 16s.
with
the
Coal—According to the Department of the Interior, stocks
of bituminous coal declined in the first quarter of 1938, and
April 1st stood at 35,380,000 net tons.
This was a de¬
of 11,614,000 tons, or 24.8% below the reserves on the
first day of 1938.
Compared with the stocks on April 1st a
year ago, the decrease amounted to 17,773,000 tons, or
33.4%. 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 April 23rd
have amounted to 1,341 cars, as compared with 2,719 cars
during the same week in 1937, showing a decrease of 1,378
cars, or approximately 68,900 tons.
Shipments of anthracite
for the current calendar year up to and including the week
ended April 23rd have amounted to 1,402 cars, as compared
with 1,351 cars during the corresponding week in 1937.
on
crease
Metals—The
report
of Copper,
Tin,
Lead,
Zinc,
Steel
and Pig Iron, usually appearing here, will be found in the
appearing at the end of the department headed
"Indications of Business Activity," where they are covered
more fully.
Wool—Nothing spectacular took place in the wool situa¬
tion the past week.
Prices are holding fairly firm, especially
for fleece wool and scoured wools.
As spot wool cannot be
bought lower, there is less general activity in the
rial than
raw mate¬
Growers with 1938 wool to sell were
week ago.
a
recently believed ready to unload almost regardless of price.
It is reported,
however, that sentiment has stiffened greatly
of late.
Boston spot wools and growers' asking prices on
are practically at par.
Original bag fine wools
have been moving sidewise in the matter of
price since the
announcement of the Federal loan.
Demand for such wools
good wools
the
in
spot market has also
diminished
considerably, ob-/
servers
assert, as manufacturers and topmakers turned their
attention to possibilities of
securing new clip wools direct at
easier prices.
In this they have not been very successful as
sentiment in the Far West and Texas is said to be
increasingly
bullish.
It is stated that
topmakers who attended auction
sales of New Mexico and Colorado
grease wools in Denver
last week did not find the
picking they expected. The wools
of
12c.
to
heavy shrinkage. Bids started as low as 6c. and rose
on a wool
sin-inking 80%.
A cable from Brisbane
stated that buyers absorbed
98% of offerings amounting to
10,700 bales at the wool sales there on the 11th inst. Ger¬
many and France continued to lead the
all types were
demanded;
scoured
wool to
Silk—On
higher.
ing hands.
a
the
Trading
27
greasy
wool
bidding.
was up to
Virtually
17%d, and
%d.
9th
inst.
futures
closed
%c.
to
3c.'net
relatively brisk, with 740 bales chang¬
was
After opening unchanged, the market moved in
narrow
with little activity until the final hour,
when the upward swing of securities brought out
importer
range,
long hedging and
crack
ported
a
buying.
new
double extra
advanced
The
quotation
Yokohama
average
%c. to $1.63.
of
re¬
of 3 yen lower to 4 yen higher, while Kobe
gain of unchanged to 3 yen better.
Grade D
range
revealed
to
unchanged
3211
articles
were
Dec., 9.S7.
to 1 point off.
pressure
dealings,
changed
part
Trans¬
Chronicle
a
advanced
7% yen to 710 yen in both cities.
Spot sales
for both centers amounted to 750
bales, while futures trans¬
actions totaled 1,825 bales.
Local closing: May, 1.59;
1.56;
Aug., 1.53y2;
1.52i/2.
Dec.,
Sept.,
1.52%;
1.52;
Oct.,
Nov.,
July,
1.52;
O11 the 10th inst. futures closed unchanged to 2%c. lower.
easier stock market and disappointing cables resulted
An
in
declining silk market.
a
the
best
Trading in
silk
futures
was
in
weeks, when 820 bales changed hands.
After
opening unchanged to %c. off, the market moved lower on
liquidation in the nearbys and some selling believed to be
Japanese arbitrage selling.
double
extra
showed
a
remained
The average quotation of crack
the
same
at
$1.63.
Yokohama
5 yen higher to 2 yen lower, while Kobe
came through 2
yen off to 2 yen up.
Grade D ruled un¬
changed in both cities at 710 yen.
Spot sales in both
range of
primary markets amounted to 825 bales, while futures trans¬
2,125 bales.
Local closing: May, 1.58; July,
actions totaled
I.531/2;
Aug., 1.52; Oct., 1.50%;
Nov., 1.50%; Dec., 1.51%.
l%c. lower. Trad¬
On the 11th inst. futures closed %c. to
ing
was
unusually
light.
the
ring
witnessed
the
Trade
switching
positions
quotation
made
of
from
up
in
was
Yokohama
at
yen
Kobe
amounted
1,900
to
bales.
1.52%
;
the
the
opening
sale
during
with
the
no
trades,
third
hour.
nearby
bulk
crack double
Yokohama showed
while Kobe
After
first
months to the forward
the volume.
The average
of
extra
declined
l%c. to
$1.61%.
spread of 4 yen higher to 3 yen lower,
reported 1 yen easier to 2 better.
Grade D
a
10
declined
702%.
to
975
bales
Local closing:
Aug., 1.51%;
to
yen
Total
and
700
spot
yen
and dropped 7%
sales at
futures
May, 1.57;
both
centers
transactions
totaled
June, 1.54%; July,
Oct., 1.50.
On the 12th inst. futures closed
actions
raw
totaled 29 contracts.
silk futures,
this afternoon.
%c. to l%c. off. Trans¬
Little interest was taken in
but prices were steady, off 1c. to up %c.
Sales to early afternoon totaled 230 bales.
The
price of crack double extra silk in the New York spot
%c. to $1.63 a pound. On the Yokohama
Bourse prices closed 2 yen lower to 2 yen higher.
Outside
Grade D silk sold at 700 yen, unchanged.
Local closing:
May, 1.56; June, 1.54; Sept., 1.49%: Nov., 1.49; Dec.,
1.48%. Today futures closed 1 point down throughout the
list.
Trading was exceedingly light, totaling only 10 lots.
Tn the New York spot market business was reported slow.
The price of crack double extra silk was unchanged at $1.63
a pound.
Yokohama Bourse prices were 1 to 3 yen lower.
Grade D silk outside was unchanged at 700 yen a bale.
Local closing: May, 1.55; July, 1.50%; Dec., 1.48%.
market declined
COTTON
Friday Night, May 13, 1938
as indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
16,918 bales, against 24,610 bales last week and 45,944
bales the previous week, making the total receipts since
Aug. 1, 1937, 6,927,363 bales, against 6,087,816 bales for
the same period of 1936-37, showing an increase since Aug. 1,
The
Movement of
1937 of 839,547 bales.
the
Crop,
Galveston
_
179
885
425
:.'_i
.
Corpus Christi __
•
281
669
382
:
v
■
40
536
Mobile
Savannah
Wilmington.
__
_
843
124
772
9
14
11
12
1
243
...
Charleston. .
Lake Charles
1,475
303
.
■*0
00
00
90
00
*,'*.
12
Baltimore
23
8
237
1,171
6
567
2,507
3,364
2,984
Bi itain
5
1
....
3,639
Totals this week.
~
16,918
3.857
the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
The following table shows
.
This
Since Aug
This
Week
1,1937
Week
Houston
—
Corpus Christi.
New Orleans
_
6", 109
.
1,602
Mobile.
Pensacola, &c_.
Jacksonville
Savannah
266
Charleston.:—
1,314
Lake Charles.
Wilmington
Norfolk
New York
5
.
6
__.
237
8,499
1,728
2,686
144,627
41,028
17,153
24,557
28,826
25,918
5,566
15,820
24,541
23,192
59,031
1,976
100
3,670
1,075
Boston
1,171
4,263
1,250
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
.....
Savannah.___
Brunswick
..
914
2*346
"""959
"211
4,500
.
^
"1,314
Charleston
24,761
27,949
37,300
7,380
3,857
19,856
4,993
22,345
2,103
3,133
5,107
11,140
266
Orleans.
Mobile.
11,027
9,176
13,366
2,454
1,686
2,845
3,938
13,555
1932-33
1933-34
1934-35
1935-36
2,273
3,895
6,109
1,602
Houston
New
1930-37
1937-38
Receipts at—
Galveston
342
809
107
428
104
'^3-k
6,032
326
18
6
291
17
63
237
326
924
221
526
739
All others
"1",216
"2",581
"""900
"'"740
"""491
9,952
Total this wk.
16,918
31,296
40,509
21,061
51,676
118,296
Wilmington.
Norfolk
N'port
_
...
News.
Slnce-Aug. 1.. 6,927,363 6,087,816 6,420,291 3,898,853 4,996,786 8,011,153
The
exports for the week ending this evening
reach
a
Great Britain,
3,302 to France, 1,802 to Germany, 8,513 to Italy, 9,840 to
Japan, 2,791 to China, and 10,569 to other destinations.
In the corresponding week last year total exports were
66,639 bales. For the season to date aggregate exports have
been 5,201,997 bales, against 4,944,038 bales in the same
period of the previous season.
Below are the exports for
total of 44,657 bales, of which 7,822 were to
the week:
May 13, 1938
Ger¬
Great
Exports from—
France
Britain
662
Galveston
1,083
2,070
China
1,831
2,307
250
1,540
484
Houston....—
Japan
Italy
many
Other
4,289
2,176
Total
11,712
4,980
232
6^932
5",360
1,227
T.ake Charles
Pensacola, &c—
700
"465
465
*270
Savannah......
Norfolk..
561
16,321
700
—
2,802
329
Corpus Christi.New Orleans-
270
"166
6,068
"280
—
280
"600
150
San Francisco
4~493
275
"725
2,790
Los Angeles
235
3,300
44,657
7,822
1937
Total
1936
—..
-
3,302
1,802
8,513
9,840
2,791
10,569
12,505
3,751
11,944
7,922
18,141
287
12,089
66,639
6,392
Total
Total
4,263
6,720
1,436
23,199
343
7,889
50,442
Exported to—
From
Aug. 1,1937 to
May 13, 1938
Great
Exports from—
Britain
Japan
China
Galveston
285,509 185,133
236,042 148,492
182,233
258,113 164,563
172,815 121,895
123,695
43,322 252,433 1333,164
27,605 201,629 1070,315
52,979
32,926
Houston
Ger¬
France
92,349
74,840
4,250
Corpus Christi
123
Italy
many
57,261
Total
Other
3,829
58,285
372,469
■
Beaumont
New
—
Orleans.
448,970 249,343
.
Mobile
24,335
6,805
97,440
Lake Charles
18,779
1,543
0000*0.0*
'
500
3,725
138,571 140,040
3,125
2,613
0.00
00
0-
24,821
-
~
"200
14,513
42,357
-0
8,598
4.143 200,195 1226,393
45,131
'0,
50
61,699
18,018
191,357
■
Jacksonville..
139
-
±*0
60
1,742
53,432
93,920
7,041
-
-
329
5,771
«.
_
158,774
"
Pensacola
Savannah....
53,281
177
41,059
'
-
-
-
-
101,064
Charleston
11.510
357
34,220
648
....
.
-
-
____
100
50,569
200
Wilmington..
1,000
1,200
1,621
34,614
2,235
16,927
7,861
'',0*00-00*.
13,282
'
Norfolk
5,861
4,369
22.343
Gulf port
7,194
5,341
2,157
New York
2,337
980
1,160
300
Boston
-
V
-
85
Baltimore
'
'
*
-
934
250
398
*.'■**.*
561
322
200
Los Angeles..
102,103
20,885
25,331
1,163
Francisco
25,252
100
10,863
San
Total...... 1551,316 731,999
Total
Total
0.
00
0,
w
1936-37 1100,137 689,232
1935-36 1240,136 655,902
NOTE—Exports to
-
-
w
~
v
V
-
00
'00-00*
.I*,
0000
7,031
7.894
2
485
2,127
3,481
138,976
6,457
78,294
373,209
66,258
3,435
73,084
178,992
50
50
....
;
•
10
286
01
271
'
-
27
00**.
Philadelphia..
Seattle
420
*
590.099
88,841 942,387 5201,997
687,808 341.805 1451,305
785,120 347.832 1430,086
36.515 863,768 5359.359
812,737 484,618
Canada—It has never been our
22,178 651,523 4944,038
practice to include in the
virtually
above table reports of cotton shipments to Canada, the reason being that
the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
all the cotton destined to
however, of the numerous inquiries we are receiving regarding the matter, we will
that for the month of March the exports to the Dominion the present season
have been 21,966 bales.
In the corresponding month of the preceding season
say
the exports were
were
15,020 bales.
For the eight months ended March 31, 1938, there
183,831 bales exported, as against 206,942 bales for the eight months of 1936-37.
""40
3,000
3,702
1,280
8,700
5,930
2,000
1,544
1,809
697,322
749,689
15,700
12,861
8,508
""22
1,185
__
5,802
.
4,465
8,937
19,959
.
2,721
3,726
7,982
3,458
9,938
16,196
34,403
28,013
was
3,809
2,991
1,569
737,528
144,627
41,028
49,699
28,826
121,612
38,254 2,570,331
52,510 1,391,284
63,205 1,658,005
moderately active, with prices showing
ity
and
show little
lower,
and
disposition to take the upward side.
13,000,0(30 bales barring
activity here
On
tending
with
the
There was
possible end-season carryover of American cotton
in excess of
ment
market
irregu¬
position of cotton so distinctly bearish, traders
statistical
talk of a
stock
the
an
With business activ¬
lar trend and limited to narrow range.
and
a
real upturn in textile
demand for American cotton
for ship¬
abroad.
the
7th inst.
The market
34,296 6,087,816 2,608,585 1,443,794
Totals..16,918 6,927,363
500
...
Other ports.
139,805
100
Baltimore
Siock
Total
-
Norfolk
week
409,434
298,939
29,094
17,365
406,235
59,346
4,390
713,022
762,550
47,111
16,761
746,036
50,884
..
2,068,993
207,999
76,818
3.615
125,721
190,646
78,872
27.495
54,272
1937
1938
2,845 1,689,085
3,938 1,277,094
283,839
16
23,046
13,555 1,950,756
291,632
4,500
529
93,744
60
3,886
914
131,613
2,346
164,500
55,997
"291
25,330
326
38,263
11,522
Beaumont.*
u'ise
Speculation in cotton for future delivery during the past
1,1936
2,273 1,869,201
3,895 1,790.033
40
398,984
Leaving
Coast-
Foreign
Savannah
Charleston
Mobile
Total 1937.
Since Aug
Galveston
1938
Stock
1936-37
1937-38
Other
many
1,904
2,021
1,123
Houston
New Orleans..
Total 1936.
Receipts to
May IZ
Ger¬
France
1,500
1,325
1,854
Galveston.
Total 1938..
with last year:
Shipboard Not Cleared far-
Great
1,314
19
....
.
I* .*
*.
2
163
On
May 13 at—
266
1,171
■*,0*0*0-
2
12
1
„—
Norfolk
6,109
1,602
14,
Jn addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named: •
40
—
358
5
653
0**,
00
657
•:-'i 6
1
'
'f
2,273
3,895
1,375
-'r*0-*0
*00
1,492
263
1,518
New Orleans....
276
341
v
Total
Fri.
70
438
847
......
.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
Houston
May
Financial Chronicle
3212
prices closed 3
to
4 points net lower.
opened steady at 1 to 3 points decline, which
only a partial response to disappointing cables from
Liverpool, where prices were 8 to 11 American points lower
than due. There was a moderate amount of foreign selling
in the local market, including hedges against foreign growths,
but on the whole the pressure from abroad was lighter and
the market during the greater part of the day displayed a
steady undertone.
Trade interests and scattered buying
supplied most of the demand. Offers from the South con¬
tinued light and Southern holders were not disposed to sell
at present prices, which are below the loan level.
At the
same time
they are not placing much cotton in the loan.
The official report by the Commodity Credit Corporation
showed that only 2,906 bales had been pledged in the loan
for the week ended Thursday, which brought the total to
5,340,194 pledged so far this season, including, however,
154,972 bales repossessed. Southern spot markets as offi¬
cially reported were unchanged to 4 points lower. On the
9th inst. prices closed unchanged to 4 points lower. In the
early trading the market showed losses of 6 to 7 points, due
to lower markets abroad and foreign selling.
Absence of
Southern selling and a better showing in the stock market
appeared to have a strengthening influence on cotton values,
and the market recovered most of its early losses. The lowest
quotations were made at the opening, when prices declined
as
a
result of undoing of Bombay spreads and hedging
against foreign growths. The selling was light and was well
absorbed by the trade and scattered buying.
Prices in the
American markets are generally above a parity with most
was
of the other world's markets, and the differences have
attracted considerable foreign selling. Bombay houses, which
long here on spreads, have been selling ana have not been
disposed to make further purchases. Southern spot markets
5 points lower to 2 points higher.
Average price of
middling at the 10 designated spot markets was 8.68c. On
the 10th inst. prices closed 4 points off to 3 points up. The
market in the early trading showed gains of 6 to 7 points,
but prices reacted and closed at the lows of the day.
The
market opened steady and 4 to 6 points net advance in
response to the steadier markets in Liverpool and Bombay,
and experienced early gains on local buying and trade pricefixing. Foreign orders were on both sides, but on the whole
there was less pressure from abroad than of late, and con¬
sequently the market failed to feel the influence of the
foreign selling.
Developments in May proved the out¬
standing feature. There were 11 May notices issued before
the opening, which continued to circulate until late, when
they were stopped by a spot house and a commission house.
This circulation resulted in active May liquidation and ex¬
changing to later months, and widened the May discount
under later months, May closing at 8.58c., or 9 points under
July, compared with a discount of 5 points at the close on
Monday. Average price of middling at the 10 designated
spot markets was 8.68c. On the 11th inst. prices closed 1 to
2 points net higher.
The market opened steady and 5 to 6
points off, prices giving way as a result of lower Liverpool
cables and foreign selling.
Sales were principally for Liver¬
pool account on differences and hedging against foreign
growths, apparently by Brazil. There were it May notices
issued, but they circulated less widely than wras the case on.
Tuesday, tvhen 11 notices were issued. After the foreign
selling ceased, a steadier tone developed. Offers were well
absorbed by the trade and by New Orleans and local opera¬
tors.
New outside buying was small, but there was demand
for late positions from commission houses, and there was
comment on the readiness with which the foreign selling and
are
were
liquidation was absorbed.
Offers from the South wrere
negligible.
Southern spot markets, as officially reported,
were unchanged to 5 points higher.
Average price of middling
at the 10 designated spot markets was 8.69c.
Volume
Financial
146
1 points down, with
On the 12th inst. prices closed 4 to
exception of May, which closed 7 points net higher.
Trading was quiet, with the market holding steady during
most of the session.
Prices started 4 to 5 points higher.
3213
Chronicle
Option for—
Range Since Beginning of Option
Range for Week
the
supported by the Continent and Liverpool,
some buying by trade houses.
The
The market was
and
also
there
was
July option was sold by Brazilian houses.
The Far East,
New Orleans and the South sold the July and October
positions.
Futures on the Liverpool Exchange advanced
1 to 2 points in sympathy with steadier, markets abroad and
some Bombay and professional buying.
There was a lack
of speculative interest.
The New York Cotton Exchange
estimated the total consumption of all cotton in the United
States during April at 425,000 bales.
This compares with
511,000 bales in March and 719,000 bales in April last year.
Open interest in May cotton on the New York Cotton Ex¬
change yesterday aggregated 15,200 bales, a decrease of
5,600 bales from the previous day.
Today prices closed 2 to 12 points net higher.
After sev¬
eral days of irregular movements, prices for cotton futures
displayed a strong tone throughout the course of the day's
dealings, in a limited volume of sales.
The chief reason
senti¬
for the better trend was believed to be the favorable
largely by
that the
Works Progress Administration would
purchase an ad¬
ditional 40,000,000 yards of cotton goods.
A short time
before the close of the business period active positions
showed advances of 10 to 14 points from the closing levels
of the previous day.
The market opened quiet but steady,
with futures 1 to 4 points net higher.
Short covering in
ment
at
Worth
Administrator
Street,
which
encouraged
was
Hopkins's
Harry
announcement
the May contract was continued,
New
connections.
crops
Ten
sold
were
May
Brazilian
houses with
issued in
by
notices
local
the
were
market.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Premiums and
Mon.
Tues.
8.67
Sat.
8.67
8.71
8.61
May
8.78 May 13
8.67
Fri.
Wed. THurs.
8.68
Discounts for Grade and
8.76
8.65
Sept. 1938
Oct.
and
staple in relation to the base grade, Middling
established
for deliveries on contract on May 19, 1938.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over %-inch cotton at the 10 markets on May 12.
-
W
-
-
-
«
..
" i.
K
15-16
1 In. dk
K
15-16
Inch
Longer
Inch
Inch
Yhiie—
1 In
<fc
Longer
St. Good Mid..
.58 on
Good Mid
.51
on
.76
on
Good Mid
.89 pn 1.11 on
.83 on 1.05 on
.64 on
St. Mid
.34
Mid
Basis
St. Low Mid
on
.31
on
.53 on
on
.35
St. Mid
.06 off
.14
on
.98 on
Mid
.66 off
.46 off
.61
on
.82
•St. Low Mid— 1.48 off 1.40 off 1.33 off
.26
on
.46 on
.61 off
on
♦Low Mid
.36 off, .18 off
1.40 oft 1.30 off 1.24 off
Low Mid
.10
on
.25 off
2.29 off 2.24 off 2.19 off
Tinged—
Good Mid
.48 off
.32 off
.15 off
.75 off
.58 off
.42 off
•St. Good Ord. 2.22 off 2.17 off 2.12 off
St. Mid
•Good Ord
♦Mid
1.54 off 1.44 off 1.36 off
♦St
2.32 off 2.27 off 2.21 off
2.80 off 2.77 Off 2.76 off
Extra WhUe—
.51
on
.76
on
.98 on
St. Mid
.34
on
.61
on
.82
on
Mid
Even
.26 on
.46
on
.61 off
.36 off
.18 off
Good Mid
St. Low Mid
—
♦Low Mid
v.,; ,-r..
1.19 off 1.05 off
♦St. Mid
1.68 off 1.61 off 1.54 off
♦Mid
2.41 off 2.35 off 2.30 off
Good Ord. 2.22 off 2.17 off 2.12 off
Good Ord.,— 2.80 off 2.77 off 2.76 off
•St.
•
2.91 off.2.86 off 2.83 off
Yel. Stained—
Good Mid
1.40 off 1.30 off 1.24 off
Low Mid
Low Mid..
Gray.57 off
.38 off
.19 Off
.81 off
Good Mld
St. Mid...
.60 off
.43 off
1.41 off 1.30 off 1.22 off
♦Mid
*
.61 off
Not deliverable on future contract
9
8.82 May 13
8.66
Dec.
1938
Jan.
May
9
8.85
May
8.68 May
1939..
Feb.
9
8.84
May 13
—
Mar. 1939-
Apr.
~8?74 May"~9
at
Monday
Tuesday
May 7
May 9
May 10
Wednesday
May 11
Thursday
May 12
8.53- 8.63
8.62- 8.68
8.60
Range..
8.63- 8.65
8.57- 8.62
8.58-
8.63- 8.64
8.62
8.58?7
8.69
Feb.
23 1938
9.51
Feb.
23 1938
7 1938
8*62 Marl 23*1938 ~9?2~0 Apr.~29~1938
Open
Contracts
New York
May 9
May 7
May 6
May 10 May 11 May 12
May 12
*13,200
5,100
700
2,400
11,300
9,100
5,900
July
30,500
12,600
27,000
43,200
41,800
24,900
939,800
October
35,800
11,700
23,100
19,600
24,200
20,200
619,000
32.500
6,000
12,600
13,700
12,900
12,100
361,100
May (1938)
Decern ber.
—
January (1939)
4,100
—
..
1,600
3,400
3,400
3.000
8,000
.
M arch
5,200
11,000
11,200
1,000
128,200
8,700
11,400
219,900
..'
Inactive months—
September (1938)
...
——
—
■./:
37,800
70,6Qp
May 5
.
102,400 102,400
May 6
Total all futures-. 116,000
100
;
72,800 2,281,300
Open
'V-.
Contracts
New
Orleans
May 4
550
350
650
400
100
150
4,050
3,850
4,800
7,550
2,850
7,950
4,600
132,600
3,850
6,950
9,300
2,800
5,650
5,250
143,750
3,100
4,700
2,350
600
1,850
1,250
51,050
700
1,300
May (1938)
July.
October
.
December
January
—;
(1939).-
—
—...
_
......
—
20.150
16.050
11.650
Total all futures....
*
-
650
200
300
——
,
100
150
•
—
inactive months.
All
May 10
May 10
May 9
May 7
7,300
4,450
---
18,300
—
-—
16.250
.—
353.950
12,550
which notices have been issued, leaving net open
Includes 3,000 bales against
contracts of 10,200 bales.
The Visible Supply of
Cotton tonight, as made up by
Foreign stocks as well
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
cable and
as
afloat
telegraph, is
as
follows.
this week's returns, and consequently all
are
only.
1935
634,000
71,000
25,000
10,000
7,000
705,000
220,000
165,000
16,000
72,000
67,000
9,000
4,000
705,000
227,000
117,000
21,000
68,000
57,000
500,000
553,000
507,000
1937
786,000
144,000
1,196,000
230,000
282,000
10,000
930,000
220,000
224,000
14,000
59,000
18,000
11,000
610.000
19.38
__-bales. 1,030,000
Total Great Britain
-
—
Stock at Havre.
1936
610,000
95,000
166,000
May 14—
Stock at Manchester—
-
Stock at Rotterdam
—-
Stock at Barcelona
-
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
.
Total Continental Stocks—-.—
$.000
8,000
1,430,000 1,258,000 1,212,000
128,000
180,000
124,000
195,000
165,000
178,000
American cotton afloat for Europe
148,000
144,000
119,000
123,000
Egypt, Brazil,&c.,afl't for Europe 127,000
246,000
261,000
210,000
Stock in Alexandria, Egypt
—
387,000
813,000
894,000
Stock in Bombay, India
-1,215,000 1,230,000
Stock in U. S. ports—
—2,608.585 1,443,794 1,721,210 1,783,895
Stock in U. S. interior towns
2,237,238 1,206,606 1,693,071 1,345,933
6,184
17,015
3,694
U. S. exports today
12,609
Total European stocks
-1,806,000
India cotton afloat for Europe—_
73,000
8,614,432 5,949,094 6,308,296 6,874,012
Total visible supply.—
American and other descriptions are as
--i'.v:
•'.*
v
-bales-
Liverpool stock..
Manchester stock
-
------
677,000
124,000
;
277 ,000
,000
63,000
48
,000
257,000
195,000
inr'nnn
io2 ,000
stock.------67,000
American afloat for Europe
148,000
U, S. port stock
2,608,585
U! S. interior stock
2'2?Z'12g
U. S. exports today
— 12,609
25,000
178,000
103 ,000
165 ,000
i§£'r!nn
follows*
.
342,000
138
214,000
41,000
177,000
101,000
97,000
8.67
May 13
jl/ay(1938)
Closing.
9.50
8.57 Apr.
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Bremen stock
Friday
23 1938.
Mar. 23 1938
8.55
13
8~92 May"l3
Havre stock
Saturday
18 1938
Feb.
1939-
Annwitnn—'—'
highest, lowest and closing prices
New York for the past week have been as follows:
Feb.
9.48
1939-
Of the above, totals of
Futures—The
9.39
4 1937
7.85 Nov.
8.62 May
Stock at Bremen
Spotted—
Mid. Fair
Oct.
_
—
1938—
Stock at Liverpool
Inch
Mar. 12 1938
9.63
9
Nov. 1938
Staple—The
table below gives the premiums and discounts for grade
13
1938.-
July 1938—
Aug. 1938—
March-
May 7 to May 13—
Middling upland
May 11
May
8 1937 12.96 Mar. 21 1937
Aug. 27 1937 11.36 July 27 1937
Oct.
8 1937 11.36 July 27 1937
7.60
8.53
and there also was some
selling in the July and December deliveries by leading spot
houses.
June
7.65
8.90
May 1938—
8.62- 8.71
Other Continental
l'20M9S
3,694
17
1,783,895
1,345,933
,015
6,184
-6,313,432 3,619,094 4,342,296
Total American
June—
195,000
1,443,794 1,721 ;210
,071
Range—
8.65 n
8.647?
8.627?
8.647?
8.667?
8.73??
Range..
8.63- 8.70
8.61- 8.67
8.67- 8.76
8.61- 8.69
8.65- 8.73
8.68-8.78
Bremen stock
Closing.
8.67
8.67
8.67
8.68
8.65-
8.76
8.67 n
8.677?
8.687?
8.697?
8.667?
....
Manchester
8.66
Aug.—
Other
444,000
333.000
42,000
48,000
25,000
31,000
73,000
81,000
31.000
124,000
47,000
41,000
27,000
04,000
180,000
127,000
387,000
123,000
210,000
8.68w
8.67t?
Range..
8.64- 8.74
8.62-
8.697?
8.707?
8.70- 8.76
8.64-
Closing.
8.69- 8.70
8.68
8.70
8.70 n
8.6972
Range..
8.70- 8.77
Closing.
8.72
8.677?
8.71- 8.82
8.71
8.68- 8.69
8.72;?
8.737?
8.7072
8.82 ??
8.66- 8.71
8.74- 8.80
8.67-
8.72- 8.80
8.74-
8.71
8.74- 8.75
8.76
8.72
8.69- 8.75
8.73-
8.76t?
8.73
8.797?
8.77t?
8.74- 8.83
8.81-
8.82-
8.81
8.69
8.73
supply-- ——
Middling uplands,
Middling uplands.
Dec.—
—
Range.
.
8.77- 8.77
8.68- 8.71
8.74-
Closing
.
8.74T?
8.72t?
8.75t?
8.85
8.78
8.84
8.81
8.74-
8.84
8.857?
Feb.—
Range..
Closing.
8.74t?
8.77t?
8.77 t?
8,887?
Mar.—
Range..
8.77-
Closing
8.81
.
8.84
—
119.000
261.000
894,000
2,301,000 2,330,000 1,966,000
6,313,432 3,619,094 4,342,296
1.913,000
3,961.012
8,614.432 5,949,094 6,308,296
Liverpool
New York
Sakel, Liverpool
Liverpool ——- — Peruvian Tanguis, g'd fair, L pool
C.P.Oomra No.l staple,s fine, Liv
Egypt, good
8.76
Jan.il 939)
8.74-
8.78
8.80-
8.77-
8.78
8.80
8.86
—
8.83
8.86
—
8.81-
8.92
8.91,
April—
Range..
7?
India, &c
Total American—-—-Total visible
.
Range..
Closing
1,215,000 1,230,000
8.80- 8.81
Total East
Closing.
-
08,000
29,000
8.78??
8.68- 8.76
Oct.—
Nov.—'
Continental stock
Europe
H
Range..
.
----------------
Egypt, Brazil, &c., afloat
in Alexandria, Egypt
Stock in Bombay, India
8.77??
Sept.—
Closing
stock
Indian afloat for
Range..
Closing.
A-
353.000
HarasS——"
Closing.
July—
.
Nominal.
for future prices at New York for week ending
May 13. 1938, and since trading began on each option:
Range
Broach, fine,
4.77d.
7.12d.
6.56d.
5,874,012
6.90d.
8.76c.
8.85d.
4.06d.
13.18c.
12.10d.
11.73c.
12.50c.
9.48d.
6.02d.
5.20d.
8.83d.
6.08d.
5.87d.
8.67d.
5.92d.
4.13d.
been 94,000 bales.
decrease from last
week of 46,673 bales, a gain of 2,665,338 over 1937, an
increase of
2,306,136
bales over 1936, and a gain of
2,740,420 bales from 1935.
Continental imports for past week have
The above figures for 1938 shows a
the
Aug. 1, the shipments for
and the same items for the
corresponding period of the previous year—is set out in
At
the
Interior
Towns
the movement—that is,
receipts for the week and since
the week and the stocks tonight,
detail below:
Financial
3214
May
Chronicle
previous
Movement into sight in
Movement to May 13, 1938
Movement to May 14, 1937
Ship¬
Stocks
ments
May
Week
13
Receipts
Season
Week
65,120
160
Ala., Iiirm'am
Stocks
ments
May
Week
14
Season
Week
35,178
8,153
51,360
58,938
1,438
91,555
2,767
Ship¬
Receipts
46
79,378
9,284
2,212
4
52
7,916
18
52,080
1,673
37,807
0
55,259
168,034
2,515
32,335
973
40,780
32,495
262
281
12,059
135
52,377
37
69,133
70
170,895
60,322
600
187
341
26,573
19
100,996
677
34,343
98
6
65,859
36,512
101
24,384
24,208
89,925
58
54,549
81
5,742
15
19,607
493
763
189,495
3.178
8,212
41,617
Ark.,Blythev.
Forest City
Helena
....
Hope
-
3
Jones boro—
7
185,882
62,090
Bluff-
PJne
'
Walnut Rge
"85
Ga., Albany..
124
46.324
369
:
«
•
145,259
mmm'm
Rock
Little
Newport...
147
-
27,904
21,489
„
218
»
-
~
14.513
21,004
2,004
4,329
600
17,325
300
36,100
33,590
701
168,696
3,139
133,147
Col urn bus.-
800
30,350
1,000
Macon
no
385
35
16,772
mm'mm
16
147,210
564
253
258,961
1,848
52,491
45,158
858
25,104
Houston
500
24,717
3,542
Dallas
163,944
193
395
6,591
8.84
8.81
8.91
8.57
8 57
8.58
8.55
8.66
8.82
8.82
8.83
8.95
8.95
8.80
8.95
8.91
8.95
8.70
8.97
8.65
8.70
8.70
8.80
8.97
8.70
8.98
8.95
8.55
8.65
8.75
8.55
9.06
8.85
8.65
Little Rock—
703
Fort Worth.-.
60,435
Miss,, Clarksd
Montgomery-.
Augusta
21,158
100,158
21,919
La., Shrevep't
8.61
8.84
8.97
8.65
Memphis
1,127
8.50
8.70
Norfolk..----.
156,720
85,950
8.52
8.55
57
1,876
Augusta
Columbus..
87
40,175
1,033
30,390
47
38,784
1,714
388
300,150
2,673
119
260,678
1,204
12,960
22
65,560
253
62,677
25,301
354
62,138
807
8,347
10,802
72
905
8.55
8.55
8 55
850
8.50
8.55
8.50
8.60
8.32
8.32
8.32
8.33
8.30
8.41
8.32
....
8.32
8.32
8.33
8.30
8.41
23,970
Greenwood.
Friday
8,52
8.84
8.52
8.57
8.82
8.95
New Orleans..
10,750
11,839
2,899
46,610
17,721
46
1-3,440
32,699
180,378
.
993
46,184
29,342
351,798
195,125
460
2,834
Wed'day Thursday
Tuesday
Monday
8.50
8.82
Galveston
14
45,331
228,611
...
6,806
m
28
22
Rome..
m
Saturday
May 13
Mobile
Savannah
2,077
...
mm
Closing Quotations for Middling Cotton onWeek Ended
140,195
-
Atlanta,...
Athens
1933-
143,147
of the week:
34,500
187
17,396
256
66,720
31,816
16,734
1,135
12,584,631
8,474,403
12,101,333
-
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
0,688
4
Montgom 'y
Selma
Bales
1935
1934—
2,897
60,261
26,762
Eufaula..—
558
years:
Since Aug. 1—
Bales
Week—
1936—May 15
1935—May 18
1934—May J9—
1938
14,
Jackson
20,680
157
39,161
195
1,900
2
51,387
104
2,142
4,009
3,879
307,809
3,879
3,296
1
18,830
Vicksburg..
58
52,018
899
13,453
Yazoo
11
76,061
376
27,523
183,370
2,419
Natchez
City
Mo., St. Louis
N.C., Gr'boro
2,350
Contract Market—The closing quotations
for leading contracts in the New Orleans cotton market for
New Orleans
1,262
104
8,378
110
3,754
412
9,911
126
2,842
422
521,411
1,969
3,072
23,693
145,956
197
176,390
1,398
4,246
220,524
138,453
1,912
16,210 2586,147
3
45,981
S. C., Gr'vJIIe
Tenn.,
Mem's
Texas, Abilene
88,964
m m
-
4
7,541
1,446
m
4,556
84,026
30,070
370,697
3.811
36
16,244
591,393
23
18,009
Austin
83
2,246
349
21
13,953
45
2,360
6,405
1
122
Brenham
114,061
168
34,467
159
82,406
529
1,385
5,835
23,287
70
71,443
157
720
..
Dallas
Paris
:
■
Robstown..
m m
93,398
m
-
-
-
2
-
41,906
-
•
-
-
-
~
689
1
95
90,700
Texarkana.
«
-
m
7,639
Waco
m
•
15,661
m'-m.
San Antonio
*
13,701
44
8,952
153
19,028
55
35,099
186
2,615
13,597
64
3
79,538
34
702
27,330 6464.626
53,883 2237,238
30.078 5917.351
78,851 1206,606
totals
above
show
that
the
May
8.71fr-8.74a 8.735-8.75a 8.745-8.76a
July-
week last year.
1938—.
1937
1936...
1935—.
—
1934—.
1933
8.76c.
.13.12c.
.11.63c.
.
.12.25c.
.11.45c.
.
1932—.
1931
—
.
.
.
8.87c.
5.65c.
9.75c.
Quotations for 32 Years
1922
16.55c.
19.80c.
21.85c.
1927-—15.75c.
1926.
18.85c.
1925
22.20c.
1924
-31.55c.
1923
25.45c.
8.81
8.78
1920-
20.15c.
12.65c.
41.30c.
29.50c.
1913
1912
1911
19181917-
28.20c.
20.15c.
1910
1909
8.83
8.83
8.85
1908
1907
8.86
8.85
8.86
8.88
(1939)
8.88
8.87
8.88
8.90
8.92
8.92
8 94
8.93
—
1916-
.
—
1915-
1914
9.85c.
8.94
November
Jan.
February
8.855-8.86a
8.96
—
8.87
8.98
—
8 92
9.04
—
.
—
Tone—
Quiet.
Steady.
Dull.
Steady.
Steady.
-
-
Quiet.
Steady.
Steady.
Census
Report
Cottonseed
on
Bureau of the
12 the
May
Very quiet.
Quiet.
Steady.
Oil
Steady.
Production—On
Census issued the following
showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
statement
and
hand
exported for nine months ended April 30,
—11.30c.
.
8.88
8.84
8.85
December-
October
--16.05c.
13.05c.
1921
8.805-8.83a
1938 and 1937:
1919.
1930
1929
1928
8.82
September
on
New York
8.72
8.80-8.81
have
stocks
during- the week 26,553 bales and are tonight
1,030,632 bales more than at the same period last year.
The
receipts at all the towns have been 2,748 bales less than
same
Friday
May 13
August
decreased
the
8.74
8.79
-- -
.
Options..
interior
Thursday
May 12
May 11
Apr. (1938)
Spot
Includes the combined totals of 15 towns In Oklahoma.
The
May 10
June..—
March----
Total, 56 towns
Wednesday
Tuesday
May 9
Saturday
May 7
OklahomalS towns *.
Monday
60,769
11,318 2505,017
week have been as follows:
the past
--13.20c.
-_12.10c.
COTTON SEED
CRUSHED, AND ON HAND
RECEIVED.
(TONS)
--11.65c.
Received at Mills*
Aug. 1 to April 30
-,16.00c.
—
Crushed
Aug. 1 to April 30
On Hand at Mills
April 30
Slate
11.30c.
1937
1938
1938
1937
1938
1937
--11.95c.
423,962
Alabama
330,699
404,504
328,125
19,739
3,291
613,391
442,933
541,519
426,627
71,756
16.932
California
Market and Sales at New York
288,956
173,785
207,945
151,786
86,479
23,107
15,122
Arkansas
—
Georgia-.-
.
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
...
...
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
3 pts. dec..
unchanged.
unchanged1 pt. adv
3 pts. dec_.
11 pts. dec.
Spot
Total
,453,409
231,112
37,986
271,253
7,450
1,981
817,635
858,139
745,813
73,858
North Carolina
284,859
231,090
275.068
229,663
144,335
10,202
275,244
1,575
934
South Carolina
Steady
Steady
Steady.
Steady
Steady
Steady
Contr 'ct
563,637
231,419
994,508
274,255
218,313
269,921
218.127
4,984
1,371
Tennessee-...
Closed
466,889
278,499
Oklahoma.-.-.---.
SALES
Market
599.295
Louisiana.—,—.
Mississippi..
Futures
Spot Market
428.014
352,933
404,990
23,437
7,747
1,665,740
905,477
1,535,358
345,997
906,424
153,254
8.929
266,443
161,906
233,244
160.820
33,795
1,357
6,393,166 4,415,982 5,839,749 4,280,927
594,992
156,746
"300
"300
200
500
200
200
*mmm
m
Texas
...
All other States
m
200
United States
*
Includes seed destroyed at mills but not 42,394 tons and 21,926 tons on hand
Aug. 1
133,862 tons and 82,779 tons reshipped for 1938 and 1937, respectively.
nor
COTTONSEED
PRODUCTS
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
1937-38
On Hand
Via Virginia points
Via other routes, &c
Since
Week
181,966
119,931
3,879
1,325
75
3,000
5,672
360
472
1,266
11,938
149,331
835,882
5,566
8,877
306,795
149,342
5,044
9,001
199,461
650,481
.17,048
1,295,782
20,479
1,320,124
—
April 30
1,171
...
22,980
8,814
262,854
9,004
7,406
294,648
11,377
508,661
9,642
.
.
*
AND
ON
On Hand
Aug. 1 to
April 30
April 30
fi.
*11,141,266 1,797,603,640 1,752,378,786
19,191,508 1,292,718,670 1,286,198,554
1937-38
a441,052,343 51510 937,491
1936-37
318,873,305 1,182,516,616
2,603,141
41,952
65,053
1,923,688
mmmmmmrnm
*133,010,043
67,788,768
a600,340,454
'
Cake
and
meal,!
1937-38
tons...
1
1936-37
2,360,521
588,058,091
284,572
1,887,319
101,422
.
175,984
500-J
1,364,004
23,893
1,089.369
1,017,899
95,363
1937-38
61,547
1,348,218
856,113
553.652
43,819
1,065,814
959,285
150,348
1937-38
1,828
58,619
29,506
30,941
88
44,460
42,036
2,512
1937-38
7,379
72,108
32,652
46,835
1936-37
fiber,
lb. bales.
1,496,566
1936-37
bales
43,422
1936-37
Linters, running!
1937-38
1936-37
Hulls, tons.-...
2,991
49,677
41,606
11,062
Grabbots, motes.j
.
Leaving total net overland *
1937-38
1936-37
Refined oil, lbs.
Hull
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
lbs...,
Aug. 1
2,419
1,350
Via Louisville
Crude oil,
OUT
Shipped Out
Aug. 1 to
Aug. 1
Season
Item
1936-37
Since
Aug. I
SHIPPED
HAND
Produced
telegraphic
The results for the week and since
Aug. 1 in the last two years are as follows:
Week
MANUFACTURED,
,
reports Friday night.
Via Mounds, &c
Via Rock Island
83,024
500
■
1,200
1,200
45,628 147,300 192,928
Since Aug. 1
Via St. Louis
274,171
_____
Total week.
May 14—
Shipped—
82.903
2,117
1,001,134
9,102
811,463.
243
5,992
1,976
397
59,031
12,346
437,284
&c.,
bales
*
Includes 4,272,188 and 58,042,381 pounds held by refining and manufacturing
establishments and 4,369,480 and 27,243,210 pounds in transit to refiners and
consumers
Aug. 1,
Includes
a
and
and
1937, and April 30,
13,349,453
warehousemen
ments
Including movement by rail to Canada.
500-lb.<
at
7,957,878
and
8,349,736
1938, respectively.
pounds held by refiners, brokers,
agents,
other than refineries and manufacturing establish¬
2,705,760 pounds in transit to manufacturers of lard
places
and
substitute, oleomargarine, soap, &c., Aug. 1, 1937 and April 30, 1938, respectvely.
The
foregoing shows the week's net overland movement
year has been
9,642 bales, against 9,102 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year apo
of 189,671 bales.
*
S
this
1937-38In Sight and Spinners'
Takings
Since
Week
Receipts at ports to May 13
16,918
Net overland to May 13
—'
9,642
South'n consumption to May 13--100,000
Total
marketed
-.126,560
Interior stocks in excess
*26,553
Excess of Southern mill takings
over consumption to April 1
Came into sight during week
Total in sight May 13
North, spinn's' takings to May 13*
Decrease.
1936-37„
Aug. 1
Aug. 1
31,296
6,087,816
6,927,363
1,001,134
4,320,000
9.102
160,000
811,463
5,705,000
12,248,497
1,485,907
200,398
*48,773
AND
1,657,299,011 pounds of crude oil.
IMPORTS
OF
COTTONSEED
MONTHS ENDED
PRODUCTS
,
529,911
22,543
1,082,395
151,625
14,264,315
1,098,258
13,709,217
24,080
FOR
EIGHT
MARCH 31
1937
1938
Item
2,202,686
Cake and meal, tons of 2,000 pounds
178,789
4,337,600
82,881
199,476
Exports—Oil, crude, pounds
Oil, reflnded, pounds
1,531,083
*42,912
14,554,259
86,262.322
12,604,279
100,007
11,901
Since
Week
b Produced from
EXPORTS
Llnters, running bales
Imports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2.000 pounds—
*28,208,849
4,004
176,971
*
Amounts for April not
directly
for
3,531
18,446
10,679
36.498
included above are 4,971,251 pounds refined "entered
consumption,"
2,912.817
refined
"withdrawn
from
warehouse
for
consumption," and 1,340,689 refined "entered directly into warehouse."
Cotton
Loans
of
CCC
Aggregated
$233,279,029
on
5,340,194 Bales Through May 5—The Commodity Credit
1,561,681
Corporation announced on May 6 that "Advices of Cotton
it through May 5, 1938, showed loans
Loans" received by
Volume
Financial
146
disbursed by
the Corporation and lending agencies of $233,-
279,029.04 on 5,340,194 bales of cotton.
This includes
loans of $6,494,812.89 on 154,972 bales which have been
paid and the cotton released.
The loans averaged 8.39
cents per
pound.
■
Figures showing the number of bales
been made by States are given below:
State
Missouri.
-.124,121
...
New Mexico
Arkansas
564,645
65,664
California
Florida
993
North Carolina—
Oklahoma
South Carolina...
Tennessee
Georgia
439,544
Louisiana
290,748
Texas
Mississippi
577,900
Virginia----.
—
48,612
116,610
84,605
251,993
276,927
1,632,709
9,627
——
Telegraph—Reports to us by telegraph this
evening denote that Oklahoma reports planting retarded by
general rains.
Planting is at a standstill in Texas because
of wet soil and growth of early cotton is slow due to cool
weather, although its general condition continues fair to
good.
In the eastern belt indications are that conditions
Returns by
favorable for cotton.
are
from which statistics
sources
obtainable; also the takings
sight for the like period:
Cotton
76,778
-^778,718
Arizona.
from all
seasons
are
"
State
Bales
Alabama
for the last two
amounts
or
1936-37
1937-38
Takings,
out of
gone
Week and Season
wrhich loans have
on
3215
Chronicle
Visible supply May 6
Visible supply Aug. 1
Season
Week
Season
Week
6,089,191
8,661,105
4,339.022
4,899*258
100,607
14,264,315
151*625 13,709,217
65,000
American in sight to May 13Bombay receipts to May 12
Other India ship'ts to May 12
Alexandria receipts to May 11
Other supply to May 11*5_„
2,136,000
507,000
1,886,200
417,000
—
3,000
34,000
12,000
Total supply
8,875,112 23,549,537
Deduct—
Visible supply May 13
8,614,432
8,614,432
Total takings to May 13 a
Of which American
Of which other
29,000
2,749,000
60,000
2,800
1,818,000
10,000
482,000
972,000
6,342,616 24,629,475
5,949,094
5,949,094
393,522 18,680,381
272,722 13,181,381
120,800
5,499,000
260,680 14,935,105
201,680 10,368,305
59,000 4,566,800
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,320,000 bales in 1937-38 and 5.705,000 bales in 1936-37—
takings not being available—and the aggregate amount taken by Northern
foreign spinners, 10,615,105 bales in 1937-38 and 12,975,381 bales in
1936-37, of which 6,048.305 bales and 7,476,381 bales American, b Est.
and
■Thermometer-
Days
Rainfall
Inches
High
Low
Mean
Texas—Galveston
5
3.57
80
1
0.30
86
Austin
2
0.07
86
62
34
58
71
Amarillo
Abilene
2
0.90
86
42
72
64
Rain
India
Movement from All Ports—The
Cotton
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
60
of Indian cotton at
Brenham
4
1.84
90
52
71
Brownsville
3
56
72
1
0.38
0.86
88
Corpus Christi
84
62
73
Dallas
2
1.09
86
44
65
El Paso
1
0.02
86
48
67
88
40
64
May 12
64
Receipts-
Henrietta
dry
Kerrville
3
3
::
44
84
84
0.76
1.84
3
Lampasas
Luling
Nacogdoches
42
Week
1935-36
1936-37.
Since
Since
Since
63
50
1937-38
Week
Aug. 1
Week
Aug. 1
Aug. 1
70
1.26
90
46
4
1.06
0.47
84
Palestine
86
48
67
Paris
3
0.36
88
42
65
0.40
88
3
Bombay
65
65,000
San Antonio
4
54
71
Since Aug. 1
Exports
Taylor
3
1.68
88
46
67
from—•
1
0.40
86
40
63
1
2.00
78
89
48
63
45
67
83,000 2,587,000
29,000 2,749.000
J,136.000
For the Week
Weatherford
Oklahoma—Oklahoma City
Arkansas—Eldorado
dry
Little Rock
84
46
65
___
2
China
Total
1,000
21,000
Japan &
nent
China
25,000
5L000
Conti¬
Britain
Jap'n&
nent
7*666
1937-38—
84
48
66
58*666
1936-37-
87
83
53
70
1935-36-
dry
Pine Bluff
Great
Conti¬
Total
Bombay—
0.30
0.27
2.38
2
Fort Smith
Great
Britain
627,000
866,000
39,000
200,000
68,000
3,000
315,000 1209.000 1592,000
97,000
338,000 1096,000 1531,000
Louisiana—Alexandria
Amite..
2
53
68
Other India-
50
3,000
175,000
332,000
507,000
82
62
68
72
3,000
1
0.01
0.54
85
New Orleans
1936-37-
20*666
40,000
60,000
380,000
592,000
972,000
Shreveport
Mississippi—Meridian
Vicksburg
1
0.12
88
50
69
1935-36-
6,000
4,000
10,000
311,000
511,000
822,000
82
50
66
86
52
69
Alabama—Mobile
1
83
55
70
1937-38-
3,000
4.0C0
28,000
214,000
532,000
627.000 1373,000
84
50
67
1936-37-
20,000
40,000
60,000
448,000
82
54
68
1935-36-
6,000
11,000
68,000
408,000
907,000 1209,000 2564,000
849,000 1096,000 2353,000
1
-
dry
dry
0.39
0.40
1
Birmingham
Montgomery
dry
0.28
88
58
3
1.58
86
66
76
Pensacola
1
0.20
80
1
1.26
88
58
66
77
0.48
89
Total all—
21,000
51*666
73
Miami
1937-38-
1
Florida—Jacksonville
Tampa
Georgia—Savannah
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
36,000 bales.
Exports from all India ports record a decrease
of 32,000 bales during the week, and since Aug. 1 show a
decrease of 1,191,000 bales.
69
57
73
86
50
1
0.18
88
54
68
71
—1
Carolina—Charleston.
2
0.02
84
52
68
0.33
89
60
81
2
0.29
87
70
Columbia
1
0.97
88
53
50
Conway
1
94
51
1
0.53
0.28
80
44
73
62
2
0.40
increase
68
3
Atlanta
dry
Augusta
Macon
South
Greenwood
_
North Carolina—Asheville
I
Charlotte
Nashville
50
86
50
54
71
86
52
0.38
84
48
66
1.28
80
46
ceive weekly a
68
88
0.60
3
Tennessee—Memphis.
Chattanooga
86
1.03
0.16
2
1
2
1
Raleigh
Wilmington
Receipts and Shipments—We now re¬
cable of the movements of cotton at Aleandria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria
69
63
69
1937-38
1936-37
1935-36
170,000
9,493,074
14,000
8,777,908
50,000
8,143,398
Alexandria, Egypt,
May 11
The following statement
has also been received by tele¬
graph, showing the height of rivers at the points named at
8
a.
m.
Receipts (centars)—
This week
of the dates given:
Since Aug.
May 13, 1938
Feet
.Above
zero
Above
New Orleans
zero
of gauge.
of gaugeAbove zero of gauge.
Above zero of gauge.
Memphis
Nashville-
1
May 14, 1937
Feet
13.2
13.7
34.7
11.3
25.7
Week
Exports (Bales)—
Aug.
1
This
Since
This
Since
This
11.5
Week
Week
1
Aug.
Since
Aug.
1
To America
Shreveport
..Above
Vicksbure.,.
zero
of gauge.
14.2
32.9
figures
Receipts at Ports
1937
1936
Stocks at Interior Towns
1938
1937
1936
1937
11 were
24,000 bales.
Market—Our report received by cable to¬
Manchester
Receipts from Plantations
1938
28,000 934,246
night from Manchester states the market in both yarns
and in cloths is steady.
Demand for both yarn and cloth is
End.
1938
170000 1057826
170,000 cantars and the foreign shipments were
*
Week
24,000 963,899
&c
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended May
do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop Avhich finally reaches the market through the outports.
The
5,000 182,656
7,000 138,895
15,000 578,414
1,000 34,281
To Continent & India
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
177,426
4*666 186,412
12,000 653,426
.1,000 40,562
Total exports
8.4
22.7
166,688
153,184
23*666 625,750
1,000 24,277
To Liverpool
To Manchester,
poor.
We give prices today below and leave those
vious weeks of this and last year for comparison:
1936
for pre¬
Feb
11.
112.608
57,820
101,785
82,257
63,630 2575.215 1952,548 2158,658 135,433
56,534 2570,224 1926.804 2124,667 96.794
8,472
56,613
26.023
18.
25.
86.337
66,019
64.035 2543,310 1880,455 2103.575
19,670
42,943
59,413
4.
64,149
48,205 2500,609 1810.771 2057,037
39,957
Nil
32s Cop
1,667
2,043
54,793
49,069
Nil
47,032
61.190
48,797 2431,771 1622,611 1940,895
17.929
Nil
1,713
22,525
11.
92,663
67,954
d.
59,427
8.
44,595
51,480
15.
26,976
22.
30,687
40,673
29.
45,944
44,904
6.
Middl'g
to Finest
Upl'ds
d.
d.
d.
a.
9
d.
s.
50,142
42,828
35.770 2397,991 1569.244 1902,472
35,607 2362,621 1503,310 1871,482
10,815
34,922 2338,818 1440,172 1833,913
16,110
3,173
34.771 2322.171 1387.245 1814,475
20,044 2289,937 1322,016 1779,076
14,040
13,710
6,06
Nil
Nil
4,617
Nil
d.
d.
Nil
Nil
15,333
Nil
Nil
24,610
16,918
40.825
31,296
39,157 2263,791 1255,379 1732,379
40,509 2237,238 1206,606 1693,071
Nil
Nil
Nil
9
6
7 22
@10
0
7.4i
9
4
@
9
6
@10
2
m
5.16
5.21
@10
@10
5.13
13
@10
5.10
@14}* 10
10
13}*@15
14
@15}* 10
Mar.
IQH@U>A
11— 10}*@11}*
4-
18-
1.201
10K@11«
25..
Nil
Nil
7.30
@10
3
5.02
0
6
12M@13M
12}*@13}*
12}*@13}*
9
9
@10
10H@H«
9 10}*@10
18- 10}*@11}*
@10
25.. 10}*@11^ 10
11—
May
13.
s.
Cotton
ings, Common
Twist
Feb.
Apr.
1.
d.
Shirt¬
32s Cop
Upl'ds
to Finest
s.
Lbs.
814
Middl'g
ings, Common
Twist
Nil
67.994
38,439 2479,799 1744,860 2012,824
47,370 2460,874 1685,484 1967,167
71,853
18.
25.
Cotton
Lbs. Shirt¬
814
82,658
1937
1938
22,543
Mar.
10
5.06
7.94
(I) That I the total receipts
from the plantations since Aug. 1, 1937, are 8,410,924 bales;
in 1936-37 were 6,216,627 bales and in 1935-36 were 6,986,346
bales.
(2) That, although the receipts at the outports the
past week were 16,918 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 26,553 bales during the week.
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
•
1—
9J*@11}*
9}*@ im
7.95
7.88
@10
4.97
14
@15}* 10
7}* @10 10}*
9
9
@10
4.91
14}* @15}* 10
7}* @10 10}*
9
9
@10
4.79
9
@11
7.87
9
@11
7.47
6
@10
9
7.49
@11}*
Apr.
The above statement shows:
7.70
4}* @10
714
7}* @10 10M
7.97
15-
9J4®UH
9
9
@10
4.89
22-
9%@im
9}* @10}*
9
9
@10
4.94
14J*@15}* 10
14}* @1514 10
14}* @15}* 10
9
9
@10
4.80
14
10
6
@10
9
7.22
9X@10M
9x@io y2
9
6
@
9
9
4.69
14}*@15}* 10
6
@
9
9
4.77
14}*@15}* 10
@10
@10
9
9
7.45
9
6
6
8-
29.
@15
May
6-
13.
Shipping
News—As
shown on a
previous page, the
the past week have
in detail, as made
exports of cotton from the United States
reached 44,657 bales.
The shipments
up
from mail and
7.12
telegraphic reports, are as follows:
3216
Financial
Chronicle
May
Bales
GALVESTON—To
Copenhagen—May 5—Erode, 950
To Gdynia—May 5—Erode, 47
To Genoa—May 5—Mongioia, 1,083
47
—
—
Friday Night, May 13, 1938.
1,083
...
To
200
To Puerto
500
Cartagena—Apr. 30—Onester Valley, 200
Colombia—Apr. 30—Chester Valley, 500
To Japan—May 6—Tasmania, 2,307
To China—May 0—Tasmania, 1,831
To Antwerp—May 10—Antverpia, 25
2,307
1,831
i
.
25
-
1,432
539
123
To
Dunkirk—May 10—Antverpia, 123
Rotterdam—May
9—Beemsterdijk,
701
May
12—
Waban, 194; American Press, 180---To Bremen—May 12—American Press, 658To Hamburg—May 12—American Press, 882
HOUSTON—To Japan—May 6—-Cftastine Maersk, 250
To Ghent—May 7—Antverpia, 92;
Beemsterdijk, 122
To Havre—May 7—Antverpia, 307
To Dunkirk—May 7—Antverpia, 177
To Rotterdam—May
7—Beemsterdijk, 154---To Knschede—May 7—Beemsterdijk, 300
To Genoa—May
7—Mongioia, 1,243
To Oporto—May 7—Beemsterdijk, 50
To Iieval—May 7—Beemsterdijk, 3
To Tallin—May 7—Beemsterdijk, 32
To Copenhagen—May 12—Tana, 386
To Trieste—May 12—Ida, 463
To
Venice—May 12—Ida, 364-To Oslo—May 12—Tana, 100-To Gdynia—May 12—Tana. 665
To Gothenburg—May 12—Tana, 272^
NEW ORLEANS—To Genoa—May 7—Cardonia, 1,205—May 4
—Nicolo Odero, 2,352--^—
To Gdynia—May 6—Tanna, 1,000
May 9—Erode, 100—
May 10—Vasaholm, 393
To Gothenburg—May 6—Tanna, 75
May 9—Erode, 50
To—Abo—May 6—Tanna, 9
To Wasa—May 6—Tanna, 94
To Iieval—May 6—Tanna, 100
To Antwerp—May 5—Nevada, 525
To Havre—May 5—Nevada, 727
To Dunkirk—May 5—Nevada, 500--To Liverpool—May 7—Colorado Springs, 2,891---May 9—
Claire Hugh Stinnes, 21-------ii------------^-------To Manchester—May 7—Colorado Springs, 2,600---May 9—
—Claire Hugh Stinnes, 1,420
—
To Venice—May 9—Ida, 1,281———— —
To Trieste—May 9—Ida, 522---To Varna—May 9—Ida, 21
To Cape Town—May 9—Silver Willow, 80
To Durban—May 9—Silver Willow, 80—•;—
To Sydney—May 11—Gastai, 250
To Melbourne—May 11—Gostai, 25
CORPUS CHRISTI—-To Ghent—May 6—Waban, 132
To Dunkirk—May 2—Antverpia, 300
To Havre—May 6—Waban, 29-.
To Oporto—May 6—Waban, 100
PENSAOOLA, &c.—To Liverpool—May 12—Wacosta. 307
To Manchester—May 12—Wacosta, 158
SAVANNAH—To Antwen)—May 11—Sundance, 270
SAN ERANCISCO—'To England— ?—275
To Japan— ?—2,790
To
658
882
250
214
463
364
100
665
272
3.557
1,493
125
9
94
100
525
727
500
2,912
4,020
1,281
—
—
522
21
—,
80
80
250
25
132
300
-
29
—
100
307
-
-
275
2,790
-—-
To China—?—235.-
235
LAKE CHARLES—To Rotterdam—May 10—Waban, 700-NORFOLK—To Hamburg—May 13—-City of I avre, 280-__
LOS ANGELES—To Liverpool—?—Chattanooga City, 150
To Antwerp— ?—Wisconsin, 100-——---
700
280
150
100
———
To Havre—•?—'Wisconsin,
To Dunkirk—?—Wisconsin,
450
bX
150
150
To Japan—?—President Pierce, 400; Florida Maru, 2,220—?
—965; President Polk, 708; Konto Maru, 200
To China—?—President Pierce, 500; President Polk, 225-Total
4,493
725
44,657
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Stand-
Density
High
ard
Stand-
Density
High
ard
Stand-
Density
ard
Liverpool
,52c.
Manchester.52c.
.67c.
Trieste
d.45c.
.60c.
Piraeus
.85c.
1.00
.67c.
Flume
d.45c.
.60c.
Salonfca
.85c.
1.00
Antwerp
.52c.
.67c.
d.85c.
1.00
Havre
Barcelona
*
*
Venice
.52c.
.67c.
Japan
*
*
Rotterdam .52c.
Genoa
d.45c.
,67c.
Shanghai
*
*
•60c.
Bombay
Oslo
,58c.
.73c.
Copenhag'n.57c.
Naples
d.45c.
Leghorn
d.45c.
Gothenb'g .57c.
Stockholm
,63c.
.78c.
No quotations,
x
.50c.
.65c.
Bremen
.52c.
.67c.
Hamburg
.52c.
.72c.
.60c.
.67c.
x
Only small lota,
60c.
.72c.
dDirect steamer.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
April 22
April 29
May 6
May 13
32,000
54,000
43,000
53,000
1,239,000 1,255,000 1,215,000 1,196,000
817,000
800,000
828,000
819,000
60,000
73,000
28,000
27,000
18,000
32,000
13,000
3,000
117,000
99,000
116,000
127,000
57,000
33,000
39,000
43,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the
each
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been
as
considerably,
held up surprisingly well.
being purchased for filling-in purposes.
Bakers appear to
waiting for new crop offerings.
Instructions against
contracts are reported
routine and spotty.
as
Wheat—On the 7th inst. prices closed % to 1
The market received a strong stimulus today in
J^c. higher.
to
3
386
-
_
off
eased
The 10c. advance
of family patents, announced Wednesday, becomes effective
this
morning.
Mill
offices find
conditions unchanged.
There is still no more than a routine trade, with odd lots
prices
158
50
32
—
---------
prices
270
154
300
1,243
—
-----
flour
wheat
the form of
freezing in some districts of the winterwheat belt, as a result of which prices shot forward almost
2c. a bushel.
The improvement was short-lived, however,
prices settling back to lose almost half of this gain.
How¬
ever, the close showed appreciable net gains.
There were
other factors stimulating buying such as higher than expected
prices at Liverpool and some strength in securities. Crop
authorities expressed belief that the cool weather, while
presenting possibility of damaging frost, checked the spread
of rust.
Some said that damage caused by the early April
cold weather was yet to be realized.
Export sales of North
American wheat were estimated at 200,000 bushels, and
cables indicated Continental demand might improve.
On
the 9th inst. prices closed
to l^c. lower.
A bearish
feeling prevailed, due largely to expectations that the United
States Government report tomorrow would confirm large
unofficial estimates of winter crop yields.
As a result,
prices eased 1 J|c. Statements minimizing chances of black
rust damage southwest, were also a factor.
R. O. Cromwell,
a
leading authority who is touring the Southwest, tele¬
graphed from Cliickasha, Okla., he had not seen a spore of
black stem rust to cause any important loss to the 1938
total United States winter crop.
The absence of any real
export demand for North American wheat, did not help
wheat values much.
Export purchasing of American wheat
totaled less than 200,000 bushels.
Belief that light to heavy
frosts in the Southwest had done little if any damage, acted
as a
weight on values.
On the 10th inst. prices closed 34
307
177
---
----- — -
Flour—Although
be
1,135
-
♦
BREADSTUFFS
9.50
...
1938
14,
forecasts of frost
The general feeling prevailed that the
published after the close would
decidedly bearish, and this was reflected in increased
selling pressure late today.
Preceding the late tumble,
the market had risen %c., largely because of purchasing by
traders who believed that bumper crop prospects had been
pretty well discounted.
Transient upturns were also stimu¬
lated by bulges in securities and by Kansas reports the State's
crop was in shape to deteriorate fast under adverse weather
conditions.
A counteracting influence, however, was that
^c. net lower.
official crop estimates to be
be
export takings from North America totaled less than 200,000
bushels, and that the quantity
showed
on ocean passage to
than 5,000,000 bushels increase since
Europe
May 1,
against 6,000,000 bushels decrease at this time last year.
The new government
figures, received long after dealings
here had ceased, were 4,153,000 bushels larger than had
been anticipated.
Another bearish item was a Canadian
official report that crop conditions in Saskatchewan Province
were the best in 10
years.
On the 11th inst. prices closed
134 to 1 %c. net higher.
The market received a strong
stimulus today in the form of Oklahoma and Texas crop
damage reports. Wheat jumped nearly 2c. a bushel in the
late trading as a result of the buying rush based on these
bullish crop reports.
Orders to purchase were executed on
a
large scale as the market bounded upward in late dealings.
The Government's enlarged estimate of the 1938 domestic
winter crop received but little attention, being generally
regarded as discounted and as superseded by newer authori¬
tative advices. ' North American wheat export business was
insignificant, despite predictions that broadened demand
from Europe would
develop after the Government crop
report.
With drought reports from Europe continuing, and
more
with indications
to
follows:
or
domestic crop
that
prospects
had started
retrograde, sellers here practically withdrew from the
market.
Spot
Market,
12:15
P. M.
Saturday
Wednesday
Thursday
\
(
Moderate
opened
to
6
f
Quiet,
3
(
to
Moderate
demand.
4.79d.
4.74d.
4.71d.
Steady,
pts. 2 to
advance.
More
demand.
4.74d
4
4
Quiet.
demand.
Steady.
Market
On
Friday
the
12th
3
Quiet,
un¬
pts. changed
decline.
Steady,
un¬
Barely stdy
to 4
1 pt. adv.
Very stdy.,
Quiet.
4.77d.
Quiet,
Q't but st'y
to 2 pts. 1 pt.dec. to
Quiet,
pts. changed to 3 to 7 pts. 3 to 5 pts. 1 to 2 pts.
2 pts. adv.
advance.
advance
decline.
advance.
Sat.
May 7
May 13
Mon.
Tues.
Wed.
1
pt.
adv.
Steady;
3 points
are
advance.
given below:
Thurs.
Frl.
Close Noon Close Noon Close Noon Close Noon Close Noon
Close
New Contract
d.
d.
the
d.
d.
d.
d.
ported
subsoil
wired
moisture
d.
d.
d.
d.
4.61
4 63
4.62
4.62
4.65
July
4.65
4.63
4.66
4.70
4.71
4.65
4.66
4 68
4.67
4.67
4.70
October
4.75
4.73
4.76
4.79
4.80
4.74
4.76
4.78
4.77
4.77
4.80
December
4.80
January (1939)..
4.82
4.79
4.82
■4.84
4.83
"4.83
4.86
Oklahoma
4.86
4.84
4.86
4 88
4.87
4.87
4.90
Texas
4.86
4.89
4.80
~4.80
4.89
4.85
4.81
4.84
lifted
Chicago wheat values lc.
favorable
reports
were
about
authority
4.91
4.91
4.94
4.90
4 92
4.95
July.
4.94
4.94
4.97
4.94
4.95
4.98
deterioration
4.98
4.98
5.01
4.97
4.99
5.02
lated
last
Lively upturns
Less
bushel late today.
a
yields in Texas and
beneficial rains in the
the probable
received,
Panhandle
May
leading
4.''444"1 4;:-/44
4.59
4.83
Another
Today prices closed Vs to lc. net higher.
4.66
...
shortage.
Booker, Tex., that crops in Carson, Gray and
Roberts Counties had gone back rapidly for more than a
week, drying up all the tops and bottoms, and that without
rain within a week much acreage would never head or
4.64
4.85
net lower.
prices late
from
4.59
4.84
%c-
among unfavorable crop advices was a
dispatch that a
widely-known specialist sent from Wichita Falls, Tex., say¬
ing wheat plants were deteriorating fast, and showed effects
4.56
4.80
to
harvest, led the market downturns.
A weight on
was that
domestic flour purchases were re¬
as
only of a hand-to-mouth character.
Included
4.57
4.82
34
in Chicago wheat
values
be Cut.
d.
closed
bushel
1938
wheat
May (1938)
March
prices
a
today resulted largely from prospects of moisture relief for
Texas.
July and September futures, representing
of
Liverpool for each day
lc.
crops in
to 5 pts. 1
decline.
advance.
Steady
Quiet.
4.78d.
5
Prices of futures at
October
inst.
Losses of almost
Futures
P. M.
Tuesday
(
Mid.Upl'ds
Market,
Monday
although
night
were
expected
to check
crop
also
stimu¬
by dust storms at Swift Current, Melfort and
Saska-
in
that
area.
The
market
was
Volume
toon, Canada.
ican
Financial
146
wheat
Only
a
overnight
small export business in North Amer¬
was noted.
Cables said Australian
shipments were large and that Argentina was getting closer
competitive basis.
Some purchasing here was credited
mills, but was offset by sales regarded as hedg¬
ing.
Some trade authorities at Chicago said that it was
becoming more apparent every day a broader interest in
the market would be necessary if much headway were to
to a
to domestic
be
made
tinued
the
on
upside.
nevertheless,
Uncertainty,
con¬
South¬
west.
This uncertainty was asserted to be sufficient to
suggest caution in following even moderate recessions with
selling orders.
Open interest in wheat totaled 72,616,000
the crop situation in parts of the
regarding
bushels.
DAILY
CLOSING
OF
PRICES
WHEAT
Sat.
No. 2 red
DAILY
PRICES
OF
Low
Based ou transactions since official opening.
in unofficial trading prior to July 29.
July
May
July
Sept...
♦
When
July
92%
When
Apr.
May
May
and
78
77%
78
81%
78%
79%
Made
29, 1938
3,1938
3, 1938
higb as
DAILY CLOSING
PRICES OF BONDED
October
Corn—On
the
7th
Mon.
Tues.
110%
107%
87%
110%
106%
87 %
Wed.
Thurs.
110%
105%
87%
110%
100%
88%
inst.
prices closed %c. off to %c.
There
up.
little feature to the trading in corn during this
session, though the market held steady.
Cables said Argen¬
was
tine
very
weather,
excessively humid,
Today
ditioning of corn.
higher.
Export
unfavorable for
was
prices closed
con¬
to ,%c.
unchanged
150,000 bushels.
takings were estimated at 100,000 to
Relatively light interest was shown in corn
futures
today's
corn
during
amounted
to
DAILY
session.
PRICES
No
2 yellow
OF
71%
CORN
Sat.
May.
July...
September
Season's
High and
*74
66%
September
63%
on
corn
IN
NEW
Thurs.
71%
Tues.
72%
07%
58%
59%
IN
72
07%
58%
59%
Fri.
72%
Season's
High
DAILY
....
Made
Aug. 10. 1937
9, 1938
Feb.
9, 1938
and
I
PRICES
RYE
When
84
72%
69%
July
September
Season's
CLOSING
OF
Sat.
61%
DAILY
CLOSING
PRICES
OF
Sat.
Mon.
58%
57%
Thurs.
08%
59%
60%
08
59%
60%
When
52%
as
3,
61%
WINNIPEG
IN
Wed.
59
57%
53%
Fri.
61%
Thurs.
58%
58%
53%
Fri.
61
59%
54%
60%
59%
54%
follows:
were as
6.20,
Spring oats, high protein .5.90
Spring patents
-..5.25@5.65
Clears, first spring
.4.75@5.00
Soft winter straights
4,30 @4.70
Bard winter straights
5.00@5.25
Hard winter patents
5.15@5.40
Hard winter clears
Rye flour patents
Seminola, bbl
Nos.1-3Oats, good
,
4.55( 14.65
6.65(
2.35
Corn flour
170
Barley goods—
4.00
Coarse
4.40@4.60
Fancy pearl,Nos.2,4&7 5.00@5.25
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic.
97
Manitoba No. l.f.o.b. N.Y._125%
Oorn, New York—
No. 2 yellew, all rail
!
Oats, New York—
No. 2 white
40%
77%
...
Rye, No. 2, f.o.b. bond N. Y__
Barley, New York—
60%
47% lbs. malting
Chicag* i. cash
72%
41-55
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:
Flour
Wheat
Corn
Oats
bbls. 196 lbs
bush 60 lbs
bu.sh 56 lbs
bush 32 lbs
Receipts at—
Barley
Rye
bush 56 lbs bush 48 lbs
127,000
4,834,000
396,000
Minneapolis
416,000
901,000
111,000
55,000
460,000
Duluth
793,000
402,000
1,246,000
177,000
110,000
212,000
359,000
Chicago
408,000
198,000
147666
Milwaukee.
27,000
309,000
~
52,000
83,000
358,000
140,000
147,000
147,000
4*666
467",000
9,000
Toledo
104.000
Indianapolis
Louis..
087666
Peoria.....
39,000
60,000
620,000
9,000
997,000
106,000
4*0*666
58,000
Kansas City
24,000
St.
St.
182,000
------
52,000
42,000
52,000
1,000
53,000
47, W)0
23,000
203.000
Joseph.
35*660
*
3,000
12,000
137666
"i*66o
2*666
Buffalo-..-
1,560,000
947,000
271,000
3,000
105,000
Fri.
08%
59%
60%
Tot. wk. '38
358,000
5,255,000
2,804,000
9,658,000
1,860,000
235,000
1,364,000
348,000
2,743,000
2,108,000
470,000
1,187,000
Same wk '36
363,000
4,217,000
4,971,000
1,583,W)0
454.000
1,385,000
Since Aug. 1
1937
1936
Made
May
Tues.
Thurs.
61%
FLOU R
1935
Nov. 30, 1937
Nov. 30. 1937
opening, July 29; sold
60%
58%
57%
53%
WINNIPEG
IN
Wed.
BARLEY FUTURES
May
July.....
Closing quotations
Tues.
Made
Apr.
6, 1938
Apr. 29, 1938
May 3, 1938
56%
55%
59%
60%
59%
58%
57%
58%
57%
56%
When
57%
FUTURES
Mon.
60
Fri.
Thurs.
59%
58%
57%
and
Low
May
July
September
Feb.
May
July
58%
57
56
57%
CHICAGO
IN
Wed.
Tues.
....
Same wk '37
CHICAGO
Wed.
Season's Low and
When Made
July 29, 1937 May....
55%
Sept.30. 1937 July
56%
Mar. 26, 1938 September
58%
transactions since official
September....
FUTURES
Mon.
Sioux City.
YORK
Wed.
FUTURES
Mon.
08%
59%
60%
May
July...
♦Based
in
interest
Tues.
CORN
Mon.
72%
DAILY CLOSING PRICES
RYE
OF
59%
58%
57%
Wichita....
OF
Sat.
PRICES
Omaha
Open
44,929,000 bushels.
CLOSING
CLOSING
Sat.
Fri.
115%
106%
88%
prices closed 1/±g. to lAv. net
higher. Export sales of corn were estimated at 200,000
bushels, mostly to the Continent. It was reported that some
buying of corn here was through houses with export con¬
nections.
Purchases to arrive and carlot receipts continued
large. On the 9th inst. prices closed Ac. to
lower. It
was stressed in some quarters that corn export business thus
far'had been nearly double the Government total estimate
for the entire year.
Today's takings, however* were small.
Corn's heaviness today was influenced largely by the heavi¬
ness in wheat.
On the 10th inst. prices closed unchanged to
Ha. lower. The corn market declines were despite announce¬
ment boats were loading at Chicago with 800,000 bushels
for Montreal and Buffalo. New export purchases, however,
totaled but 200,000 bushels. On the 11th inst. prices closed
y8G. to %g. net higher. Helped by large export purchases
about 1,000.000 bushels, corn showed independent strength
Planting delays in important domestic areas were noted
On the 12th inst.
DAILY
WINNIPEG
IN
WHEAT
Sat.
117 %
109 J*
88%
— ...
was
October........
29; sold as
1321»
May.
July..
On the 10th inst.
May
81
78%
79%
81%
79%
79%
79%
77%
78%
80%
78%
79%
Made
|
Season's
29, 1937|May__
Sept. 28, 19371 July
Feb.
9, 1938|Sept
High and
♦122*4
105%
97
FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
81 %
79%
80%
...
Season's
Fri.
96
96%
94%
95%
WHEAT
Sat.
May.__
July..— i
September
Tues.
Mon.
96%
CLOSING
appreciable export demand.
prices closed lA to %c. net lower. Trading
light, with operations mostly on the selling side, the
selling being influenced by the heaviness of wheat and corn.
On the lltli inst. prices closed % to
Ific. net higher. With
all other grains
showing advances in price, it was only natural
for rye to show substantial net gains.
On the 12tli inst. prices closed % to %c. net lower.
This
market was also relatively quiet, with the undertone slightly
easier.
Today prices closed lVs to %c. net higher.
This
proved the strongest of all grain markets, and was largely
in sympathy with the upward movement in wheat.
reports and lack of any
crop
May......
July
NEW YORK
Wed.
Thurs.
IN
3217
Chronicle
15,312,000 251,706,W)0 253,670,000 94,565,000 24,067,000 86,462,000
16,662,000 186,561,000 132,501,000 67,767,000 14.959,000 74,931,000
14,920,000 279,849,000 151,020.000 115,871,000 20,418,000 81.136.0W)
receipts of flour and grain at the seaboard ports for
follow:
Total
1938
high as
....
the week ended Saturday, May 7, 1938,
81 in unofficial trading prior to July 29.
Oats—On the 7th inst. prices closed
was influenced largely by
% to %e. net higher.
the strength in wheat
and corn.
On the 9th inst. prices closed unchanged to lAc.
off.
Trading was light and without feature.
On the 10th
inst. prices closed b£c. off to Ac. up.
What trading took
place was largely of a routine or professional character, with
no particular feature.
On the 11th inst.'pricesclosed h^c.to
YlG. net higher. This grain followed along in sympathy with
wheat and corn in their upward movement.
On the 12tli inst. prices closed
This market
extremely
to
was
very
narrow
%c\ advance.
%c. dec-line to %c. advance.
quiet, with prices moving within ar.
range.
Trading
prices closed unchanged
light and largely of a routine
Oats
bush 32 lbs
110,000
24,WK)
11,000
14,000
300,000
57,000
19,000
3,000
13*7*666
7l",666
20,000
"8*666
I~6~66O
Boston
—
"i"66o
686 J)00
457,000
32,000
..
St. John W.
Sorel..
"
13,666
1,168.000
Galveston.-
Montreal
bush 56 lbs bush 48 lbs
20,000
3,000
NewOrl'ns*
6,000
13,000
5,000
22,000
17,000
Barley
Rye
23,000
York.
Baltimore—
New
8257666
-
"i~666
"
"3,000
Halifax
LOGO
224,000
1,710,000
1,853,000
76,000
151,000
75,000
5,009,000
28,496.000
16,859,000
1,217,0W)
1.194,000
2,696.000
Tot. wk. '38
Since Jan. 1
1938
....
267,000
1,945,000
170,000
67,000
23,000
5,000
5,051,000
13,910.000
14,331,000
962,000
376,000
249,000
Week 1937.
1937
CLOSING
Corn
bush 56 lbs
Sinee Jan. 1
character.
DAILY
Wheat
bush 60 lbs
Philadelphia
Today
was
Flour
bbls 196 lbs
Receipts at—
This market
PRICES
OF
OATS
FUTURES
IN
....
CHICAGO
'
Sat.
May...
July..
September..
Mon
28%
27%
27%
Tues.
28%
27%'
27
28%
27%
26%
Season's
Wed.
Thurs.
29
28%
27%
27%
27%
27%
High and When Made
I
Season's Low and
May..
*33%
July 29, 19371 May
26
July
32%
Oct.
2, 19371 July
25%
September
30%
Jan. 10, 19381 September.... 26%
When
29%
27%
27%
Made
Apr.
5,1938
Apr.
Apr.
0. 1938
5,1938
DAILY CLOSING PRICES
OF
OATS
Sat.
May.-.--...
July..
October
....
47%
44%
38%
as
higb
FUTURES IN WINNIPEG
Tues.
Wed.
Thurs.
Fri.
48%
45%
38%
48%
45%
39%
UV/
WWW
Pi
49%
46%
40%
50
46%
39%
Rye—On the 7th inst. prices closed A to %q. net higher.
The firmness of wheat together with the bullish forecasts
on the weather,
did much to strengthen rye.
On the 9th
closed % to lc. net lower. These declines about
paralleled those of wheat, and were influenced by the gen¬
erally bearish feeling that prevails as a result of the bearish
o
—
from the several seaboard ports for the week
the annexed
ended Saturdat, May 7, 1938, are shown in
statement:
Exports from-
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
80*666
Albany..
Boston
54,365
12,W)0
New York
*1*666
...
Port Arthur.
Texas.
306",666
Texas City
825".66O
Sorel....-
inst. prices
*'—
through hills of lading.
The exports
aa
Mon.
47%
44%
38%
on
Bushels
*
Based on transactions since official opening, July 29: sold
42 % in unofficial trading prior to July 29
ivcvcipvo
Fri.
561,W)0
New Orleans.;
10*660
086*666
32*666
1,227,000
Galveston
457,000
Montreal
St. JohD West
*3*. 000
Halifax
1938.
1937—
Total week
Same week
137", 000
*71*066
71,000
20,000
2,548,000 2,158,000
1,951,000
4.000
100,365
4,000
137,000
95,505
10.000
9.000
3218
Financial
The destination of these exports for the week and since
July 1, 1937, is
May since 1931.
Flour
Wheal
Week
Since
Week
Since
Week
yield prospects, particularly in
month ago is shown in most
May 7,
1938
July 1,
July 1,
May 7,
1937
May 7,
1938
1937
1938
Barrels
July 1 to—
Barrels
Bushels
Since
July 1,
'•> 1937
drought
Kingdom.
Continent.
30.470
2,053,541
450,966
535,500
1,263,000
24,635
.... —
So. & Cent. Amer.
13,500
West Indies.
23,500
Brit. No. Am. Col.
3,000
5,260
172,000
64,000
8,000
4,701,975
Total 1938
Total 1937—
The
1,000
2,548,000 169,045,000 2,158,000 54,693,000
1,951,000
99,547,000
7.000
wheat
the
GRAIN STOCKS
United States—
Boston
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
3,000
—
1,000
m
~mm m
13,000
"3,000
266,000
46,000
12,000
25,000
14,000
758.000
2,000
1,086,000
Wichita
163,000
894,000
-
-
2.000
34,000
4,000
3,000
6,000
m~-
•
-
•m-tK
-
;■
385,000
90,000
9,000
9,000
17,000
59,000
22,000
10,000
Kansas City—————
6,528,000
835,000
298.000
221,000
Omaha_.--------------
1,489,000
2,666,000
132,000
60,000
209,000
577,000
72,000
3,000
Sioux City---
St. Louis-
^'m0,
2,000
'
-
4,000
v-
1,478,000
Joseph
-
>'-V
223,000
Hutchinson.
16,000
••
...
1,087,000
1,195,000
05,000
6,000
Ind lanapolis -—-—-——
395,000
1,263,000
207,000
38,000
6,979,000
production
second
largest
'V'V.'
for hay appear to have wintered well and to
Grasses and clovers grown
moderately favorable start,
a
with
so
weather
average
fairly
a
large hay crop would seem probable in the Northeast and in the eastern
and central portions of the corn belt.
On the other hand, due largely to
of
lack of reserve moisture in the drought area, the
likely to be below normal from Montana and the Dakotas,
In the West, irrigation supplies are generally ample and
and
stands
In the South, it is probable that
a
fairly large acreage of hay crops will be grown.
Fruit
prospects
to be
appear
now
close to
Freezes
average.
in
early
April caused considerable injury to peaches and cherries in the Central and
North Atlantic States.
Damage was generally less severe in the Southern
peach States, except in Oklahoma and Texas, where frost losses to peaches
are reported to be heavy.
Growing conditions during April were generally
favorable in the Pacific Northwest and California.
In these States the
,
bloom for
be
to
nearly all
good
has been heavy, and the set of fruit is expected
crops
most sections.
in
The
new
of
crops
grapefruit
oranges,
and
———
6,000
show
W
have made
1,000
1,108,000
Fort Worth
the
and
,
hay prospects now appear favorable.
9,000
23,000
New Orleans-
he
would
of
acreage
record,
on
allowances,
present
This
The
largest
m
3,000
61.000
.'•■W
exceed
bushels.
the
was only 36,454,000 bushels.
Reports from the
generally favorable prospects for the oats crop in
10 years
States
area.
south to Kansas.
35.000
W-Wamlrn'm-
drought
or
be
to
was
record.
on
alfalfa crop seemg
270,000
New York
Philadelphia
expected
now
More wheat than a
some loss
from
there
Oklahoma.
in
crop
previous
Southern
loss
Wheal
Bushels
crop
though
rust
is expected to be nearly 52,000,000 bushels.
Last year
49,400,000 bushels were produced, but the average production during
about
that
is
rust
States,
from
754,000,000
around
The rye
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 7, were as follows:
St.
he
winter
5,000
1,618*666
from
should
Kansas and Nebraska.
and
Mexico
harvested
losses
unless
1,169,000
~3",000
4,567,080
95,505
Bushels
715,000 27,800,000
46,051,000 1,443,000 26,707,000
236,073
100,365
Bushels
60,143,000
637,000
22,000
Other countries—
Bushels
2,008,000
New
in
wheat
winter
United
highest
1
winter wheat have improved, for helpful rains in some
previously dry have reduced prospective abandonment and improved
areas
Corn
Exports for Week
1938
14,
for
Prospects
and Since
May
that date since 1929, and the condition of Western ranges was the
for
below:
as
Chronicle
—
Peoria
lemons
the
have
15,164,000
43,000
333,000
Milwaukee
1,551,000
23,000
599,000
4,826,000
794,000
1,254,000
204,000
Minneapolis
8,114,000
495,000
2,972,000
earlier than usual.
Duluth
3,750,000
158,000
3,440,000
8,872.000
2,881,000
735,000
1,503,000
to
3,000
289,000
"
alloat
—
Detroit.*.———
"
2,000
219,000
•«,'
103,000
73,000
489,000
*»
«
On Canal
Total May 7, 1938-.-
197,000
4,000
3,272,000
193,000
afloat.
Total Apr.
407*666
505,000
442,000
Lakes...
«,
_
mm m mm m
110,000
196,000
Commercial
continue
37,304,000
2,401,000
6,496,000
7,159,000
this
Lake, bay, river <fcseabd.
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
8,886,000
632,000
24,000
Ft. William &Pt. Arthur
12,660,000
379.000
934,000
1,587,000
Other Can. & other elev.
15,128,000
6,322,000
255,000
4,594,000
vegetables to
to the
779,(K)0
time
in
are
striking contrast with
farmers
high
as
year,
livestock
poultry,
for
the chief expansion
the
at
beginning of
still
were
with prices of other farm products.
supplies
feed
of
grains
and
low
Prices of most
hay
the earliness of the
2,401,000
6,108,000
1,213,000
6,960.000
Partly
3,789,000
13,411,000
corn, as
which
records
farms of
since
and the
the earliness of the
and
correspondents
crop
1930.
available,
are
number
of
the
hen
per
hens
production
month
Corn
was
Week
Since
Since
The
May 6,
July 1,
July 1,
May 0,
July 1,
July 1,
1938
1937
1936
1938
1937
1936
754,153,000
of
Bushels
Argentina.
Australia
Bushels
Bushels
Bushels
.
India
Bushels
2,139,000
50,677,000
1,242,000
23,624,000
6,178,000
1,217,000 179,459,000 337,675,000
304,000
23,298,000
Of
857,000
74,573,000
17,983,000
9,659,000 429.080.000 490,519,000
vM1, ***
o
^
5,455,000 315,315,000 379,289,000
MUviH
the
IVCjpui t
UH
YV IllLvl
of
last
loss
of
and
extensive
May
acre
1
but
uneven,
last
grass
and
rains
have
the
with
better
spring
belt
more
rain
at
corn
On
late
is
are
this
somewhat
during
season
March
and
any
of
most
in
the
central
northern
and
droughts have been
belt
the
freezes
farmers
other
in
to
and
of
the
April gave
hand,
northern
damage and delay.
urgently
needed,
the
unusually
good
rains
western
There
most
of
The
excessive
and
portions
severe.
most
make
Florida, the lower Ohio Valley, portions of the Dakotas
the
spotted
early start in nearly all States, and good
recent
extensive
whole
of
an
work.
and
a
than
outlook
where
as
weather
warm
permitted
have caused
where
the
area
also
cotton
belt
areas
improved
Plains
has
progress
central
the
The
years.
winter grain crops
Great
weather
country
rather
appear
several
the
are
the
of
also scattered
important
and
in
portions
being
Montana,
and
Southwest.
Prospects
some
years
compared
wheat
took
place
be
required
generally
for
full
ranges
are
recovery
in
also
the
fairly good.
drought
While
areas,
the
mild winter and spring gave grass an unusually early start in
nearly all States, and the May 1 condition of pastures was the highest for
18.2%
This
during
the
in
in
than
the
(1927-36)
usual
surface
of
Wheat
in.
In
wheat
from
wheat seeded
fall
In
winter
increase
the
leaf
rust
in
weeks
farther
Central
States,
area
of normal.
favorable,
are
subsoil
Oklahoma,
excess
moisture
and
but
over
extensive
considerable
a
emphasize the
dependence
favorable weather conditions
The favorable season to date has produced
generally
will
is
areas
developments since May 1.
been greatly in
in these areas upon
over
the country.
a
Consequently,
rank
more
be necessary to mature the crop and the danger of
there has been
last
and
-was
fall,
as
included
a
in
a
downward revision
in
the
estimate
the
to classify
of
as
seeded
early
North
spring wheat
seeding,
Dakota
area
and
eastern
seeding in the Pacific Northwest
for winter wheat
acreage
winter wheat.
published
This
in
acreage
planted in 1938.
conditions have been generally favor¬
additional
although
of winter
acreage
part of the acreage intended
planted too late
the principal
western
of
10-year
in
year.
has
Plains
harvested
the
wheat
two
to
by
country,
average.
per
Orange
included in the estimates of spring wheat acreage
for
the
of
most
days
10
has also
lodging is enhanced.
Oregon
December
of
threatening
consideration
conditions
lack
Great
crop
of
is
the Western North
moisture
during the next 30 days.
plant development quite
usual
generally
time
Colorado
a
Nebraska.
and
germination
area
improvement
and
The
area,
moisture and
bushels
14.5
the
general,
Texas
is
this
over
this
much below
quite
Kansas
and
and
While
was
take into
indicate
moisture than
of
eastern
soil
1937,
of
Plains
proper
in
subsoil
the remainder
1937
for
yield.
growth
for
the Western
the Winter
bushels
States
Texas, and
portion
able
acreage
harvested
average.
Great
Western
probable yield of 14.9 bushels
April
does not
measurements
last
year's
at
and
1937
in
greatest
time prevented
drifting.
a
Oklahoma
Plant
report
Present
In
This
acres.
previous
acute' shortage of
harvested
Since that date, rainfall
loss
estimated
1919.
10-year
in
seeding
an
soil
14.6
on
*
is
harvested
acres
The
the
occurred
at
by
indicate
with
north.
advanced
of
indicated
is
This is substantially below the 18.5% aban¬
has
from
average
prospects
will be
for pastures and Western
will
1,
farm
per
than indicated a
harvest
for
37,281,000
record.
harvested in
and
year
prospects
(1927-36)
eastern
in
May
on
eggs
685,102,000 bushels, and the 10-year
except in the Southeastern States, abandonment is
farther
prospects
more
46,946,000
on
acres
acreage
damage
causing losses
Crop
wheat
remaining
of
average
dry soil conditions
This year s
report:
the
on
546,396,000 bushels.
with
largest
adversely affected
at
production of winter wheat is now estimated
754,153,000 bushels, which compares with a harvest of
685,102,000 bushels last year and an average 10-year
(1927-36) production of .546,396,000 bushels.
Below is the
levels
of
of winter
plant development before winter set
ff IICaL)
Rye, &c.—The Department of Agriculture at Washington
on
May 10 issued it> crop report as of May 1, 1938.
This
report shows the abandonment of winter wheat at 11.6%,
leaving the acreage remaining for harvest at 50,677,000 acres,
as compared with
46,946,000 acres harvested in 1937.
Last
year the abandonment of winter wheat acreage was 18.2%.
record
at
production
about 4%,
or
was
is
abandoned.
was
heaviest
been
P
for
years
chickens
young
for that time of the year
the, near-record acreage of 57,316,000 acres sown in the fall
where
Total...
(1927-36)
is
donment
26,272,000
production per
average.
bushels
wheat
compared
50,404,000
was
about 11.6%
Other
countries
10-year
harvest
7,000
acreage
winter
of
acres
for
Bushels
55,105,000
production
average
acreage
the
3,714,000 175,337.000 163,913,000
472,000
75,996,000 56,776,000
1,081,000 57,248,000 152,226.000
3,944,000 102,105,000 82,524,000
144,000
13,096,000
8,808,000
of
aiso
the
6% below the 10-year
Production in 1937
ago.
(1927-36)
Since
appears
and both
Wheat
A
Since
number
reduced,
May 1, which is 28,446,000 bushels,
Week
milk
season,
the highest
was
Egg production
with the
flock reported was
shown in the following:
Wheat
though there
improvement of moisture conditions in
ordinarily tend to increase plantings.
result of
a
no
May 1 was reported the highest for that date in the 14
on
but,
would
area
as
so
of winter wheat remaining for harvest,
season
beef
low and
to
record acreage
he in
compared
material
7,554,0001
a
high
are
crops are now
6,252,000
shipment of wheat and
were
large,
unusually
are
6,960,000
3,614,000 13,068,000
3,821,000 14,050,000
hay
work.
of
numbers
year
prices
1,442,000
furnished by
Broomhall to the New York Produce
Exchange, for the week¬
ended May 6, and since July 1, 1937, and
July 1, 1936, are
Black Sea-
and
1,234,000
73,978,000 37,589,000 21,228,000
76,989,000 37,897,000 23,093,000
8, 1937.... 76,186,000
5,188,000 16,724,000
ago.
of
likely to
seems
the
1,213,000
Total May 7, 1938...
Total Apr. 30, 1938
year
result of the droughts and farmers
a
the other hand,
on
and
the Plains
——...
a
spring
so that, with the help of a generally favorable season,
crops produced in this country was the largest on record.
hogs and chickens
cattle,
be
of
supplies
their
encouraged,
the volume of
cow
North Am.
those
with
of
crop
other crops.
some
start,
poor
7,333,000
......
Summary—
Exports
a
behind
were
8,077,000
0,387,000
-
55,569,000
American
The world's
showed
crops
and
were
Prices, however,
unduly
field
year
low,
larger
a
potatoes and
new
37,304,000 3 7,589,000 13,895,000
36,674,000
——7,333,000
8, 1937
Canadian--.--
last
were
about 6% greater than
reported
are
early movement of
conditions
grain
date
the chief increases being due to
increase in the total acreage in crops is expected even
Total May 7, 1938..- 36,674,000
Total Apr, 30, 1938---- 37,527,000
Total May
fairly
last year,
date
this
At
and
This
Wheat
Bushels
Canadian—
Florida
in
been moving to market about two weeks
Supplies have been plentiful and production is expected
heavy for the next few weeks at least.
Carlot
be
6,108,000
2,587,000
2,347,000
37,589,000 13,895,000
39,462,000 37,897,000 15,016,000
5,188,000 10,337,000
that
except
vegetables have
to
shipments of early
Present
Note—Bonded grain not included above:
Barley—Duluth, 41,000 bushels; on
Lakes, 837,000; total, 878,000 bushels, against 1,906,000 bushels in 1937.
Wheat—
New York, 72,000 bushels; Buffalo, 207,000; on Lakes, 2,101.000; Erie, 427,000;
total, 2,807,000 bushels, against 12,757,000 bushels In 1937.
Total May
the
tomatoes and
8, 1937—— 20,617,000
30, 1938
Total May
conditions,
about 13% over the low 1937 acreage, or to about the usual level.
to
'
favorable
of young citrus fruit has been heavier than usual due to
lack of rainfall.
The acreage in strawberries has been increased to
581,000
Chicago----—
On
-----
under
started
droppage
4,000
997.000
Montana.
because
of
moisture
There
wet
is
was
weather.
still
needed
in
delay
in
some
Volume
Financial
146
WINTER
Chronicle
in
WHEAT
Alabama,
from
At andon ed
1937
Aver.
Har¬
Aver.
1927-
1927-
1938
Indi¬
1927-
1938
1936
The
cated
1937
1938
Per
Per
Cent
Cent
Cent
Acres
New York—_
3.8
2.8
2.5
297
19.8
24.0
__
3.3
14.5
15.0
61
21.8
22.5
22.5
Pennsylvania.
4,838
1,192
21.0
New
Bush.
Bush.
Bush.
Bush. Bush. Bush.
1,462
3 1
2.0
1.5
1,068
18.3
22.0
19.0
17,720
23,364
9.9
4.5
1.0
19.0
21.0
34,585
46,056
6.0
2.0
2,387
1,984
19.2
9.3
16.8
16.0
17.5
27,694
34,592
50,127
34,720
10.7
8.0
2.0
2.390
16.7
17.5
17.0
31,588
45,150
40,630
3.0
3.0
1.5
890
20.2
18.5
21.0
15,682
18,426
18,690
Wisconsin
11.6
5.6
4.0
69
18.0
18.0
19.0
592
1,224
Minnesota
15.6
7.9
8.0
258
18.8
20.5
20.0
2,926
6,212
1,311
5,160
8.6
8.0
8.0
611
18.3
18.5
18.0
6,207
15,688
10,998
21,576
41.097
38,610
Michigan.
...
Iowa
Missouri
8.3
8.8
5.0
2,574
13.4
13.3
15.0
34.6
52.2
45.0
155
12.0
13.0
Nebraska..
16.2
26.1
8.0
4,343
15.1
14.0
Kansas
2,015
1,105
45,654 65,145
13.0 133,463 158,040 192,777
1,494
18.0
1,376
1,655
9,139
9,044
19.0
8,372
Dakota
South
13.0
1,414
15.0
46,400
23.0
15.0
14,829
12.4
12.0
2.5
2.3
2.0
83
17.8
16.0
Maryland
2.7
1.4
1.5
481
18.6
19.0
Virginia
2.4
1.5
3.0
658
14.1
15.0
13.5
8,598
9,720
8,883
West
Virginia
3.4
6.0
5.0
159
14.4
16.0
15.0
1,855
2,736
2,385
Carolina.
3.0
5.9
4.0
503
10.4
11.8
11.5
4,275
5,817
5,784
9.5
10.5
No.
5.4
12.9
10.0
162
1,416
Kentucky
.
12.8
10.0
211
8.7
8.5
9.0
934
1,445
9.2
10.0
553
12.7
18.5
14.0
3,869
10,212
974
Carolina, Georgia and Florida
South
potato
crop
a
in
year
the 10 Southern
ago,
States
on
and the 1927-36 average
■
,
(
Loans
CCC
of
Through
42,135,727
on
manner
thus far has been ,4841 cents.
Tennessee
6.2
3.9
5.0
534
10.3
12.5
10.5
3,588
6,750
2.4
12.5
16.0
7
9.9
11.0
10.5
46
77
15.3
15.0
80
9.1
10.5
9.0
406
1,050
18.0
10.0
5,363
11.2
14.2
13.0
44,015
65,462
—
_
_
*
»
^
..24 419 965
Kansas—
69,719
2,327
7,204,389
1,013,648
25,377
3,561,556
State
Bushels
Missouri
-.1.363,056
N ebraska
-.3,306,451
Ohioi-.;.—91,523
South Dakota-, i
A -1,143,232
Wisconsin----.4,203
-
-
.......
720
16.8
—
Iowa__
74
15.9
Indiana-
5,607
.Alabama
Bushels
State
Colordao
1,899
7,742
9.6
early
Illinois
1,701
6.6
Georgia
On the other
Figures showing the number of bushels on which loans
have been made by States are given below:
12.0
So. Carolina..
the
of
termined in this
21.9
Delaware
...
75%.*
$20,395,847
20,292
Ohio....
Illinois..--—-
extending
rainfall,
cultivation.
May 5 Aggregated
Bushels—Announcement was
made on May 6 by the Commodity Credit Corporation that
"Advices of Corn Loans" received by it through May 5,
1938, showed loans disbursed by the Corporation and held
by lending agencies on 42,135,727 bushels of corn.
Such
loans aggregated $20,395,847.08, based on a loan rate of 50
cents per bushel, of 2^ cubic feet of ear corn testing up to
14 lA% moisture; the average amount loaned per bushel de¬
6,237
1,372
8,184
Carolina,
77% compared with 77%
was
Corn
Indiana.
_
North
Thous'd Thous'd
Thous'd
Thous'd
in
condition
May 1
of
Jersey
conditions
1938
Per
proper
been very favorable.
Indi¬
Aver.
cated
1937
1936
vest
1936
hand,
have
Left
for
.State
Excessive
Louisiana.
and
Production
\
Yield per Acre
;.
Mississippi
Mississippi to Texas, has prevented
''
Acreage
3219
Arkansas
i.
—
Oklahoma
_
Minnesota..
Canadian
1,904
Crop Report—The Dominion Bureau of
on May 10 the first crop report of the present
season, indicating the intended acreage of principal fie d
crops as reported by crop correspondents at May 1 and the
progress of spring seeding.
A summary of the report is
1,080
given below:
Texas..
30.2
26.0
25.0
3,986
10.1
10.6
10.0
29,984
41,690
Montana
24.7
39.9
11.0
980
13.8
11.0
15.5
9,256
6,391
15,190
729
Statistics issued
39,860
15,309
8.0
17.3
4.0
19.6
22.0
21.0
12,360
14,388
Wyoming
Colorado
33.8
49.4
25.0
170
11.6
11.5
11.0
1,870
40.0
33.0
969
11.3
13.5
12.0
1,273
9,672
1,392
46.2
11,151
11,628
New
46.6
40.0
42.0
238
9.2
11.6
8.C
2,277
3,762
Idaho
...
1.0
0.0
0.0
45
21.8
23.0
24.0
733
Utah
6.7
3.1
2.0
209
16.8
15.0
18.0
3,001
2,829
1,035
2,820
Nevada
0.0
0.0
0.0
4
25.1
28.0
27.0
74
84
108
16.6
35.1
4.0
1,248
23.8
25.0
25.0
16,625
31,200
Oregon
14.2
26.9
3.0
*655
20.2
20.0
23.0
26,181
14,924
8,580
15,065
California
13.0
7.0
10.0
734
18.0
21.0
19.0
12,194
16,758
13,946
United
18.2
18.5
11.6 *50,677
14.5
14.6
14.9 546,396 685,102 754.153
Mexico.
Arizona.
_■
Washington.
*
_
Stares
The estimated acreage o 1 winter wheat seeded in Oregon in the
been
revised
from
851,000 to 675,000
This gives a United
acres.
A
from that of last year is 745,500
The principal decrease will occur in Saskatchewan, while
Manitoba and Alberta.
Durum wheat acreage
will be decreased considerably from 2,322,000 acres sown in 1937 to 1,693,000
acres intended for 1938.
This decrease will take place mainly in Manitoba
where it will be more than offset by an increase in the sowing of rustresistant bread wheats.
Oats and barley are also expected to show de¬
or
acres,
States total of
published
and 5% respectively, with the principal reductions occurring
Barley acreage in Ontario will be moderately reduced.
will show a decrease of 16,600 acres, or 9%, and flaxseed a re¬
duction of 48,600 acres or 20%.
The area sown to mixed grains will remain
normal in eastern Canada, while showing a moderate reduction in the western
privinces.
Potato acreage will be reduced in nearly every province to a
total level 20,200 acres or 4% less than that of a year ago, if farmers'
present intentions are realized.
The seeding of spring grains in Ontario, Manitoba and British Columbia
was
ahead of the seeding last year at April 30, while in Saskatchewan
and Alberta, seeding operations were considerably behind those in the very
For Ontatio and.western Canada, 22% of the spring
early season last year.
wheat crop was sown by April 30 this year, compared with 45% a year ago.
Oats and barley were each 12% sown, compared with 8 and 6% respectively
a year ago, due to the advanced season in Ontario this year.
This is the eighth year in which an 'Intentions' report for spri-ig grains
has been compiled.
The acreages shown in this report for 1938 should not
be expected to compare exactly with the actually sown acres as shown by the
results of the June Survey.
The intended acreages are merely indicative
of farmers' plans about the first of May and the areas actually sown may
be altered by the subsequent weather, by changes in prices, and by many
other conditions.
An effort is made, however, to eliminate the habitual
bias in the 'Intentions' figures as disclosed by the previous years' experience.
creases
rye
crop
May
on
Spring
is estimated
1
51,755,000 bushels com¬
(1927-36) average
at
pared with 49,449,000 bushels in 1937 and the 10-year
of
bushels.
36,454,000
The
of
acreage
acres,
about
or
for harvest on May
rye
5.7%
more
than
1
is estimated to be 4,059,000
The
1937.
in
harvested
was
10-year
Rye acreage has
sharply increased in the main acreage area of the Northwest, with
most of the other rye producing areas reporting a reduction in acreage.
The acreage sown for all purposes last fall was estimated at 6,869,000
acres, or 9.5% less than the 7,593,000 acres sown in the fall of 1936.
About 59% of the acreage sown will be harvested for grain this season,
and the remainder will be pastured, abandoned or used for other purposes.
(1927-36)
harvested acreage is 3,140,000 acres.
average
been
The indicated
12.8
at
yield per harvested acre is above average and is estimated
bushels
(1927-36)
with
compared
<£v:''
—
and the
1937
in
10-year
The winter and spring seasons have
favorable for rye and prospects
been
bushels
12.9
bushels.
11.3
of
average
are
generally above average.
of 3
Saskatchewan.
in
Rj/c
1938
3%.
increases are indicated in
in December, 1937.
The
rye
Weather
RYE
general
Production—Bushels
Yield per Acre--Bushels
Indi¬
Average
for Grain, 1927-36
1937
Indicated
Average
cated
Harvest
1927-36
1937
two
508,000
403,000
26,000
15.1
17.5
15.5
26,000
17.5
17.0
17.5
441,000
374,COO
455,000
Pennsylvania.
Ohio—
74,000
13.6
15.0
14.0
1,531,000
1,185,000
1,036,000
323,000
13.4
14.5
15.0
878,000
580,000
630,000
11.6
12.5
12.0
1,304,000
2,025,000
1,620,000
90,000
11.6
14.5
14.5
841,000
1,305,000
1,714,000
ually overspread Eastern States, although somewhat modified.
Tempera¬
tures were somewhat low over the Plateau States most of the week.
The week was cooler than normal in practically all sections west of the
3,950,000
Mississippi River,
Michigan
127,000
11.9
11.5
13.5
1,934,000
1,827,000
1,656,000
Wisconsin
316,000
10.8
13.5
12.5
2,358,000
4,590,000
Minnesota
586,000
14.7
19.0
18.0
5,714,000 10,716.000 10,548.000
Iowa
108,000
14.2
19.0
15.5
784,000
3,534,000
1,674,000
578,000
306,000
8.8
10.5
9.0
North
Dakota
908,000
9.7
10.0
11.5
9,811,000
6,720,000 10,442,000
South
Dakota
634,000
10.9
12.0
13.0
3,388,000
6,108,000
8,242,000
Nebraska—..
432,000
4,320,000
Missouri
34,000
9.3
10.0
2,655,000
3,900,000
10.6
11.5
11.0
308,000
906,000
6,000
12.6
12.5
12.5
78,000
62,000
75,000
18,000
12.9
13.0
12.5
247,000
208,000
225,000
.41,(XXI
11.3
12.5
11.5
588,000
525,000
472,000
Virginia
7,000
11.4
12.0
11.5
137,000
108,000
80,000
Carolina.
64,000
7.7
7.5
7.5
481,000
465,000
480,000
11,000
8.4
8.5
8.5
77,000
85,000
Delaware....
Maryland
...
_
Virginia
So. Carolina
-
_
10.0
212,000
59,000
Kansas
649,000
94,000
Georgia
18,000
6.1
5.5
6.0
106,000
94.000
108,000
Kentucky
19,000
10.6
13.0
12.0
189,000
312,000
228,000
Tennessee
38,000
6.7
7.0
158,000
308,000
266,000
Oklahoma....
40,000
7.9
8.5
9.0
118,000
306,000
Texas.......
4,000
9.9
14.C
10.0
27,000
42,000
40,000
42,000
9.4
9.0
10.0
520,000
198,000
420,000
7,000
11.1
10.0
12.0
55,000
60.000
84,000
;.
35,000
6.8
7.0
7.0
193,000
168,000
245,000
Colorado.—.
41. (XXI
7.4
8.5
8.5
351,000
382,000
348,000
Montana
Idaho
Wyoming
7.5
360,000
8.0
7.5
Washington..
18,000
9.1
9.0
11.0
194,000
162,000
198,000
Oregon......
44,000
13.1
12.5
14.5
351,000
600,000
638,000
5,000 *12.4
13.0
14.0
*104,000
65,000
70,000
11.3
12.9
12.8
7.6
4.000
Utah
California
*
States 4.059,000
32,000
19,000
30,000
36.454,000 49,449,000 51,755,000
Short-time average.
Oats
The
above
general
average
of oats in
the
prospects
and
the
South
Louisiana, with a
condition
below
acreage
(Southern
for
most
the
oats
States)
in
crop
promising since
Southern
the
1931.
States
The May 1
1937 and the 10-year
in
condition of
average.
(1927-36)
average
79%, is the only State reporting
Texas
and
Oklahoma,
in these nine States, report
with
an average
about
are
condition
Atlantic and South Central States is reported
compared with 72%
total
central sections until the 8th,
42,000
Illinois
United
.
Temperatures were generally moderate in
when cooler weather overspread that area.
135,000
— ——
Indiana.
No.
areas
country.
New Jersey-
West
week was dominated largely by the slow progress of
of low pressure from the Southwest northeastward across the
The passage of these "lows" was marked by rather widespread
precipitation over the Great Plains and most eastern sections, except the
extreme Southeast
Generally fair weather was the rule in the far South¬
west, while almost daily rains occurred on the North Pacific coast.
The weather of the
1938
1938
1938
York
of the
weather for the week
Left for
New
the Week Ended May 11—The
of the weather bulletin issued by the
Report for
summary
Department of Agriculture, indicating the influence
ended May 11, follows:
Acreage
State
nearly 1.4 million acres in the area sown to spring grains
dicated decrease in the spring wheat area
fail of 1937 has
57,316,000 acres of winter wheat seeded, compared with 57,492,000 acres as
decrease of
1938 is indicated by farmers' intentions as of May 1.
The
intended area of spring wheat is 24,105,900 acres, compared with 24,851,400
acres sown in 1937 and 26,646,100 acres in the peak year, 1932.
The in¬
in Canada in
as
82%
of 67%.
a
67%
May
of
1
the
condition of 83%.
Freezing
for
early
temperatures
potatoes
early in
have
declined
April retarded
somewhat
since
April
except along the central and southern Pacific coast.
ranged from 7 degrees to 9 degrees over most Rocky
Great Basin areas, as well as in parts of the Great
Plains.
The week was especially cool in Colorado and western Kansas
where departures were from —9 degrees to —10 degrees.
In most Eastern States the weekly temperatures were from 3 degrees
to 10 degrees warmer than normal, especially in the Carolinas and Virginia,
while they were moderately high in the eastern Ohio Valley.
Except in Western States, the minima for the week were generally well
above freezing.
The line of freezing temperatures extended roughly from
northern Minnesota southwestward to northern New Mexico and thence
westward and northward, excluding most of the Pacific States.
The lowest
temperature for the week from a first-order station was 14 degrees at Flag¬
staff, Ariz., on May 7.
The total precipitation for the week was moderate to heavy in many sec¬
tions from central Texas northward to Minnesota.
Throughout this area
the amounts ranged from 1 to over 5 inches, being particularly heavy in parts
of eastern Kansas, eastern Missouri and southern Minnesota.
Moderate
rains were reported also from portions of the Southeast, locally in Rocky
Mountain sections, and in portions of the Ohio Valley.
Weekly totals
were relatively light in the Northeast, extreme Southeast, southern Texas,
and quite generally in the Southwest and most of the West.
In the latter
section a large area reported no measurable precipitation for the week.
Abnormally cool weather over nearly the entire western half of the
country during the past week retarded the growth of vegetation decidedly
and there was more or less frost damage reported tather generally from
the central and northern Plains States westward to the Sierra Nevadas and
the eastern portions of Washington and Oregon.
The damage in general
was not serious, being confined largely to truck crops and gardens
,and
here and there to fruit.
The cold, wet weather in much of the West was
decidedly unfavorable for young lambs.
East of the Mississippi River
Minus departures
Mountain and eastern
temperatures were more favorable, tnough the latter
too cool for good growth of tender vegetation.
Farm work made satisfactory progress in most of
in
1.
the crop about two weeks
part of the week was
the eastern area, but
especially in the upper Mississippi Valley, and the central
the Mississippi and Rocky Mountains, outside operations
large"y at a standstill because of heavy rains and cold weather.
1 here
considerable flood damage in some central-northern areas, expecially
the West,
States between
were
was
ail
gartsdamage was reported inmuch southern
of Minnesota, with the lowland
inundated, while considerable
Great Plains.
the soil-moisture situation is varied.
In the eastern Uhited
abnormally heavy rains occurred last year in the early spring
season, there has developed a progressive dryness, and moisture is now
needed to a greater or less extent over a wide area, extending from the Ohio
Valley eastward and northeastward, and also in much of the South Atlantic
area.
Widespread, generous rains are needed rather badly over this en¬
tire section.
-v:;
At present
States, where
Early Potatoes
Prospects
This reaction to cooler grad¬
Financial
3220
the Southwest and locally In
West of the Mississippi River, except in
moisture is ample for present needs, with too much
Central-Northern States, expecially Iowa and southern Minnesota,
where saturation is reported to a depth of several feet.
Locally in tne
northern Great Plains, especially in parts of Montana, and rather gener¬
ally in the Southwest, including principally New Mexico and Arizona,
rain is badly needed.
On the other hand, the heretofore dry southwestern
Plains, especially western Kansas and eastern Colorado, received generous
rains during the past week, the totals ranging mostly above an inch.
the northern Plains,
in
some
Small Grains— Rain is needed in eastern portions of the Wheat
generally in most of the eastern Lake region and Ohio Valley; and seed¬
ing continues in the Northeast.
Slow growth was noted in several eastern
sections, but winter wheat, rye and barley are heading or in full head
northward to Kentucky and Maryland.
In western sections, particularly throughout the Great Plains, the upper
Mississippi Valley, and the Northwest, subnormal temperatures slowed
growth.
Precipitation throughout most of the western belt was ample
and progress and condition of winter wheat ranges from fair to excellent
generally.
Pest damage is reported locally in portions of the Mississippi
Valley where some wheat has been plowed up.
From Kansas northward and westward a better moisture situation has
resulted in general and marked improvement of all minor grains.
In¬
determinate damage from rust infestation was reported in portions of the
soutnern Plains, and from low temperatures In parts of Wasnington and
Oregon.
Cold weather retarded growth and development in some farwestern areas.
ripening fast in Texas and this crop is making good to excel¬
growth to northward; in Illinois it is now 2 to 3 inches high.
Rice
half planted in Texas where rain was beneficial and planting has
begun in the Sacramento Valley of California; it is generally good in Louis¬
iana with some replanting reported.
Oats are
lent
over
planting made fairly good progress in most sections east
Mississippi River, being now in full swing northward to Pennsyl¬
Corn—Corn
of the
vania, and beginning as far north as the southern portions of Michigan
and Wisconsin,
However, rain is needed for germination in much of the
Ohio
in
Valley
planting.
area
In
where there has been some delay, because of dry soil,
Ohio about one-fourth of the crop has been planted,
seeuing is half done in parts of southern Illinois, though in many
northern sections it is just beginning.
.
West of the xvlississippi River conditions were unfavorable rather gen¬
while
erally because of cold, wet wheather,
especially
in central and northern
Missouri.
sections, while about two-thirds of the crop has been planted in
In the central Plains area planting is delayed because of cold,
wet soil,
and this work is practically at a standstill in Iowa and Minnesota where
daily rains have made field work impracticable rather generally.
In Iowa
planting normally should be approaching its peak at this season, while
at present only a small portion of the intended acreage has been seeded.
Cotton—In the area from the
Mississippi Valley eastward the week was
mostly favorable for cotton.
Generally light rains permitted active field
work and planting made good progress in northern sections, while chop¬
ping
advanced
were
favorable
favorably
for
in
southern
germination,
Showers
districts.
though,
in
of dryness,
because
Tennessee
stands are
rather spotted in parts of the Atlantic area.
In the western belt, cool weather and frequent rains were
unfavorable
generally.
In Texas planting is inactive, because of wet soil, and
growtn of early seeded cotton is slow due to cool weatner, although its
general condition continues fair to good; chopping is progressing in southern
districts.
In Oklahoma planting was retarded by general rains and some
replanting will be necessary.
Warm sunshiny weather is needed in the
western belt.
rather
The Weather Bureau furnished the following resume of
in the different {States:
conditions
Virginia—Richmond: Warmer than normal; drought conditions be¬
coming serious; all southeastern truck damaged, but generous rains would
potato, cabbage, and spinach crops.
Strawberry season shortened.
Most corn planting done; some up to good stands.
Planting cotton well
advanced.
Tobacco plants plentiful; transplanting and watering under
way,
Sneep shearing continues.
save
North, Carolina—lialeign:
Warm; much sunshine; rainfall mostly light,
locally heavy in coastal plain.
Progress of cotton fair to good.
for planting
failing.
except
Other crops doing fairly well, though rain needed, especially
and resetting plants, and germinating seed.
Some pastures
South Carolina—Columbia: Cool last
day, but week averaged warm;
locat, moderate rains; ample sunshine.
Favorable, though many localities
need more rain for late germination and truck and tobacco progress.
Cotton
chopping and cultivation good progress in south; fields clean; stands mostly
good in north, except where dry.
Oat harvest advanced in south; small
grains beginning to ripen in north.
Georgia—Atlanta: Cotton chopping made good advance in south and
middle; planting good progress in north; some up north of Atlanta.
Favor¬
able for cultivating corn in south and planting in north.
Wheat and
oats ripening in
middle; good growth in north.
Mostly favorable for
minor crops, except in middle, east and soutn where rather dry.
Heavy
shipments early peacnes; fine quality.
Florida—Jacksonville: Some rain in nortn and locally in central, but
drought continues in south and most central.
Progress of cotton good
though stands spotty with some replanting; chopping very good
progress; small acreage deteriorated in central. . Progress and condition
of corn very good in north, but early corn deteriorated in south and cen¬
tral, with late only fair.
Citrus helped locally, but most areas still dry
and suffering badly.
Truck fairly good in north, but season cut short;
over in south.
Tooacco doing wed.
Miscellaneous crops poor to fair.
in nortn,
Alabama—Montgomery: Normal warmth, but nights rattier cool; rains
improved soil conuitiou for work: and germination on uplands, while low¬
lands dried sufficiently for planting.
Cotton chopping fair advance in
south where up, but planting continues.
Cultivating early corn.
Har¬
vesting oats in south, with good yield indicated.
Pastures and misceelaneous crops mostly good.
Mississippi—Vicksburg: Progress of cotton planting very good; nearing completion in soutn and central, with chopping making fair advance,
locally tnrougnout State; rain needed in west.
Progress of corn generally
poor to fair, with cultivation mostly average.
Cold nights, especially since
Sunday.
Progress of gardens, pastures, and truck generally fair.
Louisiana—New
Orleans:
Favorable, except too cool
end.
Good
progress planting cotton and much up to good stands: chopping very
good progress.
Condition and progress of corn generally very good and
planting continues.
Good progress digging potatoes and setting sweet
potatoes.
Cane, rice and truck generally good; replanting rice continues
locally.
near
Texas—-Houston: Mostly cool; good rains, except none
locally in north¬
Corn much improved;
making rapid growth generally, and in
west,
fan to good condition; some fields in central need
cultivation, but mostly
clean along coast.
Some damage in extreme east by floods.
Early winter
wheat jointing in northwest and in
good condition generally, but some
rust damage in wet, northern areas.
Oats and minor grains ripening
fast;
in
pest damage in north-central.
Cotton chopping progressing
and extreme west; planting
progressing slowly account wet soil;
of cotton already planted slow due cold; condition
generally fair
good.
I ruck mostly fair to good; rain in north-central
expected to
some
south
growth
to
TO truck generally; spring truck being marketed in
I ruit
spotted; mostly fair.
Rice over half planted; rain in
beneficial to lields not already flushed.
Cattxe and
regions
good
lower
to
excellent.
Stock
water
plentiful
liio Grande Valley need rain.
Oklahoma—Oklahoma
generally.
extreme
upper
west.
coastai
mostly
groves
in
ranges
Citrus
City:
Ccid with general
of State; considerable hail
damage.
rains; heavy to exces¬
sive in much
Cotton planting made
only fair advance; some replanting necessary.
Progress and condition of
corn fair; crop needs sunshine.
Progress of winter wheat fair; mucn head¬
ing; rust causing some damage; some fields
damaged by nail; condition
fair to very good.
Oats fair to good condition; now heading.
Pastures,
gardens, and minor crops fair to good progress.
Livestock good condition.
Arkansas
some
west
completed
Little
in
seed in some
Rock:
Excellent
planting cotton, except in
interfered; planting nearly
much of south and central; soil too dry for germination of
and
central
east
portions
progress
where
rains
and south portions' progress of
cultivating and chopping under way.
ing well along; early being cultivated.
early
Progress of
corn
cotton very good;
very
Weather favored all
good; plant¬
other crops.
1938
14,
Tennessee—Nashville: Good progress planting corn; some cultivated
Cotton planting very good progress; showers favored
germination.
Progress and condition of winter wheat very good; some
heading short.
Favorable for setting tobacco and sweet potatoes.
Good
condition very good.
Truck crops doing well.
late strawberries.
crop
some cut.
Hay good to excellent;
1
THE DRY GOODS TRADE
Belt,
although condition and progress of winter wheat, oats, and rye were mostly
fair to very good at the close of the week.
Oats are up to good stands
is
May
Chronicle
New York,
Friday Night, May 13, 1938.
Owing, in part, to unseasonally cool temperatures pre¬
vailing in many 'sections of the country, retail trade con¬
tinued rather spotty.
During the early part of the period
under review, purchases for Mother's Day stimulated activi¬
ties to some extent, but for the entire week the volume of
sales fell again substantially below last year, though partly
due to the general decline in retail price levels.
The re¬
the
sponse to
numerous
special promotions now under
way,,
continued
quite irregular, as the cool weather dampened
merchandise.
Department store sales for
for the week ending April 30, according to the report of tht
Federal Reserve Board, were 15 % below those of the same
week of 1937.
In the metropolitan area, the Federal Reserve
Bank of New York reported a decline of 8.2%, while in the
Newark district a decrease of 8.1% was shown.
For tho
entire month of April, sales of department stores the co in try
over, declined 3%.
The best result was registered by the
Richmond district with an increase of 10 %, while the Chicago
district reported the largest decline amounting to 13%; in
the New York area the loss in sales was confined to 1 %.
Trading in the wholesale dry goods markets continued
rather quiet, although prices held fairly steady.
Late in the
week activities revived appreciably as several large retailers
prepared to enter the market for substantial commitments.
While wholesalers on their part maintained their previous
cautious attitude, an Increasing amount of small reorders
was
placed, and predictions were heard that shortages in
certain lines of goods are likely to develop in the near future,
owing to curtailed production schedules and reduced ininventories.
Announcement was made during the week of
interest in
the
new
from
summer
fall prices
for percales showing reductions ranging
i^c. to y8c., for the purpose of adjusting quotations
to current
market values.
Business in silk goods remained
fairly active, with continued interest shown in sheer fabricsr
and with prices displaying a steady trend.
Trading in rayon
yarns again reflected the slow demand on the part of the
weaving plants.
No further deterioration in the statistical
position, however, was reported, as the current demand ap¬
peared sufficient to absorb the curtailed output. Cuprammonium yarns continued in active demand.
Rumors of an
impending moderate reduction in the price of viscose knitting
yarns were in circulation, but so far lacked confirmation.
Domestic
Cotton
Goods-—Trading in the gray cloths-
markets, during the early part of the week, continued very
quiet, although sentiment appeared improved, and inquiries,
at slight concessions below list prices, were on the increase.
Later in the week trading broadened materially, and sales,
reached a volume not seen in some time.
The sudden spurt
in business was due to large covering purchases by converters
against anticipated sales to Government relief agencies, the
better sentiment in the security markets, and a mild upturn
in the movement of finished goods.
An additional factor
in stimulating activities was the growing belief-that the con¬
tinued curtailment policy of the mills is bound to result in
widespread shoi tages, once existing spot supplies are re¬
moved from the market.
While most sales were for im¬
mediate
delivery, some orders for shipments as far as July,
Sheetings also moved in better volume, and
in carded poplins.
Business in fine
goods started the week in quiet fashion, but later also becamemore active, reflecting the revival in the print clotn division.
Slub yarn broadcloths were in better demand, and some spot
orders for voiles came to hand.
Closing prices in print
cloths were as follows: 39-inch 80s, 634 to 6%c.; 39-inch,
72-76s, 6J4 'to 6c.; 39-inch 68-72s, 524c.; 3814-inch 64-60s,
434 to 424c.; 3824-inch 60-48s, 3%c.
reported.
were
some
interest existed
Woolen
Goods—Trading in men's wear fabrics continued
efforts of prospective buyers to obtain price
concessions in view of recent wage cuts by the mills, met
with scant success, clothing manufacturers generally main¬
tained their waiting attitude, preferring to draw upon exist¬
ing supplies, pending a clarification of the general business
outlook.
Some additional Orders for spot lots of tropical
dull.
While
worsteds and
gabardines were received but their total wras
Reports from retail clothing centers continued
their spotty showing, with the slump in industrial activities
and reduced payrolls forming a serious obstacle to an ex¬
pansion in sales.
Business in women's wear goods received
a mild stimulus
through the formal opening of fall coatings,
and dress goods, at prices approximately 10% below those of
a
year ago.
While actual sales were largely confined to
sample orders, the outlook was regarded as promising, in
view of the healthy inventory condition in this field.
not
large.
Foreign Dry Goods—Trading in linens remained inactive,
goods and
fabrics used for certain accessories.
Business in burlap con¬
with sates confined to scattered reorders on dress
tinued very quiet, and prices ruled slightly easier, in line
with the trend of the Calcutta market, where unfavorable
conflicting news on the pending curtailment
price determining factors.
Domestically
lightweights were quoted at 3.45c., heavies at 4.75c.
statistics
proposals
and
were
-
Volume
Financial
146
3221
Chronicle
$10,000 a year, and authorize Governor Moore to appoint
an
advisory board consisting of four members, whose an¬
nual salary will be $4,500.
'
News Items
Works
Public
Administration—New
Works
Program Announced—The following is the text of
release (No. 3301), made public by the above named
agency on May 10:
Project
press
Federal
Opening the way for a new $1,000,000,000 Public Works Administration
Administrator Harold L. lckes today directed PWA regional
public bodies that they may now
program.
offices to notify municipalities and other
submit applications for projects.
States, cities, towns and counties were advised to submit their applications
delay to the PWA field offices at New York, Chicago, Atlanta,
Omaha, Fort Worth, San Francisco and Portland, Oregon.
These applica¬
tions will be got in readiness but not formally acted upon until legislation
without
authorizes such action.
The resolution continuing
that no new applications for
be received
PWA taken
up
provides
for non-Federal projects shall
in the House today
loans and grants
considered by PWA after Aug. 31,
1938.
This provision setting a deadline for new applications within less than
four montns was one of the reasons that prompted the Administrator to
issue today's order.
Municipalities and public bodies must take a number
of decisions and take certain actions before submitting applications and
today's announcement gives them an opportunity to get to work.
States, municipalities and other local public bodies have already reported
to the PWA indicating that they are ready to submit applications for mere
than $1,500,000,000 worth of permanent construction projects of their
own selection and for which they are prepared to finance 55% of the cost.
An informal survey was undertaken in response to congressional inquiries
to ascertain roughly the amount of applications that may be expected when
the new Public Works Administration Act is amended to permit the filing
of new applications and continuing the program.
Tentative reports received by Administrator Harold L. lckes from five
of the seven PWA regional offices, embracing 34 States, listed 4,069 projects
at a total estimated cost of $1,554,801,166.
These new potential projects
are in addition to the 2,714
projects already filed which have been approved
by the PWA examining divisions but for which no funds are now available.
Allotments for tne 2,714 approved projects would result in $1,007,440,512
worth of construction with the applicants bearing 55% of the cost.
The States which nave submitted tentative reports in the informal survey
or
:/•
are:
Regional No. 1—New York, New Jersey, Pennsylvania, Maryland,
Maine,
Massachusetts,
Connecticut, Rhode Island, New Hampshire,
Vermont, Delaware: Number of projects, 2,151; Estimated cost, $1,174,327,472.
Region No.
3—Alabama, Florida, Georgia, Kentucky, Mississippi,
North Carolina, South Carolina, Virginia, Tennessee: Number of projects,
556; Estimated cost, $92,148,600.
Region No. 5—Arkansas, Kansas, New Mexico, Oklahoma, Colorado,
Louisiana, Texas: Number of projects, 233; Estimated cost, $46,578,317.
Region No 6—California, Arizona, Nevada, Utah: Number of projects,
519; Estimated cost, $162,578,954.
Region No. 7—Idaho, Oregon, Washington: Number of projects, 610:
Estimated cost, $79,167,823.
Reports have not been tabulated from the following 14 States in two
regions:
Region No. 2—Illinois, Indiana, Michigan, Ohio, West Virginia, Wis¬
consin.
Region No. 4—Iowa, Montana, Nebraska, South Dakota, Minnesota,
Missouri, North Dakota, Wyoming.
The totals reported informally are not final figures as many localities
which are planning to file applications have not been in touch with PWA
regional directors or have not formulated their requests.
The total esti¬
mated cpst of the potential projects listed also will be greater because in a
number of instances no estimate of total cost of a project was reported to
the
regional director.
regional offices as well as the central office in Washington have
been swamped with inquiries from municipalities and other public bodies
ever since the President recommended to the Congress $1,000,000,000 for
loans and grants to resume the PWA non-Federal program.
By telegraph,
letter, telephone and personal calls, mayors and other responsible local
officials have been informing PWA of the projects for wbicn they expect to
file applications.
The types of projects proposed are the same as heretofore constructed
with the aid of PWA loans and grants, including schools, libraries, hospitals,
courthouses, penal institutions and other public buildings, waterworks
and sewer systems, disposal plants, bridges and viaducts, wharves, piers
and docks, subways and tunnels, streets, grade crossing elimination and
flood and erosion control projects.
Up to last March 31, PWA had made grants of $852,321,394 for the con¬
struction of 10.474 non-Federal projects estimated to cost $2,777,471,543.
Toward this total amount of construction the applicants supplied $1,925,150,149 of their own funds including loans from PWA totaling $789,961,072.
The Regional offices are located:
Region No. 1—Maurice E. Gilmore, Director, 2 Lafayette Street, New
PWA
York. N. Y.
Region No. 2—David R. Kennicott, Director, 20 North Wacker Drive,
Chicago, Illinois.
Region No. 3—Howard T. Cole, Director, Citizens & Southern National
Bank Building, Atlanta, Georgia.
Region No. 4—Robert A. Radford, Director, Federal Office Building.
Omaha, Nebraska.
Region No. 5—George M. Bull, Director, Electric Building, Fort Worth,
First—Bonds of the United
those for which
Region No. 6—Kenneth
L. Godwin, Acting Director, David-Hewes
Building, San Francisco, California.
Region No. 7—-Claude C. Hockley, Director, Failing Building, Portland,
Oregon.
Jersey—Princeton
Survey Bills Signed—The four
municipal government survey bills, draftee! by the Prince¬
ton University Commission, vesting in a State Board dicta¬
torial powers over the financial affairs of New Jersey munici¬
palities, were enacted into law on May 9 when 'Governor
Moore signed the two principal measures of the program,
according to Trenton advices on that date.
He already
had approved the other two bills.
The bills name State Auditor Walter It. Darby as the
State's first Local Government Commissioner at a salary of
the
States, or
of the
faith
United
States Is pledged. Including the oonds
of
1961
Home Owners' loan
iguar-
Corporation
anteed)—All issues
Federal
Corporation
Mortgage
Farm
(guaranteed)—All issues
Second—Legally issued bonds and Interest-bearlng obligations of the following
States:
(Savings banks may Invest not exceeding
of
10%
their
deposits and
surplus
Milwaukee, Wis.
Covington, Ky.
Cranston, R. I.
Danville, 111.
Minneapolis, Minn.
Davenport, Iowa
Panama Canal 3s,
S.
U
Cincinnati, Ohio
M elrose, MasB.
Vs. Middletown, N.Y.
Colorado Spgs., Col. Middletown, Ohio
Clarksburg, W
Concord, N. H.
the District of Columbia.
Treasury bonds and notes, all issues
Muskegon, Mich.
Nashua, N. H,
Mollne. 111.
Muncle, Ind.
Dayton, Ohio
Newark, Ohio
Decatur, III.
Denver, Colo,
Des Moines. Iowa
Duluth, Minn
New Albany,
East Liverpool, Ohio Newport, Ky.
Newport, R. I.
Eau Claire, Wis
New Jersey
Colorado
New Mexico
Connecticut
New York
North Dakota
Georgia
Ohio
Idaho
Oklahoma
Illinois
Oregon
Indiana
Pennsylvania
Iowa
Rhode Island
Kansas
South Carolina
Oshkosh, Wis.
Fveiett, Mass.
Parkersburg, W. Va.
Everett, Wash.
Pasadena, Calif.
Peoria, 111.
Fargo, el. Dak.
Fitchburg, Mass.
Kentucky
Huron, Mich.
Portland, Me.
Pottsvllle, Pa.
Calif.
Providence, R. I.
Qutncy, 111.
Galesburg, 111.
Utah
Massachusetts
Fresno
Texas
Maryland
Port
Fort Wayne, Ind
Tennessee
Maine
Plttsfield, Mass.
Fond-du-lac, Wis
South Dakota
Louisiana
Vermont
Gary, Ind.
Quincy, Mass.
Glendaie, Calif.
Racine, Wis.
Gloucester, Mass.
GloversvllJe, N
Reading, Pa.
Richmond, Ind.
Hamilton, Ohio
Washington
Riverside, Calif.
Wisconsin
Montana
Wyoming
Third—Legally Issued bonds and obliga-
city, borough,
school district, fire district, taxing district
or sewer district in State of Connecticut,
and in the obligations of the M etropolitan
District of Hartford County, provided
the investment In the obligations of such
tlons of any county, town,
Rockford, 111.
Rome, N. Y.
Holyoko, Mass.
West Virginia
Missouri
Hammond, Ind.
Harrlshurg, Pa.
Haverhill, Mass.
Mississippi
borough
Y.
Green Bay, Wis.
Virginia
county, town, city,
Sacramento, Calif.
Rock Island, 111.
Huntington, W. Va. Saginaw, Mich,
St. Cloud, Minn,
Huntington Park,
Salem, Mass.
Calif,
Hutchinson, Kan.
Salt Lake
Indianapolis Ind.
jthaca. N. Y.
San Diego,
Jamestown, N. Y.
San Francisco, Calif.
San Jose, Calif.
school dis- jancsville, Wis
trict, fire district, sewer district or metro-
jopUn, Mo
Kalamazoo,Mich,
bank.
city Issuing the same.
-Special Assessmenrs" and •'Improvement" bonds which
of the city
and credit are not
not the direct obligations
Pledged are not allowable.
Calif.
Santa Ana, Calif.
Santa Monica, Calif.
Scranton, Pa.
Sheboygan, Wis.
Kenosha, Wis.
authorized bonds of
the following cities outside of Connecticut
and which arc the direct obligations of the
Fourth— Legally
City, Utah
Sandusky, Ohio
j0net. 111.
poiitan district shall not exceed 2% of the
deposits and surplus of any such savings
and lor which its faith
Adams, Mass.
Ogden, Utah
Tnd.
Evansvllle
North Carolina
Florida
Minnesota
Oakland, Calif.
Pa.
Fvanston, ill.
Delaware
Michigan
Norwood, Ohio
Frle
California
Northampton, Mass
Elyrla. Ohio
New Hampshire
Nor.
Fimlra, N.Y.
Nevada
Arizona
Newton, Mass.
Flkhart, Ind
Alabama
are
Ind.
New Bedford, Mass.
New Castle. Pa.
Elgin, 111.
therein.)
Sioux City, Iowa
Kokomo, Inn.
Lacrosse, Wis.
Sioux Falls, 8. Dak.
Lafayette. Ind.
Somerville, Mass.
Lakewood,
Lancaster,
South Bend,Ind.
Ohio
Spokane, Wash.
Pa.
Springfield, 111.
Springfield, Mass
Lansing, Mich
Lawrence, Mass.
Lebanon, Pa.
Springfield, Mo.
Berkeley, Calif.
Benin. N H.
Lewlston, Ale
Lexington, Ky.
Springfield, Ohio
Alharubra, Calif.
Alton, 111.
Bcverli, Mass.
Lincoln, Neb.
Taunton, Mass.
Altoona, Pa.
Blnghamton,
Terre
Alameda, Calif.
Ashtabula, Ohio
Bloomington, 111.
Atlanta, Ga.
Boise City, Idaho
Auburn, N. Y.
Brockton
Augusta, Ga.
Burlington, Iowa
Butte,Mont.
Steuben ville, Ohio
Lockport. N. Y
Lowell Mass.
Lynn, Mass.
Macon, Ga.
Madison, Wis.
Maiden, Mass.
Aurora
III
N. Y.
Mass.
Haute, Ind.
Topeka, Kan.
Waltham, Mass.
Warren, Ohio
Waterloo, Iowa
Wauwatosa, Wis.
Lakersfleld, Calif
Cambridge, Mass
Manchester,
Baltimore, Md.
Canton, Ohio
Cedar Rapids, Iowa
Manitowoc, Wis.
Wheeling, W. Va.
Wichita, Kan.
Mansfield, Ohio
Wilkes-Barre, Pa.
Marion, Ind.
Wllllamsport, Pa.
Woonsocket, R. I
Bangor, Me
Battle Creek, Mich. Central Fall",
Bay City,
Mich,
Belleville, 111.
Belllngham, Wash.
Beloit, Wis.
to
be
banks may
R. I.
Charleston, W. Va.
Chelsea, Mass
Chicago Hts., Ill
Chicopee Mass
-Railroad
finds
Texas.
New
Connecticut— List of Legal Investments for Savings Banks
—Complying with Chapter 209 of the Public Acts of 1937,
Walter
Perry, Bank Commissioner, issued on May 1,
1938. the list of bonds and obligations which he finds upon
investigation are legal investments for savings banks.
This
list is revised semi-annually on May 1 and Nov. 1.
The
Commissioner again calls attention to the wording of the
law, which discriminates against the "special assessment"
or "improvement" bonds, or other bonds or obligations which
are not direct
obligations of the city issuing the same, and
for which the faith and credit of the issuing city are not
pledged.
The outstanding feature of this newrest revision
is the number of railroad obligations which have been dropped
since last November.
The last list published was for Nov. 1,
1937, and appeared in the "Chronicle" of Nov. 27, 1937, on
pages 3527 and 3528.
We give herewith the May 1, 1938,
list in full, indicating by means of an asterisk (*) the securities
added since Nov. 1, 1937.
Those securities that have been
dropped from the list since last November are shown in a
separate compilation which appears at the end of the section.
The following table shows the State and municipal bonds
which are considered legal investments:
bonds
N.
H
Marion, Ohio
Mason City, Iowa
Massilon, Ohio
Medford, Mass.
which
the
Bank
Worcester, Mass.
York, Pa.
Zanesville, Ohio
Commissioner
legal investments are shown below.
Savings
invest not exceeding 25% of their deposits and
surplus therein:
Albany &
Boston
Susquehanna RR. Co.
First mortgage
3 J4s, 1946
Bangor &
Aroostook System
Aroostook Northern 5s,
1947
Consolidated refunding 4s, 1951
First mortgage 5s, 1943
Terminal 3Hs,
Piscataquis Division 5s, 1943
Extension 5s, 1943
St. John's River Extension 5s, 1939
Washburn Extension 5s. 1939
Van Buren
System
Y. & Long Branch RR. gen.
1941
4s & 5s,
1952
Refunding 5s, 1963
Improvement 4Ks.
Buffalo
Central Ry. of New Jersey
N
& Albany RR.
4Mb, 1943
♦Debenture 5s, 1938
Debentures, 5s, 1942
Refunding 6s, 1946
Terminal 3 Ms, 1951
First mortgage
Rochester
1978
&
Pitts.
System
Allegheny & Western Ry. 1st 4s, 1998
Clearfield & Mahoning Ry. 1st 5s. 1943
Financial
3222
General
1944
Big Sandy Ry. 1st 4s,
Paint Creek Branch 1st 4s,
Pitts. Cln
1945
1946
Kanawha Bridge & Terminal 1st 5s, 1948
General mortgage 4Ms. 1992
Refdg. A irnpt., series D 3Ms, 1996
Refdg. A impt., series E 3 Ms, 1996
Hocking Valley Ry. 1st consol. 4Mb,1999
Col. A Hock. val. RR. 1st ext. 4s, 1948
Columbus A Toledo RR. 1st ext. 4s, 1955
Norfolk Term. & Trans. Co. 1st 5s, 1948
Lack.
Del.
Savings banks may Invest not more than
following bonds, but not more than 5% in
1st 3Ms & 4s, 1945
the bonds of any one such
1964
Blackstone
Warren RR.
1st cons. 4s, 1939
Kings Co. El. L & P. pur. M. 6s. 1997
Hudson Gas & Electric Co.—
Central
N. Y. N.
H.
& Hartford
System
Holyoke & Westfield RR. 1st 4Ms, 1951
1st 4s, 1947
Bound Brook
A
3 Ms,
1957
Guar, series D 1st 3 Ms, 1971
Scioto Val. A New Eng. RR. 1st 4s, 1989
Southbound—
Winston-Salem Term,
(guar.) 1st 5s, 1966
/
,
Guar. gen. 3 Ms, 1950
Guar. gen. 3Ms and 4Ms,
Guar. gen. A ref. 4Ms, 1977 &
Columbia & Port Deposit 1st
1981
4s, 1940
Connecting Ry. 4s, 4Ms and 5s, 1951
Elmira & Williamsport RR. 1st 4s, 1950
Erie & Pittsburgh RR. gen. 3Ms, 1940
Little Miami RR. 1st 4s, 1962
1966
Cumberland County Pr
1st mtge 3 Ms, 1966
Gen. A ref
Union Pacific RR.
1947
Oregon Short Line—
Consolidated 1st 5s, 1946
Income 5s, 1946
Oregon-Washington
Ohio Connecting Ry. 1st 4s, 1943
Phlla. A Baltimore Central 1st 4s. 1951
Nav.
Co.
First mtge
*
1965
3 Ms A 4s, 1967
3Ms. 1965
111. Co. of Boston-
Co
1st M. 5s,
1945
1st M. 5s, 1948
1st ref. 5s and 6 Mb. 1954
Philadelphia Baltimore A Wash.—
First 4s, 1943
Chattanooga
1947
Station
1st 4s, 1957
anteed by Cln. N. O. &
Gen. series C 4 Ms, 1977
Gen. series D 4Ms, 1981
(guar¬
Detroit A Toledo Shore Line 1st 4s, 1953
New London Northern RR. 1st 4s, 1940
general 4s, 1948
Portland A Rumford Falls Ry. 5s, 1951
Sixth—Equipment trust obligations as follows (savings
exceeding 6% of their deposits and
surplus therein):
banks may invest not
Cincinnati New Orleans & Texas
♦Bangor & Aroostook RR. Co.
♦Series K 2Ms, serially, 1938 to 1947
♦Series L 2Ms, serially, 1939 to 1950
Series H, 2 Ms, serially, 1938 to 1952
Union Pacific
Series D, 4 Ms, serially, 1929 to 1938
Series E, 2Ms. serially, 1938 to 1952
Chesapeake & Ohio Ry. Co.
Series V 5s. serially 1925-39
Series W 4Ms. serially 1926-40
Virginian Railway
Series of 1929 4Ms, serially 1930-44
Series E, 4Ms, serially, 1926 to 1940
Series of 1930 4 Ms, serially 1931-45
Series of 1935 3s. serially 1936-50
Wheeling & Lake Erie
Series of 1938 2Ms, serially 1937-46
Series of 1937 2s, serially 1938^7
3Ms. 1967
1953
Providence Gas Co
—
First mtge. 4o, 1963
Public Service Electric A Gas Co
United Elec
1st A ref
—
Co. of N. J. 1st 4s, 1949
3 Ms,
1965 and 1966
Public Service Co. of N. H.—
1st mtge series F 3Mb. 1066
Rochester Gas A Electric Co.—
Gen. mtge. series E 5s, 1962
Gen. mtge. series F 4s, 1960
—
Ref. mtge 3Ms, 1980
Ref. mtge 43 1960
Toledo Edison Co. 1st mtge. 5s, 1962
Utica Gas A Electric Co.—
Ref. A ext. 5s,
195,7
West Penn Power Co.—
1966
♦1st mtge. 3Ms,
1961
York Haven Water A Power Co.-—
1st mtge
1st series A 3 Ms, 1966
5s, 1951
Texas)
Connecticut A Passumpslc River 4s, 1943
Pitts. Youngstown & Ashtabula RR.
5s, 1954
—
♦Wisconsin Michigan Power Co.—
First mtge. series G 4s, 1965
Narragansett Electric Co.—
4s, 1960
6s, 1947
Serv. 1st A ref
1st mtge. 3M*
D4Ms, 1968
First mtge. series E 4s, 1971
Other Roads
Is, 3971
Wisconsin Gas A Electric Co.—
M ptro polltan EdIson Co .—
First mtge. series
series F
1st mtge series I 3 Ms. 1966
Wheeling Elec. Co. 1st 5s. 1941
1st 3 Ms, 1965
First consolidated 4s, 1949
Refunding 4s, 1966
1966
1st mtge. series E 5«, 1963
1st mfge. serles H4s, 1961
Kings County Lighting Co.—
Lake Superior District Power Co.—
Wheeling & Lake Erie
3 Ms
Equit. Gas A Elec. 1st 5s, 1942
3 Ms, 1965
Indiana Gen. Service Co
♦Virginian Ry.
1st A ref. 3 Ms, 1960
1st A ref
1st A ref. 3Ms. 1961
Pennsylvania Electric Co.—
1st mtge. 4s, 1965
Southern California Edison Co
4Ms. 1961
Fall River Elec. I-t
1962
1st A ref. 6s, 1941
1st A ref 4s
1964
♦Gen. mtge. series G 3 Ms. 1966
Duquesne Light Co. 1st mtge
A
1st A ref 3Ms. 1966
Ohio Public Service Co. 1st 4s,
Pacific Gas A Electric Co —
♦Gen. mtge. series H 3Ms, 1967
San Diego Consol. Gas A Electric Co.—
—
Duke Power Co. 1st A ref
Edison Elec
RR.
& Lt. Co.—
Gen. A ref. 3Ms, 1966
1st A ref. (guar.) 4s, 1961
Refunding mortgage 5s and 4s, 2008
N. Y. Phlla. & Norf. RR. 1st 4s, 1939
Gen. series B 5s,
1st mtge. 3Ms.
Gen. A ref. 5s, 1952
Consolidated 4s, 1960
1942
*1967 and 1970
1st mtge. 3Ms, 1"65,
First mortgage 4s,
Cleveland A Pittsburgh—
Guar. gen. 3 Ms, 1948
Gen. mtge. A
1st mtge. 4s. 1944
Detroit Edison Co
1st mtge. 4 Ms. 1980
1st mtge. 4Ms, 1960
Niagara Falls Power Co.—
1st mtge. series C and D 3 Ms, 1960
1st mtge. series E, 3Ms. 1961
1st mtge. 3 Ms, 1965
Gen. A ref. 48
Pennsylvania System
Co.—
Gas Electric Light & Power
Cons. Gas of Baltimore 1st M. 5s, 1939
Gen. refunding mtge. 4s, 1953
Guar. 1st 4s, 1960
State Electric & Gas Co.—
1st 4?, 1965
1st 3 Mb, 1986
Cons. Gas of Baltimore gen. 4Ms. 1954
Consolidated mortgage 5s, 1944
First mortgage 4 Ms, 1939
N. Y
Gen. A ref. 6s.
Consumers Power Co.—
St. Louis
Norfolk Terminal Ry. 1st 4s, 1961
of N. Y. 1st eons. 5s, 1995
3M-b, 1965
Potomac Electric Power Co—
1947
Gen. mtge. 3 Ms, 196 5
Terminal Railroad Association of
111
1st A ref. 3Ms. 1968
N. Y. Gas, E I., HAP. 1st 5s, 1948
N Y. Gas, E. L
H A P. pur M.4s'49
Phlla.. Electric 1st A ref
♦Syracuse Lighting Co. 1st 5s, 1951
Cleveland Electric Illuminating Co —
Reading Belt 4s, 1950
Wllm. A Nor. 1st 4Mb. 1977
El
1st A ref
Penn. Pub
7s, 1946
♦1st A ref. 6s.
Consol
Edis
Philadelphia Electric Co
♦Syracuse Gas Co. 1st 5s, 1946
Philadelphia A Reading—
New York Edison Co.—
Penn. Pub. Serv. 1st A ref
4s, 1960
mtge. 3 Ms, 1962
♦1st & ref.
consoli¬
Phlla. & Read. Terminal 5s, 1941
Consolidated mortgage 4s, 1996
Winston-Salem
RR.
1955
Prior lien 4Ms, 1943
Norfolk & Western System
Cincinnati Union Terminal—
Guar, series C 1st 5s,
dated
—
Y. A Queens El. Lt. A Power Co.
1st A cons. 3 Ms, 1965
1st A ref. series G 4s. 1961
1st A.ref series H5s, 1962
♦Northern New York Utilities—
Delaware River Terminal 5s, 1942
Delaware River Term. Ext. 5s, 1942
Norwich A Worcester 1st 4Ms, 1947
Prov. A Wore. RR.
1st & gen
♦Gen.
East Pennsylvania 1st 4s, 1958
New York Short Line 4s, 1957
1st 3 Ms, 1961
4 Ms, 1960
N.
1st A ref
5s. 1939
♦Central New York Power Co.—
North Pennsylvania 3 Ms, 1953
1938
Boston A Prov. RR. deb. 5s,
1st mtge
1st A gen, 3 Ms, 1966
Reading Company
Delaware
3 Ms, 1965 & 1967
Central Maine Power Co.—
Monongahela Ry. (guar.) 1st 4s, 1960
G. R. 1st 5s, 1938
Kalamazoo Allegan &
5s, 1941
First A: ref
First & ref. (incorp.)
Atlantic City IIR. 5s, 1954
Catawlssa RR. 4s, 1948
N. Y. A Harlem RR. ref. 3Ms, 2000
Co. of Brooklyn
II!.
Electric
Edison
Pittsburgh & Lake Erie
New York Central System
Co.
Electric
1966
Cons. 3Ms.
4MB, 1973
Memphis Division 4s, 1951
A
P-rooklyn Edison Co.—
3 Ms, 2000 General mortgage C 4 Ms, 1977
(guar.) ref. 3 Ms, 2000
Vandalia RR cons. A 4s; 1955
& West, (guar.) 1st 4s and
Vandal la RR cons. B 4s, 1957
Chicago St. Louis & New Orleans—
Consol 3 Ms and 5s. 1951
Gas
1939
Gas Co. gen. Aref.5s,'67
Brooklyn Boro
Consolidated gold H 4s, 1960
Consolidated gold I 4 Ms, 1963
Consolidated gold J 4 Ms, 1964
Illinois Central System
1st 3Ms, 1966
Valley
1st A gen. 5s,
Consolidated gold E 3Ms, 1949
Consolidated gold F 4s, 1953
Consolidated gold G 4s, 1957
First mtge
,
Bangor Hydro-Elec. Co
Morris & Essex RR (guar.) ref.
N. Y. Lack.
Elec. Co gen. mtge. 3Ms,
City
Atlantic
Consolidated gold B 4 Ms. 1942
Consolidated gold C 4 Ms, 1942
Consolidated gold D 4s, 1945
General mortgage A 5s, 1970
General mortgage B 5s, 1975
System
& Western
corporation.
Chic. & St. L. RR.
Consolidated gold A 4 Ms, 1940
1945
Coal River Ry. 1st 4s,
Potts Creek Branch 1st 4s,
33.
25% of their deposits and surplus In the
General 4 Ms. 1973 and 1979
Wash. Term, (guar.)
Subdivision
under
Authorized
Companies
Utllhy
Public
1948
General 3 Ms, 1951
1941
Springs Valley Branch 1st 5s,
Green Brier Ry. 1st 4s, 1940
Warm
of
Bonds
General 4s, 1944
2nd 4s, 1989
Rich. A Allegheny Dlv.
4s,
New England Power Co
New Jersey Power A Light Co
United New Jersey RR. A Canal Co.—
Craig Valley Branch 1st 5s, 1940
Rich. A Allegheny Dlv. 1st 4s, 1989
yy'y
Eleventh—
Pennsylvania System (Concluded)
Chesapeake & Ohio RR.
First consolidated 5s, 1939
May 14, 1938
Chronicle
Series D, 2Mb, serially, 1937 to 1946
Series E, 2 Ms, serially. 1937 to 1941
Twelfth—(This section was eliminated in great part by
Chapter 290 of the Laws of 1933.)
Savings banks may in¬
vest not exceeding 10% of their deposits and surplus in the
bonds or interest-bearing obligations of the Government
of the Dominion of Canada or any of its Provinces,
provided such bonds or obligations are payable in United
States dollars within this country, and such bonds or obliga¬
tions have a fixed and definite date of maturity, and shall eb
the direct obligations of such Government or Province and
.
.
.
that the full faith and credit of such Government
or
Province
shall be
pledged for their payment, principal and interest,
and provided the Province issuing such bonds or obligations,
or said Dominion, shall have not defaulted for more than
ninety days in the payment of any part of either principal
or interest of any bond or interest-bearing obligation for the
Other securities in which banks
may invest are (savings
banks may invest not exceeding
2% of their deposits and
five years next preceding the making of such investment.
The investment of any savings bank in the bonds or interest-
surplus
diearing obligations of any one Province shall not exceed two
per cent of the deposits and surplus of such savings bank.
The following is the list mentioned in the introduction,
showing the securities which have been dropped since the
publication of the Nov. 1, 1937, legal investment list:
therein):
Seventh—
;
Bonds of Water Cos.
in Connecticut
Savings banks may Invest not exceed¬
ing two
per centum of their
C 3Ms, '68
Municipalities—Council
Water
Co.
1st
cons.
5s, 1939
New Haven Water Co.—
1st A ref. 3Ms, series A, 1962
1st & ref 4 Ms, series B, 1970
1st A ref. series C 4Mb. 1981
Kingston,
N.
Y.;
Shenandoah, Pa.
bonds
any
Atchison
of
Gas
and
Electric Lighting
Companies in Connecticut
Savings banks
Stamford Water Co.
may invest not exceed¬
ing two percentum of the'r deposits and
surplus therein or a total of 25% In gas
Torrington Water Co.
and electric bonds of all companies:
Eighth—
Cos.
in
Conn.
Savings banks may invest not exceed¬
ing two per centum of their deposits and
surplus therein.
New England Telephone Co
—
1st 5s. 1948
Debenture 3Mb, 1966
♦Debentures 3 Ms, 1968
Bridgeport Gas Light Co. 1st 4s, 1952
Connecticut Power Co.—,
Union
union
Station
station
Cos. Outside of Conn.
Series GG, 5s, serially, 1925 to 1939
Amer. Tel. A Tel. Co.—
Debentures, 3 Ms, 1966
Debentures, 3Ms, 1961
Debentures, 5Ms, 1943
feuar 1
3Ms
6 A3
1st A ref
1st 4Mb
1st 4Ms, 1955
19&5
Series HH. 4Ms, serially, 1926 to 1940
Serle8.JJf 4Hs> serially, 1928 to 1942
Series A, 4Ms, serially, 1929 to 1943
Series B, 4s. serially, 1929 to 1943
Series C, 4Ms, serially, 1930 to 1944
Sgrieg D
2y^ serially> 1938 t0 i952
Louisville & Nashville
Lou. A Nashv. Term, (guar.) 4s,
Union Pacific
1952
Memphis Union Station (guar.) 5s, 1959
Mobile A Montgomery 4Ms, 1940
Padueah A Memphis 4s, 1946
Series C
4Ms, serially, 1928 to 1938
Virginian Ry.
Series D 5s, serially,
Western
1963
1924 to 1938
Maryland
Trust of 1922, 5s, serially,
1945
1940
1923 to 1937
Series E, 4Ms, serially, 1927 to 1941
q{ 1936> 2^a? serIallyi
1937 to 1945
Gas & Electric Light
Texas
Pacific—Missouri
Pacific
Term,
(guar.) 5Ms, 1964
Light
Bonds
Baltimore A Harrisburg 5s, 1938
Rockviile-Wlllimantic Lighting Co.—
Potomac
Valley 5s,
of
Public
Utility
1939
Companies
Kings Co. El. L. A P. 1st 5s, 1937
Brooklyn Union Gas Co.—
First consol. 5s, 1945
Other Roads
Cleveland A Mahoning Valley 1st 5s,
of Conn.
Brooklyn Edison Co.—
1952
1941
5s, 1971
Stamford Gas A Elec. Co. cons
5s, 1948
United Illuminating Co. 1st 4s. 1940
Bonds of Telep. Cos. Outside
Amer. Tel. A Tel. Co. deb. 4Mb.
Western Maryland
Co. series A mtge bonds
6s, 1948
New Britain Gas Light Co
3Ms, 1961
Northern Conn. Lt & Pr. Co. 1st 5s. 1946
First mortgage 4s,
"
Public Utilities—
First mortgage 5s, 2000
G 3 Ms, 1966
A Electric
Series F, 5s, serially, 1924 to 1938
Series G, 2Ms. serially. 1938 to 1952
Texas & Pacific Ry.
Co. 1st 5s, 1953
Danbury & Bethel Gas
Dpr>ot
Padueah a Illinois (guar.)
Illinois (eriar 1
laaucan
1st A ref. F 3 Ms, 1966
Danbury & Bethel
Savings banks may Invest not exceed
ing two pementum of their deposits and
surplus therein.
Pauf Union
iqt?
Nownort & Cincinnati Bridge 4Ms
Newport A Cincinnati Rrlrtee 4MS,
1st A ref. A 7s, 1951
1st A ref. F. 3Ms, 1965
1st A ref
Ninth—
St
1st
1st
Unified mortgage 4s, 1940
Connecticut I ighf. A Power Co.—
Series E, 4Ms, serially, 1923 to 1937
Texas & Pacific
1949
fauar 1
(guar.)
St. Louis Division 3s, 1980
South A North Alabama 5s,
1st & gen. 3Ms. 1956
1st 5s. 1956
1946
Series of 1937,2 Ms, serially, 1938 to 1947
Chicago Burlington & Quincy
Chlcaeo
unicago
New Haven Water Co.
Bonds of Telep
Fe
Louisville & Nashville
Illinois Division 1st 3 Ms A 4s,
Bonds
Naugatuck Water Co.
So.
Santa
Series of 1936,2 Ms, serially, 1937 to
Bridgeport Hydraulic Co.
Telephone
&
General mortgage 4s, 1958
Greenwich Water Co
Chesapeake & Ohio Ry. Co.
Chicago Burlington A Quincy
Topeka
mortgage 4s, 1995
Transcontinental Short Line 4s, 1958
Southwestern Bell Tel. 1st ref. 3 Ms, 1964
Tenth—
Equipment Trust Obligations—
Series U 5s, serially, 1924-38
Central Ry. of New Jersey System
tol-
Ansonia Water Co.
of
Iowa;
WilketHBarre A ScrantonRy. lst4Ms, '38
'owing water companies:
Bonds
Iowa;
General
N. Y. Tel. Co. ref. 3Ms, 1967
Pacific Tel. A Tel. ref. 3Ms, 1966
interest-bearing obligations of the
Bluffs,
Ottumwa,
Railroad Bonds—
Series B 3 Ms, 1970
1st A ref. series D4Ms. 1983
Stamford Water Co. 1st 5s, 1952
Subdivision 22
Savings banks may Invest not exceed¬
ing 5% of their deposits and surplus in
the following bonds, but not more than
2% in the bonds of any one such tele¬
phone company.
Bell Telep. of Pa 1st A ref. 5s. 1948
Bell Telep. of Pa. 1st & ref. 5s, 1960
Illinois Bell Telephone—
Series E 3Ms, 1970
Series F 3 Ms, 1965
Series G 3 Ms, 1971
Also under
ser.
Also undei Subdivision 34.
Bridgeport Hydraulic Co.—
or
♦New England Tel. A Tel.
deposits and
surplus therein.
Guilford-Chester
N. Y. Telephone Co, 1st 4 Ms, 1939
New England Tel. A Tei 1st 5s, 1952
New England Tel. & Tel. ser B 4Ms, '61
First ref
1938
6s, 1947
First ref. 5s. 1957
f
Volume
Financial
146
Municipal Default Situation to be Surveyed— The
Municipal Securities Committee of the Investment Bankers
Association is said to have enlisted the help of the municipal
committees of
the municipal
the various banking
default situation.
groups
for a survey of
It is stated that the survey wili cover all governmental units with popu¬
lation of 5,000 or more which have defaulted since 1929.
Drainage ana
irrigation districts and special assessment situations are not to be included,
we understand.
Otherwise, any suspension of debt service for a period of
90 days or more, all forced refundings, or adjustments of principal amount
or interest, rate, will be tabulated.
York, N. Y.—Plan to Exempt Transit Bonds from
New
proposed con¬
stitutional amendment- to exempt from the New York City
debt limit any bonds issued for the purchase of the privately
Debt Limit Introduced at State Convention—A
operated I* R. T. and B. M. T. rapid transit systems, was
introduced in the State constitutional convention on May 10,
according to Albany
advices.
news
The amount of the exemption was not stated.
It will be inserted in the
proposal later, when and if New York City and utility officials agree on a
definite price for unification of the subway system.
Delegate M. Maldwin Fertig, New York City Transit Commissioner,
sponsored the amendment.
He said the city's debt margin is now approxi¬
mately $73,000,000, and that any purchase price of the transit corporation
properties would be "much greater," exceeding the city's debt limit.
He said Mayor Fiorello H. LaGuardia and the Transit Commission had
decided that city bonds should be used to buy out private interests, rather
than Board of Transit Control bonds.
He explained it had been found
"very difficult" to give Transit Control bondholders assurances that interest
and principal would be paid, "without at the same time unduly restricting
the powers of the Board of Estimate to deal with the vitally important
transit problem. *'
The amendment was submitted with the amount left blank to prevent
any "freezing" of a possible purchase price.
Mr. Fertig explained it was
necessary to introduce the amendment now in advance of the May 25
deadline on introduction by individual delegates.
Higher City Debt Limit Opposed by Civic Body—The Citizens
Budget Commission announced its opposition on May 8 to
any amendment of the State Consitution which will permit
the issuance by the city of bonds outside the present con¬
This action follows the intro¬
stitutional debt limitation.
Chronicle
3223
Exemption from general taxation, in addition to that for Federal, State
and local government owned and used properties, is found to be granted
commonly to properties used for private education, religious and charitable
purposes, and also to properties of fraternal and social organizations, ceme¬
teries, homesteads, housing, slum clearance, publicly owned utilities lying
within other governmental divisions, and privately owned railroad and
other public utilities which are exempt on the assessment rolls of the city
because they are assessed and taxed by the State on other than an ad valorem
basis.
The value of exempt property was reported separately for publicly owned
property by the various levels of government owning same, and for pri¬
vately owned property by tne major types of use, in each of the cities for
which the data
available.
were
Bond Proposals and Negotiations
ALABAMA
HUNTSVILLE, Ala.—BOND OFFERING—N. M. Payne, City ClerkTreasurer, will receive sealed bids at 7:30 p. m. on May 17 for $64,000
4H% semiannual refunding bonds.
Denom. $1,000.
Dated April 1,
1938.
Due on April 1:
$3,000, 1951 to 1958 incl., and $4,000, 1959 to
1968 incl.
Certified check for $2,000 is required.
MORGAN
COUNTY
(P. O. Decatur), Ala .—BOND OFFERING—It
is stated by B. L. Malone, Chairman of the Board of Revenue, that he will
sell at public auction on May 16, at 2 p. m., a $230,000 issue of refunding
public road improvement bonds.
Interest rate is not to exceed 5%, payable
J. & J.
Denom. $1,000.
Dated July 1, 1938.
Due $23,000 from July
1, 1939 to 1948, incl.
Principal and interest payable at a bank in New
York, Birmingham or Decatur, to be determined at the time of sale.
ADDITIONAL INFORMATION— The following information is fur¬
nished in connection with the above offering;
There is no pending or threatened litigation affecting this issue of bonds.
Municipality has
never
defaulted in payment of bonds or interest.
Assessed valuation for taxation, year 1937
Total bonded debt, including this issue
Courthouse warrants
;
,
Population, 1930 census, 46,166; now 50,000.
Tax rate per
Debt limit, ZH% of the assessed value of the property.
$16,603,575
630,000
326,000
$1,000, $21.
ARIZONA
NO. 21 (P. O. Phoenix), Ariz.—
bids will be opened on May 23 at 10 a. m.
$31,000 school construction and improvement bonds to match a Public
MURPHY
BOND
for
SCHOOL
DISTRICT
OFFERING—Sealed
Works Administration grant.
duction in the Constitutional Convention of bills to allow
the
city to initiate housing and slum clearance projects, and
of proposals to have the convention approve the
city's purchase of the private rapid transit lines, by funds
likewise
ARKANSAS
Markets in all
from the sale of bonds outside the debt limit.
BONDS
State, County & Town Issues
Commission is not opposed to slum clearance or a housing program; but
it is opposed to promotion of these or other projects by breaking down the
debt limit, by permitting the city to reach out beyond this wise safeguard
and pile
said:
still higher city's already tremendous debt load, the Commission
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING,
ST. LOUIS, MO.
New York State—Modernization
Be Studied—It has been announced
Moffat
the
that
finance
Convention will consider
of Financial Structure to
by Chairman Abbot Low
committee
of
the
Constitutional
12-point program to modernize
the State's financial structure in the near future, according to
press advices from Albany.
It is said that the proposals would change the date of the
fiscal year; restrict "loaning" the State's credit; liberalize
restrictions on the use of bond issue moneys, and provide
for a capital assets fund.
a
Texas—County Financial
Statistics
Compiled—The third
annual edition of financial statistics for the counties in the
State has
just been prepared by Garrett & Co., First Na¬
tional Bank Building, Dallas.
This booklet, first prepared
in 1936, has received much favorable comment because it
summarizes important data on each county, such as up-todate figures outstanding debt, assessed valuations, popula¬
tion, 1937 tax rates, tax collection trend, etc.
We are adadvised by P. B. (Jack) Garrett, President, that copies of
the 1938 edition will be sent upon request to the above firm.
United
States—Interest
Free
Loan
Proposal
interest
turned
free
loans
a
States
down by a subcommittee
tions body, according to a
As
and municipalities was
of the House Appropria¬
Washington dispatch of May 10.
to
substitute for this
proposal, the subcommittee wrote into the bill
provision designed to enable States or other public bodies
of constitutional limitations, are unable to participate in the
which, because
loan and grant
This provision stipulates that the PWA adminis¬
trator, with the approval of the .President may advance money thothese
States and municipalities under an agreement that at least 55% of the
amount be repaid, with interest, over a period not to exceed 25 years.
In carrying out this plan, the Federal Government would be permitted
to acquire land for the construction of projects, and to construct the project
for lease or sale to the States or other public bodies.
The Government
would retain full title to the property until the State or public agency had
paid off its share of the cost.
a
program
of the PWA.
Census
in 52
Bureau Reports on Value of Exempt Real Property
Cities, 1936—The value of real property exempt from
general taxation for State and local purposes in 52 of the
94 cities having a population of over 100,000, reporting in
1936, was SI 1,084,918,000, or $443 per capita, according
to a report released on May 11 by Director William L.
Austin of the Bureau of the Census, Department of Com¬
merce, Washington, D. C.
Of this total, $7,912,985,000,
or 71.4%, was publicly owned, and the remainder, $3,912,933,000, or 28.6%, privately owned.
The assessed
value of real property
for these same cities, in 1936, was
$39,188,570,000, or $1,567 per capita.
The value of the combined total of
all real property, both assessed and exempt, therefore, was $50,273,488,000,
of which exempt property comprised 22%.1 The basis of evaluating exempt
property in any city may not be the same as that used in assessing property
for general tax purposes.
Exempt property may be valued at true or full
cash value, whereas taxable real property, which includes land and im¬
provements to land, by statute or practice may be assessed at a stated per¬
centage of cash value.
No adjustment has been made in the reported value
of either exempt cr assessed property on account of such possible varying
bases of valuation, except in the case of Seattle.
For this reason the re¬
ported ratio of exempt property value to that of combined value of exempt
and assessed real property is of limited value, and tne basis of assessment
in each city should be given consideration in reading the table.
LITTLE
has
Ark.—UTILITY PURCHASE PROPOSED—A plan
the City Council proposing a gross reduction of
ROCK,
been submitted
to
$300,000 in city gas rates which may only be attainable through purchase
by the city of the distrubiting system of the Arkansas-Louisiana Gas Co.
Cost would approximate $2,5)0,000 of which Federal grants would meet a
considerable share and the balance would be supplied by a bond issue.
MAMMOTH SPRINGS,
Ark.—BONDS SOLD TO PWA—It is stated
by the City Recorder that $20,000 water works system bonds have been
purchased by the Public Works Administration, as 4s at par.
Due as fol¬
lows: $500 from 1941 to 1954, and $1,000 from 1955 to 1967.
SOUTHEAST
ARKANSAS
LEVEE
DISTRICT (P. O. McGehee),
OFFER RECOMMENDED—
Ark.—ACCEPTANCE OF REFINANCING
Acceptance of 75% refinancing offer of the above district, which has $2,413,500 bonds outstanding, is recommended to bondholders by Bondholders'
Protective Committee, St. Louis, of which Walter W. Ainsworth is Chair¬
man.
District has been granted Reconstruction Finance Corporation loan
equal to 60% of principal, and 15% will be taken from cash on I and and
tax collections.
Debt adjustment plan was recently approved by U. S.
District Court after several years of negotiations by Board of Commis¬
sioners and Grady Miller, receiver.
Rejected—
The recommendation advanced by President Roosevelt that
the Public Works Administration Be authorized to make longterm
ARKANSAS
VALLS
BLUFF, Ark.—BONDS SOLD TO PWA—The Town Re¬
corder states that $21,000 4% semi-ann. water works bonds have been
purchased at par by the Public Works Administration.
Due as follows:
$500 from 1940 to 1949, and $1,000 from 1950 to 1965 incl.
DE
CALIFORNIA
CONTRA COSTA COUNTY (P. O. Martinez,, Calif.—ORINDA
SCHOOL BOND OFFERING—Sealed bids will be received until 11 a. m.
on May 23, by S. C. Wells, County Clerk, for the purchase of $35,000 Orinda School District coupon bonds.
Interest rate is not to exceed 4%,
payable J. & I).
Denom. $1,000.
Dated June 1, 1938.
Due as follows:
$1,000 from 1939 to 1948; $2,000, 1949 to 1953, and $3,000 from 1954 to
1958.
Prin. and int. payable at the County Treasurer's office.
These
bonds were approved by the voters on April 19, by a count of 164 to 46.
Legality to be approved by Orrick, Dahlquist, Neff & Ilerrington of San
Francisco.
A certified check for 5% of the bid is required.
O.
Placerville), Calif.—CAMINO
BOND OFFERING—Sealed bids will
County Clerk, on May 20 at 2 p. m.
for $8,000 district bonds.
Interest rate is not to exceed 5%.
Denom.
$1,000.
Certified check for $500 must accompay each bid.
EL
DORADO
COUNTY
(P.
GRAMMAR SCHOOL DISTRICT
be received by Arthur J. Koletzke,
(P. O. Bakersfield), Calif .—GREELEY SCHOOL
$44,000 issue of Greeley School District bonds offered
COUNTY
KERN
BOND SALE—The
May 9—V. 146, p. 2726—was awarded to
Los Angeles, as 2Ks, paying a premium of $21.00,
basis of about 2.23%.
Dated April 11, 1938.
Due
for sale on
Weeden & Co. of
equal to 100.047, a
$8,000 in 1939, and
$9,000 from 1940 to 1943.
COUNTY (P. O. Bakersfield). Calif.—PANAMA SCHOOL
OFFERING—Sealed bids will be received on June 6
F. E. Smith, County Clerk, for $55,000 5% district bonds.
$1,000.
Certified check for 10% of the amount of the bid is
KERN
DISTRICT BOND
at
11 a. m. by
Denom.
required.
Calif.—BOND OFFERING DETAILS—In connec¬
offering scheduled for May 17, of the $2,150,000 water works
Department of Water and Power bonds—V. 146, p. 3053—we
ANGELES,
LOS
tion with the
revenue,
give herewith the following additional information
appearing in the "Wall Street Journal" of May 12:
The Los Angeles Board of Water Supply plans to
taken from an article
undertake, as soon as
possible, $5,000,000 of new construction, if the Federai recovery program
before Congress is adopted.
Announcement to this effect was made yes¬
terday by H. A. Van Norman, chief engineer and general manager of the
Water Department.
*"1
,
The
expenditure would be financed
,
,
,
,
„
„
through borrowing from the Federal
financing plan is involved. Such borrowing
would be in addition to the functe to be obt nned through the public offering
of $2 150,000 bonds on May 17 and in addition to other sales after July 1,
1938,'under Section 224 of the city charter.
Borrowings under the charter, it is estimated, will be sufficient to com¬
plete the financing of the Water Board's construction program through the
fiscal year 1938-39. Work to be undertaken with the Federal funds would
not otherwise be started until after July 1, 1939.
Government under whatever
%[
Financial
3224
,,
.,
Chronicle
Bond Flan Details Revised
,,'n
The offering on
which the department places sufficient
cash to meet service charges. Yesterday's announcement revised the details
of bond plans as set forth in the recent notice accompanying the call for
bids, which provided that not more than $5,000,000 would be sold this year.
Bonded debt of the city and department, payable out of the water revenue
fund, amounts to approximately $74,493,000.
Of this total, .$66,128,250
is represented by city waterworks bonds which, although general obliga¬
tions and payable from general taxation, have been serviced through
revenues of the department.
■
In Another $3,417,350 consists of Los Angeles funding bonds issued to
fund damage claims which resulted from the failure of the St. Francis
dam in 1928. These also are serviced through department revenues although
they are general obligations.
The remainder, totaling $4,948,000, are
payable solely from water revenues.
.
.
COUNTY (P. O. Los Angeles), Calif.— WHITTIER
OFFERING—Sealed bids will be received until 2 p. in,
on May 24, by L. E. Lampton, County Clerk, for the purchase of a $250,000 issue of Whittier Union High School District bonds,
int. rate is not to
exceed 5%, payable semi-annually.
Denom. $1,000.
Dated June 1, 1938.
Dueon June 1 as follows: $5,000 in 1943: $13,000, 1944 to 1948, and $12,000
from 1949 to 1963, lncl.
Prin. and int. payable in lawful money of the
United States at the office of the County Treasurer in Los Angeles, or at the
county's fiscal agency in New York City, at the option of the holders.
Each bid must state that the bidder offers par and accrued interest to
the date of delivery, and state separately the premium, if any, and the rate
of interest offered for the bonds bid for.
Bids will be received for all or any portion of said bonds.
In the event
that the bidder submits a proposal to purchase a portion of said bonds, the
bid shall designate specifically the bonds bid for.
All bonds sold to a bid¬
der bidding for a portion of said bonds shall bear the same rate of interest,
and bids for varying rates of interest for the same block or portion of said
LOS ANGELES
BOND
bonds will be rejected.
,
,
for and delivery of bonds will
Payment
Board of Supetvisors.
A certified or cashier's
.
BRANFORD
J.
M.
(Daylight Saving Time) on May 18 for the purchase of $146,000 series of
Dated June 1. 1938.
Denom.
Due June 1 as follows: $8,000 from 1940 to 1955 inch and $9,000
Bidder to name a single rate of interest, expressed in
multiples of not less than 1-Sth of 1%.
Prin. and int. (J. & D.) paya¬
ble at the Union & New Haven Trust Co., New Haven.
The bonds are
direct obligations of the town, secured by its full faith and credit.
They
will be certified as to genuineness by the aforementioned trust company.
A certified check for 5% of the issue, payable to the order of the town,
must accompany each
proposal.
The approving legal opinion of Gross,
Hyde & Williams of New Haven will be furnished the successful bidder.
$1,000.
1936 and 1957.
in
BRIDGEPORT, Conn.—NOTE OFFERING—Perry W. Rodman, City
Comptroller, will receive sealed bids until 11 a. rn. (Eastern Standard
Time) on May 16 for the purchase of $809,00 1 not to exceed 1% interest
notes, dated May 16. 1938 and due May 16, 1939.
Payable as to princi¬
pal and interest at the City Treasurer's office.
A certified check for 2%
of the notes bid for, payable to the order of the City Treasurer, must
accompany each proposal.
The notes will be prepared under the super¬
vision of the First National Bank & Trust Co. of Bridgeport, which will
certify the genuineness of the signatures of city officials and the seal im¬
pressed thereon.
Successful bidder will be furnished with the approving
legal opinion of Ropes, Gray, Boyden & Perkins of Boston.
FLORIDA
•
_
Barnett National Bank
,
check for a sum not less than 3% of the amount
of the bonds bid for, payable to the order of the Chairman of the Board
of Supervisors, must accompany every bid.
Whittier Union High School District nas been acting as a high school
district under the laws of the State of California continuously since July 1,
1STh*e
assessed valuation of the taxable
49.12
High School District includes an area of approximately
miles, and the estimated population of said school district
Union
square
38,110.
is
Angeles), Calif.—ALTIAMBRA
SCHOOL BONDS VOTED—It is reported by Marae B. Beatty. Chief Clerk
of the Board of Supervisors, that at the election held on May 10—V. 146,
p. 2726—the voters approved the issuance of the $800,000 in construction
LOS ANGELES COUNTY (P. O. Los
bonds.
MARIN COUNTY (P. O. San Rafael). Calif.—SAUSALITO SCHOOL
BONDS SOLD—The $30,000 issue of Sausalito School District bonds offered
for sale on
May 9—V. 146, p. 2726—was awarded to Kaiser & Co. of
San Francisco, as 2Ms, paying a premium of $48,00, equal to 100.16,
according to Geo. S. Jones, Clerk of the Board of Supervisors.
O.
Ventura), Calif.—BONDS
146, P. 2404—the voters are
said to have approved the issuance of the $1,75 1,000 harbor facilities con¬
struction bonds.
It is reported that the offering of all or part of these
bonds will be made in the near future.
OXNARD
HARBOR
DISTRICT
(P.
VOTED—At the election held on May 5—V.
SAN
BERNARDINO
COUNTY
(P.
O.
San
Bernardino)
Calif.-—
SCHOOL BOND OFFERING—It is stated by Harry L.
Allison, County Clerk, that sealed bids will be received by the Board of
County Supervisors, until 11 a. m. on May 23, for the purchase of a $37,000
issue of Crest Forest Elementary School District bonds.
Interest rate is
not to exceed 4^%, payable J. & D.
Denojn. $1,000. Dated June 1, 1938.
Due on June 1 as follows: $4,000 from 1939 to 1945, and $3,000, 1946 to
1948. Prin. and int. (J. & D.) payable at the office of the County Treasurer.
The bonds will be sold for cash at not less than par and accrued interest to
date of delivery.
They will be delivered on or about June 6, at the office
of the County Treasurer.
A certified check for not less than 4% of the par
value of the bonds bid for, payable to the County Treasurer, is required.
The Crest Forest Elementary School District has been acting as a school
district under the laws of the State of California continuously since Sept. 14,
CREST FOREST
1915, having been known as "Summit" school district until Dec. 5, 1932.
The assessed valuation of the taxable property in said school district for
the amount of bonds previously
the fiscal year 1937-38 is $995,550.00 and
issued and at present outstanding is none.
The said school district includes an area of approximately
17.75
square
miles, and has an estimated population of 850.
FRANCISCO-OAKLAND BAY BRIDGE AUTHORITY (P. O.
Francisco), Calif.—RFC BOND PURCHASE PENDING—In reply
inquiry as to the contemplated plan for refunding bonds of the
above Authority on terms negotiated by the Reconstruction Finance Cor¬
poration, we are advised as follows in a letter dated May 3 from Chas. E.
SAN
San
to
our
Andrew, Bridge Engineer, for the State Department of Public Works:
Negotiations are now under way and only details remain toward the
consummation of an agreement whereby the RFC will purchase $33,000,000
of serial and $40,000,000 of sinking bonds from the Toll Bridge Authority.
The RFC is making a direct
purchase of all bonds. Any resale, as well
as
details pertaining thereto, will be made by the RFC.
COLORADO
COLORADO, State of—SUPREME COURT UPHOLDS VALIDITY
OF
WATER
CONSERVANCY
Court removed
one
of the few
DISTRICT
ACT—'The
Colorado
remaining obstacles in the
way
Supreme
of actual
construction of the 44-million-dollar Colorado River-Big Thompson transmountain water diversion project.
In an unanimous decision, written by Justice Lee Knous, the Court
upheld the
JACKSONVILLE
validity of the
1937 Water Conservancy District Act under
which the Northern Colorado Conservancy District has been organized for
the purixjse of pledging repayment to the Federal Government of the cost
of the irrigation features of the
project.
The decision was given in a friendly test suit brought by Attorney General
Byron G. Rogers, who contended the directors of the district were holding
office illegally and the Conservancy Act violated the State and Federal
First
National
Rogers, in particular, contested the legality of the tax of 1 mill, which
on all property within the
has been levied by the directors of the district
State
or
decision,
covering 32
pages,
said
there
is
nothing in the
Federal constitutions to prohibit the State Legislature from giving
districts the power to levy such taxes and sell'water.
•
Bank
Building
Building
-
FLORIDA
•
TAMPA
T
S
Pierce,
Resident
Manager
FLORIDA
ATLANTIC BEACH (P. O.
Jacksonville), Fla.—
It is stated by the President of the Town Council that he is offering for sale
the following issues of bonds aggregating $23,000:
$12,000 municipal building bonds.
Denominations $1,000 and $500.
Due
on Feb. 1 as follows: $1,000 from Feb. 1, 1939 to 1950 incl.
7,000 street improvement bonds.
Denom. $500.
Due $1,000 from Feb.
1, 1951 to 1957.
4,000 incinerator and garbage bonds.
Denom. $1,000.
Due $1,000
from Feb. 1, 1958 to 1961 incl.
Interest rate is not to exceed 6%, payable F. & A.
Dated Feb. 1, 1938.
Prin. and int. payable at the Florida National Bank, Jacksonville.
The
bonds have been validated and confirmed as legal and binding obligations
of the Town.
The approving opinion of Charles C. Howell of Jacksonville,
will be furnished the purchaser.
BRADFORD
COUNTY
(P.
O.
Starke)
Fla—BOND
TENDERS
INVITED—It is stated by the Board of County Commissioners that sealed
offerings
received
of county road refunding bonds, dated Jan. 1, 1934, will be
June 6, at 10 a. m. Offerings must be firm for at least 10
days
on
in order to be considered.
DE SOTO COUNTY (P. O. Arcadia), Fla.—BOND TENDERS IN¬
VITED—It is stated by Mary M. Gwynn Secretary of the Board of County
Commissioners, that she will on June 7, at 10 a. m., open and consider
sealed offerings of road and bridge refunding bonds, dated July 1, 1936.
The amount of bonds to be purchased will be determined by the said Board,
and offering must be firm at least 10 days in order to be considered.
,
JACKSONVILLE,
Fla.—CITY COUNCIL APPROVES REFUNDING
PLAN—We quote in part as follows from the Jacksonville "Times-Union"
of May 5:
City Council's approval was given last night to a proposed increase in
the bond refunding program of the city for the remainder of the year.
Under the provisions of a resolution, adopted over the negative votes
of four members, the council authorized the refunding of $275,000 worth
of bonds for the remainder of the year.
A total of $205,000 worth of
bonds already has been refunded.
Under the budget, the refunding program totaled $385,000.
The in¬
authorized last nignt boosts the budget provision by $95,000.
Proponents said the extra refunding was essential to reducing a threat¬
ened shortage of operating funds for the current year. A $300,000 deficit
impends, they said.
crease
LEESBURG, Fla.—COURT ORDERS BOND INTEREST PAYMENTS
It is stated by O. Raymond Skiles, City Manager, that the Supreme Court
of Florida on April 29, issued an order directing the payment of
$22,500
semi-annual interest, due May 1 on new refunding bonds totaling $1,500,000.
by
This order takes precedence over a temporary injunction obtained
local taxpayer from the Circuit Judge on April 28.
The City Mana¬
that the Guaranty Trust Co. of New York has been instructed
pay the May 1 interest.
a
ger states
to
NEPTUNE BEACH (P. O.
Jacksonville), Fla.—BOND VALIDATION
SOUGHT—It is said that the Duval County Circuit Court has been asked
to validate the $75,000 bond issue approved by the voters on April
8, by
a count of 121 to*5.
POLK COUNTY ROAD AND BRIDGE DISTRICT NO. 3 (P.
O
Bartow, Fla.—BONDS VALIDATED— It is reported that an order was
signed by the Circuit Judge recently, validating a refunding bond issue
for the above district.
The Board of County Commissioners on April 4
authorized the issuance of $885,000 refunding bonds, as noted here at the
time.—V. 146, p. 2568.
UNION COUNTY (P. O. Lake Butler), Fla.—BOND TENDERS IN¬
VITED—It is stated by J. L. Douglas, Chairman of the Board of County
Commissioners, that he will receive sealed offerings of highway refunding
bonds, issue of 1935, dated July 1, 1935, Series A and B, until May 30, at
10 a.m.
The amount of bonds to be purchased will be determined by the
Chairman.
Offerings must be firm for at least 10 days
The tenders must specify the series.
or
the
same
will
not be considered.
constitutions.
district.
The Court's
•
Branch Office:
property in said high school dis¬
amount of bonds previously
trict for the year 1937 is $43,009,970, and the
issued and now outstanding is $296,000.00.
Whittier
BONDS
Clyde C. Pierce Corporation
,
,
Warner,
(P. O. Pine Orchard), Conn .—BOND OFFERING—
Towrn Treasurer, will receive sealed bids until 10 a. m.
1937 coupon public improvement bonds.
be made in the office of the
„
1938
14,
CONNECTICUT
which bids will be received on May 17 is payable solely
from the water revenue fund into
SCHOOL
May
IDAHO
PLUMMER SCHOOL DISTRICT (P. O. Plummer), Idaho
HON!)
SALE DETAILS—It is stated by the District Clerk that the $8,000 con¬
struction bonds purchased by the State of Idaho, as noted here recently—
V. 146, p. 2247—were sold as 4s and mature in 20 years.
onservancy
DENVER,
Colo.—BOND
SUIT
MAY
UPSET
Supreme Court, Councilman Harry Rosentnal declared yesterday.
City officials agreed that a refusal of the higher court to uphold District
Judge Henry S. Lindsley who several months ago decided all taxpayers
are liable for taxes to retire at least 20% of
every unpaid special improve¬
ment bond issue, will cause the city to default payment of at least $750,000
worth of maturing securities in the next two years.
Such a situation has never before occurred in the history of Denver, said
William H. McNichols, City Auditor.
Refunding Endangered
Officials and civic leaders admitted yesterday that political fates as well
as the financial standing of Denver
hinge upon a Supreme Court ruling
on this subject.
"Should the Supreme Court hold that the general taxpayer is not re¬
sponsible for any portion of the outstanding $4,100,000 worth of special
improvement bonds, it means default of maturing securities for the next
few years," said Mr. Rosenthal.
/
LA JUNTA, Colo.—BONDS VOTED—It is stated by Hazel Best, City
Clerk, that at the election held on May 10, the voters approved the issu¬
of $497,000 in municipal power plant purchase bonds.
ance
ILLINOIS
FINANCES—'The
Denver "Rocky Mountain News" of May 4 carried the following article:
The financial fate of Denver rests with a pending decision of the Colorado
BELLEVILLE, 111.—NEW ISSUE OFFERING—Brown Harriman &
Co., Incorporated are offering at prices yielding 1.25 to 2.70%, according
to
maturity,
an
issue of $300,000 Z%% sewer bonds due Dec. 1, 1940-1957,
inclusive.
The bonds, issued to provide funds for
construction of a sewage treatment
plant and intercepting sewers, constitute, in the opinion of counsel, direct
general obligations of the City of Belleville, payable principal and interest
from ad valorem taxes which may be levied against all of the taxable property
therein, without limitation as to rate or amount.
CHICAGO SANITARY DISTRICT, 111.—TENDERS WANTED—
Frank O. Birney, Treasurer of the District, will receive sealed tenders of
refunding bonds of 1935, series A and B, until 11 a. m. on May 20.
Ten¬
ders must remain firm until 11 a. m, on May 21 and subject to the following
terms and conditions, legally acceptable tenders received offering bonds at
the lowest prices will be accepted in amount or amounts sufficient (ex¬
clusive of accrued interest payable under said traders) to exhaust the sum
of not to exceed $4,132,000, available for the purchase of said bonds by
The Sanitary District of Chicago:
(a) Tenders must state the amount and maturity or maturities of and
the rate or rates of interest payable on the bonds offered and the average
yield to maturity on said bonds at the price at which they are offered and
Volume
also the
offered.
Financial
146
price in dollars (exclusive of accrued interest) at which they are
:
v.'■
>,•<, •;1V.
.
Tenders stating the highest average yield to maturity
sidered the tenders offering bonds at the lowest prices.
(b)
(c) Tenders stating a price in dollars
bonds offered will not be considered.
of the
which exceeds the par value
GRAETTINGER, Iowa—PRICE PAID—It is now reported by the
Town Clerk that the $7,500 sewer bonds purchased by the White-Phillips
Corp. of Davenport, as noted here in early April—V. 146, p. 2247—were
sold
3s, at a price of 101.09, a basis of about 2.87%.
1, 1940 to 1954 incl.
as
■Nov.
GREENE TOWNSHIP
Tenders accepted shall obligate The Sanitary
(d)
will be con¬
3225
Chronicle
District of Chicago to
accept delivery of the bonds and to pay therefor such amount, plus ac¬
crued interest to the date of delivery, as will yield to The Sanitary District
of Chicago income at the average yield stated in such tender,
event not more than the price in dollars stated in such tender.
but in any
Right is reserved to reject all tenders and any tender not complying
with the terms of this notice will oe rejected.
Tenders may be submitted in the alternative or may be conditioned upon
the acceptance of all or none of the bonds offered.
Delivery of bonds must be make on or before May 27, 1938, at the office
of the Treasurer, 910 South Michigan Avenue, Chicago, 111., against pay¬
ment of the agreed price plus accrued interest to the date of delivery,
(e)
MANSFIELD, III.—BONDS SOLD—The M. B. Vick
purchased recently $23,500 water system bonds, composed
Co. of Chicago
of:
Due Jan. 1 as follows:
$17,500 4H% general obligation bonds.
$500 in
1940, and $1,000 from 1941 to 1957, incl.
6,000
revenue bonds. Due $500 on May 1 from 1942 to 1953. incl.
(It was previously reported that bonds in the amount of $16,000 had been
Sealed
p.
WYOMING, III.—BONDS VOTED—At a recent election voters
the issuance of $45,000 road graveling bonds.
(P. O. Marengo), Iowa—BOND OFFERING—
will be received by Clyde Jones, Township Secretary, at 12
May 18 for $2,000 school construction bonds.
Denom. $100.
bids
m
on
Due June 1 and Dec. 1, 1939 to 1948, inclusive.
.IOWA, State of—INCOME TAX COLLECTIONS SHOW DECREASE—
Because of increased deductions, allowed by the State income tax law this
year, State revenue has been reduced about $700,000.
Louis E. Roddewid,
Tax Chairman, says income tax collections as of April 26 totaled
$3,886,354, compared with $4,611,000 on the corresponding date a year ago.
The $744,000 difference reflects the deduction increases voted by the
J^st State legislature.
This year the head of the Iowa household deducted
Last year
$20 from the computed tax.
A year ago he substracted $12.
he took off $2 for eacn cnild or other dependent than his wife.
This year
Exemption for the single man was likewise raised
he was allowed $5 each.
from $6 to $10.
The number of returns dropped from 137,440 in
well
as
April, 1937, to 90,583
year.
Sales tax increases, according to Roddewid,
yardsticks of Icwa's prosperous condition, indicate the
drop was due entirely to tne rate change rather than to business
date
same
on
income tax
approved
,
KEOKUK,
revenue
tnis
other
as
conditions.
sold.)
Due $500 from
Iowa—BOND
SALE—The
$550,000 issue of water works
146, p. 3055—was awarded
bonds offered for sale on May 9—V.
public auction to a syndicate headed by the Banacamerica-Blair Corp.,
as 2Ms, at a price of 100.19, a basis of about 2.47%.
Dated May 1, 1938.
Due from May 1, 1939 to 1958: subject to call on and after May 1, 1945,
in inverse order of maturity, upon 30 days' prior notice of redemption.
The other members of the successful group are: Hemphill, Noyes & Co.,
at
INDIANA
Ind.—LEGAL
BRAZIL,
awarded
bonds
to
OPINION—The
$19,000
municipal impt.
Huncilman of Indianapolis, as
McNurlen &
2%b, at
basis of about 2.68%, as previously reported in these columns,
were
approved as to legality by Matson, Ross, McCord & Clifford of
Indianapolis.
100.40,
a
HAMMOND,
Ind.—ADDITIONAL
BID—The Mercantile Bank of
the $25,00 ) 3■%% Hammond
which was awarded May 5 to the Fletcher Trust
Co. of Indianapolis, at a price of 104.56, a basis of about 3.34%, as pre¬
viously reported in these columns.—V. 146, p. 3055.
Hammond offered to pay a premium of $135 for
Park District bond issue
HENRY COUNTY
(P. O. New Castle),
Ind.—fe()ArD OFFERING—
Mary E. Caldwell, County Auditor, will receive sealed bids until 11 a. m.
May 16 for tne purchase of $55,900 not to exceed 4% interest advance¬
ment fund bonds of 1938.
Dated June 1, 1938.
Denom. $5) >.
Due
on
on June 1 and $2,5 )0 on Dec. 1 from 1939 to 1948, incl.
Bidder to
single rate of interest , expressed in a multiple of % 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.
The county will furnish and pay for the approving legal opinion
of Matson, Ross, McCord & Clifford of Indianapolis.
No conditional bids
will be considered.
Bonds will be delivered about 10 days after the sale.
$3,000
name a
They
are
issued under Chapter 117, Acts of
1935, and the county will turn
townships for poor relief purposes. The bonds are
direct obligations of the county, payable out of unlimited ad valorem taxes
to be levied and collected on all of its taxable property.
over
the proceeds to its
HOWARD
COUNTY
(P.
O.
Kokomo),
Ind.—BOND OFFERING—
Raymon Gilbert, County Auditor, will receive sealed bids until 10 a. m.
May 20 for the purchase of $100,00 ) not to exceed 6% interest series A
advancement fund bonds of 1938.
Dated May 15, 1938.
Denom. $1,000.
Due $5,000 on June 1 and Dec. 1 from 1939 to 1948, incl.
Bidder to name
a
single rate of interest, expressed in a multiple of M of 1%.
Interest
payable J. & D.
A certified check for 3% of the bonds bid Dr, payable to
the order of the Board of County Commissioners, must accompany each
on
proposal,
County will furnish at its own expense the approving legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis.
No con¬
ditional bids will be considered.
Bonds will be ready for delivery in about
10 days after the award.
They are issued pursuant to Chapter 117, Acts
of 1935, and the proceeds will be advanced by the county to its townships
frr relief purposes.
The bonds are direct obligations of the county, payable
out of unlimited ad valorem taxes to be levied and collected on all of its
taxable property.
INDIANAPOLIS, Ind.—BOND OFFERING—H.
Nathan Swaim, Act¬
ing City Controller, will receive sealed bids until 11 a. m. on May 19 for
the purchase of $70,000 not to exceed 5% interest municipal airport de¬
velopment bonds of 1938, first issue.
Dated May 20, 1938. Denom.
$1,000.
Due $10,000 on July 1 from 1940 to 1946 incl.
Bidder to name
a single rate of interest,
expressed in a multiple of M of 1%. Interest
payable J. & J.
A certified check for 2)4% of the issue, payable to the
order of the city, must accompany each proposal.
Said bonds are being
issued for the purpose of procuring funds with which to construct an ad¬
ditional building and hangar to be used as a testing station by the United
States Bureau of Air Commerce, and the construction of all runways, taxi
strips and other appurtenances thereto, at a cost of $65,000 and $5,000 to
apply on the purchase of 57.1 acres of land adjacent to the Indianapolis
Municipal Airport, all as provided by General Ordinance No. 30, 1938,
adopted by the Common Council of the City of Indianapolis on April 18,
1938, and in conformity with the provisions of the governing statutes of
the State of Indiana.
(The city is also offering for sale on May 19 an issue of $225,000 relief
sewer bonds, details of which appeared in these columns in V. 146, p. 3055.)
KOKOMO, Ind.—BOND OFFERING—Mel Good. City Clerk,
bids until 2 p. m. (Central Standard Time) on May 23
ceive sealed
will re¬
for the
purchase of $22,500 not to exceed 4)4% interest, right-of-way bonds.
Dated May 1, 1938. Due as follows: $1,500 on Jan. 1 and July 1 from 1940
to 1946 incl. and $1,500 Jan.
1, 1947.
Bidder to name a single rate of
interest, expressed in a multiple of M of 1%.
Interest payable J. & J.
A certified check for $500, payable to the order of the city, must accompany
each proposal.
City will furnish at its own expense the approving legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis
No con¬
ditional bids will be considered.
The bonds are direct obligations of the
city, payable out of unlimited
on all of its taxable property.
ad valorem taxes to be levied and collected
PORTER COUNTY (P. O.
Valparaiso,) Ind.—BONDS VOTED—At
approved the issuance of $120,000 county hospital
majority of 2,627 votes.
TERRE HAUTE, Ind.—BOND OFFERING—Katharine Beecher, City
Comptroller, will receive sealed bids until noon on May 28, for the purchase
of $$100,000 not to exceed 4% interest sewer construction bonds of 1938.
Dated June 1, 1938
Denom. $1,000.
Due $5,000 on Jan. 1 and July 1
from 1942 to 1951 incl.
Each bidder must name the exact number of bonds
upon which he bids, together with the amount of the bid and proposals
may be made for all or any part of the issue.
Each bid must be accom¬
panied by an affidavit of non-collusion as provided by law.
VERNON TOWNSHIP (P. O. R. R. No. 2, North Vernon), Ind.—
BOND SALE—The $24,491.70 bonds offered on May 7—V. 146, p. 2569—
were awarded to the City Securities Corp. of Indianapolis, as 2 Ms, at par.
recent election voters
construction bonds by a
a
The sale
consisted of:
$13,491.70 Vernon School Township school building bonds of 1938.
Dated
April 15, 1938.
Due Dec. 15, as follows: $900 from 1939 to
1951, incl. and $1,791.70 in 1952.
Payable out of unlimited
ad valorem taxes to be levied on all of the school township's
11,000.00 Vernon Civil Township community building bonds.
Dated
April 15, 1938.
Denom. $1,000.
Due $1,000 on Dec. 15
from 1939 to 1949, incl.
Payable out of unlimited ad valorem
taxes to be levied on all of the civil township's property.
Iowa—BOND
SALE—The $12,000 issue of sewage dis¬
awarded
Sparks,
COON RAPIDS, Iowa .—BOND
Board of Trustees,
OFFERING— E. D. Charles, Secretary
thereafter.
17
Denom.
will receive sealed bids until 7:30 p. m. May
$8,000 5% water plant revenue bonds.
Dated April 1, 1938.
$500.
Due serially Oct. 1. 1939 and April 1 and Oct. 1, 1940
Last four bonds are callable on April 1, 1942 or on any interest
date
100.50,
to 1947.
payment
and
Inc. of Toledo.
yield 2.25% to call date and will yield 2)4% thereafter.
The proceeds of this issue are to be used to acquire the present water
system owned by the Keokuk Water Works Co., a subsidiary of the Ameri¬
can Water Works & Electric Co., which now supplies the city with water.
is being acquired at a cost of $262,500, and with
proceeds, plus a Federal grant of $157,500, the city is
This property
of the
portant improvements
the balance
making im¬
and extensions to the property.
SCHOOL DISTRICT (P. O. Lowden), Iowa—BOND
of building bonds offered for sale on May 9—
2892—was awarded to Vieth, Duncan, Worley & Wood of
Davenport, as 2>£s, paying a premium of $130.00, equal to 100.59, a basis
of about 2.43%.
Dated May 1, 1938.
Due from Nov. 1, l940 to 1957.
Bonds maturing from 1953 to 1957, are callable on and after Nov. 1, 1948.
LOWDEN
SALE—The $22,000 issue
V.
146,
p.
MANCHESTER, Iowa—BOND SALE—We are informed
by Walter H.
Cooley, City Manager, that $6,475 3% coupon judgment funding bonds
were sold on May 4 to the Farmers & Merchants Savings Bank of Man¬
chester, paying a premium of $216.00, equal to 103.335.
Denom. $500.
one for $475.
Dated April 18, 1938.
Due serially beginning May 1, 1939.
Interest payable annually on May 1.
COUNTY (P. O. Sibley), Iowa—BOND OFFERING—
reported that George E. Brunson, County Treasurer, will receive sealed
at 2 p. m., for the purchase of an issue of $194,-
OSCELOA
It is
and open bids until May 20,
000 of primary road bonds.
Dated June 1, 1938.
Due as follows: $10,000,
$40,000 in 1949, and $114,000 in 1950.
of par and accrued interest, or better, for
all the bonds bearing the same intrrest rate, such interest rate to be in a
multiple of M of 1%.
Interest on the bonds is payable annually.
In
order to insure competitive bidding on a uniform and impartial basis, sealed
bids should be submitted on bidding blanks which may be obtained from
the County Treasurer and from the State Highway Commission at Ames.
All open bids are to be made on condition that before a final acceptance
thereof, they will tie reduced to writing on one of the bidding blanks.
The
purchaser must agree to furnish the blank bonds, and the county will furnish
the approving opinion of Chapman & Cutler of Chicago.
The purchaser
will be required to accept delivery and pay for the bonds at the County
Treasirer's office, or through the County seat bank when the bonds are
available for delivery and payment.
Enclose a certified check for 3%,
payable to the County Treasurer.
1945 to 1948;
nids shoulu be xnctde on tne oasis
KANSAS
EMPORIA, Kan.—BOND SALE—The $300,000 issue of 2M% semiann. municipal building, general obligation bonds offered for sale on May
10—V. 146, p. 3055—was awarded jointly to Stern Bros. & Co. of Kansas
City, and the Mercantile-Commerce Bank & Trust Co. of St. Louis, at
a
price of 101.22, a basis of about 2.12%.
Dated May 2, 1938. Due
$15,000 from Nov. 1 1939 to 1957, and $15,000 on May 1, 1958.
Tne next highest oid was an .offer of lol.2l, submitted by the Harris
Trust & savings
BONDS
Bank of Chicago.
OFFERED FOR INVESTMENT—The successful
for general subscription at prices to yield
the above bonds
bidder reoffered
from 0.40% to
according to maturity.
2.25%,
JEFFERSON
COUNTY (P. O. Oskaloosa), Kan.—BOND SALE—
of 2)4% semi-ann. public assistance bonds offered for
The $14,000 issue
9—V. 146, p. 3055—was awarded at a price of 101.58, a basis
of about 2.20%, according to W. I. Ferrell, County Clerk.
Dated April 15.
1938.
Due from Dec. 15, 1939 to 1947 incl.
The second highest bid was an offer of 101.313, according to the said clerk.
sale on May
SEDGWICK
COUNTY (P. O. Wichita),
Kan.—BOND SALE—Thd
May 10
Bank
$11.49,
equal to 100.011, a basis of about 1.995%.
Due from May 2. 1939 to 1948.
WYANDOTTE COUNTY (P. O. Kansas City), Kan.—BOND SALE
sale
$100,000 issue of 2% semi-ann. poor relief bonds offered for
on
y 140 p 3055—was awarded jointly to the Harris Trust & Savings
of Chicago, and Estes & Co. of Topeka, paying a premium of
DETAILS—In connection with the
Stern Bros. & Co. of Kansas City,
100 012, a basis
of about 1.89%, as
sale of the $100,000 relief bonds to
price of
recently—V.
at 1.90% interest rate, on a
noted in these columns
informed by Howard H. Thorne, County Clerk, that
the Mercantile-Commerce Bank & Trust Co. of Kansas City, was associated
with the above named firm in the purchase.
Coupon bonds, dated May 1,
1938.
Due from May 1, 1939 to 1948, incl.
Interest payable M. & N.
146
2892—we are
D
Denom.
$1,000.
KENTUCKY
the Town
bonds pur¬
recently—V.146,
of about 4.64%.
BLOOMFIELD, Ky.—PRICE PAID—It is now reported by
Clerk that the $20,000 4% semi-ann. school building revenue
chased by Stein Bros. & Boyce of Louisvihe, as noted here
D
3055—were sold at a price of 95.00, giving a basis
Due March 1, 1939 to 1955.
REFUNDING
formulating a
number of Kentucky
of holders of the
KENTUCKY.
State
of—COUNTY BOND DEBT
TO BE DRA WN—Agreement to cooperate in
for the refunding of the bonded debt of a
counties
was reached at a meeting of representatives
securities
held in Chicago on May 3.
Insurance companies,
PROGRAM
Societies
Tnhn
banks
and
securities dealers were among
fraternal
those represented.
Chairman
of the Women's Catholic Order of Foresters, was
and DeWitt Davis, of Welsh & Green Inc., was
Walsh
I
Secretary.
held, it was explained by Mr. WaJsh, for the purpose
to proper procedure. Application of the Kentucky
legislation to the aid of road and bridge bonds was discussed
Of the approximately 120 counties in
Kentucky, it is said only 19 or
The
posal plant bonds offered for sale on May 9—V. 146, p. 2892—was
jointly to the Carleton D. Beh Co., and Shaw, McDermott &
both of Des Moines, as 2Ms, paying a premium of $60.00, equal to
according to the City Clerk.
of the
Co., both of Chicago, Graefe & Co. of Des Moines,
OFFERED FOR INVESTMENT—The above purchasers reoffered the bonds at prices to yield 0.75% to 2.10% for the 1939 to 1945
maturities.
The bonds maturing from 1946 through 1958 are priced to
BONDS
of the woup
IOWA
for
Childs &
Stranalian, Harris & Co.,
program
property.
BEDFORD,
F.
C.
of
meeting was
developing ideas as
Among those mentioned as
Breathitt, Clay, Johnson
Todd, Trigg, and Whitley
Those attending the meeting were said to represent the holders of 50 to
60% of the total Kentucky county debt of about $26,000,000, of which
20
will
require
dorrlnimg
financial reorganization.
consideration in
that connection were
LrSKMcSi!Perry.'Pulaski,
"I—tStS Thomas (iraham, of the Bankers Bond
Co., Inc.,
of Louisville.
Financial
3226
Chronicle
May 14, 1938
Bidder—
;
Merchants National Bank of Boston---
Discount
—
Franklin Institution of Greenfield—First National Bank of Boston
LouisianaiMunicipal Bonds
..0.20%
.——0.21%
—-
—
—————
0.36%
--.0.375%
First Boston Corp
Bought and Sold
19365
HOLYOKE,
Mass.—NOTE
OFFERING—Lionel
Bonvouloir,
City
telegraphic oids until 11 a. m. (Daylight
May 17 for the purchase at discount of $300,000 notes
issued in anticipation of revenue for the year 1938.
Dated May 17, 1938,
Treasurer, will receive sealed and
Saving Time) on
Whitney National Bank
and
New
Orleans
payable Dec. 8, 1938, at the First National Bank of Boston, in Boston,
Central Hanover Bank & Trust Co.. in New York City, and will
May 18, 1938, at either of said offices.
Denoms.
$50,000, $25,000, $10,000 and $5,000.
Said notes will be authenticted as
to genuineness and validity by The First National Bank of Boston, under
advice of Storey, Thoradike, Palmer and Dodge of Boston, and all legal
papers incident to this issue will be filed with said Bank, where they may
be insperted.
•,
Financial Statement May 7,
1938
Valuation, 1936
$83,514,150
Tax titles.
$151,169.26
Valuation, 1937.
75,030,940
Tax title loan
91,594.64
at the
or
of
be delivered on or about
LOUISIANA
P^ARNAUDVILLE, La.—BONDS NOT SOLD—It is stated by Charles
Delacroix, Village Clerk, that all bids received for the $10,000 issue of not
to exceed 6% semi-annual general obligation bonds offered on May 6—V.
140, p. 2729—were rejected.
Dated June 1, 1938.
Due from Dec. 1,
1939 to 1904.
Total
uncollected
taxes
previous to
Year
■
EUNICE, La.—BONDS VOTED—At the election held on May 10 the
voters approved the issuance of the $75,000 not to exceed 6% paving bonds
by a count of 90 to 13.
(P. O. New Iberia).
PARISH
IBERIA
La,—FINANCIAL STATE¬
MENT—The following official information is furnished in connection with
for May 17, of the $50,000 bridge and highway
bonds, described in detail in these columns recently—V. 146, p. 2893:
the
offering scheduled
Financial
valuation
Assessed
Total
debt,
bonded
Statement
1937-----
Uncollected to Date
11,978.17
32,678.69
268,549.03
Tax anticipation notes outstanding against 1937, $750,000; against 1938
$1,000,000 (not incl. this issue).
Cash balance, $525,217.03.
r
LEXINGTON, Mass.—NOTE SALE—The $100,000 tax anticipation
May 10—-V. 146, p. 3056—were awarded to the Boston Safe
Trust Co. of Boston, at 0.277% discount.
Dated May 11,
5, 1939.
The Day Trust Co. of Boston, second hig.i
bidder, named a rate of 0.31%
Deposit &
1938 and due May
.
•
„
Bonded Debt
Net
Floating
-
notes offered
Statistics
taxation, 1937 (70% of actual) $15,000,000.
including this issue May 6, 1938, $880,500.
Less
for
sinking fund, $61,634.57.
Population,
and
1935—$24,298
Levy
$2,356,617.20
2,330,743.45
2,200,658.25
-
Other bids:
(warrants, notes, bank loans, bills or salaries), none.
United States census, 1930, 28,000.
Estimated, 30,000.
(e) 1921 and Act
If bonds were voted, give date of election: Not voted.
debts
Bidder—
Discount
Under what laws are bonds issued / Article 14, Section 14
Second National Bank of Boston
Lexington Trust Co————————————
40, 1922.
F. W. Home & Co
Bonds
and
Interest
Payable Current Fiscal
Total
payable
17,500
Already paid
Balance to pay_._
42,000
—
Principal maturities for the next three years—1939,
$68,000; 1941, $67,500.
Report on Tax Collections
1934
Penalty date for levyOct., 1935
Total tax levy in dollars
102,030.37
Total collections at penalty
date
99,359.16
Outstanding uncollected.
2.4%
Total tax collections as of
May 5,1938
99,359.16
—
_
1932
Oct., '33
89,485.21
1931
Oct., '32
89,737.67
1.8%
87.831.21
1.8%
88,013.67
2%
96,230.37
87,831.21
88,013.67
1933 /
Oct., '34
98,055.37
_
the payment of its
the
LAKE
been
CHARLES, La,—BONDS AUTHORIZED—An ordinace has
passed which authorizes the issuance of $50,000 of refunding bonds,
LOUISIANA (State of)—COLLEGE BONDS PROPOSED—'The proposed
issuance of $6,000,000 bonds to place smaller colleges of the State on a parity
with
Louisiana
State
University
will be urged by the administration at
the coming legislative session.
'
■
.
THIBODAUX SEWAGE DISTRICT NO. 1 (P. O. Thibodaux). La.—
BOND SALE—We are informed by Mayor Chas. E. Delas that the $80,000
sewerage and sewage disposal works construction bonds offered for sale on
May 10, out of the total issue of $110,000 bonds, as noted here recently—
V.
146, p. 2893—were awarded jointly to White, Dubar & Co., Inc., and
Scharff & Jones, Inc., both of New Orleans, as 3Ms. Due from June 1, 1940
to 1963 incl.
The second highest bid was submitted by a group composed of Nusloch,
Baudean & Smith, Dane & Weil, both of New Orleans, and the Equitable
Securities Corp. of Nashville, offering 4% on the bonds maturing from 1940
through 1959, and 3M % on the bonds maturing up to 1963.
VERNON PARISH (P. O. Leesville), La .—BONDS SOLD—It is re¬
ported that $16,500 debt funding bonds were sold recently to the Guaranty
Bank & Trust Co. of Alexandria.
WEBSTER
La.—BOND
PARISH
SCHOOL
ELECTION—At
an
MALDEN, Mass.—NOTE OFFERING—Walter E. Milliken, City Treas¬
19365
will receive bids until 7 p. m. (Daylight Saving Time) on May 17
purchase at discount of $400,000 notes issued in anticipation of
for the year 1938. Dated May 18, 1938. Payable $200,000 April
21,
1939, and $200,000 May 17,1939, at the National Shawmut Bank of Boston.
Delivery of notes will be made on or about May 18 at said bank. Denoms.
to suit purchaser.
Tne notes will be authenticated as to genuineness and
validity by the National Shawmut Bank of Boston, under advice of Ropes,
Gray, Boyden & Perkins of Boston, and all legal papers incident to the
loan will be filed at the aforementioned bank, where they may be inspected.
urer,
for
the
revenue
MEDFORD, Mass —BOND OFFERING—John J. Ward, City Treasurer,
will
96,230.37
municipality ever defaulted or contested
obligations either in principal or interest? No.
Has
1940,
$64,000;
,
w
_
Interest
$41,721.50
17,783.75
23,937.75
$59,500
-
DISTRICT
election
to
be
NO.
6
held
(P. O. Minden),
May 16 voters
on
be asked to approve the issuance of $75,000 not to exceed 6%
nasium and swimming pool construction bonds.
will
0.37%
0.37%
R. I. Day & Co.———.—
Year
(Fiscal year from Jan. I, 1938 to Dec. 31, 1938)
Principal
0.329%
...—0.33%
gym¬
for
sealed
receive
bids
until
(Daylight
noon
Saving
Time)
on
May
17
the purchase of $40,000 coupon
water mains bonds.
Dated May 1,
Denom. $1,000.
Due $4,000 on May 1 from 1939 to 1948 incl.
Bidder to name the rate of interest in xnultiples of % of 1%.
1938,
Principal
(M. & N.) payable at the National Snawmut Bank of Boston.
exempt from taxation in Massachusetts and will be engraved
under the supervision of and authenticated as to their
genuineness by the
National Shawmut Bank of Boston. This bank will further
certify that the
legality of the issue has been approved by Ropes, Gray, Boyden & Perkins
of Boston, a copy of which will be furnished upon
delivery of the bonds.
Ail legal papers incident to tne issue will be filed with the National Shawmut
Bank of Boston, where they may be inspected.
and interest
The bonds
are
MIDDLESEX COUNTY (P. O.
The Second
Cambridge), Mass.—NOTE SALE—
National
Bank of Boston was awarded on
May 9 an issue of
$250,000 tuberculosis hospital maintenance notes at 0.279% discouht.
Due May 10, 1939.
The Merchants National Bank of Boston, second
nigh bidder, named a rate of 0.28%.
NEW
BEDFORD,
Masb.—PRICE
PAID—The
$500,000
abatement
1%%
tax
bonds purchased privately by Brown Harriman & Co.,
Inc.,
First Boston Corp. and Artnur Perry & Co., Inc., as
previously reported
in these columns—V. 146, p. 3056—were sold to the bankers at
par plus a
premium of $625, equal to 100.125,
a
basis of about 1.71%.
NEWTON, Mass.—BOND SALE—The $297,000
coupon bonds offered
May 12 were awarded to Bond, Judge & Co., Inc. and H. C. Wainwright
& Co., both of Boston, jointly, as l%s, at a price of 100.407, a basis of about
1 71 %
Tho sale consisted of*
$247,0()0 school bonds.
Due May 1, as follows: $13,000, 1939 to 1948 incl.;
$12,000 from 1949 to 1955 incl. and $11,000 from 1956 to 1958 incl.
50,000 water bonds.
Due May 1 as follows: $4,000 from 1939 to 1943
incl. and $3,000 from 1944 to 1953 incl.
All of the bonds will be dated May 1,
for l%s was made jointly
Knowles of Boston.
1938.
Second high bid of 100.398
by Smith, Barney & Co. and Whiting, Weeks &
Other bids:
MAINE
Bidder—
WATER DISTRICT (P. O. Portland), Me.—BOND
SALE DETAILS—General Manager F. J. Reny reports that the issue of
PORTLAND
$600,000 2M% water bonds soid privately to Lehman Bros, of New York
previously reported in these columns—V. 146, p. 3056—
a price of 102.33, a basis of about 2.32%.
Due May 1, 1953.
and associates, as
brought
&
Webster
Harriman & Co.,
MARYLAND
(State of)—LONG TERM CERTIFICATE OFFERING—
Hooper S. Miles, State Treasurer, will receive sealed bids until noon on
June 1 for the purchase of $900,000 certificates of indebtedness, known as
"State Office Building Loan of 1937."
The issue will be dated June 15,
1938.
Denom $1,000.
Due June 15 as follows: $581000, 1941; $59,000,
1942; $61,000, 1943; $63,000, 1944; $65,000, 1945; $67,000, 1946; $69,000,
1947; $71,000, 1948; $73,000, 1949; $75,000, 1950; $77,000, 1951; $80,000
in 1952, and $82,000 in 1953.
Bidder to name the rate of interest, ex¬
pressed in a multiple of % of 1%.
Interest, payable J. & D. 15.
The
certificates will be subject to registration as to principal, and all will be
issued with interest coupons attached. The loan and interest thereon is ex¬
empt from the Federal income tax, and from State, county and municipal
taxation in the State of Maryland.
A certified check for 5% of the amount
bid for, payable to the order of the State Treasurer, must accompany each
proposal.
Payment for the certificates of indebtedness, together with ac¬
crued interest, and delivery of them to the successful bidder will be made
on June 15, 1938, at the State Treasurer's office.
Bidders are referred to
Chapter 368 of the Acts of the General Assembly of 1937, as containing
the full terms and provisions of this loan.
It is one of the terms of the offering that the bonds when issued will be
the legal and valid binding obligations of the State.
The opinion of the
Attorney General of Maryland and the opinions of Ritchie, Janney, Ober
& Williams, and Mullikin, Stockbridge & Waters, both of Baltimore, to
this effect will be delivered to the successful bidder.
Bidders may, if they
wish, make the legality and validity of the bonds one of the terms of the
bid by making the bid "subject to legality," or using any equivalent form
of expression, but without leaving this question to the decision of the bid¬
ders or their counsel.
All bids conditioned upon the approval of bidders
or counsel, whether named or unnamed, will be treated as conditional bids
and rejected, unless the condition is waived by the bidder to the satis¬
faction of the Board before the award has been made.
(Preliminary notice of the State's intention to offer the above issue ap¬
peared previously in these columns.)
FALL
RIVER,
Mass .—WOULD ISSUE BONDS— City Council will
authority to issue $400,000 30-year bonds to increase water
supply for industrial purposes.
City may purchase water rights in Noquochoke Lake from Westport Manufacturing Co.
GREENFIELD, Mass.—NOTE SALE—The Second National Bank of
was
awarded
on
count, plus premium of
May 11
$12.
an
issue of $200,000 notes at 0.19% dis¬
Due Nov. 15, 1938,
Other bids
Inc.
and
2%
101.357
Brown
-
-
City of Newton, excluding above loans-
$6,409,948.01
Theassessed valuation for 1937
173,907,375.47
Excluding tne water debt, the net debt of the city 3.38% of the assessed
-
valuation.
Tax Collections for
Last Three Years
Outstanding
May 7, 1938
Commitment
$4,449,487.10
1937-
——————
Debt Statement
Outside Debt
Limit—
Gross
$345.33
1,703.35
380,778.15
4,666,756.00
4,784,927.98
(May 9, 1938)
Washington Street
Within Debt Limit—
Gross
School
$1,154,000.00
Sewer
Sewer
*$113,000.00
1,096,000.00
600,000.00
534,000.00
City Hall
297,000.00
County Sanatorium-__
180,000.00
Building
Soldiers
Land
1,073,000.00
School
Street improvement
Water.
School ,Fire Alarm Hdq.
& Fire Station
rines
Sailors &
Ma¬
Memorial
140,000.00
102,000.00
90,000.00
58,000.00
40,000.00
3,337.96
Street improvement
Incinerator
County Sanator. add'n
Building
Tax titles
690,000.00
Service Building
Auburndale Fire Sta'n.
$3,253,337.96
231,000.00
73,000.00
40,000.00
4,000.00
4,000.00
$3,269,000.00
Gross
debtNet debt
-
*
$6,522,337.96
6,409,948.01
Tnis is the only issue outstanding for which a sinking fund exists.
fund amounts to $112,389.95, this representing difference in gross
The
and
debt.
Borrowing Capacity
seek legislative
Boston
Blodget,
100.23
100.157
100.115
100.09
101.81
101.599
101.574
Financial Statement
The net debt of the
net
MASSACHUSETTS
and
Inc
Rale Bid
l%%
1%%
1M%
1%%
2%
2%
2%
Halsey, Stuart & Co., Inc.
Kidder, Peabody & Co. and F. S. Moseley & Co
R, L. Day & Co. and Estabrook & Co
First Boston Corp
Tyler & Co., Inc
Newton, Abbe & Co
Stone
MARYLAND
.
Int. Rate
Washburn & Co., Inc_
were:
Average valuation for the last three
Debt limit at 2^%—
Debt within limit
years
$171,487,188.45
4,287,179.71
3,269,000.00
-
$1,018,179.71
The above statement does not include the present
SALEM,
were
Mass.—NOTE SALE— The
awarded to the Naumkeag Trust
offering of $297,000.
$300,000 notes offered May 12
Co. of Salem, at 0.17% discount
Volume
Financial
146
premium.
'
Chronicle
Safe Deposit &
0.18%, plus $3
Dated May 13, 1938 and due Nov. 3, 1938.
The Boston
Trust Co. of Boston, second high bidder, named a rate of
^^te^?®88
2149
on May 5 was compiled by Matthew Carey, refunding agent;
Guardian Bldg., Detroit:
Tenders Accented
.
'-P-
Other bids:
Detroit Trust Co
0.19%
premium)
do
—
F. W. Home & Co—
i
do
do
do
do
0.32%
do
do
do
do
2,000.00
2,000.00
2,000.00
2,000.00
do
do
1,500.00
do
n
do
335.25
47%
0.37%
SOMERVILLE, Mass.—BOND SALE—'The $75,000 water mains bonds
offered May 12 were awarded to Kennedy, Spence & Co. of Boston, as
2%s, at a price of 100.457, a basis of about 2.19%.
Dated April 1, 1938
and due $5,000 on April 1 from 1939 to 1953 incl.
Frederick M. Swan &
Co. of Boston, second high bidder, offered to pay 100.299 for 2%s.
n
C. W. Treadwell—„
Matthew Carey & Co
Detroit Free Press—
Discount
0.35%
Bidder—
National
Machinists
National
Bank
of Boston——
Bank
...
—0.37%
0.375%
of Taunton
497.50
45^2
>,010.40
$421.88
1,784.05
363.08
Hood,
Truettner
Mansfield
50
Wittbold & Co
do
58
Thisted, Inc
300.00
60
do
300.00
55
do
500.00
0.542%
Mass.—BONDS PROPOSED—The Board of Alder¬
men recently requested the appropriation of $290,000 for the construction
of a school.
Of this amount $43,000 will be taken from the tax levy while
the remaining $247,000 will be financed by a school bond issue.
56.25
168.75
SPRINGFIELD,
issue of $25,000
sold May 12 at 0.18%
Mass.—NOTE SALE—An
anticipation notes due Nov. 25, 1938
was
,
55
do
columns—V. 146, p. 3056—were also
Bidder—
bid for
as
follows:
Discouni
^
.349%
.41%
First National Bank of Boston.
National Shawmut Bank of Boston.
Merchants National Bank cf Boston
.43%
*
.44%
Day Trust Co.
Second National Bank of Boston
:
Washburn & Co., Inc
.47%
——
MICHIGAN
.45%
Detroit Trust Co
do
do
400.00
3,750.00
75
572.88
250.00
a
85
500.00
85
50
WANTED
—The Board of County Road Commissioners will receive sealed tenders of
county highway improvement
(covert) refunding bonds until 10 a. m.
May 23.
Information concerning the extent of available funds on each
application to the Board.
Bids
through May 26.
All tenders shall be submitted in writing,
sealed and marked "Tender of Bonds" and shall specify the Road Assess¬
ment District number, the bond numbers, the portion of each coad (whether
county portion, township portion, city portion, or assessment district
portion), and shall stipulate the lowast price at which the owner will sell
said bonds to the sinking fund.
Bids to be firm through Thursday, May
26, 1938.
of the several issues will be furnished upon
be firm
to
Accrued interest on bonds purchased will be computed to and including
May 31, 1938, and all bonds must have Nov. 1, 1938, and all subsequent
coupons attached, and be delivered to the Detroit Trust Co. of Detroit,
Mich., on or before June 1, 1938.
The right is reserved to reject any and
all tenders and no tenders at prices above par and accrued interest can be
considered.
MUNICIPALS
Wyandotte Savs.Bk.
OAKLAND COUNTY (P. O. Pontiac), Mich.—TENDERS
on
WORCESTER, Mass.—OTHER BIDS—The $500,000 notes awarded to
previously reported in these
the First Boston Corp. at 0.34% discount, as
65
65
75
60
do
do
NEWTON,
750.00
50
56.25
500.00
V
62
62
64.88
50
400.00
do
270.85
0.49%
60
6,725.00
3,530.49
125.00
Michigan Trust Co.
187.50
do
do
do
0.475%
..
..........
——
Cass City Bank.
52%
52%
59%
59%
1,500.00
0.38%
0.44%
First Boston Corp
First National Bank of Boston
Whiting_, Weeks & Knowles—
Frederick M. Swan & Co—
Price
$900.00
Crouse & Co
&
0.41%
....
Par Value
Citizens' Nat. Bank,
50
51)
do
do
First of Mich. Corp. 3,000.00
—...
Tenders
do
———
—
Jackson & Curtis
Shawmut National Bank
discount.
49%
Price
Par Value
_
C. H. Hecker
Merchants
86.77
1,000.00
$13,312.34
TAUNTON, Mass.—NOTE SALE—'The Issue of $200,000 notes offered
was awarded to the Second National Bank of Boston, at 0.297%
Dated May 10, 1938 and due Nov. 30, 1938. Other bids:
revenue
>,426.13
49
177 09
1.1II.I
Other
May 10
WEST
45%
Mass.—NOTE
discount.
Day Trust Co.
44 %
$12,135.25
.
OFFERING— Simeon C. Fuller, Town
Treasurer, will receive sealed bids until noon on May 16 for the purchase
at discount of $200,000 notes, due Nov. 7, 1938.
STONEHAM,
WEST
m
0.19%
Corp__.».^
Amount
40
$300.00
2,000.00
do
0.20%
Day Trust Co
.
Price
Par Value
Discount
Bidder—
Second National Bank of Boston (plus $15
Merchants National Bank of Boston
First Boston
Union
3227
.'7.7
Mich.—BONDS VOTED—At a recent election
approved the issuance of $27,000 school construction bonds by a
SCHOOLCRAFT,
voters
vote of 2G3 to 53.
Cray, McFawn & Petter
GRAND
DETROIT
RAPIDS
Telephone Cherry 6828
Telephone 9-8255
A.T.T. Tel. DET 540-541
*
-
TAYLOR TOWNSHIP SCHOOL DISTRICT NO. 5 (P. O. Dearborn,
Route No. 1), Mich.—TENDERS
WANTED—Hersey Hunt, Director,
will receive sealed tenders of 1936 refunding bonds and 1938 certificates of
indebtedness/dated Aug. 1, 1936, until 8 p. m. on May 25.
Prices should
A.T.T. Tel. Grps. 7
be quoted fiat.
MINNESOTA
MICHIGAN
CHARLEVOIX,
CARVER
HALTED DUE TO RE¬
city's light extension project has been
halted due to the refusal on the part of the low bidder to accept the $98,000
light bonds.
Issue was declined en disclosure that municipality has no con¬
stitutional provision for the issuance of bonds.
(The above bonds, bearing 4% interest, were awarded to Stranahan,
Harris & Co. of Toledo, as previously reported in these columns—V. 146,
Mich.—LIGHT PROJECT
FUSAL OF BONES—Work
p.
on
the
2731.)
DETROIT, Mich.—SUGGESTS BOND SALE FOR RELIEF NEEDS—
A
$7,700,000 bond sale may prove the key to the city's relief problems
next year, it was indicated recently in an opinion given by Clarence E.
Page, Assistant Corporation Counsel.
In the opinion given at the request of City Controller John N. Daley,
Mr. Page points out that the $7,700,000 in bonds can be sold and put into
the sewer construction fund, which would create a surplus in that amount.
City officials had intended to save that amount in 1936 by issuing only
$3,300,000 of the $11,000,000 bond issue approved' for construction of the
sewage disposal plant.
Instead they diverted the remainder out of heavy
delinquent tax collections for the sewage project.
The surplus created in the sewer fund by the sale of the bonds could be
used for any purpose, according to Mr. Page.
Since the heavy rise in the
welfare load the State Welfare Commission has urged the City to sell these
bonds, thus making money available for relief.
However, Mr. Page said that the money could not be used until the
next
CROSBY, Minn.-—BONDS DEFEATED—At a recent election voters
the proposed issuance of $125,000 gymnasium and auditorium
defeated
bonds.
TOWNSHIP
(P.
O. Bronson), Minn.— WARRANT
is
reported that sealed bids will be received until 7:30
May 17, by Emil Sjostrand, Township Clerk, for the purchase of
$3,000 issue of 4% warrants.
HAZELTON
OFFERING—It
p. m.
a
on
(P. O. Mahnomen), Minn.—BONDS NOT SOLD—
of 3% semi-annual refunding, series B bonds offered on
LAKE
ISLAND
The $6,500 issue
May 4—V. 146, p. 2731—was not sold as no bids were received, according
to the Town Clerk.
It is said that tne bonds will be exchanged with the
original holders.
Dated Jan.
prior to maturity.
MADISON, Minn.—BOND SALE— The $135,000 issue of water
by the Allison-Williams Co. of
NORMAN COUNTY
It is stated
DOWAGIAC, Mich.—BIDS REJECTED—'The $145,000 4%
electric
light mortgage bonds offered May 10—V. 146, p. 3057—were not sold,
as all bids were rejected.
The highest Did was a price of 97.75.
Dated
April 1, 1938 and due serially from 1940 to 1958 incl.
The bids rejected
by tne County Auditor that the
$75,000 poor relief bonds pur¬
here recently—V. 146, p. 3058
from July 1, 1943 to 1952 incl.
MISSISSIPPI
CEDAR
HILL
SPECIAL
Rate Bid
97.75
97.25
Channer Securities Co
SCHOOL
DISTRICT
FARWELL, Mich.—BOND SALE—'The $4,000 water works bonds of¬
7—V. 146, p. 2894—were awarded to the Farwell State Savings
Bank, the only bidder, as 5s at par.
Dated May 15,1938 and due $400 on
May 15 from 1940 to 1949, inclusive.
RIPLEY, Miss.—BOND SALE—The $2,750 issue of general fund tax
anticipation bonds offered for sale on May 6—V. 146, p. 3058—-was pur¬
chased by a local investor, as 4s at par.
Due on May 1, 1939.
MISSOURI
fered May
GENESSEE AND BURTON TOWNSHIPS FRACTIONAL SCHOOL
NO.
CONSOLIDATED
O. Tupelo;, Mis*.—MATURITY—It is now reported by the Clerk
of Supervisors tnat the $7,500 building bonds purchased by
a local investor, as 5s at a price of 100.33, as noted here recently—V. 146,
p. 3058—are due as fohows: $300 from 1939 to 1953, and $600 from 1954
to 1958, giving a basis of about 4.96%.
(P.
of the Board
were:
Bidder
Barcus, Kindred & Co_
11
(P.
O.
Genessee),
Mich.—BOND
OFFERING—
Welden B. Goodell, Director of the District Board, will receive sealed bids
until 7 p. m. (Eastern Standard Time) on May 24 for the purchase of
$15,000 not to exceed 4% interest, school building bonds.
Dated June 1,
1938.
Due July 1 as follows: $2,800, 1939; $2,900, 1940;. $3,000, 1941;
$3,100 in 1942, and $3,200 in 1943.
Denoms. to suit purchaser.
Prin.
and int. (J. & J.) payable at the Citizens Commercial & Savings Bank,
Flint.
A certified cneck for 2% of the issue, payable to the order of the
District Treasurer, must accompany each proposal.
Cost of printing the
bonds to be borne by the purchaser.
Legal opinion of Millerm, Canfield. Paddock & Stone of Detroit will be furnished by the district.
The
School District is authorized and required by law to levy upon all taxable
onds and interest thereon within taxes as may prescribed by
Sroperty therein, such ad valorem the limitation be necessary tothe State
pay the
An additional nine mill levy has been voted for a five-year
period, 1938 to 1942 both inclusive.
HILLSDALE, Mich.—BOND SALE POSTPONED—The sale of $130,000
exceed 4% interest electric light bonds, originally scheduled for May
has been postponed until November, according to Ralph L. Hughes,
City Clerk.
Dated May 1, 1938, and due $13,000 on May 1 from 1939
not to
9,
1948, incl.
LINCOLN
Minneapolis.
Mich.—TENDERS RECEIVED—In connection with the
for tenders for $315,000 of outstanding refunding bonds, John N.
Daley, City Comptroller, reports that the average yield on offerings was
4.609%, the range being from 4.52% to 4.70%.
to
and
(F. O. Ada), Minn.—BOND SALE DETAILS—
State of Minnesota, as noted
sold as 3s at par, and mature $7,500
call
Constitution.
Due on Jan. 1, 1968, optional
light plant bonds offered for sale on May 9—V. 146, p. 2572—was awarded
to Paine, Webber & Co. of Chicago as 2%s, paying a premium of $151.00,
equal to 100.112, a basis of about 2.483%.
Dated May 1,1938.
Duefrom
May 1, 1941 to 1958, incl.; optional after May 1, 1948.
The second highest bid was an offer of $150 premium on 2%s, submitted
—were
DISTRICT
1938.
1,
chased by tne
fiscal year.
DETROIT,
INDEPENDENT SCHOOL DISTRICT NO. 44
(P. O. Waconia), Minn.-—BONDS SOLD—It is stated by the Clerk of the
that $5,000 school site purchase bonds were sold re¬
cently to local purchasers, as 2%s.
Dated July 1, 1938.
Due on July 1,
1941; optional on July 1, 1940.
Board of Education
COTTRELLVILLE
TOWNSHIP (P. O.
R. F. D. Marine City),
Mich,—BOND SALE DETAILS—The $57,050 special assessment water
extension bonds sold March 28 to McDonald, Moore & Hayes of Detroit,
as previously reported in these columns—V. 146, p. 2571, bear 4%% int.
COUNTY
SCHOOL
CEIVED—The following
result
SALE DETAILS—It is now
DISTRICT,
of the call for
Mich.—TENDERS RE¬
tenders of certificates of
DISTRICT (P. O. Bunceton). Mo.—BOND
reported that the $21,322 school building bonds
noted in these columns at the time, were purchased
Piersol & Co. of Kansas City as 4%s.
Due in 1940 to 1950.
sold last? January, as
Bennett.
by
LADUE-DEER CREEK SANITARY SEWER DISTRICT (P. O.
Clayton;, Mo.-—SEEK COURT RULING ON BOND ELECTION—The
State Supreme Court will be asked to pass on a suit to restrain the County
Election Board and the district from holding a supplemental election to vote
$125 000 sewer system completion bonds.
The Election Board has agreed
not to proceed with the election originally set for May 31 until the Court
has passed on the issue.
stated by John Hogan, City
public park bonds were purchased on
Co. of St. Louis at a price of 101.888,
15, 1938.
Due from April 15, 1942
MAPLEWOOD, Mo.—BONDS SOLD—It is
Clerk, that $25,000 2%% semi-annual
April 6 by the Mississippi Valley Trust
a basis of about 2.56%.
Dated April
to
1958.
v::/;
>1
77
•
:
'■
7
••
SARCOXIE CONSOLIDATED SCHOOL DISTRICT NO. 110 (P. O.
Sarcoxie;, Mo —BOND OFFERING—F. S.
Parks, District Clerk, will
receive sealed bids until 4 p. m. May 14 for $15,000 district bonds
Interest
rate 4%.
Denom. $500.
Due $1,000 annually beginning 1940. Certi¬
fied check for $300 must accompany each bid.
GROVES, Mo.—BONDS TO BE RESUBMITTED—The
recently voted to resubmit to the voters at a special election
proposed issuance of $70,000 park and playground bonds
defeated at the April 5 election by 76 votes.
WEBSTER
Citv Council
.
PARK
BUNCETON SCHOOL
on
June
9
tne
3228
Financial
MONTANA
BROWNING, Mont.—BOND SALE—The $36,000 issue of refunding
on May 10—V. 146, p. 2895—was purchased by the
Chronicle
May 14, 1938
TRENTON, N. 3—FINANCIAL STATEMENT—The following is
given in connection with the May 20 offering of $86,000 water bonds de¬
scribed in V. 146, p. 3059:
bonds offered for sale
John O'Connor Construction Co.,
of Columbia Fads,
as
DEER LODGE, Mont.—BOND SALE—The two issues of bonds aggre¬
gating $50,000, offered for sale on May 9—V. 146, p. 2250—were awarded
to the
State Board of Land Commissioners, as follows:
4s at par.
Dated Oct. 1. 1938.
20,000 city hall bonds as 3M« at par.
Dated July 1, 1938.
No other bid was submitted on the larger issue.
The only other bid
$30,000 city hall bonds
received
on
Total outstanding water bonds
Less water sinking fund
Total net water debt-
SCHOOL
COUNTY
tender for the first $10,000
NO.
26
(P.
O.
Board.
If amortization bonds
or
until all of such bonds are paid.
The bonds, whether
serial, will be redeemable in full on any interest payment
date from and after June 15, 1943, and will be sold at not less than their
and accrued interest.
to^the District Clerk.
Enclose
par value
a
certified check for $100, payable
Mont .—BOND SALE—The $150,000 water system
bonds offered for sale on May 2—V. 146, p. 2409—was purchased by the
State Land Board, according to report.
Dated June 1, 1938.
COUNTY
Less:
Operating
Interest
Sinking fund requirements
Total
HIGH
SCHOOL
DISTRICT
NO.
2
(P.
O.
noted here in
mature on
1953.
146, p. 2090—were sold as 3Mb (not 3^8), and
follows: $1,000, 1941 to 1944, and $2,000 from 1945
sold for a premium of $221.00, equal to 101.004, a
basis of about
GRANT, Neb.—BOND SALE DETAILS—It is now reported by the
Village Clerk that the $15,000 street improvement bonds purchased by
Wachob, Bender & Co. of Omaha, as 414b, as noted here in March, were
at par, and mature as follows: $1,000 from 1939 to 1948, and $5,000
sold
1949.
HOMER,
Neb.—BONDS
$7,500 4% refunding
original bonds.
TO
bonds
will
BE EXCHANGED—It is reported that
be exchanged with the holders of the
NEW
$25,000
on June 1 from 1939 to 1948, incl.
Rate of interest to be expressed
multiple of Y\ of 1%.
Principal and interest (J. & D.) payable at the
Haddonfield National Bank, lladdonfield.
No bids below par will be
accepted.
Purpose of the financing is to provide for redemption of an equal
a
amount of bonds which have been called for
payment on June 1, 1938.
Delivery of bonds will be made at purchaser's option in Camden, Phila¬
delphia or New York City.
A certified check for 2% of the bonds bid
for, payable to the order of the borough, must accompany each proposal.
The approving legal opinion of Caldwell &
Raymond of New York City will
be furnished the successful
bidder.
KEARNY, N. 3.—BOND SALTY-E. H. Rollins
2.87%.
Dated May 1, 1938 and due May 1 a follows: $10,000 from 1939
and $8,000 in 1959.
Kean, Taylor & Co. of New York,
second high bidder, offered to
pay a premium of $588, taking all of the
1958
bonds
incl.
as
3s.
MONMOUTH COUNTY (P. O. Freehold), N. J.—BONDS PASS FIRST
READING—At
a
recent
authorizing the issuance
first reading.
meeting of the Board of Freeholders, a resolution
$181,0.10 of county improvement bonds passed
of
PASSAIC COUNTY (P. O.
Paterson), N. J.—BOND SALE—A syndi¬
Ripple & Co., Newark, Dougherty, Corkran & Co.
cate composed of J. S.
and C. C. Collins & Co
,
both of Philadelphia, and John B. Carroll & Co.
of New York, was the successful bidder
at the offering of $302,000 coupon
or
registered bonds on May 11.
bid a price of $302,631.39 for
a
'
'
basis of about
2.36%.
This group named an interest rate of 2 Y %,
a total of $300,000 bonds,
equal to 100.877,
The sale consisted of:
$70,000
70,000
115,000
47,000
park bonds.
Due annually from 1939 to 1953 incl.
park bonds of 1938.
Due annually from 1939 to 1953 incl.
county building bonds.
Due annually from 1939 to 1948 incl.
improvement bonds.
Due annually from 1939 to 1954 incl.
All of the bonds will be dated
May 1, 1938, and the combined maturities
are as
.
follows:
$25,000, 1939 to 1948 incl.; $10,000 from 1949 to 1953 incl.
The cuscessful banking group re-offered the
bonds from a yield basis of 0.70% to
^ Price of 99.50. Second high bidder was a group composed of Kean, Taylor
& Co., Minsch. Monell & Co
Inc. and Van Deventer, Spear & Co., which
bid for $300,000 bonds,
naming an interest rate of 2H % and price of 100.73.
,
RUTHERFORD,
N.
J .—BOND
OFFERING—Howar d
J.
Landshof,
Borough Clerk, will receive sealed bids until 8:30 p. m. (Daylight Saving
Time) on May 17 for the purchase of $20,000 not to exceed
6% interest
coupon or registered municipal
building bonds.
Dated May 1,
1938.
Denom. $1,000.
Due $4,000 on May 1 from 1939 to
1943, incl.
Bidder
to name a single rate of
interest, expressed in a multiple of M of 1% .' ITin-
cipal and interest (M. & N.) payable at the Rutherford Trust
Co.. Ruther¬
ford.
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.
SADDLE RIVER, N. J .—BOND
OFFERING—Edith Bogert, Borough
Collector-Treasurer, will receive sealed bids until 8 p. m. (Daylight Saving
Time)
on
May 17 for the purchase of $15,000 not to exceed 6% interest
bonds, divided as follows:
coupon or registered
$7,500 municipal building bonds, series 2.
7,500 improvement bonds.
All of the bonds are dated June
1, 1938.
Denom. $1,000.
Combined
are $1,000 due each June 1 from 1939 to
1953, incl.
Bidder to
single rate of interest, expressed in a multiple of
of 1 %.
Principal
and interest (J. & D.)
payable at the First National Bank, Allendale.
A
certified check for 2% must
aeqompany each proposal.
The
maturities
name a
approving
legal opinion of Hawkins, Delafield & Longfellow of New York
City will be
furnished the successful bidder
Less:
»
a
recent
ANTICIPATION NOTE AUTHORIZED
meeting of the borough council the issuance oTa bond anticipa¬
tion note of $42,000 was authorized.
Issue will mature on May 5, 1939 and
will bear interest at
4H%.
Proceeds will pay for sewage disposal plant
pending receipt of final installment of Public Works Administration grant.
$18,254,473.25
1,684,788.53
Sinking funds other than for water bonds
Net bonded debt
Net debt
$16,569,684.72
121,500.00
305,200.00
-
General improvement and relief notes
School bonds authorized and unissued--
...
(including bonds authorized and unissued) less
water
$16,996,384.72
-
—
Assessed Valuations 1938
Total
$147,397,932.00
19,626,925.00
$167,024,857.00
-
Tax rate—fiscal year
1938, $39.00
per
thousand.
UNION TOWNSHIP (P. O.
Union), N. 3.—BOND OFFERING—Fred
J. Asmus, Township Treasurer, will receive sealed bids until 8 p. m.
(Day¬
light Saving Time) on May 24 for the purchase of $55,000 not to exceed
3% interest coupon or registered land purchase bonds.
Dated June 1,
1938.
Due June 1 as follows: $3,000 from 1939 to 1955 incl.:
$2,000 in
1956, and $1,000 in 1957 and 1958.
Bidder to name a single rate of in¬
terest, expressed in a multiple of M or l-10th of 1 %.
Principal and interes(J. & D.) payable at the Union Center National Bank, in Union
Township,
or at the option cf the holder, at the Chase National
Bank, New York City.
The price for which the bonds may be sold cannot exceed $56,000.
A certi¬
fied check for $1,100, payable to the order of the township, must
accompany
each proposal.
The successful bidder will be furnished with the opinion
of Reed, Hoyt, Washburn & Clay of New York City that the bonds are
valid and legally binding obligations of the township.
NEW
YORK
ALBANY COUNTY (P. O. Albany), N. Y.—BOND SALE—'The
$450,000 coupon or registered tax revenue bonds of 1937 offered at public auction
on
May 11—V. 146,
p.
3059—were awarded to the State Bank of Albany,
Dated May 1, 1938
as 1.30s, at a price of 100.21, a basis of about
1.22%.
and due $90,000 on May 1 from 1939 to 1943 incl.
The Harris Trust &
Savings Bank and the Northern Trust Co. of Chicago withdrew from the
bidding after the competition reached a bid of 100.20 for 1.30s.
BRONXVILLE, N. Y.—BOND OFFERING—Jerry C. Leary, Village
Clerk, will receive sealed bids until 3:15 p. m. (Daylight Saving Time)
on May 24 for the purchase of $36,000 not to exceed
6% interest cou on
or registered general improvement bonds.
Dated June 1, 1938.
Den m.
$1,000.
Due June 1 as follows: $3,000 from 1939 to 1942 incl. and $4/100
from 1943 to 1948 incl.
Bidder to name a single rate of interest, expressed
a
multiple of M or l-10th of 1%.
Principal and interest (J. & D.)
payable at the Gramatan National Bank & Trust Co., Bronxville.
o.
check for 2% must accompany each proposal.
The approviut
legal opinion of Hawkins, Delafield & Longfellow of New York City will b 1
certified
furnished
the successful bidder.'
CAZENOV1A UNION FREE SCHOOL DISTRICT NO. 2
(P. O. New
Woodstock), N. Y.—BOND SALE—The issue of $34,500 coupon or
registered school bonds offered May 6 was awarded to E. H. Rollins &
Sons, Inc., New York, as 2Ms, at par plus a premium of $109.71, equal to
100.318, a basis of about 2.72%.
Dated
May 1, 1938 and due May 1
$1,500, 1941; $2,000 from 1942 to 1957, incl., and $1,000 in 1958.
Rogers, Gordon & Co., Inc., New York, second high bidder, named a rate
of 2.90% and premium of $152.49.
Other bids:
follows:
Bidder-*J. & W. Seligman & Co
Bancamerica-Blair Corp
Marine Trust Co. of Buffalo
Int.
Rate
Premium
3%
3.10%
3.10%
Liverpool Bank.
$89.70
3.20%
3.20%
3.40%
4%
—;
Roosevelt & Weigold, Inc
Lincoln National Bank & Trust Co
Sherwood & Reichard.
100.32
183.00
145.00
100.00
113.85
100.00
CEDARHURST, N. Y.—BOND OFFERING—John Jack, Village Clerk,
will receive sealed bids until 11 a. m. (Daylight
Saving Time) on May 19
for the purchase of $38,000 not to exceed
6% interest couoon or registered
park improvement bonds.
Dated May 1, 1938.
Due May 1 as follows:
$2,000 from 1939 to 1956, incl., and $1,000 in 1957 and 1958.
Redeemable
par at village's option on May 1, 1948, or on any subsequent interest
payment date upon 30 days' notice published in a newspaper published in
Nassau County and circulating in the village, and in a
newspaper published
and in general circulation in New York City.
Bidder to name a single
rate of interest, expressed in a multiple of
M or 1-10th of 1%.
Principal
and interest (M. & N.) payable at the office of the
Village Treasurer, or at
holder's option at the principal office of Peninsula National Bank of Cedarhurst in Cedarhurst.
A certified check for $760, payable to the order of the
village, must accompany each proposal.
The bonds will be valid and legally
binding obligations of the village, which will have power and be obligated to
levy ad valorem taxes on all of its taxable property for the payment
at
of both
principal and interest without limitation of
rate
or
amount.
The opinion of Hawkins, Delafield & Longfellow of New York
City to this
effect will be furnished to the successful bidder.
The village operates under
the Village Law, constituting Chapter 64 of the Consolidated Laws of the
State of New York, and tbe proposed bonds
by Chapter '782 of the Laws of 1933.
are
authorized by said law and
Financial Statement
Assessed valuations, real property including
Total bonded debt, including this issue
(The above
special franchises--$11,237,067
553,000
of bonded debt 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.)
statement
Population, 1930 Federal
Year—
Tax levy
Uncoil, at
Uncoil,
as
census
5.086.
1934-1935
1935-1936
1936-1937
1937-1938
$112,978.06 $130,156.74 $121,622.90 $122,689.29
end of fiscal yr
26,244.54
28,346.52
27,865.95
24.683.30
of May 1 1938
1,116.39
4,676.44
12,227.65
24,683.30
EASTCHESTER
.
SAYREVILLE, N. 3.—BOND
—At
$679,377.04
^
General—
in
& Sons, Inc. and Safford.
Biddulph & Co., Inc., both of New York, jointly, were the successful bid¬
ders at the offering of $210,000
coupon or registered water bonds on May 11.
—rV. 146, p. 2733.
The bankers named an interst rate of 3% and paid
a price of $210,331 for
$208,000 bonds, equal to 101.12, a basis of about
to
$492,188.80
110,000.00
77,188.24
(Water revenue and(or) tax pledged to payment of principal and interest
of water bonds.)
JERSEY
HADDONFIELD, N. J.—BOND OFFERING—J. Ross Logan, Borough
Clerk, will receive sealed bids until 8 p. m. (Daylight Saving Time) on
May 17 for the purchase of $250,000 not to exceed 3i^% coupon or reg¬
istered refunding bonds.
Dated June 1, 1938.
IJenom. $1,000.
Due
in
budget-
Real property, including improvements
Personal property
March—V.
May 1 as
They were
3.13%.
__
City of Trenton gen.
Water works, operating surplus
2732—has been postponed until May 14, to permit consideration of bids.
NEBRASKA
in
expenditures
Net income to:
ASHTON SCHOOL DISTRICT NO. 16 (P. O. Ashton), Neb.—BOND
SALE DETAILS—It is now reported by the School Director that the $22,000 school bonds purchased by the Greenway-Raynor Co. of Omaha, as
to
$679,377.04
$389,119.67
49,434.78
12,134.35
41,500.00
expenses
debt
on
Serial bonds paid
Thompson Falls), Mont .—BOND AWARD DEFERRED—We are in¬
formed by the District Clerk that the award of the $100,000 school construc¬
tion and improvement bonds scheduled for May 9, as noted here—V. 146,
p.
$876,454.43
Operating Statement Year Ending Dec. 31, 1937
revenue
Total outstanding bonds, less water
LEWISTOWN,
SANDERS
86,000.00
$790,454.43
86,000.00
Water improvement bonds
Water
Gross
become payable on June 15, 1939, and a like amount on the same day each
thereafter,
be
to
Net water debt including bonds to be issued-
are
time of sale, both principal nad interest to be payable in semi-annual in¬
stalments during a period of ten years from the date of issue.
If serial
bonds are issued and sold, 20 will be in the amount of $1,000 each and 10
will be in the amount of $200 each; the sum of $2,200 of said serial bonds will
year
indebtedness
Rudyard),
sold and issued, the entire issue may be put into one single bond or divided
into several bonds, as the Board of Trustees may determine upon at the
amortization
86,000.00
$876,454.43
-
as
Mont.—BOND OFFEFING—Sealed bids will be received until 2 p. m. on
June 4 by Roy E. Hough, District Clerk, for the purchase of a $22,000 issue
of school bonds.
Interest rate is not to exceed 4%, payable J. & D.
Dated
June 15, 1938.
Amortization bonds will be the first choice and serial bonds
will be the second choice of the School
—
amount of floating or temporary
funded by bonds to be issued—
Bonds to be issued:
DISTRICT
$790,454.43
(including bonds authorized
Less
the $20,000 bonds was a joint offer by Richards & Blum, Inc.,
a
$1,217,000.00
426,545.57
Net bonded water debt
Temporary water indebtedness
and unissued)
as
and Paine, Rice & Co., both of Spokane,
Z14b, the remainder as 3j^s.
HILL
Financial Statement April 30, 1938
Water—
4%s, according to
George O. Barger, Town Clerk.
No other bid was received.
(It had previously been reported that these bonds were contracted for by
Brown, Schlessman, Owen & Co. of Denver, as 4%b at par—V. 146, p. 3058 )
(P.
O.
Tuckahoe),
N.
Y .—NOTE
SALE—The
Gramatan National Bank & Trust Co. of Bronxville purchased on May 9
an issue of $44,000 tax
anticipation notes at 1% interest.
Dated May 16,
1938, and due May 16, 1939.
LONG
BEACH,
Manufacturers &
N.
Y.
—
BONDS ALREADY EXCHANGED—'The
Buffalo, and the South Shore Trust
Traders Trust Co.,
Volume
Financial
146
Co., Rockville Centre, fiscal agents for the city in the matter of
refunding
outstanding general and watr bonds maturing from 1938 to 1942, both incl.
announce that since Feb. 1,
1938, when bonds were first accepted for ex¬
change, over 60% of the 81,427,250 bonds affected have been exchanged
for the new refunding bonds."
The fiscal agents have funds on hand to
adjust interest from date of last interest payment to Jan. 1, 1938.
Holders
of bonds not exchanged are advised that financial study, refunding ordinance
and letters of transmittal may be obtained upon application to the Manu¬
facturers & Traders Trust Co., Buffalo,
or
MAMARONECK (Town ot), N. Y.—BOND
registered bonds offered May 12—V. 146,
SALE—The $48,000 coupon
p. 2896—were awarded to
C. Allyn & Co., Inc., both of New York,
price of 100.288, a basis of about 3.55%. The sale
E. H. Rollins & Sons, Inc. and A.
jointly, as 3.60s, at a
COQSiSt6d Of*
---m'•'
y
j: v r,
r 7.-
r-
.
$19,000 highway bonds.
Due $1,000 on May 15 from 1939 to 1957 incl.
29,000 highway drainage bonds.
Due May 15 as follows: $2,000 in 1939,
and $3,000 from 1940 to 1948 incl.,
Each issue is dated May 15, 1938.
Other bids were:
Int. Rate
Rale Bid
3.70%
Bidder—
100.32
3.70%
3.70%
100.32
100.289
George B. Gibbons & Co., Inc
Roosevelt & Weigold,
Inc
-
R. D. White & Co
MASSENA, N. Y.—BOND SALE—The $30,000 coupon or registered
public works bonds offered May 12—V. 146, p. 2897—were awarded to
Schlater, Noyes & Gardner, Inc., New York, as 1.90s, at a price of 100.13,
a basis of about 1.875%.
Dated July 1, 1938 and due $3,000 each July 1
from 1939 to 1948 incl.
J. & W. Seligman & Co. of New York offered 100.12
for 2s, while a bid for 2.30s was made by the Manufacturers & Traders Trust
Co. of Buffalo.
COUNTY (P. O. Rochester), N. Y.—BONDS
IZED—The Board of County Supervisors has authorized an issue
MONROE
10-year serial public improvement bonds, bids on which will be
AUTHOR¬
of $350,000
asked soon.
YORK, N. Y.—TO SELL LARGE BOND ISSUE—City Comp¬
Joseph D. McGoldrick has made preliminary announcement in the
"City Record" of nis intention to make public offering soon of $50,000,000
corporate stock and serial bonds, comprising issues for rapid transit, water
supply, docks, sctiools and various municipal purposes.
It is expected that
the ooligations will mature in from 1 to 40 years and, according to uncon¬
firmed reports, the Comptroller may decide to reduce the amount of the
projected issue to $40,000,000.
Further details of the financing will not
be announced officially for several days as the city is not required to divulge
the complete set-up until three days before the actual sale date.
At least
10 days' public notice must De made of the intended borrowing, however,
and as this requirement is already being complied with it is anticipated that
the sale will be held about May 24.
City's intention to enter the longterm capital market at this time is believed dictated in large degree by the
excellent conditions currently prevailing for such a venture.
Tne market
has been relatively bare of nigh-grade municipals, into which category tne
city's securiiies fall, for sometime and the yields on such instruments have
been progressively lowered, all of which suggests that the forthcoming
offeriDg will command an excellent reception from investment interests.
Last previous long-term award was made on March 1 when a nationwide
banking group headed by the Chase National Bank of New York pur¬
chased $43,000,000 1-30 year serial obligations as 3s, at 100.7199, a basis
of about 2.94%.
This loan also was bid for by a group managed by the
National City Bank of New York, whose offer of 101.81 for 3ITs figured
a net interest cost to the city of 3.123%.—V. 146, p
1595.mm
NEW
troller
NEW
YORK, N. Y.—COMPTOROLLER WARNS OF
DEBT-INCURRING
POWER—A
marked
decrease
in
DIMINlsTtEU
the
city's
debt
margin evoked a warning to the Board of Estimate from Comptroller
Joseph D. McGoldrick on May 6, that an immediate curb on all but essen¬
tial new projects was necessary to avoid "a moratorium on borrowing".
The debt margin as of April 1, was revealed to have shrunk to $73,506,925
and the totai amount which the city may borrow from this date to Dec. 31,
1941 will be $174,728,373, the Comptroller disclosed in an analysis of the
city's debt incurring power for the next three and a half yeaxs.
The "serious problems" presented by this condition were described in
Mr. McGoldrick's message, which was the first to be submitted by him to
the Board under the section of the new City Charter empowering the chief
fiscal officer to make "recommendations, comments and criticisms" on
financial policies.
The report, which advocated a policy of long range
financial planning, was sent aiso to Rexford Guy Tugwell, Chairman of
the City Planning Commission.
"Although a moratorium on borrowing has not yet become necessary,
only a most careful exercise of restraint and good judgment in spending
will obviate this in the near future", the report stated.
"The situation,
in short, is such that in good concience I can no longer recommem the ap¬
proval of any projects save those whose urgency is such that any post¬
ponement would represent bad business judg lent, and those whose post¬
ponement would work a hardship upon large sections of the public."
While the total debt-incurring power of tne city within the 10% consti¬
tutional limitation is $1,665,029,779, and the actual indebtedness to date
within this limit is $1,400,264,103, commitments for new projects have
reduced the margin to a minimum, the Comptroller said.
"From this it will be evident that the free margin has shrunk to a point
where two
or three major city improvements might well reduce it to zero,
ability to undertake a single
pioject regardless of need," the report stated.
Mr. ivicGoldrick declared that a "liberal estimate" of the expansion of the
thus leaving the city without constitutional
new
constitutional debt-incurring power
up to Dec. 31, 1941 showed that dur¬
ing this period the city could undertake new projects costing $307,502,623.
Against this total he said there is charged $132,774,250, of "deferred reser¬
vations" in projects for which qualified commitments have been made by
the city.
These items, including subways/ parks and parkways, bridges,
docks, airports and piers, as well as the Midtown Mahattan Underpass,
must oe deducted from the free borrowing capacity, he indicated.
"No additional major improvements, however, should be authorized be¬
fore Jan. 1, 1939 without taking into account the fact that the expansion
of tne debt limit can only develop after that date." the message warned.
"The total of $174,728,373 also represents merely the essential capital re¬
quirements within the debt limit for the next three and a half years.
Since
the need of replacing antiquated city-owned structures constantly increases,
sound fiscal planning requires that new projects become secondary to re-,
placement projects."
The decrease in the borrowing margin in the last few years the Comp¬
troller cnaracterized as "the inevitable result of a necessary improvement
program."
Many antiquated structures had to be built or replaced, ne
said, and many additions made to the city's plant, which had been "neglected
for many years".
No issue can be made of the rapid consumption of the
debt margin, he added, since "the public will testify to the benefits re¬
ceived by the well-planned, intelligent capital expenditures" recently made
by the city.
"At this time, I do not desire to pass upon the type of project which is
essential, as opposed to the kind whose urgency is less immediate", the
Comptroller declared, "nor do i wish to argue whether or not certain types
of projects, such as slum clearance and housing, should be excluded from
the constitutional limitation, as water supply projects are now.
1 do,
however, urge the members of this Board to proceed with caution in the
choice of the undertakings tnty recommend lest the city tend to exceed its
constitutional and practical borrowing capacity."
The practical debt limitation was seen by Mr. McGoldrick in the condi¬
tion of the money markets.
In the past it has been found, according to
Mr. McGoldrick, that it was "practically impossible" for the city to float
more than $100,000,000 in long term bonds each year.
„
PEEKSKILL, N. Y.—BOND OFFERING—Albert E. Cruger, Commis¬
will receive sealed bids until 4 p. m. (Daylight Saving
17 for the purchase of $10,000 not to exceed 4% interest
coupon municipal building bonds.
Dated May 15, 1938.
Denom. $1,000.
Due $1,000 on May 15 from 1939 to 1948 incl.
Bidder to name a single
rate of interest,
expressed in a multiple of
or 1-10 of 1%.interest
payable M. & N.
A certified check for $200 must accompany each pro¬
posal.
The approving legal opinion of Dillon, Vandewater & Moore of
New York City will be furnished the successful bidder.
sioner of Finance,
Time) on May
PULASKI
—BONDS
CENTRAL
VOTED—At
$460,000 school
a
SCHOOL DISTRICT
recent
construction
(P. O. Pulaski), N. Y.
election voters approved the issuance of
bonds.
PUTNAM VALLEY (P. O. R. F. D. No. 3,
1
Peekskill), N. Y.—BOND
Silleck, Town Supervisor, will receive sealed bids
Standard Time) on May 13 for the purchase of $9,5o0
not to exceed 6%
interest coupon or registered highway bonds.
Dated
May 1, 1938.
One bond for $500, others $1,000 each.
Due May 1 as
OFFERING—Harry G.
until 2 p. m. (Eastern
3229
Chronicle
follows:
$1,500 in 1939, and $2,000 from 1940 to 1943, incl.
Bidder to
single rate of interest, expressed in a multiple of
or l-10th of 1% ,
Principal and interest (M. & N.) payable at the Mahopac National Bank.
Mahopac, with New York exchange.
A certified check for $190, payable
name a
to the order of the town,
be
general
successful
must accompany each
obligations of the town,
bidder
will
proposal.
The bonds will
The
payable from unlimited taxes.
with
be furnished
the approving opinion
of Reed
Hoyt, Washburn & Clay of New York City, that the bonds are valid
binding obligations of the town.
ROCHESTER,
and
SALE—The $2,000,000 coupon or
registered public improvement bonds offered May 11—V. 146, p. 3060—
were awarded to
a
syndicate composed of Halsey, Stuart & Co., Inc.,
Spencer Trask & Co., Darby & Co., G. M.-P. Murphy & Co., First of
Michigan Corp., Morse Bros. & Co., Inc., Burr & Co., Inc. and Brown &
Groll, all of New York City, as 2s, at a price of 100.583, a basis of about
1.94%.
Dated May 1, 1938 and due $100,000 on May 1 from 1939 to
1958 incl.
The bankers re-offered the bonds to yield from 0.35% to 2 10%
Y.—BOND
N.
according to maturity.
(The official advertisement of this public offering appears on page
of this issue.)
'N
Other bids were
Bidder—
as
II
follows:
int. Rate
Chemical Bank & Trust Co.. F. S. Moseley &
-
Becker & Co
Lehman Bros., Pehlps, Fenn & Co.,
Rate Bid
Co., Kean,
Taylor & Co., Hemphill, Noyes & Co., B.J. Van Ingen
& Co., Inc., Minsch, Monell & Co., Inc. and George
D. B. Bonbright & Co. of Rochester-.
2%
Harris Trust & Savings Bank, Northern Trust Co.,
Graham, Parsons & Co., Eldredge & Co., Granbery,
Marache & Lord, and Washburn & Co
2%
George B. Gibbons & Co., Inc., Stone & Webster and
Blodget, Inc., E. H. Rollins & Sons, Inc., Roosevelt &
Weigold, Inc. and Equitable Securities Corp
2%
National City Bank, Salomon Bros. & Hutzler, R. W.
Pressprich & Co. and Adams, McEntee & Co., Inc
2%
Chase National Bank, Bankers Trust Co., Barr Bros. &
Co., Inc. and Marine Trust Co. of Buffalo
2%
First National Bank of New York, Lazard Freres & Co.,
Mercantile Commerce Bank & Trust Co., R. L. Day
& Co., Boatmen's National Bank, Starkweather & Co.
and William R. Compton & Co., Inc
2.10%
Smith, Barney & Co., First Boston Corp., Manufacturers
& Traders Trust Co., Estabrook & Co., Mississippi
Valley Trust Co., Edward Lowber Stokes & Co. and
City National Bank of Kansas City
^-2.10%
Brown Harriman & Co., Inc., Blyth & Co., Inc., L. F.
Rothschild & Co., Kelley, Richardson & Co., H. C.
Wainwright & Co., Sherwood & Reichard, and A. G.
2.10%
Banacamerica-Blair
Corp., J. &. W. Seligman & Co., Eastman, Dillon &
Co., Schoellkopf, Hutton & Pomerpy, Inc., Francis
I. DuPont & Co., Sage, Rutty & Co., Campbell,
Phelps & Co. and Tucker, Anthony & Co
2.10%
According to the detailed report on the finances of the city,
100.54
100.297
100.249
100.089
100.03
100.619
100.449
100.409
100.21
the assessed
1938, at $616,958,940, compares with the 1937 total of $619,711,488.
Property is legally valued at 78% of actual value.
Present
population is estimated at 345,000.
The city had a total bonded debt on
May 1, 1938, of $59,795,000, all of which consisted of obligations payable
from general taxes.
Sinking funds amounted to $4,606,386.64.
A break¬
down of the debt total shows $48,190,500 of general bonds, $5,695,000 of
valuation for
special assessments, also payable from general taxation, and $5,909,000 of
utility, these also being payable from general taxes.
In reporting on
particular type of bonds put out in the last two years, the city shows that
$4,000,000 were issued in that period for relief purposes.
No refunding was
resorted to.
The progressive reduction in the bonded debt of the city is
reflected in the fact that the May 1, 1938, figure of $59,795,000 compares
with $62,351,500 outstanding on May 1, 1937, and $63,009,000 on May 1,
1936.
Bonds authorized but still unissued are represented by the $2,000,000
improvement issue scheduled for sale on May 11.
A sharp contraction in
the item of unfunded debt is also recorded.
The total on May 1, 1938, was
$1,553,095.13,
702.09
on
compared to $2,659,327.02 on May 1,
as
1937, and $2,415,
May 1, 1936.
N. Y.—BOND SALE— The Manu¬
facturers & Traders Trust Co. of Buffalo was awarded on May 5 an issue of
$11,000 municipal building bonds as 3.20s, at par plus a premium of $27.17,
equal to 100.247, a basis of about 3.17%.
Dated May 1, 1938.
Denom.
$500.
Due May 1 as follows: $500 from 1939 to 1954, incl., and $1,000
from 1955 to 1957, incl.
Principal and interest (M. & N.) payable at the
First National Bank of Dolgeville.
Legality approved by Dillon, Vande¬
water & Moore of New York City.
A bid of 100.10 for 3.70s was made by
SALISBURY
(P.
O.
Salisbury),
Sherwood & Reichard of New York City.
COUNTY (P. O. Saratoga Springs), N. Y.—BOND
Bumstead, County Treasurer, will receive sealed
(eastern standard time) on May 18 for the purchase of
$100,000 not to exceed 5% interact coupon or registered highway bonds,
series of 1938.
Dated May 1, 1938.
Denom. $1,000.
Due $10,000 on
May 1 from 1939 to 1948 incl.
Bidder to name a single rate of interest,
expressed in a multiple of % or 1-lOth of 1%.
Principal and interest
(M. & N.) payable at the Saratoga National Bank, Saratoga Springs, with
New York exchange, or at the Chase National Bank, New York City.
A
certified check for $2,000, payable to the order of the County Treasurer,
must accompany each proposal.
The approving legal opinion of Dillon,
Vandewater & Moore of New York City will.be furnished the successful
SARATOGA
OFFERING—Arthur 1.
bids until 10 a. m.
bidder.
Financial Statement
taxing power of
$70,502,293.07.
The total bonded debt of the county, in¬
mentioned bonds, is $1,370,000, of which none is water
debt.
The population of the county (1930 census) was 63,314.
The bonded
debt above stated does not include the debt cf any other subdivision having
power to levy upon any or all the property subject to the taxing power of
the county.
The fiscal year commences Nov. 1.
The amount of the taxes
levied for the fiscal years commencing Nov. 1, 1934, Nov. 1, 1935 and
Nov. 1, 1936, was respectively $1,780,022.04, $1,936,686.10 and $1,867 633.50.
The amount of such taxes uncollected at the end of each of said
fiscal
years
was
respectively $41,162.87, $95,280.60 and $127,506.45.
The taxes of the fiscal year commencing Nov. 1, 1937 amount to $1,822,704.61, of which $1,544,639.98 has been collected.
SCIO, AMITY, FRIENDSHIP, WIRT, WARD AND ANDOVER
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Scio), N. Y—OTHER
BItiS—The $132,000 school issue awarded to the Marine Trust Co. of
Buffalo and R. D. White & Co. of New York, jointly, as 2.70s, for a premium
of $842.16, equal to 100.638, a basis of about 2.685%, as previously noted
in these columns, were also bid for as follows:
The assessed
the
valuation of the property subject to the
county is
cluding the above
Int. Rate
Premium
2.75%
^69.60
-2.75%
211.20
2.8)%
49"/.64
Co
2.80%
397.33
Bancamerica-Blair Corp
2.S0%
'1 Jc'on
Halsey, Stuart & Co
Inc
....
- —
w- - - 2.80%
J. & W. Seligman & Co
2.90%
501.60
SOUTH CORNING (P. O. Corning), N. Y.—BOND OFFERING—
Howard Clark, Village Clerk, will receive sealed bids until 2 p. m. on May
25 for the purchase of $6,000 4% water works bonds, due $400 each year
Bidder—
Sherwood & Reichard
Allvn & Co., Inc.:
Adams, McEntee & Co., Inc
Manufacturers & Traders Trust
A
C
—
—
-
rm
from 19)3 to
1957 incl.
en
v
THOUSAND ISLANDS BRIDGE AUTHORITY (P. O. Watertown),
Y.—BONDS SOLD—The State Comptroller is reported to have pur¬
chased for investment in the sinking fund a block of $250,000 4 l{ % bridge
revenue bonds.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—TO ISSUE
$1 000 000 NOTES—The quarterly report on the finances of county, dated
March 31, 1938, just issued by William S. Coffey, County Treasurer,
discloses that the county plans to issue $1,000,000 tax anticipation notes.
N.
NORTH
CAROLINA
BUNCOMBE COUNTY (P. O. Asheville), N. C.—BONl) TENDERS
INVITED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commission, that pursuant to the provisions of the respective bond orders or
ordinances authorizing their issuance, tenders will be received until noon on
May 24, for the purchase by the respective sinking funds, in the name and
On fxjhalf of the issuing units, of the following bonds:
Financial
3230
.
City of Asheville general refunding bonds, dated July 1, 1936.
City of Asheville water revenue bonds, dated July 1, 1936.
Asheville Local Tax School District refunding bonds, dated July 1, 1936.
County of Buncombe refunding bonds, dated July 1, 1936.
Beaverdarn Water and Sewer District refunding bonds, dated July 1,1936.
Skvland Sanitary Sewer District refunding bonds, dated July 1, 1936.
Weaverville Public School District refunding bonds, dated July 1, 1936.
Swannanoa Water and Sewer District refunding bonds, dated July 1,1936.
(This report supersedes the one which appeared in our issue of May 7.)
DREXEL, N. C.—BOND OFFERING—W. E. Easterllng, Secretary of
the
Commission, will receive sealed bids at his office
Government
Local
(Eastern Standard Time) on May 17 for the pur¬
chase of .$16,000 not to exceed 6% interest public improvement bonds.
The offering represents a consolidation of $8,000 street improvement and
$8,000 electrical improvement bonds, all of which were approved at an
election on April 5.
The bonds will be dated June 1, 1938.
Coupon in
$1,000 denoms.
Due June 1 as follows: $1,000 from 1940 to 1949, inch,
and $2,000 from 1950 to 1952, incl.
Interest rate or rates to be expressed
in multiples of M of 1%.
Bidder may name two rates, one for the earliest
maturing bonds and the other for the balance.
Principal and interest
(J. & D.) payable in New York City in legal tender.
The bonds are general
obligations of the town, payable from unlimited taxes.
Delivery will be
made on or about June 2, 1938, at place of purchaser's choice.
A certified
check for $320, payable to the order of the Treasurer of North Carolina,
must accompany each bid.
The approving opinion of Masslich & Mitchell
of New York City will be furnished the purchaser,
/y r.in Raleigh until
11
a.
m.
Chronicle
cinnati.
paid a price of 100.03 for a combination of $1,
500,000 3s and $600,000 3 Ms, a net interest cost to the city of 3.0779%.
The bonds
exceed 6%
semi-ann. coupon or registered bonds ag¬
gregating $85,000, offered on May 11—V. 146, p. 3061—were not sold as
all bids were rejected.
The bonds are as follows:
$50,000 street
Due
bonds.
improvement
$2,000
in
1940,
and
$3,000«
1941 to 1956 incl.
Due $1,000, 1940 to 1942; $2,000,
35,000 public improvement bonds.
1943 to 1958.
/
GUILFORD COUNTY (P. O. Greensboro), N. C.—BOND SALE—
The $150,000 issue of coupon road refunding bonds offered for sale on May
11—V. 146, p. 2897—was awarded to Halsey, Stuart & Co., Inc. of New
York,
3s, at a price of 100.198, a basis of about 2.977%.
Due $15,000 from May 15, 1944 to 1953 incl.
Dated May 15,
as
1938.
MORGANTON. N. C.—BONDS VOTED—It is stated that at the election
held
on
May 10,
the
voters approved the issuance of a total of $350,000 in
bonds, divided as follows: $125,00 ) street improvement; $200,000 water and
electric, and $25,000 sewer improvement bonds.
SHELBY, N. C.— BOND SALE—We are informed by the Secretary of
the Local Government Commission that the tnree issues of funding and re¬
funding bonds aggregating $138,000, offered for sale on May 11, as noted
in our issue of April 30—V. 146, p. 2898—were awarded
jointly to R. 8.
Dickson & Co. of Charlotte, and the Wells-Dicky Co. of Minneapolis,
paying a premium of $81.10, equal to 100.058, a net interest cost of about
3.40%, on the bonds divided as follows: $75,000 as 3Ms, maturing on
June 1; $5,000 from 1940 to 1946, and $10,000 from 1947 to 1950; the
remaining $63,000 as 314s, maturing on June 11: $10,000, 1951Ito 1953, and
$11,000 from 1954 to 1956.
The second highest bid was offered jointly by the Equitable Securities
Corp. of Nashville, and F. W. Craigie & Co. of Richmond, a tender of
100.11 for $104,000 as 3j^s, the remaining $34,000 as 3s.
are
described
as
follows:
$600,000 3M%
city's portion paving and sewer bonds.
Due Oct.
$54,000 from 1939 to 1943, incl., and $55,000 from
to 1949, incl.
1,000,000 3% Cuyahoga River improvement bonds.
Due $40,000
Oct. 1 from 1939 to 1963, incl.
500,000 3% general sewer bonds.
Due $20,000 each Oct. 1 from
to 1963, incl.
All of the bonds are dated May 1, 1938.
follows:
1 as
1944
each
1939
>
BONDS PUBLICLY OFFERED—Lehman Bros, and associates re-offered
the bonds for public investment as follows: the 3s were priced to yield from
1.50% to 3.15%, according to maturity, and the 3 Ms were offered on a
yield basis of from 1.50% to 3.10%.
The following other bids
were
sub¬
mitted for the bonds:
Bidder
A.
C.
Rale Bid
Int. Rate
Allyn
&
Co., Inc.; Stifel, Nicolaus &
Co.;
Prudden & Co.; Walter, Woody & Heimerdinger;
Pohl & Co., Inc.; Charles A. Hinsch & Co.;
Middendorf & Co.; H. C. Speer & Sons Co.; Fox,
Einhorn & Co., Inc.; Edward Brockhaus & Co.;
Nelson, Browning & Co.;
Schlater,
Noyes &
I ?2 H%
b3M%
100.46
Gardner, Inc.; Ballman & Main; Assel. Goetz &
Moerlein, Inc.; Kalman & Co.; A. S. Huyck &
Co.; Sufferle & Kountz; Meyer, Smith & O'Brien,
and Wi dmann & Hoi zman
GREENVILLE, N. C.—BONDS NOT SOLD—We are informed that the
two issues of not to
May 14, 1938
bankers
The
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.;
B. J. Van Ingen & Co., Inc.; E. H. Rollins & Sons,
Inc.; Eldredge & Co.; Otis & Co.; First Michigan
Corp.;
Mitchell,
Herrick
&
Co.;
McDonaldCoolidge & Co.; VanLahr, Doll & Isphording,
and Far well. Chapman & Co
3H%
Smith, Barney & Co.; Brown Harriman & Co.; II. W.
Pressprich & Co., Mercantile Commerce Bank &
Trust Co.; First Cleveland Corp.; Hayden, Miller
& Co.; Hawley,
Huller & Co.; Illinois Co. of
Chicago, Weil, Roth & Irving Co.; Wells-Dickey
Co.; Seasongood & Mayer; Johnson, Kase & Co.,
and Ryan, Sutherland.& Co
3%%
Lazard Freres & Co.; Goldman, Sachs & Co.; L. F.
Rothschild
&
Co.; Kelley, Ricnardson & Co.;
Merrill, Turben & Co.; Wheeiock & Cummins;
William R. Compton & Co., Inc.; Newton, Abbe &
Co., and C. 8. Ashmun & Co
3M%
a For $600,000 2^8 and $1,500,000 3Ms.
;
.
100.256
100.189
100.056
COSHOCTON, Ohio—BOND OFFERING—W. J. Beall, City Auditor,
will receive sealed bids until noon on June 2 for the purchase of $25,000 3%
city hospital addition bonds.
Dated May 1, 1938.
Denom. $1,000.
Due
$1,000 on May 1 and Nov. 1 from 1939 to 1950 incl. and $1,000 May 1,
1951.
Callable at any interest payment date at not less than par and
accrued interest.
Interest payable M. & N.
Bidder
may name an
interest
rate other than
3% although where a fractional rate is named, the fraction
multiples of M of 1%.
A certified check for $300, payable to
the order of the city, must accompany each proposal.
must be in
COSHOCTON, Ohio—BOND OFFERING—W. J. Beall, City Auditor,
bids until noon on May 31 for the purchase of $8,000
South Side sanitary sewer bonds.
Dated May 1, 1938
Denom.
$1,000.
Due $1,000 on Nov. 1 from 1939 to 1946 incl.
Redeemable
on any interest date at not less than par and accrued interest.
A certified
check for $100, payable to the order of the city, must accompany each
proposal.
will receive sealed
3M%
NORTH
DAKOTA
BOWMAN, N. Dak.'—BONDS NOT SOLD—The $21,000 issue of serial
general liability bonds offered on April 30—V. 146, p. 2898—was not sold
bids
received, and the $25,000 sewer revenue bonds were also
offered without success at the same time, according to D. G. Hogoboom,
Village Clerk.
Due from 1941 to 1958, incl.
He states that bids are still
as
no
were
.
Ohio—BONDS TO BE SOLD—The City Sinkin
Fund and Treasury Investment Fund will absorb an issue of $51,000 bonds
ssued to finance Works Progress Administration projects.
EAST CLEVELAND,
received for these bonds.
DE GROAT TOWNSHIP
OFFERING—It is stated
(P.
that
O. Church* Ferry), N.
both sealed and
bids
oral
Dak.-—BOND
will
be
received
until May 19, at 8 p. m., by Albert Stenerson, District Clerk, for the pur¬
chase of an issue of $1,250 funding bonds.
Interest rate is not to exceed
5%, payable A. & O.
Denom. $200, one for $250.
Dated April 1, 1938.
Due on April 1 as follows: $200 from 1943 to 1947, and $250 in 1948; sub¬
ject to redemption at the option of the Township, on any interest pay¬
ment date.
.
NORMAN
SCHOOL
Dated May
to
1, 1938.
Denom. $1,000.
Due $4,000 on May 1 from 1940
1949, incl.
Principal and interest (M. & N.) payable at the Chemical
Bank & Trust Co., New York City.
MANSFIELD, Ohio—BONDS APPROVED—The City Council recently
approved the issuance of $64,000 water works improvement bonds.
..r':-.''"';
MONTGOMERY COUNTY
DISTRICT NO.
4 (P. O. Sharon), N. Dak.—
April 25—V. 146, p. 2734—the voters
approved the issuance of the $20,000 not to exceed 4% semi-annual school
construction bonds by a count of 216 to 25.
Due $1,000 from 1940 to 1959,
incl.
No date of sale has been set as yet, according to the District Clerk.
BONDS VOTED—At the election
ELYRIA, Ohio—BONDS SOLD—An issue of $40,000 3% fire depart¬
equipment bonds has been sold to the Sinking Fund Commission.
ment
on
LEVY—Total
abstract
of taxes
(P. O. Dayton), Ohio—REDUCES TAX
on
county real estate for the 1938 fiscal
year is $14,442,928, it has been announced by County Auditor Joseph A.
Lutz, who has indicated tnis total is $3,4.52,599 less than the 1937 abstract.
The new figure includes $5,967,801 in current general taxes, $1,501,455 in
special assessments for street paving, sanitary sewers and water
mains, and $7,423,672 in delinquent taxes and assessments of former years.
Lutz also indicated that the current general tax figure is $493,766 less
current
than
the
levied in 1937,
County taxpayers."
amount
Montgomery
Detailed
amounts
and
"means
a
substantial savings
for
of current
general taxes levied for 1938 are: County
purposes, $1,125,173; schools, $2,359,995; cities and villages, $2,377,225,
and townships, $105,407.
The largest amount goes to the City of Dayton
Avith $2,210,388 and tne Dayton schools with $1,649,041.
WATERSHED
MUSKINGUM
New
Philadelphia),
CONSERVANCY
Ohio—SYNDICATE
DISTRICT
MEMBERS— In
(P. O.
connection
with the previous report in tnese columns of the award of $2,776,000 special
assessment bonds to a syndicate headed by the BancOhio Securities Co. of
Columbus
3Ms at 102.15, a basis of about 3.32%, we learn that the fol¬
members of the successful account: E. H. Rollins & Sons, Inc.;
McDonald-Coolidge & Co., Merrill, Turben & Co., all of Cleve¬
land; Lowry Sweney, Inc., Columbus; Johnson, Kase & Co., Cleveland;
Assel, Goetz & Moerlein, Inc., Seasnogood & Mayer, Pohl & Co., Inc.,
Fix, Einhorn & Co., Inc.. Edward Brockhaus & Co., all of Cincinnati, and
lowing
as
were
Otis & Co.,
OHIO
ADEN A,
Ohio—BOND OFFERING—Lyle
will receive sealed bids until
water
works system
$1,000.
A.
construction
Due $1,000
&.O.
Bonds
on
E.
Burdick, Village Clerk,
June 6 for the purchase of $18,000 4%
Dated May 1, 1938.
Denom.
1 from 1939 to 1956 incl.
Interest payable
noon on
Oct.
were approved at the Nov.,
1937, general election.
A
certified check for $200, payable to the order of the
village, is required.
AKRON, Ohio—BONDS NOT SOLD—The $616,000 4% bonds offered
May 9—V. 146, p. 2735—were not sold, as no bids weer received.
This
marked the city s second unsuccessful effort to
dispose of these obligations,
the first having been made April 11,
The offering consisted of:
$337,000 trunk sewer, sanitary and storm sewer construction bonds. 'Due
Oct. 1 as follows: $13,000 from 1939 to 1951 incl. and $14,000
from
1952 to 1963 inclusive.
279,000 water works improvement bonds, payable from taxes levied out¬
side 10-mill
limitation.
Due Oct.
1 as follows: $11,000 from
1939 to 1959 incl. and $12,000 from
All of the bonds are dated April 1, 1938.
CINCINNATI
at present
of about
has
a
Ohio—PROPOSED
balance of authorized
$18,000,000,
long
Other bids—
Bidder—
Int. Rate
•
Seasongood & Mayer
Pohl & Co., Inc
Fox, Einhorn & Co., Inc
Weil, Roth & Irving Co__
;
BancOhio Securities Co.
_
3M %
3M%
3M %
3M%
3% %
Premium
$276.00
176.69
261.00
262.50
408.00
OHIO, State of-^SPECIAL SESSION TO CONVENE ON RELIEF—
Hope for
FINANCING—Although
out
the
city
unissued bonds in the amount
term
financing during the next six montns
refunding of $600,000 Cincinnati Southern
1908, the redemption of which, as previously
for convention hall voted Nov. 5
1912; $64,850 street improvement bends
voted Aug. 12, 1919; $572,400 for street
improvements voted Nov. 3, 1925;
$200,000 for fire department buildings voted Nov. 3, 1925; $115,000 for
street improvements and $260,000 for
grade crossing elimination voted
Nov. 2, 1926; $1,471,000 for street
improvements, $265,500 for seAver
improvements: $10,000 for parks, and $80,000 for fire department buildNov. 8, 1927; also $2,000,000 for grade
crossing elimination,
$1,000,000 for street improvements and $15,000 for parks voted Nov. 6,
1928, $41,OOO for city had improvements. $221,500 for traffic
dghts, $79,2^f£Lairport' $287,000 for playgrounds, $72.5,000 for signal system,
$321,000 for parks, $345,000 for university buildings, $719,059 for street
improvements and $4,990,000 for flood prevention voted Nov. 5, 1929.
™CL£V£LfND» Ohio—BOND SALE—The
$2,100,000
bonds
offered
May 9—V.146, p. 2575—Avere awarded to a syndicate composed of Lehman
Bros., Blyth & Co., Inc., Estabrook & Co., Stone & Webster and Blodget,
Inc., Phelps, Fenn & Co., all of New York; Field, Richard, Inc., Cincinnati;
Braun, Bosworth & Co. and Stranahan, Harris & Co., both of Toledo;
& Co., Inc., Noav York, and Breed &
Harrison, Inc., Cin¬
PARIS, Ohio—BOND SALE—The $25,000 coupon sanitary
disposal plant bonds offered May 7—V. 146, p. 2735—were
Saunders, Stiver & Co. of Cleveland, as 3Ms, for a premium
of $394, equal to 101.575, a basis of about 3.10%.
Dated April 1, 1938
and due $1,000 on Oct. 1 from 1939 to 1953 incl.
and
awarded to
new issues rests with impending relief legislation when the Legisla¬
May 16 for the enactment of a $17,000,000 relief program
the municipalities through the remainder of the current year.
It is expected that the Davey administration will present legislation which,
if anacted, would authorize the cities or counties, or both, to issue antici¬
patory bonds, supported either through anticipated collection of delinquent
taxes, or by a utilities excise tax.
The delinquent tax proposal, sponsored
by Senator Keith Lawrence, Dem., Cleveland, majority floor leader of
of the upper house, would authorize the issuance of bonds by a political
subdivision up to a certain percentage of the total delinquency, less the
already encumbered delinquencies in the respective divisions.
ture reconvenes
Railway refunding 4s of
in these columns, has been announced for
July 1.
According to
City Auditor Henry Urner, authorized but unissued bonds comprise $14,004,809 approved by referendum and $400,000 in non-referendum obli¬
gations, Authorized but unissued referendum bonds are as follows: $222,500
Morse Bros.
NEW
sewer
1960 to 1963 inclusive.
will probably be limited to the
noted
Fullerton & Co. of Columbus.
bonds.
to carry
POLAND SCHOOL DISTRICT, Ohio—BONDS SOLD—An issue of
$95,000 4% building bonds, approved at an election last June, was sold to
Retirement Board.
Dated July 1. 1937, and due ser¬
ially from 1938 to 1952, inclusive.
the State Teachers'
RAVENNA, Ohio—BOND SALE DETAILS—The $10,000 street and
improvement bonds purchased by the City Sinking Fund Trustees,
previously reported in these columns—V. 146, p. 2062—bear 2% inter¬
est.
Dated May 1 1938 and mature Nov. 1, 1948.
Optional at any time.
sewer
as
Denom.
ST.
$1,000.
Interest payable M.
& N.
BERNARD
(P. O. Cincinnati), Ohio—BONDS SOLD—An issue
bonds, approved by the City Council on April
28, will be purchased by the sinking fund trustees.
of $9,000 park improvement
SYLVANIA, Ohio—BONDS SOLD—An issue of $11,222.58 4M% re¬
funding bonds was sold privately.
Dated Feb. 1, 1938.
One bond for
$1,222.58, others $1,000 each. Due Feb. 1 as follows: $2,000 from 1943 to
1946 incl. and $3,222.58 in 1947.
Principal and interest (F. & A.) payable
at the Farmers & Merchants Bank Co. of Sylvania.
OKLAHOMA
ife have
Ok 1 a.—BOND OFFERING— It is reported that sealed bids
will be received until 3 p. m. on May 17, by O. M. Stephens, Town Clerk,
for the purchase of a $30,000 issue of sanitary sewer bonds.
Bidders to
name tne rate of interest.
Due $1,500 from 1941 to 1969 incl.
A certi¬
fied check for 2% of the bids is required.
CITY
BEAVER,
BOND
$5,500 water works extension bonds.
Due $2,000 in 1941 and
$1,500 in 1943.
3,500 fire equipment bonds.
Due $1,000 in 1941 and 1942; $1,500 in
for
2% of the
amount
bid is required.
SCHOOL DISTRICT NO. 9 (P. O.
Fay), Okla.—BOND SALE—The $6,000 issue of school bonds cffered for
on May 10—V. 146, p. 3062—wTas awarded to the J. E. Piersol Bond
Co. of Oklahoma City, according to the District Clerk.
Due $1,000 from
FAY
JOINT CONSOLIDATED
sale
1941
1946 incl.
to
limestone gap consolidated school district no. 1
(P. O. Atoka, R, F. D. No. 3), Okla.—BOND SALE—The $15,500 issue of
for sale on May 9—V. 146, p. 3062—was
Co. of Oklahoma City, paying par for the
bonds maturing up to 1950 as 5s, the remainder as 5Ms.
Due $1,000 from
1943 to 1956, and $1,500 in 1957.
The second highest bid was an offer of par on 5Ms, submitted by the
coupon building bonds offered
awarded to the Taylor-Stuart
J. E. Piersol Bond Co. of Oklahoma City.
McAlester), Okla.
146, p. 2898—the
voters approved the issuance of the $50,000 in not to exceed 4% semi-annual
school repair and equipment bonds by a count of 451 to 171,
It is stated
by James Proctor, District Secretary, that no date of sale has been fixed
McALESTER SCHOOL DISTRICT NO. 80 (P. O.
—BONDS VOTED—At the election held on May 3—V.
yet.
PLEASANT
VIEW
SCHOOL
DISTRICT
(P. O. Dustin), Okla.—
construction bonds were
BONDS SOLD—It is reported that $1,132.25 6%
purchased recently by the Taylor-Stuart Co. of Oklahoma City.
SENTINEL SCHOOL DISTRICT (P. O. Sentinel), Okla.—BOND
$16,000 Issue of coupon building bonds offered for sale on
May 2—V. 146, p. 2735—was awarded to the Treasurer of Washita
County, Okla., paying a premium of $15.00 for the bonds split into 2M%
and 3%.
Due $1,000 from Jan. 1, 1943 to 1958, inclusive.
b%R. J. Edwards, Inc., of Oklahoma City, offered a premium of $6.00 for
the bonds divided into 2s, 3s and 3 Ms.
SALE—The
VERDIGRIS TOWNSHIP (P. O. Verdigris),
Okla.—BONDS SOLD—
reported by the Township Clerk that $10,288.23 refunding bonds
have been purchased by the Taylor-Stuart Co. of Oklahoma City as 3s
It
is
and 3
34 s.
OREGON
MARION
COUNTY
SCHOOL
May 13. by Alice L. Barnett, District Clerk, for the purchase of a
Interest rate is not to exceed 4%, payable
Dated May 13, 1938.
Due $400 from May 13, 1940 to 1949,
Principal and interest payable at the office of the District Clerk.
$4,000 issue of school warrants.
incl.
N.
MARION
Route
COUNTY
SCHOOL
DISTRICT
NO.
78
(P.
O.
Salem,
Ore.—BOND OFFERING—Sealed bids will be received until
8 p. m. on May 16, by Hazel F. Wells, District Clerk, for the purchase of a
$12,000 issue of school bonds.
Dated June 1, 1938.
Due on June 1 as
follows: $1,000 from 1940 to 1945, and $2,000, 1946 to 1948. These bonds
were
6),
approved by the voters at an election held on April 2. Principal and
interest payable at the County Treasurer's office or at the fiscal agency of
the State in New York City.
A certified check for $500 must accompany
the bid.
MARSHFIELD, Ore.—BOND OFFERING— Sealed bids will be received
7:30 p. m. on May 17, by Jonn W. Butler, City Recorder, for the
until
purchase of an $85,000 issue of 3H% refunding, series 1938-A, coupon
bonds.
Denom. $500.
Dated June 1, 1938.
Due on June 1 as follows:
Bonds are redeemable on or
interest (J. & D.) payable
will be sold for less than
par plus accrued interest.
These bonds are issued pursuant to Chapter 156,
Oregon Laws, 1933, as amended by Chapter 208, Laws of 1935, and Or¬
dinance No. 1471 of the city.
The approving opinion of Teal, Winfree,
McCuiloch, Shuler & Kelley of Portland, will be furnished.
A certified
check for 2% of the par value of the bonds, payable to the city, must ac¬
$6,000,
1939 to 1951, and
$7,000 in
1952.
after five years from date of issue.
Principal and
at the office of the City Treasurer.
No bonds
company
PENNSYLVANIA
$20,000 coupon refunding bond issue offered
May 12—V. 146. p. 2899—were awarded to Glover & MacGregor, Inc., of
Pittsburgh as 3s at par plus a premium of $142.75, equal to 100.71, a basis
of about 2.85%.
Dated May 15, 1938 and due $2,000 on May 15 from
1939 to 1948, incl.
Second high bidder was E. H. Rollins & Sons, Inc.,
of Philadelphia, which bid a premium of $88 for 3s.
the bid.
PORTLAND, Ore.—BOND TAX PROPOSAL IN ABEYANCE—The
following is the text of a reply from L. E. Latourette, City Attorney, in
respoase to our inquiry as to the status of the proposal put forth by the
Mayor to tax bonds of the city:
"Your inquiry of the 27th ult. is at hand concerning the matter of making
city bonds subject to income tax.
The matter here has not progressed any
further than a mere suggestion on the part of the Mayor.
It is not at all
likely that anything definite will be done about the matter until at least the
November election."
PENNSYLVANIA
Pittsburgh), Pa.—70 ISSUE $5,000'
instructed the legal department
resolution for the sale of $5,000,000 bonds to finance the re¬
mainder of the 1938 public works program.
The issue will include $2,480,000 road bonds; $1,020,000 bridge; $300,000 for improvement of Liberty
Tubes; $750,000 park improvement, and an authorized $450,000 in the
1928 peoples' bond issue for improvement of minor county bridges.
ALLEGHENY COUNTY (P. O.
BONDS—The County Commissioners have
to prepare a
ARCHBALD
SALE—The
CHARLEROI
SCHOOL DISTRICT
(P. O.
Charleroi), Pa.—BOND
SALE—The issue of $30,000 coupon school bonds offered May 10*—V. 146,
p. 2899—was awarded to Singer, Deane & Scribnor of Pittsburgh, as 234s,
for
a
premium of $203, equal to 100.676, a basis of about 2,3z%.
Dated
1, 19.38 and due $3,UOO on May 1 from 1939 to 1948 incl.
Bonds
maturing from 1944 to 1948 incl. are redeemable at par and accrued interest
on May
1, 1943, or on any subsequent interest payment date.
CLYMER, Pa.—BONDS NOT SOLD—No bids were submitted for the
Dated April 1,
$8,000 4% bond issue offered May 9—V. 146, p. 2736.
1938, and due $1,000 on Oct. 1 from 1940 to 1947, incl.
CONNELLSVILLE,
SCHOOL
DISTRICT,
SALE—The
Pa.—BOND
$100,000
operating
awarded to a syndicate composed of
MacGregor, Inc. and Singer, Deane & Scribner, both of Pitts¬
burgh, E. II. Rollins & Sons, Inc. of Philadelphia, and S. K. Cunningham
6 Co. of Pittsburgh, as 3Ms, at a price of 100.52, a basis of about 3.58%.
Dated May 1, 1938 and due $10,000 on May 1 from 1939 to 1948 incl.
Callable at par on May 1, 1912, or on any subsequent interest date.
revenue
bond issue offered May 9 was
Glover &
Financial Statement
(As of Jan. 3,1938—Officially Reported)
This statement does not include the bonded debt of any other political
subdivision having power to levy taxes on property within the City of
Conneilsville, and is after giving effect to the sale of these bonds and the
application of their proceeds.
Assessed valuation, 1937
$8,104,705
Bonded debt, including this issue
454,000
Less legal deductions—Sinking fund-_ —
$55,755
Taxes of prior years—75% of face. .— _
170,648
Other municipal claims—75% of face
64,077
290,480
$163,520
None
Net debt (2.02% of assessed valuation)
Floating debt, after this financing—
Population—1930 Census, 13,290; present estimate,
13,500.
Record of Tax Collections
1934
Fiscal Year—
Total levy.
$155,350.41
Collected to end of fiscal
;
year
Collected to May 1, 1938
To
April
1,
1937
$143,065.76 $146,974.32 $151,410.92
1936
1935
80,884.25
82,640.53
97,572.50
98,254.83
90,117.58
95,406.19
104,148.06 *107,064.98
1938.
Pa .—BOND OFFERING—C. B. Porter, City Clerk, will
8 p. m. on June 6 for the purchase of $12,000 4%
registerable as to principal only, storm sewer bonds of 1938.
Dated May 16, 1938.
Denom. $1,000.
Due May 16 as follows: $1,000
from 1940 to 1947, incl., and $2,000 in 1948 and 1949.
Principal and
interest (M. & N. 16) payable at the City Treasurer's office.
Bonds and
interest thereon will be payable without deduction for any tax or taxes,
CORRY,
DISTRICT NO. 13 (P. O. Salem),
bids will be received until 8:30
OFFERING—Sealed
p. m. on
M. &
Philadelphia
CECIL TOWNSHIP SCHOOL DISTRICT (P. O. Cecil, Box No. 8),
Pa.—BOND
*
Ore.— WARRANT
Teletype—Phila. 22.
May
Okla.—BONDS NOT SOLD—It is stated by C. R. Stiver,
Town Clerk, that the $5,000 town had bonds offered on April 7, as noted
here—-V. 146, p. 2253—-were not sold as the election authorizing the bonds
was contested.
Due $500 from 1941 to 1950 incl.
GROVE,
as
A. T. & T.
1943.
ENID, Okla.—BOND OFFERING—It is reported that sealed bidrwxl1
a. m. on May 12 by H. E. Evans, City Clerk, for the
purchase of a $21,937.08 issue of special assessment retirement bonds.
The bonds will be sold to the bidder offering the lowest rate of interast the
bonds shall bear and offering at least par and accrued interest.
Due as
follows: $3,000 from 1941 to 1946 and $3,937.08 in 1947.
A certified check
ISSUES
1528 Walnut St.
1942;
be received until 10
complete list of
YARNALL & CO.
follows:
as
a
PHILADELPHIA
OF
showing maturities and legal opinions, which
we
will be glad to furnish upon request.
BRISTOW, Okla.—BOND SALE—The two issues of bonds aggregating
$9,000, offered for sale on May 6—V. 146, p. 2898—were awarded to the
City Treasurer as 3s at par, according to the City Cierk.
The issues are
divided
compiled
Pa.—BOND
OFFERING—The
receive sealed bids until
coupon,
except gift, succession and inheritance taxes, now or hereafter levied
assessed thereon under any present or future law of the Commonwealth
Pennsylvania, all of which taxes the city assumes and agrees to pay.
certified check for 2% of the amount of bonds bid for, payable to
order of the City Treasurer, must accompany each proposal.
or
of
A
the
(P. O. Sidman), Pa.—
Secretary, will receive
May 14 for the purchase
of $13,000 4M% coupon first emergency uncollected tax, series of 1938,
bonds.
Dated May 15, 1938.
Denom. $1,000.
Due $1,000 on May 15
from 1939 to 1951, incl.; callable in whole or in part on or after May 15,
1944.
Sale of issue will be subject to approval of proceedings by the Penn¬
sylvania Department of Internal Affairs.
A certified check for $500,
payable to the order of the District Treasurer, must accompany each pro¬
posal.
Interest payable M. & N.
DOYLESTOWN
SCHOOL DISTRICT, Pa.—BOND OFFERING—
Walter M.
Carwithin, District Secretary, will receive sealed bids until
7 p
m. (eastern standard time) on May 23 for the purchase of $9,500
2
2>A. 2M, 2%, 3, 3M or 3'M% coupon, registerable as to principal only,
funding bonds.
Dated June 1, 1938.
One bond for $5)0, others $1,000
each.
Due June 1, as follows: $1,000 from 1939 to 1947 incl. and $500 in
1948.
Bidder to name a single rate of interest, payable (J. & D.).
A
certified check for 2%, payable to the order of the District Treasurer, must
accompany each proposal.
Bonds will be issued subject to approving legal
opinion of Townsend, Elliott & Munsun of Philadelphia.
(This report of the offering supersedes that given previously in these
CROYLE TOWNSHIP SCHOOL DISTRICT
OFFERING—L.
W. Kauffman, District
Standard Time) on
BOND
sealed bids until noon (Eastern
columns).
DUQUESNE SCHOOL DISTRICT, Pa.—OTHER BIDS—The $105,000
operating revenue purposes and awarded to M. M. Free¬
& Co., Inc., Philadelphia, as 2Ms, for a premium of $189, equal to
100.18, a basis of about 2.225%, as previously reported in these columns—
V. 146, p. 3062—were also bid for as follows:
Bidder—
Int. Rate
Premium
Mackey, Dunn & Co
bonds issued for
man
MacGregor.
——
Cunningham & Co.
Sons, Inc
Johnson & McLean, Inc.
Leach Bros,, Inc
Glover &
— -
S. K.
E. H. Rollins &
-
2M%
2M/c
2M%
3M%
4%
136.50
ifi'on
HIHR
611.00
682.50
DURYEA SCHOOL DISTRICT, Pa.—OPTION EXERCISED—The
Savings Bank of Pittston exercised their option on an issue of
$128,000 refunding and judgment funding bonds.
They will bear 4M%
Miners'
and
previously noted In these columns, are dated April 1, 1938
1 as follows: $7,000 from 1941 to 1956, incl., and $8,000
Board of Directors will receive sealed bids until 8 p. m. on May 16 for the
interest
purchase of $75,000 5% coupon operating revenue bonds.
Due $7,500
annually on May 15 from 1939 to 1948 incl.
Interest payable semi-ann.
A certified check for 2% must accompany each bid.
and mature April
BETHLEHEM, Pa.—BOND SALE—The $140,000 coupon, registerable
as to principal only, refunding bonds, offered May 13—V.
146, p. 2899—
were awarded to Barclay, Moore & Co. of Philadelphia as 134s at par plus
a premium of $439.60, equal to 100.314, a basis of about
1.40%.
Dated
June 1, 1938, and due June 1 as follows:
$20,000, 1939 and 1940: $30,000
in 1941 and 1942, and $40,000 in 1943.
The First Boston Corp., NewYork, second high bidder, offered to pay 100.215 for lMs.
A4ay 6—V. 146, p. 2899—were awarded to
Pittsburgh, the only bidder, as 4Ms at par.
in 1957
as
and 1958.
EAST CONEMAUGH SCHOOL DISTRICT (P. O. Johnstown), Pa.
IiOND SALE—The $15,000 coupon operating revenue bonds offered
May 1 as follows: $2,000
to 1948, both inclusive.
from 1939
SCHOOL DISTRICT
(P. O. Edwardsville),
SALE— The $70,000 4)4% coupon operating revenue bonds
ED WARDS VILLE
Pa—BOND
Glover & MacGregor, Inc., of
Dated May 1, 1938, and due
in odd years and $1,000 in even years
Financial
3232
Chronicle
O. R. F. D. No. 1,
Pa.—BOND SALE—The issue of $25,000 4% school building
7 was awarded to the Second National
premium of $937.63, equal to 103.75.
ELK LICK TOWNSHIP SCHOOL DI STRICT (P.
Fort Hill),
and equipment bonds offered May
Bank of Meyersdale, at par plus a
Other bids were as follows:
Fike
Citizens National Bank of Meyersdale..........
I.
11.
-
Johnson & McLean
—
-----
$714.50
704.25
500.00
120.00
......—
SCHOOL
DISTRICT,
Pa .—BOND
OFFERING—Claucle
Keller. District Secretary, will recede sealed bids until 7 p. m. (Eastern
Standard Time) on June 2 for the purchase of $30,000 \Y2.
2, 2)4. or
2K% coupon, registerable as to principal only, operating revenue bonds.
Dated May 17. 1938.
Denom. .1500.
Due $3,000 on May 17 from 1939
to 1948, incl.
Bidder to name a single rate of interest,
The district will
provide and pay for the printing of the bonds and for approval of issue by
the Pennsylvania Department of Internal Affairs.
A certified check for
$600, payable to the order of the District Treasurer, must accompany each
proposal.
EMAUS
EVANSBURG SCHOOL DISTRICT (P. O. Evans
City), Pa.—BOND
SALE— The issue of $12,000 coupon, registerable as to principal only,
funding bonds offered May 6—V. 146, p. 2736—was awarded to S. K. Cun¬
ningham & Co. of Pittsburgh as
at par plus a premium of $33, equal to
100.275, a basis of about 3.705%.
Dated May 1, 1938 and due $1,000 on
May 1 from 1940 to 1951, incl.
Callable May 1, 1940, or on any subse¬
quent interest date.
Singer, Deane & Scribner of Pittsburgh, second high
bidder, named a rate of Z%% and premium of $8.30.
The Citizens Na¬
tional Bank of Evans City bid par for 4s.
FARRELL
SCHOOL
DISTRICT,
Pa.^BOND SALE— The $80,000
school bonds offered May 10 were awarded to E. K. Rollins & Sons,
Inc. of Philadelphia, as 3^8, for a premium of $56, equal to 100.07, a basis
of about 3.49%.
Dated May 1, 1938.
Due $10,000 on May 1 from 1941
1938
Int..Rate Premium
Bidder—
Bchmidt, Poole & Co-.».
$222.87
—-......—
Leach Bros., Inc
Premium
Bidder—
Glover & MacGregor, Inc—
May 14,
MATAMORAS SCHOOL DISTRICT, Pa.—BOND SALE—The $51,000
refunding bond issue offered May 10—V. 146, p. 2736—was awarded to
Chandler & Co. of Philadelphia, as 3Ys, for a premium of $274.89, equal
to 100.539, a basis of about 3.43%.
Dated June 1, 1938 and due June 1
as follows:
$3,000 from 1939 to 1947 incl. and $4,000 from 1948 to 1953
inclusive.
Other bids were:
offered May 9—V. 146, p. 2899—were awarded to Leach Bros,, Inc.,
Philadelphia, at a price of 100.35, a basis of about 4.18%.
Dated May 16,
1938 and due $7,000 on May 16 from 1939 to 1948, inclusive.
4%
—
331.50
PLEASANT TOWNSHIP (P. O. Mount Pleasant), Pa.—
OFFERING—Charles Welty, Secretary of Town Supervisors, will
receive sealed bids at the office) of Gregg & Copeland, Solicitors, First
National Bank Bldg., Greensburg, until 2 p. m. on May 27, for the pur¬
chase of $50,000 tends, due as follows:
$3,000 in 1939 and 1940, and
$4,000 from 1941 to 1951, incl.
Bidder to name rate of interest in multiples
of M of 1%
MOUNT
BOND
.
SCHOOL
TOWNSHIP
PLEASANT
MOUNT
DISTRICT
(P.
O-
Trauger), Pa.—BOND SALE—The issue of $11,000 coupon school bonds
offered May 6—V. 146, P. 2736—was awarded to the Mount Pleasant
State Bank, as 3s, at par.
Dated May 2, 1938 and due May 2 as follows:
$1,000, 1939; $2,000, 1940 to 1942, incl.; $1,000 from 1943 to 1946, incl.
Callable on any interest date on or after May 2, 1939, on 30 days' notice.
S. K. Cunningham & Co. of Pittsburgh, the only other bidder, offered to
pay 100.15 for 4^8.
NEW
CASTLE, Pa.—BOND OFFERING—C. Ed. Brown, City Clerk,
10 a. m. (Eastern Standard Time) on May 26
purchase of $100,000 IY, 1H. 2Yt, 2Y2, 2%, or 3% coupon im¬
provement bonds of 1938.
Dated June i, 1938.
Denom. $1,000.
Due
$10,000 on June 1 from 1939 to 1948 incl.
Interest payable J. & D.
Bidder to name a s ngle rate of interest.
The bonds will be issued subject
to approval of proceedings by the Pennsylvania Department of Internal
Affairs.
A certified check for $2,000, payable to the order of the city,
must accompany each
proposal.
City will furnish at
ts own expense
the approving legal opinion of Burgwin Scully & Churchill of Pittsburgh.
will receive sealed bids until
for the
coupon
1948 incl.; subject to call at par on May 1, 1943, or on any subsequent
interest date.
Second hign bidder was Glover & Macuregor, Inc. of Pitts¬
to
burgh, which named a rate of 3 % % and $160 premium.
FRENCHTOWN, Pa.—BOND ELECTION—An election will be held
May 19 at which voters will be asked to approve the issuance of $36,000
high school construction and addition bonds.
on
GIRARD, Pa.—BOND SALE—The $10,000 coupon series of 1938 light
and power tends offered May 9—V. 146, p. 2736—were awarded to S. K.
Cunningham <te Co. of Pittsburgh, as 2%a, at par plus a premium of $105,
equal to 101.05, a basis of about 2.57%.
Dated June 15, 1938 and due
$5,000 on June 15 in 1944 and 1945.
Callable in whole or in part, at par
and accrued interest, on any interest date beginning with June 15, 1942.
Singer, Deane & Scribner of Pittsburgh, the only other bidder, offered a
premium of $18.50 for 2%s.
rtoCKAMIXON TOWNSHIP SCHOOL DISTRICT (P. O. Klntersville), Pa.—BOND SALE—The $4,000 coupon, registerable as to principal
only, funding bonds offered May 5—V. 146, p. 2736—were awarded to the
National Bank of Riegelsville, as 3s, at par.
This was the only Did re¬
ceived.
Dated May 1, 1938.
Due $500 on May 1 from 1939 to 1946,
incl.
Optional on any interest payment date on and after May 1, 1939.
FAYETTE
SCHOOL
DISTRICT
(P.
O.
BIDS—The $21,000 funding and operating
K. Cunningham & Co. of Pittsburgh, as 3s,
for a premium of $99.75, equal to 100.475, a basis of about 2.92%, as
previously reported in these columns—V. 146, p. 3062—were also bid for
NORTH
TOWNSHIP
Pa.—OTHER
Sturgeon),
revenue
bonds awarded to 8.
follows:
as
"
Bidder—
1
Int. Rate
-
Singer, Deane & Scribner..
Glover & MacGregor.
.Johnson & McLean, Inc..-
_
Leach Bros.. Inc
HARRISBURG, Pa.—BOND SALE—The $350,000 improvement bonds
mitted for the loan.
HICKORY
The
fol lowing local bond issues.
Information includes name of the municipality,
amount and purpose of issue and date approved:
Municipality and Purpose of Issue—
Clarion Borough,
debtedness-
Clarion
SCHOOL
DISTRICT
(P.
O.
R. D. 2,
bonds offered
May 11—V. 146, p. 3062—were awarded to the First National Bank of
Sharon, as 3s, for a premium of $50, equal to 100.333, a basis of about
2.93%.
Dated May 16, 1938 and due May 1 as follows: $3,000 in 1940,
and $2,000 from 1941 to 1946 incl.; bonds due after May 1, 1942, callable
at par and interest on Nov. 16, 1942. or on any subsequent interest
payment
date.
Second high bidder was Singer, Deane & Scribner of Pittsburgh,
which bid a rate of 3% and $35 premium.
revenue
—
ating expenses.-.
tary, care of R, L. Coughlin, 1015 Miners National Bank Bldg., WilkesBarre, will be received until noon (Eastern Standard Time) on May 27 for
the purchase of $17,000 not to exceed 5% interest improvement and
funding
bonds.
Dated June 1, 1938.
Denom. $500.
Due June 1 as follows:
$1,500 from 1941 to 1950 incl. and $2,000 in 1951.
Bidder to name a single
rate of interest, expressed in a multiple of
% of 1%.
Interest will be pay¬
able without deduction for any tax or taxes,
except succession or inheritance
taxes,
hereafter levied
now or
or
assessed thereon under any present or future
law of the Commonwealth of Pennsylvania, all of which taxes the district
and agrees to pay.
A certified check for 1 % of the bonds bid for,
assumes
payable to the order of the District Treasurer, must accompany each pro¬
posal.
KINGSTON SCHOOL DISTRICT, Pa.—BOND SALE—The $100,000
coupon, registereble as to principal only, operating revenue bonds offered
May 6—V. 146, p. 2736—were awarded to Halsey, Stuart & Co., Inc.,
New York, as 2s, for a premium of $15, equal to 100.015, a basis of about
1.99%.
Dated May 15, 1938 and due $20,000 on May 15, from 1939 to
1943, incl.; optional at par and accrued interest on May 15, 1940.
Int. Rale
Singer, Deane & Scribner
Kingston! National Bank—
Rate Bid
3%
3%
-
Par
Pa .—BOND
OFFERING— Settled
bids
addressed
to
Maurice H. Whildin, Borough Secretary, P. O. Box 877,
Lansford, will be
received until 7 p.m. (Eastern Standard Time) on May 17 for the
purchase
of $52,000 coupon, registerable as to
principal only, tax refund and funding
bonds, to bear interast at one of tae following rates, as named iifthe success¬
ful bid: 3, 334, 3, 3M or
4%.
Dated May 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows: $4,000 in 1958 and
1959; $5,000 from 1960 to
1963, incl., and $6,000 from 1964 to 1967, incl.
Redeemable at par and
accrued interest on May 1, 1948, or on
any interest paying date thereafter.
Principal and interest (M. & N.) payable at the Dime Bank of Lansford.
Bonds and interest thereon will be
payable without deduction for any tax
or taxes,
except succession or inheritance taxes, now or hereafter levied
assessed thereon under any present or future law of the Commonwealth
Pennsylvania, all of which taxes the borough assumas and agrees to pay.
A certified check for
2% of the bonds bid
or
of
for, payable to the order of the
Borough Treasurer, must accompany each proposal.
The bonds are issued
subject to approving legal opinion of Townsend, Elliott & Munson of
Philadelphia.
TOWNSHIP
SCHOOL
DISTRICT
(P.
»>ur?h), Pa.—BOND ELECTION—At
will
O. Pitts
17 voters
election to be held on May
be asked to approve the issuance of
$60,000 district bonds.
McKEESPORT
$^00,000
awarded
to
SCHOOL
school
coupon
an
DISTRICT, Pa.—BOND SALE—'The issue
bonds
offered
May 9—V.
146,
p.
29.)J—was
account
composed of Stroud & Co., Inc., Philadelphia;
Johnson & McLean, Inc. of
Pittsburgh, and Mackey, Dunn & Co., Inc.,
Philadelphia, as 2 k's, at a price of 100.288, a basis of about 2.22%
Dated
May 1, 1938 and due $10,009 on May 1 from 1941 to I960, incl.
The
.
Bancamerica—Blair Corp. of New York in account with Butcher & Sherrerd
of 1 inladelphia, submitted the next
highest bidder, offering to pay 101.5829
for 2^s.
Tbe
oper¬
35,000
May 2
May 2
30,000
Luzerne County—
Paying operating expenses.
70,000
Erie City S. D., Erie County—Paying operating expenses. .350,000
Frankstown Township School
District. Blair County—
Paying operating expenses.
- -.
6,000
Muhlenberg Township School District, Berks County—
Funding temporary debt for current expenses
30,000
Duquesne City School District, Allegheny County—Paying
operating expenses-—.
105,000
Susquehanna Township School District, Dauphin County
Payment of current expenses and debt services
12,000
Annville Township School District, Lebanon County—Con¬
struct and furnish high school building
12,000
Ashley Borough School District, Luzerne County—Paymerit of operating expenses
24,000
Miilcreek Township School District, Erie County—Con¬
struct, furnish and equip school building
55,000
Penn Township, Allegheny County—Sewer improvements. 50,000
Sharpsburg Borough School District, Allegheny County—
Payment of operating expenses
20,000
*
North Fayette Township School Distflct, Allegheny
County—Payment of operating expenses._
10,000
North
Fayette
Township
School
District,
Allegheny
County—Funding floating indebtedness
11,000
May 2
Wilkins
Township, Allegheny
expenses..--
Edwardsville
County—Paying operating
— .--
Boro
School
District,
May 3
May 3
—
—
—
May 3
.....
-
—_
May 4
May 5
May 5
May 6
May 6
—
—
-.
.
_
.
Correct
.
.._
.
...
_
*
_
May 6
May 6
May 6
May 6
May 6
made on report for week ending April 29, two bond issues
Bofough School District to read "Bratten Township School
District"; one in amount of $4,000 the other in amount of $18,000.
error
Bratten
PENNSYLVANIA
reported that
the
(State
State will
of)—PLANS
announce
in
NOTE
about
two
OFFERING— It
weeks
details
of
is
an
offering of tax anticipation notes.
The last previous financing of that
nature was effected in June,
1937, when $60,000,000 1 Y& were sold to
Halsey, Stuart & Co.. Inc., New York, and associates, at 100.386, a basis
of about 1.10%
They were dated June 1, 1937 and mature May 31, 1938.
I11 connection with the projected note offering, F. Clair Ross, State Trea¬
surer, is said to have predicted a deficit of between $60,000,000 and $70,000,000 in the Stat's relief appropriation.
The $140,000,000 set aside for
the two year period ended June 1, 1939, would be exhausted in less than five
months, he said.
■
.
.
PHILADELPHIA, Pa.—REVENUES SHOW INCREASE OVER COR¬
RESPONDING PERIOD OF 1937—Tax collections in the city during the
first four months of 1938 were above the total for the corresponding period
of 1937, the monthly report of Receiver of Taxes Frank J. WiHard shows.
Collections from all sources for the four-month period including $1,038,209
.
privilege and special taxes, amounted to $51,637,222, compared with $51,277,621 in the like period last year.
City tax collections amounted to $27,742,010 compared with $27,724,910
year ago, while the school levy collections were $15,037,801 against $15,377,889.
Personal property receipts were somewhat under a year ago,
totaling $351,055, against $438,613.
Water rent collections were smaller,
totaling $3,176,467, against $.3,272,018.
Delinquent city and school payments lagged for the four months while
delinquent personal payment increased.
Delinquent city payments were
down to $1,741,646 from $2,385,135, while the school levy collections were
off to $926,914 from $1,307,415.
Personal tax payments increased to
$106,031 from $96,820.
As of April 30. $16,170,855 of the 1938 city levy remained uncollected,
while school tax collections still outstanding amounted to $8,855,961.
a
McCANDLESS
of
May 2
35,000
100.191
LANSFORD,
Date
$8,000
County
-—Paying operating expenses
for
Other bids:
Bidder—
County—Paying
— .-..-
Milton Borough School District, Northumberland
—
HUNTINGTON
TOWNSHIP
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—Sealed bids addressed to Carl Worthington, District Secre¬
Amount
County—Funding floating in¬
East Pittsburgh Borough, Allegheny
TOWNSHIP
Sharon), Pa.—BONDSALE—The $1.5,000 operating
$83.00
32.50
223.00
73.50
PENNSYLVANIA (State of)—LOCAL BOND ISSUES APPROVED—
Department of Internal Affairs of Pennsylvania has approved the
offered May 9—V.
146, p. 2736—were awarded to Stroud & Co., Inc. and
Schmidt, Poole & Co., both of Philadelphia, jointly, as lj^s, at a price of
100.151, a basis of about 1.22%.
Dated May 15, 1938 and due as follows:
$30,000, 1939 to 1941, incl.; $50,000 from 1942 to 1945, incl. and $60,000
in 1946.
The bankers re-offered the bonds to yield from 0.30% to 1.30%,
The Harrisburg Trust Co. offered par and a
according to maturity.
premium of $1 for lMs.
A considerable number of other bids were sub¬
Premium
3%
3%
3Y\%
4H%
-
following is
a
Bidder—
Int. Rate
Rate Bid
2^%
2A%
2y2%
101.5829
101.566
101.439
2A%
101.2705
2Yi%
2K%
2lA%
101.154
101.139
101.11
2A%
2A%
2A%
2%%
4%
100.787
100.7679
1C0.10
101.25
100.65
Bancamerica-Blair Corp. and Butcher & Sherrerd
Peoples-Pittsburgn Trust Co
Smith, Barney & Co. and A. E. Masten & Co
Singer, Deane & Scribner and Douglierty, Corkran
&
muCor7.Inc,The Iurst
Boston Corp. and E. H. Rollins & Sons, Inc__
Brown Harriman & Co.,
Inc., and Yarnall & Co
S. K. Cunningham &
Co., Inc
Norman Ward & Co.; Hemphill,
Noyes & Co., and C. C.
Codings & Co
Harrison & Co.
Halsey, Stuart & Co., Inc
National Bank of McKeesport.
Leach Bros., Inc.. •
PHILADELPHIA
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING
—Sealed
on
list of the other bids sudmitted for the issue:
bids will be received until 2:45 p. m. (Daylight Saving Time)
June 13 for the purchase of $6,000,000 not to exceed 4% interest school
building bonds.
Dated June 15. 1938, due as follows:
$270,000 in 1941
and 1942, and $260,000 from 1943 to 1963 incl.
Interest rate to be ex¬
pressed in multiples of Y of 1%.
PITTSBURGH
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—
Secretary of the Board of Education, will receive sealed
(Eastern Standard Time) on May 24 for the purchase of
$1,500,000 not to exceed 3% interest coupon, registerable as to principal
only,
building
bonds.
Dated
June
1,
1938.
Denom.
$1,000.
Due
$60,600 annually on June 1 from 1939 to 1963, incl.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1 %.
Proposals must
H. W. Cramblet,
bids until 2 p. m.
be unconditional
for the entire issue and made upon
bidding forms
to be
obtained at the office of the Secretary.
A certified check for 2% of the
issue, payable to the order of the District Treasurer, must accompany each
proposal.
The approving legal opinion of Burgwin, Scully & Churchill
of Pittsburgh will be furnished to the successful bidder at the district's
Volume
Financial
146
of the offering supersedes
expense.
(This report
in these columns.)
Financial Statement
V
as
that given
previously
of April 30, 1938
Property Valuation 1938
.$1,098,861,670.00
Assessed valuation of real estate subject to taxation,,
Population:
1930 Census, 669,817; 1920 Census, 588,343; present esti¬
mate of population, 700,000.
Bonded Debt
as
of April 30, 1938
Bonded debt outstanding
after sale of $1,500,000 bonds on
May 24.
$22,731,039.54
Offsetting Assets:
Bonds held in sinking funds, par value
$50,000.00
Due
from
general fund—1938 sinking fund
appropriation
744,000.00
Cash held in sinking funds
441,290.41
Account of uncollected taxes for 1937 and prior
W
years (see note)
4,955,291.43
Chronicle
WHEATLAND
SCHOOL
DISTRICT,
Pa.—BOND
SALE— The
$10,000 coupon school bond issue offered May 10—Y. 146, p. 2900—was
to Chandler & Co. of Philadelphia, as 3Ms, at par plus a premium
of $13.90, equal to 100.139, a basis of about
3.71%. Dated May 1, 1938
and due $2,000 on
May 1 from 1941 to 1945, incl.; callable at par on May 1,
1943, or on any subsequent interest date.
RHODE
PORTSMOUTH,
notes
Due
193467
Net indebtedness.
Percentage of net indebtedness to assessed
Ndle—The total amount of uncollected taxes
in teachers' salaries in accordance with
an
provide for an increase
Principal
bond issue has
Act of the Legislature.
all bonds have been paid promptly and no
been contested.
Unfunded Debt
The
school
district
has
SOUTH CAROLINA Highway
bank loans
no
and
no
outstanding obligations
$100,000 which will be paid the following month unless held for
adjustment.'
amount to
Tax
Data
Tax
Collections
Collected at End
Total Levy
1935.
Collected as of
April 30, 1938
%
$13,161,331.38
92.42
12,115,811.21
91.14
12,070,161.91
91.44
11,697,375.99
88.76
10,447,753.49
10,834,770.26
87.33
prior to 1933---.-$2,155,379.34
of Year of Levy
$10,378,165.06
9,696,898.63
10,458,471.92
10,693,794.72
^$14,240,490.88
13,294,242.29
13.199,561.67
13,178,479.57
12.406,001.03
Total uncollected taxes for years
December
Millage for 1938, 11.25: 1937, 11.25; 1936, 11.25.
Millage required for
The 1938 budget is balanced and it is based upon
85% of current taxes.
SCHOOL
DISTRICT, Pa.—BOND SALE—The issue of
registerable as to principal only, operating revenue
bonds offered May 9—V. 146, p. 29 )0,—was awarded to the First National
Bank of Pittston, as 4s, at par.
Dated May 15, 1938, and due $12,000 on
May 15, from 1939 to 1948, incl.
Dougherty, Corkran & Co. of Phila¬
delphia, second high bidder, named an interest rate of 4 M %.
The same
rate was named in an offer made by Chandler & Co. of Philadelphia,
$120,000
Other
coupon,
bids:
Int. Hate
Bidder—
Rale Bid
4 34%
\%%
100.40
100.19
Dougherty, Corkran & Co
Chandler & Co
...
SCHOOL DISTRICT (P. O. Plymouth), Pa.—BOND
$170,000 coupon, registerable as to principal only, bonds
May 9—V. 146, p. 29)0—were awarded to Singer Deane, &
and Glover & MacGregor, Inc., both of Pittsburgh, jointly, as
PLYMOUTH
on
Scribner,
A. T. T. Tel. Rich. V«.
COUNTY
DARLINGTON
(P. O. Aiken), S.
COUNTY
334s, at par plus a premium of $1,752, equal to 101.03, a basis of about
3.33%.
The sale consisted of:
incl. and $4,000 from 1949 to 1958, inclusive.
of
May 1, 1938.
E. If. Rollins & Sons, Inc.
both of Philadelphia, jointly, submitted the next best
bid, naming an interest rate of 4% and premium of $754.
The following is a list of the bids submitted:
Both
C.—BOND SALE AUTHORIZED— It is said that
May 6 authorized the sale of $50,000 314% semi-ann.
GREENWOOD, S.
City Council
on
refunding bonds to the County Bank of Greenwood at par.
Leach
PARKER SCHOOL DISTRICT NO. 8-A (P. O.
Plymouth
&
—-----
National
SALE—The
SCHOOL
WESTMINSTER
Leach
Inc
Bros.,
Plymouth
National
&
4 34%
434%
4%
100.35
100.199
...
—
Bank
Co
a
SOUTH
4 34%
4%
434%
COUNTY
(P.
for the
DELL
RAPIDS, S. Dak.—BOND SALE— The $10,000 issue of
WALLACE, S. Dak.—BOND SALE—The $2,500 issue of 5% semi-ann.
funding bonds offered for sale on May 10—V. 146, p. 3063—-was purchased
by the Midland National Life Insurance Co. of Water town, according to
the Town Clerk.
Dated April 1, 1938.
Due $250 from April 1, 1940
to 1949 incl.
No other bid was received.
TENNESSEE
DISTRICT, Pa.—BOND OFFERING—
James L. Hach, District Secretary,will receive sealed bids until May 16,
for the purchase of $3,000 3% coupon school bonds.
Due $200 annually
rom 1940 to 1954, incl.
Callable on and after July 1, 1940.
A certified
check for $200 is required.
SWATARA
SCHOOL
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Oberlin),
OFFERING—John S. Becker Jr., District Secretary, will
re¬
1 p. m.) on May 14 for the pur¬
chase of $15,000 334% coupon school bonds.
Dated May 14, 1938.
Denom. $1,000.
Due May 14 as follows: $1,000 from 1939 to 1943, incl.,
and $2,000 from 1944 to 1948, incl.
Principal and interest (M. & N.)
payable at the Steel ton Bank & Trust Co., Steel ton.
A certified check for
2% must accompany each proposal.
Bonds will be ready for delivery on
May 17 and purchaser will be required to pay accrued interest to that date.
THROOP SCHOOL DISTRICT, Pa.—BOND SALE—The $54,000 4%
coupon operating revenue bonds offered May 10—V. 146, p. 2900—were
awarded to the State School Employees' Retirement Board at par.
Due as
follows: $6,000 from 1939 to 1942 incl. and $5,000 from 1943 to 1948 incl.
WEST WYOMING SCHOOL DISTRICT (P. O. West Wyoming).
Pa.—BOND SALE—The $18,000 operating revenue bond issue offered
COUNTY
(P.
O.
Clinton),
Tenn.—BONDS SOLD—
It, is reported that $100,000 4% semi-annual school bonds were
recently by Booker & Davidson, the Fidelity Bankers Trust
Nichols & Co.
ill of Knoxville, jointly.
CROSS
SCHOOL
ROADS
VOTED—At
BONDS
a
recent
DISTRICT
election
purchased
Co., and
(P. O. Athens), Texas—
approved the issuance of
voters
$40,000 school remodeling bonds by a vote of 135 to 114.
valuations due to the development of the Cayuga oil field
will
An increase in
in the district
permit tax rate to remain unchanged.
HIDALGO
COUNTY
(P. O. Edinburg), Texas—BOND TENDERS
by Cnas. K. Leslie, Jr., County Auditor, that,
The amount available for such purpose
be received, and opened
is $25,000.
Tenders wil
May 24
by the Commissioners' Court at 10 a. m. on
KILGORE, Texas—BOND SALE—The $250,000 issue
of coupon street
paving bonds offered for sale on May 5—V. 146, p. 3063—was
the Kilgore National Bank of Kilgore as 234s at par.
Dated
purchased by
July 1, 1938.
$25,000 from July 1, 1939 to 1948, inclusive.
We are informed by Mayor Roy H. Laird that the following
bids were also
Due
received;
Name of
Peoples National
Premium
Rote Bid
Bidder—
Mahan-Dittmar Op. and
both of Dallas
each proposal.
Pa.—BOND
334%
registered semi-annual sewage disposal plant bonds offered for sale on May 3
—V. 146, p. 2901—was awarded to the Northwest Security National Bank
of Sioux Falls, paying a premium of $120.00, equal to 101.201, a basis of
about 3.24%.
Dated May 1, 1938.
Due $2,000 from Jan. 1, 1941 to
1945, inclusive.
The only other bid was an offer of $110 premium, sub¬
mitted by the Allison Williams Co. of Minneapolis.
same.
The bonds will be issued free of State taxes, except
ceive sealed bids until noon (to be opened at
O. Custer),
100.069
gift, succession and (or) inheritance taxes.
Interest payable A. & O. 22.
A certified check for $200, payable to the order of the district, must accom¬
SHIPPENVILLE
DAKOTA
S. Dak.—BOND OFFERING—
June 7, by the County Clerk,
purchase of a $30,000 issue of court house building bonds.
Interest
rate is not to exceed 4%, payabe semi-annually.
Due on July 1, 1952;
optional on any intereest paying date prior to maturity.
These bonds were
approved by the voters on May 3 by a count of 1,079 to 710.
CUSTER
Sealed bids will be received until 2 p. m. on
101.16
100
R. D. No. 8), Pa.—BOND OFFERING—G. E. Lawrence, District Secre¬
will receive sealed bids until 8 p. m. on May 16 for the purchase of
$20,000 operating revenue bonds, tenders on wnich will be considered
under the following conditions: (1) 4% interest, registered; (2) 4% interest
coupon; (3) 4.80% interest, registered; (4) 4.80% interest coupon.
The
bonds will be dated April 22, 1938 and mature April 22 as follows: $3,000
from 1941 to 1944, incl.; $2,000 from 1945 to 1948, incl.
Callable on or
pany
of
INVITED—It is stated
tary,
April 22, 1944.
O. Walhalla).
will be received
(P.
17
pursuant to the provisions of the contract and orders authorizing the issu¬
ance of water improvement refunding bonds, series of 1936, tenders are being
invited for tne purchase of said bonds by the sinking fund created to service
SHENANGO TOWNSHIP SCHOOL DISTRICT (P. O. New Castle),
after
NO.
18 by the Clerk of the Board of Trustees for the purchase
$15,000 issue of 4% semi-annual school bonds,
May
100
100.591
Funding Bonds of 1938
—
DISTRICT
S. C.—BON1) OFFERING—It is reported that sealed bids
until
101.03
100.539
3%
Plymouth-.
For
Chandler
—
—
Bank-..-
Bank,
National
First
4%
.
Co
Greenville), S. C.—
$75,000 issue of coupon school house improvement
on May 10—Y.
146, p. 2255—was awarded to the
Weil, Roth & Irving Co. of Cincinnati, and associates, as 3 34s paying a
premium of $173.00, equal to 100.23, a basis of about 3.22%.
Dated
March 1,1938.
Due from March 1,1939 to 1956 incl.
The second highest bid was submitted by Lewis, Law & Hammond, Inc.,
of Greenville, and associates, a tender of $337.80 premium for the first
$24,000 as 3s, with the remaining $51,000 bonds as 334s.
BOND
bonds offered for sale
Rale Bid
3J4%
Operating Revenue Bonds
Bros—
Due $5,000
from July 1, 1941 to 1950. inclusive.
TEXAS
Int. Rate
Singer, Deane and Scribner, and Glover & MacGregor
E. H. Rollins A Sons, and Stroud & Co., Inc.
Chandler
C.—NOTES
S.
a basis of about 3.23%.
Dated May 9, 1938.
Due $5,000
1, 1938 to 1941, inclusive.
that tne only other bid was an offer of 100.37 for 334s, sub¬
mitted by Seabrook & Karow of Charleston, S. C.
Issues
Bidder—
For
Darlington),
O.
100.035,
ANDERSON
Co.,
Bids for
(P.
the County Clerk,
It is said
■
All of the bonds will be dated
Joint
It is
C.—BOND
from Dec.
$70,000 operating revenue bonds.
Due $7,000 on May 1 from 1939 to
1948, inclusive.
70,000 funding bonds.
Due May 1 as follows: $3,000 from 1939 to 1948,
and Stroud &
83
CAROLINA
SOUTH
AIKEN
stated that sealed bids will be received until May 18, by
for the purchase of an issue of $150,000 county bonds.
SALE—-The
offered
4%s
basis
Richmond, Va.
Phone 3-9137
debt service 1938. 2.33.
estimated collections of
PITTSTON
1951 at 3.10%
1,
F. W. CRAIGIE & COMPANY
the
Taxes for the fiscal year, beginning Jan. 1, 1938, are payable during
January at a discount of 2%, during February and March at face, and
become delinquent Aoril 1, with a penalty of 2%, and interest thereater
at ^% per month.
The taxpayer may elect to pay quarterly. Delinquent
taxes are liens against the real estate on which levied and are filed in the
office of the JTothonotary of the Court of Common Pleas before the end of
the third calendar year.
There are no annual tax sales at present.
After
liens have been reduced to judgment, the property may be sold.
Fiscal
due
SOLD—A $20,000 issue of road machinery notes were purchased on May 9,
according to report, by R. S. Dickson & CO. of Charlotte as 3Ms at a price
V
except current contracts on which $88,118.44 will be payable, largely out
of bond funds as work is completed, and current invoices estimated to
Year
by the Second National Bank of Boston,
$25,000
real estate for the year
on
sold to refund certificates of indebtedness issued to
on
offer
was an
interest cost of 0.386%.
1.5052%
valuation
1937, and prior years, is $8,634,930.18, of which $6,476,197.63 (75% of
total) has been determined to be promptly and surely collectible as quick
assets.
Of this last mentioned sum, $1,520,906.20 has been appropriated
for the payment of current expenses in the 1938 budget, leaving the sum of
$4,955,291.43 applicable to bonded debt.
The present school district was organized in 1911 by the consolidation of
all Ward school districts in the city.
The new district assumed all out¬
standing indebtedness of the old Ward districts.
A bond issue of $3,000,000
in
1912 matured'$500,000 every five years, of which $500,000 has not
matured.
Since that time all issues mature serially in equal amounts.
The
proposed issue will mature l-25th each year for 25 years.
All bonds issued by the present board except one issue were for the purpose
of purchasing land and erecting, enlarging, equipping and furnishing build¬
ings for elementary and high schools.
In 1922 an issue of $2,000,000 was
and interest
Bank,
Nov. 12, 1938.
$16,540,457.70
_
_
National
on
ISLAND
1.—NOTE SALE— The $30,000 issue of revenue
May 11, as noted here, was awarded to the Fall
Fall River, Mass., at an interest cost of 0.34%.
on
The second best bid
6,190,581.84
__
R.
offered for sale
River
on an
Total offsetting assets
3233
May 9—V. 146, p. 2900—was awarded to Chandler & Co. of Philadelphia,
as 43£s, at a
price of 100.539.
Dated May 1, 1938 and due May 1 as fol¬
lows: $1,000 in 1939 and 1940, and $2,000 from 1941 to 1948 incl.
Leach
Bros. Inc., of
Philadelphia, second high bidder, named a rate of 5%.
the Brown-Crummer Co.,
$1,275
3%
Bank of Tyler
—
LAWN, Texas— BOND OFFERING— It is
224%
■
675
stated by E. O, Shores. City
receive sealed bids until 8 p. m. on May 23. for the
purchase of an $8,500 issue of 5% semi-ann. water revenue bonds.
Denom.
$500.
Dated June 1, 1938.
Due $500 from June 1, 1939 to 1955 incl.
These bonds were approved by the voters at an election held on April 18.
A certified check for 10% must accompany the bid.
Secretary, that he will
BRAUNFELS, Texas—BONDS SOLD—It Is stated by the City
$5,000 4% semi-annual sewer revenue bonds have been sold to
State Bank of New Braunfels at a price of 101.50, a basis of
about 3.49%
Denom. $1,000.
Dated April 18, 1938.
Due $1,000 from
April 1, 1939 to 1943, inclusive.
NEW
Clerk that
the Guaranty
(P. O. Beau¬
received until
Schools, for the purchase of a
is not to exceed 4%, payable
These bonds were approved by
ROSEDALE INDEPENDENT SCHOOL DISTRICT
Texas—BOND OFFERING—Sealed bids will be
mont),
May 16 by Roy H. Guess, Superintendent of
$25 000 issue of school bonds.
Interest rate
semi-annually.
Dated to suit purchaser.
the voters at an election held on April 30.
V
TYLER, Texas—BONDS DEFEA TED—/vt the election held on
146 p 2738—the voters defeated the proposal to issue $150,000
construction bonds,
according to G. V. McNallie, City Clerk.
May 3—
in school
Financial
3234
WHARTON COUNTY COMMON SCHOOL DISTRICT NO. 20 (P. O.
Wharton), Texas—BONDS SOLD—It is reported that $12,000 school
building bonds were purchased recently by the County Permanent School
Fund.
.Vv7"1
LAKE
Utah—BONDS OFFERED TO PUBLIC—
are
at the rate of
after
to
VIRGINIA
COLONIAL HEIGHTS
—Sealed bids will
(P. O. Peter* burg;, Va.—BOND OFFERING
Fred P. Shepard until 8 p. m. on
a $30,000 issue of 3M % coupon or registered
be received by Mayor
May 23, for the purchase of
Seneral 1938. Due on July 1 as of 1938 $l,0du in 1942, 1944, 1946 and 1948
public improvement follows: bonds. Denom. $1,000. Dated
uly 1,
$2,000 from
1962,
1958 to
and $7,000 in
1963.
Prin.
and int.
(J. & J.) payable at the Chase National Bank, New York.
No bid will be
received for Joss than par.
The purchaser will be furnished with the opinion
of Thomson, Wood & Hoffman of New York, that the bonds are valid and
binding obligations of
the
town.
DANVILLE. Va.—BOND OFFERING—Sealed bids will be received until
May 24, by Charlton 13. Strange, City Auditor and Clerk, for the
fnterest ratean not toof $100,000 coupon street O. Denom. $1,000. ofDated
urchase of is issue exceed 4%, payable A. & improvement bonds 1938.
Due $4,000 annually from April 1, 1939 to 1963 incl.
April 1, 1938.
and int.
payable at the City Treasurer's office.
all the bonds will be considered.
ITinl
No proposal for less than
Interest rate to be expressed in a multiple
\4 of 1% and must be the same for all the bonds.
The lowest interest
city over the life of the bonds, will determine the award.
The
bonds will be ready for delivery on or about June 15, and will be delivered
in any city designated by the purchaser, together with the approving opin- '
ion or Reed, Hoyt, Washburn <fe Clay of New York.
These are stated to be
of
cost to the
(A
tentative
146,
p.
146,
RAWLINS,
Wyo .—BOND
POSTPONED—Under
ELECTION
in¬
Denver bond attorneys, city has postponed from April 23
May 14 the election at which voters will be asked to approve the issuance
of $10,000 sewer bonds.
structions from
CANADA
CANADA
report
on
this
offering appeared
in
our
issue
of May
a
TO PROVINCES—Pro¬
series of Dominion Govern¬
ment loans to the
prairie provinces and to British Columbia were contained,
in an order-in-council tabled in the House of Commons by Hon. C. Dun¬
ning, Minister of Finance.
The loans matured during April and May and
the respective provinces asked for their renewal.
Four Alberta loans
totaling $2,007,198 were renewed and consolidated
under authority of the unemployment relief and assistance Act, 1936.
An Alberta treasury bill for $2,007,198, due April 15, 1939, bearing interest
at 3% yearly was accepted as security.
The Manitoba loans totaling $815,000 were consolidated and a treasury
bill of the province for that figure was accepted as security.
In addition,
the Dominion renewed until May 1, 1939, its guarantee of a consolidated
Manitoba treasury bill amounting to $4,878,673.
The Dominion consolidated five Saskatchewan loans totaling $3,156,964
that were to mature last March and accepted a Saskatchewan treasury bill
for $77,969 in respect to interest accruing on the loans.
Two British Columbia loans from the Dominion, maturing in April and
totaling $1,938,881, were consolidated.
A treasury bill for that amount
was accepted as security.
CANADA
of)—TREASURY BILLS SOLD—The Bank
(Dominion
o
Canada yesterday announced on behalf of the Finance Department the sale
of $25,000,000 Treasury bills at average discount price of 99.88269, to yield
Issue was for refunding purposes and leaves unchanged at $160,000,000 of the total of such bills presently outstanding.
0.471%.
DALHOUSIE, N. B.—BOND SALE—Irving, Brennan & Co. and T. M.
Bell & Co., both of St. John, jointly purchased $62,000 bonds as follows:
$12,000 5% bonds due serially in 20 years were purchased at a price of
99.5).
40,000 4% bonds due serially in 5 years were purchased at
LaTUQUE,
7
bonds
ment
3063.)
(Dominion of)—-RENEWS IJIANS
visions for the renewal and consolidation of
general payable to bonds. A certified check bid.2% of the face value of the
onds, obligation the city, is required with for
—V.
here recently.—V.
2902.)
to
Lake City School District
will be subject to the levy
York and certain other States.
noon on
serially.
Interest payable M. & N.
(This report supersedes the sale notice given
The bonds, in the opinion of counsel,
of taxes to pay the same, without limitation as to rate or amount.
They
are said to be legal investment for savings banks and trust funds in New
1957,
S
are
5% per annum to July 1, 1939 and 2J^% per annum there¬
maturity, May 1, 1958.
will be valid and legally binding upon the Salt
and all taxable property in the School District
to
14, 1938
informed by C. F. Wads
worth, Town Treasurer, that $175,000 3% % coupon refunding bonds were
urchased on May 4 by the .State of Wyoming, at par.
Denom. $1,000.
p.
CITY SCHOOL DISTRICT (P. O. Salt Lake City),
R. W. Pressprich & Co., New
offering a new issue of $600,000 5% and 2 lA% refunding bonds
of the above district.
The bonds are dated May 1, 1938 and bear interest
SALT
May
DOUGLAS, Wyo.—BONDS SOLD—We
ue
UTAH
York,
Chronicle
a
price of 99.
improve"
Que.—BOND SALE—The issue of $20,000 4%
May 11—V. 146, p. 3064—was awarded
offered
to
J.
E'
LaFlamme & Co. of Montreal, at a price of 97.23, a basis of about 4.43%.
LURAY, Va .—BOND OFFERING—Sealed bids wil
be received by Mrs.
Louise Rogers, Town Clerk, until 11a. m. on May 21 for the purchase of
a $33,000 issue of 3 Yi
% funding, street and water works improvement bonds.
Coupon bonds dated July 1
1938.
Denom, $1,000.
Payable 15 years
from date; optional in whole or in part on and after July 1
1939, at par and
accrued interest to date of redemption, upon 60 days' notice to holder.
These bonds can be registered as to principal only.
Prin. and semi-ann. int.
payable at the office of the Town Treasurer.
A certified check for $350
must accompany the bid.
These bonds were approved by the voters at
an election
on April
12.
Dated
May 1, 1938 and due serially in from 1 to 15 years.
bids were:
Bidder—
Rate Bid
Ltd.
—
Ont.—BOND SALE— The $971,769.26 bonds offered on
awarded to the Bank of Toronto, at a price of 101.253.
The
a price of 101.193, was entered jointly by the Dominion
Securities Corp. and the Imperial Bank of Canada.
The sale consisted of:
OTTAWA,
May 10
were
bid,
best
next
$180,000 1 H% refunding bonds.
from
KING COUNTY SCHOOL DISTRICT NO. 198 (P. O. Seattle),
Wash.—BOND SALE—The $10,000 issue of school equipment bonds of¬
on May 7—-V. 146, p. 3064—was purchased by the State of
Washington.
No other bid was received, according to Ralph S. Stacy,
County Treasurer.
These bonds mature over1 a 20-year period.
LONG BEACH, Wash.—BOND OFFERING-—It is reported that sealed
bids will be received until Hp. m. on May 20, by R. C. llell, Town Treas¬
for the purchase of
$2,700 issue of general obligation town bonds.
6%, payable semi-annually.
A certified
check for 5% must accompany the bid.
urer,
Interest
rate
is
not
SNOHOMISH
to
JOINT
CONSOLIDATED
SCHOOL
DIS¬
TRICT NO. 333 (P. O. Everett), Wash.—BOND SALE—It is now re¬
ported by the County Treasurer that the $50,000 school building bonds
offered on Jan. 21—V. 146, p. 476—were purchased by Bramhall & Stein
of Seattle, as 3)^s, at a price of 100.31.
Due serially for 20 years.
WEST
HUNTINGTON,
W.
semi-annual central flood wall
revenue
SALE—The
bonds offered for sale
issue
on
of
4%
May 6—V.
146, p. 3064—was awarded jointly to Assel, Goetz & Moerlein of Cincinnati,
Sutherland & Co. of Toledo, and Van Lahr, Doll & Isphording of Cin¬
cinnati, at
Due
from
a price of 102.56, a basis of about 3.68%.
Dated Jan. 1, 1938.
July 1, 1941 to 1953; redeemable prior to maturity upon the
payment of a premium of 3% of the principal sum.
WISCONSIN
Wis.—BOND
OFFERING—It
on
on
Jan. 1
Jan. 1 from 1939
inclusive,
73,769.26 2Yi% subway and sidewalk bonds.
Dated July 1,
due from 1939 to
Dated July 1, 1937 and
1953 inclusive.
290,000.00 3% sewer bonds.
Dated July 1, 1937 and due from 1939 to
1958 inclusive.
Denominations $1,000, $500, $100, and such odd amounts as necessary.
The bonds are in bearer form, but with provision for registration as to princi¬
pal, and constitute a direct liability on all the assessable property within
the City, and will be issued under the installment plan.
The method of
redemption will be such that the annual amount paid for principal and
interest in any year is equal, as nearly as may be, to the amount so payable
for principal and interest in each of the other years.
Other
o,ds:
Bidder—-
Rate Bid
.
Bank of Montreal
Gundy
;
-ldd-96
.
Co., Ltd.; The Royal Bank of Canada; The
Dominion Bank, and Nesbitt, Thomson & Co., Ltd
100.87
The Bank of Nova Hcotia; R. A. Daly & Co., Ltd., and Hanson
Bros.. Inc....j.
:
100.6622
Wood,
Royal
&
Securities Corp.,
Ltd.;
McTaggart,
Hannaford,
Birlcs
&
Gordon, Ltd.; Harrison & Co., Ltd., and A. E. Ames & Co., Lfd .100.113
Bell, Gouinlock& Co., Ltd
99.89
Mead & Co., Ltd
9>.34
SOUND, Ont.—BOND SALE—Fairclough & Co.
of Toronto
awarded
an issue of $160,000 3lA%
municipal gas plant rebuilding
price of 102.75, a basis of about 3.195%.
Dated May 15, 1938,
and due in 20 equal annual instalments.
J. L Graham & Co. of Toronto,
second nigh bidder, offered to pay 102.65.
bonds at
a
QUEBEC
(Province of)—PROCEDURE IN DEBT REFINANCING—
Quebec defaulting municiplaities who desire to oppose re¬
plans will have every opportunity to study details of the
various plans, now that a definite mode of procedure has been established
by the Quebec Municipal Commission.
Any refinancing plan can be ratified
and confirmed by the Commission unless opposed by creditors representing
Creditors
of
organization
one
CASHTON,
Dated Jan. 1, 1938 and due
inclusive.
Dated Jan. 1, 1938 and due
1937 and due from 1939 to 1948 inclusive.
were
$410,000
1943
to
OWEN
VIRGINIA
Va .—BOND
1941
70,000 2 lA% fire hall, road and local improvement bonds.
a
exceed
COUNTY
1939 to
358,000 2% relief bonds.
fered for sale
—97.05
96.87
Dube, Leblond &
Credit Anglo-Francais,
WASHINGTON
ISLAND COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 204
(P. O. Coupeville), Wash.—BONDS VOTED—At the election held on
April 30 the voters approved the issuance of $30,000 in school building bonds
by a count of 319 to 55, according to the District Clerk.
Interest rate to
be named by bidder, t. Due serially in 20 years, optional prior to final
maturity.
It is said that these bonds will be offered for sale soon.
Among other
third of the total debt.
is stated
by the Village
May 21 for the purchase of
a $90,000 issue of 346% semi-annual sewage
disposa, plant bonds.
These
bonds were approved by the voters at an election held
on
April 5, by
a wide margin.
Notice of creditors' meeting must be published in the Quebec "Gazette,"
case of towns and cities, in newspapers.
In addition, notice
and a copy of the plan must go to all registered bondholders, to the Montreal
PLUM CITY, Wis.—MATURITY—It is now reported by the Village
Clerk that the $9,900 community hall bonds purchased by the Bank of
Durand, as 3s at a price of 100.10, as noted here recently—V. 146, p. 2098—
SALABERRY DE VALLEYFI ELD, Que.—BOND SALE—The $85,000
3A% improvement bonds offered May 11—V. 146, p. 3064—were awarded
Clerk that
are
due
giving
a
on
sealed
March
bids
21
will
as
be received
until
follows: $1,000,
1939 to 1947, and $900 in 1948,
and, in the
and Toronto Stock Exchanges, and to the Canadian
and the Investment Dealers Association of Canada.
Bankers Association
to L. G. Beaubien & Co. and the Banque Canadienne Nationale, both of
Montreal, jointly, at a price of 99.66, a basis of about 3.55%.
Dated
1, 1937.
Due serially in form 1 to 15 years.
Callable at 101 and
accrued interest on any interest payment date.
Second high bid of 99.08
was made by Bell. Gouinlock & Co. of Toronto.
Nov
basis of about 2.98%.
SUMMIT (P. O. Mauston), Wis.—BOND SALE—The $48,000 issue of
3% semi-ann. road bonds offered for sale at auction on May 9—V. 146,
p. 2902—wras awarded to Harley, Haydon & Co. of Madison, paying a
premium of $1,085.00, equal to 102.26, a basis of about 2.69%.
Dated
May 1, 1938.
Due from May 1, 1939 to 1953 incl.
The second highest bid Was an offer of $1,080
premium, submitted by
Paine, Webber & Co. of Chicago.
Ont.-REFUNDING PLAN DRAFTED—Y\an for refunding
debt has been approved by the debenture holders' protective
committee, the town council and the Ontario Department of Municipal
The following information
at-law, of Mauston:
months
was
furnished by Charles P. Curran, attorney-
The assessed
valuation of the Town of Summit for 1937 was $996,081
indebtedness of every kind and nature of said Township,
including this bond issue if $48,t),)o.
The population of the Town as of
the 1930 census was 878 and the estimated population at this time is about
and
the
total
1,040.
The tax levy for said
the total collections as
township for the year 1934 was $17,514.35 and
of April
15, 1938 were $17,322.84.
The tax
levy for 1935 was $18,3/4.75 and the collections as of April 15, 193 > were
$18,021.35.
The tax levy for the year 1936 was $18,102.35 and the col¬
lections as of Anril 15, 1938 were $17,168.47.
The tax levy for the year
1937 was $25,419.44 and the collections as of April 15, 1938 were $21,276.
WAUWATOSA, Wis.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on May 17, by W. T. Wnipp, City Clerk, for the
purchase
of a $50,000 issue of water works, ninth series bonds.
Interest rate is not
to exceed 3%, payable M. & S.
Denom. $1,000.
Dated
Due
to
on
1958.
May 15, 1938.
15 as follows: $2,000, 1939 to 1948, and $3,000 from 1949
Delivery will be made at the City Treasurer's office.
March
WYOMING
CHEYENNE,
Wyo.—BONDS APPROVED—At a recent meeting the
Council passed an ordinance authorizing the issuance of bonds to
refund $5J,000 of 5% refunding bonds of 1932, at 3A% interest.
City
,
WESTON,
the town's
Affairs.
is
If the consent of two-thirds in value of the outstanding debentures
obtained
effective.
the Ontario
Should
Municipal Board will be asked to make the plan
be obtained, a further two
necessary before the Board could deal with
the
this two-thirds consent not
delay would be
plan.
Debentures issued under by-laws numbered 171, 191, 311, 312 and 547,
not be exchanged for new debentures/under the plan.
Overdue
on such bonds would be paid in cash, and unmatured principal
would
principal
also in
cash
at
Interest
maturity.
arrears
would be settled on the basis
would qualify
outlined below.
By paying principal in this way, the town
for rebates of about 64% of such payments, payable by
the provincial
Government and the County of York.
Debentures guaranteed by York County are not included in the plan.
For all other debentures, the plan provides for exchange into an equal
principal amount of new bonds maturing 1938 to 1967.
Holders of earliest
maturities of the old bonds would get the earliest maturities in the new.
Interest would be at the original rate to the original maturity date, and
thereafter at 4H %•
New bonds would become callable at par and accrued
interest after the original maturity date is past in the order in which they
mature.
Claims
for
interest
Dec.
31, 1937, on unmatured bonds would be
according to the plan, while for matured de¬
apply to maturity date, and thereafter
the rate would be 4A%Cash payment would be on the basis of 85%
of these claims, less payments already made since the last full interest pay¬
calculated
at
to
present rates,
bentures the current rate
would
ment.
The
Dec.
new
31,
certificates would carry a special coupon covering interest from
new interest date in 1938.
Bonds would be
1937, to the first
dated Jan. 1, 1938.
@FedFRASER