The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
MAY 2 3 1938
IS
oitimettia
COPYRIGHTED IN 1933 8Y WILLIAM
B. DANA COMPANY, NEW
YORK.
ENTERED AS SECOND-Cl ASS MATTER JUNE 23, 1879,
AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
irSSSS.
NEW YORK, MAY 21, 1938
VOL. 146.
BROOKLYN TRUST
THE CHASE
BANK
COMPANY
Chartered 1866
NATIONAL BANK
OP
OF
George V. McLaughlin
President
BROOKLYN
NEW YORK
NO. 3804.
CITY
THE
The
NEW
OF
NEW
YORK
chase is
tra-
ditionally a bankers' bank.
For
many
years
it has
Member Federal Deposit Insurance
YORK
Corporation
served
large number
a
of banks and bankers
& TRUST COMPANY
as
correspondent
and
White, Weld & Co.
New York
depository.
reserve
Federal Deposit
Member
Members New York Stock Exchange
Insurance
Corporation
Boston
New York
Short Term
Amsterdam
London
Investments
Representatives' Offices
United States
Government
Buenos Aires
Paris
Securities
The
Hallgarten & Co.
Brown Harriman & Co.
Incorporated
FIRST BOSTON
63
CORPORATION
Established I8SO
NEW
YORK
Telephone: BOwling Green 9-5000
Representatives in other leading Cities
SAN FRANCISCO
PHILADELPHIA
Washington
San Francisco
CHICAGO
Chicago
Philadelphia
Boston
BOSTON
NEW YORK
Wall Street, New York
London
Chicago
AND OTHER
BEAR, STEARNS & CO.
ONE WALL STREET
NEW YORK
PRINCIPAL CITIES
rpi
The
i
New\orkTrust
State
and
Municipal Bonds
——
K.K'XjW3—
j
Company
"
Barr Brothers & Co.
HOMER & CO., Inc.
40
Capital Funds
.
.
$37,500,000
INC.
Chicago
New York
Exchange Plac e, New York
IOO BROADWAY
AVE.
57TH ST. & FIFTH
Wertheim & Co.
120
Broadway
40TH ST. &
MADISON AVE.
NEW YORK
to
Banks and
Dealers since
New York
18 88
Amsterdam
London
European Representative's
8 KING
CarlM. Loeb,Rhoades&Co.
Office:
WILLIAM STREET
LONDON, E. C 4
Berlin
the New York Clearing House
and of the Federal Deposit
/
WEEKS
Established 1888
Wall Street
Association
Insurance Corporation
YORK
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Members New
Member of the Federal Reserve bystem,
Amsterdam
&
NEW
NEW YORK
Paris
HORNBLOWER
40
*
BROADWAY
61
London
Service
Financial
II
Chronicle
May 21,
1938
Dividends
A. G. Becker & Co.
J. & W.
Incorporated
IMPERIAL
Seligman & Co.
Notice
Shareholders
to
Established 1893
Investment Securities
the
and
Holders
of
YORK
NEW
London
New York
Correipondentg
Chicago
SELIGMAN
Cities
is
hereby given that a semi-annual
dividend of twenty-five cents (25c.) per share and
a special disbursement of thirty-seven
and onehalf cents (37J£c.) per share, both in Canadian
currency, have been declared and that the same
will be payable on or after the 1st day of June,
1938 in respect to the shares specified in any
Bearer Share Warrants of the Company of the
1929 issue upon presentation
and delivery of
Coupons No. 49 to any Branch of:
Commercial Paper
Other
LIMITED
Share Warrants
NOTICE
No. 54 Wall Street
And
OIL
DIVIDEND
THE
BROTHERS
ROYAL BANK OF
CANADA,
in Canada.
The payment to Shareholders of record at the
close or business on the 18th day of May, 1938,
and whose shares are represented by registered
Certificates of the 1929 issue, will be made by
cheque mailed from the offices of the Company
on or before the 31st day of May, 1938.
The
Leading Out-of-Town
books
transfer
will
be
closed
from
19th day of May to the 31st day of May,
inclusive, and
Bearer Share
no
the
1938,
Warrants will be
"split" during that period.
Investment Bankers and Brokers
Under The Income War Tax Act of the Domin¬
ion of Canada,
sons
who
tax of
a
5% is imposed
on
all per¬
non-residents of Canada in respect
are
of all dividends received from Canadian debtors,
and such tax must be withheld at the source.
BIRMINGHAM
HARTFORD
The above tax will be deducted from all dividend
cheques mailed to non-resident shareholders and
the Company's Bankers will deduct the tax when
Specialists in Connecticut
MARX & CO
-
Securities
ALABAMA
BIRMINGHAM,
are
tax
Members New York Stock Exchange
MUNICIPAL
AND
6
BONDS
CORPORATION
CENTRAL
that
advised
withheld
at
is
source
allowable
against the
tax shown on their United States Federal income
HARTFORD
ROW
resident
in
the
United
States
a credit for the 5%
Canadian
Stockholders
PUTNAM & CO.
SOUTHERN
paying the dividend to or for the account of non¬
resident shareholders on presentation of coupons.
Ownership certificates will be required by the
paying Bankers in respect of all dividend coupons
presented for payment by residents of Canada.
tax
Tel. 5-0151. A. T. T. Teletype—Hartford 564
on
If it is desired to claim such
return.
credit
States tax authorities
the United
the return
require the receipt or certificate of the Canadian
Commissioner
of Income Tax for such payment.
ST. LOUIS
In order for the taxpayer to
secure such proof
from the Canadian Commissioner
it is necessary
Missouri and Southwestern
the United
States stockholder to submit,
the time of cashing his dividend coupon, an
ownership certificate on Canadian form No. 601.
Only in this way can tiie Canadian Commis¬
sioner identify the withheld Canadian tax with
the specific recipient of the dividend in order to
furnish
the
necessary
individual
receipt.
If
MILWAUKEE
for
at
WISCONSIN
Stocks and Bonds
CORPORATION SECURITIES
Forms No. 601
Teletype—Milwaukee 92
Smith, Moore & Co.
EDGAR, RICKER &CO.
North
750
Water
BY
St. Louis
Street
*
Milwaukee, Wis.
A.T. dcT. Teletype
St. L. 587
available at local
not
are
United
States banks, they can be secured by requesting
same from the
Company's office or at any
branch of The Royal Bank of Canada, in Canada.
the
ORDER
OF
THE
F.
BOARD,
Hoi brook,
Secretary.
E.
56 Church Street,
Toronto, Ontario.
St. Louis Stock
Exchange
DETROIT
OTIS
SriXy
DETROIT REAL ESTATE BONDS
ELEVATOR
Ca
*
COMPANY
BAINT LOUtB
OO^OUVC 91
Common
Members of Detroit Stock Exchange
Members 8t. Louis Stock Exchange
A
PENOBSCOT BUILDING, DETROIT, MICH.
on
GREAT
RAILROAD
Dividends
SOUTHERN
E. I. du Pont
COMPANY
New
de
Railroad
The
Board of Directors has declared
of
dividend
Debenture
share
$1.50
Stock
the
on
a
share
and
a
on
the
dividend
day a
outstanding
outstanding Preferred
both payable July 25,
Cumulative,
e.
a.
McCarthy,
Vice-President and Secretary.
The United
Gas and
W. F.
1938
The current
to
of $1.25
on
25 cents
Stock
on
holders of record May
been
$5^Dividend
a
share
dividend ef
on
Common
declared,
pay¬
30, 1 938, to respective
31, 1938.
THE UNITED GAS IMPROVEMENT CO.
RASKOB, Secretary
I. W. MORRIS, Treasurer
May 19. 1938.
of
Fifty Cents (50c.)} per share on the
Common
Stock, without any nominal or par
value, of said Corporation, payable June 7, 1938
the close of business
June 1, 1938.
McKENNA, Treasurer.
Philadelphia, Pa.
April 26, 1938
Corporation
The Board of Directors of The United Gas and
Electric Corporation has this day declared a divi¬
A.
a
have
able June
Newmoiit Mining
Place,[JeraeyLCity. N. J.
to stockholders of record at
quarterly dividend
share
a
Preferred Stockand
Corporation
>"•»
1938.
$1.12 *4 a
Stock $4.50
July 8, 1938; also the second quarterly "'interim"
dividend for the year 1938 of 50c a share on the
outstanding Common Stock, payable June 14.
1938, to stockholders of record at the close of
business on May 23, 1938.
J.
May
of
May 31, 1938.
on
on
C. A. San ford, Treasurer
Hew ror\, May 17,
this
stockholders of record at the close of business
dend
close of business
Checks will be mailed.
Wilmington, Delaware: May 16, IV38
to stockholders of record at the close of business
One Exchange
the
27, 1938.
Nemours
& Company
Preferred
Company has been declared payable June 28,
1938, to stockholders of record at the close of
business May 31, 1938.
A dividend of six per cent, on the Ordinary
Stock has been declared payable June 28, 1938,
Electric
par
York, May 18, 1938.
A dividend of three per cent, on the
Stock of The Alabama Great Southern
c.
per
the Preferred Stock and
dividend of 15<f. per share on
at
ALABAMA
158
122
the
value Common Stock have
been declared, payable June 20,
1938, to stockholders of record
a
no
THE
No.
Dividend
quarterly dividend of $1.50
share
Dividends
No.
Dividend
Preferred
Charles A. Parcells & Co.
Dividend No. 39
Magma Gopper Gompany
A dividend of Fifty cents per share has been
declared on the capital stock of Newmont
Dividend
Mining
Corporation,
payable June
15,
1938, to stockholders of record at the close
of business May 28, 1938.
H.
E.
No. 63
of
Thirty-Five cenis pei
share has been declared on the stock of
dividend
A
this company,
DODGE, Secretary.
to
payable June lo, 1938,
stockholders of record at the close
of
business May 28, 1938.
The United
Electric
Gas and
KENNECOTT COPPER CORPORATION
Corporation
120
V cash
A
One Exchange Place
...
Jersey City, New Jersey
The
Board
quarterly
percent
of
Directors
dividend
of
one
(154%)
Corporation,
a
three
quarters
Stock of the
on the Preferred
payable June 15, 1938
to
stock¬
May 17 > !938.
.
A.
INTERNATIONAL
cents
today been declared by Kennecott
Copper Corporation,
payable on
June
30tb,
1938, to stockholders of record at the close of
business on June 3rd, 1938.
R.
C.
holders of record June 1, 1938.
J.
McKENNA, Treasurer.
E.
DODGE, Secretary.
Broadway, New York
M.
distribution of twenty-five (25c.)
15
per share has
May 19, 1938.
this day declared
and
H.
For other dividends
KLUGESCHEID,
Secretary.
see
pages
iii
SALT
COMPANY
Exchange Place, Jersey City, N. J.
A quarterly dividend of THIRTY-SEVEN and
CENTS a share has been declared
ONE-HALF
the capital stock of this Company, payable
July 1, 1938, to stockholders of record at the close
of business on June 15, 1938.
The stock transfer
books of the Company will not be closed. ^
on
H. J.
OSBORN, Secretary.
I
TV
otnmurcta
No. 3804.
MAY 21, 1938
Vol. 146
CONTENTS
Editorials
page
.
3236
The Financial Situation.
Mr.
3248
Roosevelt and the Wages and Hours Bill
Potent
Folly_
..3250
—. —
_
International Provocation.
_
________
__________
3251
Comment and Review
The Business Man's
Week
3253
Bookshelf
the European
on
_.__3240
Stock Exchanges
3241
3245 & 3284
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
Indications of Business
3252
.
Activity
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
.
3254
__3239
__3283
News
3266
Current Events and Discussions
General
3283
3327
Company Items
Bank and Trust
Corporation and Investment News
Dry Goods Trade
3375
State and
3376
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking
___3286 & 3293
3286
3287
3287
Fund Notices
Dividends DeclaredAuction Sales
.3294
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations. _3294 & 3304
New York Curb
Exchange—Stock Quotations—.____3310
New York Curb
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
Other
Over-the-Counter Securities—Stock & Bond
3314
3316
3320
Quotations.3323
Reports
3244
Foreign Bank Statements
Course of Bank
Clearings—
Federal Reserve Bank Statements
General Corporation
and Investment News
-.3284
3291
3327
Commodities
The Commercial Markets
Cotton
Breadstuff?
Published Every Saturday Morning by the
and the Crops
3365
3368
3373
William B. Dana Company, 25 Spruce
Street, New York City
Business
(Telephone
Editor; William Dana Seibert, President and Treasurer; William D. Riggs,
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
State 0613).
London—Edwards & Smith, i Drapers' Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
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
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental
(except Spain),Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter,
per agate line.
Contract and card rates on request.
NOTE:
On account of the fluctuations in the ratesfof exchange,
for foreign"subscriptions'and advertisements must be made in New York funds.
Herbert D. Seibert, Chairman of the Board and
months.
Europe
45 cents
remittances
The Financial Situation
IN THE politicalofarena, as during in the courts, the performance responsible only andthe is to the
These latter are of their duties, to it people in
the State
Penasylvania; the past week
in
witness the
as
Mackay Radio
Court
Supreme
Board
other Labor
decided by the
case
cases
now
The meaning and intent of
cavil, it
innumerable
as
may
American
people
vital issues of
Precisely I
do
the
in
times
litical
past,
ful
of these
years, some
but
tended
at
often
world's wealthiest and most
"We
was
concerned, with thick
masks of politics and
They again
man
Relations
basic
placed
and
too, it was for
another
or
was
statute
that time,
at
one reason
impossible
to
gain the full attention of
the rank and file.
Much
water
has,
however,
under
the
bridge
run
of
can
by
Labor
Relations
the
have done
a
the
prepare
Many of these
the
which may
Board,
responsibility lie
same
sured
such
bulging
a
cases now
the
time
has
management
presently reach
come
to
substitute
individual
for
"There
that
is
only
one
way
to
It is the function of
merits.
whether
in
any
courts
is
may,
indeed
they must,
placed before them, determine
given act of
an
administrative body
conformity with the law, and whether the law
itself
is
in
none
wisdom
of
of
conformity with the Constitution,
their
social
in statutes enacted
duty to
or
It/would be well
layman
himself
not
about
abstractions
"natural
to
unduly
rights"
with
or
the technical intricacies of
process" and the like,
but to remember that this
intensely
an
world in which
that what
trade
live, and
tall desire is
we
which
which
will
goods
will
reasonably
fortable existence
and
work,
produce
and services
which any
political
practical
system of industry and
a
as¬
we
the
upon
com¬
depends
and do
so
with
characterize
little waste motion
as
cheaply and
as
We shall not
as
pass
economic
judgment
policies
as
but
various
questions
which, if
any,
to
far astray if, when these
we
ask
ourselves
each
according to
his
goods and
productivity in
the greatest abundance and regularity with
mum
simply
contending theories would,
produce and distribute
if given effect,
services
arise,
of the
possible.
go
its
The
not
"half reveal
the
with
proposal—it is just damn foolishness."
judiciary to interpret the law, not to appraise
matter
must
trouble
people cannot afford
when the
from time to
poet,
within."
cannot
initiative
questions
presented to the
and it
the
for
supervision.
leave to the courts alone.
it is
of
destitute of capacity.
But pompous statesmen, looking over the
estate,
solemnly declare that the methods
by which it was created are all wrong, ought
to
be abandoned, must be discarded, that
are now
may
highly
upon
legal
its
funda¬
and half conceal the truth
this
also
into
center
upon
which often, in the words
"due
economy
con¬
by "slogans" wrought by
is
prosperity
of
politicians and others
irony.
where
the doorstep
which
must
be
courts,
Administration?"
the
is
on
save
in¬
permit itself to be swayed
is
translate
mind
questions which the Amer¬
to
our
industry, had this to say:
"Responsible
leadership
the courts, pose some basic
ican
which
time
qualified London observer sometime ago,
after surveying the achievements of American
and others
courts,
founded
most
form of totalitarian govern¬
democracy is failing.
All
some
it
technical
A
facing the country.
in
was
one
sound
to
come
mentals, not
operation of that same
individual freedom on
during
to
tions,
obvious.
good deal to
for the issues that
of
is
so
Fundamentals
attention
this
irony there is an abundance in
situation,
but
other
attributes
are
National
public
of
success
do
clusions about these ques¬
measures
Of
of strange
rulings
Nation in
that the United States is in danger of
of this
nothing
say
long list
a
the
the day.
now appear
If, however, the public
is
literature and history hold no greater
For if, indeed, there is such danger,
bickering with
hand, to
the
which,
moving into
labor which often has got
out of
field
ment—that
unemployment and
endless
its
attributed
principle
on
warn
mean¬
while, and the depression
with its
The
of its life, the
American
Government
has
operated.
The
main-spring of this system is trust—trust in
the ability of Americans as individuals to
govern their private affairs and as a people
to govern their country.
In other words, it
is
a
belief
in
real
democracy.
When the
United States is compared with any other
country by all the standards of human wellbeing, this faith would seem well-justified.
"Yet I hardly need remind you that today
this American system has been tried, found
guilty and condemned.
Spokesmen for the
present Administration, in addresses to our
people and even in radio messages to England,
came to
the
upon
book, but
history
which the American Government
preju¬
Act
space as
realistic
of these
the most encouraging
signs
of the times.
the fact that it permitted in the
to
economic
the fore when the National
Labor
have
system
as
dice.
exceedingly brief
secure
they
clined to
time.
as
far
average
given
^
more
disguised,
the
have
we
yesterday and abound today; for
making over a wilderness into the civilized
an
were
it
known
less in the abstract and
or
To
highest on earth and in histroy;
making the work of the average man
easier, safer and more comfortable; for con¬
stantly reducing the hours of labor and
increasing real wages; for multiplying the
comforts and conveniences which were un¬
discussions
remain
to
proud of this system; grate¬
benefits.
for
such
upon
the
occasions
That
standard the
same
have been aired
length,
its
give
some
to
labor questions of
major credit for making the American living
po¬
campaigns of recent
issues
for
The time
for the American
thought to
point:
one
"We have been
par¬
the
during
ticularly
at
At various
come
people
of
employer-employee
relationships.
has
Speaking before the West Virginia Chamber
Commerce on May 19,
Ernest T. Weir,
Chairman of the National Steel Corp., in re¬
ferring to the American ecnomic system, said
far-reaching
importance having to
with
and social cost.
have
now
number of
a
pro-
ductive of endless trouble
private conversations, the
before them
be beyond
a statute may
be quite in conformity with the Con-
stitution, and still be disturbingly unwise and
and other discussions attest; and in
radio,
in the final analysis
we must
look for wise control of the legislators of the land,
their way to the
on
Supreme bench; in the public forum,
press,
people themselves that
Monday last, and the various
on
a
mini-
of cost in labor, materials and time,
It is of
course
perfectly obvious that
we
cannot
the
live completely undisciplined, unordered lives and
set forth
have the economic blessings that self-discipline and
upon
by representatives of the people,
ordered
effort
alone
can
bring.
The
thoughtful
Volume
Financial
146
obliged at times during the past
observer has been
elements in the
reached the point
where they were unwilling to subject themselves to
that measure of organized effort essential to efficient
joint action.
Certain recent developments among
the local chapters or branches of the Committee for
Industrial Organization, where such responsible and
sensible leadership as there is among the memberr
ship has apparently been pushed aside in favor of
mere trouble-makers, have tended to confirm such
fears.
But fortunately there are other indications
that the undisciplined groups composing some of
these unions are losing the sympathy of many who
not long ago were much disposed to favor them.
However this may be, it must be conceded by every
few years to
wonder whether
had
world
work-a-day
student .of
some
not
conditions
large groups of men
together under intelligent,
work
direction if results desired
under modern
and women must
that
economics
current
trained, forceful
to be
are
With these
some
raised
thoughts in mind we may now turn
by recent events. One of these concerns what
dividuals
by employers against in¬
this
As
simply and plausibly stated,
thus
question has been
no
one
of public discussion for
past, with public opinion steadily growing
decades
that
because of "union
earners
wage
among
activities."
such discrimination should occur or be per¬
National
The
mitted.
Relations
Labor
Act
now
makes such discrimination unlawful as far as
matter falls within
Several States have taken similar ac¬
Government.
tion.
Many rather naive people have doubtless sup¬
posed that this issue had been definitely
it is
what
case.
of this
can
it be without first defining
to doubt that the vast
country,
There is
against
union,
the
or
any
would condemn discrimina¬
individual for mere membership in
for ordinary routine activities in behalf
union
tions and
no
majority of the people
far as they have any particular
as
the matter,
interest in
of
Nor
legitimate "union activities" are.
reason
a
settled. Yet
perfectly clear that such is most decidedly
now
not the
tion
the
the Federal
the jurisdiction of
undertaken
restrictions.
But in
matter turns out to be not so
What if so-called "union
reasonable
under
simple
as
this.
some par¬
consist of forcibly seizing the property
case
of
employer and perhaps in inflicting serious
Suppose "union ac¬
damage upon that property?
part of brutal assault upon in¬
tivities" consist in
dividuals who desire to continue
duly constituted officials of the
What if
tion ?
work,
employing corpora¬
premises of the employer unless union dues have
Again, they may consist in in¬
stigating uprisings for which there is no good rea¬
son, or
they may be undertaken and prosecuted dur¬
ing hours which the individual
contract of
we
is supposed under
Do
employment to give to his employer.
the employer under such circum¬
wish to require
stances as these to go
meekly along keeping habitual
criminals, persistent trouble-makers, and
are
in the habit of devoting more
unionism
a
to
the
duties
in
hand
with
others who
of their energy to
We omit any references
and in
to "natural
industrial soci¬
this to organized
groups of any sort can be expected in the nature of
things to function with the smoothness, confidence,
ety which must pay such homage as
and effectiveness that are
essential if we are to enjoy
abundant life in the fullest
a more
possible measure.
question is, we believe, to answer it, and
certain that the American people will not
To ask the
feel
we
falter in
reaching
understands the
Jobs"
question that recent rulings of the
Take another
Board
Relations
Labor
National
similar conclusion once it fully
the situation.
a
true inwardness of
"Property Right in
.7;/-"
have
definitely
decision of the Supreme
settled completely even in
raised, and which the latest
Obscuring technicalities left
expressed in this way: Are
to require an employer, whose working force
voluntarily and deliberately refused to continue
legalistic aspects.
aside, the issue may be
we
has
indefinite period de¬
available to
the positions scorned by his "striking" em¬
or to fill such positions only temporarily
work, to stand idly by for an
spite the fact that many other men are
him for
ployees,
wTith
later
the reservation
that if his former employees
end in order that
plant may be
the tenure of the
return to work
decide to
newly employed staff of
workers must come to an
the men formerly at
work in the
Do we think it wise
cloak
against employees for union ac¬
"reinstated"?
to
enforce such a
of
discrimination
general rule under the old
of law
about "property
rights in jobs" and the like? Again the question is
not one of what any law is, but of what our public
tivities,
to
or
enunciate some new rule
vaguely couched in glowing terms
of effectively func¬
policy ought to be in the name
For our part, we do not believe
realistic student of such questions would be
tioning industry.
that the
willing to lay down any
must
rule on the subject which
all cases regardless of circumstances.
of course not be particularly difficult to
govern
It would
imagine circumstances under
which it would be
that places be kept open for
organized labor out on strike, but it is equally sim¬
ple to cite instances actually arising of late where
if would be a fatal blunder to require it. What of
a
such as that recently
case,
good
presented to a Federal
have deliberately
Court, in which the wage earners
a
effort to
contract not to strike
reach
an
pending reasonable
amicable agreement concerning
What of a situation in
intolerably high wages, un¬
bearably short hours, or burdensome conditions of
work only to find that there are plenty of others
ready and willing to take up the tools they lay down
—and then belatedly conclude they had better go
back to work ?
To give wage earners an indefinite
tenure of employment in these and a dozen other
circumstances which might be mentioned is of course
any
alleged grievance?
which
employees demand
virtually to deprive the
to
Industry could not
effectively in such circumstances.
The
Still
is
employer of any opportunity
bargain about wages at all.
hope to function
others who attend
energy
We do ask what the framers
thought of the ques¬
rights." WTe simply ask whether an
productive work on his payroll
than to
basis of full equality with
on
tions at issue.
violated
they take the form of forcibly pre¬
paid in full?
question of the mean¬
Constitution would have
our
or even upon
venting regular employees from entering upon the
been
here raising no
quite reasonable to ask
ticular
the
of
condi¬
actual practice the
activities" in
are
ing of any statute.
its
of the basic issues that have been definitely
is termed discrimination
We
faith ?
Court does seem to have
obtained.
"Union Activities"
to
3237
Chronicle
now
Company Union
another question
termed the
presented concerns what
company-dominated union. There
3238
Financial
is for the moment
need to enter into any
no
sion
of
than
real) of the so-called
now
presented is of
Board
the
dustrial
footing with the employer, and it is quite
the Committee for
In-
"company union," and
a
maker.
The
question
is whether
now
we
not
are
overdoing the matter. Certainly there is
for
rected at
bor
greatly
gratuitous support of certain existing la-
organizations.
to be
seems
The matter in its present stage
more a
question of administration than/
of the terms of the law
itself, but the public would
be well advised to take the
tion involved
carefuly under consideration and make
certain that it is not
velop, whether by
ministrative
making
permitting
condition to de-
a
of statutory law
reason
procedure, which
bad situation
a
fundamental ques-
more
can
or
result
by ad-
only in
worse.
^
Then there
are
ouLof internal conflict"Witlim the ranks
itself.
As
example of
an
ties, take the
of the employer with
case
American
are
employed.
Washington
Government,
the
majority rule, has repeatedly
idea
itself
of
by
a
quite
long
dazzled
establishment
agency
for all employees.
constitute
the difficulties that may
a
procedure in
cases
insist upon,
to
or
collective
by
the
bargaining
It is easy to understand
of the kind just cited.
to permit,
even
bargaining" which
the older form of
of
exposes
a
the employer
further extension of
jurisdictional disputes?
inquire
Had
to the reality
as
substantial benefits to
any group
Ihere
are
of course
many
some
functioning of industry.
e curren
erre
rom
are
of any
in the population?
rated,
amp e,
we
other specific questions
smooth
of them
Are
system of
a
nt betterbe and
ask what the costs of such a policy
likely to
of vital
po icy, w
importance
There
to
the
for
is,
ex-
iether reasonably to be
emp oyers m a mos
employer the right
the
mevi
o
,
course,
into
the
lawful
denying the
to explain to his workmen
going
on, or
to warn
ai
a so
body
as
to question the
wisdom^ of
the Labor Board injecting
situations
with the
repeated result of
further antagonism between employers
employees. Not a few, we feel sure, will doubt
stirring
and
time
danger of following faise ieaders. Few
aving any such
itself
even
same
able result of what is
them of the
wi
every conceivable way,
otherwise, and at the
of May
as
other, of the whole idea of
firmly set
upon
18
a
reasons
national
if
for
being disbursed
of the
account
were
The
clearly of
and
nesg
balances, although such
excess
of requirements,
estimated at
existence
reservoir of idle credit
it is
of
|2,560,000,000
this
potentials is
immediate effect, in
n0
Such
increase for the weekly period of
an
$go 000,000
new
with corresponding rapidity
reserve
excess reserves
a
Specuiatiye loans
tremendous
a
danger, but
far
so
as
busi-
State-
concerned.
are
sfeady downward drift of loans.
^es
no
government
the task of promoting labor union-
dropping
are
owing in part to the retirement from the
now?
mar-
|50 0(M> 0()0 Treasury discount bills weekly,
in cirCulation advanced
the weekl
period which ig
stockg of the coimtr
a
Even the securi-
portfolios of the member banks
further
Eur
a
f 6,000,000 for
nominal change.
ained another
Gold
$12,000,000, to
high record of $12,892,000,000, this
contragting
with
which
kn0Wn
a
outflow
of
move
funds
to
apparently is being adjusted through
the stabilization fund
The
Trea
itgelf
,,umi
and
for
the
certificate
the
refrained
in
a
ld certificates with
the
acknowledged gold additions,
a
of total
(]
with
m m
12
ional
|9 288 491 O00,
balailces by
by $13,760,000 to $11,-
$8824,0OO to $4,123,513,000.
the
tions consigting of
a
bankg
posits by
of oliier
regerve
gain in member bank
reserve
drop in
a
$77,737,000
increase of foreign bank de¬
an
0 to .$137,609,000, and
an
increase
deposits by $8,983,000 to $245,233,000.
ratio remained
brja] advaiices
?3
with the account varia¬
al account baiance by
$1)283,396,000;
Total
dipped
${j1J71<M)o to $7,622,253,000;
the
t0
reserves
Federal Reserve notes in actual circu-
decreased
sits
"Other cash" declined
chiefly instrumental in occasioning
was
^
deposits of
holdingS of the 12 banks fell
gjjarply and
063,10S,000.
from
regional banks, to reim-
|996) 000 to $iO;639,91G,0O0.
unchanged at 82.5%.
by the regional banks showed
The
Indusan
in-
during the wefikly period of $ 478>000 to ,|16).
crease
899>ooo, and commitments to make such advances
were
b
Mgher by $444,000 at $13,144,000.
the
0pen
Discounts
Tegional banks fell $330,000 to $7,835,000.
market
$pk000
to
securities
of
bankers'
bills
while
holdings
of
holdings
$534,000,
were
dipped
Treasury
unchanged in character and in total
$2,564,015,000.
up
wTisdom, for purely practical
were
general
already are far in
le
eims o
existing law or not, of
permitting labor not only to condemn but to harass
or
qpjie
shown
aiise, and do arise, under
to the hazards and
expense
m
The
majority of the employees of any
given
we
balances
strongly disposed to insist that represents
chosen
tives
such
or
organized and affiliated with the
Federation of Labor
>n^0 memj3er bank
cur
important departments where highly skilled
more
gwollen
funds found their way
A]1
one
the
Treasl]Iy with the 12 Federal Reserve banks.
of
Organization, but which has
technicians long
f;orn
idl
ket
organized under the banner of the Committee
for Industrial
ended y[ay is show that funds
working
a
expectations aroused by the
The banking statistics for the week
policy.
relatively unskilled
force which is for the most part
and
of labor
type of such difficul-
one
credit
ments of the weekly reporting member banks reflect
^
practical problems arising
many
developments this week are strictly in
dne with the
no warrant
governmental policy which is apparently di-
a
/CREDIT
to great ex-
divorcing unions from employer influence,
'
.
Federal Reserve Bank Statement
cordingly place it beyond the pale. The terms of the
tremes in
the duties of the union organizer and trouble
over
ac-
National Labor Relations Act itself go
different
a
matter for the government itself virtually to take
actively affiliated either with the Ameri-
Organization
thing to take
one
place the wage-earner as bargainer upon an equal
The Labor
strongly inclined to label any
or
forget that it is
us not
what reasonable steps are necessary (if any are) to
union. The issue
company
Federation of Labor
can
Let
ism.
discus-
May 21, 1938
apparent
more
different order.
a
be
to
seems
union not
abuses, (often
alleged
Chronicle
The New York Stock Market
A CTIYITY
**
a
on
the New York stock market
low ebb this
small in almost all groups.
improvement,
and
was
week, and price changes
at
were
The lack of business
the apparent 'insistence of the
Volume
Financial
146
Administration
continuance of
upon
features
worst
of
the
New
Deal,
some
in which
point to
the immediate
situation
course
are
shares;
likely to overshadow
of trade.
Nor
was
414,360
the sales last
encouraging this week, since the differ¬
shares;
Wednesday, 398,350
on
Thursday, 490,960 shares, and on
on
day, 84,905 shares; on Tuesday,
well endanger the progress made by Great
may
AVednesday,
Britain
New
toward
York
than
Stock
Exchange
500,000 shares in the full sessions of the week
The price trend was occasionally up¬
ending.
now
ward
and
tions
of
occasionally downward, with net varia¬
There were, how¬
great significance.
no
shares;
on
stock market this week
The
consistently less
was
84,835
92,675 shares; on
Thursday, 90,555
shares, and on Friday, 93,190 shares.
Turnover on the
greater amity.
Mon¬
Saturday were 42,325 shares; on
between the French and Italian Governments
ences
Friday,
On the New York Curb Exchange
349,500 shares.
the foreign
233,220
Monday they were 395,020 shares; on
on
Tuesday,
exceedingly quiet summer,
an
political problems
Exchange the sales at
Stock
half-day session on Saturday last were
shares;
All
quite understandable aloofness to securities.
indications
the
York
the New
On
of the
provoking a
are
3239
Chronicle
i
experienced another
period of inactivity, accompanied by a rather small
volume of sales for each session.
On Saturday last
price movements were narrow and mostly irregular
at the close.
Extreme dulness featured trading in
Monday, with sales volume the
small losses than gains, owing to special
the stock market
on
developments of interest to certain groups of secur¬
smallest for any
full session of the present
ity
Late
ever, more
owners.
One
reaffirmation
the
of
moderately comforting item of the week was
by Carnegie-Illinois Steel Corp.
existing steel prices for the third quarter of this
Steel buying has been restrained of late by
year.
the
expectation in
some
quarters of price reductions,
trical
a
month.
elec¬
utility shares, lower. In
trading found the steel, chemical, metal,
equipment, and some
leading issues lost from one to more
few instances
than two
points in the downward movement.
Supreme Court's decision in the Mackay
proved to be favorable to the National
The
radio case
Labor Rela¬
acceptance by National Power & Light Co. of a joint
to
higher prices. Becovery of a sort took place in the
closing hour on Tuesday, notwithstanding the rather
limited activity throughout the session and the
offer
sparseness
and the
placement of orders doubtless will be stimu¬
lated
modestly by the development.
field
a
little
encouragement
In the utilities
developed, owing to
by the Tennessee Valley Authority and the
Board, and that in itself was a deterrent
tions
of any news of an encouraging nature
Light trading pre¬
City of Knoxville to purchase the local utility of
relative to trade and industry.
the
vailed
community at
a
had been mentioned.
toward
move
utility
ation
was
reason
program
made.
maries
This, however, is only a slight
in the otherwise unreasonable
come
The railroad situ¬
of the New Deal.
length, but no progress
Perhaps the most encouraging item of
was
a
political trend in Pennsylvania pri¬
against the Administration and the labor
that
leaders
fullsome support
such
give
Mr.
to
In the listed
that
bond
chiefly
move
market, high grade securities
on money
best-rated utility, railroad and indus¬
ties and the
trial bonds held to former
lative
Local
sessions.
all
The
figures.
railroad liens
secondary
nearly
market influences were
United States Government securi¬
well maintained.
more specu¬
drifted lower
bonds
traction
in
were
sharply higher early in the week, in continuance of
tion of New lrork
of
by fresh moves toward unifica¬
trend induced
the
City transit systems, but a degree
International
profit-taking developed thereafter.
Telephone & Telegraph Co. bonds were a bright spot
market.
the
in
markets
was
were
reduced
a
Developments
favorable.
not
full cent
base metal shares
on
commodity
in the
The price of copper-
Thursday, which affected
adversely.
Grains and other agri¬
tendencies,
cultural commodities followed uncertain
with net
changes for the week small.
The foreign
exchange markets reflected nervousness regarding
the
Belgian unit, and the dollar was under spas¬
modic pressure,
with indications pointing to an out¬
flow of funds from the
about
On
the
New
touched new
touched
York
new
stocks
low levels.
touched
the New York
at 1%.
■
Stock
Exchange
31
stocks
high levels for the year while 12 stocks
Exchange 18 stocks
26
United States to Europe of
$1,000,000 to $2,000,000 daily.
On the New York Curb
touched new high levels and
new
low levels.
Call loans
on
Stock Exchange remained unchanged
V-
of
the
and afforded traders
change toward conservatism
cheer
some
Without
in
uninteresting session.
and
cause,
equities
on
Thursday
levels.
upward course and sought lower
session ranged up to two
points,
being particularly true of the copper
stocks.
Declines for the
this
a
result of a cut in the
traders here
the
dull
a
apparent
altered their
As
Boosevelt.
the day's re¬
The out¬
Pennsylvania primaries indicated a
again on Wednesday; however,
pointed to a slightly higher trend.
sults
discussed at great
was
the week
slightly better price than first
price of copper abroad,
in
Stocks
anticipated in advance a reduction
domestic
price
of
this
commodity.
opened the period in an uncertain manner, and from
then on continued to lose ground up to the close of
the
market.
tional
Yesterday
stocks opened with frac¬
losses, the metal shares
Efforts toward recovery were
but
being in the vanguard.
made later in the day,
prices, despite some improvement,
ularly lower.
closed irreg¬
General Electric closed yesterday at
34% against 35% on Friday of last week; Consoli¬
dated Edison Co. of N. Y. at 24% against 25%;
Columbia Gas & Elec. at 6%
ice of N. J. at
against 7; Public Serv¬
291/2 against 31i/2; J. I. Case
Thresh¬
against 79%; International
52% against 50%; Sears, Boebuck &
ing Machine at 76%
Harvester at
Ward & Co.
44% against
43%, and American Tel. & Tel. at 129% against
131%.
Western Union closed yesterday at 21%
against 22 on Friday of last week; Allied Chemical
& Dye at 148 against 149; E. I. du Pont de Nemours
at 100% against 101%; National Cash Begister at
17% against 18; International Nickel at 45%
against 46%; National Dairy Products at 13%
against 13%; National Biscuit at 21% against 22%;
Texas Gulf Sulphur at 30% against 31; Continental
Can at 39% against 39%; Eastman Kodak at 154%
against 156; Standard Brands at 7% against 7%;
Westinghouse Elec. & Mfg. at 76% against 77%;
Lorillard at 16 against 16%; Canada Dry at 17
Co. at
at
55% against 57%; Montgomery
31% against 32%; Woolworth at
3240
Financial
Chronicle
against 16%; Schenley Distillers at 16% against
17%, and National Distillers at 19% against 20%.
York closed
;
United States Steel closed
against 44%
66
at
bid
yesterday at 44%
Friday of last week; Inland Steel
on
68; Bethlehem Steel at 46%
against
against 47%, and Youngstown Sheet &
Tube at
30% against 31%.
In the motor group, Auburn
yesterday at 3% bid against 3% on
closed
Auto
Friday of last week ; General Motors at 29% against
30%; Chrysler at 42% against 43%, and Hupp Mo¬
tors at
% against %.
In the rubber group, Good¬
the
In
cable transfers
and
2.79%c.
levels this
week.
Goodrich at 13
Pennsylvania RR. closed yester¬
day at 15% against 16%
Atchison
F.
The railroad shares dropped to lower
Friday of last week;
on
Topeka & Santa Fe at 26 against 29%;
was
The main trend at
London, Paris
downward, and occasional rallies
tendency only
was
further uncertainty
about monetary moves.
was
evident early in the
week that the French
ators
were
more
Shell
ments loan of
Refining at 20% against 21%.
In the copper group,
Anaconda
28%
Copper closed yesterday at 25% against
Friday of last week; American Smelting &
on
Refining at 35% against 37%, and Phelps Dodge at
21% against 23%.
Trade
more
and
this week than
stagnation.
today
a
reports
suggested
little
continuance of the economic
Steel operations for the week ending
estimated by the American Iron and
were
that fol¬
to
French
a
Government
arma¬
5,000,000,000 francs at 5%, announced
inducements
thirty-year maturity, with
a
such
The British market
spe¬
high callable prices and
as
holder-options of redemption
the
industrial
conversa¬
against the credit of the State." This event
Monday at 98 for
par.
treaty
rumors
and the
snag,
than offset the beneficial effects of immediate
oversubscription
cial
and Italian
black in Paris that nine Bourse oper¬
arrested Wednesday, and charged with
stocks, Standard Oil of N. J. closed yester¬
day at 46% aganist 48% on Friday of last week;
12% against 13, and Atlantic
a
It
were so
the oil
at
Diplomatic devel¬
liquidation, but there also
"attacks
Oil
little.
a
opments were the main factor in determining the
and Northern Pacific at
Union
Friday of
on
lowed
against 13%; Southern Railway at 7% against 8%,
8% against 8%.
Among
yesterday at
on
DEPRESSEDexchanges inwere the rule European
conditions the leading this week
stock
financial centers.
cific
61
closed
European Stock Markets
tions had struck
at
as
Friday of last week,
on
Paris
on
cable
$4.96%
last week.
New York Central at
12% against 13%; Union Pa¬
against 66; Southern Pacific at 11%
Friday
on
exchanges,
against 2.80c. the close
as
offset the
against 27%, and B.
foreign
against $4.97 7/16 the close
at
26%
the
London closed yesterday at
on
and Berlin
against 14%.
of
matter
transfers
Tire & liubber closed yesterday at 17% against
18% on Friday of last week; United States Rubber
year
yesterday at 42%c., the close
1938
of last week. '
The steel shares made further declines the
present
week.
May 21,
three years at
every
affected adversely by
was
spreading unsettlement in French circles, and
even
the well-insulated German Boerse moved lower.
Currency uncertainty
was
continued
outflow
funds
increased
apprehensions
of
occasioned mainly by
from
of
Belgium,
another
a
which
devaluation
Steel Institute at
30.7% of capacity against 30.4%
move.
last
month ago, and £0.0%
country, at least until the early part of this week.
week, 32.4%
Production
May 14
of
was
a
electric
energy
a year ago.
for the week ended
reported by the Edison Electric Insti¬
tute at
1,967,613,000 kilowatt hours against 1,939,100,000 in the previous week and 2,194,620,000 in the
corresponding week of last year.
Car loadings of
revenue
freight for the week to May 14 are reported
by the Association of American Railroads at 541,813
This
cars.
was
an
preceding week, but
total for
increase of
cars
over
drop of 227,747
a
5,673
cars
from the
the
the similar week of 1937.
indicating the course of the commodity mar¬
kets, the May option for wheat in Chicago closed
yesterday at 78%c. as against 81%c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 57%c. against 58%c. the close on Fri¬
day of last week. May oats at Chicago closed yester¬
day at 29%c. as against 29%c. the close on Friday
of last week.
spot price for cotton here in New York closed
as
Friday of last week.
was
11.33c.
Friday of last week.
day at 9c.
last week.
as
against 8.76c. the close
The
as
spot price
for
against 12.02c. the close
against 10c. the close
on
Announcement of the lc. reduction in the
was
and compares with
April of last
In London the
18%
on
Friday of
made late
on
day of this week, and represents the lowest
the year
rubber
Domestic copper closed
yester¬
price of the domestic metal
made in
on
a
Thurs¬
level for
high of about 17c.
year.
price of bar silver yesterday was
against 18 11/16 pence per
pence per ounce as
ounce on
Friday of last week, and spot silver in New
move
back to that
Exchange reflected
the initial
generally
a
trading of the week.
edged issues moved slowly downward, and
emphatic
among
in
trend
the
same
industrial stocks.
direction
a
Giltmore
developed
Gold-mining shares
were
fairly firm, but other mining and commodity issues
receded. In the international
group,
favorites
were
Another
session
issues and
Anglo-American
steady, while other issues declined.
of
declining levels
on a
industrial stocks suffered
gold-mining securities,
again receded.
sues
was
dull and lower.
more
ter
cheerful
securities
figures.
over
apparent
on
showed
support to
was a
little
Gilt-edged issues and
steady to firm, and mining
all
round.
international
on
sides.
Anglo-American
to
.group
Thursday
European
modest demand,
further
The entire international group
better
the
all
new
The London market
were
Movements
concern
from
Wednesday, partly because of bet¬
011
were
led
Gilt-edged
while other commodity is¬
reports from New York.
favorites
reported
was
small scale.
liquidation. Currency fears brought
industrial stocks
yesterday at 8.53c.
yesterday
The London Stock
soft tone in
Tuesday, with business
As
The
French funds continued to
were
diplomatic
higher
small, with
developments
Gilt-edged issues
were
in
while industrial and mining shares
only small movements in either direction.
Anglo-American
Slow declines
favorites
were
London, yesterday.
week-end influences
Dealings
011
the
were
rule in
a
slightly
Diplomatic uncertainties and
kept the session dull.
the Paris Bourse
were
overshadowed,
Monday, by the opening of books for the
fense loan of
better.
quiet session at
5.900.060,000
francs, which
new
was
de¬
com-
Volume
Financial
146
pletely subscribed by noontime. The speech by Pre¬
and
mier Mussolini
have been
the
loan
lower.
thna offset the
more
incident, and prices moved irregularly
Rentes
fell
only
depressed the French market
ties.
ceded
in
ators
At
the
on
close,
loan
figures
most
a
oper¬
premium
small
de¬
new
the offering figure
over
The tone remained bearish
on
the necessity for official assurances
as
of
reflected
again
not construed
was
marketwise. Rentes resumed the
equities
After
improved
day, but initial trading in the
at
re¬
tendency toward undue selling.
to French defenses
as
ranging
severe,
Bourse, for the arrest of nine
any
proved heartening.
Thursday,
especially
Wednesday, levels
start,
the
losses for the
fense
were
general liquidating movement.
dampened
the
Tuesday, and sharp
on
International securities likewise
uncertain
somewhat
rumors
registered in rentes and all French equi¬
were
Losses in rentes
to 3.70 francs.
an
Unfortunate
all
favorably,
decline, and French
descriptions joined
in
the
trend.
rumors
from clear, but there
portend is far
few
occurrences
that
provide
anxiety, however much they
may
be discounted.
a
Premier
little, but larger losses
a
appeared in French equities.
losses
good effects of
3241
Chronicle
Benito Mussolini
a
Saturday,
last
noa,
made
must
be
which
highly important, since it
was
for
cause
speech at Ge¬
regarded
as
the first reference
from the fascist side since the Rome conversations
between
German
the
and
Italian
dictators
ended.
With American and other criticisms of totalitarian
States
plainly in mind, and in utter forgetfulness
of the
in
scathing denunciations of democracy
his
the readiness of the fascist
Duce
likelihood of
engaging in
admitted, however, that there is
doctrinal
a
march into
the
no
Britain, France and the United States
war.
tion of his Government
man
regimes to stand together
by the great democracies.
against any aggression
Even II
common
speeches, Signor Mussolini emphasized
own
impression
on
He defended the inac¬
the occasion of the Ger¬
Austria, and left with his hearers
that
the
Rome-Berlin
axis
was
strengthened almost to the point of an out-and-out
Rentes stiffened slightly yesterday, and a few equi¬
military alliance in the recent conversations.
ties
haps of greatest significance in the address was the
joined in the gains.
Little
activity
The Bourse
reported
was
on
inactive.
was
the Berlin Boerse,
disclosure that the Franco-Italian conversations for
Monday, and prices drifted slowly lower in the dull
a
session.
mier
while
Leading issues closed
slow
decline
developed
or
two lower,
Tuesday, with
on
selling attributed to Jewish emigrants, although
the delicate international
most of the
by
point
fixed-income issues held to previous figures.
Another
the
a
position plainly deserved
responsibility. The losses
slightly lower for the day.
day
were
were
gains.
irregular, with losses
One
business
any
more numerous than
and
stocks.
higher.
But
In
were
re¬
degree of optimism resulted.
a
done
was
on
the Boerse, Thurs¬
day, and the modest downward drift
in most
Wednes¬
on
two sizable advances also
or
corded, however, and
Hardly
Movements
a
few
dull
another
resumed
was
specialties
period,
were
active
yesterday,
treaty were progressing slowly, at best. Pre¬
new
Mussolini
"are
an
ultimate
Rome
The
Difficulties of European diplomatic sphere,
ail sorts cropped up again
this week in the
making it unlikely that there wil be swift
between
to
be
and
the
has been.clouded
Italy.
Italy
appears
expected to
Even the pact
at the moment
rumors
by irritations between France and
about to
ernment
be
treaty between the two
a
proceeded in
current
upon a
Spanish issue, and that question
Negotiations for
Latin States
cord
accords
progress
endangered, for effectiveness depends
settlement of
tion
bilateral
Anglo-Italian agreement.
Britain
a
chilly atmosphere, with
good part of the week that they
a
suspended entirely.
is said to have taken
a
are
The Russian Gov¬
hand in the situa¬
by hinting to France that the Moscow-Paris
on
the question of Spain.
prising development
was
the sudden
London, late last week, of Konrad
A highly
breaking
Henlein, the Su¬
Herr Hen¬
consulted with
jjolitical leaders, and when he left last Satur¬
diplo¬
the talks entirely.
up
A good deal of
ap¬
diplomatic representative was instructed
to
French "surprise" over the pronounce¬
convey
The
ment.
problem
was
made-more difficult still
on
Wednesday, when it appeared that the Russian Am¬
bassador to
Paris, Jacob Suritz, had hinted to the
might
profoundly affected by any French agreement
would
assure
a
victory for the fascists
in
If shipments of Russian arms to loyalist
Spain.
Spain
rendered impossible, Moscow might with¬
are
draw all
support from the democratic coalition in
Europe,
the Russians are reported to have inti¬
this
In
mated.
sorts soon were
Edouard
to issue a
of
confusing situation
rumors
of all
circulating in France, and Premier
Daladier found it advisable on Thursday
general statement that France is capable
defending her frontiers without aid from others.
it
made
He
plain that France remains ready to
settlements on a
negotiate
countries.
other
In
reciprocal basis with
London
caused serious concern,
sibly
in
these
since they
developments
mean
delay in the
a
worsening of the entire political atmosphere
Europe.
League Council
number of British Ministers
AFTER
i\
French
possibly be satisfied more easily than had been
Just what these various incidents
101st session
League of Nations Council ended last
Saturday with the exceedingly modest accomplish¬
ment of an
demands of the German
minority in Czechoslovakia
week of discussions, the
a
of the
day the impression prevailed in London that the
Italian
the French
Through
thought likely.
and
prehension and displeasure resulted at Paris, and
in
and
may
French
between
mats, and it soon became clear that it came close to
ac¬
lein
a
agreement comparable to the London-
sur¬
appearance
deten German leader in Czechoslovakia.
as
implementation of the treaty with Italy, and pos¬
might be terminated if the French Government
capitulates
France
speech was hardly calculated to further the
which
the series of
Italy and
treaty.
conversations
be
European Diplomacy
follow the
that
French Government that the Russian attitude
prices changed only nominally.
toward
remarked
opposite sides of the barricades," so far
on
Spain is concerned. He expressed dubiety regarding
modified
rally at the end, which left quotations only
a
Per¬
free
encouraging word for struggling China.
the joint
endeavors of the British and
spokesmen, the Council had been induced to
member
States
to
take
whatever action they
pleased with respect to recognition of the Italian
Financial
3242
Chronicle
May 21, 1938
The alternative of
conquest of Ethiopia, and efforts by the Spjanish
vantageous for
Government's
settling down to consolidation of the currently cap-
intervention
representative to gain
hearing
a
effectively squelched.
were
on
In the final
deliberations, however, a resolution was adopted
ex-
tured
the defenders.
would involve
areas
a
tremendous loss of
"face," and assumption of the offensive by the Chi-
Guerrilla warfare is being waged ever more
pressing sympathy for China in her struggle against
nese.
the Japanese invader, and offering moral support,
skilfully and devastatingly by the Chinese, which
Chinese
makes the Japanese problem a difficult one, no matter what the next move may involve,
gases
charges that the Japanese
brought forth
using poison
are
Council declaration condemn-
a
The Chinese delegate
It was apparent at the start of this week that the
country wanted material aid and
highly mechanized forces of the invaders would take
ing this method of warfare.
insisted that his
The Chinese put
transport facilities, and he was said to have received
Suchow before long.
private assurances of
resistance, but spears are no match for tanks and
airplane bombs. A small mobile Japanese column
was reported last Sunday to have cut the Lunghai
the open
session
substantial help, but in
more
commitments
no
made.
were
As
the session neared its end the Council voted favor-
ably
the Swiss plea for freedom from
on
tions
obligations the League
The Chilean
any
sane-
hereafter,
vote
may
spokesman voiced dissatisfaction
over
the lack of progress
toward reform of the Covenant,
and announced the
resignation of his country from
the
League.
railway west of Suchow, and the Chinese thereupon
started to withdraw their huge armies from the
region, leaving strong detachments behind to fight
guard action.
a rear
1
civil
overshadowed
war
of
Spanish
actual
the
the
fighting
loyalists and insurgents, this week. In
Washington the question of altering our neutrality
decided
was
Cordell
negatively by Secretary of State
Hull, late last week.
Mr. Hull requested
a
Senate Committee to consider all the broad
aspects
of
neutrality law revisions, which
matter will go over
In
means
relations
Rome
endangered the negotiations for
a
and
Spain
Paris,
and
Premier
treaty.
Mussolini insisted upon his desire for a fascist vie-
tory in Spain, and Russia
termined to
keep
'g
reported equally de-
was
supplying
favor
the
insurgent
The
forces
of
insurgent drive
General
Francisco
continued
was
on
a
line from Teruel to the
Mediterranean, with attacks
by infantry, artillery and aircraft well coordinated,
Entrenched loyalist forces slowed the advance by
their determined
gether.
After
the government
towns
the
resistance, but did not halt it alto-
some
extensive losses
Wednesday,
on
troops rallied and retook three small
following day.
The
of the
course
however, plainly reflects the superiority of
mechanical
war,
and
arms
equipment which General Franco
owes
to his German and Italian allies.
Such
M
ONTIRS
F
fighting
repeated
attempts
finally gained for the Japanese invaders of
China possession
Suchow,
on
north-south
of the railway junction point of
the east-west Lunghai railway and the
Tientsin-Pukow
line,
struggle in China doubtless will
with this
occurrence, and
still for the
enter
possibly
Japanese.
Thursday.
a
new
a more
The
phase
martial
in
country.
enemy
no
mood to
resistance north
achieved
the
js
at
struggle
011
Since the Chinese clearly
Suchow and the victories
times, it will plainly be
Japanese
militarists
terms that
are
to
war
is
an
exceedingly
however, and the Japanese economy
Sllffering severely from the strain,
British Cabinet
^EVERAL important Cabinet changes were an-
£5
nounced in London, Monday, by Prime Minister
Neville
Chamberlain.
the
Was
resignation
Swlnton,
and
his
The
significant
move
Air Secretary of Viscount
as
Sir
by
replacement
There has been much criticism in
Kingsley
England
relatively slow upbuilding of the British air
force
the
under
armament
current
Germany usually regarded
to three times
two
most
as
as
with
program,
having
an
air force
The British mission
strong.
investigating Canadian and American aircraft
chase
jn
Commons debate
a
the
possibilities is
one
air
on
pur-
indication of the trend,
armaments, last week,
government did not acquit itself especially well,
the
aiKi
Air
regarded
move
of
Ministry
as
reflection of the situation.
a
some
change
announced
now
is
Another
importance resulted from the resigna-
tion of William G. A.
Ormsby-Gore
as
Colonial See-
becoming
they
necessary
continue
Malcolm MacDonald, son of the
^aron Harlech.
former Prime Minister, was shifted to that office
from
|]ie
p0St of
tnrn?
was
filled by Lord Stanley.
was
Dominions Secretary, which, in
shifted to the Health
Walter E. Elliot
Ministry from the Secre-
taryship for Scotland, and the latter office went to
Lieutenent-Colonel
John
pointees to the Cabinet
Colville.
are
The
new
ap-
Conservatives,
difficult
capitulate, following their dogged
of
one,
Belgian Crisis
The aggressors now face
again the question of extending their already overlong lines of communication and attempting a
deeper plunge into the interior of an increasingly
are
expensive
as
11
and
started, respectively, from
The
retary, owing to his entry into the House of Lords
uc ow as
of
in northern and central China
j^iping and Shanghai.
0f the
Franco.
one
^<3 two great areas
fighting within Spain, meanwhile, continued to
The
flames.
For the Japanese the victory
taken in the drives that
Wood.
arms
in
important one, since it means the linking of
an
to the loyalists.
on
roared
policy of the Chinese was responsible for the
to the next session of Congress.
between
it
that the
Europe the question of intervention in
chilled
city
the
burning 0f the town.
between the
stand
entered
Shanghai dispatches indicate that the "scorchedearth"
reflections
The civilian residents of Su-
chow joined in the movement westward, and as the
Japanese
SDanish Civil War
INTERNATIONAL
up a stern
the
for
costly
ever more
ad-
OELGIUM experienced
-D
a
Cabinet crisis over the
last week-end which is somewhat reminiscent
of the,,
numerous
clearly
difficulties
France
French crises, since its origin was
discernible
on
and
in
that mixture
social
legislation
of budgetary
which
the thin edge of uncertainty.
keeps
The resem-
blance of the Belgian and French troubles to those
of our
own
coalition
New
Cabinet
Deal
needs 110 emphasis.
The
headed by Premier
at Brussels
Volume
Financial
146
Paul Emile Janson
resigned
olic Ministers insisted
on
on
May 13 when Cath¬
drastic curtailment of ex¬
3243
Chronicle
This
regime.
published communications indicate only that
penditures and socialist spokesmen called for ad¬
the
ditional taxation to meet the
Great Britain made
mounting costs of the
Paul Spaak, who held the For¬
Belgian New Deal.
eign Affairs post under M. Janson, was asked to
form
a
new
regime, and this task he accomplished
Although he is a leader of the social¬
expeditiously.
ist
another
government, consisting of four socialists,
party in Belgium, Premier Spaak formed
coalition
Catholics, two liberals and one non-party Min¬
four
ister.
and
promised the country budgetary sanity,
He
.
this basis received
on
Parliament
of confidence in
vote
In the meanwhile, how¬
Wednesday.
huge outflow of capital from Belgium took
a
ever,
on
a
place, largely because the French devaluation intro¬
duced fears that
the smaller
move
might develop in
country, which is closely knit to France.
Defense of the
which
similar
a
Belga resulted in large losses of gold,
to be continuing.
appear
stances it remains
In these circum¬
questionable whether the Cabinet
long survive and the international value of the
can
of
interests
a
mild attempt to
Mexico
nationals.
its
protect the
took
rather
a
high-handed stand in the matter, in obvious reliance
the United States policy of the Good Neighbor
upon
complete freedom of Latin American States
and the
from
high relief some of the glaring deficien¬
throw into
Neighbor policy, as practiced by
Good
cies of the
In his pre-occupa-
Secretary of State Cordell Hull.
Mr. Hull neglected
trade improvement,
tio.n with
developments
The
intervention.
European
altogether the problems of existing international
indebtedness and the many
defaults on such debts
But the
Latin American States.
common
among
Mexican
expropriations brought that question into
prominence, and in deference to British interests
Hull
Mr.
now
appears
to be faced with a choice
between defense of creditor interests
a
in general and
easy-going acceptance of Latin
continuance of his
American ideas that debts do not have to
be paid
governmental demands are made for pay¬
unless
Belga maintained at current levels.
hardly be said to re¬
Government, for
occurrence can
dound to the credit of the Mexican
ment.
Hungary
As it
now
stands the problem is
extraordinary
HUNGARY is one in the small EuropeanGerman
States
standing of the way of the
now
eastward, and political developments in that
march
country now have unusual interest.
inet
In
a
rapid Cab¬
change, late last week, the Council of Ministers
headed
by Koloman Daranyi was succeeded by an¬
other under the
Commerce
the
leadership of Bela Imredy, who held
post in the resigned
regime.
The
change in government generally was attributed to
tendency in
Hungary
toward German Nazi ideas and methods.
Dr. Dar¬
about the strong
quarrels
anyi
regarded as rather friendly toward the
was
from
apart
Potosi, General
that he does not
fore
to
employable in
he
be
The
resigned.
less
any
profession to 20%, just be¬
new
Ministry is considered
about Nazi ideas,
enthusiastic
but the
readily discernible, since Premier
difference is not
Imredy informed the Parliament in Budapest, last
Saturday, that he would continue the policy of culti¬
vating cordial relations with Italy and
with the
powerful German neighbor that Hungary acquired
through Chancellor Hitler's annexation of Austria.
Hungary's geographical position, on the other hand,
may
make such declarations expedient and
even
Premier Imredy is expected to take a
necessary.
against the extension of Nazism
determined stand
within Hungary, even
though such an attitude may
incline Nazi extremists to form a movement and a
party that may prove quite troublesome in
to
The Cabinet
come.
months
change wras followed by a
sharp increase of quotations for securities on the
Budapest Bourse.
Expropriation
Luis
Saturnino Cedillo, made it clear
care to accept orders from Presi¬
which he is
With the personal courage for
renowned, Senor Lazaro Cardenas jour¬
Wednesday, and thus
dissension. The
shows promise, moreover, since General
neyed to San Luis Potosi on
attempted to dispel the reports of
Cedillo
remained quietly at his ranch.
retard a show-down on
This Mexican interlude may
the
problem of the Mexican attitude toward
foreign
indefnitely. When¬
ever the decision is piade it will prove of importance
not only as to Mexican debts and obligations, but also
to those of many other Latin American States which
have shown an amazing disregard of their financial
interests, but cannot delay it
pledges in recent years.
It is that aspect of the
State Department should take into
matter which the
consideration, as well as the immediate
the Good
Latin American views on
mined in large
The
question of
Neighbor policy, for it is clear that the
dollar debts will be deter¬
part by the Washington stand.
Anglo-Mexican diplomatic break was occa¬
British insistence upon dis¬
obligations voluntarily entered
upon in settlement of claims arising from revolu¬
tionary developments.
A British note was pre¬
sented May 11, in which attention was called to
sioned, specifically, by
charge by Mexico of
delay in effecting a payment
Mexican
quite
external policies of the present
early this week.
Saturnino
Jews
opposition to
developing,
Cardenas, and rumors of a revolt were current
gesture
"Jewish bill" limiting the ratio of
City reports this
The war lord of the State of San
regime.
liament
a
any
is
Cardenas
Lazaro
President
dent
Mexico
suggest that strenuous internal
week
Nazis, and it is significant that the Hungarian Par¬
passed
degree.
confused to an
of about 370,000 Mexi¬
INTERNATIONAL complications of a pronounced
developing from the recent Mexican
notwithstanding prompt settlement of
similar claims presented by the United States Gov¬
ernment.
This communication, published late last
expropriation of foreign-owned oil properties, and
week, also called attention to the
order
are
the
from
can
quarter-century default
on
all external
obligations of the Mexican Government.
lem
has
been
aggravated
especially by
The prob¬
an
inter¬
change of notes between London and Mexico City,
which led
matic
to
a
relations,
severance
at the
of Anglo-Mexican diplo¬
instance
of the Cardenas
pesos,
internal and external debt,
fault
on
such debts.
holders received no
It
was
heavy Mexican
and the protracted de¬
noted that British land¬
effective compensation for lands
expropriated, and the propriety of the recent Mexi¬
can expropriation of oil properties was questioned,
on
this
ground.
In view of the Mexican failure to
3244
Financial
Chronicle
discharge existing indebtedness, the British Govern¬
held
ment
diplomatic
a
adequate compensation.
ment
The
The Mexican Govern¬
relations with
ered.
A
check
for
Great
Britain
361,737
pesos
had
been
OF
the
1938
£1,492,686.
Of
addition to dis¬
an
and £1,339,957 to securities.
remains
rate
BANK
sev¬
handed
was
Bank
was
2%.
Below
show
we
comparison of the different items for several
promptly countered by announcing that diplo¬
matic
£152,729
and advances,
counts
by full
sense
other securities increased
on
the latter amount
unjustified the oil expropriation, which
only be validated in
can
and
those
May 21,
ENGLAND'S COMPARATIVE
a
years:
STATEMENT
May 18,
May 19,
May 20,
May 22,
May 23.
1938
1937
1936
1935
1934
£
British
£
representative, in payment of the deferred
obligation, and
Britain
tart reminder added that Great
a
Circulation..
478.591 ,000 481 ,432,794 423,130,096 387,609,761 379,641,479
19 ,193,680
28.501 ,000
21,027,714
14,356,763
13,365,237
129,144 ,148 135 ,010,860 116,845,802 136,351,773 133,662,234
Public deposits
lacks
right to
any
criticize the
internal
Other deposits
Bankers' accounts.
affairs of Mexico.
A satiric touch that could
not boast that
of all their
default
however, not pertinent to
21,396,495
27 ,990,549
7,142,831
5,368,264
5,256,906
21
419,500
14.253,664
10,511,538
48.547, 000
40 715,844
43,058.398
11,838,064
65,794,569
6 571.049
30.7%
Bank rate
17,206,328
15,768,444
72,488.567
26.40%
2%
2%
31.23%
2%
43.65%
49.30%
2%
2%
This reference
Bank of France Statement
obligations is,
consideration of the
a
76,549,807
327,140, 336 322 ,148,638 206,188.494 193.404,330 192,130,046
debt
war
on
35,491,768
85,486,044
Proportion of reserve
to liabilities.-----
to date in the payment
are up
pecuniary obligations."
British
the
to
they
98,170,466
35.569,860
91.173,310
28,504, 455
Reserve notes & coin
can¬
80,081,502 100,781,913
36.764,300
7,754, 546
20,749, 909
DLsct. & advances.
Securities....
Coin and bullion
resources
97 ,430,988
37 ,579,872
98,346, 164 103 272,534
.
securities..
Other securities
was introduced
by a
by Mexico that "even the most powerful
States and those that have abundant
35,969, 054
Govt
have been welcome to London
comment
93.175 ,094
Other accounts..
hardly
Mexican
THE statementexpansion in ended May 12 showed
for the week note circulation of
The
917,000,000 francs, which brought the total
expropriation and external debt problems.
State Department in Washington found the
matter too delicate for open
Discount Rates of
discussion this week.
the
rates of any
Present rates at the
leading centers
are
shown
in the table which follows:
Rate in
Effect
Date
vious
Established
Rate in
Rate
Argentina..
3H
Batavia
Mar.
Country
1 1936
Pre¬
Effect
May2Q
Hungary...
vious
Rate
Aug. 28 1935
4
Date
Established
4\4
3^
3H
4
July
1 1935
Belgium..
4
May
10 1938
2
Bulgaria...
Canada....
6
Aug. 15 1935
7
2M
Mar. 11 1935
Apr.
6 1936
Chile
4
Jan.
24 1935
4H
Java
3
Jan.
14 1937
Colombia..
4
July
18 1933
5
Jugoslavia.
5
Feb.
1 1935
6^
1 1936
high of 99,876,807,680 francs.
to
up
A year
circulation aggregated 85,966,885,000 francs and
before 83,535,125,610 francs.
mercial bills
French
com¬
discounted, advances against securities,
and creditor current accounts recorded decreases of
725,000,000 francs, 246,000,000 francs, and 2,958,francs,
000,000
Pre¬
May20
Country
record
new
the year
THEREdiscount no changes during the week in
have been
of the foreign central
banks.
a
ago
Foreign Central Banks
further
a
holdings showed
is
respectively.
a
The
55,807,455,329 francs,
now
358,927,235
Bank's
gold
slight increase, the total of which
francs
last
compared with 57,and
year
57,515,500,778
6
India
.
June 30 1932
Italy
4H
May 18 1936
3.29
vakia
3
Jan.
Jan.
2
England...
June
Morrocco.
6H
May 28 1935
4\i
5
19 1936
5H
3M
2 1937
Oct.
Norway
3H
Jan.
5 1938
4H
Dec.
17 1937
5
4
Aug. 11 1937
30 1932
2M
5
Sept. 25 1934
5H
I inland
4
Dec.
4 1934
May
.
...
Portugal
Rumania
July
Dec.
7 1934
6
May
4
12 1938
3
Spain
5
July
15 1933
10 1935
Sept. 30 1932
5
Sweden
2H
Dec.
1 1933
3
6
Jan.
4 1937
7
Switzerland
1H
Nov. 25 1936
Holland
...
rose'
13,000,000
francs,
while
bought
the
abroad and temporary
remain
unchanged.
46.30%,
The
items
of
bills
advances to
State
55.52%
Dec.
2 1936
years
Below
ago.
stands
ratio
reserve
compared with
62.35% two
2
2
a
year
at
and
ago
furnish the dif¬
we
2H
2H
..
Credit balances abroad
year.
4)4
4H
3H
..
South Africa
4
France
Greece
previous
4
Poland
Estonia
Germany
the
4
3H
1 1936
4
4
.
francs
5
3.65
Lithuania..
Danzig
.
Nov. 29 1935
3
Japan
-
Czechoslo¬
Denmark
3
Ireland
5H
ferent items with comparisons for
previous years:
BANK
OF
FRANCE'S COMPARATIVE STATEMENT
Changes for
Foreign Money Rates
Week
May 12, 1938
May 13, 1937
May 15, 1936
Francs
Francs
Francs
Francs
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
Gold holdings
Credit bals. abroad,
Friday of last week, and 9-16% for three-months'
b Bills
on
bills,
as
Money
were
as
against 9-16%
Friday
on
call at London
on
on
of last week.
Friday
on
was
Paris the open market rate remains at
H%.
At
3%, and in
a
French commercial
bills discounted.,
bought abr'd
Adv. against securs.
Note circulation
Credit, current accts
c
—725,000,000
9,697,235,550
No change
795,658,784
7,719,807,136 17,506,573,580
1,098,799,907
1,289,904,597
3,632,714,183
—246,000,000
3,880,624,298 3,444,4*2,127
+ 917,000,000 99,876,807,680 85,966,885,000 83,535,125,610
—2,958,000,000 20,656,511,079 17,352,995,605 8,708,890.882
Temp. advs. with¬
out int. to State..
Propor'n of gold
No change
a
40,133,974,773 19,991,307,016
on
hand to si<rhtliab.
Switzerland at 1%.
+ 0.77%
46.30%
Includes bills purchased In France,
resenting drafts
Bank of
+ 120,661 55,807,455,329 57,358,927,235 57,515,500.778
33,145,316
13,301,556
9,158.883
+ 13,000,000
Treasury
on
55.52%
b Includes bills discounted abroad,
52.35^
c
Rep¬
10-billlon-franc credit opened at Bank.
on
Since the statement of June 29.
1937.
gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26. 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936. there were 65.5 mg-
England Statement
of gold to the franc.
THE statement for the week ended May 18 shows
further
£3,599,000 in note
a
contraction
two
weeks
to
reduction
Notes
in
is
circulation
£2,842,000
when
£11,942,000.
attributable
less
To
to
now
than
a
in the
past
large extent the
French
aggregate
the
on
dehoarding.
£478,591,000,
date
same
in
1937,
£481,432,794 of
is the first
notes was outstanding.
This
weekly report since April 18, 1934, that
shows circulation to be smaller than
Bullion
holdings
in
the
week
a
year
ended
earlier.
May
18
declined £32,630 and the
gain in reserves, therefore
amounted
to £3,566,000.
Public deposits fell off
£8,094,000 and other deposits increased £5,741,811.
The latter consists of bankers'
accounts, which
£5,231,364,
following
sharp
a
decline
before, and other accounts, which
The
reserve
with
on
proportion
is
now
28.1% last week and 26.4%
Government
securities
Bank of
of
circulation, bringing the total decrease
fell
rose
the
rose
week
£510,447.
30.7%, compared
a year ago.
off
Loans
£7,125,000
and
Germany Statement
THE. statement for the second quarter of May
showed
loss
of 56,000,000
in note circulation
a
marks, which brought the total down to 5,803,600,000
marks.
Circulation
000,000 marks
marks.
year
the
An increase
currency
of
and
a
20,513,000
and
before 4,076,814,000
appeared in
reserve
in foreign
of 107,000 marks, in silver and other coin
marks,
advances
in
marks, /in investments
other
aggregated 4,638,-
ago
year
of
of
423,093,000
11,869,000
marks,
in
daily maturing obligations of 1,595,000 marks,
in
other
change
total
was
of
liabilities
of
4,382,000
which remains
at
70,773,000 marks,
pared with 68,485,000 marks last
marks
the
marks.
No
shown in the Bank's gold holdings, the
previous
year
com¬
and 70,044,000
Bills of exchange and
year.
checks declined 324,006,000 marks and other assets
104,379,000 marks.
at
1.31%;
a year
The
ago
it
reserve
wras
proportion stands
1.58% and two
years
Volume
three years is
furnished below:
May 14, 1938 May 15, 1937 May 15. 1936
Week
Gold and bullion
70,773,000
20,333,000
68,485,000
19,359,000
70,044,000
No change
5,502,000
5,764,000
5.428,000
Res've in for'n currency
+ 107,000
Silver and other coin...
;;
Investments
Other assets
24,515.000
—324.006.000 5,299,275,000 5,076,735.000 4,138.598,000
207,437.000
191,715,000
209,232,000
+ 20,513,000
41,523,000
31,681,000
54,352,000
+ 11,869,000
538.618,000
415,266,000
841,004,000
+ 423,093.000
Bills of exch. and checks
764,852,000
—104,379,000 1.244,316,000
...
520,564,000
Liabilities—
—56,000,000 5,803,600,000 4,638,000.000 4,076,814,000
Notes in circulation
+ 1,595,000
736,330,000
650,296,000
234,097,000
178,435,000
171.541,000
%0.02%
...
955,034,000
+ 4,382,000
Oth. daily matur. oblig_
Other liabilities.
1.31%
1.58%
1.85%
Propor'n of gold & for'n
clrcul'n.
devaluation
Currently quotations
lower levels
with
this
The total of business and
speculative loans
continues to
used credit
carried
and
days,
awards
were
at
average
discount
Exchange held to
1)4% for maturities
days, and 1%% for four to six months'
New York
datings.
decided
more
The range for sterling
this week has been between
$4.96)4 and $4.97 5-16
for bankers'
sight, compared with
a range
The
of between
range
for cable
transfers has been between $4.96 5-16 and
$4.97%,
$4.97% and $4.98)4 fast week.
a
$4.97)4 and
ago.
week
a
There
between
of
range
be little doubt that the repatriation
can
foreign short-term funds from London
able and tended to firm money
The Bank of
time.
ended May
bankers'
was
rates in London for a
England statement for the week
11 showed
decline of £30,021,517 in
a
deposits with the Bank of England, clearly
of
crease
of
consider¬
reflecting repatriation of French balances.
An in¬
£25,500,000 in public deposits presumably
reflected the
earmarking of gold obtained
French authorities with part
However
the
by the
of the sterling acquired
by sales of francs.
•
question of French
repatriation is
viewed, not less than 5,400,000,000 francs returned
Paris from
to
larger
Money Rates
indications of
firmness in the weeks ahead.
1% for all transactions,
while time loans remained at
to 90
of
or
such
Stock
Treasury sold last Monday a fur¬
$50,000,000 discount bills due in 91
the lowest borrowing cost ever achieved
instruments.
Call loans on the New York
0.027%,
on
of
at a minimum, with all rates
were
The
over.
issue
ther
drop, despite the vast reservoir of un¬
resources.
Bankers' bill and commercial
dealings
paper
on
relatively steady at the
are
some
$4.98%
Market
THE New York money market wasinagain quiet
week, with rates unchanged
all depart¬
ments.
of
This has been due chiefly to the heavy
withdrawals of French funds from the London market.
May 5.
compared with
New York Money
Exchange
Reichsmarks
No change
...
Of which depos" abr'd
Advances
Reichsmarks
Reichsmarks
Reichsmarks
Assets—
the
since
Changes for
curr. to note
Course of Sterling
STERLING exchange has been gradually softening
the French franc
STATEMENT
REICHSBANK'S COMPARATIVE
3245
Chronicle
A comparison of the various items for
1.85%.
ago
Financial
146
London.
In all probability a much
crossed the Channel, but there
sum
seems no
likelihood that the repatriation reached the estimates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
stock Exchange
made
ruling quotation all through the week for both new
loans and renewals.
The market for time money
de facto stabilization of the franc at 179 francs to the
continues
quiet, no transactions having been
90
1)4%
Rates continued nominal at
this week.
reported
UP
f°
days and 1%% for four to six months maturities.
demand for prime
The
commercial
paper
has been
has been
is still short.
fairly brisk this week and while the market
moderately active, the supply of paper
Rates
are
quoted at %@1% for all maturities.
With the devaluation and
pound, French funds temporarily domiciled in other
part of the French money was held in
the greater
London either in
gold
deposit
or on
amounted to
probably much less
although the movement to Paris still continues
repatriation of francs could hardly have
It
was
sterling quotations,
the outward flow
rapidly subside and is not likely to be resumed
depressing effect
a
on
competent observers believe that
good but the supply of high
class bills is limited.
There has been no change in
rates.
Dealers' rates as reported by the Federal Re¬
serve Bank of New York for bills up to and including
will
%% bid and 7-16% asked; for bills run¬
ning 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 York Reserve Bank
is %% f°r bills running from 1 to 90 days.
The
Federal Reserve Bank's holdings of acceptances de¬
of French funds has come to an
creased from $550,000 to $534,000.
important
The demand has been
90
days
are
Discount Rates of the
Federal Reserve Banks
rates
The
following is the schedule of rates now in effect
various classes of paper at the. rdifferent
the
for
Reserve banks:
DISCOUNT
RATES OF FEDERAL
RESERVE BANKS
Rate in
Effect on
May 20
Date
Previous
Established
Rate
IX
New York
1
2, 1937
Aug. 27, 1937
2
Boston
Federal Reserve Bank
_..
Sept.
IX
IX
IX
Sept.
4, 1937
11, 1935
2
IX
Aug. 27, 1937
Aug. 21, 1937
2
IX
IX
2
Chicago.
Aug. 21, 1937
St. Louis
IX
IX
Sept.
Philadelphia.
Cleveland
Richmond
Atlanta.
—
....
May
2
2
2, 1937
are
restored in Europe.
The money
markets in Paris indicate that the return
believed that the
weeks should
Seasonal
firmness.
from
course
now
2
to
Kansas City.
IX
IX
Aug. 31, 1937
IX
Sept.
3. 1937
2
San
Francisco
2
coming
to
favor
sterling
The most
influence favoring sterling for the next
the
pound.
requirements.
angle conditions are less favor¬
The British Board of Trade
of £84,870,000,
£42,150,000, and re¬
exports £5,460,000, bringing total exports to £47,610,000, with an excess of imports over exports of
figures for April show total imports
exports
of
British
products
£37,260,000.
for the first four months of 1938
Total exports
corresponding period in
total imports for 1938 were
£330,089,000, for 1937, £312,002,000.
British domestic trade is now conceded to be
were
£184,272,000, for the
1937, £190,176,000;
2
Dallas
Minneapolis..
tend
factors
until about the end of August.
few months will be tourist
able
end, and it is therefore
of sterling in the
point toward steadiness if not greater
2
Aug. 24, 1937
Sept. 3, 1937
political and fiscal conditions
until normal economic,
From the business
rediscount
the Federal Reserve in the
THERE have beenofno changes this week banks.
in short-term
or
Judging by reports from London, the total
funds.
arid has
an
Amsterdam, Brussels,
returned, but by far
centers, such as New York,
and the Swiss market, likewise
and
THE volume continued at prime bankers' accept¬
of trading in extremely low point.
has
by European observers of around
30,000,000,000 francs.
20,000,000,000 francs.
Bankers' Acceptances
ances
week
last
declining more
sharply, as is seen in the security
markets, in retail
trade, and in the heavy industries.
Financial
3246
to"offset the general
The rearmament works seem not
decline
With
manufactures.
in
of
fall
further
a
receipts for the week ended
£327,000 in railway
Hay 14, the whole of the £1,000,000 increase shown
only two months ago has disappeared.
Electricity
output in April declined as compared with March
&nd showed an increase of only 0.9% over April, 1937,
10%
against recent average monthly increases of
as
14%.
to
Bank
clearings have fallen off sharply not only
the Provinces.
British steel output
April
the lowest for
was
month since the
any
This indicates that declining trade
middle of 1936.
activity is now reaching the heavy industries.
It is understood that gold recently shipped from
London to Canada
operation of the British
an
was
Exchange Equalization Fund, probably with a view
equalizing exchange payments for expected pur¬
to
of its
Wednesday, May 18-__ 140s.
139s. lid.
May 16140s.
IdTuesday, May 17- —,140s.
l^d.
Saturday, May 14
Friday,
>May_20-__140s. l^d.
BY THE UNITED STATES
FOR GOLD
PRICE PAID
(FEDERAL RESERVE BANK)
Saturday, May 14.
_
_
Wednesday, May 18_.
$35.00
Thursday,
May 16-_—- —- 35.00
Monday,
35.00
-
nominal
slightly off from previous close in
was
sight
Bankers'
trading.
It is
considerable amount of British funds
earmarked with
Federal Reserve Bank of
the
New York.
and
$4.96 5-16©$4.96%
Tuesday the pound
cable
for
for cable transfers.
on
Franco-Italian
were ra¬
The quota im¬
$4.96%©$4.96%; cable
was
On
Wednesday
On Thursday sterling eased off
Bankers' sight was $4.96 7-16
news.
©$4.96%; cable transfers $4,96%©$4.96 11-16.
and
On
London continued steady.
on
The
$4.96 9-16@$4.96 15-16 for bankers' sight
range was
quotations
gold buyers this week
On
The range was $4.96 11-16©
$4.97 5-16 for bankers' sight and $4.96%©$4.97%
and
advices stated that
transfers.
fractionally firmer in dull
was
steady.
was
European sources in the London market.
tioned to 20% of their requirements.
The
$4.96%@$4.96 13-16 for bankers' sight
was
range
demand from both United States and Continental
London
On
Monday sterling eased off in limited trading.
Friday exchange
growing indications of gold hoarding
$4.96%©
was
$4.97%; cable transfers $4.96 15-16@$4.97%.
exchange
official publicity to its policies.
35.00
35.00
Referring to day-to-day rates sterling exchange on
Saturday last
Bankers' sight
a
$35.00
May 19May 20
Friday,
$4,96 7-16@$4.96 15-16.
believed that
are
May 19-.-140s. 13^d.
Thursday,
Monday,
trading.
gold holdings to other than British markets
There
May 20----
Friday,
...177.60
LONDON OPEN MARKET GOLD PRICE
transfers
and gives no
are
May 19—- ...177.61
Thursday,
Fund has frequently transferred part
Stabilization
...177.65
Wednesday, May 18
-.177.67
Monday, May 10---177.65
Tuesday, May 17---—-—-177.65
The
British rearmament program.
for the
chases
PARIS
LONDON CHECK RATE ON
MEAN
Saturday, May 14
Tuesday, May 17-
in London but in
in
May 21, 1938
Chronicle
for
$4.96%©$4.97
Friday
on
cable
transfers.
Closing
$4.96 13-16 for demand
were
$4.96% for cable transfers.
bills, finished at $4,96 9-16,
Commercial sight
60-day bills at $4.95%;
position indicated a substantial increase in the de¬
seem that the British Equalization
90-day bills at $4.95%, documents for payment (60
mand and it would
days) at $4,95 13-16, and seven-day grain bills at
Fund is
$4.96 5-16.
fulfill
proving more reluctant to offer metal to
the
market demand.
Ever since last
British Fund has supplied gold to the
open
autumn the
London market each
the sole
Open market
Call
easy.
rates in London
money
money
bills
continue
against bills is in supply at %%.
Two-, three- and four-months' bills
six-months'
Continental and Other Foreign
day and frequently has been
of supply.
source
%%.
are
9-16%, and
are
Gold
offer in the
on
Cotton and grain for payment closed at
$4,969-16.
PRENCH francs have been steady, the de well
ruling
above 2.79
franc
cents
stabilization
resume
of
of
a
May
ever
of French funds from
for
equaled 30,000,000,000 francs,
hoarding account.
offer
£431,000,
£258,000,
Wednesday
on
£580,000 and
On Saturday, last, there
Monday £272,000,
on
on
£448,000,
on
was
Tuesday
Thursday
May 18,
gold movement for
reported by the Federal
as
Paris
Paris
a
week
money
volume of
Friday £451,000.
At the Port of New York the
the week ended
on
total
doubt
or
the
that
10
a
facto
above
the
in
large repatriation
abroad, but close observers
London open market this week was taken exclusively
to
since
noted
As
5.
sterling, there has been
inclined
on
Exchange
days
amount
ago.
as was
returned
are
has
estimated in
The action of the
market would indicate that while the
repatriated funds
available
not
was
sidered that there
are
was
considerable, the
exceptional when it is
still domiciled
abroad
con¬
more
Reserve Bank of New York, was as follows:
than
90,000,000,000 francs, which represent for the
GOLD MOVEMENT AT NEW YORK, MAY 12-MAY 18, INCLUSIVE
most
part a unit having a value of approximately
Imports
|
I
None
6 cents,
Exports
None
Note—We
was
TlcV'V.
No Change
have been
received
San
at
notified
that
approximately $5,288,000
Francisco, of which $4,494,000
came
of gold
from Japan
and $794,000 from Australia.
The
above
Wednesday.
figures
for
or
or
the
were no
exports of the metal
for
Francisco,
and
or
imports
or
were no
imports
It
was
was
$5,849,000
reported
ear¬
on
received at San
came
from
Japan
$1,476,000 from Australia.
Canadian exchange ranged
discount of
The
rate
on
change in gold held
foreign account.
of which
ended
change in gold held earmarked
Friday that $7,325,000 of gold
a
week
foreign account. On Friday there
marked
15-16% and
a
Paris, the
open
during the week between
mean
London check
market gold price, and the
price paid for gold by the United States:
a
genuine increase in confidence in the
situation,
expected to return to derive
francs returned since
money,
in
these
a
funds might
May 5 made short-term
especially day-to-day funds, excessively cheap
Paris,
frequently under
part it WT>uld
1%, but for the most
that the repatriated funds
seem
deposited in the banks and certainly did not
long-term
though
be
profit of fully 100%.
securities
beyond
doubt
drafted for working
The Government
other
or
much
capital
of this
go
were
into
investment,
money
w-as
capital.
evidently recognized that its
new
policies fell far short of attracting the long absent
discount of 11-16%.
following tables show the
on
financial
The
for
are
On Thursday there
exports of the metal
were
French
Net Change in Gold Earmarked for Foreign Account
t: C'Y-b
against the present Daladier franc of 2.79.
If there
funds from their foreign domicile.
by the fact that while it
was
This
was
shown
originally planned to
launch the so-called "autonomous" national defense
loan to
bring in between 15,000,000,000 and 16,000,-
000,000 francs, the loan actually floated on Friday
Volume
Financial
146
and
carried a coupon of 5%.
The loan was promptly
oversubscribed on Monday, May 16.
It was JintF
of last week called for
only- 5,000,000,000 francs
further national defense loans
.G mated that
would be
be
The oversubscription can
issued at later dates.
that the French
allot¬
ments, which were, not necessarily widely distributed.
In commenting with some satisfaction on the rapidity
of the loan's acceptance, Finance Minister Marchan-
readily understood in view of the fact
the first place by
banks took the loan up in
said
deau
hopes that future
Government
the
that
obtained on "less
francs in hand
from the sale of the defense loan plus an estimated
10,000,000,000 francs or more through revival of
demand for Treasury bills makes the cash position of
State
requirements will be
loan
The 5,000,000,000
onerous" terms.
the French Treasury easier
than in a year or more.
Resumption of demand for Treasury bills is only
another indication of the reluctance of repatriated
long-term or permanent
funds to become tied up in
gold
300,000,000
belgas, or $50,850,000, a loss of 9.7%.
The Belgian
situation is essentially sound and with the removal of
internal political difficulties it is reasonable to assume
that the currency will attain steadiness.
Spot belgas
have improved, although they fluctuated this week
between 16.82% and 16.87 cents.
Future belgas
the
'
indication of the frank
economic
and
confidence
that
Government
of the Belgian
belgas
financial
recognition by
the ' French
in
situation is
still at a low
seen
in the change in the
May 13 90-day belgas were at 120 points discount
and are currently quoted at
On
52
points discount.
which
effected
was
by
the Bank of France,
Government
a
May 19, revising the technical
decree on
relationship between
the stabilization fund and the Treasury
and rentes
holdings of the
Bank of France, valued at 55,807,334,668 francs
($1,562,605,371), will not be influenced by settle¬
ments of the French, British, or American stabiliza¬
tion funds except under great stress.
The gold hold¬
ings of the French bank amounting to 2,400 tons
fund, with the result that the gold
are
to remain intact as a
virtual
war
chest and last
The decree authorizes
line of defense for the franc.
the Treasury to
make advances without interest to
which, having exhausted its
the stabilization fund,
stock of francs,
could replenish its supply heretofore
the Bank of France. The
disadvantage of the former arrangement was that
occasion might arise when the fund would be obliged
to buy gold from the bank, reducing the published
reserve and tending to accentuate pressure upon the
only by selling gold to
the lead¬
European currencies to the United States dollar:
ing
b
c
France
been
France since the
Daladier Government, but on the
practically no labor disputes in
organization of the
other hand there have
in either
,
been no signs of improvement
production or trade.
The Belgian currency is
ment, due no
showing some improve¬
M. Paul
ministry on
successful in forming a new
May 15.
The post of Finance Minister was assigned
to M. Max Leo Gerard, who held the office previously
and was then considered the ablest incumbent since
the war.
The other key position, the combined
Spaak
was
confided
to M. Paul Hymans, a banker and engineer and at
one time a professor at the Massachusetts Institute
of Technology.
The new ministry received a 132-38
economics
vote
and agricultural department, was
of confidence in
the Chamber of Deputies on
May 18.
The
publication of the weekly statement of condi¬
National Bank of Belgium as of May 12
indicated the extent of the pressure upon
currency
since the latest
the Belgian
fall in the French franc.
68.06
of the European
to 2.80
to 16.86H
to 5.26^
to 22.87
to 55.39M
currencies
Sept. 30 and Oct. 3, 1936.
Franc cut from gold and allowed to
between
b
1938, the franc was
(c) On May 5,
"float" on June 30, 1937.
devalued on a de facto basis of 179
pound, or 2.79 cents a franc.
The London check rate on
Paris closed on Friday
In
finished at
2.79%, against 2.80; cable transfers at 2.79%,
against 2.80. Antwerp belgas closed at 16.84% for
bankers' sight bills and at 16.84% for cable transfers,
against 16.82% and 16.82%.
Final quotations for
at
177.60, against 177.67 on
New York
sight bills
on
Friday of last week.
the French center
40.17 for bankers' sight
Berlin marks were
bills and
in comparison with
40.18% and 40.18%. Italian lire closed at 5.26 for
bankers' sight bills and at 5.26% for cable transfers,
40.17%
transfers,
cable
for
Exchange on Czechoslo¬
Bucharest
at 0.74, against 0.74; on Poland at 18.87, against
18.89; and on Finland at 2.20 against 2.20.
Greek
exchange closed at 0.91%, against 0.91%.
and 5.26%.
against 5.26%
vakia closed at
3.48% against 3.48%; on
4
EXCHANGE onno new featuresneutralthose of the
presents the countries
from during the
war
few weeks.
last
The Scandinavian units move
in
sympathy with sterling.
The Swiss franc and
Holland guilder, which were both very strong a
close
weeks
French
ago,
have been ruling easier
devaluation,
French funds from
since the
due largely to repatriation of
Holland and Switzerland.
currencies are likewise
Both
depressed by doubts as to the
French devaluation on trade
The weakness in the
be ascribed in part to the movement of
possible effects of the
guilder
in these countries.
can
Dutch funds into certain
ably steel.
have been
American securities, not¬
American issues on the Amsterdam
consistently firm during the past few
bourse
weeks.
Amsterdam finished on Friday
on Friday of last week; cable
55.36, against 55.37; and commercial
Bankers' sight on
at
55.36, against
at
transfers
55.37
bills at 55.32, against 55.33.
Swiss francs
closed at 22.86 for checks and at 22.86 for cable
sight
transfers, against
22.83% and 22.83%. Copenhagen
and cable transfers at 22.18,
checks finished at 22.18
Checks on Sweden
25.61%,
against 25.64% and 25.64%; while checks on Nor¬
way finished at 24.97 and cable transfers at 24.97,
against
closed
tion of the
32.67
parity as before devaluation
and prices
doubt largely to the fact that
...
(guilder)
New dollar
few
There have
19.30
_
Italy (lira).
the
fluctuations.
2.79^
16.82^
5.26^
22.79^
55.30
6.63
16.95
8.91
40.20
_
3.92
13.90
5.26
(franc)
Belgium (belga)
a
This Week
Parity a
Parity
the secrecy of the
liable to successive violent
Range
Old Dollar_ New Dollar
and rendering the bank's reserve
exchange, thus partly destroying
fund's operations
,
table shows the relation of
The following
relationship between
the French stabilization fund and
the basic cable
improved to 25 points discount.
from the basic cable rate
francs to the
point is
at 100 points discount from
were
and have since
rate
still at
On May 13 30-day
under spot.
discounts
severe
institution fell by
marked improvement though
have also shown
Holland
an
during the week the
The statement showed that
reserves
Switzerland (franc)
investment in France.
Perhaps
3247
Chronicle
22.20% and 22.20%.
at
25.61% and cable transfers at
against 25.00
and 25.00.
3248
Financial Chronicle
EXCHANGE on the Southof American countries
presents
features
importance. These
no new
units
of
operations
have had
no
Argentine
relationship to sterling through
local exchange controls.
The
the
abortive attempt
bankers'
identical with the
held in close
are
at revolution in Brazil
effect
on
the Committee
26.10(5*26.30.
has evolved
Chilean exchange is quoted
at 5.19 (official),
against 5.19.
Peru is nominally
quoted at 23%, against 24.00.
a measure
to any
bill,
legislation
May
17 it
10,000,000
in close
was
indicated
of silver
ounces
that
coin
approximately
expected to
were
arrive in New York from London for Chinese
account.
This is the first movement of Chinese silver to
New
York in a month,
making
received
ounces
November.
The
total of
a
the movement
began last
shipment will bring the value
of the total movement to
approximately $63,000,000.
British customs returns indicate that China has
sup¬
plies of metal in London available for future require¬
ments
totaling about 182,000,000
ounces,
valued at
Closing quotations for
28.97, against 29.01
on
checks yesterday were
Friday of last week. Hong¬
yen
kong closed at 30.90@31.00, against 30.90@31 1-16;
Shanghai at 22%@23%, against 24%@24%; Manila
49.80, against 49.80; Singapore at 57.60, against
11-16; Bombay at 37.09, against 37.11; and Cal¬
57
cutta at
led
the
to
House. There
par
respective dates of most
velt to
recent statements,
as
of
reported
by special cable yesterday (Friday); comparisons
shown for the
corresponding dates in the previous
four years:
France
Germany b.
Spain
Italy
Netherlands
1938
1937
1936
1935
1934
£
£
£
£
327,140,336
293,723,451
2,522,000
322,148,638
347,629,862
2,456,300
206,188,494
460,124,006
2.526,200
89,106,000
42,575,000
58,110,000
193,404,330
638,095,760
3,015,800
90,779,000
99,522,000
Switzerland.
Sweden....
Denmark..
86,167,000
61,117,000
18,040,000
15,022,000
7,394,000
7,397,000
6,601,000
6,577,000
87,323,000
25,232,000
87,923,000
102,437,000
83,558,000
25,719,000
6,549,000
48,516,000
23,904,000
6,554,000
6,602,000
6,604,000
Norway
Total week.
Prev. week.
63,019,000
53,775,000
192,130.046
616,689,526
6,154,150
90,502,000
the
66,900,000
1.065,812,787 1,097,577,800 1,043,729,700
1,206,204,890 1,213,701,722
1,066,569,782 1,088,878,236 1,046,035,850
1,212,494,153 1,209,329,617
Mr. Roosevelt and the
Wages and
Hours Bill
of
Monday, if all
the
was some
the calendar
on
support for
a
petition among
objected to the action
a
pass
of
the
Rules
was
telegram from President Roose¬
"that the House
its judgment
adding the hope
such
on
as
whole
a
legislation," and
"that the democratic
process
of
legislation will continue."
The Norton bill
provides, in substance, for a
graduated minimum wage beginning, for the first
year, at 25 cents per hour and rising by 5 cents
per
which
cents, at
figure it would remain unless changed by
subsequent legislation. A maximum
start at 44 hours
for the
work week is to
first year and
continue
with 42 hours for the second
year and 40 hours for
the third and
subsequent years. The maximum work¬
ing day is limited to 8 hours, but overtime
paid for at time and
prohibited, and exceptions
a
are
half.
may
be
Child labor
made for
learners,
The
Secre¬
tary of Labor, to whom the administration of the
proposed law falls, is authorized to determine, after
hearings and inquiry, whether
is
one
affecting interstate
finds that it
is,
a
particular industry
If he
commerce.
order containing
an
that effect is to be
concerned and its
a
(or she)
declaration to
issued, and thereupon the provi¬
applicable to the industry
goes
as
bill
planned,
left
of
to the
the
battle
before the House
petition, signed by 218 members,
discharg¬
ing the Committee on Rules from further considera¬
measure.
The
Department of Justice.
The provisions
law do not apply to agricultural
the proposed
laborers,
port
seamen,
employees,
fishermen, railroad
persons
or
air trans¬
engaged in executive
or
ad¬
ministrative work, Federal, State or
municipal em¬
ployees,
In
a
employees of labor organizations.
or
statement submitted to the Rules Committee
on
April 28, Chairman Norton declared that, in the
opinion of the Labor Committee, "the need for the
enactment of this
legislation during this session of
Congress is urgent.
In the last few months there
alarmingly sharp decline in business
an
activity. With that decline have
ness
men
The bill which the House will
so
deplore, but
These business
motion
comes
employers and employees.
Secretary is also required 'to investigate charges of
violation, but the enforcement of the provisions is
to
a
tion of the
opposed
come
the inevitable
wage cuts which the great mass of American busi¬
wages and hours bill will open in the House
Representatives. The
under
re¬
the subject, to allow the Norton
members believed
should
lias occurred
over
the
Representative Norton of New Jersey, Chair¬
73,962,000
a Amount held
Dec. 31, 1936, latest figures
available,
b Gold holdings of the
Bank of Germany are
exclusive of gold held abroad, the amount
of which Is now
reported at £1,016.650.
c Amount held
Aug. 1, 1936, the latest figure aballable.
The gold of the Bank of
France was revalued on
July 23, 1937, at 43 milligrams
of gold 0 9
fine, equal to one franc; this was the
second change In the gold's value
within less than a year,
the previous revaluation took
place on Sept. 26, 1936.
when the gold was
given a value of 49
milligrams to the franc as compared with
66.5 mgs. previously.
On the basis of 65.5
mgs.. approximately 125 francs equaled
£1 sterling at
par; on basts of 49
mgs., about 165 francs equaled £1
sterling, and at
43 mgs., there are about
190 francs to £1.
On
was
Committee, made public on May 2,
expressing the opinion that "a large majority" of
77,251,000
45,914,000
c87.323.000
a25,232,000
123,356,000
88,590,000
74,955,000
28,989,000
6,540,000
7,442,000
Nat. Belg__
Rules, which
sions of the law become
£
England
some re¬
was
of the Labor
man
us
Banks of—
on
It
petition for consideration by the
greatly aided by
is
exchange) in the principal European banks
are
differing greatly, in
apprentices and handicapped workers.
THE following table indicates the amounts of gold
bullion (concerted into
pounds sterling at
to
large number
proposed the Committee
Committee, but resort to the petition method
worked if
37.09, against 37.11.
Gold Bullion in European Banks
of
a
adversely
the bill to
hour annual increases until it reaches
40
$70,000,000.
at
on
140,000,000
since
new
of
it is now known, to be placed
as
that
members who
EXCHANGE on the Far alignmentcountries con¬
Eastern with sterling.
be held
were
fusal of the Committee
The unoffi¬
(official), against 5.90.
On
Out
spects, from the original proposal.
26.10@26.14, against
Brazilian milreis are quoted at 5.90
tinues to
Labor,
on
of amendments which
Friday of last week;
cable transfers at 33.12, against 33.16.
cial or free market close was
is not, however,
which it acted
on
to
seems
paper pesos
sight, against 33.16
one
months ago when it recommitted
some
foreign exchange quotations.
closed on Friday at 33.12 for
on
May 21, 1938
be asked to consider and
pass
now
a
men
vicious
are
powerless to prevent.
know that wage
cutting sets in
spiral of deflation which, if allowed
gather sufficient strength, may threaten the foun¬
dations
of
government
itself.
We know
that
the
Federal Government cannot and should not
attempt
to
regulate the wages of all wage
earners
through-
Volume
Financial
146
out the United States.
But the Federal Government
by its inaction permit the channels of com-
cannot
used to set this
be
to
merce
spiral of deflation in
It cannot and should not
motion.
industries to
interstate
become
permit our great
During
engulfed.
unprecedented demands have been
the Federal Government and upon
the last few years
made both upon
State and local
governments for relief and work re-
Unless the
lief.
wages
paid by private employers
living,
sufficient to maintain the bare cost of
are
demands
such
will
necessarily continue."
From this and other statements it is to be
that the
inferred
the disastrous
for
consequences
unemployment will be lessened.
and is authorized to act be-
what the bill proposes,
of the
cause
constitutional control over interstate
which
commerce
it
Bureau of Labor
the bill would
of the things that
According to estimates of the
claimed for it.
are
Statistics, made public on May 16,
eventually raise the wages of about
850,000 workers in manufacturing industries and
shorten the hours of about 2,500,000 persons earning
salaries
or
If the whole number of wage
wages.
whose wages
earners
the bill is expected to increase
were
only
a
it would have
to receive the increase at once,
slight effect upon wage levels in the
affected. The increase, however, is to be
very
industries
spread
over
the
also
The same spread affects
three years.
shortening of the work week,
proposed
Moreover, since the Secretary of Labor is
first to
determine, through hearings and other inquiries, the
particular industries to which the proposed law is to
be
applied, indefinite and perhaps prolonged delays
will
intervene
ments
before the
wage
become effective.
can
been led to believe
and hour require-
Any worker who has
that, once the bill becomes opera-
five, his low wages will be promptly raised or
his
long hours shortened has been cruelly deceived. On
the basis of the estimate of the Bureau of Labor
Statistics, less than 13% of the 6,845,000 workers
receive wage
in interstate industries last fall would
benefits
The
under the bill.
Norton
The number of
at the
not relieve
unemployment,
unemployed throughout the country
12,000,raise wages
present time is probably not far from
000. While
or
will
bill
large industries can, perhaps,
shorten
hours
arid
still
continue operations,
a
heavily upon
the large number of industrial establishments which
are just "getting by" and cannot add to their operating costs without grave danger of being put out
change in either direction will bear
of
business.
inoreover,
Wage increases and shortened hours,
must in any case add to costs of produc-
tion. and hence to the
pay.
prices which consumers must
If the manufacturer tries to meet the
irnposi-
by installing labor-saving devices, the working
force will be reduced and unemployment increased,
tion
while
if
prices are raised both
one
important point lias been very well
put in a recent editorial in the New York "Times."
"If no one," it is pointed out, "is to be employed in
off."
A statement issued on May 5 by official spokes-
for three national farm organizations, representing some 2,000,000 farm families, makes some
cogent criticisms of the bill. The bill, it is declared,
"would increase the price of commodities that farmers must buy and decrease the farmers' net return
men
possesses.
The Norton bill will not do any
of the bill at
might cause the group as a whole to be much worse
of the deflation which
tend that the Federal Government
five Norton fears "may threaten the foundations of
government itself," the danger will not be lessened
by anything that the Norton bill provides,
The case against the minimum wage requirements
They also con-
maintenance, that the
thereby be able to escape
cutting entails, and that the pressure of relief
wage
In any case, the bill
would not prevent wage reductions in wage scales
that are above the prescribed minimum, and if wage
cutting is to any important extent responsible for
the "vicious spiral of deflation" which Representa-
is obligated to do
refused to
accept, contend that the establishment of minimum
wages and maximum hours in industries which are
engaged in or affect interstate commerce will prevent wages in such industries from falling below
porters of the earlier bill which the House
the bare cost of the workers'
production will be curtailed.
industry for less than $16 for a forty-hour week,
then no one whom employers do not deem worth
that amount for such a week will be employed at
all. We cannot make a man or a woman worth a
certain wage by declaring that he or she shall not
be offered or shall not accept any less. We deprive
such persons of whatever they could have earned,
and we deprive the country of whatever services or
goods they could have produced. Doubtless a large
number of the persons affected would be retained
at the higher wage, but extensive unemployment
supporters of the Norton bill, like the sup-
industries concerned will
3249
Chronicle
consumption and
from commodities they sell. Notwithstanding the
exemption of farm labor," the bill "would create
conditions that would make it virtually impossible
for the farmer to secure hired help at wages within
his reach. . . . It would manifestly be useless"
to fix the wage and hour limits prescribed by the
bill "while permitting imports from countries with a
going wage which in some cases is as low as from
three to five cents an hour. . . . The bill contains
no provision for differentials in wages and hours
between urban and rural communities, but imposes
an ironclad uniformity that would prove utterly
unworkable in practice. ... It would vest autoera tic powers in the Secretary of Labor, powers that
Congress should never delegate to the executive
branch of the Government. It would create just
one more
meddling and oppressive bureaucracy and
would greatly increase the cost of government."
The last two of the strictures just quoted go to
the heart of the matter. If the wages and hours bill
becomes law, it will go a long way toward giving
the Federal Government autocratic control of practieally every important industry in the country.
There is no doubt that such control is regarded as
essential to the "planned economy" which Mr.
Roosevelt and his advisers desire and for which they
continue to work. The principles of the old NRA
are still dear to Mr. Roosevelt's thought, and he has
recently expressed an interest in inventories as if
that subject were a proper one for Executive iter¬
ference. With control of wages and hours in every
manufacturing industry which the Secretary of Labor decided was "affecting" interstate commerce,
control or production and distribution would easily
be established as it has been established in agricullure. The fact that the Norton bill limits control to
minimum wages and maximum hours is not important, for once the wedge has been entered it may
Financial
3250
The bill should be rejected as unsound
be driven far.
and mischievous
economically,
as an unwarranted
delegation of authority to the Secretary of Labor to
determine what is
and
measurably sound
dollars
has
and
debt of the Nation
nomical sum;
at
increased
by
the
interest-bearing
yet, while expenditures
are
continuing
undiminished rate and industrial stagnation
an
supplies daily demonstration that profligate spend¬
ing is not
effective device for the restoration of
an
active and solvent economy,
an
new
established
had
events
genuine
renewed hope, however doubting
or even
there is now discomfiture and even dis¬
haps, to quote Vice-President Garner's repeated ob¬
forty billions
than half of that astro¬
more
in government and ad¬
The simplest explanation of the radical rever¬
the public situation which has occurred is, per¬
sal of
Folly
The President has spent upwards of
of
these
Wherever
confidence,
may.
Potent
hope for the ultimate return
sense
ministration.
and hesitant,
arbitrary Executive power.
cise of
have the most reason to
of
is not interstate commerce,
or
unworkable in practice except by the exer¬
as
May 21, 1938
Chronicle
he
now proposes a
and extreme expansion of outlay, and Congress
servation that
"you can't defeat an Administration
that has four billion dollars to
spend
it pleases."
as
Congress, to all appearances, has surrendered, like
Davy Crockett's coon, to an attack which, although
Everyone
yet actual, is clearly imminent.
hot
knows that the election of 1936 was
raised
billions,
taxation
by
now
purchased with
and
billions
other
charged to the annual deficit and added to the Fed¬
eral
debt, which were heedlessly placed
utterly
so
under Presidential control that their entire distri¬
deliberates whether it will authorize this most recent
bution, down to the last nickel, could be Farleyized
incursion upon
and devoted
the
those who would
cratic processes
comprehend and
To
the demo¬
measure
of these United States, the immedi¬
discernible reactions
and
ate
of the taxpayers.
resources
this
to
startling de¬
mand for additional contributions from the net in¬
of
come
few
the
remaining profitable industries
It is doubtless too
the shocked
early to attempt description of
feeling of that vast and too inarticulate
which constitutes the tax-paying public of the
group
day, and obviously
voice the inevitable dis¬
none can
comfort and discontent of their
posterity
;
but this
overgrown and enormous internal
public debt
stitutes
series
drawn
a
vast
on
and
them,
burdensome
and
their
combined
con¬
of' orders
voices
will
gather strength and capacity to command attention
with the
future.
lapse of time and the developments of the
The
view
nearer
may
presently and
even
profitably be restricted to the immediate reactions
of the intricate
the scheme of
new
political mechanism that constitutes
our
spending
White
program
for
ated almost
from
diminish
glorious
since
his
first
the
point which they
inauguration.
governmental reorganization,
His
attenu¬
beyond recognition in retreat from
position that
wages
proclaimed
at the lowest
were
attained
measure
to
was
When the
House, the prestige and leadership of Presi¬
dent Roosevelt
have
American government.
grew
its
and
op¬
with every concession planned
hostility, had succumbed to
apparently
conclusive
give
an
defeat.
in¬
His
bill, against all his protests seemed to be
finally smothered in a committee controlled by the
Congressional leaders of
his own party. In tax revi¬
sion, his leadership had been insistently repelled,
tably to the distributor of largesse supplied through
blank-check
been
and
revealed.
most
of
the
doctrines
inimical
to
The
joined by
scene
prerogative
subjected
reverse
wages
a score
many
con¬
resented
cloak-room
now
previous
and
effec¬
were
to
carefully concealed,
to
to
pressure
was
Congres¬
attitudes
of
instances, shamelessly
and hours bill lias suddenly
to
the
Democratic
majority,
of Republicans; efforts to control
appropriations, to destroy the dreadful apparition
of
a
Chief Executive become the official
and irre¬
sponsible almoner of impotent taxpayers, proved to
be
completely abortive; and it is
even
being
now
questioned whether the reorganization bill and the
effort to
vived.
pack the Supreme Court
are
manifestation, but with the
sential character which it
to
soon
Supreme Court,
re-appear—probably in the guise of
anti-monopoly experiment in planned and
trolled
con¬
economy.
It may
be fortunate that the demonstration of the
limitless power
priations
out
es¬
possessed in 1935 before
the unanimous condemnation of the
is not
re¬
press
inquire whether NRA, renamed and in
transformed
some
an
not to be
Indeed, members of the Washington
group now
of blank-check, unearmarked
comes
or
promptly and
so
qualification.
newspaper
to
discarded
too
attractive
become
most
that
and 'even
opposition is, in far too
Harrison, profiting by the sound advice
measure
not
legislation
Executive
readiness
sional
M.
a
of
tively flouted
ridicule
Presidential
ago
command
claims
the
of
Baruch, had developed
appropriations, the Congressional
rapidly and radically transformed. Where
weeks
few
a
trol
and Senator
Bernard
With this recent demon¬
of the irresistible power that flows inevi¬
stration
and hours bill, sometimes called the labor
standards
re-
to withhold in conformity with his conve¬
or
nience and his ambitions.
lias
ought to be enlightening and cautionary.
unblushingly to the re-election and
endorsement of the leader who had been enabled to
No
one
tiveness
of
appro¬
palpably with¬
literate enough to read
a
with intellectual capacity sufficient
discriminate between
blatant
so
the
plainest fact and the
pretense can now doubt the destruc-
such
an
abdication
of
legislative func¬
industry and had received Congressional approval
tion, such stupid and stultifying subjection of the
despite the extreme efforts
sup¬
co-ordinate
and
of
porters to impede
an
of Administration
advance of
common
sense
approved principle certain to promote recovery from
the worst depths of the Roosevelt
depression. In
short, the expanded expenditure
nounced at the
program
precise moment when
was
the fallacious
doctrines of the Administration seemed least
to continue to
an¬
likely
prevail, and Americans appeared to
an
argument
vast
Congress to the demanding dictatorship
encroaching Executive.
or
blanket
contrives
the
It is too apparent for
denial that when Congress accords a
appropriation, it coils the
noose
utilized to control and choke its every
pendence.
have,
or
rope
and
that is certain to be effectively
effort at inde¬
That is either what the public wishes to
what it does not wish to have. Either it is
Financial
146
Volume
all authority and discretion in a
desirable to repose
self-perpetuating Executive, or to do so is
confidence
undesir¬
Either there has
residue of power that can
able, dangerous, and destructive.
been left in the
people
suffice to throw off the
time await the deliverance
demand.
lative control of the sums
a
that the recurrent pas¬
the end
Congress must decline to meet the de¬
extravagance and provide for rigid legis¬
mands of
for
in wickedness,
long
humanity for liberty will always in
sion of
necessarily appropriated
intelligently administered relief, or
long time surrender the
it will for
functions constitutionally
protection of American in¬
intrusted to it for the
dustry and for the welfare
of the American people.
Secretary Woodring made it clear
war,
International Provocation
policemen
were
under strict orders never under any
force, how effective would they
circumstances to use
be in
maintaining order?
bound
May 14 is not, on the
on
phrases
an
anarchistic world?"
When
a
characterizes most of the
utterances.
oratorical style which
Italian Premier's public
There were some
challenging statements
speech, however, that were
in the
for other hearers
United States.
obviously directed
said toward the end
of his speech, "but we must be
ready to defend it with all our
when
we
hear
strength, especially
speeches, even from the other side of
thought. It would,
perhaps, be far-fetched to suppose that the so-called
great democracies are preparing for an ideological
war.
Nevertheless, it is well that it should be known
that, in such a case, the totalitarian States will im¬
mediately form a bloc and will march together to
the ocean,
that give us food for
the end."
The
allusion, it was at once perceived, was to
remarkable address which Harry
the
H. Woodring, Sec¬
delivered on May 5, at Washington,
at the annual convention of the Chamber of Com¬
merce of the United States.
"At present," Secretary
retary of War,
democracies are strongly
pacifistic. They have not always been so. If pressed
Woodring declared, "the
far
too
a
of indignation
wave
might sweep over
make it extremely difficult to
them that would
keep
continued aggression
be stopped before things get out of hand." As ex¬
amples of aggression he instanced the occupation
of Manchuria by Japan, Germany's rearmament and
the occupation of the Rhineland, and Italy's Ethi¬
opian war, all of which, he said, had contributed
the peace.
to "world
he
continued, "that this chain
rect consequence
up
"It is a fair inference,"
the State of
tion
from
has had
of events was in di¬
of the success of Japan in
setting
Manchukuo without effective objec¬
the democratic
Powers.
Each incident
repercussions on the world situation until
reliance upon the sanctity of
treaties, less trust in international good faith, less
today there is less
of provocation for which there
course
in
presumably, world democracies should
which,
The accusations of treaty
join.
sweeping denuncia¬
dictatorships and suggested a "quarantine"
tion of
violation which Sec¬
lodged against Japan are not of a
the Japanese temper unruffled, and
retary Hull has
leave
to
little while ago Secretary Ickes, in an inter¬
broadcast which could hardly have been
a
national
given without
Presidential approval, openly advo¬
Anglo-American front in opposition to the
"ominous and bodeful phalanx" of Fascism.
an
The United States
has not been alone in making
provocative thrusts at
dictatorships. Both in Great
continuous fire of attack
Britain and in France a
upon
Fascism, Nazism and
has been
kept up
dictatorships generally
notwithstanding the effort of the
of those countries to reach
governments
under¬
Italy, and the British
and French press has been quite as hostile as have
sections of the American press. Even Prime Minis¬
ter Chamberlain, in defending his agreement with
standings with Germany and
Italy, felt compelled to express his opposition to
from the methods by which
Fascism and his dissent
Ethiopia
was
conquered. Corporations and private
citizens, in their dealings
with one another, do not
wise to interlard their
think it either necessary or
negotiations with slurring allusions to the beliefs,
habits or political practices of those with whom
business
agreements are sought, but a similar
bearance does not
for¬
rule in the field of international
politics.
It is
It is essential that
demoralization."
a
Chicago last October, voiced a
only
"We want peace," Mussolini
they were
well have appeared to be some official justifica¬
tion. It was President Roosevelt who, in a speech at
cated
One of these statements was
statements showed
resented. Yet the remarks only
may
Mussolini was
neither in form nor in
they calculated to conceal their impli¬
cations.'
at the
similar
ordinary man in the street.
interpreted at Berlin, Rome and
language used by the
kind
immediately addressing, and
content were
to have it in¬
terpreted abroad as more significant than
evidently meant
than those whom
/
responsible official of a Government uses
language of this kind, he must expect
continued
acclaimed, as only further
illustrations of the exuberant
invasion of its
respected in
territory, how long would its rights be
how much
the ef¬
friendship, and the
in which the spirit and achieve¬
ments of Fascism were
nation were similarly
of force, economic
military, except in case of actual
or
delivered at
praise of Italo-Gennan
rhetorical
a
Tokyo, and official or unofficial
assuring pronouncement. One may pass over
fusive
If
to resort to any sort
never
whole, a very re¬
speech which Premier Mussolini
The
that the
possession of strength for defense would not
suffice. "Take a common illustration," he said. "If
mere
The words were so
Genoa
curbed without
thought that aggression might be
already bound and must for a
the Nation is
which to build lasting prosperity,
long time." Although he
upon
than there has been for a
yoke of a tyranny contrived
ignorance and folly than
rather in
or
a
3251
Chronicle
improbable that either the Chamber of Com¬
the readers of Secretary Woodring's speech
merce or
saw
war,
to
in his remarks
anything like an incitement to
Woodring himself was
with
by economic means. The continuance of
pinpricks, however, directed against
and Secretary
emphasize the possibility of coping
sion
and
whose forms
of government are
from our own,
phere
radically different
international peace.
such criti¬
Atlantic have not gone
and are regarded as uncalled-for and pro¬
There is not the slightest doubt that, if
cisms from
vocative.
aggres¬
attacks
nations
tends inevitably to create an atmos¬
highly unfavorable to
Mussolini's
unnoticed
careful
Genoa
speech
this side of the
shows that
■.V,
tyyVrfV"
fi'ri'}.
Wi;
3252
Financial
democracies
to undertake
were
crusade for their
a
systems, the dictatorships would unite to resist it,
and the
the criticisms
more
the totalitarian
sade is
States
multiply the
to
are
conclude that
a
cru¬
The
might well be dropped for the further
that the United
President
Roosevelt
finds itself isolated.
concerned
are
we
forgotten, while
will
be
never
reference to sanctions is
for the
as
front, that "is dead and buried and
1938
far
as
resurrected."
clearly
as
The
warning to the
a
League and its members not to try again, by eco¬
brandishing of threats and admonitions to
reason
May 21,
clared, have not been
Stresa
likely
more
contemplated.
other nations
Chronicle
States, in the role in which
seemed
disposed to
cast
it,
The proposal of a democratic
nomic pressure, to interfere with Italian
while the
to negative the idea of
appears
ambitions,
emphatic repudiation of the Stresa front
a
four-Power
new
agreement which it has been thought Mr. Chamber¬
lain
hoped to bring about
as
supplement to the
a
"quarantine" has fallen flat, and the Brussels Con¬
bilateral
ference, which
and France. Taken in connection with the assertion
vigor, is
farce.
expected to give
was
outstanding example of
an
Mr.
Chamberlain,
whose
it form and
international
an
Government
was
agreements involving Great Britain, Italy
that the totalitarian States would unite in
"ideological"
any
apparently expected to respond, has not only made
Powers, there
it clear that there will be
military
in any
no
British
participation
in
crusade for democracy, but has already made
Alliance
his Genoa
speech, declared it
his intention
was
Italy and Germany
or
stand and
accord.
Powers.
If
negotiations for
with Nazi Germany have
they await only
them.
a
Bxutish understanding
a
not already been begun,
favorable moment for launching
The retirement of
Anthony Eden
as
British
Foreign Secretary ended the slight hope that still
persisted of
front.
The British Government now
nizes that
of
two
united Anglo-American
a
considerable part of
a
its
most
powerful
will
Germany will
act
depend
it
as
Europe is
must
now
Britain
since
an
be, is the only
frankly
recog¬
Most bond groups have marked time this week, resulting
States, prefers dictator¬
quarrel.
hand, however much Mussolini may
provocative words or acts from this side of
tion
his
on
averse
account.
own
There
to giving provoca¬
three
are
rather
conspicuous instances of this in the Genoa speech.
"You
will
permit
me
to be
circumspect," he said,
"about the conversations with
are
still in progress.
will reach
ers,
that in
I do not know whether they
a
among
oth¬
matter of great immediate importance
—namely, the Spanish civil
site sides of the barricades.
tory of Barcelona and
Franco."
France, because they
conclusion for the reason,
a
we
war—we
are
on
The hostile reaction
to
the
victory of
this assertion in
France showed that Mussolini had
placed his finger
what is
on
between
is
not
Italy and France. The French Government
interested in
for the
as
perhaps the sorest spot in the relations
stopping the flow of supplies
Spanish loyalists through France
long
Italy continues its aid to the insurgents, and the
immediate effect of the Genoa
speech
so
has been to
High-grade railroad bonds have moved irregularly.
Pacific 4s, 2008, lost % at
arrange
Spain,
was
hoped would be able to
for the withdrawal of foreign troops from
and
to
interrupt the negotiations for
City Southern 5s, 1950,
Italo-French agreement that would match the
agree¬
ment
between
nouncement
Italy and Great Britain.
by Premier Daladier,
"whatever the
on
The
an¬
Thursday, that
circumstances, France is capable of
assuring alone the inviolability of her frontiers and
that of her
and
empire, of safeguarding the independence
integrity of her territory against all attempts
at violence"
thrust that
was
quite
as
provocative
as
the Genoa
obviously inspired it.
The other two
statements
the so-called Stresa front.
Pacific 4%s,
Ohio
refer to sanctions and
Sanctions, Mussolini de¬
I960, how¬
Medium-grade and
off 3% points at 56%;
were
1981, declined 5%
to 38% ;
has
been
displayed
in
defaulted
spec¬
Kansas
South¬
Baltimore &
4%s, 1960, closed at 16, down 3 points.
con v.
interest
Little
railroad
bonds,
prices of which declined.
have
utilities
moved
issues
within
reacted
have
a
been
narrow
quite
Brooklyn-Manhattan
sharply
firm,
range.
and
lower
New
following
Transit 4%s, 1966,
grades
York traction
earlier
55%
at
strength.
off
were
5%; Brooklyn Union Elevated 5s, 1950, declined 3% to 72;
Inter borough Rapid Transit 5s, 1966, were down
3% to 54.
The Tennessee Public
Service 5s, 1970, however, advanced
96, following favorable developments in the Tennessee
Valley Authority situation. Hudson & Manhattan Hit. ref.
9 to
os,
1957,
and
rose
likewise
at 68.
2% to 47% because of special developments
Gas 5s, 1952, gained 11 points
Indianapolis
Registrations of
Commonwealth
new
Edison
Co.
bond issues have been made by
and
Mountain
States
Tel.
&
Tel. Co.
Industrial
week.
bonds
the
Union
remained
of
the
the
steady
in
price
this
moderate gains have been recorded
Loughlin 4%s, 1961, rising 1% points to 96%.
3%s, 1951, have made the best showing in
Oil
high-grade oil list, advancing
most
In
have
In the steel
group
with Jones &
Shell
an
Pennsylvania 4%s,
advanced 1% points to 114%.
ulative railroad bonds have drifted to lower levels.
ern
Union
102%; Chesapeake & Ohio 4%s,
1902, declined % to 113%.
ever,
complicate the work of the London Non-intervention
Committee, which it
The lower-grade
exception, losing ground and
an
going lower than they have been for two weeks.
High-grade
oppo¬
France desires the vic¬
desire
pre¬
which
The Course of the Bond Market
Europe, including
On the other
water, he has not been
of
one
able to think.
rails, however, have been
the
France
and
democratic
not
resent
other
any
armed peace,
in very little net change over last Friday,
to
in Europe
upon
ship to democracy, and with that decision it does
propose
time at least,
surprising if, with this
Great
did not continue to arm,
certain
seems;
a
peace
them than
upon
before them,
prospect
for
now,
a
offensive,
be in the making.
may
together, and that
more
It would be indeed
carious
suspect that
alliance, however, it
no
that Italy and
"scrupulously to respect," and he has been exerting
bring Italy and France into
himself to the utmost to
reason to
alliance, defensive if not also
between
agreement with Fascist Italy which Mussolini,
an
good
seems
resisting
by the united democratic
move
other
paper
issues have
group,
% point
remained
International
to
103%,
about
Paper
os,
while
unchanged.
1947,
have
declined 1% points to 89%,
partially offsetting the two-point
gain reported last week.
Some of the low-priced
speculative
bonds have
declined
with
the
stock
market.
International
Mercantile Marine 6s, 1941, losing 5
points at 39 and Manati
Sugar 4s, 1957, declining 2% to 25.
Among foreign bonds, Chileans have been
noted
for their
strength, but other South American issues have turned
gen¬
erally weaker.
A gain of about three
points has been re¬
corded by Serb-Croatian
issue, while the balance of the
list
has remained
Moody
are
s
apathetic.
computed
given in
the
bond
prices
following tables:
and
bond
yield
averages
Volume
146
MOODY'S BOND
{Based
U.
S.
120
All
1938
Govt.
Bonds
PRICES (REVISED)
MOODY'S BOND
f
(Based
Average Yields)
120 Domestic Corporate *
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
Daily
on
All
tic
Averages
Aaa
Aa
A
:;A
Baa
X
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
tic
30
FQTm'
p. U.
Indus.
Baa
RR.
3.25
3.78
4.49
6.66
6.28
3.88
19—
4.51
3.25
3.76
4.46
6.57
6.18
3.87
3.48
18-
4.51
3.26
3.76
4.48
6.54
6.16
3.88
3.49
17-
4.50
3.25
3.75
4.46
6.54
6.14
3.88
3.48
109.44
16-
4.48
3.26
3.74
4.46
6.46
6.08
3.88
eions
3.49
3.49
Indus.
May 20— 111.94
91.05
114.30
103.93
91.97
65.66
69.37
102.12
109.44
19- 111,86
91.66
114.30
104.30
92.43
66.51
70.41
102.30
91.66
114.09
104.30
92.12
66.80
70.62
102.12
109.44
17-
111.72
91.81
114.30
104.48
92.43
66.80
70.83
102.12
109.64
16- 111.75
92.12
114.09
104.67
92.43
67.58
71.46
102.12
Averages
109.64
18— 111.78
14-
(REVISED)
Individual Closing Prices)
4.55
P. U.
RR.
YIELD AVERAGES
on
120 Domestic Corporate *
120
1938
Daily
Corp.*
3253
Chronicle
Financial
May 20.
Aaa
Corp.
_
Aa
,
a
3.48
111.78
92.28
114.09
104.67
92.90
67.87
71.89
102.12
109.64
14—
4.47
3.26
3.74
4.43
6.43
6.04
3.88
13„ 111.82
92.28
114.09
104.48
92.90
67.97
72.00
102.12
109.24
13—
4.47
3.26
3.75
4.43
6.42
6.03
3.88
3.50
12„ 111.85
92.43
113.89
104.48
92.90
68.37
72.43
102.12
109.05
12-
4.46
3.27
3.75
4.43
6.38
5.99
3.88
3.51
11- 111.76
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
3.51
10— 111.76
3.51
—
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
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
3.52
6— 111.54
91.20
113.48
103.74
91.66
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
9—
5-
111.68
4—
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
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
2—
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
Apr. 29— 111.42
89.69
113.27
103.02
90.44
63.91
68.17
100.35
108.27
WeeklyApr. 29—
4.64
3.30
3.83
4.59
6.85
6.40
3.98
3.55
3.31
6.88
3.56
Weekly—
22-
111.48
3.88
4.65
6.46
4.03
4.80
3.38
3.97
4.77
7.07
6.60
4.13
3.66
8—
4.79
3.37
3.99
4.76
7.05
6.48
4.18
3.72
'f-.-'Ui.
4.95
3.38
4.06
4.89
7.47
6.87
4.23
3.76
89.10
113.07
102.12
89.55
63.64
67.58
99.48
108.08
22.
4.68
14— 110.08
87.35
111.64
100.53
87.78
61.98
66.22
97.78
106.17
14.
8- 109.69
87.49
111.84
100.18
87.93
62.15
67.38
96.94
105.04
1— 109.58
85.24
111.64
98.97
86.07
58.70
63.73
96.11
104.30
88.51
113.07
103.56
89 55
61 47
6..58
98 45
106 73
Mar. 25..
4.72
3.31
3.80
4.65
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
107.88
3.27
3.78
4.59
6.88
6.27
4.05
3.57
91.66
114.51
105.98
92.75
o5.56
72.98
99 48
108.46
18—
11—
4 63
11- 110.57
4 51
3.24
3.67
4.44
6.67
5.94
4.03
3.54
4„ 110.70
94.01
14.93
106 54
94.49
69.58
77.60
100.00
108.46
4„
4 36
3.22
3.64
4.33
6.26
5.54
4.00
3.54
Feb. 25- 110.50
94.49
115.14
106.92
94.81
70.62
79.20
99.48
108.46
4.33
3.21
3.62
4.31
6.16
5.41
4.03
3.54
110.21
93.85
114.93
107.73
94.01
69.58
78.20
98.80
108.08
18—
4.37
3.22
3.63
4.36
6.26
5.49
4.07
3.56
11- 110.18
93.53
115.14
106.54
93.69
68.87
77.96
98.62
107.69
11
4.39
3.21
3.64
4.38
6.33
5.51
4.08
3.58
4.47
3.27
3.68
4.47
6.45
5.70
4.09
3.62
Mar.25—
110.34
18-
Feb.25.
V:.>:
4-
110.16
92.28
113.89
105.79
92.28
67.68
75.70
98.45
106.92
Jan. 28—
110.07
91.81
114.09
105.04
92.59
66.41
73.99
98.62
107.69
Jan. 28.
4.50
3.26
3.72
4.45
6.58
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
3.50
109.97
95.62
115.78
107.88
95.46
72.00
81.35
99.83
108.46
7-
4.26
3.18
3.67
4.27
6.03
5.24
4.02
3.54
High 1938 111.94
95.95
116.00
108.27
95.95
72.65
82.13
102.30
109.64
4.95
3.38
4.06
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
4.24
3.17
3.55
4.24
5.97
5.18
3.87
3.48
101.41
112.86
109.64
100.18
85.93
95.46
100.70
108.66
3.92
3.32
3.48
3.99
4.90
4.27
3.96
3.53
100.88
114.30
108.85
98.45
85.52
93.69
101.23
108.46
3.95
3.25
3.52
4.09
4.93
4.38
3.93
3.54
7-
1
"■'4—
Yr. Ago
May20'37 108.09
2 Yrs.Ago
May20'36 110.22
IpvpI
thfo™r!!0 !! 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
*hf ^ove,ment
actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
a! Vr f"er
truer picture of the bond market, x Discontinued, t The latest complete list of bonds used In computing these indexes was published
Apru Zo, 1938, page 2594.
.Vr-v.
nr
viotn
on
uu
i
icont
the issue
uiu
oi
Speculation, Stock Prices and Industrial
Fluctuations
A
Study of the Effects of Stock Speculation
Stock
on
Price Movements and
These
of
ence
Movements
and Business.
426 pages.
the
covers
stock speculation
general way, however, are data regarding brokers'loans
the volume of speculation.
"In order
brokers'
make
than
reading
casual
a
movements
margin
11
its
of
be
"that
$4.50
the movements of stock prices and
those
a
and
must
In addition to examining the effects of
upon
influence of
the
ground
more
title would imply.
et
G
it offers an informative and detailed survey of the
operations of stock exchanges, particularly the New York
Exchange, the methods of dealing, and public as well as
professional participation in buying and selling.
Based
reading not only by those having a professional interest in
stock
the
market
but
alsp by
bankers, investors,
business
and the general public which seeks profits in securities
men,
is
an
index
of
speculation" it
complex considerations,
speculation, that outright buying
other
these
important new books
on
Banking and Investments:
MONEY, CREDIT, and BANKING
By Ray B. Westerfield
upon an
as
into
among
buying
ness,
intensive study of a wide range of data and brought
nearly as practicable down to date, it deserves careful
loans
assumed,
produtcion and busi¬
on
"to lower the cost of
interest rates on long-time borrowing, but
through its demand for short-time funds with which to hold
stock it tends to increase short-time bankers' rates."
Only
to
By James Alexander Ross.
This substantial treatise, equipped with 43 tables and
charts,
interest rates, he concludes, is
useful in measuring
New York: The Ronald Press
Co.
on
capital
in
Influ¬
Production
on
tion
f)NE OF America's leading authorities deals with questions in
vy
forefront of interest today, with special emphasis on
the
current mone¬
tary problems, credit fundamentals, and central banking operations.
The "last word" for the man who wants to reinforce his hanking expe¬
rience
with
unusual
the effects of recent
mastery of principles,
legislation and events.
and awareness of
<»,*
Kn
$4.0U
dealings.
author
The
is
discussion
his
at
to
pains,
throughout the book, to relate
economic
theories.
The
earlier
profit theory and monopolistic competition, $nd the factor
of risk in the profit theory.
The essential differences
between
investment,
pointed out, the
prices of stocks
tion
and
volume
extent
and
character
(the
noted),
gambling
are
of
speculation, the author reviews the
of
increased
public
participation
participation
of
in
women
the
is
stock
volume
the
functions
of
exchanges
function
of
speculation.
cussions
of
professional
of
speculators,
data,
and
of the
generally, and the particular
These topics are followed by dis¬
speculation and the various types
extended
course
surveys,
enriched
of speculation in
by
periods of
depression, and, finally, by chapters
on
Few
of
the
the relation of
large public that
thinks,
buys and sells stocks, the
"believe that they are making unintelligent
speculations or are gambling," hut he nevertheless sees them
acting "at the wrong time/on what must be considered
as
a
hasty
criterion
its
form
rationalization
of
but
an
its
of
inadequate
investment' security,
quality and the
to the amount and time of payment.
knowledge."
he points
measure
of
out,
THEORY of Investment
By Chelcie C. Bosland
By Gilbert Harold
their
WHAT the "common stock idea"
F position as symbols of invest¬
ment quality?
Here is the needed,
impartial appraisal of what the rat¬
ing services have done and what you
may expect of them, with practical,
tested suggestions for their <to r\r\
is—arguments for and against
it—place of common stock as a
"hedge" in any investment program
against effects of inflation.
Sum¬
marizes and brings up to date earlier
investigations
into results
of long-term holdings.
$*.ou
TYO
BOND
ratings
deserve
better use.
speculation, stock prices and
industrial fluctuations
By James Alexander Ross, Jr.
historical
prosperity/'
speculative credit to business, stock prices and real invest¬
ment, and speculation and production cycles.
author
Investment Guide
briefly
the amount of trading by brokers and the public,
of trading on the New York Stock Exchange,
the
as an
then
conditions that determine the value and
examined, and the relation of specula¬
rates is discussed.
Passing next to the
nature
market
and
are
interest
to
speculation
The COMMON STOCK
BOND RATINGS
chapters
deal with the theory of corporate profits and common stock,
The
is
assurance
not
as
The effect of specula¬
ALERT, up-to-the-minute study of the real effects of stock
speculation on stock price movements and the influence of these
movements oil production and business.
Offers frank, reveala
ing conclusions of far-reaching importance.
q>4.0U
AN
Let these books help you now.
any you
Send for
wish on 5 days' approval.
Address:
The Ronald Press Company
Dept. M210
15 East 26th ST., NEW YORK
Financial
3254
is
from
vestment,
not important or
brokers' loans."
is
direction
banks,
to
in a contrary
fluctuations, again,
Price
The authors, who know Japan at first
hand, are not concerned with upbraiding Japan for its recent
moving
not
May 21, ms
thetie and detached.
that stocks held on funds borrowed
which represents speculation, not in-
and
investment,
direct
Chronicle
with China or with admonishing it for its ambition
course
be the dominating Power in the Far East.
to
What inter¬
any
ests them is the state of the country and its people in the
period longer than a day opens a field of uncertainty as to
what period is in mind.
Taking into consideration the nature of the Stock Ex-
period of change through which both are passing, and the
economic problems which press for solution. In a narrative
only as they are related to time," and
im ve meaning
balance,
notable for its sweep and
describe the old
they
change, the attitude toward speculation, and corporate laws
and customs, the author is convinced that stock prices "have
political and social order in Japan, the rapid adaptation of
considerable influence on the amount of business invest-
standing wide adoption of the new, and the contrasts and
a
Western ways, the continuance of much of the old notwith-
comparison
with
China
presents,
the West developed the militaristic
temper which Japan has shown, the pressure of population
upon an always deficient food supply has developed a proleresemblances which
Where contact with
ment, earnings and general prosperity.
The importance of
speculation in the business cycle extends much beyond
stock
|ts direct influence on prices, for it involves the creation
and contraction of bank credit, influences the rate of invest-
and
ment
spending.
consumer
.
.
Speculation in
.
industrial workers which, while relatively
increasing its influence and forcing the
taria/n class of
the
by causing the stock boom and the ultimate
stock market,
small as yet, is
ment values are directly related to changes in interest rates
departure from tradition, at the same time that the
pressure of numbers makes inevitable a demand for nearby
territory into which a redundant population can flow,
In an especially interesting chapter on certain basic problems in Japan's economic development, the authors note the
small volume of national wealth and income not withstanding the large increase after 1913, the difficult conditions
under which agriculture, the principal industry, is carried
prospective earnings, and in back of the expectations
situation on which these expecta-
on, the imposition of large-scale industry upon the prevailing system of small shops, the special attention paid by
collapse, is a major cause of the turn from prosperity to
depression which it tends to sustain, and may very well
be the explanation of the ultimate upturn in business activity.
The movements in investment values which
underlie the fluctuations in stock prices, so often pointed
to as the fundamental cause of the price movements, are
.
.
in part
and
.
These changes in invest-
due to the stock market.
is the objective business
tions
based."
are
The passages
will
most
the
seem
government
just quoted illustrate what, to
suggestive
contribution
of
development
of
heavy
industries,
the
trade, breeds a condition of social unrest, and the struggle
Professor
It is hardly necessary to say that such
Boss's book.
the
to
persistence of low wages which, though favorable for export
some readers,
for world markets. "It is scarcely conceivable," the authors
conclude, that Japan "can succeed in her efforts toward
study
of speculation as, in the author's phrase, "part and parcel"
of "the organized capital market" is of special importance
a
at the present time.
the domination of the entire East.
And if she does not
succeed it is scarcely conceivable that she can solve the
deep-rooted problems that beset her at home," among them
be commended.
paying for them
As an illuminating discussion of that
subject, as well as a comprehensive and practical view of
the speculative process in general, the book is cordially to
"the necessity of importing the main
ers:
'defense'
Japan in Transition
By Emil Lederer and Emy Lederer-Seidler.
pages.
New Haven: Yale University
Press.
dominate it
$3
strangeness."
STATE
one
its
would
attack;
people
pride
same
time lured into
an
an
and
and to
alien West¬
difficult to grasp and embarrassing in its
book merits the attention of whoever
The
wants to understand the problems and policies of Japan.
duction
EPITOME
TRADE—COMMERCIAL
OF
no
bequeaths
people ready to conquer the world
a
but at the
Indications of Business
THE
which
civilization,
ern
of books about Japan it is gratifying
which, like the present work, is at once sympa-
which
country
a
audacity, and
In the growing list
to find one
of
culture
ancient
269
1
a
raw materials and
with the labor of poorly nourished work¬
great part of the national dividend spent for the
Activity
electric light
of
and
in the
power
United
States
amounted to 1,967,613,000 kilowatt hours in the week ended
Friday Night,May
Mliv u< a decrease ot 10.3% below the corresponding week
Business activity showed very little change the past week,
a year ago, the Edison Electric Institute reported
yesterday.
A7.
Outside
of
developments in
7).
,f„](
1Qoo
on
20, 193?.
Pennsylvania,
there
As
a
matter of fact, pessimism is becoming more pronounced
as time goes on.
Failure of industry to show any signs
of early recovery from the present depression, with the
result that resources of the people are rapidly becoming
exhausted, foreshadows a "serious relief situation in the
immediate future," Works Progress Administrator Harry'
Hopkins declared recently.
Although there are prospects,
he
said, that between now and Feb.
1 approximately
1,500,000 persons will find employment in private industry,
was
indications
present
the
political
Although output for the latest week
little to warrant any genuine feeling of optimism.
future
near
that WPA rolls will
are
from
28,513,000 kilowatt
with the total of 2,104,620,000 in the same week last year,
Engineering construction awards for the week, $45,614,000,
are 9% below the average week for 1938 to date, and 2%
below the average week for 1937, "Engineering News-Record" reported yesterday.
It compares with last week, which
37% above the 1938
was
average, and with
ing week last year, which
was
the correspond18% above the 1937 average.
The volume of construction for 1938 to date, $999,015,000, is
9.5% above the $913,413,000 reported for the corresponding
boosted in
be
was
hours above the total of 1,939,100,000 in the previous week,
production dropped 227,007,000 kilowatt hours, compared
their
present level of 2,600,000 to
peak figure of 3,000,000. According
to the "Journal of Commerce,"
business activity the past
week rose to 69.6 as compared with a revised figure of 69.4
a week ago and 105.1 for the
corresponding week of 1937.
period in 1937 by "Engineering News-Record."
Electric output, petroleum runs-to-stills and bituminous coal
production made gains, while automotive activity showed a
policies written in the first four months of the vear fell
21% from the 1937 level.
April sales were 26%* smaller,
After 1929, life insurance sales did not suffer as acutely
2,800,000 and
even
to
total is 34% below a
a
drop and steel production registered another reducDespite a gain of 3% in the Pittsburgh area, steel
until
ingot production
of the country lias slipped an additional
point to 30% of capacity during the week, "Iron Age"
states in its current summary.
This local improvement,
1932.
passenger
railroads
says..
Discussing
notes that
temporary accumulation of
indicative
other
of
and
while
St.
Louis rates
production
was
were
unchanged
Detroit and southern Ohio.
in
awards,
reflect at least
which have been
branches
of
steel
eastern
a
any
consumption.
one
The
Steel
present
"big steel"
expected in trade circles here.
action
pound
concerning
would
week'in
subsidiary,
more
Steel
most
men
prices
of
in
delivery
be bought at
third-quarter
of the
action
steel prices for third-quarter
additional
Pennsylvania,
actvie
Carnegie-
reaffirming
was
not
un-
feel that not
an
lower
prices.
This
will,
among
other
things, keep wages at their current high hourly level.
than
temporary lull in construction
recently
Illinois
Corp.,
Buffalo, Binningbe off slightly,
to
Structural steel lettings of only
4,500 tons this week, the lowest for
two years,
28%.
reported
Pro-
of
insurance
written
in
1930
I
along
carrier
from
revenues
with
the
wrhose
the pre-depression volume.
constitute a problem on
drop
report
in
for
freight
1937
traffic.
lias
just
Desome
One
come
to
hand shows passenger returns for the year about 80% unde~
1936.
This is an unusually large percentage drop, but in
Chjcago has dropped 4 points to 29%, Wheeling-
Weirton 5 to 58%, Youngstown 3 to
ham
trend, the periodical
areas,
the publication
a
producing
value
only about 15%
dining
Class
being
the
fell
tion, is merely the result of
a
Thus,
less than 5% below the 1929 average, and the 1931 total
while the rest of the country is moving in a
contrary direcwithout
week's
year ago.
was
half
orders
a
That this recession has been far sharper than most other
serious depressions is shown strikingly by the abrupt slac-kening in life insurance sales this year.
The value of new
marked
lion.
This
week ago and 17% below
this instance the decline
revenues
1
were
was no cause for worry.
Freight
something over two and one-quarter millions
12%.
With cold and rainy weather' curbing
of
down
sales for the second consecutive week,
retail buying in the
3% to 8% under the preceding week and
8% to 15% from the 1937 comparative, according to a
latest period
down
was
Dun & Bradstreet trade survey.
ican
freight
This
the
reported today 541,813 cars of revenue
loaded during the Tveek ended last Saturday.
were
increase of 5.673
was an
preceding week:
pared with
a
that action
decided
a
year ago,
compared with 1930.
ers
The Association of Amer-
Railroads
on
cars,
or
1.1%, compared with
decrease of 227.747,
or
29.6%.
and a decrease of 390,533,
or
com-
41.9%,
Latest advices from Washington state
railroad loans is being held up.
today to delay action
on
the bill
House leadto
liberalize
Volume
Financial
146
Reconst ruction
Finance
They will hold
bill.
The
with
bill to
recommitted the
has
the
intention
of attaching
the
an
provide that loans should not be made to railroads
rain
additional
but
in Week Ended May 14
Up 5,673 Cars
is
needed rather generally,
so
Loadings of
Finance
amendment
which
cut wages.
The Senate's action was taken after the rail¬
roads had proposed a 15% wage reduction for nearly a
million rail employees, effective July 1.
Unseasonably low
temperatures prevailed in most sections of the country the
past week, and this seemed the outstanding feature of the
weather.
These extremely cool tmperaturs retarded growth
of vegetation and delayed germination of recently planted
crops, with extensive frost damage over large areas.
The
greatest damage from frost and freezing temperatures was
reported from New York, the western half of Pennsyl¬
vania, West Virginia, Ohio, and the Lake region.^ There was
considerable harm to tender truck crops and * to fruit in
some sections, the latter especially in West Virginia;
also
some
damage to grain crops in the eastern Ohio Valley.
While low temperatures were unfavorable in the eastern
area, droughty conditions were temporarily relieved rather
generally from the Ohio Valley .eastward and northeastward.
Most places received sufficient moisture for present needs,
to
Revenue Freight Car Loadings
railroads.
similar
to
action until the Senate acts on a
up
Senate
Committee
loans
Corporation
32553
Chronicle
1§38,
freight for the week ended May 14,
revenue
totaled 541,813
29.6%, from the total for the like week
cars, or
and
drop of 139,595
a
for the
ended
corresponding week two years
May 7, 1938, loadings
the like week of 1937, and
1937 and
drop of 19.1% when comparison is made with the
a
The first 18
'
major railroads to report for the week ended
May 14, 1938, loaded
total of 251,033
a
Overnight
at
60 to 68;
Pittsburgh, 64 to 78; Portland, Me., 50 to 58; Chicago, 66
to 82; Cincinnati, 66 to 86 ; Cleveland, 70 to 80; Detroit*
66 to 82; Charleston, 72 to 86; Milwaukee, 48 to 60; Sa¬
vannah, 06 to 94; Dallas. 72 to 76; Kansas City, 66 to 78;
Springfield, Mo., 62 to 76; Oklahoma City, 68 to 82; Salt
Lake City, 36 to 54; Seattle, 52 to 78; Montreal, 54 to 72,
much change in temperature.
Boston it was 52 to 70 degrees; Baltimore,
cloudy,
and
without
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Care)
Loaded on Own Lines
May 7
May 15
1938
1937
4,871
12,273
6,578
18,422
10,769
6,070
7,510
6,381
6,083
6,421
8,276
16,200
8,228
8,684
10,516
3,156
2,976
1,522
1,493
1,591
1,960
2,060
2,092
2,086
2,583
2,306
3,518
3,728
4,491
2,326
2,634
3,046
11,244
11,313
13,815
7,726
8,037
9,308
30,296
30,638
45,875
28,251
29,680
40,975
3,991
3,954
3,536
7,419
7,641
10,086
3,508
4,811
30,510
48,791
3,937
4,291
May 7
1938
1938
1937
18,744
21,603
18,340
22,431
22,844
36,058
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Milw. St. Paul & Pac Ry.
16,142
15,355
25,458
12,630
7,657
12,635
16,819
12,731
13,865
17,067
19,808
Chicago & North Western Ry
12,233
12,330
3,103
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Gulf Coast Lines
N. Y. Chicago & St. Louis Ry
13,644
12,825
20,735
46,414
46,957
4,471
4,372
70,195
8,785
3,391
30,187
3,743
3,398
3,447
7,400
3,504
31,332
7,152
3,344
7,513
6,449
24,767
4,756
4,762
5,046
6,867
7,062
8,765
Wabash
Total...
Overcome
..
Cleveland
Co.
Trust
of Cleveland,
Weeks Ended—
that
the recovery program
entirely overlooks the crisis conditions that have
""Probably," says
Colonel Ayres, "it is not possible to get a robust and durable
recovery under way without first taking resolute steps to
industry."
railroad
the
in
developed
solvency of the railroads.
restore the
tions constitute a really large fraction
Those great corpora¬
of our entire business
These comments are contained in the Cleveland
Bulletin" of May 16, of which Colonel
economy."
Trust Co.'s "Business
In pointing out that "our railroad problem
by mere reorganizations which reduce
charges by writing off bonded debt."
Colonel Ayres
Ayres is editor.
fixed
solved
be
cannot
February the railroads would have lost money even if they had had
debt at all.
They did not even cover their costs of operation,
and March their results were not much better.
Reorganiza¬
tions and mergers and government loans combined can no longer avail to
solve our railroad problem and to cure the present acute railroad crisis.
The fact is that the wage bill of the railroads has become too great
for the traffic to bear.
Our railroad crisis can be cured only by the
bonded
and in January
of comprehensive legislation providing for the rapid reorganiza¬
lines, the merging of existing companies into a limited
adoption
tion
the prompt abandonment of a large amount of
and a considerable decrease in the number
number of strong systems,
of
they appear to be essential,
real business recovery in this
There are radical remedies, but
employees.
and it may
mileage,
branch
non-essential
well be doubted if we can have a
until they are adopted.
country
Colonel Ayres also had the following to say:
At present the total market values of all railroad shares are much less
than they were at the bottom of the depression in 1932 and 1933, and
they are bnly about one-fourth as much as they were in the years just
before the depression.
The prices of the utility stocks are similarly de¬
pressed, although the industry is not in any such critical condition as that
of the railroads.
Utility stocks are now selling at much lower levels than
those
of
those
of
and
1933,
and
1932
at
only about
prices
one-fifth as
high as
We
traffic
to
long-continued
create
or
public
through
carry
in
confidence
confidence
recovery
a
railroad
and
years
that not
public spending will either restore railroad
in
program
investments.
The attempt
without taking steps to restore
is a little like undertaking
automobile without repairing its one punctured tire.
The
closely applicable, but it is still true that attempts at
managed recoveries are likely to prove disappointing if their programs
disregard important sections of the depression areas.
to
operate
analogy
is
At the outset of his comments
Colonel Ayres remarked:
business activity since the
a month ago.
When the
announcement was made stock prices advanced moderately and they have
since held most of their email gains.
The quotations for Federal securities
moved upward, and that advance has been held.
The outstanding charac¬
teristics of the renewed depression are still the same as they have been
since the beginning of the year.
They are an abnormally small demand
1
for new automobiles, exceptionally low outputs in the basic iron and steel
There
has
announcement
industry,
This
been
of
no
the
general
expansion
pump-priming
greatly reduced volumes of
steadily increasing
was
the
same
unemployment.
•
of
program
freight traffic on the railroads, and
of
decrease
a
sponding week in
70,206
the
and
1937,
for the week ended May 7 totaled 536,140
227,355 cars, or 29.8% below the corre¬
decrease of 406,534 cars,
a
1930.
week in
or
<
.
43.1% below
>
Loading of revenue freight for the week of May 7 was a
cars, or 1.3% below the preceding week.
decrease of
6,935
225,005 cars, a decrease of 2,573
loading totaled
freight
week, and a decrease of 92,635 cars below the
1937.
Loading of merchandise less than carload lot freight totaled 160,748
cars, an increase of 796 cars above the preceding week, but a decrease of
22,629 cars below the corresponding week in 1937.
Coal loading amounted to 77,213 cars, a decrease of 742 cars below the
below
cars
the preceding
in
corresponding week
preceding week,
week
2.789
the
and
34,877
of
decrease
a
the corresponding
below
cars
1937.
in
products loading totaled 32,549 cars, a decrease of
below the preceding week, but an increase of 5,456 cars above
and
Grain
cars
grain
week
corresponding
1937.
in
In
alone,
districts
the Western
grain
grain products loading for the week of May 7 totaled 20,272 cars, a
decrease of 2,110 cars below the preceding week, but an increase of 4,602
and
above
the
above
the
stock
Live
but
week,
the
above
/
Forest
week,
preceding
loading
cars,
1,101
loading of live
increase of 695 cars
an
and
25,809
a
cars,
below the
cars
decrease
decrease
a
11,337
of
of
corre¬
cars
751
below
cars
the
1937.
amounted
7,884
to
cars,
decrease
a
3,044
of
cars
below
preceding week, and a decrease of 64,130 cars below the corresponding
in
week
Coke
1937
loading
amounted
to
3,873
cars,
an
increase
of
255
cars
above
preceding week, but a decrease of 6,324 cars below the corresponding
the
week
in
All
in
429 cars
below the corre¬
cars
districts alone,
decrease of
totaled
loading
corresponding week in
the
a
increase of
an
879
1937.
products
the
below
cars,
decrease of
totaled 10,021
but
preceding week,
sponding week in
13,059
to
a
In the Western
1937,
week in
sponding
1937.
corresponding week in
loading amounted
preceding
stock for the week of May 7
an
not
13,637
58,825
May 7, 1938, reported as follows;
Loading of revenue freight
cars.
utility
utility investments
32,013
11,078
of American Railroads, in reviewing
The Association
Ore
and
the past depression
the experiences of
from
know
lavish
25,518
11,016
58,337
week ended
1929.
even
24,556
25,393
/
Total
cars
In part,
May 15,1937
22,229
Illinois Central System
8t. Louis-San Francisco Ry..
insolvent
of
May 7, 1938
21,928
Chic Rock Lsland & Pac
Miscellaneous
In
no
May 14, 1938
to say:
goes on
CONNECTIONS
RECEIPTS FROM
(Number oi Cars)
Colonel Leonard P. Ayres, Vice-
"perhaps the most serious defect in
it
8,950
251,033 250,233 350,511 149,439 154,082 211,845
LOADINGS AND
TOTAL
The statement is made by
is that
7,915
26,062
Southern Pacific Lines
Crisis
the
4,597
the Overlooking of Conditions
Affecting Railroads—Offers Remedies to
of
1938
Norfolk & Western Ry
Pittsburgh & Lake Erie RR.
Most Serious Defect in
Col. Leonard P. Ayres Cites as
President
May 15 May 14
May 14
Pere Marquette Ry
Recovery Program
Received from Connections
Weeks Ended—
Weeks Ended—
Pennsylvania RR
68.
Winnipeg, 48 to
of revenue
cars
freight on their own lines, compared with 250,233 cars in
the preceding week, and 350,511 cars in the seven days ended
May 15, 1937.
A comparative table follows:
In the New York City area the weather
was
unseasonably cool, with cloudy conditions prevailing
most of the week.
Today it was cloudy and warm here,
temperatures ranging from 53 to 62 degrees. The fore¬
tonight.
Saturday partly
Loadings for the week ended
loss of 30.2% when compared with
a
week of 1936.
same
For the week
ago.
29.8% below those for
were
19.8% below those for the cor¬
responding week of 1936.
April 30, 1938, showed
a year ago,
20.5%, from the total loadings
cars, or
ment reports state.
with
gain of 5,673 cars,
a
1.1%, from the preceding week; a decrease of 227,747
or
govern¬
cast was for showers and wanner
This is
cars.
1937.
districts
1937
and
reported
decreases compared
I
1930.
with
Four weeks in
February
2,256,423
January.
.
_ _ _ .
Four weeks in March
Five
weeks in April.
Week of May 7.
Total.
In
....
the following we
corresponding weeks
1937
1938
Four weeks In
the
v
1.:
3,347,717
2,763,457
2,155,451
2,222,864
1930
2,714,449
•
3,506,236
2,986,166
3,529,907
2,649,894
3,712,906
4,504,284
536,140
763.495
942.674
9.820.772
12.940,473
15,830.818
undertake to show also the loadings
separate roads and systems for the week ended May 7,
1938.
During this period only 17 roads showed increases
for
when
compared with the same week last year:
3256
Financial
REVENUE
FREIGHT
LOADED
AND
RECEIVED
CONNECTIONS
FROM
Total Revenue
from Connec'ions
May 21,
(NUMBER
OF
CARS)—WEEK
Total Loads Received
Freight Loaded
Railroads
Chronicle
1933
1937
1936
1938
1938
I-
539
553
460
Bangor & Aroostook
Boston & Maine.—————
2,140
2,259
8,650
1,697
309
448
6.773
7,803
8,996
12,188
Chicago Indianapolis <fc Loulsv.
1,502
1,490
1,368
1,631
2,447
27
26
1.6
53
87
Central Vermont
1,285
•'"! 1,698
2,578
4,715
5,969
11,253
6,141
8,370
Southern System
8,739
1,095
6,290
9,253
1,654
Delaware & Hudson..
Delaware Lackawanna 4 West-
5,479
7,493
Tennessee Central
Winston-Salem
445
259
107
153
2,979
2,857
938
185
415
370
1,684
10,459
15,469
5,732
11,688
8,853
5,338
5,199
1,415
8,580
2,149
Detroit 4 Toledo Shore LineGrand Trunk Western
3,559
284
257
327
2,294
8,688
2,089
1,001
\
1,199
8,708
6,486
:
9,128
3,147
2,699
2,668
3,099
Monongahela.
1,539
7,149
2,277
2,867
3,937
2,139
292
1,214
8,906
2,365
165
Montour...
*30
44
30,638
46,772
8,613
1,353
3,954
11,814
38,762
10,489
Pittsburgh 4 Lake Erie
3,474
Pere Marquette
Pittsburgh 4 Shawrnut
Pittsburgh Sbawmut 4 North
4,372
7,732
7,017
182
143
Lehigh 4 Hudson River
Lehigh 4 New England
Lehigh Valley
Maine Central
New York Central Lines
N. Y. N. H. 4 Hartford
—
New York Ontario 4 Western.
N. Y. Chicago 4 St. Louis
Rutland
Wabash
208
28
30
1,512
1,864
4,861
6,713
2,087
10,027
7,925
5,770
296
289
193
192
549
1,151
1,001
1,042
588
716
589
906
4,762
5,183
5,080
5,263
3,207
7,062
1,999
1,254
8,683
2,601
2,024
170,450
147,861
120,742
398
591
639
479
745
22,431
35,882
12,273
19,082
7,389
30,877
2,693
1,062
2,619
w-
-----—------—-
Wbcellng 4 Lake Erie
Total
—
1,807
1,879
1,778
1,882
2,868
2,904
2,158
1,151
1,391
1,011
882
984
Piedmont Northern
352
443
437
691
Richmond Fred. & Potomac—
294
401
349
4,379
8,284
17,504
9,388
7,949
3,467
1,108
4,534
4,243
21,444
20,144
12,078
14,692
351
494
357
471
656
159
164
173
547
852
86,419
102,389
96,450
56,360
67,195
12,544
19,921
11,077
2,893
8,359
3,332
Seaboard Air Line
.—
Southbound
Total..
......
Northwestern District—
Chicago
Chicago
Chicago
Chicago
& North Western
17,723
8,684
2,464
2,451
2,360
2,166
Milw. St. P. & Pacific-
17,009
19,663
18,410
6,421
St. P. Minn. & Omaha.
2,738
Great Western.
3,245
3,875
Duluth Missabe & I. R
800
22,562
3,643
10,436
Duluth South Shore & Atlantic-
325
1,383
780
305
488
4,408
9,046
7,683
3,907
7,204
Elgin Jollet & Eastern..
Ft. Dodge Des MoiDes & South.
Great Northern
Green Bay & Western.
Lake Superior & Ishpemlng
Bessemer 4 Lake Erie
Buffalo Creek 4 Gauley
921
15
16
8,565
9,232
12,830
556
563
812
44
—
128
120
254
21
55
119
70
16
31
———————
614
717
893
2,379
838
46,957
12,342
1,362
72,418
13,837
4,615
16,522
1,108
59,020
14,351
12,671
1,109
3,727
1,535
48,617
18,941
7,367
6
37
61
2,671
3,813
3,010
4,707
6,854
162,849
134,244
75,959
122,465
-———„
—
Cumberland 4 Pennsylvania.
Valley
Long Island.
_-
-
Penn-Readlng Seashore Lines..
Pennsylvania System
Reading Co
(Pittsburgh)
West Virginia Northern
Western
10
>' 4
,v
026
8,161
99,409
Cornwall...
Union
299
865
5,480
;
Central RR. of New Jersey
Ligonler
392
251
—
Cambria 4 Indiana
Maryland
Total—
".
56
35
1,112
30,510
12,996
Chesapeake 4 Ohio
15,355
22,769
Norfolk 4 Western
12,825
20,955
4,384
3,033
431
Total.............
48,108
31,203
7,510
3,508
45,034
1,107
139
182
14,882
2,410
3,259
605
565
522
699
404
1,977
53
1,773
1,830
1,565
1,752
6,813
9,519
5,451
1,862
2,568
8,544
2,603
Northern Pacific.
—;
Spokane International
Spokane Portland & Seattle.
3,721
112
235
155
188
267
1,199
1,084
1,119
1,360
65,952
124,511
96,678
34,822
47,462
18,340
2,653
22,166
19,271
2,852
4,871
2,944
6,824
2,400
335
537
332
97
117
12,731
14,036
13,918
6,381
7,850
1,603
10,957
1,591
12,038
1,296
584
713
11,987
7,204
8,633
2,207
2,593
724
2,455
2,172
2,748
576
893
1,943
2,573
2,023
1,143
2,106
2,891
208
365
284
17
32
977
1.068
1,019
1,715
1,018
1,868
974
1,762
Total—
961
1,486
292
332
Central Western District—
Bingham & Garfield————
Chicago Burlington & Quincy—
Chlcago & Illinois Midland
Chicago Rock Island & Paclflc.
Chlcago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande WesternDenver & Salt Lake
Fort Worth & Denver City
Illinois Terminal.
Missouri-Illinois
Nevada
1,540
429
505
1,859
1,314
75
105
651
881
855
301
377
44
112
214
20,248
22,807
19,985
3,858
5,919
334
254
345
984
1,346
11,457
13,645
11,811
6,251
Peoria & Pekln Union
(Pacific)
Toledo Peoria & Western
Union Pacific System
Utah—
Western Pacific.
1,770
1,139
Northern
North Western Pacific
68
8,627
171
211
170
7
8
1,328
1,544
1,424
1,787
2,082
90,093
104,168
94,315
41,835
55,117
156
169
116
321
_
Total
16,939
11,917
Southwestern District—
Burlington-Rock Island
Fort Smith & Western.
369
94
115
96
153
308
2,913
2,762
International-Great Northern-
3,156
2,060
1,493
2.583
1,516
2,291
Kansas Oklahoma & Gulf
Kansas City Southern
173
180
256
779
996
1,731
1,875
1,736
1,712
1,615
2,032
1,739
1,945
1,278
Alabama Tennessee 4 Northern
207
206
284
152
149
Atl. 4 W. P.—W. RR. of Ala..
686
812
757
1,137
1,273
Atlanta Birmingham 4 Coast.-
567
716
676
815
990
8,396
3,637
9,912
4,341
9,225
3,997
3,845
2,650
4,565
2,905
Louisiana Arkansas & Texas—
Litchfield & Madison
366
461
444
943
1,065
1,378
993
1,557
1,341
1,894
Midland Valley..
Missouri & Arkansas
293
370
326
391
299
Missouri-Kansas-Texas Lines—
139
170
166
222
259
Missouri Pacific
1,466
1,001
1,520
901
819
Quanah Acme & Pacific
Line..
Central of Georgia
Charleston 4 Western Carolina
Cllnchfield
Columbus 4
SO
1.488
—
Gulf Coast Lines
Coast
3,549
1,770
3,990
7,679
4,880
Southern District—
Atlantic
40 0
Minneapolis & St. Louis
10,952
899
428
21,489
Minn. St. Paul & 8. S. M
Southern Pacific
21,560
19,834
3,640
221
477
Pocahontas District—
Virginian
140
8,806
-
Alton.—
——
1,762
2,462
'
—
Atch. Top. & Santa Fe System-
Alleghany District-—
Akron Canton 4 Youngstown—
Baltimore 4 Ohio
1937
2,697
178,099
—
1938
Nashville Chattanooga & St. L.
3,914
118,587
1,202
-
_
42,064
13,446
6,222
29,680
9,646
1,553
7,641
3,317
3,937
5,439
375
—
Pittsburgh 4 West Virginia
1936
Norfolk Southern.-
1,543
3,497
16,024
—
-
Mobile & Ohio—
1,389
329
Detroit Toledo 4 Ironton
Erie
904
1,544
Detroit 4 Mackinac
from Connections
1937
Southern District—(Concl.)
'
Central Indiana
Total Loads Received
Freight Loaded
1937
1938
7
MAY
Total Revenue
Railroads
Eastern District—
Ann Arbor..
ENDED
Greenville
Durham 4 Southern.—......
Florida East Coast
Galnsville Midland
37
59
37
922
909
872
246
313
322
467
1,511
1,606
19,018
1,029
997
8,900
11,391
Georgia
Georgia 4 Florida
Gulf Mobile 4 Northern
71
100
1,305
1,649
■
593
16,787
1,753
19,595
21,538
20,759
4,579
5,813
Macon Dublin 4 Savannah
129
218
191
550
124
165
155
291
LouLslana & Arkansas
103
123
97
958
401
440
258
191
321
713
912
510
432
489
227
336
117
144
238
216
271
3,728
11,343
...
4,263
4,523
2,634
13,935
13,809
8,037
2,923
9,441
102
108
108
6,100
2,150
6,255
7,205
2,239
7,679
7,395
2,176
6,784
2,308
2,767
4,511
5,121
4,729
3,414
173
311
213
55
74
24
34
50
32
30
44,477
51,020
50,378
32,485
37,663
St. Louis-San Francisco
Louis Southwestern.......
St.
Texas & New Orleans
291
2,296
2,274
95
124
3,563
4,199
2,843
3,067
4,300
574
Mississippi Central*
...
Illinois Central System
17,242
...
Louisville 4 Nashville
Note,—Previous year's figures revised.
Advance
of
0.6
Noted
in
"Annalist"
Weekly
Commodity Prices During Week
Ended May 18—Largest Gain Since Sept. 14, 1937
Point
A
sharp rise in livestock prices, principally hogs, carried
weekly index of wholesale commodity prices
up 0.6 of a point, the largest single gain since the period
ended Sept. 14, 1937.
"For May 18 the index was 81.0,
as
compared with 80.4 in the previous week and 93.6 a
year ago," said an announcement by the "Annalist," which
the "Annalist"
on
to
Total....
say:
and wool also declined, while hides and hogs advanced.
were no net changes for silk, silver and lead.
The movement of the index during the week was as foliowrs:
There
Fri.
Sat.
May 13
May 14_
Mon.
May 16--
Tues.
17—
May
Wed.
May
Thurs. May
Fri. •
May
ponents of our index either declined
THE
was
"ANNALIST
18-_
weak,
as
was
a
different picture, with new lows
being established by wheat,
rubber
and
wool.
sugar
Silk moved
and
indif¬
inclined to go lower.
was
WEEKLY
INDEX
PRICES.
OF
May 18, 1938
Food products—......._
reached,
COMMODITY
140.1
—
Low —Nov. 24
1938 High—Jan.
144.6
..--152.9
10
Low —May 20---.
134.8
May 18, 1937
77.0
102.7
last.
A
year
ago
ciation, dated
71.2
80.3
82.8
90.1
102.4
102.4
66.5
t66.5
71.2
Chemicals
88.0
88.0
Miscellaneous-
70.0
70.1
93.6
moderately higher,
—
.
-
—
-
Building materials-
i,
-
-
—
All commodities
.
—
—
—
81.0
Last
for
week's advance
farm
87.8
80.4
indicating
an
80.8
wheat
Moody's Commodity Index at New Low
Moody's Commodity Index declined from 137.8 a week
to 134.8 this Friday.
The recent price establishes a new
low for 1937-1938.
highest
lower prices for wheat,
Cocoa,
corn,
coffee,
point
by
the
group
metal
indexes
to
of
of
the
move
in
of the
week
coffee
17
upturn
Na¬
ended
reached
in
the
indexes
of
textiles
an
upturn
downward
during
in
the
the
in
preceding
important
a
were
zinc.
those
of
also
product
many
items
commodities
the group
Fractional
drop in
week
the
raise
as
week
price
were
farm
about
miscellaneous
and
in tin offset
livestock
index of
the
the
year,
such
to
commodities
during
with
month.
last
and
the
in
in
sufficient
were
building materials and fertilizer
declined;
the high
rising prices
other
this
crop
mixed
all
issued
cotton
increases
reflected
for
report
wheat
were
the
index
average
the
grains,
an
trends
but
Thirty-one price series included
and
the
of
other
resulting
flour and
registered
prices
were
eggs,
all-commodity
with
spite
large winter
price
advancing,
as
the
In
Prices
Foodstuff
beef,
the
ago
rubber and cotton.
in
foods,
unusually
advanced.
declining
as
scrap,
and
unchanged.
prices.
The chief factors in the decline
products
remaining
t Revised.
the
index stood at 87.3%, and
the
108.6
Metals
—
index
88.8%.
The announcement by tlie Asso¬
May 16, continued:
84.9
—
price
during
rose
was
57.7
...
—
commodity
Association
(based on the 1926-28 average of 100%)
74.0%, the sharpest advance registered since January
72.5
copper*steel
136.7
14 to 74.4%
May
from
May 11, 1938
tlie wholesale
Fertilizer
*84.9
Preliminary,
228.1
134.8
-
*57.6
Textile products
*
1937 High—April 5—
-.136.5
135.7
—
19—
point for 1937
78.1
——
210.0
May 6
Reversing the downward trend of the three previous
weeks, when the lowest point in the current recession was
tional
WHOLESALE
(1926=100)
Farm products
Fuels.
Month ago, April 20—Year ago, May 20
136.1
20
Two weeks ago,
136.8
Commodity Prices During the Week Ended
May 14 Registered Sharpest Advance Since January
According to the National Fertilizer Association
remained unchanged.
or
Trading in the futures markets presents
ferently, but cotton
137.8
137.7
_
Wholesale
for the past three years and more
Copper
.............
sugar
A feature of last week's trading was the fact that farm and food
products
were the only groups
to show an increase, whereas the other six com¬
cocoa.
Pacific
* Previous figures
Index of Wholesale
went
Texas
Wichita Falls & Southern..
Wetherford M. W. & N. W..._
index
increases
to
were
commodities.
In
The only group
representing
the
materials.
index
week there
advanced
were
15
during the week
advances
and
31
Volume
declines;
the
in
Financial
146
declines.
■
there were
preceding week
second
>A
V.v.;.-;-:-;;
\.■
.
16
advances
A A. V;'V. A 7: A
WEEKLY WHOLESALE COMMODITY PRICE
Compiled by the National Fertilizer Association.
and
41
for
the housefurnishing
of the 1926 average.
; ];<■■■■
■
Crude
INDEX
lower.
Latest
Group
Each Group
Bears to the
'
14,
1938
Ago
Apr.
May 7,
16, May
1938
1938
15,
unchanged at last week's
main^groups of
The following table shows index numbers for the
modities
for
the
five weeks and for May
past
1937;^May
15,
com¬
16, 1936;
May 18, 1935, and May 19, 1934:
72.7
72.1
72.8
82.9
60.3
59.9
60.6
79.1
78.3
91.6
'
77.8
79.8
Cottonseed oil.....
_. .
(1926=100)
'
G
66.4
48.5
47.9
50.0
72.1
Grains
65.2
63.9
64.8
114.0
69.2
68.0
70.7
79.2
80.8
84.5
76.9
76.6
76.9
89.0
•
May
May
Apr.
Apr.
Apr.
M ay
May
81.2
79.2
May
May
86.7
64.1
Cotton
65.1
Farm products_ A-aa——.
23.0
and cylinder oil also averaged
Automobile tire and tube prices remained
1937
AA
Fats and oils
during the week and cattle feed prices
3.8%
Paper and pulp declined 0.1%
.
It remained at 88.6%
goods group as a whole.
Wholesale prices of furniture were stationary.
advanced
level.
Ago
....A-
Foods.
25.3
Year
Week
May
'/
;V'-
7'
Total Index
Month
Preced'g
Week
Per Cent
rubber
0.5%
rose
(1926-1928=100)
A
3257
Chronicle
Livestock..
.
A-,..AA A
.
A_
A!.. A A
17.3
Fuels
10.8
Miscellaneous commodities
8.2
...
.
_
59.4
Metals.
6.1
Building materials
1.3
59.6
80.6
96.1
96.2
105.2
81.0
...
....—
59.3
96.1
Textiles
7.1
—
81.1
82.2
92.7
14
Commodity Groups
7
1935
.
89.3
74.4
80.9
59.6
84.2
77.4
83.8
67.2
92.0 107.6
94.8
88.4
88.5
1938
1938
1938
1937
67.4
67.4
67.8
69.1
68.9
71.4
71.9
72.2
72.3
92.3
92.2
93.0
92.6
__
Foods
Hides and leather products.
Textile products
.
1934
1936
1938
71.5
Farm products
19
18
16
15
16
23
30
1938
66.1
66.1
66.5
66.7
67.0
78.2
69.5
68.8
73.5
Fuel and lighting materials..
76.8
77.1
77.2
77.3
77.5
78.2
76.9
74.2
73.2
Metals and metal products..
96.3
96.3
96.4
95.9
95.9
95.0
85.7
85.3
88.7
Chemicals and drugs
94.9
94.9
94.9
94.2
72.1
71.4
90.9
91.7
91.0
91.1
96.9
85.5
84.8
87.0
71.8
90.9
Fertilizer materials.
71.6*
Building materials
.3
77.3
77.5
77.3
75.4
.3
Fertilizers
77.0
77.1
80.8
76.9
77.0
83.9
76.9
76.7
76.9
Chemicals and drugs
88.6
88.6
82.8
82.0
Farm machinery...
98.0
Housefurnishing goods
M iscellaneous... a A A A AS
88.7
.3
98.0
88.7
90.8
98.0
88.6
73.1
73.0
73.3
73.3
73.1
80.4
69.2
69.0
Raw materials
70.4
70.3
70.6
71.5
71.3
86.6
75.1
Semi-manufactured articles..
74.8
74.9
75.1
74.6
74.1
87.4
74.3
Finished products
82.2
82.4
82.8
82.9
83.0
87.3
80.4
All groups
100.0
*
_....
.
74.4
combined
94.3
87.3
7-5.1
74.0
1938 low.
New
All
commodities
.
other
Declined 0.1% During
Week Ended May 14, According to United States
Department of Labor
during the week ended May 14, Commissioner
announced
of
"The all-commodity index
price series is 1.0% below the level of a month
10.5% below that of a year ago.
and
ago
Mr. Lubin
continued:
Two
hides
materials
The foods,
commodity groups—fuel and lighting
10 major
of the
and drugs—averaged
and chemicals
lower during the week.
and miscellaneous commodities groups rose
and leather products,
metals and metal products,
materials, and housefurnishing goods remained unchanged at
fractionally.
building
Farm products, textile products,
80.2
80.6
80.7
80.7
86.3
78.9
79.7
76.5
82.0
82.2
82.1
82.1
86.3
78.8
77.6
79.0
All commodities.
77.8
77.9
78.3
78.6
78.6
86.9
78.1
80.0
73.5
reporting the remarks of Commissioner
announcement by the Labor Department said:
In
Lubin, an
by 14.4%
of
raw
materials rose 0.1%
Electric
Output for Week Ended May 14, 1938, 10.3%
Below a Year Ago
The Edison
Institute, in its current weekly re¬
Electric
port, estimated that production of electricity by the
ended
May 14, 1938,
1,967,613,000 kwh.
was
index declined 0.2%, continuing an unin¬
which began in March.
week of 1937, when
production totaled 2,194,620,000 kwh.
for the week ended May 7, 1938, was estimated
The output
1,939,100,000 kwh.,
week
a
a
decrease of 10.9% from the like
year ago.
Major Geographic
Week Ended
May 14, 1938
The current index
May 7, 1938
They are 0.6%
3.0
3.3
6.0
5.7
16.6
17.7
18.4
18.7
4.6
5.5
7.2
..
...
a
Average wholesale prices of
8.6
22 6
21.3
26.8
6.1
8.7
3.5
0.4
10.3
10.9
11.6
10.8
Pacific Coast>-
(THOUSANDS
WEEKS
RECENT
FOR
DATA
cotton,
eggs,
farm products
\Av:
Change
1929
1932
1936
1938
1937
1938
Week Ended
from
1937
May 14
Apr.
2
9.
Apr. 16
1,978,753
The livestock and poultry
Apr.
1,990,447
Apr. 23
30
farm products during the week ended
the preceding week.
steers, hogs, sheep, live poultry
apples, lemons, oranges, and white potatoes.
This week's
index—67.4—is 2.2% lower than it was a month ago
and
Apr.
of a 4.9%
increase in prices of fruits and vegetables.
Meats declined 0.4% , dairy
products fell 0.3%
and cereal products decreased 0.1%.
Among the
important food items for which higher prices were reported were cheese
(San Francisco), wheat flour, fresh fruits and vegetables, veal, coffee,
copra, pepper, edible tallow, and cocoanut oil.
Quotations were lower
for butter, oatmeal, rye flour, corn meal, dried fruits, mutton, cured and
fresh pork, cocoa beans, lard, oleomargarine, oleo oil, raw sugar, and
soy bean oil.
The current wholesale food index—71,5—-is 1.1% below
skins, and
and
and 15.1% below a year ago.
hides and kip skins caused the hides
.
Prices of calf skins, goat
sole leather were lower.
No changes were reported in prices of
other leather products such as gloves, belting, harness, and
index to rise 0.1%
textile
products
group,
of clothing, hosiery and
Lower prices for
1926 average.
No changes were reported in
underwear, and woolen and worsted goods.
anthracite, Pennsylvania fuel oil, and Oklahoma
materials group index to drop 0.4% .
caused the fuel and lighting
wholesale prices of bituminous
1,454,505
1,429,032
1,688,434
2,194,620
—10.3
1,947,771
1,436,928
1,698,492
1,961,694
1,435,731
1,425,151
1,381,452
1,705.460
2,206,718
1.954,830
2,131,092
A
4.
1,922,108
1,945,018
1,989,798
2,214,166
■
1
A
2,213,783
1.699,822
1,704,426
1,615,085
1,689,925
1,699,227
1,435,471
1,441,532
prices
gasoline
Average
coal and coke were steady.
metal products group remained unchanged
sub-group advanced.
Quotations were
Pig zinc prices, on the other hand, declined.
The agricultural implements, iron and steel, motor vehicles, and plumbing
and heating sub-groups remained unchanged at last week's level.
In the building materials group, an advance of 0.8% in the brick and
tile sub-group was offset by declines of 0.3% in lumber and 0.1% in paint
materials, causing the group index to remaind at 90.9.
Prices for face
brick, yellow pine lath and flooring, and red cedar shingles averaged
higher, while yellow pine timbers, Chinawood oil, and sand declined.
Av¬
erage wholesale prices of cement and structural steel were firm.
Falling prices for fats and oils, together with sharp decreases in prices
of grain alcohol and tankage, caused the chemicals and drugs group index
to drop 0.4% .
Average wholesale prices of mixed fertilizers were steady.
A sharp increase in prices of cotton blankets did not affect the index
The index for the metals and
96.3 although the non-ferrous
Awarded[in April
Construction Contracts
Building
engineering
and
east of
States
awarded in the 37
of
contracts
Itocky Mountains during the month
the
Dodge
for
only 2% under
April amounted to $222,016,000, according to F. W.
While this total figure was 18% below the one
Corp.
April, 1937 (last year's peak month), it was
Eastern
this
were
in
contracts
unite increased
5%
over
March, apart¬
April dollar total for all
smaller, and the
somewhat
6% from the preceding month
April, 1937.
Non-residential
April amounted to $80,435,000 compared with $96,326,000 in
$74,577,000, dropped
building,
31%
fell
April,
of small-house
the number
contracts
residential
and
increased total contracts
showed
territory
April of last year.
While
ment
Six out of 15 districts included
1938.
the total for March,
in
the
below
peak
figure
of
$87,823,000 in March, 1938; commercial and industrial
on moderate levels, and public building projects have
the increase.
Public works contracts, amounting to
1937, and
building continued
somewhat
been
$57,631,000
last
higher for solder and pig tin.
1,932,797
1,928,803
1,967,613
18
continued declines in prices of cotton
goods, hosiery, tram yarn, and manila hemp were counterbalanced by sharp
increases in raw silk with the result that the group index remained un¬
changed at 66.1% of the
1,469,810
—10.9
11
over
luggage.
the
1,914,710
—11.6
2,176,363
1,465,076
1,480,738
foods advanced 0.1% as a result
Sharp advances in prices of cow
and leather products group
—10.8
2,193,779
—8.5
2,198.646
,
the level of a month ago
2,188,124
1,938,660
1,939,100
—...
2.173,223
1,951,456
1,696,543
1,709,331
May 21
June
1,679,589
1,663,291
1,480,208
—7.8
—9.9
May 28
June
1,867,093
1,916,486
1,933,610
2,146,959
2,176,368
1,957,573
May
7_,.
May 14
June
below a year ago.
Wholesale market prices of
at
KILOWATT-HOURS)
Percent
below amonth ago and 5.1% below
(Chicago), peanuts,
flaxseed, timothy seed, dried beans, onions, sweet potatoes, and wool.
Quotations were higher for corn, oats, cows, live poultry (New York),
for barley, rye, wheat,
In
OF
24.6
A
below the level of a month ago and
sub-group dropped 1.1% and grains declined 0.6% , while the sub-group
"other
farm
products" advanced 0.8% .
Lower prices were reported
shoes
8.5
10.4
Rocky Mountain
ago.
year
remain unchanged from
24.5%
6.4
9.1
Southern States.
below that of a year ago.
According to the index for "all com¬
modities other than farm products and foods," industrial commodities
to a point 0.2%
10.5
12.1
11.4
11.4
Central Industrial..
7.1%
prices declined 0.1%
Week Ended
April 30. 1938 April 23, 1938
New England
Middle Atlantic......
Total United States.
year ago.
Non-agricultural commodities prices, as measured by the index for
"all commodities other than farm products/' remained steady at 80.2%
Week Ended,
Week Ended
Regions
5.8% lower than it
1926 average.
This is a
from the output for the corresponding
decrease of 10.3%
,
lower than it was a month ago and
terrupted downward tendency
electric
light and power industry of the United States for the week
.
—82.2—is 1.0%
of the
_...
than
Not computed.
West Central
The finished products group
a
__
_
PERCENTAGE DECREASE FROM PREVIOUS YEAR
largely because of advancing
prices for bananas, coffee, copra, pepper, cow hides, kip skins, raw silk,
and crude rubber.
The index for raw materials—70.4—is 1.3% below
that for the corresponding week of April and 18.7%
below the index for
mid-May, 1937.
Semi-manufactured commodities prices fell 0.1% and
are 0.9%
above the April 16 level.
Compared with a year ago, they are
Wholesale prices
was
*
_.
other
to be
last week's level.
down
than
81.9
commodities
Lubin
"The index fell to 77.8% of the
May 19.
on
800
over
?:•.
7
80.2
average," Mr. Lubin said.
1926
*
*
commodity prices registered a minor decline
Wholesale
of 0.1 %
Prices
Commodity
69.7
farm products and foods
farm products._
All
Wholesale
A_....
_.
83.0
A#.7,'.
*
-
on
last
increased 27% over the corresponding
month,
month of
and 18% over March of this year.
year
utilities
Public
somewhat
behind
construction,
both
April,
projects of all kinds ran
amounting
1937,
and
to
$9,373,000 in April, fell
1938.
Publicly-financed
March,
34% ahead of April, 1937, and privately-financed
projects ran 37% behind last April.
* ,
Commenting on the April construction record,
President
states:
of
in
"The
charge
April
speedy revival,
of
Statistics
construction
seems to
Thomas S. Ilolden, Viceand Research for F. W. Dodge Corp.,
record, a little disappointing to hopes
indicate more than anything else a lag in the
New plans for construction projects con¬
During the past 16 months Dodge has
confidence.
return
of
business
tinued
to
accumulate last month.
reported $2,077,000,000 in
$1,135,000,000 worth
time
contemplated residential building, during which
of residential contracts were let.
This 83%
Financial
3258
contemplated
of
excess
these
of
firmation
work
new
contracts is a quite reliable indi¬
usual excess is only 50%.
Con¬
over
demand, since the
accumulated
of
cator
in
is seen
figures
records
the
of
selected
mortgages
appraisal by the Federal Housing Administration, which begin to rise
in March, and mortgages accepted for insurance (a later
for
considerably
stage
of
April
of
April increased 26% in total over
Significant of a better prospect for future months
last
year.
that no
fact
the
is
of
either private
or
public,
been planned, have yet appeared in the contract
for later months are increased public building
many
record.
in
large-scale housing projects,
that have
Also
indicated
the
which
procedure),
FHA
projects under the proposed new Federal public works
program.
Deferred industrial plant and public utility projects also await
the starting spark of revived business confidence."
and
engineering
CONTRACTS AWARDED—37 STATES EAST OF THE
CONSTRUCTION
MOUNTAINS
ROCKY
Month
of April—
10.554
1938—Residential building.
Non-residential building...
(So.
18,732,000
2,965
March, 1938,
at the end of
reported by the 224 organiza¬
as
tions, amounted to $967,096,723.
These 224 organizations
accounted for 94.2% of the total volume of retail financing
for that
reported
($96,381,654)
by the 456 organ¬
month
izations.
Figures of automobile financing for the month of Febru¬
ary
,
the
published in
page 2450.
were
1938,
16,
April
issue
of
the
"Chronicle,"
The following tabulations
1936,
and
show the volume of financing
and March, and the first three months of 1938,
in February
and the amount
of automobile receivables
the close of each month, January, 1937,
to
inclusive.
These figures are as reported to
the Bureau of the Census of the Department of Commerce:
1938,
March,
Valuation
Ft.)
54.2% compared with March,
February, 1938; a decrease of
1937, and a decrease of 42.4% as compared with March, 1936.
The volume of retail automobile receivables outstanding
1937
Space
May 21, 1938
outstanding at
New Floor
No. of
Projects
Chronicle
AUTOMOBILE
$74,577,000
13,578,000
80,435,000
259,000
15,058
32,569,000
$222,016,000
1937—Residential building. ......
Non-residential building...
13,965
$107,813,000
Public works and utilities..
1,341
29,391,000
18,415,000
434,000
19,045
48,240,000
$269,534,000
FINANCING
67,004,000
■■■
1,539
Public works and utilities....--
Total construction
Summary for 456 Identlal Organizations (a)
Retail Financing
Wholesale
3,739
Financ¬
Used and
Total
96,326,000
Year
ing
65,395,000
and
New Cars
Volume
Volume
in
Month
Unclassified Cars
Volume
Volume
Thousand
Number
in
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
of
Thou¬
Cars
Total construction.
sand
Cars
sand
Cars
sand
First Four Months—
1938—Residential building......
Non-residential building..
32,058
58,507,000
45,364,000
857,000
255,761,000
47,354
104,728,000
$760,110,000
42,284
89,800,000
$339,391,000
12,690
60,684,000
3,396
1,708,000
347,026,000
245,339,000
Dollars
Dollars
274,146,000
4,218
Dollars
$230,203,000
11,078
Public works and utilities.
1938—
February......
Total construction.
1937- -Resldential building
-
—
Non-residential building.....
Public works and utilities
73,135
180,953
69,592
53,716
34,224
127,237
35,369
March
91,230
b256,579
96,381
75,712
46,999
180,867
49,382
245,436
612.824
234,643
3
Total
mos.
ended Mar.
183,244 115,364
429,580 119,279
1937—
58,370
Total construction—
152,192,000
$931,756,000
127,388
March
NEW
WORK REPORTED—37 STATES EAST OF THE
CONTEMPLATED
ROCKY
3 ,mos.
ended Mar.
104,064
57,612
166,394
46,452
424,100
172,409
184.280 106,175
239,820
66,234
485,347
—
264,707
199,022
February
953,558
384,010
392,161 227,452
561,397 156,558
98,313
Total
MOUNTAINS
1936—
1938
1937
February
117,133
232,106
91,671
98,953
57,038
133,153
34,633
March
No. of
158,555
378,230
150,820
172,388
97,778
205,842
53.042
398,885
852,780
335,807
374,511 213,016
No. of
Valuation
Projects
Valuation
Projects
3
Total
mos.
ended Mar.
Month of
478,269 122,791
April—
21,025
Non-residential building
$148,276,000
20,295
3,851
Residential building.
108,449,000
4,339
$149,959,000
157,825,000
1,896
175,584,000
1,373
$432,309,000
26,007
Of these organizations, 37
number 29.5%
$435,837,000
were new cars,
have discontinued automobile financing,
b Of this
69.9% were used cars, and 0.6% unclassified.
128,053,000
26,772
Public works and utilities—.
a
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
Total construction
AS REPORTED
BY 224
70,485
$540,029,000
76,161
$573,258,000
Non-residential building
14,558
515,700,000
633,349,000
$1,708,384,000
6,169
696,797,000
91,212
utilities....
Public works and
15,788
4,709
$1,752,526,000
96,658
501,777,000
1938
$
S
Residential building
IDENTICAL ORGANIZATIONS
1937
1938
First Four Months—
...
Total construction
....
Automobile
for
volume
dollar
456
the
crease
of
retail
of
financing
organizations amounted to
38.5%
when
comi>ared
of
44.1%
as
compared
with
decrease
of
36.1%
as
compared
with
of
to
wholesale
$91,230,976,
VALUE
OF
FROM
an
increase
EXPORTS
UNITED
financing for
to
March
1938,
and
1936.
1938,
in¬
an
1938;
1937,
March,
a
a
The
amounted
when compared with
REEXPORTS
GRAND
(Corrected
March,
$96,381,654,
March,
of 24.7%
INCLUDING
STATES BY
for
February,
with
decrease
volume
OF
MERCHANDISE
DIVISIONS AND
Value
EXPORTS
1,266,953,395
September-_
1,253,926,346
1,212,121,14.5
October
November.
December.
.
1,172.679,716
.
1,120.226.647
The
Department of Commerce
its report
years
and
the
3 Months End. March
1938
1937
1938
$
$
712,355
827,781
61,699
175,118
172,726
97,903
96,214
22
1
38
14
613
696
1,270
1,676
Southern.
26,543
25,492
73,245
74,823
Mexico
9,404
4,163
6,132
4,480
24,312
12,012
21,298
12,204
1937
85,255
64,539
17,586
Central America.
4,959
3,793
11,513
13,417
9,373
Costa Rica*..
Honduras*
530
504
—
Guatemala*
British—Bermuda.
Barbados
Jamaica
Trinidad and Tobago
Other British West Indies..
-
Dominican Republic
Netherlands West Indies*....,
1,355
3,566
366
350
841
930
14,880
36,920
41,320
351
379
917
1,047
74
85
215
251
498
477
1,301
1,913
22,056
1,505
10,989
307
373
1,216
1,602
1,010
8,177
7,560
22,043
557
799
994
55
108
289
438
407
1,308
924
1,030
3,328
Honduras*
493
504
1,254
Nicaragua*
Panama (Including Canal Zone)...
420
1,264
343
British Honduras
—
755
Salvador*
British—Bermuda
Barbados
Jamaica
Trinidad and Tobago
Other British West Indies.
Cuba*
508
607
1,544
1,861
4,076
6,709
221
189
467
French West Indies*
Haiti*
424
334
798
Haiti*
Dominican Republic
Netherlands West Indies*
909
868
"""833
54
Panama Canal Zone
West Indies and Bermuda
457
2,409
1,061
965
"""315
Panama. Republic of
French West Indies*
Countries with which reciprocal agreements are in effect.
2
5,045
331
12,977
18
1
24,405
1,576
1,531
Salvador*
57,392
15
-
6,988
1,155
Panama Canal Zone
58,644
100,364
35,106
931
598
102,022
19,922
Mexico
314
"2*517
20,266
Southern.
1,988
1,287
720
123,182
1,232
110
5,932
187,277
"l*658
615
186
44,670
327
428
"""932
507,044
529
78
242
S
825,626
37,087
Newfoundland and Labrador
656
1,948
1938
173,405
Miquelon and St. Pierre Islands*
342
Panama, Republic of
1937
37,616
Canada*.
Guatemala*
West Indies and Bermuda
3 Months End. March
1938
72,721
Northern.
Costa Rica*
Nicaragua*
UNITED
307,474
Greenland
...
Panama (including Canal Zone)..
the
for
COUNTRIES
Month of March
North America.
100,565
British Honduras
March
the tables complete:
DIVISIONS AND
Grand total.
101,873
Central America.
GRAND
IMPORTS
275,711
36,207
Newfoundland and Labrador
with
are
S
35,510
Miquelon and St. Pierre Islands*...
ended
S
38,255
Greenland..--
BY
Grand Division and Country
64,809
....
months
The following
VALUE OF GENERAL IMPORTS OF MERCHANDISE INTO THE
STATES
,37,630
Canada*
May 4, 1938, issued
principal countries for the month of
three
1938 and 1937.
256,565
Northern.
and
grand divisions
March
on
showing the merchandise imports and exports by
Value In Thousands of Dollars (000 Omitted)
S
North America.
of
Exports and Imports of Merchandise
Divisions and Principal Countries in
First Quarter Year
COUNTRIES
1937
Grand total.
August
April 28, 1938)
Month of March
Grand Division and Country
*
1,248,800,302
Grand
by
Value in Thousands of Dollars (000 Omitted)
Cuba*
$
July
Financing in March
Total
The
1937
$
1.027,526,044
February ...1,012,305,492 1,019,141,962
March...
967,096,723 1,056,017.095
1,106,521,475
April.
1,164,568,870
May
June....
1.217,156.358
January. ...1,064,815,488
1,566
23,159
1,062
15,566
41
31
162
3,382
56,156
84
2,1,73
41,748
90
11
4
40
31
141
93
398
341
360
209
1,429
585
144
115
443
297
19,343
12,349
46,008
2,424
4,470
33,381
1,407
4,677
978
742
1,851
1,753
21
4
49
29
270
267
811
910
3259
Financial Chronicle
146
Volume
Month of
EXPORTS—{Concluded)
3 Months
March
1937
1938
1937
$
$
$
■
62,612
80,099
South America.
9,404
18,843
23,914
North Coast.
6,778
Colombia*.
2,876
....
French*
8,918
237
258
88
150
12
147
35
■-X!;;
3,720
Argentina
Brazil*
9,768
13,479
33.237
42,232
8,217
4,788
17,103
13,458
24,379
15,624
48
East Coast.
5,656
5,839
5,319
..... .....
14,479
12,160
Venezuela..
161
174
2
Falkland Islands
Paraguay...
........
.
Argentina.
.....—. .
......
-v.
83,830
3,743
8,645
43,201
33,095
1
Falkland Islands_.—..
Paraguay.
..
.
138
Uruguay...................
""102
359
2,164
.............
.
572
175
7,175
18,208
427
2,515
2,054
10,531
13,953
West Coast.
6,847
5,153
1,333
Bolivia..
184
87
388
356
7,041
Chile...
6,110
4,129
13,263
2,842
208
138
799
1,345
799
3,758
81,345
44,342
221,679
64,293
31,556
175,218
537
313
7,533
3,081
1,015
7,559
7,988
3,322
2,255
4,859
4,374
1,212
20,873
7,958
1,661
20,211
22,131
429
348
1,424
432
1,680
3,725
4,717
115,569
282,631
376,667
81,628
Central.
266
1,145
4,658
1,003
97,157
Northwestern and
95,555
239,608
321,651
863
Ecuador.
Peru
Europe.................
Northwestern and Central.
Austria..........
223
207
724
607
Belgium*....—
Czechoslovakia..
7,958
20,051
Denmark........
1,384
12,440
23,916
6,700
8,681
9,526
6,375
2,690
2,045
12,839
8,161
18
76
71
200
28
18
57
35
4,858
9,550
2,430
4,912
1,764
16,475
5,047
12,457
Ireland.......—
30.341
Netherlands*
794
2,680
34,133
40,600
108,270
2,448
153,523
6,049
10,052
16,093
26,337
Austria
698
France*, i.......
Germany..
....
Hungary........
Iceland..
...
*
........
240
Netherlands*—..
5,730
Norway
1,904
6,325
1,022
...
Sweden*....
__...
Switzerland..
United Kingdom.
Northeastern.
1,594
3,723
39,011
26,134
36,744
24,814
6,425
14,761
14,007
124
311
232
1,048
2,188
2,521
.
...
...—
...
Belgium*
......
Czechoslovak! a
.....
Denmark.........
France*
Germany
Hungary
Iceland...
...—.....
Norway....
Finland*.
.. .
.
.—r
209
41
139
111
Lithuania...
4,905
8,289
7,133
16,132
8,030
23,952
22,842
Southwestern.
49
Azores and
-—* -
QQ
20
144
21
-
30
70
v.;
6,979
1,153
Portugal...
—
Spain.
5,225
19,683
15,809
2,142
3,082
5,270
146
Italy .....
1,651
1,422
13,102
3,978
612
972
1,614
8,624
12,437
3,144
2,028
21,428
2,322
1,633
8,679
6,031
58,884
4,196
16,532
58
183
1,581
3,961
23
472
Gibraltar
261
23
Madeira Islands......
.
469
5,320
157
Estonia
8,322
Azores and
83
1,760
Northeastern.
3,094
Southwesiern.
33
54
United Kingdom...
2,240
6,489
110
201
42
6,221
—_...
Switzerland
83
Socialist Republics.
Union of Soviet
.........
........
Sweden*
Latvia..............
136
.......
—
-
Poland and Danzig
263
210
—
.....
...
1,692
Latvia ......_.....—-..
Lithuania..
.
"
142
.w. i...-.
Finland*...
Gibraltar.
;
902
-'Estonia..'.. ..
3", 808
12,328
265
2,822
2,347
1,367
4,716
3,327
3,121
9,911
24
Portugal
-A-..
.
28
12
20,019
152
.......
1
—
'/Spain a'. vi
5,468
1,208
Italy
5,377
3,878
Madeira Islands
261
6,278
985
70
Socialist Republics..
47
1,502
1,357
7,504
Union of Soviet
74
2,819
......—.
Poland and Danzig
-
—---—-—......
1,159
Southeastern.
5,837
2,979
10
—~ ~ — m <m
m
'mm
Rumania
28
57
97
282
400
.. *
—
-——- -
800
2,416
936
62
88
136
260
390
islands.
and Cyprus
Malta, Gozo,
13
90
...
Bulgaria
GreeCe
1,932
29
Albania ....—------ -——-—-
713
1,119
2,227
-
269
Yugoslavia .
.
..... ----
—.....
......-
220
663
596
53,114
49,593
140,306
139,706
Southeastern.
Albania...
.
.
Greece-
-
-
-
u
-
-
-
- -. - - . - - - -
5,737
10,880
27
87
97
723
1,148
2,374
696
316
518
287
829
760
106
194
290
234,898
766
9,563
15
366
98
70
1,303
1,027
14
133
13
Iraq
Palestine.--Saudi Arabia.
Syria
254
667
704
1,912
2,294
5,959
14,385
Southeastern.
British India
British India
14,798
—............
43,898
38,889
*1*884
*9*820
155
Burma..
722
"*832
2,526
296
334
2,785
5,426
7,890
195
480
7,041
Netherlands Indies*.
*1*869
94
2,465
Ceylon. ... .—.................
831
106
British Malaya
8,262
19,435
1,025
20,221
Indochina*
Philippine Islands
Turkey..
33
83
67
952
58
1,272
Southeastern.
349
5,774
36,655
138,850
26,190
11,454
Burma)
5,437
British India
7
Burma.
- - - -- --
623
..
747
50,697
5,185
27,519
1,492
12,162
British Malaya
Ceylon
—
Netherlands Indies*.
9,822
27,022
16,927
2,198
9,322
French Indochina*.
Philippine Islands
12,873
1,521
5,653
251
697
661
Siam
860
340
2,360
699
31,170
95,680
84,928
China
91
581
653
14,516
86,485
12,178
1,614
Eastern.
.. % ----- -
14
21
Other Asia
36,590
35
31,733
378
...
.............
'■'■■9
52,743
....
Southern and
British India (including
8,327
2,609
(including Burma)...
4,294
28,934
2,967
* -. -
—
Eastern.
14,995
10,278
1,811
1,552
77,322
6,366
Hongkong......
5,712
Kwantung
30,112
4,518
1,896
2,059
22,696
62,572
8,611
9,868
20,627
23,767
5,071
-
Hongkong-.——.. . ...
739
..
668
Kwantung
Japan
Oceania........
—.....
Australia
5,839
...
New Zealand
2,559
—
7,735
1,927
121
140
84
5,530
-
31,061
34,817
2,668
7,156
6,653
312
561
831
894
164
286
312
Tunisia*_
1,348
1,204
3,918
3,367
.....
Egypt
.
...—-.
.
Egypt
Italian Africa.a
14
634
1,304
875
Morocco
Spanish Africa—Canary Islands
Other Spanish Africa............
8
—...
Belgian CongoBritish Africa*
394
46
767
8,288
23,905
28,164
1
Ethiopia
137
7,458
Other Africa.
175
223
18
545
710
"""213
......
169
Other Africa.
Ethiopia..
_
.
—-..—-
.
Belgian Congo
-
-
South—Union of South Africa
Other British South Africa
566
1,413
3,615
490
497
South—Union of South Africa....
Other British South Africa;....
1,220
1,419
286
445
559
West—Gold Coast
1,829
2,369
628
7,157
692
4,881
126
1,183
1
21,029
202
230
128
1,053
444
192
144
625
563
26
26
92
90
East...——
Nigeria
Other British West Africa
South:
27
490
89
281
75
232
1,511
1,039
68
141
297
649
582
1,487
1,710
1
123
91
276
289
which reciprocal agreements are
in effect.
a Includes
738
51
37
139
206
241
2,037
748
2,611
65
North, East. South:
Madagascar*..
........
Other French Africa,* N. E. 8—
French Africa.
Africa—Mozambique..—
132
127
British Africa:
......
Africa
22,112
25
885
30
Other Portuguese
5,049
44
16,983
—
Madagascar*
Other French Africa.* N. E. S...
—
26
49
425
62
"West—Gold Coast
French Africa, North, East,
423
18
6,083
344
_
136
11
717
203
- - ...
Nigeria.
Other British West Africa.
4,864
5,097
:
-—- -
127
420
31
326
20
343
... .....—
548
—.
6,205
172
—
44
. .
Spanish Africa—Canary Islands .
Other Spanish Africa
Countries with
.
1,088
413
.
217
Italian Africa .a
East.
_ _ .
28,317
9,082
_
21
6,137
193
Medlterranean .
217
35
62
Algeria*
130
Alger I a *_.. .
Tunis! a *....
10,955
6,512
4
1,840
Africa.
23,040
.544
173
French Oceania*.
29,791
2,309
British Oceania
2,583
Mediterranean.
...
—
New Zealand.......
10,040
Africa.
..
725
4
...
—
1,308
5,421
3,149
11,391
Australia.
865
53,718
46
Oceania.
171
9,893
8,619
Japan..
178
202
158
287
17,653
235
231
...
French Oceania*...
17,824
15,290
4,904
73
British Oceania—...
Portuguese
51,938
331
Iran (Persia).
227
Turkey
Liberia.....
736
472
Aden.
1,017
Syria........
Morocco...
753
115
148
3,626
80
Saudi Arabia..
China
1
244
87,221
... _
.
182
.
50
20
363
214
2,745
■-
362
_
7,725
495
»
Western.
_.
Iraq
Palestine
Other Asia
615
2,470
.—- -—
Yugoslavia ..... .....;. ...—...
Asia....
27
Slam
«
........
_
244
Aden
Southern and
281
2,338
—- - - -
.—
-
and Cyprus Islands...
Malta, Gozo,
Rum ania.
2,139
Iran (Persia)
32
368
Bulgaria _....
.... ......
Western.
*
12,665
10,545
...
...
3,993
18,166
East Coast.
1,962
31,013
...........
53
1,840
French
Venezuela-...
1
5,143
1,546
Europe.
.
274
140
405
380
..
French
16,735
98
208
......
_
.
(Netherlands) *.
Surinam
943
Peru
.
21,627
4,685
3,896
Ecuador.
Asia.
7,193
.
Bolivia..
Ireland-
123,665
4
Guiana—British.
Brazil*..
25,011
1,537
Uruguay.
West Coast.
Chile.
Colombia*
224
26
—-
—
8,542
81
57
(Netherlands)*.
Surinam
3,568
100
.
Guiana—British
46,176
6,166
28,027
North Coast.
$
$
S
End. March
1937
1938
8,317
22,834
South America.
March
1937
Grand Divisions and Country
1938
1
Grand Division and Country
Month of
IMPORTS—{Concluded)
End. March
3 Months
170
—
Liberia
Portuguese
-
Africa—Mozambique
Other Portuguese
Africa
Tripolltania and Clrenaica (Libya),
187
12
5
31
128
49
414
Eritrea on the Red. Sea, and Italian Somallland.
3260
Financial
Factory
Employment
Declined
from
and
Payrolls
Mid-March
Chronicle
Pennsylvania
Mid-April—Losses
to
than
more
and
that of
showed
tion
that
month
the
April
66%.
was
of 21%
in
several
data
census
of
payrolls
in
Estimates
years.
indicate
that
manufacturing
disbursed
Compared with
a
and 36%, respectively,
year
and
made
from
current
the payroll period nearest
in
than
mail
order
industries
798,000
employed
reports
wage
house
the
in
to
and
the usual
seasonally;
production was up
shoe
orders
On
and
the
manufacture
other
the
hand,
auto¬
the generation of electric
rise,
sharp reduc¬
a
for the later date of Easter this year and other
unfavorably
accompanying
Production
than
and
in
were
March,
(this
substantially
and
1936,
exceeded
that
1935,
From
of
is
July
the
corre¬
since last October assemblies
either of the two preceding years.
55%
was
July,
but
levels than in
1938,
since
omit.—Ed.).
we
below
a
year
and
ago
49%
less
1936.
in
(Adjusted for
seasonal variations,
In
industries producing non-durable goods, activity slackened somewhat
April, following substantial gains for two preceding months. This was
particularly true at textile and leather plants, where employment and
payrolls had risen appreciably above the low levels prevailing at the begin¬
ning of this year. In the case of most durable goods industries, the number
diagram
production
of 1935
months
have been at much lower
and
with
6ales
automobile production
daily rate of
1937,
October,
chain
grocery
usual.
as
average
sponding
for
$10,900,000.
wages
active;
more
machine tool
to show
compared
grocery,
declined about
middle
earners
and
little,
was
the February levels, but
higher.
Registrations of
new
passenger
cars showed the smallest
increase over February in the
past four years.
Merchandise and miscellaneous freight car loadings
advanced seasonally during March, and shipments of bulk commodities
shown
to tne
advanced
products gained contraseasonally.
average,
lowest
the
production
trade
factors, March sales of department stores and sales of chain stores,
other
these indexes
ago,
were
and
slightly
were
Even after adjustment
The
declines
production
ingot
Steel
years;
1938
21,
of
and output of bituminous coal declined seasonally, and
was shown in the rate of copper production.
seasonal
ing to say:
about 73% of the 1923-25
level
power
period and reflected principally greater than
seasonal slackening in activity at plants turning out iron,
steel and non-ferrous metal products, and clothing.
In an
announcement issued May 19 the Bank also had the follow¬
was
general
mobile assemblies failed
usual for this
employment index in April
mills
in other
tobacco
of
the
February.
textile
cotton
Also Noted in Delaware Factories
The
from
changed
Factory employment in Pennsylvania decreased nearly 2%
from the middle of March to the middle of April, and wage
payments declined about 3%, according to indexes prepared
by the Federal Reserve Bank of Philadelphia on the basis
of reports received from 2,299 plants employing some 450,000
workers
whose
compensation
totaled
approximately
$9,700,000 a week.
These changes were less favorable than
May
March
During
in
for
estimated
for
necessary
long term
trend,
and
where
price changes)
in
of
workers
further
declined
during February and March.
time, as measured by employee-hours
Working
reporting plants, declined
Decreases froni March
year ago.
Steel
of
1938
103
..
Copper—
textiles,
64v
46
42 V
trucks.
107r
Bituminous coal
78
72
5 5?
123
...
66
64
64 p
96
92
93 p
clothing,
leather
products,
and
non-ferrou«
85?
84 p
Electric power
94
85
.
Cotton consumption
Wool consumption
metals.
117
71
73
137
49
56
130
95
98 p
...
Meat packing.
6%
factories
91
in
at
Compared
of
with
the
a
85
year
decrease
a
April
reported
disbursements.
wage
81
89
82
84
87
88
92
78
50
46
53
175
Cement...
in
of
decline of
a
The
total
reporting plants
ago,
the
number
28% and i>ayroils
3%
number
4%
was
of
in
of
less
workers
75
103?
92
115
70
88
•
Delaware
showed
39
70
47
97
the
to
worked
38
77
99
cars
nearly 44% less than
employment conditions in Delaware, the Philadel¬
phia Reserve Bank stated:
,r
and
38
104
Passenger
especially pronounced at factories
were
.■
-
Motor
nine-tenths
at
was
Mar.,
1938
Shoes
turning out
As
3% in April and
over
Feb.,
1938
industrial Production—
in April,
stability
some
Jan„
1937
continuing a sharp downward trend
Wage payments also decreased last month,' after-showing
since last autumn.
a
Mar.,
employment
—
Machine tool orders*
employee-hours
than
March.
in
employed
in
April
Employment—
Employment, manufacturing. United States
Employee-hours, manufacturing, United States.
102
85
84
83 p
96
66
66
66 p
34
21
23
28
46
65
37
45
drop of 35%.
a
Construction—
Residential building contracts
Non-residential building & engineering contracts.
Summary of Business Conditions in Various
Federal
Primary Distribution—
Reserve Districts
Car loadings,
As indicating the business conditions in the various
eral Reserve districts we take the
Fed¬
following extracts from
"Monthly Reviews" of the Federal Reserve banks of
Boston, New York, Philadelphia, Cleveland, Richmond, At¬
Car
merchandise and
miscellaneous
93r
74
74
94
72
64
63
78
91
90
87 ?
109
64
64:
64?
loadings, other
Exports-————.—...—-...——..-
—
Imports
the
San
1
Distribution to Consumer—
First (Boston) District
Department store sales, United States
93
85
81
97
103
100
102?
95
93
89
85 V
Mall order house sales
Francisco:
Department store sales. Second Distrlct-r
Chain grocery sales.
Other chain store sales.
104
87
87
89
New
lanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas
and
104
60
60
56 P
passenger car
"Between
February and March," states the Federal Re¬
Bank of Boston in its
"Monthly Review" of May 1,
serve
"there was little change in the level of
general business
activity in New England, after allowances had been made
for customary seasonal
changes.
The trend of activity in
this district
was
of the current
73
practically sidewise during the first quarter
year," said the Bank, which added:
registrations
86
83
80
78 r
78
Money Payments—
Bank debits, outside New York
City
Bank debits. New York City.
70
58
57
59 v
40
35
31
35 p
Velocity of demand deposits, outside N. Y. City a
Velocity of demand deposits, New York City .a..
73
65
62
62
48
42
36
155
154
152?
General price level.6..
Cost of living.6Composite
Index
of
163r
38
...
150
—
150
148
148?
104
-
wages.c_
111
111
110?
During March, however .distribution as represented by freight car load¬
ing in this territory and department store sales continued to decline from
adjusted for price changes,
a 1919-1925 average=100%.
6 1913 aver>
age=l00; not adjusted for trend,
c 1926 average=100%;
not adjusted for trend
the
V
levels
The
March
but
of
the
this
corresponding weeks last
of
cotton
raw
consumed
67,586 bales.
This was
39.3% less than in March
year.
by mills
in New
increase of
an
last
23.1%
During
year.
February,
over
the first quarter
year cotton consumption in this district was 40.7% less
corresponding period a year ago.
Between February and March
the
was
decrease of
a
13.3% in the
of
amount
wool
raw
consumed
in
March a year
ago, but was about 35%
larger than in February.
Shoe
production in this district during the first
quarter of the current year was
approximately 23% less than in the corresponding period last
year.
During March the
total number
of
wage
employed in
earners
tive
representa¬
manufacturing establishments in Massachusetts was 1.1% less than in
February, and aggregate weekly payrolls were 1.4% lower,
the
according to
Massachusetts
Department
of
Labor
and
r
Revised.
Third
Industries.
These
decreases
were
contrary to the average changes during the
13-year period 1925-1937,
inclusive, during which employment has increased
0.5% and the amount
paid in wages has increased 0.8%.
In March, as compared with March
last year, the number of
wage earners was 24.0% less and aggregate pay¬
rolls 30.3% less.
(Philadelphia) District
Industrial conditions in the Philadelphia (Third) Federal
Reserve District showed some improvement in March but a
let-down was indicated by preliminary data
covering the
early part of April, said the Philadelphia Reserve Bank in
its
district.
Production of boots and shoes
during March in New England is estimated
have been 15,114,000
pairs, which total was 13.0% less than that of
to
Preliminary,
England during.
current
in
there
the
was
was
than
of
amount
•Not
"Business Review"
due
of
May 2.
The gain in March
was
largely to increased activity at plants manufacturing
consumers'
goods, according to the Bank, which added:
Production of coal
crude
oil
did
adjusted
was
unusually well maintained in March, but that of
the
small
customary
increase.
The
seasonally
index
minerals
was
show
not
measuring the combined output of factory products and
71% of the 1923-25 average in March as compared with 69
in
February and 70 in January.
to
the
peak for recent years.
in the first quarter of 1938 was
Retail'
business
In
trade
in
sales
increased
April showed
wholesale
lines
A
dollar
industrial
rate of
27% below the level of
less
than
seasonal gain
a
this index was 99 and close
year ago
The average
also
sales
usual
but
from
not
was
continued
a year
production
earlier.
February to
large
smaller
as
than
as
a
.
.
.
March;
last year.
year
ago.
Inventories of merchandise in March showed about the usual rate of increase
...
The
March
sales
was
volume
of
$18,402,414,
reported by
these
745
retail
amount
an
concerns
in
the
establishments
in
Massachusetts
for
at
but
retail
stocks
virtually
smaller
were
14.1% less than the total of $21,411,201
corresponding month last year.
change at wholesale.
a
and
sales
In presenting its
monthly indexes of business activity, in
its "Monthly Review" of
May 1, the Federal Reserve Bank
of New York states that "the
relatively low level of business
actual
activity which characterized
for
factory
much
are
earlier.
year
;vDemand
Second (New York) District
no
than
Manufacturing
products
smaller
in
than
this
a
at
32%
an
mills
was
output
weeks
for
a
decreased
ended
last
a
merchandise
has
such
been
as
estimated
compared
at
a
as
low
to
32%%
average
of
rate of
in
as
The
other
years.
generation
of
Cotton
34%
textile
electric
than
less
April
in
March.
than
usual
23,
On
in
department
the
the
store
other
first
sales
hand,
in
mill
de¬
power
two
in
weeks.
bituminous
For
this district
the
were
trade
late
chiefly
and
Current
limited
to
clothing,
shoes
unusually quiet
orders
and
indicate
reports
but
numerous
expansion
for
in
seasonable
certain
building
.
four
about
industry in the Fourth
and
early
April,
(Cleveland)
seemed
to
be
District,
directed
in
more
a
further liquidation of inventories in most lines
anything else.
Operations generally continued at the
low levels
that
an
of
January and February, allowing for the fact
expansion usually
in March and
April."
Slight gains did occur in
glass,
in
from the corresponding period of 1937.
and
March
toward
than
coal
decline of
restricted
textiles
more
Business
corresponding 1937 period, although this comparison is
this year which included Easter buying with a period after
year.
It is estimated that March and April sales combined
about 7%
become
The Federal Reserve Bank of Cleveland, in its
"Monthly
Review" of April 30, reported that "efforts of
capacity
while somewhat higher than in the preced¬
much
level.
have
continues
ago.
Eourth (Cleveland) District
the
period
show
ap¬
during the first half of April shipments of freight by railway
lower
below
Easter
will
and
were
1%
as
Automobile production,
month, failed to rise
clined,
1938
with
steel
activity continued
also
of
at
Activity
ing
quarter
sales
generally
The Bank added:
during most of the month,
March.
first
inquiries
district
year
materials.
the
have continued in April."
pears to
that
both channels of trade,
In
...
tire and
some
construction
occurs in most important
The Bank further stated:
March, but
fields
the
in
the
gains
auto parts,
were
important lines April operations declined
less
from
than
iron
lines
and
seasonal,
March.
.
.
steel,
and
Volume
Employment
March
than
Retail
Financial
146
by somewhat
principal
in
in
February,
sales
in
industrial
whereas
March,
by
aided
than
the
lagging behind last
year
by about 13%.
the
half
of
industrial
April
lower
at
above
seasonal
.
.
improved
has been
buying
.
.
but consumption was reported
industry first-quarter production was 61%
entire
average,
year ago.
St.
as
Louis,
whole," says the
a
in
its
"commerce and
during the
review
Federal Reserve Bank of
conditions, April 29,
business
of
industry in the Eighth (St. Louis) District
30 days continued the downward trends
past
which have been in effect in greater or lesser degree
last fall.
As
mainly
of
seasonal
improvement
as
contrasted
preceding.
is
The extent
of
this
considerations,
with
the
betterment,
expected at this time of year.
Fifth
(Richmond) District
however,
were
period in
1
the month
1937
Reversing
Federal
a
Reserve District
in
and
March
half
first
the
of
preceding
month, but the rise was less than normally occurs and the
volume of trade and industrial activity - continued far below
the level in the spring of 1937."
The following is also from
April
showed
"Review"
the
advance
seasonal
some
the
over
:
the district was
department
stores
in
due
the
to
later
Easter
this
but
year,
March,
1937, sales, and total sales in the first quarter of 1938 fell nearly
6% below sales in the first quarter last year.
.
.
.
Employment con¬
ditions
the
on
whole
became
unsatisfactory
more
April, chiefly due to further curtailment
and
failure of construction
weather.
.
from the
coal
Cotton
output.
mills
textile
mills
decided
a
closed
knitters
trend
entirely.
also
12.4%
further
toward
Rayon shipments
in
basis
daily
a
but
level,
and
in
set
to
manufacturing
tobacco
1937,
March,
Wholesale
declined.
March,
showed conflicting
exceeding the
output
trade
trends
and
weavers
total shipments in the
longer month exceeded the poundage shipped in February.
bacco
snuff
some
in
•
March,
March
In
trade
(Atlanta)
below
increased
March toy
in
of
less
than
in
decrease
a
retail
all
March,
of
bank
8.4%
were
1937 ;
the
for
first
"showed
but
March 6ales
the
retail
makes
allowance
seasonal
number
for the
15.7% larger than in Febru¬
The adjusted sales index, which
days in each month, the usual
change, and the varying date of Easter, declined from 111.9% of
Easter
this
for somewhat
compared with March, 1937.
.
.
this
in
13.0%
Farmers'
by
figures
to
a year
than
grain
week's
a
First-quarter
ago.
.
.
payroll
smaller.
January,
increased
by 5,524 firms in the six States of this district.
rolls
rolls
less than
were
Daily
4.2%
number of
in
number
March
in
1937.
March,
ago.
year
smaller.
was
.
,
Both
year,
pay¬
but the
employment and
pay¬
In
the
than
February,
in
but
was
eight months of the current
38.6%
less
than
in
43% greater than a year ago.
were
about
were
but
total
in
28
April
Report"
in
March,
in
manufacturing activity of the Seventh (Chicago)
Reserve
with
a
rent
period
the volumes produced and sold in the cur¬
much smaller for the most
and 50% in many of the
Decreases from last year in
be
continued to
of
to
somewhat
a
operations of steel mills
of
Automobile
April.
below
a
and
February
terials.
in
In
a
were
fact
as
of
of
than
phases
of
Inventories
level
under
that
much
the
in
over
movement of building
ma¬
a
wholesale
than
month
a
trade
payments
wage
groups
earlier,
but
in
the
the
dis¬
more
business
wholesale
year
than seasonally
during March.
totaled much
and
earlier.
retail
over
volumes
February,
Sale in all
smaller than
have
reported by 42
as
about 8% lower
sustained and
were
the
than
only
were
first
4%
smaller in March this
9%
Sales in the first quarter of 1938
year.
same
better
period last
than
Sales at city
year.
country
at
have
March
been
each
slightly
stores
during
higher than
in March
last
the sections in all of the States
of
last year.
...
of business volume that were
Minneapolis;
from
and
cut
March than in
lower in
lumber
product
linseed
Increases
shipments.
shipments; tne
the March,
over
recorded for sales of new trucks in North Dakota ana
Tenth (Kansas City)
-
.
ment
winter
the
over
now
been
period
%' —
reduced
(
its "Monthly Re¬
April 30, said that "the comparison with the same
view" of
The Bank
continues to grow worse."
ago
year
a
continued:
Wholesale and retail sales
down
Lumber
sharply,
Wheat and
corn
are
sales
favorable and life insurance sales are
less
stronger than
are
last
month.
coming to market in larger quantities than a year
are
livestock are much lower.
Live¬
production, and zinc and lead ship¬
but marketings of other grains and
slaughter, flour and petroleum
below
far
are
last
year.
14% below last
Demand deposits show little change.
bright spot continues to be the moisture situation.
March was a
Payments by check are 15% and bank investments are
Bank loans tend downward.
year.
The
and
month
wet
rainfall
the first
for
quarter of
the
year
was
more
than
A very large wheat crop is in prospect.
35% above normal.
Eleventh (Dallas) District
Department store trade in the Eleventh (Dallas) Federal
Reserve District "showed a smaller expansion from Febru¬
is customary at this season," while "on
to March than
hand, there was some improvement in the demand
merchandise at wholesale," said the "Monthly Business
for
Review," April 29, of the Federal Reserve Bank of Dallas,
of
in
The
a
2.1%
was
registered
as
The increase
March was less than
compared with March
.
.
.
buying
decrease of
principal
department stores in
March, after allowances are made
in
total dollar sales between February and
and
last year.
merchandise through
seasonal changes and the variable date of Easter.
average
20.3%
seasonal,
of
district declined further
of this
cities
for
to say:
on
distribution
The
of merchandise at wholesale, which bad shown
September last year through February this year,
a
steady
increased
seasonally in March.
Although the combined sales of
all reporting firms were about 5% below those in
March last year, this
decrease was
somewhat smaller than the average decline of 8% for the
decline
more
first
from
than
.
quarter.
Construction
in
and
March
wide
margin.
the first
.
.
...
in
the
that
Petroleum
half of April,
.
.
activity
exceeded
three
for last
District
has brought some seasonal improve¬
months in the Tenth District, the
Federal Reserve Bank of Kansas City, in
Despite the
The retail, furniture trade showed a some¬
distribution
both
of
month earlier, but
a
of Easter buying fell in April this year, March
gain in
retail
at
was
recorded
were
.
trend,
increased
stores
seasonal
but
March
well below those of a year ago.
sales of shoes at retail.
these
a
part
department
less
March.
to
in
most
that the major portion
did
what
sales
the
for
in
Gains
trends.
employed in Seventh District industries
.
.
March
heavier
had
sold
men
seasonal
with
expanded
and
in mid-March than
fractional gain.
accordance
trict
sales
The number of
slightly less
registered
in
were
■
furniture factories and from paper mills increased
Shipments from
the period.
was
also
better
much
In noting that spring
sources,
steel and malleable casting foundries and
similar
showed
building construction
in
miscellaneous
increased in March, but they declined again
were
production
furnaces
from
averaged
were
up
shipments
which went
demand
improved
Output from
ago.
year
stoves
as
1
;
of
large but not so great
were
The report also had the following
groups."
say:
Because
in
trade
retail
and
production
slightly higher than in
were
warranty deeds recorded in Hennepin and. Ramsey Counties,
ary
in
district,
noting this,
In
...
in the district
would
cities
lumber
the other
wholesale
District
the Ninth
in
allowance were made for the Easter factor, the March
than
and
amount
heavier
industries.
by
month last year were sales of new cars in
part, amounting to between 40%
goods
prices
lower.
April this
However," the Bank pointed out, "as compared
year ago.
firms
held
indicators
same
duction
expansion took place in the month this year
Federal
District, and the distribution of commodities also
increased.
smaller
was
North Daokta, Whole¬
sales
of
groceries, drugs and sundries, hardware, electrical goods and
shoes; mortgages recorded in Hennepin and Ramsey Counties; fHir pro¬
the
of
Chicago Federal Reserve Bank it is stated that "as is usual
some
in
stores
the
Other
the
ago,
Conditions
"Business
March
5% smaller than in the
smaller
were
ments
the
in
were
Country store tbtals in
year.
stock
Seventh (Chicago) District
In
total
cumulative
earlier.
March last year."
sales
store sales
March, and if an
August through
season,
March, consumption has been 26.1% less than in that part of the previous
season.
Operations at cotton seed oil mills declined about 6% in March,
but
the
a year
than last largely because Easter, with its attendant holidays, was in
.
consumption of cotton by mills in this district averaged
average
larger
a
workers
Combined sales of
.
February,
in
The increase in
in February last
larger than that which occurred
was
increase
cumulative sales showed
year.
during the first quarter of 1938
industrial
Department
according to figures reported to the United States Bureau of Labor Statis¬
tics
than in February and 12.8%
quarter
.
September through
from
of
the
to
further
increased
March
(Minneapolis) District
in
prices
production
1937
of
quarter
1937, volume
in that part of 1937.
amount
reported
firms,
100
16.2% less than
was
month
each
the
and
-
according
months
period
cash income and livestock
February, but
The later date of
half of the decrease
than
more
Commerce
of
less than
declining
workers
district,
Department
by 13.7%, but
were
After
of
trade
States
March
accounts
year
Wholesale
United
sales
part,
were
business
of
more
first
during
"Monthly Review" of April 28, the Minneapolis Fed¬
department
the 1923-25 average for February to 109.2% for March.
in
In
26.4%
the
somewhat
reflected by department store
as
eral Reserve Bank also had the following to say:
said:
but 11.5% less than in March, 1937.
ary,
Atlanta.
a
and industry
heavy industries,
trade
in its
indicated in the April 30 "Monthly Re¬
by 49 reporting retail firms
three
same
lower
was
was
of
months
three
the
the
significant changes from that of the preceding
no
Federal
Bank
of
in
month in either the urban and rural sections of the
2.4% less than the seasonal
Reserve
declined
March,
of business
seasonally, it
also
in
for
Ninth
The volume
view"
the
end
gauging
for
Production
jobbing firms whose statistics are available to this
than in February and 17.0% less than in March,
13.2% than for the
March in 1937 but
of
throughout
more
year
"Review"
the
at
1932.
employment,
trade
1937;
and
amount, but "wholesale trade increased somewhat more than
the
and
employed
5.2% under the like interval last
wholesaling
representative
District
generally
To¬
District
Federal Reserve
business
and
•
cigarette
generally
was
activities
levels since
sales in the principal cities, was
Industrial
Sixth
the
in
indicators
as
manufacturing
early April.
...
The volume
1937, level.
Sixth (Atlanta)
of
lowest
well
and
figures, while cigars and smoking
in
during the past several years.
when
as iron
and steel, non-ferrous metals, lumber, cement and the entire
classifications of building materials, receded further, despite the apparently
more
favorable position of consumer and distributor inventories.
Total,
the
and
March
recent months, but at
curtailment
on
dropped below the February
March
in
appreciably below those of the same
earlier,
year
considerably leBs
was
moving rapidly upward, the first quarter of 1938 witnessed
little more than half the
a
operated
first half of April at about the same rate as in other
mid-April
of
mines,
with the advent of spring
production declined
February level, and amounted to only
1937,
March,
advance normally
to
Bituminous
.
middle
the
around
textile mills and coal
in
a
developed
lines
period immediately
6uch
the first half of April exceeded sales in the
corresponding period last year,
sales in March were 13% below
majority
recorded the
for
average
steady contraction
large
as
Preliminary reports indicate that retail trade in
and
conditions
certain
similar
In virtually all lines investigated
by this bank, volumes in March
The April 30 "Monthly Review" of the Richmond (Fifth)
Federal Reserve Bank reported that "business in the Fifth
since
Continuing, the Bank said:
result
a
moderate
than
only slightly changed from those reported earlier in the year.
Eighth (St. Louis) District
.
"Taken
.
conditions,
but
amount,
3261
less in
was
.
.
The tire, glass, auto parts, ceramic goods, hardware,
equipment and machine tool industries continued to operate at
a
electrical
levels
the
In
usual
national
than the
output.
less than
district
seasonal.
field, operations continued little changed in the first
a
month previous.
Most local steel centers operated
from
rates
this
is
favorable weather
more
In
of
areas
increase
an
Chronicle
in
Eleventh District showed a sharp upturn
the corresponding month last year by a
production
increased
moderately
in
March and
but continued smaller than a year ago.
Twelfth (San Francisco) District
Preliminary
Twelfth
data
that business activity in the
District was about the same dur-
indicate
(San Francisco)
3262
Financial
the first three months of this
ing April as in
year, it was
Francisco Federal Reserve Bank in its
"Business Conditions Report" of May 3.
It is added that
noted
San
by the
taking March and April together, retail trade was slightly
less active than in the two preceding months, after allow¬
ance for seasonal influences."
The Bank also had the fol¬
Residential
>
California
building
permits
March, and
industries
which
for
available
are
measures
remained
close
to
a
those
payrolls
slightly during March,
increased
mid-April,
through
taken place in value of residential
district
but
ago,
levels
few
months
In
the
owing
reached
•
last
will
that
1,
May
There
and
maintain
gauged to actual
are
129,386 short tons of
entered
as
Statistics
certified for entry
or
full-duty countries
on
1938, all
subject to change after final outturn
available.
are
value, charged against the
sugar, raw
quota for the continental sugarcane
and 221,644 short tons,
areas
value, against the quota for the continental sugar beet
first three months of this year.
The quantities charged
Data for April
area
are not yet
against the off-shore
months of the year are as
areas
raw
during the
available.
during the first four
follows:
(Tons of 2,000 Pounds—96 Degrees;
1938 Suagr Quotas
Established Under
Amounts
the Latest
Against
Regulations
Quotas
building permits issued in the principal
building
fall,
The figures
1938.
were
has
is
currently
less
active
than
a
year
some
setting
are
programs
for the next
activity at a higher level this
year
than
early 1937 and the current level of operations is will
market demand.
in
than
1938.
largely
gain
general, active builders are proceeding more cautiously with their
programs
1,
Area
large seasonal
usual
builders have increased their operations sharply from the
many
low
last.
Residential
cities.
May
weight and polarization data for all importations
greater than seasonal expansion in lumber production.
January
raw
In the Pacific Northwest, production,
customary seasonal changes.
From
and Hawaii, recorded
before
areas
include, in addition to the sugar actually entered before May 1,
to
January and February levels or receded slightly, and industrial employ¬
ment and payrolls were somewhat lower than in February after allowance
employment and
1938
The report includes all sugars from Cuba, the Philippines, Puerto Rico,
the Virgin Islands,
from
a
the
for the
21,
against the offshore areas totaled 2,038,785 short tons,
value, the Sugar Section said, adding;
on
increased by the usual large seasonal
further expansion in April is indicated by pre¬
liminary data, although little or no change is customary in that month.
Industrial production figures for April are not yet available, hut about
the usual seasonal increase took place during March.
Output of most
in
May
quantities certified for entry, including such certified quantities in transit
lowing to say:
amount
Chronicle
Cuba
Charged
1.962,771
...
Philippines
— -
..
-
_ -
711,492
1,057,416
-
380,626
'
Puerto
Rico
Hawaii
819,344
_.....
963.149
——
Virgin Islands-
420,806
165,695
9,155
0
27,121
1,471
4,838,956
1,680.090
.
Foreign countries other than Cuba—
Total....-
—
-----
.
Direct Consumption Sugars
Weekly
Report
Lumber Movement:
May 7, 1938
on
Week
52.5% of the 1929 weekly
included in the above
against the various quotas, since the direct
The lumber industry during the week ended May 7, 1938,
stood at
Direct consumption sugar is
Ended
average of
production and
55% of average 1929 shipments.
Production was about
52% of the corresponding week of 1929; shipments, about
53% of that week's shipments.
Reported production and
new
orders in the week ended May 7, 1938, showed little
change as compared with the preceding week; shipments
amounts
consumption
charged
quota is
sugar
included in the total quota for each area.
cates the
The following tabulation indi¬
1938 direct consumption sugar quotas and charges against such
January-April, showing separately
quotas during the period
polariz¬
sugar
ing 99.8 degrees and above and sugar polarizing less than 99.8 degrees.
The last column shows the balance available for entry during the remainder
of the year.
The separation of
polarization groups is based
sugars into
on
reports of the outturn weight and polarization for each cargo of direct
consumption sugar entered against the quotas.
(In Short Tons—96 Degree Equivalent)
considerably less.
New business was 6% above out¬
shipments, 2% above.
All items in the week ended
May 7, 1938, were appreciably lower than during the corre¬
sponding week of 1937.
National production reported for
were
put;
the 1938 week by about the same number of mills
was
Quantity Ch'g'd Against Quota
1938
Sugar
Sugar
Total
Balance
Polarizing
Polarizing
Charges
Remaining
99.8 Degrees
Less Than
and Above
Area
2%
99.8 Degrees
Quota
above the output
(revised figure) of the preceding week;
shipments were 12% below shipments, and new orders were
0.7% below orders of the previous week, according to re¬
ports
from
Lumber
National
the
to
Manufacturers
Association
associations covering the operations of im¬
portant hardwood and softwood mills.
In the week ended
1938, production, shipments and orders
by 433
softwood
29%
mills
reported
as
respectively, 32%, 29% and
corresponding week of 1937.
were,
below similar items in
The Association further reported:
During the week ended May
of
booked
hardwoods
orders of
Mills,
were:
and
West
186,026,000
Pine,
532
regions
same
All
output.
and
Northern
shipped
140,399
234,601
89,485
4,293
x93,778
32,255
29,616
0
410
x410
29,206
Philippines
80,214
17,083
3,133
x20,216
59,998
610,863
237,789
17.014
254,803
356.060
Rico..
regions
reported
Lumber
orders
wood mills
178,782,000
Hemlock
shipments,
and
Southern
and
Shipments
as
reported
from
104
hardwood
6% below production.
5,453,000 feet,
18%
or
for the
give
Shipments
reported
shipments
below production.
months of the year against
Last
Mill
and the amounts which may
;
feet, and
a
171,340,000
feet and
year
ago
feet
it
and
V"U;:UU..-
1937.
All
softwood
regions
same
week
business
new
were
173,329,000
(Pounds)
as
for the
Production
6,266,000
feet,
week
were
same
Belgium
319.815
303,485
286,121
274,000
Dutch
East Indies
....
--- _
Tons
as
Compared
with
220,777
381,058
0
44,368,506
0
44,368,506
550,000
26,634
473,366
54,242.000
2,941,809
51,300,191
Quotas not used to date b—
Unallotted reserve
......
ong tons
public May 12 went
to the United States during this period totaled
decrease of 242,500 long tons compared with 845,282
during the corresponding period
Stocks of sugar on hand in Cuba
tons compared
an¬
on to say;
raw sugar
a
on
a year ago,
statistics show.
April 15, 1938, totaled 2,591,643 long
with 2,133,863 long tons
on
the
same
date last year, according
to the report.
been charged against the quota for that country.
b
Tons
of
Sugar
Received
by United
States from Off-Shore Areas During First Four Months
The fourth
monthly report on the status of the 1938 sugar
on May 7 by the Sugar Section of the
Agricultural Adjustment Administration. The report shows
that the quantity of sugar charged against the quotas for
all offshore areas, including the full-duty countries, during
the period January-April, amounted to 1,680,090 short tons,
raw value.
For the corresponding period last year charges
quotas
was
issued
Argentina,
Canada,
15,840
613,102;
pounds;
China and
Australia,
Hongkong,
222;
Brazil,
313,084;
1,301; British Malaya, 28;
290; Costa Rica,
Colombia,
12,077,314; Salvador,
8,919,943; Venezuela,
315,135.
and
its
Products—Mexico Severs
Relations
with
England in Oil Fight—Empire Still Seeks
Redress in Property Seizure—Independents Seek
United
States
economic
Proration
Rule—Brown
Price Methods—Daily
Hits
Un¬
Average Crude Oil
Output Slumps
Late in the evening of May 13, the Mexican Government
served notice upon London that it wras severing diplomatic
relations with the United
Kingdom immediately because of
diplomatic protests addressed by
His Majesty's Government in the current difficulties resulting
from
the
recent
expropriation of some $100,000,600 of
American, English and Dutch oil properties by the Mexican
the "tone" of several of the
Administration.
President Cardenas' message announce that
cutting off all normal diplomatic relations with
England in protest against the "arrogant" note of several of
the messages emanating from Downing Street but it un¬
mistakably referred to the fact that "even great nations
cannot always keep up with their current obligations" which
was
generally accepted as a direct reference to the gigantic war
debts which England still owes the United States7 in common
with many other European nations.
A United Press dispatch from London May 16 reported
that "Great Britain had no intention of seeking a restoration
he
Short
1937 the first 10 short tons
of sugar, raw value, imported from any foreign country other than Cuba have not
Not only did
♦
1,680,090
-
In accordance with Section 212 of the Sugar Act of
Petroleum
from
602,682 long tons,
15,970
236,747
381,058
Same
Department's
Shipments of
6,413,726
6.554,635
United Kingdom
April 15
the office of the American Commercial
Habana.
The Commerce
at
140,909
Mexico
decline
nouncement made
,172
1,001,487
Peru,
1 to
of 260,608 tons when
compared with the
1,030,701 Spanish long tons exported during the correspond¬
ing period of 1937, according to a report to the Department
Attache
0
363,927
1,001,315
Haiti...
Exports of raw sugar from Cuba during the period from
Jan. 1 to April 15, 1938 totaled
770,093 Spanish long tons and
of Commerce
229,704
363,927
-
22,382; Dominican Republic. 7,246.410; Dutch West Indies, 7; France, 190; Ger¬
many, 127; Honduras, 3,730,055; Italy, 1,903; Japan, 4,356; Nicarauga, 11,106,817;
1937
a
12,121
229,704
.
Guatemala
6,663,000 feet.
was
Exports of Raw Sugar from Cuba from Jan.
recorded
(Pounds)'
16,330
Reports
250,097,000 feet.
260,608
{Pounds)
Balance
Remaining
Netherlands
168,264,000 feet.
was
was
165,922,000
244,456,000 feet; shipments were, respectively.
feet, and orders received, 177,998,000
Period in
Quotaa
Czechoslovakia
242,714,000
Declined
Charged
Against '
1938 Quota
below
of 433 identical softwood mills
was
be admitted during the remainder of the year.
Area
a
week's production
four
the quotas for the individual full-duty countries.
Total..
Identical
1938.
value, charged against the quota for foreign
raw
above
shipments
reported
as
for arrival after April 30,
Quotas for Full Duty Countries
1,471 short tons,
1938.
reported
all
Production
mills
Does not include sugars certified
The
Hardwood
May 7,
reported for the week ended May 7, 1938, by 440 soft¬
179,760,000 feet, or 7% above the production of the
3% above production.
Reports
202,387,000
totaled
mills.
or
x
the amounts charged against the quotas during the January-April period,
Redwood
orders
Total
feet;
feet;
items in the corresponding week of
reported production below the 1937 week.
or
9,178
126,033
Hawaii
figures for the preceding week
Revised
similar
feet,
Puerto
The following table shows, in pounds, the 1938 quotas for those countries,
171,730,000
California
174,927,000
mills produced
combined;
regions reported orders above production in the week ended
same
131.221
countries other than Cuba is the total of charges made during the first
1938,
feet.
531;
Coast, Western
7,
softwoods
production,
feet; orders, 187,249,000 feet.
These
375,000
regional
May 7,
feet
Cuba....
was
Volume
of
relations
diplomatic
satisfaction
United
Financial
146
on
States
unless
it
obtained
"Richard A.
Undersecretary of Foreign Affairs,
The dispatch continued,
understood tonight."
Butler,
Mexico
with
several claims and may eventually ask the
to attend to British interests there, it was
Parliamentary
discussed the breach in diplomatic relations
between Mexico
City and London in the House of Commons today but side¬
stepped opposition questions as to whether the government
would seek an early settlement.
"His Majesty's Government can only express surprise
and regret at the decision of the Mexican Government / ' he
said.
"I cannot at
present forecast any further action
which may be taken, but His Majesty's Government natur¬
ally will continue to use its best endeavors to protest the
substantial British commercial interests in Mexico."
Reports from Mexico City disclosed officials of American
and British oil companies are cooperating with representati ves
of the government in making an inventory of the companies'
properties as of the date of expropriation. It was explained,
however, that the inventory is being made "for our own
protection" but that no evaluation is being made, since that
would imply acceptance of the principle of indemnities, which
the companies firmly maintain will not be accepted in lieu of
the return of the properties.
Reports of internal dissension in Mexico continued to
occupy the interest of American oil men who placed little
credence in official denials from Mexico City.
As the week
closed, the United Press reported from Mexico City that
fighting was in progress between forces headed by General
Cedillo and government air forces.
President Gardenas
again repeated that there was no danger of any revolt but
reported on the march.
Tuesday's meeting of the Texas Railroad Commission was
nevertheless government troops were
made by the East Texas Independent
Association, through its President, John C. Sehroeder, advo¬
featured by a move
cate that the Federal
Government assume control
of oil pro¬
regulations for at least one year, and probably three
in order that the petroleum industry may pull through
existing conditions without a general price collapse with the
resulting chaos through the industry.
In support of its recent ruling establishing a SaturdaySunday shutdown, or five-day week, for producing Texas
wells, the Commission introduced telegrams from scores of
the State's leading oil men. The meeting was called to hear
testimony and argument on whether or not to continue the
five-day production schedule, which represents a 32% in
ration
years,
the
gain over the previous week, Oklahoma,
California and Louisiana all showing declines.
Texas,
Kansas
was
a
11,550 barrels to 174,450 barrels, against a
up
May, and
daily.
A
drop of 2,150 barrels pared Aklahoma production to 484,650
barrels, against the State allowable of 422,742 barrels and the
State allowable of 173,000 barrels, retroactive to
the Federal recommendation of 168,700 barrels
Bureau's recommendation of 510,300 barrels.
Texas showed
4
decline of 9,250 barrels in its daily produc¬
a
tion to 1,345,450 barrels, against the
Commission's figure of
suggested
by the Federal agency
Louisiana was off 550 barrels to
261,700 barrels, compared with the State quota of 251,450
the 1,322,500-barrel total
1,543,268 barrels and
barrels.
barrels to 685,400
barrels and the United States estimate of 243,200
California showed
decline
a
of
barrels, compared with the
mended
by
Central
the
4,200
620,000-barrel figure recom¬
of California
Oil
suggested by the Bureau of
Committee
Producers and 667,800 barrels
Mines.
crude oil held in the United
May 7 were off 1,339,000 barrels
to 305,478,000 barrels, the Bureau of Mines reported. Stocks
of domestic oil were 1,020,000 barrels for the week, while
foreign oil holdings were off 379,000 barrels.
First quarter exports of crude petroleum from the United
States showed a gain of 64% over the like 1937 period, total¬
ing 17,402,000 barrels, a new high. During the same period,
however, imports climbed 64 % to 5,934,000 barrels.
There were no price changes posted during the week.
Stocks of domestic and foreign
States during the week of
Price* of
Typical Crude* per Barrel at Well*
gravities where A. P. I. degrees are not shown)
(A
_.52.05 Eldorado, Ark., 40--.....51.27
1.35
1.25 Rusk, Texas, 40 and over
1.09
1.27 Darst Creek
1.42
1.35 Central Field, Mich.
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
Illinois
.
Western Kentucky
1.40
1.30
1.25
Huntington, Calif., 30 and over
Smackover. Ark., 24 and over..
0.90
Petrolia. Canada.
1.22
1.22
1.42
2.10
Sunburst, Mont
Mld-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
Kettleman Hills, 39 and over
REFINED PRODUCTS—MOTOR FUEL STOCKS
—REFINERY OPERATING RATE
AT RECORD
...
AGAIN DECLINE
GAINS—FUEL OIL STOCKS
HIGH—PRICE STRUCTURE STABLE IN
MOST
AREAS
would be to
proximately 59 days' requirements on the basis of current
consumption, which is about six days larger than a year
production.
The alternative
May 16 was 1,595,493 barrels, a gain of about 42,000 barrels
daily over that of the outset of the month. During the first
half of May, 422 new wells were completed. June nomina¬
tions for the purchase of Texas crude totaled 1,512,875
barrels daily.
Producers in the Long Beach section of the Wilmington
oil field voted to curtail production from the area to a maxi¬
mum of 600 barrels daily for terminal zone wells and to reduce
substantially the output of wells producing from the ranger
zone.
The new schedule became effective May 21, and
probably will cut production there by about 20,000 barrels
daily to a daily average of approximately 85,000 barrels.
A severe attack upon the "uneconomic practice" of basing
the price structure on the finished product rather than on
the costs from the raw material onward as the cause of many
problems within the petroleum industry was made by Russell
B. Brown, general counsel for the Independent Petroleum
Association of America, -in an address before the MidContinent Royalty Owners' Association in Tulsa in mid¬
week.
"Instead
of
The
tinued during the
finished gasoline
ago
suggestion found little favor with the
majority of oil men attending the meeting, press dispatches
reported. Four oil-producing groups within the State sub¬
mitted a joint petition to the Commission for a continuation
Of the "current sound curtailment program."
The meeting
also disclosed that the allowable crude oil production as of
Sehroeder's
retail
prices
being
determined
upon
the
cost basis, beginning with the raw material, there
prevailed the custom of first establishing the retail
price and then working back through the distributor, the
refiner, the transporter, allotting to each of these a more or
less arbitrary portion of the consumer's payment, and passing
over to the original producer what was left," he declared.
"Much of the waste of this valuable natural resource has
been directly due to the unjustifiable custom.
"Part of this price problem in the industry may be due
to the fact that, except for the brief period under the Code,
it has been difficult and also dangerous for representatives
of the industry to discuss sound plans for stabilization or
for an improvement in the distribution of the income of the
industry," he continued.
"Also difficult has it been for the
industry to maintain a practical method of avoiding oversupply." ' UUu,;:UU:U.;■ UUUyuu■
v u
proper
long
Daily average crude oil production in the United States
for the second week of May slumped 20,050 barrels, totaling
according to the American Petroleum
Institute report.
This compared -with the May market
estimate of 3,318,100 barrels recommended by the United
States Bureau of Mines, and actual production for the
corresponding 1937 period of 3,551,950 barrels.
3,362,300
the five major oil-producing
the only one of
was
daily well allowables, which would mean running
non-proratable amounts for wells in various
below marginal
fields.
Mr.
Kansas
States to show
improvement in the gasoline inventory situation con¬
May 14 week, stocks of finished and un¬
dropping 817,000 barrels to 88,647,000
barrels, according to reports prepared by the American
Petroleum Institute.
The May 14 total was equal to ap¬
allowable
reduce the
3263
Chronicle
barrels,
at this time.
gasoline held at refineries were off 1,077,000
barrels but stocks at bulk terminals
gained 522,000 barrels to 26,088,000 barrels, the report indi¬
cated.
Stocks of unfinished gasoline showed a decline of
Stocks of
barrels to 55,343,000
262,000 barrels during the second week of May, dropping to
7,216,000 barrels.
Refinery operations showed a sharp recovery after the
decided slump in the initial week of May, gaining 2.4 points
to run at 78.3% of capacity.
Daily average runs of crude
A
production of cracked
gasoline lifted the total to 725,000 barrels.
A new high peak was set in inventories of gas and fuel oil
oil to stills
were
90,000 barrels to 3,170,000 barrels.
up
gain of 10,000 barrels in daily average
stocks which have felt the
effects of slackening industrial
demand due to the recession added to
the sharp slump in
the past mild winter season. ' A gain of
402,000 barrels during the May 14 period lifted the total into
record high territory at 130,250,000 barrels.
European demand for American gasoline during the first
three months of 1938 was 30% ahead of the corresponding
demand
during
period for the previous year, shipments rising to 10,583,000
barrels from 8,044,000 barrels during the March quarter
last year.
Major oil companies have established top contract prices
residential fuel oil in the metropolitan New York area and
on
throughout New Jersey at levels averaging 1 cent a gallon
below the prices of a year ago.
The new list for New York
sets up a top of 7 lA cents, while the new top for New Jersey
is 7 cents.
Current prices for fuel oils No. 2 to No. 4 are from
prices for this year.
price structure in the major consuming areas held
firm during the week just closed with changes confined to
nominal readjustments in certain areas due to local market¬
ing conditions.
Yi and 1 cent below the top contract
I he
U. S. Gasoline (Above
65 Octane), Tank Gar Lot*, F.O.B.
Stand. Oil N.
Socony-Vacuum —
.08
Gulf
Tide Water Oil Co
.08H
Shell Eastern..—
Richfield Oil (Cal )
.07 *4
Warner-Qulnlan..
-.05 H
07
07 M
i
(Bayonne).-.--..S.05fi
Y.
$04
03H-.05
v-U
1,95
...
,
Y.
—9 04H
I
ITulsa...
28-30 D.—
5.053
Gasoline, Service Station,
z
New York
i
Brooklyn
s
-
$.19
.19
Not Including 2%
|
Boston.
5.02H-.03
I
Tax Included
j Newark
city sales tax.
$.90
1.05
Terminal
.Chicago—
(Bayonne)—
27 plus
New Orleans'C
t'Uv-U..-iV:.
Gas Oil, F.O.B. Refinery or
N
jNew Orleans.5.05>i-.05}4
ITulsa—......03 £$-.04
$1.00-1.25 Phlla., Bunker C
$1.05
Diesel....
.04H-.04H
Terminal
California 24 plus D
(Bayonne)—
Bunker C
.05H
ports...
Tank Car, F.O.B. Refinery
North Texas
I Los Angeles..
Fuel OH, F.O.B. Refinery or
N
Gulf
.07
Tulsa
Kerosene, 41-43 Water White,
New York—
:,.:t
Chicago. —..5.05
New Orleans. .06
%.07M,
.08^
Texas
J..5.07H
Refinery
Other Cities—
New York—
New York-
...—...
5.1651 Buffalo
.1851
$.17
3264
Financial
Average Crude Oil Production During Week
Ended May 14, 1938, Placed at 3,362,300 Barrels
Daily
Petroleum
American
The
Institute
estimates
•
that
the
daily average gross crude oil production for the week ended
May 14, 1938, was 3,362,300 barrels.
This
Chronicle
coal in the
May
week ended
1938
21,
May 7 is estimated at 4,920,000 net
tons, a decrease of 235,000 tons, or 4.6% from the output in
the
preceding week,
Production in the corresponding week
of 1937 amounted to
6,984,000 net tons.
The United States Bureau of Mines, in its weekly report,
was a decline of
20,050 barrels from the output of the previous week, and
showed
the current week's
creased sharply in the week ended May 7, the total output
of 823,000 tons showing an increase of 168,000 tons, or 26%
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
during May.
producing States
for
weeks
four
the
ended
by the various Oil-
Daily average production
1938, is estimated at
May 14,
in
that
of
excess
Compared
tonnage
with
of
crease
production of anthracite in Pennsylvania in¬
reported
for
week
same
1937,
States
daily
a
for the week ended May 14 totaled
ports
of
average
barrels, compared with
152,429
barrels for the week ended May 7 and
110,143
UNITED
COMPARABLE
STATES
ON
DATA
PRODUCTION
PRODUCTION
OF
OF
Week Ended
the four
There
weeks ended
were
May 14,
California oil
receipts of
no
at
May
Atlantic
Gulf
and
Coast
WITH
PETROLEUM
Calendar Year to Date d
7, Apr. 30 May
1938
daily average of
barrels daily for
a
COAL
SOFT
CRUDE
(In Thousands of Net Tons)
1,067,000 barrels,
131,214
30.
de¬
April
there was a
Imports of petroleum for domestic use and receipts in bond at principal
United
of
week
the
of
12%.
ESTIMATED
3,395,200 barrels.
The daily average output for the week
ended May 15, 1937, totaled 3,551,950 barrels.
Further
details, as reported by the Institute, follow:
the
Bituminous Coal
1938
c
8,
1937
1938
1929
1937
a—
Total, including mine fuel
Daily average..
4,920
5,155
820
859
1,164
1,048
1,560
1,734
5,418
5,440
5,589
97,767
96,344
76.469
6,984 112,152 167,083 185,544
Crude Petroleum b—
ports for the week ended May 14, compared with a daily average of 10,857
barrels for the week ended May 7 and 13,429 barrels in the four weeks
Coal equivalent of weekly output.
ended
a Includes for purposes of historical
comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania.
May 14.
Keports received from refining companies owning 89.0% of the 4,159,000barrel 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, 3,170,000 barrels of crude
oil daily during the week, and that all
in storage at refineries, bulk terminals, in transit and in
companies had
pipe lines as of the end of the week 88,647,000
b Total barrels produced during the week converted to equivalent
coal, assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Subject
d Sum
to revision,
of
18 full
weeks
ended
May
7,
1938. and corresponding
18
weeks of 1937 and 1929.
ESTIMATED
PRODUCTION
OF
PENNSYLVANIA
BEEHIVE
barrels
of finished and
unfinished gasoline and 130,250,000 barrels of gas and fuel oil.
ANTHRACITE
AND
COKE
(In Net Tons)
by companies owning 94.8% of the potential
all cracking units indicates that the industry as a
Cracked gasoline production
charging capacity of
whole,
Bureau of Mines basis, produced an average of
a
on
Week Ended
725,000 barrels
Calendar Year to Date
May 7,
Apr. 30,
May 8,
1938
1938
1937
daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
1938
1937c
Tot.,Incl.col. fuel
823,000
a
655,000
931,000 16,330,000 20,045,000 25,578,000
155,200
153,300
240,200
188,200
884,000 15,553.000 19,043,000 23,730,000
Daily average...
B. of M.,
Four
Slate
Week
Change
Weeks
Week
Interior
Allowable
Ended
from
Ended
Ended
Calcu¬
May 14,
Previous
May 14,
Week
1938
109,200
784,000
624,000
United States total
15,700
17,300
76,400
409,400
Daily average..
2,617
2,883
12,733
3,756
Beehive Coke—
May 15,
1938
May 1
137,200
G'omm'l produc'n b
Dept. of
1937
lations
(May)
1929c
Anthracite—
Pa.
Includes washery and dredge coal, and coal shipped
a
b Excludes colliery fuel,
operations,
1,303,800
11,961
2,208,100
20,258
by truck from authorized
Adjusted to make comparable the number
c
of working days in the three years.
510,300
Oklahoma
;
Kansas
484,650
a422,742
486,200
174,250
660,650
65,000
174,450 + 11,550
168,700 b160,000
—
—2,150
84,300
73,000
ESTIMATED
198,500
WEEKLY PRODUCTION
OF COAL,
BY STATES
(In Thousands of Net Tons)
62,850
72,400
27,200
201,800
East Central Texas..
-
.:. >V
.
^
:
Southwest Texas
Coastal Texas
-----
---
29,150
198,900
32,800
208,800
—1,150
103,100
+ 200
433,400
2.34,150
+600
207,850
based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
are
460,500
+ 950
[The current weekly estimates
121,450
208,150
West Texas...
+ 1,700
235,350
West Central Texas...
—7,050
—2,900
434,100
North Texas
East Texas
—1,600
103,600
Panhandle Texas.....
204,450
76,550
ments and
are
and State sources
of final annual returns from the operators.]
or
Week EndedState
233,000
April
Apr. 30 Apr. 23
1938 p
1,322,500 c1543 268 1,345,450
Total Texas
1937
Apr. 27
1936
1929
r
83,250
+ 3,550
79,900
75,750
178,450
—4,100
181,850
167,400
Alabama.
2
2
225
221
.........
.
.
.
.... _
...
.
_
_
.
.
3
2
26
215
s
243,200
Total Louisiana....
251,450
261,700
—550
42,550
—6,000
49,850
27,400
140,600 —10,350
146,700
117,500
352
261,750
243,150
Arkansas and Oklahoma
15
10
12
13
61 >?•+
89
71
Michigan
139,800
52,600
Wyoming
Montana..
Eastern
-
412
58
57
163
Georgia and North Carolina
*
*
70
184
1
569
641
890
1,471
196
204
259
277
514
47
47
23
51
61
83
87
65
78
99
138
443
428
837
722
799
620
87
Iowa.-..—
548
200
Indiana......................
1
513
Illinois
44,500
Arkansas
e
s
Colorado
Coastal Louisiana
Avge.
1923
—9,250 1,348,100 1,418,300
Alaska...
North Louisiana
M ay 2
May 1
1938 p
89
152
104
230
188
..
55,300
—1,000
53,700
44,400
Kansas and Missouri
47,400
51,850
+ 2,500
49,400
55,500
Kentucky—Eastern
12,600
13,000
—500
13,350
16,450
3,650
—150
3,900
3.900
103,700
+ 50
104,800
111,800
-
Western
Maryland..
21
20
s
s
100
103,900
New Mexico—
Total east of Calif.
2,650,300
667,800
California
103,900
2,676,900 —15,850 2,692,000 2,897,550
d620,000
685,400
—4,200
703,200
654,400
45
52
7
5
2
6
15
22
Montana.....................
4,800
Colorado
39
33
33
40
49
New Mexico
21
20
32
22
50
59
22
22
22
19
sl8
sl6
270
281
385
344
416
766
1,245
Michigan
-
North and South Dakota
-
Ohio
3,318,100
3,362,300 —20,050 3.395.200 3,551,950
This is the daily
b
10
allowable for May based upon 460,000 barrels daily for the
Pennsylvania bituminous.......
days and 405.000 barrels dally for the remaining 21
days of the month,
173.000 barrels reduced retroactive to May 1.
c Effective
Sunday shut-downs continued as previously with Saturday shut-downs
ordered for May 14, 21, and 28.
d Recommendation of Central Committee of
April allowable of
May
1.
1,312
1,894
1,852
2,737
3,531
75
38
78
88
121
16
15
15
12
17
Utah...
27
27
30
26
64
70
151
200
184
234
249
16
26
32
23
45
35
1,098
1,064
1,664
1,520
1.796
1,256
393
372
508
470
672
778
66
73
64
84
106
116
_
West
Virginia—Southern
a
Wyoming
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
AND GAS AND FUEL OIL WEEK ENDED
MAY
14,
1938
20
178
Virginia......................
Washington
Other Western States
might have been surreptitiously produced.
GASOLINE
-
Northern b
estimate of any oil which
42
62
California Oil Producers
Note—The figures Indicated above do not include any
28
Texas..
Tennessee
a
first
16
1
c
Total bituminous coal
5,155
Pennsylvania anthracite d
*
*
..
5,186
6,915
s4
s6
9,285
6,864
10,836
655
666
1,464
1,536
1,816
1,974
5,810
5,852
8,379
8,400
11,101
12.810
_.
(Figures In thousands of barrels of 42 gallons each)
Grand total
Daily Refining
Crude Runs
Capacity
to Stills
a
Stocks of
Finished and
Unfinished Gasoline
Stocks
Of
District
Finished
Poten¬
Daily
Rate
Total
P.
C.
P
Aver¬
Reporting
tial
Oper¬
age
ated
Gas
Unfin'd
C
in
At Re¬
fineries
and
Fuel
Terms., Nap'tha
&c.
Distil.
Oil
Includes operations on the N. <fe
W., C. & O., Virginian, K. & M., B. C. & G.,
Mason, and Clay counties,
b Rest of State, incl.
and on the B. & O. In Kanawha,
the
Panhandle
District
and
Grant, Mineral, and Tucker counties,
e Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anth¬
racite
from
entire
month,
published record of the Bureau of Mines,
p
Prellninary.
r
Revised,
s
Alaska,
e
Average weekly rate for
Georgia, North
and South Dakota Included with ' other Western States."
Carolina, and
* Less than 1,000 tons.
-
East Coast.
669
669 100.0
465
69.5
Appalachian.
146
129
88.4
104
80.6
1,430
1,696
249
Ind.,Ill.,Ky.
529
489
92.4
441
90.2
10,183
3,504
853
452
383
84.7
278
72.6
2,820
527
3,828
Inland Tex&«
355
201
56.6
125
62.2
4,442
2,000
198
273
1,597
Texas Gulf_.
833
797
95.7
747
93.7
10,470
326
1.683
8.649
La. Gulf
174
168
96.6
140
83.3
1,268
648
456
3,220
91
58
63.7
48
82.8
315
124
97
724
111
808
1,464
88,944
.
7,768
13,822
1,233
10,612
1,355
.
7,873
Non-Ferrous
Fair
Okla., Kan.,
Mo...
No. La.-Ark.
Rocky Mt_.
89
62
69.7
51
82.3
2,158
California-..
821
746
90.9
498
66.8
11,469
2~320
3,702
89.0
2,897
78.3
51,503
25,458
3,840
360
"Metal
stated
...
457
Estd.unrepd.
273
6,946 127,610
270
2,640
that
May 14 '38
4,159
4,159
3,170
55,34.3
26,088
7,216
May
4,159
4,159
3,080
56,420
25.566
7,478 129,848
z.3.240
50.044
22,913
7,320
130,250
in
a
Zinc—Tin
modest
Declines
issue
its
uplift
last
of
May
week
in
19,
the
copper and lead sales continued at about
in recent weeks.
Lead and zinc quotations
steady, with the position of copper uncertain because
the
as
decline
continues at
would
abroad.
of
a
major
Tin
dull
was
non-ferrous
and
metals
lower.
in
The publication
further
Actual
this
higher level than the deliveries
indicate.
U.S. B. of M.
to
country
consumers
reported:
Copper
xMay 14 '37
x
and
Markets," in
was
buying of zinc, but
of
Lead
Mineral
there
consumption
xEst.tot.U.S.
7*38
and
the same rate
were
Reported
Metals—Copper Sales in Light Volume—
Trade
Estimated Bureau of Mines basis,
z
95.743
May 1937 daily average:
Traders
decline
in
threatens
again
Weekly Coal Production Statistics
weekly coal report, stated that the total production of soft
at
The
the
the
domestic
London.
in
stability
10c.,
for
of
the
market
Consumers
the
price
low, totaling only
Sales
April
feelings.
in
copper
prices
were
previous.
held
The National Bituminous Coal Commission, in its current
in
4,153
month
to
date
against
total
the
here.
structure
tons,
that
weakness
Sales
4,526
11,487
about
concerned
were
felt
for
week
the
in
the week
The
quotation
tons
tons.
the
abroad
Valley.
statistics
The
decline
of
in
the
domestic
production
industry
of
both
were
blister
viewed
and
with
mixed
refined
was
Volume
accepted
the
as
favorable factor, but there
a
smaller
refined
Financial
146
deliveries—31,684
increased
general disappointment over
was
to
tons
12,878 tons.
domestic
Blister stocks
of
Stocks
consumers.
reduced by 5,138
were
tons.
The
from
information
difficulty
been
statistics have
foreign
be
can
the
held
The
overcome.
of
because
up
German
It
group.
foreign
the price
to decline to pretty close
abroad,
result
it
further
in
foreign
producers
situated
that a
pointed
was
curtailment in
statistics
difficulty in
hoped that the
April,
for
it
was
in 6ome directions, will probably
production by the foreign group.
The
out
and production
marketing
the
in
Continued
refinery basis.
to the 9c.
agreement are so
be put into operation on 6hort
smaller rate of output can
notice.
"'■■■.'//'
Lead
■
volume of lead sales
fair
reported by producers during the
was
with 2,690 tons
Most of the tonnage
booked was for prompt and near-by delivery, with business confined to
the sheet-lead and pipe division and pigment makers.
Producers anticipate
another increase in lead stocks for April.
Shipments to consumers will
be between 27,000 and 29,000 tons.
On a basis of 30,000 tons monthly
consumption the trade believes requirements for May are about 60%
week,
when
the previous
in
covered
and
2,165
tons
which
sold,
were
20%
American
undertone
compares
week and 2,083 tons two weeks ago.
for June.
the contract settling basis of
Quotations continued at 4.50c., New York,
the
Smelting
&
Co.,
Refining
and
The
Louis.
St.
4.35c.,
at
Although
reductions
tion
of
fact
that
and
But producers
beyond
July
the
little
logical
a
would
reductions
wage
in
railroad
expecting
been
obvious
undoubtedly
exists
formal
some
affected
the
managements
in Congress in
out
the
of
demand
the
rates.
wage
steel
among
it has cropped
and
situation
considering
outcome,
have
only
not
circles;
government
the
and
for.
carriers
15% cut in pay rates.
a
The
time
steel
industry is firmly of the belief that price reductions at this
would
stimulate
not
business,
but,
the
on
might,
contrary,
has
as
happened in the past, add to hesitation and uncertainty.
production has slipped this week in nearly all districts.
Pitts¬
burgh is an important exception, the rate there having gained three points
to
29%.
In the Chicago area there has been a drop of four points
to
29%.
The Wheeling-Weirton district, where operations have been
sharply fluctuating, is down five points this wek to 58%; the Youngstown
has
area
St.
business
a
than
anything
appreciably.
compares
week previous.
This volume
market on a steady basis.
in
blash
area
for Prime Western is con¬
during
with 428,363 tons in the same period last year.
compares
stimulant by
buying
still
consumers
restricting purchases
lower rate
a
the
view
outlook
business
uncertain
as
and
are
Tin-plate mills are said to be
immediate needs.
to
in prices being offset as a
activity in the tin-plate industry.
of
operating at between 40% and 45% of capacity. The trade believes that a
definite announcement on the status of the buffer pool will be made on
into the plan.
is expected to come
and Malaya
23,
Actual consumption
of primary tin in the United States during 1937 was
issued
tons, according to revised figures
of Metal Statistics.
This compares with
78,152
long
Bureau
Chinese
by the
American
74,012 tons in 1936 and
99%,
tin,
and
Ohio.
southern
in
The
the
for
rate
entire
half point from last week.
a
Wheeling-Weirton district, has had the
Tennessee
The
Iron & Railroad
Coal,
blown out
has
Co.
Coke production and iron mining operations
The
only active merchant blast furnace in eastern
out of blast
go
next week.
orders,
without
development that has occurred
a
being
Structural
in
week
any
the
lettings
number of times this year
a
trend.
a
4,500
only
of
tons
the lowest for
this week,
reflect at least
than two years,
more
construction
of
indicative of
steel
is moving
is merely the result of a temporary accumulation
contrary direction
a
a
temporary lull
in
though below normal, have been recently one
active branches of steel consumption.
New structural steel
which,
awards,
most
projects out for bids total only 7,000 tons, also a low amount, but jobs
is
the
for
linings
total 7,100 tons, of which 4,570 tons is for tunnel
Manhattan-Queens tunnel, New York.
Reinforcing steel
plates
requiring
fairly
Corporation's
Finance
Reconstruction
bill,
railroad loan
Congress, has been modified in ways that will place less
manner
in which the money is to be spent, there is
pending in
the
on
official
doubt
of
billion
the
Chicago
The
tons.
which shows progress, will take 35,000 tons of steel.
the
Although
5,700
aggregated
having
lettings
active,
subway project,
that
the railroads will borrow
and
dollars
half
a
that
more
to
is
be
than
$100,000,000 out
made
available.
Con¬
gressional opposition to the plan of the railroads for wage reductions may
railroad opposition to dictatorial
work on cars has been planned.
The
and 464 flat cars in its own
shops, and the Missouri Pacific is to repair 300 box cars and built 100
delay
action
flat
increase
some
55
passenger cars
cars.
output tapering off
With automobile
months
and
Meanwhile,
will build
Milwaukee road
new
bill
the
on
aid.
government
the
for
industry,
in May, normally one of the best
outlook
the
the
for
months
summer
not
is
promising.
1935.
61,942 tons in
Birmingham
Buffalo,
The improvement at Pittsburgh while the rest of the industry
restriction
dull all week, the decline
was
The
furnaces, making a loss of five active furnaces in the Birming¬
likewise affected.
still
Tin,
Business in tin
and
within three weeks.
Pennsylvania will
the
March totaled 148,700 short tons,
according to the American Bureau of Metal Statistics.
This compares
with 140,542 tons in February and
160,198 tons in March last year.
Production in the first quarter of 1938 amounted to 446,761 tons, which
of zinc
Detroit
spring orders.
of
The ore market in Joplin was unchanged on the basis
of $27 per ton for coarse.
Production of both ore and the metal is
expected to be reduced because of the pressure of low prices.
production
26%.
to
highest operating rates in the industry during most of this year, is headed
downward as the rail mill in that area approaches the end of its run on
in
siderably below cost.
World
points
slightly, while production is unchanged in eastern
The South, which, except for the
the sales volume down
totaled around 2,800 tons, which
kept
sufficient to hold the
was
off
are
industry is estimated at 30%, down
fair inquiry for the metal for forward
1,000 tons
three
declined
Louis rates
Pennsylvania,
not interested in offering zinc for
which
the week
for
more
Western zinc to the basis
Producers- contend that the current quotation
May
is
apparently
price irregularities, the anticipated reaffirma¬
recent
■
price of Prime
were
shipment,
sales
However,
a
in
Louis, brought out
St.
4c.,
Most
to
of
two
reduction
recent
delivery.
of
of
reductions
labor, but
discussion
had
consumers
prices
any
Opposition
are
with
some
in view
present
ham
steady.
was
V.'...'Zinc
The
of
The "Iron
Ingot
Another
last
brought about by the rapid growth of the continuous
rolling method for sheets, strip and black plate.
some
is
generally held, were favorable.
Buying abroad was in fair volume last week, the Cartel disposing of its
quota.
The demand abroad lacked snap, however, and the selling caused
weakness
been
Age" further reported:
Export "invoieings" totaled 11,187 tons for April.
obtaining
3265
Chronicle
nominally
was
May
follows:
as
12,
36.850c.;
May 13, 36.700c.; May 14, 36.600c.; May 16, 35.725c.; May 17, 24.950c.;
After
period,
halting
a
steel
scrap
has resumed
trend.
its downward
Chicago declines occurred in every item, the majority only 50c., but
as much as $1.
The "Iron Age" scrap composite price has dropped
At
some
May 18, 35,225c.
to
PRICES
DAILY
OF
METALS
("E. &
M.
$11,42, lowest since July, 1935, and only $1.09 below the 1935 minimum.
QUOTATIONS)
J."
THE "IRON AGE" COMPOSITE
Electrolytic Copper
Straits
Lead
Tin
2.605c. a Lb.
/Based on steel bars, beams, tank plates.
wire, rails, black pipe, sheets and hot
2.605c.
rolled strips.
These products represent
2.605c.
May 17, 1938,
Dom.,Refy. Exp., liefj.
New York
New York
St. Louis
St. Louis
PRICES
Finished Steel
Zinc
One week ago.
One month ago--,
12
9.775
38.250
4.50
4.35
4.00
May 13
9.775
9.275
38.100
4.50
4.35
4.00
May 14
9.775
9.250
38.000
4.50
4.35
4.00
May
9.775
9.125
37.125
4.50
4.35
4.00
1937
9.775
9.075
36.350
4.50
4.35
4.00
1936
9.775
9.050
36.625
4.50
4.35
4.00
1935...—
9.775
9.175
37.408
4.50
4.35
4.00
May
16
17
May
May 18
9.275
—
---
-
.....2.015c.
1.977c.
1933
14 are: Domestic copper f.o.b.
New York lead,
42.750c.
The above quotations art "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash, New York or St. Louis, as noted.
All prices are in cents per
Average
prices for
calendar week ended
May
9.775c.; export copper, 9.283c.: Straits tin. 38.000c.;
4.500c.; St. Louis lead, 4.350c.; St. Louis zinc, 4.025c.; and silver,
pound.
Copper, lead and zinc quotations are based on sales for
deliveries; tin quotations are for prompt delivery
both prompt and future
net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
the figures shown above are
quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business in copper sellers usually name a c.l.f. price—Ham¬
Export
burg,
Havre,
and
The c.l.f. basis commands a premium of 0.350c.
quotation.
Liverpool.
-
1927—.
One week ago
23.25
-
23.25[
One year ago
1937
1936--—————
1935-——.
—
.-————— —
1934
1933—
1930
1927---———————————19.71
(Bid)
3M
Spot
Spot
38uie
May 13_
38»i«
May 16..
38 %
12%
13ii6
1936
145jg
14%
121316
13
1935
14%
14516
12"i6
121516
1934
14%
14%
12%
121316
1933
168%
169
165%
166
162%
162%
42%
38%
38%
148i6
145IB
May 17..
3715i6
38 >4
41%
162%
May 18
379I«
3713n
42
161%
London Metal Exchange;
buyers' prices for the first session of the
prices for copper and tin are the
All are in pounds sterling per long ton
prices.
official closing buyers'
-
1930
-
1927
(2,240 lb.).
The
American
nounced
Reclassification of
Expected
S
Tlie
"Iron
steel prices
in
Age,"
a
in
Quarter
its issue
of
a
Steel
Prices
May 19,
reported that
by the Carnegie-Illinois Steel Corp. with
changes except in the flat rolled
new
as
Third
for the third quarter were expected to be an¬
nounced this week
no
Flat Rolled Products only Change
classification, in which
system of base prices and extras
step toward clarification
has been introduced
of inconsistencies that have
—-
-
1932
Prices for lead and zinc are the official
Jan.
13.56
Dec.
6
7
15.90
Dec.
16
4
4
17.54
Nov.
dicated
Iron
and
$14.00
21.92
17.75
13.42
13.00
12.25
8.50
15.00
15.25
3
1
Low
Steel
$11.42
4
30
21
10
13
8
Jan. 12
Feb. 18
Jan. 17
Jan.
Mar.
Dec.
Dec.
Mar.
Aug.
Institute
the operating rate
May 17
12.92
Nov. 16
12.67
June
10.33
9.50
Apr. 23
Sept. 25
6.75
Jan.
3
6.43
9
5
Dec.
9
13.08
on
July
11.25
that telegraphic reports which it had
that
27
1 heavy, melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
HiOh
1937--—--.-—-----——----
141116
Jan.
13.56
17.92
-
13%
14%
169
—
-
I2i516
169%
42%
42%
38l5i«
12.25
3M
1938
May 12—
$11.75/
-
One year ago
3M
Spot
May 14
16.90
[Based on No.
1938, 511.42 a Gross Ton
May 17,
Aug. 11
17.83
Steel Scrap
r
•
Feb. 16
18.73
Jan.
14.81
18.21
520.25
Jan.
16;90
-
and
Low
Mar. 9
Nov. 24
Nov. 5
May
1
Deo. 5
5
Jan.
523.25
19.73
18.84
17.90
——±
1932
One month ago
Zinc
Electro.
3M
Spot
Philadelphia,
Buffalo,
Valley
Southern iron at Cincinnati.
High
One week ago
Lead
Tin, Std.
Copper
Copper, Std.
2.212c.
[Based on average of basic iron at Valley
523.25/
furnace and foundry Irons at Chicago,
,
Daily London Prices
2.008c.
1.867c.
1.926c.
2.018c.
2
Gross Ton
.
One month ago
pound above our f.o.b. refinery
per
Mar.
Mar. 10
Jan. 8
Jan.
2
Apr. 18
Feb.
1
Deo. 9
Nov. 1
Pig Iron
May 17, 1938, 523.25 a
only.
trade, domestic copper prices are quoted on a delivered basis; that is,
at consumers' plants.
As delivery charges vary with the destination,
In the
delivered
2.273c.
——————-2.402c.
1930-
2.330c.
2.084o.
2.124c.
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Oct.
4
Jan.
7
Jan.
4
2.330c.
2.130c.
....2.199c.
1932
refinery.
Low
High
2.605c.
-
1934
Average
85% of the United States output.
2.605e.
One year ago
Nov. 22
May 16 an¬
received in¬
of steel companies having
industry will be 30.7% of
May 16, compared with
month ago, and 90.0%
one
year ago.
This represents an increase of 0.3 point,
or 1.0% from the estimate for the week ended May 9, 1938.
Weekly indicated rates of steel operations since April 5,
1937, follows:
.-A;
98% of the steel capacity of the
capacity for the week beginning
30.4% one week ago, 32.4% one
.
Financial
3266
1938—
1937—
1937—
1937—
Nov.
I.¬
-48.6%
Feb.
7., —30.7%
Nov.
8..
-41.0%
Feb.
14.. —31.0%
..85.5%
-84.6%
-83.2%
Nov. 15..
-36.4%
-31.0%
Feb.
21.. —30.4%
3... ..91.0% Aug. 16-.
Nov. 29...
Aug. 23-
-83.8%
Dec.
Aug. 30-.
-84.1%
-71.6%
-80.4%
.76.1%
-27.4%
-23.5%
Dec. 27— -19.2%
May 10... ..91.2%
May 17... ..90.0%
May 24... ..91.0%
May 31— ..77.4%
7..
Sept. 13..
7... ..76.2% Sept. 20..
14... ..76.6% Sept. 27..
June
June
Sept.
June 21... ..75.9% Oct.
11..
12... ..82.7% Oct.
25..
July
—32.1%
to
Mar. 28- —35.7%
4.. —32.6%
3—. -25.6%
April
Chrysler fell
18.. —32.4%
10...
-27.8%
..29.8%
.32.7%
31...
.30.5%
May
2. .—30.7%
9.. ...30.4%
May
May 16- -30.7%
17...
24...
Jan.
Jan.
Steel
The situation is complicated
ago
21,
during
April
and
to lose
intimation
the
effort
steelmakers made their announcement for third quarter
a wave of heavy buying.
Buyers feel they have nothing
possibility of gain if prices should be reduced. No definite
been given as to the result.
High wage rates enter into
year
the
has
picture,
accompanied
steel
reduced
asserting
steelmakers
some
prices
must
of
Steel
activity
in
the summer
tonnage
is
placed,
Tankers,
will
dump
spread
cargo
New York is considering bids on
tons of plates and shapes, for
several months.
over
which
scows
on
involving structural steel includes a number of fairly
of
which are near closing.
Manhattan land section of
tunnel at New York will require 6,500 tons and
large
the
lots,
some
Queens-Midtown
Bridge 1,560 tons.
The Dela¬
and tunnels.
Tennessee
Valley Authority is inquiring for 2,200 tons of transmission towers arid
1,200 tons for a powerhouse.
A manufacturing building at Toledo, Ohio,
involves
1,500 tons and a mercantile warehouse at Washington
1,400
tons.
Main Avenue Bridge at Cleveland has been awarded, 8,175 ions
repair and widening of George Washington
aqueduct
ware
will
14,750
take
shafts
for
tons
the
Railroads evince little interest in
buying either rails
or
rolling stock, the
order
of
by the Southern Railway being the only one recently.
An indication
the situation is found in the fact that only 15 freight cars were placed
in
April, the smallest monthly total since May,
1935, when only two
were
bought.
apparent bottom has been reached.
an
finished
steel
composites
before,
with
little
a
weeks
two
The
estimated
about
at
31% two weeks
30%,
30%%
30%%, against 31% in the preceding week and 33%%
over
nearest
comparison
a
of the percentage of production
corresponding week of previous
changes,
approximate
in
from the week
points,
together with the
years,
immediately
U. S. Steel
Industry
preceding:
Independents
30%—
%
92+1
30
88% +
1%
93
1936
69
62%—
%
74
+
40—1
47
—
1
46
+
1
69
—
1
33
+
4%
45
+
1938
1935
44
1934
1
59
—
1933
39% +
44—2
46—2
43—2
75—1
80
70—2
5
100
93—2
96
—
1 %
1928
82
—
2%
86%— 2%
78—2
81% +
1%
89+2
74
Erie constitutes
30 to 60 days.
-
from
a
New York City
Reserve Banks
Additions to member bank
of
decrease
1938
S
$
Assets—
Loans—total
2,998
industrial
agricultural
offset in part by increases
Other loans t
market
cash and $12,000,000 in
reserves
of member banks
May 18
on
approximately $2,560,000,000,
an
were
$80,-
1937
$
$
3,787
546
647
551
228
232
■r-.Viail
21
33
1,348
1,381
44
348
390
143
157
21
22
28
-
468
1,127
27
27
42
204
206
277
65
65
81
118
118
129
12
12
14
92
92
76
223
218
242
21
21
23
462
„
purchasing or
or
Loans to banks
On securities
3
200
197
166
35
35
33
3,035
3,076
3,022
872
869
956
Otherwise secured & unsec'd
U. S. Gov't
obligations
Obligations fully guaranteed by
000,000 for the week.
May 18 will be
117
116
1,040
1,075
300
294
297
2,957
2,496
812
798
609
555
Other securities.. 1
Reserve with Fed. Res. banks._
Cash in vault
3292 and 3293.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
434
974
3,019
United States Government—
The statement in full for the week ended
pages
1938
8
Other loans:
estimated
increase of
1938
3,018
137
Real estate loans
deposits and other Federal Reserve accounts.
May 19
1937
1,331
—
Loans to brokers and dealers.
in circu¬
Chlcafio-
May 19 May 18 May 11
231
paper.
carrying securities.
in Treasury
1
and
Otherwise secured & unsec'd
000,000 in gold stock and $2,000,000 in Treasury currency,
$11,000,000
+
loans:
On securities
Open
money
May 11
1937
$78,000,000 in Treasury
of $6,000,000 in
%
—
1932 not available.
deposits with Federal Reserve banks and increases of $12,-
on
5%
1927
by the
Commercial,
Excess
%
rail
rails
balances increased $62,000,000.
lation,
%
1930
During the week ended May 18 member bank reserve
non-member
30%—
1931
May 18
rose
%
—
and
of
operating steadily at a low rate, with business for
reserves
the
in
credited
are
the only
tons
The Week with the Federal
found
with
compared
Leading independents
ago.
ago.
following table gives
the
with
is
and
Most rail buying has been for immediate delivery,
10,967
of
recently.
are
be
unchanged.
were
the week
for
:
Steel
S.
production
1929
Placing
business
to
composite
1937
of steel.
mills
U.
week
Prospective work
Production of pig
use.
mid-March the
in
to decline last week, holding at $11.59.
developing and
and
ingot
reported
require 9,000
will
prompt delivery.
fairly
steel
rise
ended May 16 is
placed at 30%% of capacity, according to the "Wall Street
Journal" of May 19.
This compares with 31% in the previ¬
ous week and 32%% two weeks ago.
The "Journal" further
and fall as pending work accumulates and
which deliveries will keep pace with con¬
ships and navy work aggregate a large tonnage
mill
struction.
been
has
iron and
domestic
abortive
the
steelmaking scrap prices failed
The
for
on
in April.
since
time
1/3%
of 33
duty
import
an
demand
declining
both fell off
first
Resistance
be
the
steel
the
reimposed
by lower wages.
ship
which
aid
to
For
in the corresponding months of
tons shipped
has
this year total 2,067,216
shipments
months'
Four
5,041,685
Britain
and
iron
Developments in the plate and structural markets give promise of better
30
year.
than
Great
signs of improving.
no
finished steel by the United States Steel Corp. in April
12.2% less than in March and 62.6% less than April
of
tons, 59%
1937.
all pig
iron from abroad, except charcoal and some special grades, and the gov¬
ernment
is
considering accumulation of stocks for emergencies, in an
last
by the general tendency to await announcement of prices for third quarter.
A
with 23,285 the week before;
11,400 ; Ford assembled 12,385 compared with
4.980 compared with 6,815.
from
501,972 tons,
less
May 16 stated:
on
buying shows
Chicago there was a loss
to 27, Wheeling 3
to 9.850
Shipments
were
"Steel" of Cleveland, in its summary of the iron and steel
markets,
for
the independents produced
and
11,885;
April 25- -.-32.0%
Jan.
indications
with
week,
last
change of rate at Pittsburgh at 25%,
no
output since the 1938 model season compared
April 11.. —32.7%
1938—
Jan.
April
At
18.
3 points
Youngstown
Mar. 21.. —33.7%
20...
Jan.
.63.6%
.55.8%
.52.1%
18..
Mar. 14—
13...
Dec.
30%
to
was
Buffalo 28,
27.5,
Pennsylvania
Detroit
and
7.. —29.9%
point
1
There
clear.
Birmingham 66, New England 30,
of 1 point to 31.5%, at
points to 38, Cleveland 5 points
23, St. Louis 3 points to 33.3, and Cincinnati 15 points to 25.
Automobile production declined 6,470 to 46,915 units, the lowest weekly
eastern
Feb. 28.. —29.3%
Mar.
-29.6%
6... -27.5%
Dec.
.74.4%
.66.1%
4..
June 28— ..75.0% Oct.
5— ..67.3% Oct.
July
Nov. 22.
week not
this
May 21, 1938
dropped
Operations
..82.5%
..84.3%
5... ..89.9% July 19.
12... ..90.3% July 28.
2_.
Apr. 19... -91.3% Aug.
9..
Apr. 26... ..92.3% Aug.
Apr.
Apr.
May
Chronicle
560
95
51
30
29
29
71
67
68
206
198
157
494
488
488
51
52
63
5,975
6,037
6,392
1,418
1,404
1,505
633
633
704
463
464
449
146
148
41
117
116
79
2,362
2,353
1,916
667
653
558
273
51
50
..
Balances with domestic banks.
Other assets—net.
_
Liabilities—
Increase
(+)
or
Decrease
Since
May 18, 1938
Bills discounted
Industrial
advances
1,000,000
17,000,000
Total Reserve bank credit
—
Gold stock
___
...
balances
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
than
—
Domestic
banks
277
489
6
7
6
319
321
389
19
19
20
1,488
1,488
1,475
244
244
236
Foreign banks
Borrowings
Capital
+ 985,000,000
account
+ 6,000,000
+ 3,000,000
+ 11,000,000
—853,000,000
—78,000,000
+ 1,166,000,000
+ 12,000,000
+138,000,000
+ 62,000,000
Complete
+ 150,000,000
7,622,000,000
6,402,000,000
2,226,000,000
1,283,000,000
■■■'- '
+
+ 704,000,000
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously
selves
with
and
the
for
figures
Reserve banks them¬
instead of being held
the
covering the same week,
until the
following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities
of Member Banks in
New
York
be
compiled.
following will be found the comments of the Board
Governors of the Federal Reserve System respecting the
of
Chicago—Brokers' Loans
cannot
In the
City and
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
returns of the entire body
banks and also for the
of
Chicago member banks for the cur¬
week, issued in advance of full statements of the member
banks, which will not be available until the coining Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
1938
Loans and investments- -total..
1938
1937
condition
leading cities
May
11:
cultural
ties ;
-New York City-ChicagoMay 18 May 11 May 19 May 18 May 11 May 19
Assets—
business May 11:
The
loans
and
1938
1938
1937
$$$$$$
7,562
7,694
8,318
1,835
1,830
1,995
United
statement
shows
Decreases
and
the
of
of
principal
$16,000,000
of
member
banks
in
101
changes for the week ended
industrial and agri¬
commercial,
in
loans to brokers and
$16,000,000
in
dealers in securi¬
holdings of United States Govern¬
in obligations fully guaranteed by the
obligations, $22,000,000
States
reporting
weekly
following
$51,000,000 in
increases
ment direct
(In Millions of Dollars)
of reporting member banks of the
Federal Reserve System for the week ended with the close
rent
IN
15
_
+24,000,000
+ 12,000,000
+ 2,000,000
$500,000.
Returns
_
+ 4,000,000
2,589,000,000
12,892,000,000
2,697,000,000
eral Reserve accounts.....
Less
—6,000,000
644,000,000
Money In circulation
Treasury cash...
*
+ 1,000,000
*
Treasury currency
deposits..
United States Govt, deposits
Inter-bank deposits:
Other liabilities
Other Reserve bank credit
reserve
May 19, 1937
—7,000,000
—3,000,000
+ 38,000,000
2,564,000,000
Demand deposits—adjusted
Time
(not
including
$13,000,000 commitm'ts—May 13)
Member bank
1938
8,000,000
—_
Bills bought
XT. S. Government securities.
May 11,
(—)
v
Government, and $148,000,000
in
demand deposits-adjusted.
Commercial, industrial and agricultural loans declined $6,000,000 in the
Chicago
to
district
brokers
and
and
$16,000,000 at
dealers
declined
all
reporting member banks.
$47,000,000
in
New
York
Loans
City
and
Volume
$51,000,000
Financial
146
all
at
member
reporting
banks increased
Loans to
banks.
$12,000,000 in New York City.
declined
Government direct obligations increased
City and at all reporting member banks, and
the Richmond district.
Holdings of obligations
States
United
of
Holdings
New York
$16,000,000 in
$9,000,000
in
fully guaranteed by the United States Government increased $19,000,000
in New York City and $22,000,000 at all reporting member batiks.
Hold¬
ing^ of "other securities" declined $4,000,000.
Demand
deposits-adjusted increased $90,000,000
York City,
New
in
the Chicago district, $15,000,000 in the San Francisco
district, and $11,000,000 in the Kansas City district, and declined $37,000,000 in the New York district outside New York City, all reporting
member 'banks showing a net increase of
$148,000,000 for the week.
$34,000,000
in
City and $19,000,000 at
all reporting member banks.
Government deposits declined $17,000,000
in New York City and $22,000,000 at all reporting member banks.
Deposits credited to domestic banks declined $42,000,000, the decrease
being distributed among a number of districts.
Deposits credited to
foreign banks declined $10,000,000 in New York City.
Weekly reporting member banks reported no borrowings on May 11.
liabilities of the
reporting member banks, together with changes for the week
A
of the principal assets and
summary
and
ended May 11, 1938, follows:
year
(+)
Increase
■'■■'-■"v.
:
v/.: :.A
+
;
:,Vy
.
Decrease
or
(—)
StTlCe
May 11, 1938
May 4, 1938
May 12, 1937
$
?
$
Assets—
—32,000,000 —1,395,000,000
—66,000,000 —1,080,000,000
investments—totaL...20,810,000,000
8,451,000,000
Loans and
Loans—total...
Commercial, industrial and agri-
Screened
Cristobal.
cautiously
without
down
Navarrese
line
insurgent
inland,
securities
On
Otherwise secured and unsec'd
Loans to
—2,000,0001
—14,000,000/
559,000,000
3,551,000,000
—73,000,000
Valencia.
595,000,000
—4,000,000
1.152,000,000
120,000,000
+2,000,000
+13,000,000
—
Real estate loans----
--
—
securities
U. S. Govt, direct
fully
Obligations
Other securities.
—
Reserve with Fed.
—9,000,000
—2,000,000
Cash in vault
+16,000,000
Navarrese
the
+ 22,000,000
—4,000.000
+58,000,000
+30,000,000
+11,000,000
+180,000,000
—189,000,000
+642,000,000
+42,000,000
+ 494,000,000
2,277,000,000
way
between Teruel and the Mediterranean,
personal
85
some
Jose
miles
Liabilities—
+148,000,000
—19,000,000
—22,000,000
—778,000,000
+ 6,000,000
+ 339,000,000
5,678,000.000
316,000,000
—42,000,000
—12,000,000
----------
----------
+496,000.000
—224,000,000
—-16,000,000
14,598,000,000
Time deposits----5,207,000,000
United States Government deposits
546,000,000
— — —
Inter-bank deposits:
banks————
Domestic
Foreign banks-
-
Borrowings--..----------------
Loyalists Repei Spanish Insurgents in East
slaught—Vatican Recognizes Rebels,
Exchange Diplomatic Envoys
Coast On¬
and Both
Loyalist forces in Spain this week offered unexpectedly
the insurgent advance on the east coast,
stiff resistance to
operations on that front were virtually at a
military maneuvers in Spain were re¬
corded in the "Chronicle" of May 7, page 2984.
Perhaps
and as a result
standstill.
nearly 600 square miles of territory in three
netted
the Associated Press reported
Government resistance
along the front from Teruel eastward to the Mediterranean
that night slowed the pace of the insurgents' offensive
From
that
May 14,
Ilendaye,
sudden stiffening of Spanish
a
toward Valencia.
The
apparently,
government,
determined
was
week, in connection with
the
Spanish civil war, was the formal recognition, on
May 16, of the Spanish insurgents by the Vatican and the
decision to exchange diplomatic representatives.
This was
reported in the following Associated Press advices of
May 16 from Castel Gandolfo, Italy:
important event of the
further
strengthened
representatives.
matic
the
between
bonds
The
Holy
See
Spanish
the
and
insurgents
said the government has
10-line earthworks and that
dispatches
in
guns
papal
the
today by a decision to exchange full-fledged diplo¬
This act, announced by a Vatican news service at
summer
Cicognani,
appointed
by
Austria, Monsignor Gaetano
as Apostolic Nuncio to insurgent Spain, and the insurgents
Don Jose Maria de Yanguas y Messia, Viscount of Santa Clara
XI named his former nuncio in
Pope Piux
Hold See.
1936, while the Holy See technically still had diplomatic rela¬
the Madrid Government, it named Isidro Cardinal Goma y Tomas
Avedillo, to be Ambassador to the
and
Late
tions
in
with
representative"
semi-official
"provisional
received
Vatican
The
a
insurgent
the
to
government.
emissary from Generalissimo
similarly designated
Franco.
charge d'affaires in the
General Franco placed a
Spanish Embassy to the
Holy See on June 7, 1937, and the Pope reciprocated by sending
Ildebran Antoniutti to Salamanca as Charge d'Affaires on Sept.
Several
Franco to
weeks
ago
the
Pope
halt bombardment of
Italy, Japan,
(Germany,
Monsignor
21, 1937.
used these channels to appeal to
civilians in his war operations.
General
Portugal, Nicaragua and Guatemala are
listed
by the Spanish insurgents as having granted them formal recognition, and
State relations with Hungary have been considered tantamount to recog¬
nition.)
.
its
Developments in Sino-Japanese
18 smashed through government
defense lines in Castellon and Teruel Provinces, but later
in the week rain retarded the insurgent advance.
Under date of May 15, Associated Press accounts from
Ilendaye, France (at the Spanish frontier), stated that a
bayonet
charge which dislodged government militiamen
from mile-high Mount San Cristobal gave Spanish insur¬
Insurgent troops on May
A
column
of the
in
the
nestled
driving south
scimitar-shaped
on
and Castellon de la Plana.
from
Allepuz near the western, or Teruel,
de
end
commanding position
attack on Mora de Rubieloe,
front in eastern Spain won the
for an
the southern slopes of the Sierra.
Sierra
inland
In part,
foothold in their drive toward the main
highway to Valencia
these advices added:
Gudar preparatory
.
/.
.
aimed at Mora de Rubielos was the Fifth
Navarrese
Division thrusting southeastward from El Pobo, northeast of
Teruel, forming a defensive right wing for the forces that took Mount San
Supporting
the
column
massed thousands qt
insurgent planes had
to infantry
Conflict-—Capture of
and
Japanese
Reported—Germany
Manchukuo Sign Recognition Treaty
Suchow
by
week visualized the
as Japanese troops
railway line and closed in on the
spokesmen this
military
Japanese
speedy end of the Sino-Japanese war,
vital Lunghai
the
cut
Last night (May 20) Asso¬
advices from Shanghai said:
ciated Press
of the Japanese army made a triumphal entry into
as their victorious army mopped up Chinese forces
commanders
High
Suchow
fallen
today
*
strategic city,
around the
The vital rail junction was
and
completely occupied, the Japanese announced,
was closing in on 35,000 Chinese troops
that their army
in the Suchow vicinity.
said
they
Earlier in the week Japanese
artillery were reported bat¬
and its capture was assumed inevitable.
■Progress of the Japanese campaign in China was last re¬
ported in the "Chronicle" of May 7, page 2935. In summar¬
izing the recent Japanese advance, a dispatch to the New
York "Times" from F. Tillman Durdin, in Hankow, on
Suchow,
tering
May 15, said:
in Anhwei,
The warfare
almost
completed
the Japanese have
likely to develop into
Shantung and Kiangsu, where
wide encirclement of Suchow, is
a
well-defined front and with the opposing
forces attacking each other from all directions.
.
.
.
Despite the Chinese counter envelopment the Japanese in the Suchow
area continue to
make headway.
Fast tanks head a number of separate
Japanese detachments which are pushing toward the Lunghai line from
Yungcheng.
The Chinese claimed they annihilated one of these a few
isolated
Tangshan
from
miles
the Lunghai'Railway.
on
said
They charged
suffered heavy casualties.
but were said to have put 12 tanks
After a two-hour engagement all in the Japanese unit
have been surrounded and killed.
only hand grenades,
with
commission.
were
a
Chinese were said to have
The
tanks
without
engagements
to
out of
of 600
Though denying the Japanese had cut the Lunghai line west of Suchow,
that Japanese from Tancheng had occupied Sinachen,
the Chinese admitted
'
reported the recapture of Chaohsien,
Chinese
Hofei
toward
railway.
barring the Japanese drive
Suchow and Haichow on the
midway between
Anhwei.
Central
in
Agency reported a daylong airplane
which 54 planes participated and 280
bombs were dropped.
The heart of the city was said to have been,
attacked and 800 civilians were killed or injured and 3,000 buildings were
destroyed.
Many sections were said to be still aflame.
A general civilian
semi-official
The
evacuation
Central
in
is
News
Saturday, in
Suchow
bombing of
progress.
announced that
establishing
diplomatic and consular relations.
United Press Berlin ad¬
vices of May 12, in reporting this announcement, added:
German
The
Foreign Office on May 12
Germany had signed a treaty
The
treaty
was
Hitler
The
and
in
Baron Ernst von Weizsaecker, Underthe Manchu trade representative, Hiyoshi Kato.
It
move
not
recognition of Manchukuo, as
recent
a
with Manchukuo,
signed today by
Secretary of State, and
makes German
gents a new
check the insurgent
explosive bombs on the trenches preparatory
attempts to storm them one by one.
were
residence here, was equivalent to formal recognition
Vatican of the regime of Generalissimo Francisco Franco.
the
to
been used as a pivot to swing Gen¬
whole front stretching to the Mediterranean.
Teruel, which has
to
Francisco Franco's
eralissimo
Recent
the most
westward
forces, took
insurgent drive, which has
days.
the defense against the
of
curve
-
commander of the central government
Miaja,
command
junction with columns on
a
the coast.
to
important key city of Suchow.
Demand deposits—adjusted
overland artery on the
solid line extending in a
creating a
west,
Teruel
General
holding Fortanete formed
forces
and
east
from
—306,000,000
1,344,000,000
2,998,000,000
Res. banks-6,001,000,000
391,000,000
banks
half
their corridor to the sea.
south side of
+12,000,000
obligations.— 8,017,000,000
guaranteed by
Balances with domestic
added:
was
completed domination by the insurgents of the vital
—3,000,000/
United States Government
said that
—151,000,000
"
— 2,000,OOOl
690,000,000
810,000,000
-----
Otherwise secured and unsec'd
advices (Associated Press)
same
dumped tons of
Other loans:
On
secondary highway to Albocacer.
Fortanete;
—739,000,000
—51,000,000
589,000,000
for purchasing or
securities—
—
Loans to banks
It
of
Capture
Insurgent
loans
carrying
deepened the
He captured heights
Spanish Insurgents occupied the entire length of the
Teruel-Albocacer highway in their drive toward the govern¬
ment's coastal strongholds of Castellon de La Plana and
machine
brokers and dealers in
securities
Other
Valino,
Garcia
of the Teruel-to-the-sea line, moving
dominating the town, 30
coastal end
Cid.
13 the
—118,000,000
—5,000,000
385,000,000
...
General
under
the
cultural loans:
Open market paper
del
a
on
On May
advance close
■
trail,
mountain
force,
El Pobo force proceeded
taking village after village
the
guards,
advance
the
near
Villafranca
toward
miles
by
winding
a
encountering much resistance.
Another
deposits declined $10,000,000 in New York
Time
3267
Chronicle
was
address,
announced by Chancellor Adolf
fully effective.
believed to be dictated largely
connected
with
by economic considerations,
the German-Japanese-Italian
anti-communist alli¬
against Russia which may exist
between Berlin and Tokio.
Germany, hopes eventually to develop consid¬
erable markets in Manchukuo to offset her large imports of soy beans—used
for
fertilizer, in manufacturing, and as food—from that country.
The
Reich's
exports to Manchukuo
last year were only 11,700,000 marks
ance
or
military
any
understanding
($4,705,000), while imports, chiefly soy beans, were
($25,980,000).
'
The German problem is to balance these two figures,
64,600,000 marks
1
.
must
have
work
out
after
Japan,
a
beans.
in Manchu markets.
Experts said recognition had nothing to do
with Herr Hitler's "realistic" foreign policy.
Herr Hitler
was
able
to
since this country
will attempt to
the first Power,
It is expected the Foreign Office
trade agreement which will make Germany
soy
hold
her
conquests.
with China, but was in line
In China proper, they said,
gains until Japan had proved she
Equally, recognition would not affect
would not recognize Japanese
3268
the
Financial
of
status
Government
German
of
officers
military advisers, they said.
scores
as
Chronicle
by
according to the League of Nations's annual monetary review
made up at Geneva, May 3.
It is also stated that the review
employed
army
the Chinese
May 21, 1938
Indicated that another factor
Comment
by World Bank on United States Spending
Annual Report B. I. S. Says United States
—In
spent most of their bonuses in 1936.
United Press accounts from Geneva, May 3, reported fur¬
as follows;
Government
Expenditures Planned as Stimulation
of Consumption Failed to Provide Durable Basis
for Activity
ther observations in the review
Explaining
purely
monetary
factors
behind
the
present
business
United
the
inflation.
experiences of this country proved "the mere stimula¬
tion of consumption by government expenditures" does not
provide
durable basis for
a
an upswing in business activity.
accounts from Basle, Switzerland,
Press
Associated
The
May 9 indicated that the report also had the following
on
the United States
Recovery in
marked
There
better
widespread
of
use
increase
Declaring
influence
in
activity
already
existing,
had
there
developments
the other hand
on
but
by
been
far-reaching
so
action"
government
attempts
throughout
to
the
in many cases,
uncertainty which is impairing to private
an
business."
present economic situation in the world,
the report said, "may be
dangerous" than the "world depression of 1929 to 1932."
entirely satisfactory," the report said,"the present
"Although
not
does not appear to combine those deterrents
characteristic in the crisis of 1931.
It is to be
hoped, therefore, that this
elected
was submitted to the General Assembly at
May 9 by J. W. Beyen of the Netherlands, who,
in
these
President
columns
a
year
May
8,
1937,
3094,
page
was
From advices
to the New
York 'Times" from Basle, May 9, we quote in
part as fol¬
lows regarding the report:
In
analysis of
an
respects "a parallel
the
ago.
drama
of
be found
can
1937
the
only in the
known," but in others the world is better
It
that
says
the
industrial
nn
the
not
situation
coincided
there
now
was
with
because it
and
now,
debacle, whereas
side.
1929
setback
case
an
was
report finds
acute
most
off
than
in
that
in
some
depressions
the
ever
last
depression.
dangerous" because
"exceptionally
agricultural depression, which is
followed by a prolonged financial
hopes of quicker recovery
are
The report
emphasizes that the
"No
other
setback,"
but
others
cherished
in
certain
country,"
felt
its
circles
"experienced
says,
effects.
a
It
then
in the United
anything like this
comments:
"The
hope
country could liberate itself from the
influence
of developments in other countries
by following a national eco¬
policy has proved vain.
On the contrary, it may be that one
consequence of the fact that cyclical movements in different countries
nomic
no
longer coincide is that the turn of the cycle in one country may arrest
long before it comes to its normal maximum.
the upward trend in others
.
...
interdependence
economic
them
nationalism
to
walk out
of
modern
and freedom
of step
.
countries
to
.
independently of each other.
is
so
that
great
change monetary parities
it
.
does
not
make
them
though
allow
may
free
to
move
Experience rather proves that the
of this walking out of
step is greater disorder in the general
development of the world and a psychosis in which the
feeling
of living in depression never leaves the
world because it always is justified
in one country or another."
chief
.
.
.
effect
economic
The
40%
report
of
the
business
the
consumption
of
States
and
thereby
stressing the
Again
United
States
primary
has
a
goods
for
accounts
the
nearly
decline in
steep
pronounced
very
economic
on
alone
effect
development in the
importance
of
the
United
on
raw
of
rest
States, it
the
draws
lesson:
"In
no
country except those in which
trols
the
and
widely
whole
countries
of
economic
spread.
and
No
well
so
infinitely
ment
organized
^
even
in
a
is
direct
naturally
so
international
been
the
with
country
government
administrative
against
reaction
the
so
violent.
trend
a
of
action
been
political
It has
home
con¬
strong
so
independent
economic
large
very
practically
other
of
troubles.
proved
life
by
market
to
be
govern¬
and
an
hanking system than the weight
of well-studied experience and
economic developments encouraged
many to believe."
the
"natural
forces
of
attentive survey of
The
country
has
difficult to
more
action
has
life
protected
"Nowhere, however,
an
"the
as
United
markets
world."
this
world's
in
material
that
says
finds
report
that
recovery
were
partly
strengthened and partly hampered by the action of the
government," and
it frequently shows more
sympathy for Washington than manv American
critics.
margin
sufficiently long period."
a
Gold Production
The
price
report
movements,
renewed
Unlike
total
includes
foreign
hoarding,"
the
the
League's
usual
trade
and
than
more
and
capital
slightly
less
it
is
President,
Swedish
The
the
Mr.
first
gold
survey
developments
of
exchange
"from
than
last
to
rates,
dehoarding
movements.
is estimated
report
Measures
3. The Reserve Board tried to
As
this failed
to
check
the
halt the increase in excess
rise in
excess
that Russia
Beyen,
economic
and
adviser,
he
Per
signed
gives
by
much
contributed
in
is
its
Increased by 50% the bank's legal reserve requirements.
5. The banks, seeing their excess reserves decline as
wishing to preserve a high degree of cash liquidity, sold
This caused
securities.
"Prices of
took
industrial
downward
a
likewise
in
shares
the
Bank's
new
credit
for
to
it
Netherland
the
Bank's
The
having reached
thereafter,"
course
most important
gold
from
the
of their Government
the
a
level
peak
review
said.
in mid-March,
"Severe
reaction
of these
'inactive'
measures
(sterilized)
the release
was
account
of
the
of
$300,000,000 in
Treasury
in
mid-
September."
Other measures,
Bank's
discount
requirements
open
the review said,
in
rates
brokers'
on
market operations
were
August
loans
to
by the
a
and
40%
Federal
decrease in the Federal Reserve
September,
in
reduction
November,
Reserve banks
and
in
of
margin
resumption of
November.
Member
Trading on New York Stock and New York
Exchanges During Week Ended April 23
Trading by all members of the New York Stock Exchange
Curb
and the New York Curb
Exchange (except odd-lot dealers
Exchange) for their own account during the
the Stock
on
week ended
April 23, was above the previous week, it was
yesterday (May 20) by the Securities and
Exchange Commission.
The
Stock Exchange
members
traded for their own account (in round-lot
transactions)
announced
shares, an amount which was 23.13%
of total transactions of 4,694,570 shares on the
Exchange
during the week ended
April 23.
During the preceding
April 16 trading by the Stock Exchange members
amounted to 2,071,519 shares, or
21.64% of total trans¬
week ended
actions of 4,786,840 shares.
On the New York Curb
Exchange, total round-lot trans¬
actions for account of all members
during the week ended
April 23 were 294,825 shares; as total transactions on the
Curb Exchange during the week amounted to
703,260 shares,
trading for their own account was 20.96% of
total transactions, which
compares with a percentage of
17.97% in the preceding week ended April 16, when member
trading amounted to 231,490 shares and total transactions
to 644,160 shares.
the member
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 Segrega¬
tion of the Functions of Broker and Dealer."
The figures
for the week ended
April 16 were given in our issue of
May 14, page 3102.
In making available the date for the
week ended April 23, the Commission said:
The figures given for total round-lot volume in the table for
the New
Exchange and the
New
York
Curb
volume of all round-lot sales of stock effected
Exchange represent the
those exchanges as dis¬
on
tinguished from the volume reported by the ticker.
volume for the week ended April 23
the
Business Recession in United States
Attributed in Part
by League of Nations Monetary Review
to
Govern¬
Check Inflation
in 1937 were
partly
responsible for the business recession in the United
States,
The total round-lot
New York Stock Exchange,
was
703,260 shares exceeded by 7.9%
warrants).
The
on
8.5% larger than the volume reported on the ticker.
New York Curb Exchange, total round-lot volume in the
same week,
data
published
Stock Exchange
members.
and the
the ticker volume (exclusive of rights and
based
are
New
upon
Y^ork
reports filed
Curb
These reports are classified
as
with the
New York
Exchange by their respective
follows:
New
York
New York
Stock
Number of reports received.
Reports showing transactions:
Other than
Initiated
Curb
Exchange
as
on
■
Exchange
1,078
848
1 208
102
specialists:
floor..
Initiated off floor
Reports showing
result of this move and
commodity prices, which had been rapidly driven up in
the preceding semester by forward
buying of a speculative nature.
"A drastic change in
monetary policy became apparent in the autumn
of 1937 when vigorous steps were taken to counteract credit contraction.
As specialists*
Jacobsson.
Government efforts to check inflation
a
some
in
5%
meeting adopted the Board's recommendation to
declare
6% dividend, the Bank's profits totaling
9,071,000 Swiss francs.
ment's Efforts to
of banks by
Reserve Board twice
sharp break In Government security prices in March. 1937.
a
5,000,000
general
the usual
reserves
the
reserves
year.
be
therefore,
and their consequences as follows:
measures
.
This
offered
moreover,
Measures were,
expansion."
transferring .Treasury balances from these Federal Reserve banks.
On the
Recorded
comprehensive
recent
last year, and
credit.
further
2. The Treasury adopted a gold sterilization
policy designed to counteract the
inflationary effects of the inflow of foreign capital to the United States.
4,694,570 shares,
monetary review, it includes Russia
figure for world gold production, 34,831,000 fine
ounces.
This
ounces,
banks,
of
reserves
new
of
1. To prevent credit expansion for speculative purposes, as in
1929, the Federal
Reserve Board raised margin requirements of brokers' loans to
55%, compared with
York Stock
action everywhere
the report expresses the hope
that the "fact should not be overlooked
that the main incentive to
recovery
over wide areas of the world
is still the expectation of a
sufficient
profit during
1936
prices
30% in 1934 and 40% early in 1936.
...
Speaking of government
in
and
in amount of 2,171,395
Effect of Interdependence
"The
while production
1929,
Government
the financial
on
1937 setback "originated
it
that
of
possibilities
The review outlined these
«
...
States."
of
excess
for the creation
limit
to
in
Reserve member banks
appreciably below the 1929 level.
exceptional!y large
the
set
report
on
noted
as
"The
than
abundant scope
to recovery that were
greater and more general recovery will be made."
The
still
the Federal
nearly one-third higher
were
4.
said to be less
Basle
deposits with
were
no
capacity.
world, the report said,"although such action creates work
time
^'vf
demand
years was not, in fact,
investments and capital equipment.
new
productive
before
"never
economic
it creates
situation
"The
in the past few
by large developments in
was
The
"During 1936 and the early months of 1937 the monetary policy (of the
States Government) was prompted largely by the desire to
prevent
taken
to say:
to
the
decline, the review said:
Discussing conditions in the United States, the Bank for
International Settlements, in its annual report, states that
of
the decline in retail sales
was
toward the end of 1937, owing to the fact that war veterans
_
...
....
......
275
—
49
268
.............
no transactions
-
84
499
629
*Note—On the New York Curb Exchange the round-lot transactions of
specialists
stocks in which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock
Exchange odd-lot
dealer, as well as those of the specialist.
•In
The
than
number
the
of
number
may carry
reports
in the
of reports
entries in
more
various classifications may
received
than
one
because,
at
classification.
times,
a
total
more
single report
Financial
Volume 146
NEW
EXCHANGE—TRANSACTIONS
STOCK
YORK
ALL
IN
STOCKS
(SHARES)
♦
FOR ACCOUNT OF MEMBERS
Per
Total for
Cent a
Week
Total volume of round-lot sales effected on the Exchange.....
transactions of
specialists and odd-lot dealers in stocks in which registered:
of
transactions
Round-lot
members
-
In the following tabulation is shown the short interest
existing at the opening of the last business day of each, month
since April 30, 1936:
446,510
413,240
Sold...
stocks
in
specialists
of
transactions
Round-lot
4.22
Sept. 30
30
Nov. 30
9.75
transactions
registered—Bought..
Total round-lot transactions of members, except
of odd-lot dealers in stocks in which
Sold.............
31
.1,051,870
Apr. 30
.....1,012,186
...1,049,964
Jan.
31
Feb.
28
May 28
June 30
944,957
July 30- —---il,007,736
Aug. 31
966,935
Transactions for account of odd-lot dealers In
23.13
stocks in which
registered:
1. In round lots—Bought
...........................
218,350
128,210
Sold
3.69
346,560
Total.
In odd-lots (including
Bought
odd-lot transactions of
specialists):
782,555
.....
.....
....
Sold........
844,100
......
Total
......
1,626,655
STOCKS
EXCHANGE—TRANSACTIONS IN ALL
ACCOUNT OF MEMBERS * (SHARES)
CURB
Week
members, except
specialists in stocks in which registered:
1. Initiated on the floor—Bought
of
transactions
Cent a
703,260
effected on the Exchange
Total volume of round-lot sales
and
-
When
therein
held
securities
the
treated
3.36
47,220
Total
specialists
In
stocks
in
which
100,140
-—.......
102,715
Sold
14.42
202,855
Total
Total round-lot transactions for
accounts of all members:
145,535
Bought................J.'............
Sold
149,290
...
20.96
294,825
Total
opinion, dealing with the excess of proceeds
stock, Mr. Blough stated:
of an item
proceeds from sale of 12,200 reac¬
quired shares of the company's capital stock over the cost thereof." These
shares represent part of 41,400 shares of the capital stock of the registrant,
a
manufacturing company, reacquired by it prior to the year 1934 "for
the purpose of resale when market conditions improved."
Under the laws of most States there are certain legal restraints upon
the issuance of new shares that do not apply to the sale of treasury
shares.
However, from an accounting standpoint, there appears to be. no
significant difference in the final effect upon the company between (1)
the reacquisition and resale of a company's own common stock, and (2)
the reacquisition and retirement of such stock together with the subsequent
with respect to the proper treatment
representing "excess of
$488,211.83
of the same class.
of stock
issuance
that
recognized
is
It
Odd-lot transactions of specialists
stock so held should, nevertheless, not
from the sale of treasury
of
25,525
of
is held in a sinking or other special
of which are such that earnings accruing
must be added to the fund, dividends
income.
as
Question has been raised
21,695
prepared by Carman G.
prior accounting periods.
or
In the other
3.18
Commission
corporation's own stock
a
fund, the requirements in respect
21,050
floor—Bought...
transactions
Exchange
of the Commission.
In regard
to the first case, Mr. Blough said:
In
my opinion
dividends cn a corporation's own stock held in its
treasury or in sinking or other special funds should not be included in
income.
The treatment of such dividends as income results in an inflated
showing of earnings in as much as the earnings from which dividends
are
paid have already been included in income or surplus either during
be
Sold.
registered—Bought
Opinions in Accounting Series
on
Stock and Excess Pro¬
opinions in both these cases were
to
44,750
when capital stock is
53,474
and
Sold
44,608
as
Total
"members" includes all
of
98,082
exchange members, their firms and their
members'
transactions to total Exchange
the total of members' transactions
transactions.
In
is compared with
members' trans¬
volume includes
volume for the reason that the total of
Includes both purchases and sales while the total exchange
twice the total exchange
actions
During
Odd-Lot Trading on New York Stock Exchange
Weeks Ended May 7 and May 14
The
and
Securities
Exchange
Commission
on
current
figures being
published weekly by the Commission.
for the week ended April 30 were given in
"Chronicle" of May 7, page 2936.
We also incorporate
The figures
figures for the week
May 19.
The data
ended May 14, which were released
based upon reports filed daily with
odd-lot dealers and specialists.
published
the Commission by
the
the
are
ODD-LOT DEALERS AND SPECIALISTS
WARRANTS ON THE NEW YORK STOCK
ENDED MAY 7 AND MAY 14, 1938
ODD-LOT TRANSACTIONS OF
IN STOCKS, RIGHTS, AND
EXCHANGE—WEEKS
{Customers' Orders to
Shares
4,144
4
5
May' 6 and 7
Total for week
92,954
3,516
4,161
] 3
100,228
3,556
2
106,937
93,362
231,742
8,426
Value
No. Ord.
Shares
2,845
77,282
87,050
dition
to
approximated.
The "Times" went on
it
costs
all
are
Rise in
and
stocks between
651,062 $20,902,610
154,917
5,897
164,075
$4,386,841
5,193,033
5,038
142,998
4.118,164
a
6,068
4,900
159,841
134,036
4,070,110
3,847
100,956
3,113,612
3,684
98,715
3,160,390
148,343
4,566,131
5,401
145,707
4,691,127
14..
5,838
Total for week
25,994
697,095 $21,639,666
25.602
-
at
used
$5
value,
New York Stock
During April
interest existing as of the close of business
April 29 settlement date, as compiled from informa-
The total short
on
the
Exchange Increased
stocks, rights and warrants
selling between $1
In the future they will
$1 for each additional dollar
be $5 for
in market
a
)
warrants selling between $10 and $20 will
This will rise at the rate of $1 a 100
$10 added to markte value, with the rate. $38 on stocks
rights and
for
each
rate
of
$250 or over.
has been
There
a
$14.
change in the rates on
bear a
shares
selling
exceedingly low-priced stocks.
selling under 50c. a share pay commission at the rate
of 3% of the amount involved in the trade.
In the future the public will
pay 10c. for each 100 shares of stocks selling at 1-256 of $1 a 6hare, 15c.
on
stocks selling at double that price, 50c. on stock selling up to 12^0.,
At
_
on
be $5 a 100 shares.
$1 and $2 and rise
present.
Stocks,
at
public
ao
Low-Priced Issues
100 shares for stocks selling between $9 and $10.
The rate
stock selling at $9.50 will thus be $13 for 100 shares, against $7.50
$13
commission
706.412 $21,549,825
the
to
Rates
on
10
sell a.stock selling for $7.50,
stock selling at $15, 20% more for a stock selling at $20.
in the price range of greatest trading interest on the Curb
8,185,772
May
Short Interest on
to say:
46% more to huj' or
12% more for a
4,175,832
5,341
May 13 and
as'to the
93,236
9
11-.
12
the New York
gives no hint
amount of its advance in rates, so that the acb
the cost of trading on the Curb can only be
ity-trading public an average of 10.8% more,
"Times" observes that the Curb Exchange
127,302
5,582
Exchange,
disapproved by a majority vote of the membership within
two weeks from May. 11.
Pointing out that unlike the New
York Stock Exchange, which tabulated figures showing that
its commission rate increase of J an. 3 would cost the secur¬
266,192
23,424
153,919
of the New York Curb
special meeting on May 11, adopted an amendment to
the Exchnage's constitution proposing a schedule of new
commission rates, which will go into effect on June 1 unless
a
9,439
May
May
The Board of Governors
at
4,502
$4,932,859
4,956,954
May
come
2,969,512
2,992,020
3,374
.
Governors
$2,579,474
3,264
proceeds from the sale of
capital stock over the cost
capital surplus as the circum¬
,
Exchange.
$3,145,446
3,175,760
3,105,969
3,498,146
7,592,893
stock and
Schedule of Commissions Adopted by Board of
of New York Curb Exchange—To Be¬
Effective June 1
New
Value
625,223 $20,518,214
23,803
treated as capital stock or
require.
These
No. Ord.
the reacquisition of the company's capital
should not also be treated as capital.
the $488,211.83 excess of
shares of this registrant's
opinion
my
12,200 reacquired
thereof should be
However,
{Customers' Orders to Sell)
Buy)
Trade Date
May j
May t
subsequent resale
In
PURCHASES
SALES
May
surplus arising from
May 12
public a summary for the week ended May 7, 1938,
of the daily corrected figures on odd-lot transactions of
odd-lot dealers and specialists in stocks, rights and warrants
on the New York Stock Exchange, continuing a series of
made
May
earned
in
stances
only sales
Transactions of this nature do not result in corporate profits
surplus.
There would seem to be no logical reason why
capital.
or
its
special partners.
calculating these percentages
reacquired and retired any
accounted for as such
should also be treated
surplus arising therefrom is capital and should be
that the full proceeds of any subsequent issue
In stocks In which registered:
Bought....................................
Percentage
1,384,113
opinions in its Accounting
two
23,700
Total
term
29
Apr.
967,593
applicable to the corporation's own
transactions of
Sold
a
1,228,005
1,142,482
1,097,858
Blough, Chief Accountant
Per
Total for
•The
Mar. 31
on May 10
Series dealing with
"treatment of dividends on a corporation's own capital stock
held in sinking fund" and "treatment of excess of proceeds
from sale of treasury stock over the cost thereof."
The
issued
the current
1938
Week Ended April 23,
partners, including
1938—
Dividends
with
Securities
The
2,171,395
2. Initiated off the
29
ceeds froni Sale of Stock
1,083,905
1,087,490
..i.............
Total.
Round-lot
Dec.
SEC Official Issues Two
—Deal
Round-lot
1,199,064
1,136,814'Sept.30
31...
Dec.
915,770
FOR
1,214,082
1,184,215
Mar. 31
456,850
Total.
YORK
Nov. 30
996,399
974,338
1,011,6701
1,066,184
1,230,579
31..
Oct.
458,920
Sold...
NEW
Oct.
1,426,522
1,138.358
Aug. 31
which
In
registered—Bought
1,314,840
1,132,817 Jan. 29
1,117,059 Feb. 26.
July
395,875
Total..
1937—
1937—
jg
Apr. 30
May 29
June 30
178,475
217,400
Initiated off the floor—Bought.
2.
1936—
9.16
859,750
Total,
was
1937.
4,694,570
except
Initiated on the floor—Bought
1.
by the New York StockJExchange from its
1,384,113 shares, it was announced by the
Stock Exchange on May 20.
This compares with 1,097,858
shares on March 31 and with 1,012,186 shares on April 30,
tion obtained
members,
1938
Week Ended April- 23,
3269
Chronicle
present those
$1
on
on
those
those selling up to 25c., $1.50 on
selling between 50c. and $1.
those selling up to 50c., and $3
3270
Financial
the Minimum
Change in
The old
rule that
involved
the amount
unless
minimum
the
commission
Chronicle
May 21,
1938
of this circular as set forth below and to the time limits in effect from time
not be less than
could
in the trade is less than
$1
to time at this bank which will be set forth in
$15 has been changed
supplements to this circular.
Transfers Over Leased Wires
i
^
to
provide that when the amount is less than $1 the minimum commission
be as mutually agreed.
When it is between $1 and $50, it shall
be either 6% of the amount or $1, whichever is greater.
When it is more
shall
than
$50, the minimum shall be not less than $3.
increased rates
New
of the Curb
have
been
also
worked
'
,
out
■
for
1.
Only transfers of bank balances in round amounts, that is multiples of
$1,000, will be made over the Federal Reserve leased wires.
The term
"bank balance" shall be construed to
Exchange.
members
'
Federal
benefit
Reserve bank
of
use
or
mean
accumulation of funds
an
established account maintained by
prising an
associate
member
a
with another member
or
individual, firm, corporation,
an
bank
com¬
with its
Transfers for the
bank.
non-member bank
or
will not be made over the leased wires.
New York
Curb Exchange Name? 11 Candidates for
Nominating Committee for Coming Year—Five to
Be Elected
Telegraphic transfers of funds
The descriptive data in telegrams transferring
3.
Of
20
the
nominees
for
the leased wires will be made for
over
Such transfers will be made without cost
to member banks.
June 14
on
2.
and paid to member banks only.
candidates
Nominating Committee of the New
for
election
York
Curb
to
the
bank balances
over
the leased wires must be limited to the amount to be transferred, name of
Exchange
the member bank to receive credit, and when necessary, name of its corre¬
by the membership on April 27, the following re¬
ceived the highest number of votes at the primary election
spondent member bank, and name of member bank with which request
originated.
chosen
May 10, 11 being named instead of 10, because of
on
between
H.
E.
McCormick and
It.
Leonard
Rothschild,
Robert
F.
W.
a
tie
Kenly Webster
Torney,
William
H.
Hassinger,
Bernhardt, John J. Murphy, lames R. Dyer, Warner
Cosgrove,
C. Edward Connell, Roy G. Vilas, E. R. McCormick and F.
Kenly Webster.
The total
number
of
ballots cast
was
452
out
of
a
pos¬
A final election will
be held June 14, at which
five of the 11 nominees voted for this week will be
elected
members of the Nominating Committee for the
ensuing year.
The announcement of the Exchange on May 16 said:
The naming of 11 instead of 10 candidates at
today's election was due
to the fact that the Constitution of the
Exchange provides that "in the
ewe
of a tie occurring in a primary
election, all nominees involved in
such
tie shall
a
be candidates at the
final election.
over
individual
or
the leased wires.
The Federal Reserve banks maintain, at large expense, a leased wire
5.
George J.
sible 550.
Transfers of the proceeds of individual collection items
4.
cash letters will not be made
system over which it is necessary to transmit
communications.
Member
banks
are
heavy volume of important
a
requested
to cooperate with
us
in
attempting to avoid overcrowding the leased wires by not making requests
for telegraphic transfers of small amounts, or those which can be made
well through the mails,
as
Each Federal Reserve bank
to decline to effect over the leased wires any
is
an
1.
Telegraphic transfers of funds for
the
reserves
right
transfer which, in its opinion,
abuse of the wire transfer facilities.
Transfers Over Commercial Wires
and without limitation
mercial
to
as
purpose and in
any
descriptive data will be made
telegraphic wires for member banks.
While
amount
any
over
such
the
com¬
transfers
will
be accepted from and paid to member banks only, they
may be for the use
of any bank, individual, firm or corporation.
2.
Net
Earnings of National Banks During Last Half of
1937 Increased $7,645,000 Above Previous
Six Months
Reports Acting Comptroller of Currency Diggs
Acting Comptroller of the Currency Marshall R. Diggs
announced on May 16 that the 5,266 active
national banks
in the country on Dec.
31, 1937, reported gross earnings for
the last half of the calendar
year 1937 amounting to $435,790,000, and expenses of $295,531,OCX), resulting in net earn¬
ings from current operations of $140,259,000,
compared to
$132,614,000 in the previous six months, an increase of
$7,645,000. Adding to the net earnings profits on securities
sold of $23,074,000 and recoveries on loans
and investments,
&c., previously charged off of $44,790,000, less losses and
depreciation of $112,265,000, the net additions to
profits
before
dividends in
the period amounted to
$95,858,000,
6.06% of the par value of common and preferred
capital stock, and 2.95% of capital funds.
Dividends de¬
clared on common and
preferred capital were $64,161,000
and $4,665,000,
respectively, a total of $68,826,000, repre¬
which
was
senting 4.35% of the total
,
The
and
gross
the
earnings
current
operations
aggregated
$859,094,000,
expenses
$586,221,000, resulting in net earnings from
$272,873,000, an increase of $12,953,000, or 4.98%
operations of
current
,
in the
Recoveries from assets
previously charged off of $171,479,000,
year.
cluding profits
52.40%
or
from
duction of
on
securities sold of
$68,908,000, decreased $188,744,000,
Losses and depreciation charged off
.
$89,986,000,
Dividends declared
in comparison
common and
with
or
29.38%
on common
in¬
were
$216,331,000,
a re¬
and preferred stock totaled
The dividends
$148,335,000,
were
9.37%
of
of capital funds.
funds
the commercial
over
clearing banks for which the transfers
clearing banks should
System Adopts
New Regulations for
Funds—Will
Be
Made
Time Limits
Requests to
banks
The Federal Reserve Bank of New
York on May 12 issued
circular covering revised rules for
the telegraphic transfer
of funds
through the Federal Reserve System. The announce¬
pointed
u^cral Reserve
banks, made
that, effective immediately, the interDistrict telegraphic transfer of funds between
the request of, and for credit
to, member
banks in the Federal
Reserve District over Federal Reserve
leased wires, will be made
only on transfers of bank balances
of round
amounts, or multiples of $1,000.
The text of the
circular follows:
at
The circular contains
revised rules, effective from and after
May 12,
1938, with respect to inter-Federal
Reserve district telegraph transfers of
funds between the Federal
Reserve Bank of New York
Reserve banks made
non-member
branches thereof
or
ceived should reach
cretion
be
so
the
on
same
business
not later than the hours
on
day such requests
are re¬
specified in the then current
Requests may be received by us in our dis¬
business day after the hours specified in the schedule, but will
any
received only on
transfers
Federal
that
on
the understanding that the consummation of the
day will be discretionary with
Reserve banks
or
and with the receiving
us
branches.
Operation
1.
Telegraphic transfers will be made by
2.
the
On
a
of the member bank
account
only from collected funds
us
ti^nnn wnwfers °£ bank
$ir,000, wm be
made
T,r,ii?r
of,
or
another Federal Reserve bank,
us to
non-member
or
to make the transfer
on
clearing bank requesting
the day we receive such
request.
will
be charged with the amount of such transfer
On a telegraphic transfer from another
Federal Reserve bank to us, we will credit the amount of the transfer to the
account
on
books of the member bank
our
for whose credit the transfer is made
on
non-member clearing bank
or
the receipt of the telegram from the
sending Federal Reserve bank, provided such telegram is received by
within banking hours.
In addition
to the usual
mail advice to the member
bank
or
balances in
round amounts, that is multiples of
amount
or
non-member
clearing bank has stated that other than the
involved indicates that the
or
additional expense is justified,
the
to
as
which the receiving Federal Reserve bank will exercise its discretion.
All
clearing bank receiving credit and, therefore, will be sent collect.
4.
When
a
Bankers
can
request to transfer funds is sent to
Association code
letter of confirmation
over an
should
be used
by telegram, the Ameri¬
us
with
our
test
word,
and
a
authorized signature should follow.
Liability of the Federal Reserve Bank
The Federal Reserve Bank of New York will
in the transfer of funds
or use of
an
individual, firm, corporation,or
errors
transfer^acilit^s
er which« in its opinion, is
as
telegraphic
we
an abuse of the wire
transfers will be
printed separately and issued
hereto from time to time.
transfers of funds will
as
be made at the request
supplements
banks and non-member
clearing banks subject to the terms and conditions
L.
HARRISON,
President.
New
Are Sold but not Delivered
The
on
Board of Governors of the Federal Reserve System
April 29 adopted two rulings in connection with margin
requirements
on
accounts
sold
where
are
sale
transactions
but
orders
executed
are
same
security for the
rulings is given below:
in
which
delivered
not
on
securities
against the
the
same
held
in
sale and
day
in
the
The text of the two
account.
same
Sale of Securities Held in Account But Not Delivered
Against Sale
In
a
case
recently considered by the Board, under Regulation T, the
adjusted debit balance of a customer's general account exceeded the maxi¬
loan
shares
the
of
value
XYZ,
customer
of
the
securities
therein, and the account
registered non-exempt security.
a
sold
100
XYZ
and
instructed
the
"long" stock against the sale.
of member
care
Federal Reserve System Adopts
Margin
Regulations—Rulings
Cover
Transactions in Which Securities Held in Accounts
Two
of individual
will receive requests to make
diligence and
Board of Governors of
mum
Schedules showing the hours
up to which
due
but will not be responsible for
delays caused by circumstances beyond its control.
or
GEORGE
and
to effect over the
use
by telegraph to the receiving Federal Reserve bank
for credit to the account of the
payee bank,
over the leased wires:
benefit
items) will not be made over the leased wires:
6I!a referve bank reserves the right to decline
Telegraphic
us
non-
member clearing bank receiving credit for a
telegraphic transfer of funds,
immediate advice by telegraph or otherwise will be given by the Federal
Reserve bank receiving the transfer in cases where the
sending or receiving
for credit to, member banks and
Wlb not be made over the leased wires;
Pr,ocee<ks of individual cash letters (as well
F
on
to the credit of the bank making the request.
us
telegraphic transfer from
us
and other Federal
at the
request
Reserve leased wries—
™
us
supplement to this circular.
clearing banks located
in the Second Federal Reserve
District,
and supersedes
Circular No. 1796 of this
Bank dated Nov. 16, 1937.
he revised rules set
forth in this circular are the
same as the rules which
were set forth in
Circular No. 1796 of this
Bank except that with respect to
transfers over Federal
o
telegraphic transfers to other Federal Reserve
out
the 1 ederal Reserve
Bank of New York and other Reserve
lon
to make
us
such wire advices will be at the
expense of the member bank or non-member
a
-TS.
Member
made.
are
the cost of telegrams request¬
prepay
ing such transfers, and telegrams to member and non-member clearing
banks advising credit will be sent "collect."
usual mail advice is
necessary, or where the nature of the transaction
Reserve
Telegraphic Transfer of
Only in Multiples of $1,000
ment
or any
telegraphic wires will be charged to the member
and non-member
and non-member
member bank
Federal
member bank
The cost of all telegrams between Federal Reserve banks
transferring
3.
3.
preferred capital and 4.57%
telegraph wires for
other non-member
.
$136,035,000 in 1936.
commercial
non-member clearing hank for the credit of
any
clearing bank.
any
deposit with
In the calendar year 1937 the net
profits of national banks before dividends
were $228,021,000, a decrease
of $85,805,000, or
27.34%
over the amount
reported for the previous year.
the
over
non-member clearing banks.
Such transfers will be accepted from any
member bank for the credit of any non-member clearing bank, and from
value of capital stock, Acting
par
Comptroller Diggs said, adding:
Telegraphic transfers of bank balances in round amounts, that is
multiples of $100, will be made
This
was
tomer's
account
The
question
margin
must
be
on
that
obtained
day.
because
of
the
was
"long" 100
On the day in question
broker
the only
not
to
transaction
presented
transaction.
was
deliver
in
his
the
cus¬
whether
any
Volume
The
stock
XYZ
sale of
with
instructions
not
deliver
to
received
the stock held
stock within the
of the regulation which provides that the
"long" in the account constitutes a short sale of the XYZ
meaning
3 (d) (3)
Section
of
adjusted debit balance of the account shall include:
"the current market value of any securities
short
such amount
such short sales, except that
regulation as the margin required for
prescribed in the supplement need not be included when there are held in the
exchangeable or convertible within a reasonable time, without
so
account securities
restriction other than the payment of money,
In
of
view
value of the securities
Since the XYZ
could be delivered at any time against the short
be added to the adjusted debit balance.
stock- held in the account
position,
would
"there are held in the account securities exchangeable
into such securities sold short."
Therefore, it
however,
convertible
or
add
to
necessary
"margin"
any
for such short
.
.
.
sales."
of sale of any securities (other than
"the net proceeds
the account but for which payment has not yet been
deduction
The
the short
Section
be deducted
adjusted debit balance:
the
sale,
unissued securities) sold for
credited thereto."
3(d)(7) would, on the day of
exactly equal and offset the addition made pursuant to
made pursuant to Section
3(d)(3).
Accordingly, there would be no change in the adjusted debit balance of
the account and, since there also would be no change in the maximum
in the account, the transaction
the securities
loan value of
would neither
that margin be obtained.
release margin nor require
transactions effected on
Monday in
a
two series of Treasury bills on May 25 in amounts of $50,001,000 and $50,276,000.
The following is from Secretary
Morgenthau's announcement of May 19:
They (the bills) will be issued in bearer form only,
denominations
of
$10,000
$1,000,
(maturity value).
No tender for
than three decimal places, e. g.,
incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
without cash deposit from
Tenders will be accepted
10% of the face amount of Treasury bills applied
of
accompanied
are
bank
by
express
an
which
general account resulted in a require¬
$100 margin, and on the day following, Tuesday, a certain
all tenders received at
;
the
announcement of the ac¬
thereafter, probably on the
expressly raserves 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.
to
the closing
hour will be opened and public
The Secretary of the Treasury
quantity
made at the Federal Reserve banks in
whether this purchase and sale could be
treated, to the extent of $100, as a liquidation pursuant to Section 3(e)
of the regulation in lieu of a deposit of that amount of margin, and as
also permitting a withdrawal of $50 on Tuesday pursuant to the second
paragraph of Section 3(b).
Sections 3(b) and 3(e) of the regulation read, in part, as follows:
was
General Rule—A creditor shall not effect for or with any customer in a genera
any
transaction which, in combination with . the other transactions
in the account on the same day, creates an excess of the adjusted debit
account
effected
the maximum loan value of the securities in the account,
unless in connection therewith the creditor obtains, as
increases any such excess,
rejection
will be advised of the acceptance or
Those submitting tenders
thereof.
balance of the account over
by an incorporated
tenders on May 23, 1938,
Federal Reserve banks or branches thereof up
Immediately after the closing hour for receipt of
following morning.
particular stock was purchased and later in the day the same quantity
same
security was sold, resulting in a net profit of $150.
There
were
no
other transactions in the account on Tuesday.
or
for, unless the tenders
guaranty of payment
trust company.
or
the
"(b)
99.125.
Fraction must not be used.
a
presented
The price offered must be
$1,000.
the basis of 100, with not more
Each
expressed
$1,000 will be considered;
amount less than
an
tender must be in multiples of
of
question
and in amounts or
$500,000, and $1,000,000
$100,000,
of
The
the branches
or
ceptable prices will follow as soon as possible
Effect of Purchase and Sale of Same Securities on Given Day
The Board recently considered a case under Regulation T in
ment of
banks,
Reserve
The bills, which will be sold on a discount basis to the
highest bidders, will, on their maturity date, be payable at
their face amount without interest.
There is a maturity of
on
3(d)(7) of the regulation provides that there shall
Section
from
Federal
the
up
.
.
.
be
not
short."
into such securities sold
the current market
provision,
this
sold short should
at
to 2 p. m., Eastern Standard Time, May 23,
but will not be received at the Treasury Department, Wash¬
thereof,
ington.
(other than unissued securities) sold
for each such security (other than an exempted security), such
the Board shall prescribe rrom time to time in the supplement to this
in the account plus,
amount as
3271
Chronicle
Financial
146
Payment at the price offered for Treasury
cash
or
bills allotted must be
other immediately
available
funds on May 25, 1938.
principal and interest, and any
thereof will also be exempt, from all
The Treasury bills will be exempt, as to
gain from the sale or other disposition
taxation,
estate and
except
(Attention is invited to
inheritance taxes.
Treasury Decision 4550, ruling that
from the
Treasury bills are not exempt
No loss from the sale or other disposition of the Treasury bills
be allowed as a deduction, or otherwise recognized, for the purposes
gift tax.)
shall
imposed by the United States or any
tax now or hereafter
of any
possessions.
of its
*
Treasury Department Circular No.
418, as amended, and this notice
prescribe the terms of the Treasury bills
and govern the conditions of their
promptly as possible and in any event before the expiration of three full business
days following the date of such transaction, the deposit into the account of cash
or securities in such amount that the cash deposited plus the maximum loan value
of the securities deposited equals or exceeds the excess so created or the increase so
issue.
caused.
$2,480 250 of Government
Securities Purchased
Treasury During April—Transactions Included
transaction
"A
of a withdrawal of cash or registered or exempted
account shall be permissible only on condition that no cash
deposited in the account in connection with a transaction on
consisting
securities from a general
or
securities need be
balance of the account over
the maximum loan value of the securities in
increase any such excess.
.
the account
.
.
"(e) Liquidation in Lieu of Deposit*—In any case in which the deposit required
portion thereof, is not obtained by the creditor within the
period specified in that section, securities shall be sold or covering or
other liquidating transactions shall be effected in the account, prior to the expiration
of such three-day period, in such amount that the resulting decrease in the adjusted
by Section 3(b), or any
three-day
debit balance of the account
exceeds, by an amount at least as great as
thereof, any
securities in the account "
deposit or the undepo-dted portion
loan value of the
such required
resulting decrease in the maximum
the same
the fact
that such purchase and
sale would reduce by $150 any excess of the
adjusted debit balance of the account over the maximum loan value of the
expressed the view that the purchase and sale of
Board
The
securities
Tuesday
on
securities
It
account.
the
in
be
could
so
treated.
seems
proper
This
to
follows
treat
from
such reduction as
portions in the manner suggested.
in the footnote to Section 3(e), that provision
As
indicated
intended
known
countenance
to
principal
national
the transactions on
lieu
in
on
"free-riding"
as
of
securities
Tuesday
exchanges have adopted
were
with
such
exchange
certain rules.
have to be considered in
rules.
This
ginning of 1937:
1937—
1937—
January-...-
February;
_
March
.......
14,363,300 purchased
5,701,800 purchased
119,553,000 purchased
11,856,500 purchased
3,853,550 purchased
24,370,400 purchased
4,812,050 purchased
12,510,000 purchased
8,900,000 purchased
April
May
July
August
September
IJie Government
requirement relates to the action to
are
Individual Indian
$50,269,000 Accepted at Average Rate of
0.027%
1938—
March-..-.-----
April
Fund
Mutual Mortgage Insurance
Federal Savings and Loan Insurance
Cor¬
poration
Civil
Service Retirement and
Disability
at
the Federal
Reserve banks and the
branches thereof up
Eastern Standard Time, May 16. References to
the offering appeared in our issue of May 14, page 3105.
The following regarding the accepted bids to the offering is
to 2 p. m.,
from Secretary
Total
applied
Range of
Morgenthau's announcement of May 16:
for______-._S204,464,000
Total accepted..
accepted bids: (Excepting three bids totaling
High
Low
Average price
99.996
99.993
99.993+
(51 % of the amount
550,269,000
S29.000)
Equivalent rate approximately 0.016%
Equivalent rate approximately 0.028%
Equivalent rate approximately 0.027%
bid for at the low price was accepted)
sold
purchased
purchased
Foreign
Veterans' Adminis-
Service
Retirement
ability Fund
Zone Retirement
and
Canal
and
Dis¬
Disability
Unemployment Trust Fund
Comptroller of the Currency
Retirement Fund
8.
Government Life
Insurance Fund
Library of Congress Trust
Fund
Fund
Employees'
Pershing Hall Memorial Fund
National Park Trust Fund
Ainsworth
lund
U.
Compensation Fund
Old-Age Reserve Account
Post Fund,
Library
Fund,
Walter Reed
General Hospital
Treasury Department Statement
Government
Securities Held
offering of Treasury bills were received
sold
Longshoremen's and Harbor Workers'
Compensation Fund
German Special Deposit Account
Alien Property Custodian Fund
National Institute of Health Gift Fund
Railroad Retirement Account
accepted.
The tenders to the
12,033,500
3,001,000
23,348,500
2,480,250
February
Adjusted Service Certificate Fund
total of $204,464,000 was
.
January
tendered to the offering of
$50,000,000, or thereabouts, of 91-day Treasury bills dated
May 18 and maturing Aug. 17, 1938, it was announced on
May 16 by Secretary of the Treasury Henry Morgenthau,
Jr. * Of this amount, Mr. Morgenthau said, $50,269,000 was
A
.«.
D. C. Workmen's
Corporation
Trust Funds
tration
000
December..
the following:
Fund
$204,464,000 Received to Offering of $50,000,of
91-Day Treasury Bills
Dated May 18—
November
agencies whose transactions are included
figures of net sales or net purchases
Federal Deposit Insurance
General
Tenders of
3,716,000 purchased
2,000,050 purchased
15,351,100 sold
October
in the calculation of the
Postal Savings System
be taken when a customer fails to make
the deposit required by Section 3(b). and it is not intended to countenance on the
part of customers the practice commonly known as "free-riding" or "three day
riding." to prevent which the principal national securities exchanges have adopted
certain rules.
See the rules of such exchanges and Section 7(c) of this regulation.
*
1938, resulted in net pur¬
of the Treasury Henry
Morgenthau jr., announced on May 16.
This compares
with net purchases during March of $23,348,500.
The following tabulation shows the Treasury's transac¬
tions in Government securities, by months, since the be¬
If
treated as indicated above, the liquidation
deposit of margin would, of course,
a
connection
or
not
the part of customers the practice commonly
"three-day riding," to prevent which the
was
securities for Treas¬
Market transactions in Government
ury investment accounts in April,
chases of $2,480,250, Secretary
June
consisting of two
in
Figures
previous day and that, in addition, the transactions (including such withdrawal)
on the day of such withdrawal would not create an excess of the adjusted debit
a
or
by
Alaska
Railroad
Retirement
and
Dis¬
ability Fund
DC. Teachers' Retirement
Trust
Funds
Showing Amount of
as
Investments in
.
of the Treasury Morgenthau has made avail¬
able the figures showing the amount of government securi¬
ties held in governmental trust accounts and by govern¬
mental agencies and corporations as of March 30, 1938. This
is the second report of this kind issued by the Treasury De¬
Secretary
according to a statement made by the Secre¬
the first report was issued, this information will
be released at the end of each month, showing the figures
as
of the last Wednesday of the preceding month.
The
initial statement was given in our issue of April 23, page
partment and,
tary when
The present
statement—that for March 30—shows a
of securities held as investments in
Thereabouts, of 91-Day
2015.
Be Dated May 25, 1938
Announcement of a new offering of $50,000,000, or there¬
abouts, of 91-day Treasury bills, dated May 25, 1938, and
maturing Aug. 24, 1938, was made on May 19 by Secretary
of the Treasury Henry Morgenthau Jr.
Tenders will be
total
of $4,349,690,000
trust
funds
New Offering
Treasury
of $50,000,000, or
Bills—To
and
in
accounts of
governmental agencies, of
$4,035,677,000 were government, securities, $268,983.000 government-guaranteed
securities, and $45,030,000
which
other securities.
The statement in full is given
below:
Financial
3272
SECURITIES
INVESTMENTS
AS
HELD
TRUST
FUNDS
AND
IN
GOVERNMENTAL CORPORATIONS AND
CERTAIN
ACCOUNTS OF
IN
DATES INDICATED
AGENCIES ON
Chronicle
statistical
the
Gorernemnt-
As of
Guaranteed
Securities
Securities*
:
Fund
Mutual Mortgage Insurance
72*000
42,458,000
$20,000
18,855,000
...
Loan Insurance Corp.
Civil Service Retirement and Disability
5,105,000
General Post Fund, Veterans' Administ
'n
95XHM)
2,161,000
~5"66O
290,000
1,107.000
1,000
Library of Congress Trust Fund.z...—
D, C. Workmen's Compensation Fund.x
1,000
10,000
43,000
Ainsworth
—
Canal
Zone
Fund,
■
:iv
x
.
--
-
-
With
In
—
....
and
which
records
agencies will
they
the Board's files,
cooperate
in
forms
report
and
I
providing
am
are
that
sure
additional
any
relevant.
is
to
and
reducing the amount
of duplication in
statistical
re¬
changes,
or
with the
recommendations
of
the
Board
regard¬
like to have the complete report of the Board by Jan.
1, 1939.
3.588,000
adopt
$4,035,677,000 $268,983,000
Totals.
a
to Congress yesterday (May 20) President
"high time for the Nation to
message
national policy for the production and conservation
benefit of this and coming generations."
a
of phosphates for the
He added:
279.000
—-
Roosevelt
Roosevelt declared that it is
27,900,000
Adjusted Service Certificate Fund
Alaska Railroad Retirement & Disability
Fund.-..
accounts
questionnaires
in Message to Congress Recom¬
Appointment of Committee to Study Phos¬
phate Resources
3,262,000
i'.—- -.i L iii'-'.'-'w'---V-
_
of
the
mends
Disability
and
Retirement
financial
business
from
indicate the principal points at which the enactment of
by the Congress appears to be necessary in order to effect
President
636,100,000
...
-
regularly required
will you
legislation
751,665.000
-
view
a
of
in large part in
that
information
80,000,000
vi:-
-
-
diversity
exhibits
Federal
the
of
all
Foreign Service Retirement & Disability
.
the
and
that
already available
I should
10,000
... - -—-
Old-Age Reserve Account
—
approximate number of
the
and returns
12,000
Railroad Retirement Account
Fund.
reports
201,000
Walter Reed
Fund,
Library
General Hospital
con¬
ing them?
Pershing Hall Memorial Fund
National Park Trust Fund.z........
Unemployment Trust Fund—_ -
17,
existing law, and the authority under which each is col¬
them,
assume
consolidation
83,000
705,000
—
.
I
ports,
101,000
3,957,000
Comptroller of the Currency Employees'
.
May
at Washington,
interested in
am
11,000
Longshoremen's
Retirement Fund......
I
statistical
under
ernment
437,000
10,000
and Harbor Workers'
Compensation Fund.x
German Special Deposit Account
National Institute of Health Gift Fund..
public
other
42,067,000
30,560,000
1,850,000
Alien Property Custodian Fund
Panama Canal Zone Funds.*
efficiency
necessitate.
734,842,000
D. C. Teachers' Retirement Fund.z....
with
industry and from private individuals by agencies of the Federal Gov¬
among
387,795,000
——
consistent
lected; specific indications of the extent and kinds of duplication existing
101,987*666
8,715,000
U. S. Govt. Life Insurance Fund.*
looking
with recommendations
are
and
359,094,000
Federal Savings &
which
and
$937,422,000 $166,834,000
Federal Deposit Insurance Corporation
Individual Indian Trust Funds—
agencies
changes
:
Specifically,
March 30, 1938—
Postal Savings System
Fund-
tinued
made
letter,
Other
Securities
Federal
and
both to the government and to private industry.
economy,
The
Government
Fund or A gency
the
work of
consolidations
toward
and
May 21, 1938
$45,030,000
To the end that continuous and adequate supplies be insured, and that
efficient forms of this key element, phosphorous, be available at the lowest
As
of Feb. 28, 1938—
Federal Farm Mortgage
Federal Land Banks
Corporation
$761,130,000
—
$50,173,000
$6,000
63,705,000
10,000.000
Federal Intermediate Credit Banks
—.........
54,268,000
Production Credit Corporations...-----
4,822,000
1,431,000
1,638,000
6,725" 000
11,073,000
7,351,000
14,177,000
Banks for Cooperatives ...
—
Joint Stock Land Banks
—.....
Federal Home Loan Banks..
20,730,000
Home Owners' Loan Corporation
26,320,000
74,881.000
242,000
1,100,000
...
Totals.
$197,867,000
Senate
entire
31,095,000
13,885,000
Production Credit Associations
2,315,000
$87,587,000 $871,613,000
I recommend that
throughout the country,
cost
a
joint committee of the
and of the House of Representatives be named to give study to the
subject of phosphate resources, their use and service to American
agriculture, and to make report to the next Congress.
The President asserted that "the question of continuous
and adequate supplies
the national welfare."
of phosphate rock directly
concerns
He likewise said:
known world supply of phosphate rock is estimated at
The total
billion tons, of which 7.2 billion tons is located in the United States.
*
Consist
of Federal
principally
Loan bonds and Federal
Farm
Intermediate
Credit Bank debentures.
Note—All trust funds may be Invested in Government and Government-guarantted
securities, and certain funds may also be invested in additional securities as indicated:
zNo limitations.
bonds.
zln Federal Farm Loan
PMUnder present conditions, by far the greater portion of
17.2
Nearly
all the remainder is controlled by Great Britain, France and Russia.
...
phosphate
our
requirements will continue to be drawn from the Florida and Tennessee
deposits
long
so
as these
deposits last.
When it is realized that the
con¬
sumption of phosphate fertilizer must be increased considerably if our soils
President Roosevelt
Letter
in
American
to
Law Insti¬
tute, Says Courts
Are Reshaping Legal Philosophy
Keep Pace with Needs of People
to
President Roosevelt
May 12, in a letter extending greet¬
ings to the sixteenth annual meeting of the American Law
Institute, in Washington, stated that "on one can read the
on
legal record of the last
in
day
our
again reshaping
are
with the needs
pace
of
.
institutions."
and
in
The
the
administration
legal philosophy to keep
our
people and
our
President
of
seriousness
our
without appreciating that we
year
the
emphasized
crime problem
spirit
the
of
our
importance
and the deficiencies
of criminal law.
The text of the letter, which was read at the meeting by
William D. Lewis, Director of the Institute, follows:
I am happy to greet the judges, lawyers and law teachers who are attend¬
ing the sixteenth annual meeting of the American Law Institute.
I
understand that you
our
law
common
have
where
there
reached
now
remain
a
only
point in
few,
a
restatement of
your
though
important, sub¬
jects which usefully
can be restated at this time.
Permit me to congratu¬
late you on that which you have already accomplished.
I hope that nothing
will prevent your carrying on the restatement until it is
complete.
In
the
letter
my
hope that,
would
find
field
to
country and
rightly
in
the
position
The
in
our
of
I
I
to express
procedure,
our
work
further
crime
of
organization
problem
as
this
law
yours
give
to
leadership.
The
painstaking, scholarly manner in which the restatement has been
done, and the distinction of those who have devoted themselves to it have
caused
State
will
in
the
as
work
prima
far to
go
the
law
to be
recognized by most of the Appellate Courts of our
facie authority as to what the law is.
This achievement
preserve our
which
arise
law
common
from
the
by correcting uncertainties
system
constantly
increasing
of
mass
case
precedent.
The
strength
No
one
we
in
day
the needs of
I
the
law
common
its
was
extend
are
our
again reshaping
people and
cordial
hospitality to
improvement.
without appreciating that
legal philosophy to keep
the spirit of our institutions.
approval
of
our
your
but
necessary
for
an
efficient agriculture,
the deposits of Florida and Tennessee will last
comparatively short period.
a
It is hardly necessary to emphasize the desirability of conserving these
deposits to the fullest extent for the benefit of agriculture in the East, the
South and
At the
a
considerable portion of the Middle West..*
same
time, serious attention should be given to the development
of the Western
phosphate deposits in order that they may be made to serve
economically the widest possible territory.
reliance for
our
an
It is evident that
our
main
adequate supply of phosphate must eventually be placed on
Western deposits.
,
At a press conference just before he sent the message to
Congress, Mr. Roosevelt (according to United Press Wash¬
ington advices) stressed the necessity for developing a
policy and called attention to the need of phosphates in the
land.
He said that it had been brought home to him in his
study that no life could be successfully produced without
sufficient phosphates and that he was speaking of all life—
human, animal and plant.
President
Roosevelt
Asks
Congress
Appropriation—Includes Funds
Credit Corp.
for
for
$107,129,000
Commodity
President Roosevelt
yesterday (May 20) asked Congress
appropriations of $107,129,0()0, which includes
$94,285,404 to restore, it is said, impaired capital of the Com¬
modity Credit Corp. The corporation's capital was impaired,
it was explained, by loans on commodities, which falling prices
for additional
had reduced to
made.
were
a
value far below the level at which loans
United Press accounts from Washington, May
20, in advices to this effect, also said:
In connection with the Commodity Credit deficiency,
Treasury
Henry
Morgenthau,
Jr.
wrote
President
Secretary of the
Roosevelt
that
an
appraisal of assets and liabilities of the corporation showed their net worth
read the legal record of the last
year
can
our
of
below the levels
it becomes apparent that
the
in
in
criminal
the
in many cases are far
you
again wish to emphasize the
of
administration
an
ventured
criminal
undertake
to
such
to
1936,
code
seriousness
in
look
to
model
a
administration.
deficiencies
laymen
and
the
and
such work.
cause
direction
law
meeting,
produced
yourselves
of criminal
importance of
annual
your
having
be maintained reasonably near their present levels of fertility, which
are to
endeavor
best
and
'•
success.
with
pace
wishes
for
to be
$5,714,595
on
the basis of market prices as of March 31.
The total market value of its stocks of various commodities
316,790 and the estimated loss
was
was
$158,-
$60,802,884.
_A statement of commodity loans showed the corporation lost $57,995,631
its
from 1934 through
on cotton
1938.
The market value of that cotton
was
,
$114,028,316.
Losses
President
Roosevelt
Seeks
Reduce
to
Duplication
in
Statistical
Reports Which Federal Government
Requires from Business—Asks Dr. Rice of Central
Statistical
Board
for
About Consolidations
In
letter
Recommendations
or
to
Bring
Federal
industry."
In view
extent
of
of
such
Accordingly,
agencies
are
The President
comments
that
requesting
am
authority of Section
1
requiring
goes
come
reports, and how
I
on
on
corn
with
a
market
value of
$5,436,611
amounted to
only
tobacco valued at $3,976,289 were $1,724,116: and on turpentine
$442,812 value, $1,078,385.
Secretary of Agriculture Henry A. Wallace said that proposals for Con¬
gressional action to make parity payments to farmers are too late to clear
the way for establishment this year
of marketing quotas
on wheat.
to
"I
which
a
Changes
Stuart A. Rice, Chairman of the Central
Statistical Board at Washington, President Roosevelt
says :
am concerned over the
large number of statistical reports
a
$2,571:
with
into
far
the
on
to
this
there
is
Central
from
business
and
sion
I desire
duplication
Statistical
of the Act creating the Board,
to
among
Board,
know
the
them.
under
to report to me
the
on
$1,090,656,000 Naval Expan¬
Bill—Authorizes
Construction
of
Naval
Vessels Over 10-Year Period
President Roosevelt
say:
office,
President Roosevelt Signs
on May 17 signed the $1,090,656,000
Expansion Bill providing for construction of naval
vessels over the next 10 years.
This measure calls for J a
general increase of 20% in the Navy's power above treaty
limits.
The bill signed by the_President was the compromise
Naval
Volume
which
measure
Financial
146
adopted by both branches of Congress
was
in
noted in our May 14
issue, page 3107. Regarding the signing of the bill, we take
the following from Associated Press advices from Washington,
May 17:
a
conference report last week, as was
Tne Administration measure carried no funds, but tne
has
recommended
immediate
an
$12,000,000 to
naval tonnage by
of about
appropriation
which eventually will increase total
start the program,
Navy Department
3273
Chronicle
Harrison said the Treasury had outstanding
bonds and a little more than $13,000,-
In discussing the bill Senator
about $23,000,000,000 in long-term
000,000 in short-term issues, some of which it
wished to convert into bonds
refinancing which must be
in order to cut down the amount of constant
undertaken
as
the snort-term issues mature.
Senator Brown said, however, that
ment wished to use
he understood the Treasury
Depart¬
$1,500,000,000 of the new bond authoriza¬
available, to carry out its program, and there"
only about
tion, in addition to that now
fore he thought an addition
of $5,000,000,000 would be
With this
ample.
argument Senator Harrison agreed.
20%.
Supplementating construction provided in the regular
appropriation of
bill signed today
fighting ships, 26 auxiliaries and 950
$546,000,000 for the navy during the next fiscal year, the
authorizes the building
of 46 new
The proposed
referred to in
Bond Act was
change in the Second Liberty
issue of May 14, page 3111.
our
airplanes.
battleships, two aircraft carriers and a
Three more
are
$3,000,000 dirigible
included in the authorization.
Congress
enacted the bill in response to President
that "our national defense is
inadequate for national
Senate and House Pass Bills Creating
security."
Civil Aeronautics
Adjust
Differences
week passed a bill to
Civil Aeronautics Authority, to promote the de¬
Both the Senate and the House this
a
for the regulation of
16 the bill,
velopment and safety, and to provide
The Senate passed on May
Civil aeronautics.
sponsored by Senator McCarran, while a similar bill, intro¬
duced by Representative Lea was passed by the House on
on May 18.
The Senate by a vote of 34 to 28 ou May 13
adopted an amendment to the bill, eliminating all restric¬
tions upon the President should he desire to remove any of
the members of the proposed Civil Aeronautics Authority.
Senator Truman sponsored
the amendment, which was
passed after Senator Barkley successfully moved to table a
House
measure
only
provide
would
a
three-man
authority, instead of the five-man board specified in the
Senate bill.
Pinal House approval followed rejection, by a
vote of 214 to 94, of a Republican motion to recommit the
bill with instructions to report it again with the Federal
functions of civil aviation regulation lodged in the InterCommission.
In United Press advices May 18 it was
The
to conference with
measure now goes
unbridled power over the
houses
over
stated:
prospective agency.
Chief Executive
A struggle between the two
it was not raised in the
this issue is inevitable even though
to
limits the President's authority
authority to causes of inefficiency, neglect of
approved by the House, the measure
dismiss members of the
duty or malfeasance in office.
this power and there was
when the
The
of
House leaders made no attempt to
not a murmur of
broaden
disapproval of the restrictions
same
restrictions were struck out of the
by Senator Harry S.
Senate bill by the adoption
Truman (Dem., Mo.), over the
Pat McCarran (Dem., Nev.), coauthor of
the measure. Senator Truman afterward admitted to Senator McCarran
that he offered the amendment at the Administration's request.
vigorous opposition of Senator
The proposed
administrative agency would absorb the various regulatory
performed by the ICC and the Commerce
functions over civil aviation now
and Post Office departments.
for airlines' operation,
and mergers of
These include the awarding of certificates
fixing of routes, rates, and
regulating combinations
airplane interests.
Impetus to the legislation was given by
when he summoned Senator
the President several weeks ago
told him he had
McCarran to the White House,
changed his mind about centering
pare
control in the ICC and urged him to pre¬
other legislation.
Before passage
agencies appeal for more funds, and then
adjourned until yesterday (May 20) when it planned to list
the changes it proposes in the House version.
Action of the
subcommittee was described as follows in a Washington dis¬
for minor Federal
patch of May 18 to the New York "Times:"
Five Senators already have offered or
ments to the
by the House today a motion
Mapes (Rep., Mich.) to recommit the
latory authority centered in the
bill failed.
by Representative Carl E.
Mr, Mapes wanted regu¬
ICC.
Second Liberty Bond Act
from $25,000,000,000 to $30,000,000,000
Long Term Securities Government
May Have Out¬
of Short Term Securities
$15,000,000,000—House Bill Increased
Government
Obligations Outstanding
standing—Maximum
Fixed
at
Limit
of
from
$25,000,000,000 to $45,000,000,000
19 the Senate passed a bill amending the Second
Liberty Bond Act increasing from $25,000,000,000 to $30,000,000,000 the total amount of long term bonds which the
Federal Government may have outstanding at any one time.
The Senate bill also lowers from $20,000,000,000 to $15,On May
000,000,000 the amount of short term Government securities
•which may be outstanding at any one time, thus retaining,
said Washington advices May 19, to the New York "Times"
the limit of $45,000,000,000 on the potential national debt
which has been effective for about 20 years.
The "Times"
advices also said:
The
old law limited bonds to
$20,000,000,000.
$25,000,000,000 and short-term issues to
Under the Senate bill the limits
and $15,000,000,000.
would be $30,000,000,000
respectively.
of Senator Brown of
Michigan, who requested the limitation on bonds outstanding at any time
in preference to an original proposal, already approved by the House
[May 16] that would have given the Treasury full authority to shuffle its
long-term and short-term indebtedness in any manner desired within the
passed in that form on the insistence
$45,000,000,000 limitation.
Senator Brown's amendment was accepted by the bill's sponsor, Senator
Harrison, Chairman
the
Treasury did
of the Finance Committee, on
not object to the
a
law
limitation.
the understanding that
For that reason it was
would be accepted by the House and that
patterned after the Senate bill Mould be sent to the White House
expected that the amendment
early next week.
announced intention to offer
of which would decrease its
amend¬
total as it passed the
trifling amount.
proposal
Administra¬
required funds for material and using
introduced during the day a
companies to sponsor Works Progress
tion projects, supplying a part
of the
WPA labor.
Senator Van Nuys, Democrat, of
to earmark funds for Ohio and
he said army
Indiana, announced that he would seek
projects, on which
Wabash River flood control
estimates.
engineers were now making
Senator Bailey, Democrat,
he would propose that
with about $500,000,-
of North Carolina, said
which Secretary Ickes, as
Administrator,
months if the local agencies
still wanted to obligate themselves for their 55% share of the cost. .
Senator Russell, Democrat, of Georgia, offered an amendment authoriz¬
ing appropriation of $213,000,000 for price-adjustment payments to wheat,
has said
were
ready to start within a few weeks or
under the Agricultural
bushel
on
never
8 cents a
wheat and 5 cents on corn.
The United States Chamber of
and
Adjustment Administration.
2 cents a pound on cotton,
Payments could run to not more than
Commerce in a statement
had been opposed to grants
which should be followed.
assailed the
•
"immediate re¬
regulation, handicaps and dis¬
have caused business recession."
The way to increase
laxation by the
said it was not
of funds for relief, but
bill as "exactly opposite" to the course
employment, it held was through
government of its excessive
couragements that
Secretary of the Interior Ickes told the subcommittee on
May 16 that peak employment under the pump-priming pro¬
visions will not be reached until next Spring.
His testimony
was outlined as follows in a Washington dispatch of May 16
to the New York "Journal of Commerce":
The Secretary, who as head of PWA, will handle pump-priming funds,
provided in the bill, explained that while 80% of the 2,700 projects on file
are
still "alive" it would take
several months to get them
He said that when the program
gets into full swing
886,400 man-hours of employment on
Ickes appeared
bill which
the sites of projects and
for Passage
before the subcommittee at
Secretary
initial hearings on the
of
Further hearings
for passage over the objections
Republicans and conservative Democrats
the full committee
of $274,-
$540,000,000 for materials.
the leadership plans to press
will be held tomorrow and
814,716,000
It will call for expenditure
man-hours of indirect employment.
684,000 for employment and
started.
it would provide 325,-
within a week.
the bill is expected to be
ready for action of the
Wednesday or Thursday.
of Agriculture
Wallace told the committee that
the Farm
plans no further resettlement and subsistence
direct orders from Congress, and that repay¬
by the agency to needy farmers were "coming in pretty good."
Administration
Security
homestead projects without
loans
ments of
Speaking of the outlook for huge crops,
farmers
might need additional
he said that wheat and cotton
financial assistance this year if prices
drop
sharply.
would
"not be surprised" to see his group "materially reduce" a $100,000,000 fund
in the House bill for Rural Electrification Administration activities.
As the Committee took its first step in considering the legislation, the
Senate gave its assent to the Hay den-Cart wright bill authorizing continua¬
tion of the Federal aid highway program for 1940 and 1941.
The total
authorization was reduced by the Senate, however, from $238,000,000 for
each of the two years to $128,500,000 for 1940 and $186,000,000 for 1941.
Indications are that PWA will have no difficulty in finding suitable pro¬
jects on which to spend the $1,465,000,000 of pump-priming funds.
The
Secretary told the Committee that the 2,700 projects already on file and
approved will cost over $1,000,000,000, and the new applications filed since
the program was announced have been more than enougn to exhaust the
Subcommittee Chairman Alva
B. Adams (Dem., Colo.) said he
remainder of the fund.
Change in House Proposal
The bill was
a
To Press
Senate Passes Bill Amending
Increase
one
for non-profit irrigation
Mr.
to
bill, only
House, and that only in
pump-priming aspect of the relief
provision was read for amendments.
amendment
an
subcommittee on May 18 com¬
the $3,054,425,000 recovery bill,
designed to provide employment for 4,135,000 persons next
year, and prepared to present the measure to the Senate for
debate by May 23. Passage of the Administration bill by the
House was reported in the "Chronicle" of May 14, pages
3108-09.
The subcommittee on May 18 heard spokesmen
cotton and corn farmers
lower chamber today.
As
on
000 worth of approved projects
the Senate which, by a margin
yielded to the White House and gave the
of only four votes,
Senate appropriations
Public Works Administration be required to proceed
Commerce
State
A
pleted executive hearings
Senator Pope, Democrat, of Idaho,
motion to reconsider.
The
tive
Roosevelt's advice
Authority—Measure Goes to Conference to
create
Appropriations Subcommittee Concludes Execu¬
Hearings on New "Lending-Spending"
Re¬
covery Bill—Secretaries Wallace and Ickes Heard
by Committee—Philip H. Gadsden Also Heard—
Senate May Begin Debate on Measure May 23
Senate
w.
■ :
He
on
various heavy goods
expended for materials, he said,
$72,900,000 for foundry work
mill
detailed figures on the effect of the
industries. Of the $540,000,000 to be
$152,000,000 will go for iron and steel,
presented the Committee with
program
work,
and machinery, $39,400,000
$25,000,000 for cement and the
for lumber and
remainder for miscellaneous,
items.
pledge of cooperation with the Administration in its
if the Government modifies its policies
and restricts competition with the private power industry
was
made to the subcommittee on May 17 by Philip H.
Gadsden, Chairman of the Committee of Public Utility
A
recovery program
Financial
3274
in his further
the "Journal of Commerce" said in part:
Executives according to Ralph L. Cherry, who
advices May 17 to
Testifying In executive session on the huge lending-spending bill,
Mr.
the private power industry can
Chronicle
May 21,
1938
hear both railroad executives and railroad labor
The Committee plans to
representatives on the proposed 15% wage cut before taking any action on
pending in the Committee or on the bill itself pending in
the amendments
and
Gadsden
told
Committee that
the
fits
Today it is shackled by fear.
ail the people.
to
the Senate.
The RFC loan bill
and spreading social bene¬
ought to be a "mighty machine for creating jobs
Investors shun it.
3110.
ago, page
referred to in these columns
was
;
a
week
.
Break those shackles, restore confidence that the Federal Government has
boundaries
set
its policy of duplication, and its great need for expansion
on
be turned to tne account of all society."
can
Calls
Committee,
"This nation is confronted with a serious depression.
bitterness,
forget
to
suffered.
we ever
"I
ready to
am
look ahead,
to
The time has
constructively,
come
in
the
Private enterprise has led the nation out of every depres¬
American way.
sion
wounds,
old
It
do it again—if given a cnance.
can
that if investor fears of Federal utility policies
say
can
be
allayed to the extent that once again they will purchase our stocks and
bonds, utility management will respond as
a
patriotic duty.
I
am
ready to
promise the full cooperation of the body of which I am Chairman to work
to that end."
Mr. Gadsden appeared before the subcommittee to offer the cooperation
of his organization
as
a
series of other developments concerned with
relief and pump-priming if the program took place.
In
his
before the subcommittee,
testimony
.
Mr.
.
the
,
Gadsden
complained
particularly of two provisions in the bill:
One, he said, which permits the
Government
practice of duplicating facilities
to
continue
destructive
the
of private power companies, and the other allowing 8tates to circumvent
State
constitutional
generating
plants
projects.
.
.
restrictions
tie
to
in
and
with
obtain
the
funds
to
Government's
erect
own
huge
The Senate Committee acted after Cordell Hull, Secretary of State, had
sent
letter in which he said the lifting of the embargo at this time
a
amount to "a reversal of our
.
thus
industry pressed for money with which to construct
an
Indefinite postponement of any further action seeking to
persuade Congress to lift its embargo on the shipment of
arms to Spain appeared likely this week, following a message
from Secretary of State Hull to the Senate Foreign Relations
Committee, opposing lifting the embargo at this time.
Mr.
Hull's statement was briefly referred to in the "Chronicle"
of May 14, page 3111, and it was also noted in that issue
that the Senate Foreign Relations Committee had voted
17-1 to postpone consideration of the subject indefinitely.
A Washington dispatch of May 13 by Dewey L. Fleming to
the Baltimore "Sun" discussed Mr. Hull's arguments in
greater detail as follows:
steam
hydro-electric
Reverting back to the provisions of the bill, he continued:
"To
Hull to Senate Foreign Relations
Opposing Lifting Embargo on Arms
Shipments to Spain—Says Policy Is Calculated "to
Prevent Our Becoming Involved in War Situations"
of Secretary
Letter
SC
Depression Serious
new
facilities
far
offer
a
policy of strict non-interference which
scrupulously followed."
so
and aggravated form
a new
was
lost
nothing will be spent
From the
Senator
will
on
same
be
restored.
take the
we
on
the
than two to
on
a
tax rolls."
following:
This amendment
was
a
by
a
embargo
proposed in
was
resolution sponsored by
N. D.), and frankly conceded by him to have been de¬
signed to permit shipments of arms to the Loyalist Government of Spain.
Senator
action
Nye
absent from Washington today, and the unfavorable
was
his resolution
on
taken by the
was
Senate Committee with the un¬
derstanding that when he returned he might, if he desired, appear before it
make
a
plea
(Dem.,
Senator Pittman
for reconsideration.
Chairman, said he thought there
Hull
bfll
Explains Policy
Secretary Hull pointed out in his letter
American policy of
that the
"strict non-interference" in the Spanish situation had been declared
Hopkins appeared
warning that unemployment
was on the
before
the
subcom¬
upgrade and that ap¬
after the
it
outbreak
of civil
strife there in the summer
calculated "to prevent
was
of
1936,
an
advantage to the Loyalist
forces, the Secretary wrote:
Chairman Arthur J. Altmeyer, of the Social
Security Board, in
testimony
before the House Appropriations
Committee, made public today, warned
that unless Congress passes a
deficiency appropriation for
"Even if the legislation applied to both parties, its enactment
subject
Asserting that
grants to States
no
could foretell the future dangers in the Spanish
one
the States will be forced to reduce
situation,
he did not feel justified in recommending affirmative action on the
of $1,500,000
over
unemployment compensation payments
A bill making available $4,000,000, an increase
and that the "original danger" still existed, the Secretary said
A hint that the Government
House recommendations, has passed the Senate and is
neutrality code
expected to go to conference tomorrow.
contained
was
letter, in which it
was
Wage Cut
On motion of Senator
the Administration bill
Wagner (Democrat) of New York
liberalizing loans by the Reconstruc¬
tion Finance Corporation to railroads was taken
off the
Senate calendar on May 19 and returned to the
Senate
Banking and Currency Committee.
Senator Wagner is
reported to have said that several members of the Committee,
of which he is Chairman,
suggested amending the bill so as
prohibit loans to roads proposing
stated in
was
wage cuts.
Incidentally
a
Washington dispatch May 19 to the New
railway unions, according to the Railway
Labor Executives
Association, will resort to a Nation-wide
strike if a 15% wage cut is made
by the carriers.
Com¬
menting on Senator Wagner's action with regard to the RFC
loan bill the "Times"
Washington advices May 19 said:
York "Times" that
Senator Wagner s action
of the railroads'
move
was
was
taken with Committee
approval as a result
announced intention to cut
basic wage rates 15%.
The
decided upon after the
Committee had given a favorable report
to the credit extension
proposal.
"At the time the Committee
reported and considered this bill," Senator
the Senate, "it had not
received notice of certain objections
to the bill, nor was there
any discussion of a threatened
wage cut.
The
Committee has had two recent
hearings and it is very clear now that if the
bid is to be reported
again the Committee will make some
amendments."
Wagner told
It
a
was
new
which
credit
opportunities to
including Mr. Wagner, did
of the
favorably
on
payment
on
railroad
obligations during
H.
Jesse
bership
in
companies
Chief-
wage
Jones, Chairman of the
eral1 Court had
In
ton
prevent any reorganization."
to the RFC rail loan bill which
gives the
to collateral held
against railroad
lending
in support of amendments
agency power to take the
loans..
The Committee recessed its
on
the
RFC
rail
loan
bill
meeting subject to the call of the Chairman
Chairman Wagner announced.'
amendments.
the
Jan.
of
the
"29, page 083.
decision on
which
court's
following
case
argu¬
The suit
court.
an
appeal
special three-judge eastern Tennessee Fed¬
mistaken in upholding validity of the
of
functions
the
of
the
Valley
Tennessee
evaluating the court's decision, United Press Washing¬
advices of May 16 said:
Oral
argument
current
on
the suit, accepted by all
No
more
oral
and
compensatory,
of
to
be
during the
heard
May 31.
electric
the
complaining
has
general test of
for its 1938-39
as
charged in their petition that TVA seeks to acquire "the
control
the
is
argument
term, scheduled for conclusion
The companies
a
convenes
parties
will not be heard before the court
October.
next
power
and
companies
promulgated and prescribed
confiscatory
business"
that
in
in
the
area
furtherance
electric rates which
now
of
this
are
non¬
discriminatory."
and
United States Supreme Court Grants Request of Con¬
solidated Edison Co. of New York for Review of
Appeals Court Decision Sustaining NLRB Ruling
Against Company
On May 16 the United
States Supreme Court granted the
Co. of New York, Inc.,
of the Consolidated Edison
request
great hindrance to railroad
reorganizations and I don't think there
will be any railroad
reorganizations until the law is
changed.
Under that
law one-third of the
security holders can
Committee
announced
of
Authority.
May 19 from its
Testifying before the Senate Banking and
Currency Committee, Chair¬
man Jesse Jones of the RFC declared that Section 77 of the bankruptcy
act is a
^ead appeared before the
term
been
all
and
agreed to hear
and
next
"Chronicle"
the
May 16 to consider
surprise.
Washington bureau, said, in part:
in
Hughes
contended that a
measure
the
at
rates
RFC, indicated opposition to such a
letter yesterday to Senator
Wagner.
To most of the mem¬
the upper house, however,
Senator Wagner's action came as a
Wall Street Journal" of
operations,
case
to
Justice
TVA
time when
Court Agrees to Hear Argu¬
Utilities Against TVA—De¬
Expected Before Fall Term of Tribunal
their
to
their
referred
was
object
in a
Advices to the
in
ments
the possibility that some
a
18
of
Valley Authority
virtually assured
on May 10, when the United States
Supreme Court "noted
jurisdiction" in the challenge of 18 Southern private utility
by
to support
Supreme
Suit
in
cision Not
operation
group
closing days of this Congress."
The constitutionality of the Tennessee
Act will be determined this year, it was
served
being scaled down.
possibility
States
ments
of Senators,
a
Government credit extended under
the bill would be used
interest
were
not look
United
roads
pleged maintenance of
existing basic wage rates.
Within the past few
days it had been indicated that
relation to a particular
It is evident that there is not sufficient time to give study to
such questions in the
term
indicated later that the bid
probably would be reported out with
amendment limiting the liberalized
revision of our neu¬
gained during the past two
three years, rather than to rewrite it piecemeal in
TVA's legality,
Plan to Limit Credit Is
Expected
a
useful to reconsider it in its broader
more
aspects in the light of the practical experience
or
Secretary's
paragraph of the
final
in the
stated:
trality legislation, it would be
situation.
resolution.
might be considering revision of its entire
"Furthermore, if reconsideration is to be given to
Senator Wagner Returns to Senate Committee
Admin¬
istration Bill Liberalizing RFC Loans to
Railroads
—Action Reported Due to Threatened
would still
to unnecessary risks we have so far avoided."
us
during the last half of May.
it
shortly
and that
becoming involved in war situations."
our
Noting that the Nye resolution would give
have lost their jobs since the recession set in
persons
last October;
to
Nev.),
little likelihood that the Committee
was
would change its mind.
vote of
one.
proximately 4,000,000
the
Senator Nye (Iiep.,
and
for
press
offered to the
the floor of the House but rejected
Progress Administrator
mittee with
taxpayer
Republican proposal that the administration of
relief be turned back to the States.
Works
the
private projects that will be added to the
advices
during its consideration
more
Money that costs
Vandenberg (Rep., Mich.), revealed that he wouid
the Senate
vote in
Stop duplication of facilities by Federal subsidy and
confidence
of
Removal
"The key to utility recovery is confidence: and the
key to confidence is
here in Washington.
a
Proposed By Nye
dis¬
concerting and disheartening.
much
have
change of policy "would
real possibility of complications."
and create job-giving expansion in the midst of a depression, news of this
resumption of duplication policy in
would
we
a
He said
for
a
of
Appeals
review of the order of the United States Circuit Court
New
in
York
in
sustaining
on
versy
Radio
a
a
contro¬
between the company and the United Electrical and
Workers
directed
ment
14
March
ruling of the National Labor Relations Board in
to
of
activities.
of
comply
six
America,
with
the
employees
The
March
14
March 19 issue, page 1810.
in
which
NLRB
allegedly
decision
the
demand
company
discharged
was
was
for reinstate¬
for
referred to
union
in
our
The Supreme Court, which will
Volume
Financial
146
trial
review the
its next term, is asked by the company
at
case
local,
determine whether the NLRB has jurisdiction over
to
Journal"
Street
we
of
May
advices to the "Wall
Washington bureau
special
17
from
its
Edison
subject
utility
because
York
jurisdiction
NLRB lacked
the
contended
company
local
a
was
the regulation of the State of New
to
Act.
The utility also contended that it hud been deprived of its constitutional
rights by the procedure followed in the Board's hearings.
The case was
heard before a trial examiner and then transferred to the Board, which
wrote the decision without having heard any of the witnesses and which
did not give the company an opportunity to be heard before it.
in
its
examiner.
sufficed
This
the
seemed
public
its State Labor Relations
law and
service
Kansas
of
order
NLRB.
the
a
ington, May 16, it was stated that a major point involved in
the case was whether the Board has authority to compel
Board
The
Workers,
company.
this
and
contract between the International
a
today.
granted
was
the
to cease "giving effect"
company
discriminating j
Electrical and Radio Workers of America,!
brotherhood
the
United
and
to
stop
the
which resulted in
a
the Labor Board
cease
and desist order.
charged that if NLRB's jurisdiction over its
company
by United States Supreme Court in
Suit
Holds
Employer May Not Discriminate Against
Workers
Seeking
Reemployment After Strike—
Bearing on Republic and Ford Cases
Involving Procedure—Ruling in Mackay
Case
Labor Relations Board
The National
that
had
it
gained
May 16 asserted
on
The
cedure
Co., the Supreme Court ruled
& Telegraph
Mackay Radio
unanimously against a decision of the Ninth
Circuit Court
Appeals at San Francisco reversing a decree of the Cali¬
fornia court, the Supreme Court held that the NLRB is
of
empowered to compel the reinstatement of union workers
the event they have been discriminated against by the
in
Roberts;
D.
Owen
Justice
was written by
Justices Reed and Cardozo did
ruling
Court's
Supreme
The
company.
participate.
In reporting from its Washington bureau
regarding the court's conclusions, the "Wall Street Journal"
stated that the Supreme Court ruled that an employer who
of
of their
Circuit
The
ordering
the
it
the
of
excluded
the
of
the
the
Board order.
exceeded
Board
its
authority
in
five
the company offered reinstatement to all but 11
struck.
Of the 11 the Board found that six
that
and
operators
five
other
the
good
were
operators
solely because of their union activity.
the
Radio
bers,
directed that
and
and
say
five
the
were
the
mem¬
The Board applied to the
the
of
power
to
reversal of the Circuit
compel
reinstatement
of
phase of the Board's powers to force employers to put
end to anti-union
to
discrimination against
which
high court that
told the
efforts.
counsel of the NLRB, had the fol¬
Charles Fahy, general
lowing
of
five be reinstated.
the
affirmance
vital
a
was
Association,
compliance decree but the application was rejected.
a
attorneys
decision
all
to cease
company
Telegraphists
for
Court
Board's
strikers
an
that
Francisco office in
The Supreme Court today reversed
of
telegraphers who
American
Court
the
with back pay, five telegra¬
telegraphers.
October, 1936, and was called off after two days.
in
Board ordered
The
directing
order
Board
a
the firm's San
in
activity.
held
reinstatement
inefficient
were
the
despite the lack of the
the Board to have been refused reinstate¬
enforcement
had
Court
aside
Get
to reinstate,
by
union
jvvas concluded,
60
contentions of
and
"issues
Mackay case,
telegraphers
ordered
The strike occurred
When
had
Co.
found
were
strike
and
verdict
the
that
in the
Court
Telegraph
men
a
1935, because
this
held
...
Circuit
Radio &
after
ment
opinion
report.
Ninth
phers.
calling for
clearly defined"
preliminary
16
May
on
Supreme Court's
regarding the
decision:
States
United
major victory in the
a
Court as the result of its action upholding pro¬
of the Board.
In an action having to do with the
Supreme
Roberts's
were
The
before
and
(on error)
one
Justice
parties
The
Sustained
opinion declared that
preliminary report after
a
promulgating its final order
a reversal of the order,"
United Press advices from Washington, May 16, said:
hearings
holding
Circuit
NLRB
j'-v.'v
Court's
Supreme
the failure of the Board to issue
upheld, "State jurisdiction will cease to
Constitution."
a
Davis
Noting that the
Committee for Indus¬
labor relations
exist" and the effect will be
"to push the concept of 'affecting commerce' to unintended extremes and
essentially to obliterate the dual system of government provided by the
The
were
answering
abandoned.
to its contract
against members of the
Organization affiliate, which filed the complaint with
trial
Brotherhood of
Labor affiliate,
of
Federation
American
an
Board ordered
The
with
aside
set
and the
The electrical workers also petitioned the high court for review
Electrical
Justice
after
Buffington,
Mackay
These advices also said :
union.
between
outlined
difference
Roberts read his opinion Chief Justice Hughes,
request by Solicitor General Jackson, directed
and Thompson of the Third Circuit Court of
Appeals to show cause next Monday why their order preventing the Labor
Board
from
proceeding further
in the Republic case should not be
Judges
with a labor
employer to abrogate an existing contract
an
the
the nature of the charges.
the Mackay case and
of
Mackay corporation
ruling.
City
Shortly
"is not
"cease and desist"
In United Press advices from Wash¬
concerned
The Circuit Court's ruling
the
be
to
however, that other proceedings
Supreme Court held,
The
inform
to
immediately
quote:
The
it
From
utilities.
intrastate
3275
Chronicle
I
glad that again, by decision of the Supreme Court of the United
am
States
in
important
an
found that
been
it has
case,
the Board
correctly
of the Board was in
the decision on the questions of
statuary construction, constitutional law and facts in the Mackay decision
today,
There
was
and
in
this
the court held that a trial examiner's
under our procedure, was not essential.
report in the Mackay case.
The court
proceedings and held that the company had not been denied a
Neither
hearing.
adequate
of
Court
examiner's
trial
no
reviewed the
full
is usually required
which
to
too, that
gratifying,
is
it
report,
addition
In
correct.
respects
and that the order
of Congress
the Act
interpreted
all
Appeals has
held in
ever
the
Court nor any Circuit
that the Board has ever failed
Supreme
case
any
regard.
♦
not
Wallace Protests Supreme Court Ruling
City Stockyards Case—Letter to Chief
Justice
Hughes Asserts He
"Shifted Ground"
Secretary
complied with the Wagner Act has a right to protect
by filling the jobs of striking workers.
The
"Wall Street Journal" further summarized the court's con¬
has
business
his
clusions
follows:
as
the employer is under no compulsion to rehire the
Furthermore, it held,
strikers
several
of
one
was
nevertheless
which
decision
&
Telegraph
In
Mackay
of the
clarifications
upheld
an
Labor
Act
contained in a
order by the NLRB against
Mackay
case
the
upheld the
court
Board's order
that Mackay
jobs to five strikers who were said to have been discriminated against
offer
after a strike*,and declared the company had not been
full and adequate hearing."
The Board in thfe case had omitted
reemployment
denied
the
"a
procedural
examiner's
trial
a
report
to
which the
employees under
remain
strikers
the Act
and
are
entitled to the
protection given by the Act against unfair labor practices by employers.
That it is an unfair labor practice for employers, when rehiring strikers,
discriminate
to
against
because of union activity in an unsuc¬
group
any
should
by the statute" has not
by supplying places left
vacant by strikers.
"And he is not bound to discharge those hired to fill
the places of the strikers, upon the election of the latter to resume their
employment, in order to create places for them," Justice Roberts said for
right to protect and continue his business
the
lost
the
court.
Discrimination
The
Mackay
the
when
strike
in
consisted
company
this
court
basis
of
skill
or
of
a
court
the
company
one
any
the
of
only
case
that the
also held
union
called,
was
Reemployment
in
found
not
was
discrimination
in
reemployment.
number of methods, except on the basis of
procedural
recently held
supported
questions,
matter
a
the Board's
to call
the
Supreme Court
has
determination, the decision
actions.
made
were
clear,
Justice
Roberts
pointed
out,
and
oral
The failure of the Board to require
argument was had before the Board.
submission of a tentative report by a
important
which
be vital to an administrative
to
issues
The
agencies
was
Court
decision
of April
25 in
the Kansas
1036.
dispatch
the same case was before the court in May,
when
the
controversy,
Washington
a
In
of
May 12 to the New York "Times" added:
In
not
remanding the case then,
submission
that
essential
all
of findings
this
adopted
Hughes had held
the procedure.
Secretary
the ruling,
1936,
the Secretary stated, Mr.
of fact to the stockyards commission men was
the validity of
to
of
spite
September,
added, his department, in
procedure "to assure fair play to
Wallace,
type of
parties."
In
as
much
as
the
originated
case
1930,
in
Secretary Wallace took the
the reported "rebuke" in the April 25 decision was not to
him, but to his predecessor.
He further stated that this decision had been
made a medium to "flash a warning" to the quasi-judicial agencies to the
position
In
here,
that
the
of
the
letter
will
be
of the
country.
Hughes, copies
Mr.
of which
were
sent to newspapers
Wallace said:
Secretary
"You
farmers
to
Interested to
know that the practice you now recommend,
that
hearing make a report which Is available to both parties
and argument, was adopted by this Department about 20 months ago.
will recall that when you remanded this same case to the lower court in
the examiner conducting a
for exceptions
"You
that time you wrote:
have the examiner prepare
the Secretary and the parties, and to permit exceptions
and arguments addressed to the points thus presented—a practice found to be of
great value in proceedings before the Interstate Commerce Commission—we cannot
say that that particular type of procedure was essential to the validity of the hearing.
The statute does not require it and what the statute does require relates to substance
"
to
Federal
issue before final
based on the
at
letter
May, 1936, you discussed this question and at
activity.
As
parties
City
30,
page 2780.
Mr. Wallace said that the decision, which Mr.
Hughes wrote, ran counter to the views expressed by him
The
could have refused reinstatement on the
to
Secretary's
The
on
quasi-judicial
Stockyards case, referred to in the "Chronicle" of April
detriment
guilty of unfair labor practices
said.
The violation of the law
ground"
for
available
made
be
Supreme
In
employer "guilty of no act denounced
an
examiners
of
reports
his
"shifted
had
latter
cessful strike.
That
May 12 that
the
the question whether
written to Chief Justice Hughes asserting that
he had
describing
covered included:
Other points
That
issuing
of
step
take exception.
employer could
Decision
1936
Since
Secretary of Agriculture Wallace revealed on
determination.
Co.
the
Radio
for
they elect to return to work.
when
This
Kansas
in
trial examiner was
not sufficiently
for a reversal of the order, he declared.
a
'Again, while it would have been good practice to
report and submit it to
and not form.'
"Although you
pointed out that such procedure was not required, we never¬
help to assure fair play to all parties and made
theless felt that its adoption would
of our regular procedure in all cases arising under the Packers and Stock¬
yards Act and similar legislation.
"I am glad to know that the Court now has approved the procedure which the
Department already had inaugurated.
"The
particular case in question, of course, originated under the preceding
Administration in 1930 and under a law adopted in 1921.
it a part
As
to
to
the
Supreme Court's findings, a dispatch, May 16,
the New York
Some
court's
tary
observers
recent
"Times" said, in part:
had
believed
the
ruling in the Kansas
decision
might
be
affected
by
the
City Stockyards issue, involving Secre¬
Wallace, as a result of which the
Board [NLRB] sought to alter its
the Ford and Republic Steel cases, now in lower courts.
But the Supreme Court, through Justice Roberts,
decided that a full
and fair hearing was not denied to the Mackay corporation.
Just as in the Republic and Ford suits, the Board had not served on
the defendant an
intermediate report founded on the investigation of its
procedure in
"Up until this present
Administration no examiner's report in connection with
and Stockyards Act had been thought essential.
administrative agencies are
is Important that all citizens
hearings under the Packers
"But, as you
more
and more
point out in your opinion of April 25,
necessarj in our complex society, and it
be assured of fair
It
was
•merely
stated
play."
at
the
Department
of Agriculture
that Mr.
acknowledged receipt of Secretary Wallace's letter.
Hughes had
Financial
3276
Secretary Wallace had written a letter to the Senate cover¬
both
Exempt
decision of AprJl 25, 193S. was not In any .sense a
Secretary of Agriculture, because for the past 20 months this
Department has been doing that which the Court itself said two years ago was not
necessary and now says is necessary.
"Actually, the effect Is to give to the Kansas City commission men and their
attorneys *700 000 of Impounded money which rightfully belongs to the farmers.
"Nearly five years have elapsed since the Kansas City commission men were
ordered to lower their rates, and the Court finally has decided the case, saying,
*.
We express no opinion on the merits.' "
"The effect of the Court's
termed
RFC,
the FNMA, invites subscriptions,
behalf of
on
is
$25,000,000,
If our judicial system should break down,
only substitute would be armed force.
Therefore it is imperative that
government.
fill their intended role in our republic.
Federal commissions in
of conflicting rules.
maze
a
Almost insuperable
was
by the
the Packers and Stockyards Act, which for a time
is now impaired when
in entire agreement with what
ing the Federal Bar Association in
.
the
—
administrative
But
agencies,
as
they strive to render efficient
taxes)
public
local
issued
Used
Be
to
scriptions
in
of
(except
thereof,
possession
or
the authority
surtaxes,
imposed by
hereafter
or
National Mortgage
on
May 13,
by
capital,
2%
Series A.
notes,
announced,
closed
were
business
of
May 17, due to oversubscription, said Mr. Jones,
tions
office of the RFC.
will
bear
that
from
interest
callable
during
callable in whole
after
at
date
the
(c)
2%
or
on
ing
subscriptions total
The
of
announcement
These
notes
covenant
insured
general
the
that
Association
mortgages,
United
States
of
National
the
the
cash
equal
will
and/or
Act,
direct
in
the
the
to
or
guaranteed
event
of
by
be received
The RFC
tions
at
Payment at
The
on
or
FNMA,
$1,000,000,
before
organized
23,
1938, against
obligations
Under
in
February,
1938,
of
was
in
must
be made at
taxes)
now
and
to
surplus of
the
i
loans,
the
;
the real
The
including
imposed
its
other obliga¬
or
thereof,
shall
by
or
as
Act
States,
that
it
associations
provides
capital,
reserves,
exempt
from
be
be
not
sur¬
taxation
Territory,
any
6hall
from
State,
any
also
State, county, municipality,
any
provides
such
by
or
The
the United States, by
Act
United
the
by
franchise,
stock,
and
by
property of
its
value
other
as
1.
Subscriptions
real
property is taxed.
of
be received
will
office of the
1938.
RFC
in
depen¬
local
or
construed
to
taxation by any State,
...
by the RFC
but
Others
the
only
than
at
its
loan
agencies and
Washington until the close of business May 18,
Banking institutions generally
customers
banking
submit subscriptions for account
may
RFC and
its
agents
are
will not
institutions
authorized
accept
to
be permitted
to
enter
subscriptions except for their
;
own
account.
and
own
account will be received without deposit.
trust
Cash
companies for their
subscriptions
10%
of
close
the
The
2.
in
books
in
ments
RFC
full
upon
or
or
all of said
deem
Allotment
basis
the
of
any
the
Cash
be
must
reject any
to
by
accompanied
all subscriptions at
right
the
subscriptions from banks
The RFC
applied for.
or
the
than
any
phyment
of
the right
reserves
to
time without notice.
subscription,
amount of notes applied
for,
in
to
whole
or
make allot¬
applications for smaller amounts, and to make reduced
applications for larger amounts,
reject,
to
methods
appropriate;
others
notes
reserves
allotments upon,
any
of
to
as
to allot less
part,
all
from
the amount
and
its
notices
action
in
be
will
any
sent
be
or
methods of allotment
other
such
or
will
allotment
promptly
publicly
it may
these respects shall be
all of
or
out
to adopt
as
upon
allotment,
and
announced.
Payment
1.
Payment at
par
scriptions must be
i
3115.
following:
the Administrator
debentures
authority.
taxing
income,
imposed
authority.
later
not
of
allotment
so
notes
applied
be
and accrued
made
against
completed,
discretion,
take
and
National
of this
or
interim
describing the offering
we
for notes allotted
interest
completed
on
receipt.
before May
or
In
every
case
the payment with application up to
for
shall,
forfeited.
upon
declaration
made
on
23,
cash sub¬
1938,
or
where payment
10% of the
by the RFC
on
is
amount
in
its
•
General
1.
the RFC
principal
to
as
(except surtaxes, estate, inheri¬
possession
or
local
or
possession thereof,
or
at the
consisting of 100,000 shares of par value
subscribed for and paid in full at the rate of $110
the circular of
bonds,
hereafter
or
dependency,
The proposed offering was referred to in these columns of
From
no event
he shall prescribe.
as
notes,
any
association,
final.
purchasing
last week, page
an
Subscription and Allotment
the
interiniToceipt.
pursuant
gift
hereafter
taxing
of
financing is to provide additional funds to be used
FHA insured mortgages, and in making loans
by FHA insured mortgages.
purpose
primarily
secured
allotted
in
other obligations of the
or
guaranteed
with the approval of
except
regulations
that
provides
mortgage
or
dency,
the provisions
foreclosure
paid-up capital of $10,000,000
a
share by the RFC.
The
notes
outstanding
obligations
by any national mortgage association shall be exempt, both
such
any
now
to
be received subject to allotment.
on
and
Administration
as to any or all subscrip¬
Subject to the reservation set forth in
interest
such
bonds
other obligations
Its capital stock,
share,
per
May
which has
was
Housing Act.
$100
and accrued
par
rules
municipality,
them.
all subscriptions will
Association.
hand and on deposit, and
on
or
a
to close the books
time without notice.
any
official circular,
completed
the right
the
other obligations
have
principal of mortgages held by it and iasured under the
bonds
Territory,
any
exempt
without deposit.
Cash subscriptions from all others must
by payment of 10% of the amount of notes applied for.
reserves
Act
and
plus,
will
Subscriptions will be received by the RFC at its loan agencies and its
offices in Washington until May 18, 1938.
^
Banking institutions generally may submit subscriptions for account of
customers, but only the RFC and its agents are authorized to accept them.
Cash subscriptions from banks and trust
companies for-their own account
will
other
or
principal and interest, from all taxation
that
guaranteed by the United States.
be accompanied
in
or
such
issued
county,
any
FHA
mortgage the Association will receive in exchange debentures fully
insured
The
tance,
on
contain
and
Housing
indebtedness.
of
or
to
county, municipality, or local taxing authority to the same extent according
Association
Federal
own
to its outstanding
Housing
of
under
tions
offering stated:
obligations
are
by
or
Exemption of Bonds and Property of the Association from Taxation
$1,000,000,000.
than
more
thereof,
$25,000,000, will at the time
authorized
is
debentures,
other obligations,
or
1.
State, municipal and local taxation (except surtaxes, estate,
18 that
income,
imposed by the
otherwise than through the issuance of its notes, bonds, deben¬
money
and
succeeding year at 100%%, 100%%, and
100%%, respectively, plus accrued interest.
The notes are
exempt both as to principal and interest from all Federal,
May
Association
bonds,
notes,
States,
tures,
each
He stated that because of the large oversubscription it
take several days to make an equitable allotment.
possession
Indebtedness
on
The amortized value of its Investments in
per
Chairman Jones announced
hereafter
The Association, under the National Housing Act, is prohibited from borrow¬
on
inheritance and gift taxes).
mortgage loans,
or
or
interest by the United States.
Subscrip¬
of
rate
The
time.
The current unpaid
United
the Washington
dated May 16, 1938, and
are
municipality,
such association,
any
only funded indebtedness
may issue additional notes
(b) The amount of its cash
May 16, 1943.
They will not
the first year, but thereafter will be
in part at 101% during the second year,
and will mature
annum,
and
The notes
County,
gift
provisions of Title II of the Act. and
received at the loan agencies and
were
surplus,
now
dependency,
and
Territory,
any
(2) The sum of:
The subscription
the close
at
State,
any
by
to exceed
books, which were scheduled to close on May 18, as previ¬
ously
to principal and
as
(1) Twenty times the amount of its paid-up capital and surplus, and in
behalf of the Federal
offering of $25,000,000, or thereabouts,
the Association's
$1,000
over
aggregate amount not to exceed:
Association, that the RFC was inviting
an
to
time
any
the
the Association
time
(a)
subscriptions to
by
or
reserves,
Territory,
any
constitute
issuance
at
on
in whole
inheritance,
The Act also provides that
These Series A notes, in the amount of
from
Chairman of the Reconstruction Finance
Corporation, announced
be
of the National Housing
estate,
the United States,
shall be exempt from taxation
States,
However,
Mortgages—Sub¬
$1,000,000,000
over
Jesse II. Jones,
FHA
not
State, County, municipality, or local taxing authority.
1.
Federal National Mortgage
Due May 16, 1943—Funds
Purchasing
demoni-
in
will
notes
by lot notes in denominations
Limitations
2% Notes,
issued
The
that they shall be exempt, both
including its franchise,
any
$25,000,000 of
$100,000.
and
under
taxation
taxing authority.
and stock,
depend.
Association
1943.
interest.
are
all
from
dependency,
or
United
Offers
16,
than all the outstanding notes are called, the particular notes
now
solution of which the survival of our social and economic system seems to
RFC
May 16
on
May
mature
will be redeemable at the option of the Association
These notes
interest,
help the people meet their most pressing problems, upon the
must be able to
will
form.
registered
Act, which provides
The government
of the courts.
processes
interest from
,
5.
administrative justice, must be careful not to take
the rigid and slow-moving
They
interest coupons attached will be
$5,000, $10,000
and accrued
amount
"Experience, expertness and continuity of supervision, which could only
be had by administrative agencies in a particular field, have come to be
imperatively needed.
But these new methods put us to new tests, and the
serious question of the future is whether we have enough of the old spirit
which gave us our institutions to save them from being overwhelmed."
service and to dispense
bear
payable semi-annually
be redeemed in part.
Where notes are redeemable other than at
option of the Association they will be redeemable at the principal
may
Chief Justice Hughes said in address¬
1931:
1938, and will
16,
annum,
maturity.
to
to be redeemed will be selected
.
.
in
4. If less
of litigation result only in handing over to commission men and
lawyers $700,000 of money which rightfully belongs to farmers.
May
per
redemption.
of considerable value to farmers and consumers,
am
2%
interest payment date after May 15, 1939, and prior to
maturity, upon not less than 30 days' published notice, at the following
redemption prices:
101% of principal amount it redeemed on May 16 or
Nov. 10, 1939; 100%% of principal amount if redeemed on May 10
or Nov.
10, 1940; 100%% of principal amount if redeemed on May 10 or
Nov. 10, J941; 100%% of principal amount if redeemed on May 10
or
Nov, 10, 1942; in each case with accrued interest to the date of
had its powers whittled away.
Even the operation of
was
five years
per
the
in part on any
or
State and
by Congress after enforcement of the anti-trust laws
courts broke down, has
of
and
of
fiscal agents.
with
$1,000,
The notes
3.
•
up
The Federal Trade Commission, which
Clayton anti-trust laws.
established
.
of
issued
of the enforcement of the Sherman
difficulties have been placed in the way
and
.
by the courts have tied
Four decades of utility rate-making
dated
year
its
or
Bearer notes
2.
nations
people are insistently demanding of
To burden the courts with such duties would go a long way
to unfit them to
each
16
RFC
the
to
mode and tempo, courts are not equipped to
perform the operating tasks which the
the
par
at
amount
Maturing principal, and interest coupons, will be payable upon presentation
of our courts.
cherish and protect the integrity
be
will
notes
Nov.
and
place in our civilized society.
But in their very nature,
The
A.
Description of Notes
The
1.
indispensable
an
Series
notes,
thereabouts.
or
that date at the rate of
impartial courts have
2%
FNMA
for
interest,
offering
Extracts from the statement follow:
I would be the last to deny that
be
Corporation,
Offering of Notes
The
1.
urged
quasi-judicial agencies to resist what he
effort by the courts to invade the administrative
an
field.
of
Finance
Washington, May 11, 1938.
the Government's
on
estate,
surtaxes,
Reconstruction
accrued
I
Federal, State,
inheritance and
all
from
interest
gift taxes).
Mr. Wallace issued a statement May 18, in which be
we
and
(except
taxation
.
.
the
ASSOCIATION
MORTGAGE
principal
to
as
local
and
municipal
rebuke to the present
NATIONAL
2% Notes, due May 16, 1943—Dated and Bearing Interest from
May 16, 1938
A,
In
said:
he
it
position in the case.
of the same ground in explaining his
ing much
Series
1938
May 21,
FEDERAL
the Agriculture Department
Hughes,
to Mr.
communication
the
Besides
announced that
Chronicle
The
ments
agency
on
loan
the
agencies of the RFC will receive subscriptions,
basis
managers
and
up
to amounts specified
of the respective districts,
and
make allot¬
by the RFC to the loan
issue allotment notices.
Volume
The
2.
mental
will
RFC
at
may
communicated
prescribe supple¬
to time,
from time
or
which
promptly to the loan agencies of the RFC.
formation
The
time,
any
amendatory rules and regulations governing the offering,
or
be
Financial
146
FNMA
the
of
noted
was
in
to
Let
that
with
and reconsideration of the
petition
a
for
asking
Commission
fares
coach
invaded
to
coaches be increased to
mile, the Eastern railroads are contending that the
a
fares
passenger
on
2c. coach rate now in effect has not improved
the contrary,
on
would
otherwise
that
revenue
roads
but,
results,
revenue
have
has reduced the net
realized.
The
were
higher service on the Pullmans, but when confronted
cost
"they
"Present
"has
by the wide disparity
unwilling to pay the difference that now
are
spread between
rates," the carriers said,
facilities, has depleted what
has set up destructive
disrupted the normal patronage of these
services."
■
o!'.';'
Expenses and taxes of the railroads, the petition declared, are higher than
ever before,
even than when the present rate of 2c. a mile was prescribed
1936
in
these
between
coaches.
the
for
classes of
two
of the Commission was to
benefit the carriers themselves by increasing their revenues, the petition
said, and the Commission was exercising its powers not to prevent the
In
the
present
avowed
the
case,
purpose
making too much money at the expense of
carriers from
that the
the contention
Concerning
courts
in
or
prior decisions of
while
that,
carriers
the
are
Adjust Rate Base to Price Level—Address
New Jersey Bankers Association
Failure
Before
crisis in railroad affairs is not due to over¬
nor to lack
of modernization, nor to the
decline in gross earnings, but rather to the fact that the
rate base has not been kept in adjustment with the price
The present
level, Fairman It. Dick, of the New York investment
bank¬
ing firm of Dick & Merle-Smitli, declared on May 13 before
the annual convention of the New Jersey Bankers Associa¬
tion at the Hotel Ambassador,
He empha¬
collapse and pros¬
in Atlantic City.
today the difference between
that
perity is the fractional sum of two mills per ton mile in
rates.
In support of this view, Mr. Dick quoted from a
1914 decision of the Interstate Commerce Commission, in
with
Thia
price level
and
sooner
eventually be reckoned with in rail¬
the difficulty
later
or
is sure
to reappear.
For a
be circumvented by extraordinary economies, but in its nature
inexorable.
It must be faced, not trifled with.
It is hardly an
it may
award to carriers relief only when their returns have
now shown in central freight associa¬
well-nigh desperate level
the
reached
before
Even
territory.
rates are
this
inadequate
return
evidenced, higher
is
Assertions that
Mr.
the current
Dick
stated,
"the
plight of the roads is due to
overcapitalization, Mr. Dick declared to be
fallacious.
He
like
should
point
to
out
that
for
the
railroads
as
a
whole,
in relation to gross revenues, are 40% less in this
the depression of the nineties.
During that period,
were considered
the very highest type of corporate
approximately 24c. of the dollar paid by the shipper was
than
depression
when
railroad
investment,
answer
weaker
in
bonds
fixed charges.
In 1937 only 15c. was required, and the
the entire present depression was less than 20c.
The
the riddle cannot be that railroad capital structures have become
for
required
average
both senior and
measured
charges,
during
to
because, as a
matter of fact,
an
in
pace
explanation which is not new,
Commissioner Daniels in 1914.
higher
sliglily
a year.
Reason
with the price level
dollars
billion
three
does not keep
expenses,
that cited by ICO
as
lies
but this
declared
rates,
Mr.
ton mile was about lc., while in his opinion an adequate
would be about 1.2c. a mile.
"In other words, the
per
difference
My
collapse and railroad prosperity is two
between
mills per
ton-mile," Mr. Dick stated.
for the
therefore,
formula,
they have been growing stronger.
He added:
problem is to
country from
method which will
traffic but will also prevent any talk
solution of the railroad
adjust rates to the level which 'at least did not prevent the
climbing out of the 1922 depression, and to do so by a
not
avoid
only
about
of
words,
diversion
any
diversion.
such
In
other
opinion is that
my
we
should act
trifle with the
tomorrow's volume of
today to meet the crisis of today instead of continuing to
by
problem
optimistic
repeated
about
forecasts
tomorrow's operating efficiency.
traffic and
Quasi-Judicial Govern¬
Abusing
Power—Says
Vigilant Bar Should Exert Powerful Influence on
Justice
Chief
Warns
Against
Hughes
Agencies
Choosing of Judges
address
the
of
defeat
the
since
in his first public
Administration's bill to
Evans Hughes,
Justice Charles
Chief
Court, warned on
"a potent influ¬
ence" against the appointment or election of incompetent
judges, and asserted that quasi-judicial agencies of the gov¬
ernment should wield their powers cautiously.
Addressing
the American Law Institute, in Washington, Mr! Hughes
said:
"1 question if there is any greater need at this time
than continued respect for the judicial tradition of inde¬
pendence and impartiality."
He went on to say:
Supreme
States
United
reorganize the
May 12 that a vigilant bar should exercise
find the most developed and
to maintain the interests of
justice by opposing reason to passion, accepted principles to unbridled
discretion, and the requirements of fair play to the favoritism or tyranny
of power.
The defects in judicial administration, which have made the
public critical and restive, and which sometimes have obscured in public
estimation the service of the courts, have been due in part to the law
is
It
and
the
in
in
judicial
process
that
we
of a democratic community
lawyers and judges.
lacked clarity, has
to
part
has
law
The
maintained
an
unnecessarily complex
permitted obstacles to be interposed to the prompt
disposition of controversies.
Too many lawyers have made the practice of
their art a display of skill in avoiding or delaying the determination of
cases
on
their merit by resort to technical obstructions.
And, here and
there,
has
and
procedure,
find
we
arbitrary conduct or
his office into disrepute.
judge who by pettiness, petulance,
a
procrastination in rendering decisions, has brought
just complaints addressed to these shortcomings, the
judicial tradition still stands forth in testimony to the endeavor of the
people to be just and to maintain their rights against the varied oppor¬
tunities for partiality and oppression in administration.
.
.
.
the
all
Despite
Recently the
af
1934,
body
a
Supreme Court submitted to the Congress, under the Act
of rules of civil procedure so as to provide one form of
equity and actions at law.
enlisted the services of a
distinguished body of practicing lawyers and professors of law who had
specialized in the study of procedure.
Their proposals were submitted to
the consideration of the
bench and bar of the country and have been
civil
and
action
this
make
To
to
shall
with
and,
of
these
are
justice
Still
both
in
cases
Court
Supreme
the
and approved.
The Supreme Court examined these pro¬
certain changes, adopted them.
Under the statute they
the present session unless Congress
into effect after the close of
go
otherwise.
Thus in the recent years we have witnessed a
efforts to remedy the defects in the law, so far as
provide
series
for
procedure
possible,
discussed
widely
outstanding
obstacles to obtaining as speedy
fair and full hearing.
.
.
.
prime necessity in making the judicial machinery work to the
responsible
for
unnecessary
is consistent with a
as
the
judge, qualified by training,
He can accomplish much with
poor procedural system, and the improvement in rules of procedure vastly
increases his opportunity.
We are fortunate in the great number of such
judges that we have throughout the country and only the ill-informed or
best
is
advantage
the, able and industrious
experience and temperament for his
office.
a
that
notice
I
even
junior, the burden of debt and fixed
charges have been declining and not rising.. Measured against property,
the
debt ratio has declined
from 59% to 49% since 1911; and fixed
debt,
all
including
above
railroad
ill-disposed would overlook
said:
I
same
the same,
tilings remaining
railroads cannot protect their credit structure
I
the rate structure
answer
rates
Dick, who pointed out that currently the average revenue
are
words,"
other
point.
earnings running
it is the
because
not deny that with
three billion dollars gross, and
Of course, any railroad will earn more
than with
increases, other
the level of
do
the railroads will earn more money
today,
are
gross
that Class
is that
sets
posals
warranted.
essential
requisite for adequate earnings is adequate rates—that is,
rates that are adjusted to the price level at the time they
are in effect, because if rates are not adjusted to the price
level at the time they are in effect, but are below this level,
then earnings will be inadequate regardless of the efficiency
of operation, and regardless of the volume of traffic."
"In
back to the year
go
that I
perfectly clear
they
saturation
gross
prove
gross
for this
which
a
adequate remedy to
tion
must
time its effects may be masked by adventitious increases
volume of traffic, but this temporary relief in its very nature is
the
is
the
Daniels said in connec¬
that time:
rate question at
in
For
uncertain,
it
a
rise
roading.
time
Winthrop M.
Commissioner
which
its
it
as
dollars
systematic effort
capitalization,
sized
if
not
with
the Act, in the decisions
to
in
does
to the
up
the Commission itself to justify the
R. Dick Holds Railroad Crisis Due to
Fairman
tion
on
here asserted by the Commission.
power
implies
necessarily
items
billion
four
ment
Private ownership
subject to reasonable
regulation in the public interest, the essential right to manage their own
affairs and determine questions of policy is preserved to the railroad
managers who are responsible for the successful operation of the roads.
"If
the Commission may
control the general economic policy of the
railroads as to rate making and compel them, in the hope of increasing
their business, to resort to methods which they consider themselves unsound,
private management is destroyed and there would be vested in the Com¬
mission the prerogatives of ownership without any of its responsibilities."
assumption of
?
the public but to
Commission unlawfully engaged in
"The carriers believe that there is no warrant in
the
expense
1
petition, said:
the
management,
of
make
from making too little.
prevent them
I
for
answer,
level
Pullman
and
coach
exists."
otherwise would be substantial Pullman revenues, and
competition
to
The
the higher fare for the
namely,
fixed charges.
their
service
this
been
able and willing to pay
correct:
is
answer
dollars of gross revenues the rail¬
little?
too
wish
money
further argued:
Substantial numbers
in
the passenger
so
obviously
discard
be
dollars
and
with
the Commission acted beyond its powers
field of management when it refused a
the
that
request
21/£c.
basic
.
Asserting that
and
an
this
if
see
three billions of
of
with
I
increase of a half-cent a mile in
in the Eastern territory.
;
^
April 4 against
on
who stated:
and
record
It takes me but a
1901 and find
gross revenues of one and one-half billion dollars the railroads
actually did earn enough to service the present fixed charges.
If one and
one-half
billion
dollars, therefore, was enough, how can three billion
that
with the
reargument
Commission's six-to-five decision
13 filed
May
on
Commerce
the
at
upwards
cannot
moment
railroads
look
us
roads
EasternjRailroads Renew 2J^-Cent Fare Plea
Eastern
the basic cause for the condition
not
according to Mr. Dick,
issue, page 1010.
Interstate
The fact the gross revenues had declined sharply
of the railroads,
$6.40.
was
Feb. 12
our
3277
Chronicle
there
is
a
that fact.
tendency,
in
the desire
to emphasize
the im¬
flexibility and expertness in particular classes of
work of the courts and by comparison to exalt
administrative boards and commissions.
Such efforts are 6hort-sighted and
are not
in the interest of the suitable development of administrative agen¬
cies.
It must be remembered that to the courts the community still looks
for the standards of judicial conduct.
The controversies within the range
of administrative action
may
be different and extremely important, and
they
deprecate
to
cases,
obtaining
of
portance
may
call
judge.
for a particular type of
experience and special methods of
which should animate that action, if the adminis¬
authority is to be properly exercised, must be the spirit ot> the just
inquiry, but
trative
the
the spirit
Whatever the shortcomings of courts, and whatever the need of
it is still the courts which stand out as the exemplars
administrative bodies,
Contentions
that
the
railroads had failed
to
modernize
groundless, Mr. Dick stated,
pointing out that in 1931 it cost the carriers $10.78 for every
1,000 revenue ton miles moved, but by 1936 it had declined
their
of
tradition
Judicial
operations was equally
the
its
as
results
work
are
responsible
of independence and
also
identified.
for the
impartiality.
.
.
.
who are responsible for
The judge who decides stands before the public
has the advantage that those
decision.
Financial
3278
The
to
afford to depreciate these accepted standards or
community cannot
the
ignore
by which
processes
maintained.
they are
Administrative
agencies, which we earnestly desire to succeed in discharging their important
tasks according to the basic requirements of their authority, will achieve
that end to the extent that they perform their work with the recognized
attaches to judges and with the impartiality and
independence which is associated with the judicial office.
Deliberation,
fairness, conscientious appiaisal of evidence,
determination according to
which
responsibility
the
the
and
facts,
versies
the safeguards
are
law
the
application
impartial
the law, whether
of
the
contro¬
in the courts or in the administrative tribunals,
decided
are
For the law is naught but words,
of society.,
for brokers
banks
as
save
1938
21,
not only in relation to their customers but in relation
well.
as
May
to the
Clearances could be readily and conveniently handled.
An institution along these lines would,
of
reduce the number of
course,
operations involved in the securities business, and should effect substantial
economies for the
brokers.
to the
investors and
But
more
important should be its services to
public generally in reducing
eliminating the risks
or
present involved in the performance by brokers of the quasi-banking
at
and custodial functions
which
I have mentioned
before—the holding and
commingling of the funds and securities of their customers.
From another viewpoint such a measure should also answer many of the
these
administrative problems of the Comihission as well as of the Exchange.
It
would simplify the task of making inspections of the margin accounts of our
administered.
is
Chronicle
far-flung brokerage community and also from many of the other details
which
W. O* Douglas Urges Utilities to Comply with Holding
Company Act Promptly—SEC Chairman Reiterates
Assurances of Government Cooperation in Maga¬
zine Article
The utility industry was
urged to act promptly in
carry¬
article written in the current issue of "The Electrical
an
the necessary incidents either of enforcement
or
self-regulation.
appeal for us.
The suggestion is, of course, only tentative and the details of the func¬
of such
tioning
been thoroughly explored.
have not
institution
an
We
hope to explore them with you to see if practicable ways cannot be found
ing out the provisions of the Utility Holding Company Act,
in
are
Certainly, when considered in this connection, this suggestion has great
for effecting such a measure within the near future.
and
we
agree
If,
as
a
result, you
that the idea has merit, we will be happy to cooperate in the
of such
establishment
institution in
an
form which
a
can
best
serve
the
interests of all.
World," by William O. Douglas, Chairman of the Securities
legislation is sound and constructive, and that it
company
promises long life for the utility business.
The
He said that Section 11, which
will
used,
wisely
open
peaceful
a
and
In
as
From this peace and productiveness
whole will benefit."
a
Mr.
article
the
To the extent that the
of service to the
On
said, in
part:
justify its dominion in terms
can
company
operating companies, the statute is not
the contrary,
holds the promise of
it
order
substitutes
Douglas
holding
for
The
chaos.
deeply
rooted
withstand
system
has complied with
to
adversity
"death sentence."
a
long life and
a
will
system
be
then
and attack.
the requirements
of
happy
a
Once
public
a
utility
there will
the Act,
It
one.
built and
soundly
be
no
difficulty in finding investors ready and willing to purchase its securities.
the
Within
administration
instances where
way
not
will be
it
yet realized)
with
Section
concealed for
and
future
toward
by investors.
11,
investors
some
Section
of
since
facts
indefinite
putting
house
its
until
make
may
bring
might
in
the
some
home
for
the
be
such
shall
and
are
comply
time to
first
continued
to
substantial
makes
exchanging and
interconnecting
selling
progress
and
relin¬
continue
do
to
everything
in
our
tax
laws
poses.
We
are ready and
willing at all times to advise and help the
working out its problems, and to conduct ourselves reasonably
and
in
practically.
have
regard
If
the
urged
to
Congress
substantially
exchanges of property
industry
conducts
itself
modify
to
for
integration
cooperatively
and
the
pur¬
the
task
is
to
believe
We
it
expend
our
and
ways
should
and
of
is
the
in
future
the
means
of
be started at
is
private utility
in
the
lines
simplification
logical
and
fulfilling
those
altering that
this time.
of
fast
can
be
done
by
objectives
The
job
integration.
We
11.
and
towards
Furthermore,
course.
to
considering
be done
to
readily.
under
the
industry
as
spirit
in
new
important to
the
Mr.
.
.
industry
emerging.
.
the end of five years of struggle between
Today Mr.
Martin
said:
"the
New York
character that it
a
serve as
a means
of
would-nqt attract investment funds but will also
protection for those funds."
Should Assume
He
Important Niche
who
expressing the general philosophy of Mr. Douglas in this respect,
was
has
repeated the conviction that the stock exchange should rightly
the
assume
important niche it deserves in America's economic and financial
system.
Mr. Martin said that
problem which the
"reorganization of the stock exchange is the biggest
new
management has to tackle."
various committees were elected
next
Monday, May 16, at 3
He
said
that
the
new
new group
and
p. m.
management is
SEC to settle various problems
the trading recommendations
two years ago at the
The
yesterday and are scheduled to take office
to cooperate with
anxious
There
which have arisen.
are,
the
for example,
which the stock exchange adopted more than
suggestion of the SEC.
The time in which they have
been in operation has given the exchange and the
SEC an interim in which
observe their workability.
Douglas, Chairman of SEC, Suggests Forma¬
together
deliver the goods."
can
No meeting will be scheduled between
the stock exchange and the Commission
of Members of
first in exchange history,
Stock
Exchange to Relieve Brokers
Worry Over "Mechanical Operations"—Address
Before Association of Stock
I may say that this suggestion is not an
original one with us.
from the brokerage business itself.
It
1932 by some of your own members.
an
It
comes
institution in the nature of
for the purpose of
taking
over
as
long
ago
down to this—the estab¬
trust company
a
to be formed
the functions of banking, clearing of securities
and the custodial duties of all members of the
originally suggested by
It emanates
suggested at least
was
exchange.
As I recall, this
some of you as an economy measure.
Changihg events indicate that today it has acquired additional merit by reason
of the real assurance and protection which it would
appear to
When Mr. Martin
afford cus¬
tomers.
were more
NLRB
Policies
a
trust
institution under
than 200 candidates on the roster.
Defended
...
Chairman J.
Warren
He Pledges Continued
Vigorous Enforcement of Wagner Labor Act—
Reported that Board Plans to Revise Procedure in
Inland Steel, Heinz and Douglas Aircraft Cases
Madden—In
by
Radio Address
Employers who have opposed the Wagner Labor Act while
pretending to obey it are guilty of poor sportsmanship and
lack of fair play, J. Warren Madden, Chairman of the
National Labor Relations Board, charged in a radio address
on
May 18. Mr. Madden declared that the Board would
not modify its policy of vigorous enforcement of the law.
He pointed to the Board's record of 11 nases reviewed and
sustained by the Supreme Court, and said that in seven the
tribunal
had
reversed
decisions
of
Circuit
the
Court
of
'NV;.vU :";N'
Extracts from the speech follow, as given in United Press
Washington advices of May 18:
Appeals.
He
The suggestion contemplates the formation of
until the new paid President, the
is selected.
asked whether a choice had been made, he replied
was
that there
Exchange Firms
Speaking at the dinner last night (May 20) of the Asso¬
ciation of Stock Exchange Firms, William 0. Douglas, Chair¬
man of the Securities and
Exchange Commission, told the
gathering "how simple, from the brokers point of view, it
would be if brokers were relieved of worry over the mechani¬
cal operations of handling securities or funds; over performing
these banking functions; or over the difficulties and respon¬
sibilities of custodianship."
He followed this up by saying,
"I should like to offer a suggestion, and it is no more than
that, for reaching at ha^t a partial solution to these prob¬
lems."
Continuing, he said:
was
Stock Exchange is whole¬
heartedly desirous of cooperating with the Government to make the market
of such
tion of Institution to Take Over Certain Functions
lishment of
resulted in various exchange
...
Today, Mr. Martin said "I think that Mr. Douglas and myself working
William O.
as
President's executive offices,
Mr. Martin answered questions
horde of reporters.
a
Martin's policy envisages
investigations.
to
of
Govern¬
Douglas
the New Deal and the stock exchange, which has
and
can
machinery for undertaking it is ready
an
by
were met
we
propose
in
not
with
earn¬
be assured.
Congress
geographic
Section
course.
The
and
inevitable
principles
industry will
indicated
The healthy reconstruction of
welfare
national
which
corporate
fundamental
energies
working.
the
of
proceed along
development
believe
our
the
soundness,
Our
Cooperate
When Messrs. Douglas and Martin left the
they
estly—if it will substitute for the idol of bigness the objective of efficiency
and
Will
Exchange is "wholeheartedly desirous
cooperation with the Government," William McC. Martin,
Chairman of the Exchange's Board of Governors, said on
May 13 after visiting President Roosevelt in Washington,
accompanied by William 0. Douglas, Chairman of the
Securities and Exchange Commission. Mr. Martin said that
the program of the new management of the Exchange is to
make it "the national public institution it ought to be." He
predicted a new era of cooperation between the Exchange
and the SEC, and said that "cooperation between Govern¬
ment and business is now generally recognized to be in the
interests of the public.
Other remarks after his White House
visit were reported as follows in a Washington dispatch of
May 13 to the Chicago "Journal of Commerce":
help
to
power
this
income
in
We
won.
Exchange
with SEC Chairman W. O.
properties,
facilities,
its
held at the
The New York Stock
be
toward
industry
end.
a
perhaps
quishing control of dispersed companies, public confidence will not be
We
be
cases
(though
hesitant to
some
otherwise
industry
by
order,
structures,
corporate
in
suffered
period—to the injury of other existing investors
But
investors.
simplifying
That
which
will
have been
compliance will
actual
an
there
11
rectify capital structures in
necessary to
to bring to light losses which
as
was
ment, W. McC. Martin Tells President Roosevelt—
New Chairman of Exchange Calls at White House
fruitful
future for the industry.
the Nation
Stock
Y.
N.
re¬
quires holding companies to simplify corporate structures
and integrate their operating systems, provides the key
"which,
Douglas spoke
City.
Commodore Hotel in New York
the
sooner
industry complies with the measure, the better off it will
be, Mr. Douglas said.
The dinner at which Mr.
Mr. Douglas said that holding
and Exchange Commission.
[Mr. Madden] pledged that the Board and its
try to do
a
careful and workmanlike job in the
State law whose functions would be confined
solely to acting in a fiduciary
tration
relationship
staff "will continue to
interpretation and adminis¬
vigorous enforcement."
for its
own
as
agent for both brokers and customers.
account, nor would it engage in
a
It would not operate
commercial banking business.
His
of
our
speech
law"
was
and
criticism of the Board.
be carried
still plans to revise its
the
by brokers just
benefit of the services
of their
present functions.
cashier
for
as
is the
case
today.
But brokers who had
of this institution would
For instance, the trust
brokers; receive from
and
make
be
relieved
company
payments
to
of many
would act
customers
as
for
securities bought or sold; transfer, receive and deliver customers' securities
upon
instruction of the brokers; and
as respects
margin transactions, act
the
"we shall not modify our policy of
said to be one of a series intended to
The usual functions with respect to purchases and sales of securities would
on
warned that
At the same time it was
counteract mounting
learned that the Board
procedure in at least three important cases, despite1
Supreme Court decision Monday in which Associate Justice Owen J.
Roberts ruled that trial examiners' reports are
Cases to be revised
Steel Co. and H. J.
are
the
non-essential.
precedent-making descsions ordering Inland
with unions if agreement
Heinz Co. to sign contracts
is reached in collective
bargaining, and that of Douglas Aircraft Co., Inc.,
Volume
Financial
146
of Santa Monica, Calif.
Douglas
was
strikers
ordered to reinstate sit-down
Board
vacated
The
now
are
step
toward drafting new decisions to replace
first
rulings
entire
also
withdraw
announced. The
Appeals at Philadelphia has been ordered to show
permit the Board to withdraw the decision against
will
why it should not
John
D.
M.
to uphold its
fight
picture—Farley with telegrams to all victorious Democrats
with an assertion the primary results presaged "certain
untested right to
Hamilton
and
victory" for Republicans in the November general election.
Some political
to abide
Republic Steel Corp.
"many thousands of employers" for accepting
Mr. Madden complimented
the Wagner Act after its validity was upheld, saying
the dignity of their employees and
their industrial spies, recognized
their
and instructed their supervisors and foremen to
Lewis
leadership.
than
more
...
State Democratic political lineup was Senator
the first Democratic Senator from Pennsylvania
as
half-century, Guffey attained national political stature as an
a
outspoken Roosevelt
keep their hands off union affairs."
non-committal.
was
Guffey. Chosen in 1934
in
appeal to the CIO
an
move
Speculation persisted, nevertheless, that
concessions from the Democratic State Committee
A question mark in the new
"they dispensed with
Farley's
observers saw in
by the primary results.
Lewis might still seek
chosen representatives,
national chairman, and
Republican national chairman, both jumped into
Hamilton,
the post-primary
Supreme Court case next Monday, it was
a
Third Circuit Court of
cause
preparing proposed findings
by the Board itself.
NLRB
decisions in
Postmaster General James A. Farley, Democratic
of fact in those
attaches
the
as
by Senator Davis, pledged "wholehearted support" of the
nomination
Republican ticket.
with back pay.
cases
3279
Chronicle
He was regarded as the voice of Penn¬
adherent.
sylvania's block of 72 votes in the National Convention and had been men¬
tioned
as
Vice-Presidential possibility for 1940.
a
Guffey split with his State committee over its indorsement of
Administration
Responsible for Depression—Holds Main Hope
Recovery Lies in Pressure from Congress and
E. T. Weir of National Steel Corp., Says
is
of
Administration would change its policies to
private enterprise, recovery from the cur¬
rent depression would begin in "from four to six months,"
Ernest T. Weir, Chairman of the Board of the National Steel
Corp., said on May 19 in an address before the annual meet¬
ing of the West Virginia Chamber of Commerce.
The Ad¬
ministration, Mr. Weir said, is responsible for the depression,
and he added that the main hope for constructive action is in
pressure from Congress and the people as a whole.
An
abstract of Mr. Weir's speech said, in part:
Stressing the major steps that must be taken to bring
recovery, Mr. Weir said:
If the present
aid and encourage
"There is little need to dwell
Well-thought-out proposals have been made by
and individuals.
"Restore
In general, these suggestions to
confidence
be done and
the specific things that must
on
numbers of groups
The heaviest turnout of voters for
principles and structure of the American systems of business and
Analyzing the effect of the Pennsylvania primaries on
politics, a Washington dispatch of May 18 from
Turner Catledge to the New York "Times" said in part:
The outcome of yesterday's primary election in
of govern¬
economic controls.
laws to eliminate punitive and crippling provisions.
labor laws so that they shall be fair and apply with equal
"Amend the
force to the employer,
Specifically,
at
business.
the Florida
are
a
leadership under which all the
then stick to it.
neither dead nor asleep," Mr. Wier
declared.
held under an unnatural and unwilling restraint.
said before, that the start of recovery
would be apparent in from four to six
"Men Wanted" signs eventually
would again hang on factory
primary of two weeks ago.
......
.
"harmony"
Governor, and
composed of Thomas Kennedy, CIO candidate for
ticket
States Senator.
Governor Earle, anti-CIO candidate, for United
of
Wilson
Kennedy
by Charles Alvin Jones, Mr. Earle's running-mate, in the
Philadelphia, the CIO choice, as was indicated all along, Mr.
defeated
was
Governorship nomination.
Equality Sought by Merchants' Association
York
at
Constitutional Convention in
Bank Tax
New
Albany
Association
Merchants'
New
of
York announced
In the past, the progress
of the United States was achieved under a system
which permitted individual
freedom and free enterprise, the steel leader
said, and have now come to the place where the people can appraise
genuine
value
of Administration
Arnold Tanzer
Laurence
is
submit to
Albany a
Chairman, it would
Convention
Constitutional
the
meeting
now
in
amendment which would guarantee against the
on State banking institutions of any greater bur¬
taxation than may be legally imposed in New York
proposed
imposition
den
of
State
upon
National banks.
specific amendment proposed by the Merchants'
ciation to the New York
State Constitution would
Asso¬
collapse
likely to result from allowing both the economic and the political
of the country to be manipulated by one set of hands."
more
controls
No
greater
institutions
on
May 1 ratified
a
April 30 by company officials and
representatives, which ended a two-week strike.
The
revealed. The strike at all
eight plants of the Bohn company was called by the union
after disputes, which first closed the two factories on Clay
Ave. in Hamtramck due to the company's policy of replacing
U. A. W. members with
foremen
on
may
be
shall
imposed
upon
State
banking
substantially similar to those of National
be imposed
upon
such associations.
explaining the reasons for this amendment the report,
In
of the Merchants' Association,
on
terms of the settlement were not
taxation
of
functions
hanking associations than
late
Of
United Automobile Workers Union
burden
exercising
signed by Mr. Tanzer and adopted by the Board of Directors
said:
+
Bohn Aluminum Strike Ended
settlement reached
read
substantially as follows:
the
The people, he
policies and methods.
pointed out, "must decide whether economic progress or economic
on
May 15 that, as a result of a study of bank taxation by its
Committee on Taxation
and Public Revenue,
of which
The
gates."
union
being,
Democratic organiza¬
The most immediate setback to the New Deal was seen in the failure of
competition such as the one overhanging
Provide
They are eager
to take up again their normal job of creating wealth and providing work and
wages.
If they are released, we will again be on the road to sound and sub¬
stantial progress.
If the proper steps were taken now, I firmly believe, as I
months.
national political
his CIO, ending for the time
the elventh-hour efforts of Postmaster General Farley to swing a
of
unite.
"The forces of business
are
and
Pennsylvania, and with diluting both the significance and effects of
tion of
The
on
"Make this program clear and
"They
depreciating the
with
credited
was
least, the sway of Senator Joseph P. Guffey over the
all employees and all labor organizations.
"Remove threats of government
"Cease attacks
is
it
of John L. Lewis
importance
utilities.
can
widely
permanent policy with regard to basic
"Amend tax
people
was
beginning of the Democratic ground swell in 1930.
ment since the
crucial test over the
a
Pennsylvania
interpreted in Washington today as the most important political develop¬
Although Governor Earle was nominated over Mayor S. Davis
ment.
"Declare
primary election in Pennsylvania
a
recorded.
was
national
government are:
unqualified pledge to retain unaltered the
by an
Jones for
of Kennedy and
his ticket mates.
history
American People.
undone.
Governor and cast his lot with Lewis behind the candidacy
producing jobs.
there
of
taxation
There
advanced in this city for the
for doubt that such pro¬
various proposals
to be no
seems
room
posals would be ineffective as applied to National
has
of
authority
Federal
the
of
permitted
on
involve
serious
a
because that
on
that subject.
The imposition
State banks and trust companies than that
National banks would tend to disrupt the State system and
neavier taxation
any
statute
banks because the State
for the taxation of such banks
its power of election
already exercised
under
upon
threat
to
the
money
market
is extremely sensitive to
market
The
however, claimed that it believed that the real
was the campaign for collection of dues
conducted by the union.
The company nominally provided
work for 3,200 men but at the time of the strike only about
1,000 men were employed.
been
have
banks.
now
centering in this city,
bank taxation methods.
company,
reason
for the strike
Pennsylvania Primaries—State's Democrats Defeat
Thomas Kennedy for Gubernatorial Nomination
Chairman John L. Lewis of the Committee for Industrial
Organization, and Postmaster General Farley, as Chairman
of the Democratic National Committee, were rebuffed by
Pennsylvania Democrats who voted in the State primary
elections on May 17.
Charles A. Jones, Pittsburgh lawyer,
was
selected
as
the Democratic nominee for Governor
publicly endorsed by Mr. Farley.
as a
over
Kennedy, prominent in CIO affairs, who had been
Thomas
The result
was
regarded
setback for the CIO in its efforts to gain political power.
Republicans also claimed that it was a reverse for the New
Deal, both because Mr. Farley's selection failed of nomina¬
tion, and because more voters cast ballots in the State's
Republican primary than in the Democratic.
Listing the principal results of the primary voting, Asso¬
ciated Press Philadelphia advices of May 18 said:
While
some
ready to ask
reports said leaders of the
successful Democratic faction
the mediation services of President Roosevelt,
chieftains were claiming a united
leaders maintained,
front for the fall campaign.
were
Republican
Organization
however, there were no "insurmountable" intra-party
Governor
Diggs Says
Out of banking
definite
experience of the past few years "has come
obligation to supervisory agencies not only to
never again be overbanking,
make certain that those institutions which are in
make certain that there shall
but also to
operation shall conform to reasonable safeguards for the pro¬
tection of depositors," Marshall R. Diggs, Acting Comp¬
troller of the Currency, told the Texas Bankers Association,
meeting at Fort Worth, Tex., on May 17.
Mr. Diggs dis¬
cussed "Responsibilities of Present-Day Banking," and de¬
clared that bankers today are almost unanimous in their
efforts to meet the standards set for them."
He added, in
part:
Our immediate need is that of teamwork,
if every one of us will set
our
local situations,
the collective benefits will afford the momentum for
economic recovery and
prosperity.
individual responsibilities.
time, at least, our
Even
as a
member cf a team we have
We should recognize them, and forget for the
world problems and the fear of what might happen—
try to solve the problem at
to
ancl I confidently believe that
ourselves to the task of doing all possible to better
home—for after all that is the immediate
objective.
The work of the
with
causes.
Comptroller of the Currency is with results rather than
That may
lead to the feeling at times that our examiners are
inclined to be too critical rather than
we
It
desire with you to
has
active
been
in
constructive, but I can truly say that
have the analysis sheet as free of criticism as possible.
noted that in those banks where the boards of directors are
the discharge of their
duties, namely—maintain supervision of
policies and are thoroughly familiar with the loans and investments,
difficulties.
Former
R.
Meet Standards Prescribed—Acting
a
CIO and Postmaster General Farley Suffer Reverses in
Present-Day Bankers Are Eager to
Comptroller of
Currency Addresses Texas Bankers Assn
M.
Pinchot reiterated he would support the Republican
gubernatorial nominee. Judge James Owlett, defeated
for the Senatorial
usually find the assets in acceptable
as
order.
Management is
as
we
important
capital, as a matter of fact it is more important, and the responsibility
with
not
the
the bank
Chronicle
Financial
3280
of maintaining capable,
efficient management rests with the directors and
supervisory authorities.
In employing an officer
clerk,
or
May 21, 1938
lieve that one of the most important ways of achieving these ends at this
time is to continue progress toward a
(the directors) simply makes an investment—meaning that the
,
the clerk should render profitable service.
officer
or
IBA
Public
"Thus Mr.
Morgenthau.
I refer you to
Securities
Service
Committee
Urges More
Cooperation
Between Government and
Private
Utilities—Report Says Such Action Would Aid
Return of Investment Confidence and Accelerate
balance of the Federal budget."
All-Time High in Deficit Seen
What
the President's
the response of the Government?
was
of April 14 urging
message
spending
a new
return of the type of needling business that has endured for five
program, a
If the President's demands are granted by the Congress,
years.
will,
we
excluding the war years, establish an all-time high in deficits during the
coming fiscal year."
<
Marriner S. Eccles, Chairman of the Board of the Federal
Recovery
Reserve System in addressing the
The Board of Governors of the Investment Bankers Asso¬
Convention^on May 13,
ciation of America, at its meeting at White Sulphur Springs,
W. Va., May 14-18, adopted a report submitted by George
described President Roosevelt's spending program of $4,500,000,000 as "too modest when measured by the need and
D.
gravity of the economic situation."
Governor Eccles, according to the Philadelphia "Inquirer"
maintained that "the only road to a balanced budget is
through restoration of national income." For the Govern¬
ment to reduce its expenditures radically at the very time
that business is doing the same thing could only accentuate
deflation, he said, according to the paper indicated, which
further quoted him:
Woods,
Chairman of the Association's
Public
Service
Securities Committee, urging cooperation between Govern¬
ment officials and
the managements of power and light
The return of confidence of such investors as
industry, said the report, "and the re¬
opening of the flow of capital into the industry, could not
fail to help materially in solving the broad problems faced
by
Government officials in their present effort to stem the tide
of business depression."
Other recommendations follow, in
companies.
those in
the utility
"I
have
forces
Recently it has become publicly known that the managements of the
larger public utility holding systems have formed
purpose
a
committee
for
the
of considering the problems raised by Section Eleven of the Public
Utility Holding Company Act.
direction.
If the
This is
affirmative step in the right
an
meetings of this committee
successful
are
in
bringing
about exchanges and integration of operating properties so as to
accomplish
the objective of Section Eleven of the Public Utility
Holding Company Act.
uncertainty.
Meet¬
ings between representatives of this committee of holding company manage¬
ments
and Securities and
Exchange Commissioners should bring about
a
broader understanding of the problems of a
program of integration, and it
is to be hoped such meetings may result in a recommendation to
the next
session of the
Congress for moderation,
or
at least clarification,
of many
parts of the Public Utility Holding Company Act.
Efforts
by
Government
officials
to
bring
fully
more
coordinated
with
the
of
passage
the
Lea,
administration
of
other
regulatory laws.
With
petition and regulation and passage of
a
reasonable period of time for general
looking for employment should be available for investment in
light
Such funds would accept the risks of the effect
company net
on
power
and
power and
"Reverting to
policy
which
contemplates
loans
by
the
Reconstruction
Finance
or other Federal agencies does not face the
problem.
Even¬
tually the requirement of equity money will be encountered by the RFC.
the
foreclose
Administration—the
on
its
present
one
or
a
future
one—will either
loans, wipe out investors in existing equity and
own
the
property or will authorize Government investment in equities.
Mr.
of
is
York.
utility
Vice-President of the First Boston Corp.,
The action of the managements of a number
holding companies
cooperate with the SEC
ago, page
was
in
naming
committee
a
to
noted in these columns
a
3114.
by the
deflationary
he
con¬
other practical way to deal with economic forces which,
a
letalone philosophy under conditions prevailing in the
of the question, and the sooner this is clearly recog¬
Mr. Eccles also said:
"Banks
assist in restoring prosperity
can
by affording
structive aid to the revival of sound private
every
possible
and State bank examination
changed conditions
Bankers cannot
current
"I
policies,
policy,
and modern
well
as
be
need to
con¬
financing, and in adapting the
lending functions of the banking system to present-day conditions.
governing investment
as
Federal
the Controller's regulation
brought into conformity
of business
requirements
with
and industry.
justly be held responsible for such restrictive governmental
as
with liquidity
confuse soundness
true worth
or
with
depressed market value.
favor modernization of these practices and regulations, to encourage
the bankers to meet changed conditions and needs within their own com¬
munities, and thus to discourage the alternative which is multiplication of
to provide credit accommodation that the
up
banking community could and should in normal times be adapted to extend
to the
public."
Discussing
the new spending program,
reported Mr. Eccles as follows:
"Times"
"Every effort must be made to
must be
New
the
the obstacles to
overcome
a
York
quick in¬
In addition, great reliance
placed on the degree of stimulation that the Reconstruction Finance
Corporation
quickly create.
can
"I hope that the opportunity for bringing about increased expenditures
in modernizing railroad and
utility equipment will not be overlooked.
sufficiently favorable terms and conditions
needed
new
for without
offered for
are
a
If
limited period
why hundreds of millions of dollars worth of
see no reason
equipment and deferred maintenance should not be contracted
This would put
delay.
a
large number of
and relieve the pressure on relief agencies.
men
back to work
It would reach into heavy in¬
dustries, where the situation is the most depressed.
to
week
counteract
for revival of private activity,"
practical solutions."
by the RFC, I
Woods, Chairman of the IBA Public Service Securities
Committee
New
condition
auguration of public works and public housing.
Corporation1
Then
a
nized, the sooner banking and business leadership can contribute to finding
earnings of inflation and the risks of mounting taxes,
because of the excellent record of the
industry in the past.
A
see no
modern world is out
realization by investors of the importance of such
clarification, funds now
light equities.
favor compensatory action
offsetting deficit—spending
governmental agencies set
clarification of the Government's position with
respect to com¬
a
"I
banking policies
about
Barkeley and Chandler Bills should be relaxed until the operation of the
Public Utility Holding Company Act is more
fully understood and its ad¬
ministration
and
to create
let alone, disrupt and threaten to destroy our system.
such meeting will go far to reawaken investor confidence and to remove the
fear that the purposes of Section Eleven will be
accomplished by Govern¬
mental orders—with resultant lengthy
litigation and
and
tinued.
all along and still
favored
Government
part:
"It would also help to bring about a constructive adjustment if the added
wage costs
time
as
imposed
on
the railroads in 1937
be suspended until such
were to
railroad traffic will justify them.
Federal Competition Opposed
Opposition by
Urged
by
President
Bankers
George
New
of
to
"The stimulus to utility construction would be more effective if the re¬
"Federal
Extravagances"
Letterhouse,
Newly
Elected
Jersey Bankers' Association—
M. S.
to
Eccles of Federal Reserve System
Says Road
Balanced Budget is Through Restoration of
National
Income—Remarks
of
Leo
T.
lations
Resolutions
"In
President of the Association declared that the
country can
not "borrow and
spend its way to permanent recovery."
He asserted that
economy, thrift and self-sacrifice are "as
necessary
today
and urged the
as
they
in the horse-and-buggy days,"
work for "a return of sanity in
were
bankers to
the
could
industry
be
definitely
determined.
any way to
housing, while the recent amendments to the Federal Housing Act
We
are
still in
reduce building costs is urgently
progress to
the
position where
have high hourly rates, on paper,
of materials have
high prices, but
readjust the out-of-line
no
down to
costs
many
but
no
orders.
a
of the building trades
jobs, and manufacturers
Action is still called for to
point where people can afford to
build houses.
"Certain other prices and costs, particularly in the durable heavy goods
field,
are
still at their 1937 peak levels and are standing in the way of in¬
creased sales and production.
sale
Reductions here would be helpful.
prices of durable goods have fallen only 3%
farm prices have dropped
government, equitable enforcement of law and strict economy
in administration."
to
definitely helpful, further
needed.
unions
Speaking before the annual convention of the New Jersey
Bankers' Association, George
Letterhouse, newly elected
government
avoided without detriment to the general public interest.
are
Crowley—
of
Personally, I believe that public funds should not be used in
subsidize public competition with private industry, if this can possibly be
36%
Whole¬
since last March, while
.
"In other industrial fields, where
competition is
severe, and
in agriculture,
efforts must be made to prevent the continuation of a further deflationary
Mr.
Letterhouse, who is Trust Officer of the Commercial
Trust Company of New
Jersey in Jersey City, spoke at the
closing session on May 14 of the Convention, which was held
at Atlantic City, N. J.
In a dispatch to the New York
"Times" he was quoted as follows:
spiral.
For this
reason
I favor putting a bottom under certain wages and
prices by the establishment of minimum
a
cumulative deflationary process,
and of
putting
a
In agriculture, to prevent
wages.
I favor the policy of benefit payments
bottom under those farm prices, through commodity credit
loans, where world markets determine the price."
Leo
T.
New Jersey individually and
Crowley, Chairman of the Federal Deposit In¬
Corporation, who was also a speaker at the Con¬
vention, and whose remarks were referred to briefly on
page 3116 of our issue of a week ago, chided the Jersey
bankers for still carrying what he termed sufficient "deadwood" in the capital account to have the effect of retarding
earnings growth.
He admitted, however, that to a great
extent the bankers were blameless since many of the ob¬
jectionable assets were acquired in routine fashion through
port.
foreclosure.
"I feel it necessary to call
your attention to the reckless spending of the
government," said Mr. Letterhouse.
"Since 1930
a
balanced budget
surance
has
been unknown.
ment
Deficits have been
growing bigger and better.
Govern¬
borrowings have been staggering; a heavy mortgage has been
placed
the future of this country, and I believe it
to be the duty of the bankers
of this State to become articulate in
their opposition to Federal extrava¬
on
gances.
"The Economic
at its
meeting
on
Policy Commission
April 13, issued
a
of the American Bankers Association,
statement which I believe the bankers of
as an association should
wholeheartedly sup¬
This statement, clearly and concisely points out that
pump-priming
be resumed on a gigantic scale—cannot
restore prosperity or
bring about lasting business recovery.
—about to
"On
the
10th
of last
November, just six
months
ago,
Secretary of the
Treasury Morgenthau addressed the Academy of Political Science.
He said,
'The basic need today is to foster the full application of the
driving
in part;
force of private capital.
nels
We want
to see capital go into the
productive chan¬
of
"The
state
Hf said:
predominantly industrial,
suburban,
and resort
securities.
The occasional acquisition of non-bank assets originally
collateral is to be expected.
however, must be condemned
as a
ever,
I.realize that the condition of markets generally must
recognize that
such
held
as
violation of basic banking principles.
capital funds
We be¬
your
Retention of such assets for any length of time,
timing the disposition of unsatisfactory assets.
increasingly employed in productive enterprise.
of
and to purchase of unsound
private industry.
We want to see private business expend.
We
believe that much of the remaining
unemployment will disappear as private
are
nature
coupled with optimistic appraisals of values and prospects during the
Twenties led to unwise extensions of credit,
assets
have
no
be considered in
The banks should, how¬
place in
a
bank.
They should
Volume
be
held
for
follow
only
the
assets and should take advantage
liquidation of these
of every opportunity to remove
them at
the
Such
York "Herald Tribune."
Executive Committee would
record indorsing the
The
of the Banking Commissioner, and their determinations
binding upon him.
Committee on Federal Legislation, headed by Aired T. Gibbs,
condemnation of the Patman
bill "to provide for
Federal Reserve banks."
"We
feel," Mr. Gibbs reported, "that it fits in with the great aggrandizement
of power of the Federal Government in recent years, and the concentration
of that power in the Executive Branch.
It opens the way for political
manipulation of the dollar and political dictation of the kinds and classes
way,
this committee urged
regulate bank holding
by the FDIC."
a
revenue
companies through restrictions
bill, "which would
imposed on all banks
it
is
Regards Removal of Trade Barriers as Basis for
Peace
<
'''v^v';
of the Kansas Bankers Asso¬
Kan., on May 13, were told by Orval
W. Adams, President of the American Bankers Association,
that they should "begin now to save what is left of the
country's credit and resources, to tax and economize and
to balance the Federal Government budget.
The way to
recovery," he said, "is not through more spending and pumppriming, but through emancipating business and giving it
the opportunity to go forward without continued govern¬
ment interference."
Mr. Adams is Executive Vice-President
Of the Utah State National Bank, Salt Lake City, Utah.
Delegates to the convention
ciation, at Hutchinson,
Adams added:
and
that
trying to prime.
of our.peace
of
reformation
a
the tax
process
proportion
public would "permit further extravagances in govern¬
ment, further waste of money, if they realized that they
were footing the bill."
Mr. Adams stated that he does not believe the country
ready
I
am
feet
the
in
it has
slowly
and
in
the
belief by what is happening in Congress, by
stand of a group of law-makers who have their
this
decided
past;
be
and
improvement—men who realize that
that
Government
must
ground,
there
upon
levied
must
the
for
be
no
further
encroachment of the
Federal
either directly or indirectly; that taxes
purpose of raising revenue, with regard to the
and not for the sake of remolding the
small group within the country; that
we
must
budget, and that to do so we must
reduce public expenditures; that government and industry cannot occupy
the same field, and that if industry is to be permitted to develop govern¬
ment must not compete with it; that the value of investment depends upon
reasonable profit, and this, in turn, in part upon a knowledge of costs,
including taxes and regulation; that there can be no such thing as
confidence in a government which tacitly countenances such lawbreaking,
such invasion of private rights as is represented in sit-down strikes.
capacity of
country
the country to
be
restored,
Mr.
government must end.
Adams
our
a
very
imporatnt role in
security.
confidence in government
stated that "favoritism by
The National Labor Relations Act
convinced that "the removal of
to
a return
of normal,
offer the most
stable structure of busi¬
commerce
a
County Bankers Association,
City, L. I. on May 19 that too little appreciated
high and unscientifically laid taxes are among
the important reasons for such widespread unemployment.
Garden
at
is the fact that
The Commission went
The
on
to say:
heavy taxes are paid only by corporations and the
thought that
wealthy and "well-to-do" is
Persons
fallacy.
a
on
relief
or
receiving
un¬
employment insurance would be astonished if they but knew of the total
of taxes concealed in the price of everything they purchase,
and
they would be surprised if they realized the part which taxes play
jobs.
"With taxes claiming 20 cents or more of each dollar of national income,
it
inevitably follows that the cost of living and the costs of carrying on
business
While, in the first instance, the manufacturer, the
higher.
are
wholesaler, the jobber and retailer pay the taxes direct to government, the
levies
added to the prices of the goods sold and passed on to the con¬
are
Because
sumer.
never sees
one
a
tax collector, or makes out a return, or
direct tax, he should not think that he is not, in fact, a taxpayer.
whether employed or unemployed, is vitally interested.
The worker,
low taxes the commodities he
With
buys will be cheaper and the dpllar he has will
/"■
purchase more.
"Avery simple, but too little recognized truth is the fact that to the extent
that
prices,
increase
taxes
consumption is reduced and employment de¬
creased.
Mr. Graves illustrated his argument by citing as specific
examples: taxes paid by leading corporations and the direct
effect of such taxes upon unemployment and consumption,
and in part further said:
"Again, high taxes discourage
the'investment of capital in
panded business enterprises and thereby curtail employment.
"Let
by
single example:
The Federal Government will take nearly one-third of his in¬
New York about eight %, leaving him approximately $59,000.
and
come
a
and ex¬
I will illus¬
new
take the case of a man living in New York who has a net income
us
of $100,000.
Should he have an opportunity to risk a million dollars of capital in a new
or
expanding business with a prospect of a
paying federal and state corporate and personal taxes,
take $72,000
think
"What do you
a
when he died.
prudent business man would do, faced witn those
Wnat would you do'
Would you risk a million dollars of capital
chance of earning yearly
a
And if he saved the $28,000, adding
of about $3,000,000, government would take about one-
half of that from his estate
facts?
would be 2.8%.
additional $100,000 of earnings, government would
and leave him $28,000.
it to his estate, say,
with
10% return, and should the
thereby increasing his income to $200,000, his return,
business be successful,
$72,000 for government and $28,000 for
yourself, knowing that if you saved the $28,000 and
added it to your estate,
"* The
government would take nearly half of that at the time of your death
question answers itself.
"There is one and only
of
one
direct result of this policy of excessive taxation
capital—increased unemployment."
Commenting upon the relations between capital and labor,
Graves, long recognized as an advocate of
Commissioner
scales, declared that labor and capital alike must
if the other is to prosper and urged an improved
understanding between the two. From his remarks
fair wage
prosper
mutual
we
also quote:
incentives for progress and prosperity which has con¬
One of the greatest
tributed
so
greatly to the growth of our nation is that of a living wage
labor and the white collar worker.
"We
leaders
also prosper and progress.
recognize no class distinctions here.
are men
for
The laborer is indeed worthy of his hire
and if industry is to prosper labor must
pay,
meet the ideas of some
strive toward a balanced
to
Indicating steps through which
must
military
Mark Graves, New York State Commissioner of Taxation
the time for pump-priming
States,
the
business.
and Finance told the Nassau
and painfully
who are earnestly striving to bring an end to
6eries of
absurdities which have prevented any sustained recovery
this country, while other nations,
much harder hit than we, have
on
shown great
is
what
abandon
He went on to say:
encouraged
honest
the
to
upon
HigH and Unscientifically Laid Taxes Among Important
Reasons
for
Widespread
Unemployment—Mark
Graves Tells Nassau County Bankers Association
In other words, of his
the proportion
achieved.
be retained
to
of peace, and of democratic government."
to
the
is
apd
satisfactory basis for
ness,
after
of hidden, indirect taxes and to
of income taxes.
He pointed out
that while everybody pays the indirect taxes,
only three
million out of a population of 40 million employed pay
direct taxes on their personal incomes, and asked how long
the
reduce
increase
brake
friendly processes of international
■
urged
Adams
Mr.
is
-
He expressed himself as
and ringing declaration
clear
a
it
unreasonable trade barriers and the restoration
trate that
that the road ahead for
governmental obstruction, fault-finding and
denunciation are definitely at an end, and this country will surge forward.
Such a declaration will do infinitely more for recovery than any amount
of further
pump-priming.
Pump-priming cannot help while government
is still hammering away and obstructing business—the very pump it
is
be
clear
if
tax,
financial and social problems play
Economic,
pays a
is
a mere
establishments, he said:
and
there
gains
account of actualities, to constitute
some
out that national defense does hot rest entirely on
moreover,
♦
to Recovery Not Through More Spending
"Pump
Priming,"
but Through Emancipating
Business, Says President Adams of A. B. A.—Refor¬
mation of Tax Process Urged—Secretary Woodring
Let
capital
The
and not
measure,
it must be repealed and prevented from
capable,
harm.
such
as
.
Way
business
employer and employee.
bring about abundance through
production.
in their efforts to secure
Mr.
Act,
May 13, referred to the Administration trade agree¬
a potent factor in national defense.
In pointing
on
ments
amount
■
Guffey
the
with the deception
Secretary of War Woodring, speaking before the conven¬
^
tion
"much
Glass-McAdoo bank holding company
of the
study"
twelve
itself either
committing
prohibitive cost to
all, must be amended to take
bank credit."
of borrowers to be given
Without
the
of
ownership
Government
of
under
away
have put
except on request
of Montclair, reiterated
at
suggestion to extend the
of the State banking advisory
are not
prices
end to the attempts to
an
which
of
doing
again
income taxes
boards. This extension was proposed
by a special American Bankers Association committee—"that the power
of determining supervisory policy should rest with a banking board com¬
posed of representatives of the institutions supervised, the public and the
(State) Superintendent of Banking.''
It was pointed out that present experience both in New Jersey and
New York shows these boards have limited usefulness because they cannot
act
restriction
harm
maintenance
Another resolution referred to the
powers
of
the rights of interested parties, must not recur.
or
Though for the present the undistributed profits tax has done most of
the
bonds and employees.
the New Jersey bankers on
establishment
the
as
before the Board administering this
trembling."
He continued, in part:
Security Act must be amended to do
There must be
committee to study the problem
of broadening the tax base.
It referred to the Executive Committee,
for a questionnaire referendum, a proposed resolution opposing President
Roosevelt's proposal to remove tax exemptions from Federal securities
and from municipal, State, county and Federal employees' salaries.
This resolution, as prepared, charged that such tax extension would
increase the cost of government, since salaries were fixed with tax exemption
in mind."
It argued also that a tax war would result between Federal
and State governments, the Government taxing State bonds and State
retaliating by extending their own
fiascoes
and
employee and the
upon
the
appear
fear
regard to law
Social
The
The Association voted today to name a
to Federal
without
without
develop its services to fit the changing situation in banking.
Resolutions adopted were reported as follows in Atlantic
employees and the States
employer to
Act
Banking is a vastly different and more comprehensive
thing today from what it was in the prewar period when the
New Jersey Bankers Association was organized.
Ferd I.
Collins, retiring President of the association told the opening
session of the convention.
He counseled the Association to
City advices May 14, to the New
amended," he said, "as to work both ways, to
so
put the employer and the minority employee on an equal
footing with the majority employee; to make it possible for
non-banking
appraised value.
their reasonably
be
must
Bankers should
of orderly liquidation.
purpose
aggressive policy with regard to
an
3281
Chronicle
Financial
146
The majority of our industrial
their individual effort
who have climbed to the top through
and ability—they were not
born to great wealth, many were
reared in abject
wide the door
Our schools and institutions of higher learning open
poverty.
of opportunity for
all.
_
Labor and capital are not
separated worlds. Tne pros¬
of the other. However, capital
of the problems of the other.
Neither
living in widely
perity of one depends upon the prosperity
and labor need
is
as
bad
upon
the
Neither
as
a
better understanding
many
of labor witnout first
labor condemn
Better and improved
of the
Capital should not frown
considering labor's problems.
of the opposite side believe.
demands
should
capital without considering its problems.
understanding on the part of one
including that of taxation and its effect upon
relations, due to an
problems of the other,
3282
Financial
employment, between capital and labor is certain to have
action in increased
favorable
a
employment and more efficient work by
Chronicle
Charles
re¬
happy in
men
R.
Stock
their occupations.
derived.
While the
new revenue
it does eliminate many of the worst features.
■
Death of Martin
Vogel, Assistant Treasurer of United
States During: President Wilson's Administration
—Directed Liberty Loan Drive in New York
Martin Vogel,
former Assistant Treasurer of the United
States, died on May 19 at his home in New York City after
an illness of about six months.
He was 60 years old.
A
Gay, who retired on May 16 as President of
Exchange after three years service, was
tendered a dinner on May 18 at the Hotel New Yorker by
the financial newspapermen of New York City.
The dinner
was attended by more than 50 financial writers.
Kenneth C.
Hogate, publisher of The Wall Street Journal, delivered the
.address of the evening and presented Mr. Gay with a scroll
"in appreciation of his wholehearted cooperation with those
reporting Wall Street news".
the New York Stock
1
"<■
The scroll was inscribed: "To Charles R. Gay,
of the New York. Stock Exchange from 1935 to
native of New York
City, Mr. Vogel was graduated from
Columbia College in 1898.
He was appointed Assistant
Treasurer of the United States in charge of the New York
Sub-Treasury in October, 1913, by President Wilson, being
at the time the youngest man ever to hold the post.
When
Mr. Vogel resigned from the Sub-Treasury in 1920, he went to
London where he lived until four years ago, then returning
to New York.
During the World War he headed the Central
Liberty Loan Committee and was in charge of the Liberty
Loan war financing in New York.
He also initiated the
first selling of Liberty Loan bonds to the public on the streets.
Mr. Vogel was a former Director of the Ilarriman National
and
was
Director and
a
Member
Committee of "The New York
of
the
Executive
Evening Post."
♦
Head of the
Philadelphia Banking Firm of Drexel & Co. and
Partner of J. P. Morgan & Co. of New York
Townsend
Stotesbury,
long
among
the Nation's financiers, died suddenly at his home in Chest¬
nut
Hill, Pa.,
According to a statement given out late Monday
(May 16) by Mrs. Stotesbury, "Mr. Stotesbury had
night
not
on
enjoyed
in
season
his
confined to his
was
good
customary
Palm Beach.
He
had
bed most
health
several
of
during
heart
the winter.
the
past
attacks and
He recovered
sufficiently, however, to make the trip home to Philadelphia
April on his yacht Nedeva. Since that time
he steadily improved and, following his usual custom of 72
he
went
day."
every
business
to
Drexel
at
Mr. Stotesbury
&
stricken
was
Co.
practically
he was being
as
driven to Chestnut Hill from his office and died
after
few hours
a
arriving home.
Martin, Jr., new Chairman and
Exchange, and Maurice L. Farrell,
Exchange's Committee on Public
Relations, also attended the dinner and congratulatory
messages were sent by William O. Douglas, Chairman of the
Securities and Exchange Commission and Fred C. Moffatt,
President of the New York Curb Exchange.
The address of Mr. Hogate follows, in part:
Your friends of the press are gathered here tonight, Mr.
tribute to you for those personal qualities
highly during the three
so
It is
The deceased banker
significance.
The
who,
man
salary of $16.60
made
a
Sixteen years later
month.
a
partner of the firm.
Stotesbury's
(1882)
he
In briefly outlining Mr.
activities from the time he had risen
numerous
to
partnership in Drexel & Co. on through the years, Phila¬
delphia advices (Associated Press) said, in part:
During the 1880's and 1890's Drexel & Co. supplied much of the capital
the steel and coal companies needed, to meet the
growing needs of
industry.
As new corporations were formed and mergers consummated,
which
Drexel
New
&
Co.
York,
other
provided
J.
major
At
the
genius
of
Drexel
sinews,
and
participated in
the
through
its
railroad
Nation.
he
career
Chairman of the Executive Committee
was
Reading Co., holding corporation of the Philadelphia & Reading RR. ;
President of the Beaver Coal
Corp and the Beaver Coal Co.; director of
the Lehigh & Hudson River RR.
Co., the Philadelphia Newtown & New
York RR.
Co., the Philadelphia & Reading Terminal Railway Co., the New
York & Long Branch
Railway Co., the New York & Middle Coal Field RR.
&
Coal
Co., the Transportation Mutual Insurance Co., the
Wyoming Valley
Water Supply Co., the Second & Third
Street Passenger Railway Co., and
the
National
During
financial
Storage Co.
the
of the
course
Mr.
Mr.
stock
Stotesbury
financed
the
establish
In
a
his
exercised
market,
was
a
or
rival
to
to
the
frequent trips
the
patron
influence
of
Oscar
music
Europe Mr.
Co.
predicted
and
grand
for
two
in
opera.
He
seasons,
and
his
in
of
the
most
His
his
major
life,
Mr.
life.
in
His
his
stable
He
complete in
Fund
a
of
from
horses.
Republican,
contributed
1912, and
Campaign
and
interest, aside
Stotesbury,
middle
Taft
was
valuable
on
two
indefinite period,
an
his
was
valuable
many
said
for
to
1932
to
to
the
be
one
America.
business,
during the greater part of
...
took
$25,000
an
active
toward
occasions served
as
interest
the
in
politics during
nomination
Chairman
of
of
the
President
Republican
Committee.
philanthropies
were many and varied.
Among his larger benefactions
gift of $100,000 to the War Work Council of the Y. W. C. A. in
1917; $75,000 for the rehabilitation of wounded French
soldiers; $250,000
to the united fund for hospitals and charities in
Philadelphia in 1931, and
$100,000 the same year for the relief fund.
were
a
I
a
seek to honor
you.
It is to the
higher cognizance of
public in the Exchange and who set new standards of
press.
Better than
excepting
any one,
you
have made during your years of
now in
effect.
you
Your official work is done and
fought
you
have
returned to your family and to your own affairs which you were forced so
to
neglect during your years of public service.
You have builded well and
the opportunity for a still further improved Exchange, one
actively in the public interest, was
more
you
have made
an
never more
operated
promising.
invaluable contribution.
.
.
even
To this
.
The fact that Wall Street has continued to function and to render
a
public
service in the face of almost constant attack is,
in itself, the best demon¬
of the necessity and of the fundamental integrity of its service.
But times change and
today its opportunity to contribute to the public
welfare is greater than ever.
♦
McC.
Martin, New Chairman of New York
Stock Exchange, Declares Return of Prosperity is
Dependent
Maintaining Free Flow of Funds to
on
Industry
In
new Board of Govern¬
reorganized New York Stock Exchange, William
McC. Martin, Chairman of the Board and President pro
tem, stated that "the most pressing need today is to start
the flow of capital.."
Mr. Martin went on to say that "the
return of prosperity is dependent not alone on breaking the
existing capital dam, but also on the maintenance of a free
flow of funds to all industry thereafter," adding that "this
cannot be accomplished without an efficient market."
His
ors
addressing the first meeting of the
of the
remarks follows:
This, the first meeting of the
Board of Governors of the reorganized
new
New York Stock Exchange, marks the most important forward step yet
The spirit and purpose of the reorganization
market.
a
long progressive development of the nation's primary securities
simpler,
more
efficient and
times and conditions.
new
more
has been to provide
democratic structure, adapted to changing
The Exchange begins today to operate under this
structure.
The whole country is vitally concerned in the steps
to provide the most serviceable market
which have been taken
possible for securities.
The most
pressing need today is to start the flow of capital which turns the wheels of
industry.
The New York Stock Exchange plays a vital part in this process.
The return of prosperity is dependent not alone on breaking the existing
capital dam, but also
dustry thereafter.
on
the maintenance of
a
free flow of funds to all in¬
This cannot be accomplished without an efficient market
market for the attraction of investment funds and for their protection.
Our duty is
safe and
as
government,
America.
I
We must do everything in our power to provide as
plain.
efficient
our
a
market for the nation's securities as can be devised.
contribution to the wholehearted cooperative effort by
finance
am sure,
and
business
gentlemen,
to
restore
prosperous
conditions
in
all pledge ourselves to the accomplish¬
we
ment of this purpose.
Co.
Stotesbury acquired
paintings, tapestries and porcelains, and his collection, lent
Art
effort
newspapers
reorganization of the Stock Exchange for which
successfully is
so
That must be
Pennsylvania
Museum of
the
...
Hammerstein
Opera
American
on
statements,
Grand Opera
late
Metropolitan
to
guiding
issued
talked for publication.
generous
backing
a
rarely
Philadelphia-Chicago
substantial
gave
he
Stotesbury
Exchange for their
appreciate the sacrifices that
The plan for
—a
when
years
affairs,
many
broader
service.
taken in the
of the
a
perhaps only your closest associates and your family, do these newspaper
men
affiliate in
bond issues and
Mr. Stotesbury had become the guiding
and the leading financier in
Philadelphia; con¬
Pierpont Morgan and member of his firm.
J.
height of his
Co.,
century
Co.
of
financial
&
throughout
the
&
associate
At the
the
Morgan
financing
turn
of
fidential
P.
the
cooperation and of frankness with the
Putter & 'Pattison, and later serving for a short time as a
in the sugar refining firm of Harris &
Stotesbury, of
which his father was junior
partner, Mr. Stotesbury in 1860,
was
gathering has
indication of the public interest in the Stock Exchange.
an
the interest of the
clerk
of 17, entered the banking house of which A. J.
the founder and directing head as a clerk at a
a
President of the Stock Exchange, took
as
William
was
It is
wno cover
men
he spent one year in a business college.
After starting his
business career as a clerk in the wholesale
grocery firm of
age
of their
as a consequence
But their recognition is not only to you as Charles R. Gay.
stration
at the
York Stock
growing from the admiration that
But you would be the first to declare that such
Philadelphia on Feb. 26,
lie received his early education
in the public schools of the city and then entered Friends'
Central High School, following his graduation from which
Drexel
years you were President of the New
a spontaneous dinner
contacts during your terms of office.
born in
was
Gay, to pay
to know and to esteem
we came
working newspaper men developed for you
development
1849, of Quaker parentage.
McC.
President pro tem of the
former Chairman of the
in the middle of
years,
William
tribute.
May 16.
Mr. Stotesbury, who headed the
Philadelphia banking firm of Drexel & Co. and was a part¬
ner of J. P. Morgan & Co. of New York, was in his ninetieth
year.
1938, in
his wholehearted cooperation with those
reporting Wall Street news, of his courage and resource in
guiding the institution through a trying period and his frank
policies which ended the years of secrecy enshrouding the
Exchange and ushered in the present progressive era."
Mr. Gay spoke briefly expressing his
appreciation of the
Exchange,
outstanding
President
appreciation of
Townsend Stotesbury,
Death of Edward
Edward
Gay, Retiring President of the New York
Exchange, Honored at Dinner Given by
Newspapermen of New York
Charles R.
bill does not decrease taxes,
I predict its enactment will
business generally.
be very encouraging to
Bank
1938
21,
Financial
It sometimes happens that a tax discourages business out of all proportion
to the revenue
May
SEC
Appoints F. T. Greene an Assistant Director of
Trading and Exchange Division—W. C. Louchheim
Also Promoted
The Securities and Exchange
Commission announced on
May 18 the appointment of Francis T. Greene, of Warrenton,
Va., as an Assistant Director of the Trading and Exchange
Division.
He will be in charge of the Division's activities in
connection with exchange regulation and supervision.
The
Commission also announced the appointment of Walter C.
Louchheim Jr., of New York, as Assistant to the Director
of the Trading and Exchange Division.
He will continue to
serve
as
practices.
technical
advisor
Regarding the
to
new
the
Division
on
exchange
appointments, the SEC said:
Volume
Financial
146
De Coursey Fales, a
Mr. Greene has been with the Commission since its establishment as a
member
staff of
the
of
associated with
Gardiner.
Mr.
the
He is
a
Louchheim
General
Counsel.
Previously, he had been
Griffin, Deming and
York law firm of Haight,
the New
graduate of the Harvard Law School, Class of 1933.
has been on the staff of the Trading and Exchange
Division since October, 1934 as an expert on exchange practices
had supervision of exchange rules and regulations.
Graduated from
&
Taft,
partner in Cadwalader,
Wickersham
Trust Co.
this week elected a director of Fulton
was
of New
York at
regular meeting of the Board.
a
♦
and has
Harvard
College in 1921, Mr. Louchheim was a member of the New Ylrk Stock
Exchange from 1922 to 1926 and was a partner in a member firm until 1931.
3283
Chronicle
partner of Merrill, Lynch & Co.,
York, investment bankers, died on May 12 in London.
Edmund
New
He
C.
Lynch,
Lynch
A native of Baltimore, Md., Mr.
52 years old.
was
a
graduated from Johns Hopkins University in 1907.
He
first became associated Avitli
the Liquid Carbonic Corp.
was
Group 2 of New York Federal Reserve
Three for Class A
Director—
Member Banks in
Nominate
District
Balloting to Continue to May 31
The Federal Reserve Bank of New York on
May 14 issued
in the Second Federal Reserve
circular to member banks
a
election of a director for the
term ending Dec. 31, 1938,
to succeed Edward Iv. Mills,
deceased, formerly Class A Director.
The candidates nomi¬
nated are:
George M. Adrian, President of the Bank of
District
with
regard
to the
President of the
Otis A. Thomp¬
President of the Natoinal Bank & Trust Co. of Nor¬
York City;
New
Yorktown,
Igoe,
Peter
First National Bank of Belleville, N. J., and
son,
Igoe were nominated
Mr. Adrian and Mr.
N. Y.
wich,
by
named by 92
member
banks in
Group 2.
The 239 member banks in
Group 2, consisting of banks with capital and surplus of
$301,000 to $1,999,000, are allowed to vote in this election.
Balloting began on May 16 and will continue until 12 o'clock
noon
on May 31.
The banks in Groups 1 and 3 will not
their
Thompson
to
Reference
election.
this
in
vote
while Mr.
banks,
own
in
the
circular
issued
April 16 issue, page 2476.
our
Co., in 1915, and the firm was among the first to engage
&
in
underwriting chain-store securities.
Member
of
Renames
Securities
a
Roosevelt
and
C. Mathews as
Exchange Commission
George
on
member of the Securities and Exchange
Commission for the
expiring June 5, 1943.
The following day (May
the Senate Banking and Currency Committee approved
term
18)
the
value of
Men
Held
Be
to
in
San
home in that
ing
Association of Credit Men, O. H. Walker,
Secretary-Mana¬
of the Credit Managers Association of Northern & Cen¬
tral California, which is the local affiliate of the National
Association and J. H. Early, Truscon Steel Co., San Fran¬
cisco, who is President of the Credit Managers Association
of Northern & Central California.
The
Statistics
to
Be
Colo., July 5-29
Springs,
Fourth Annual Research
Statistics
and
Conference on Economics
Held by Cowles Commission
Research
Colorado
at
in
Research
will
be held
Economics
Conference
on
by the Cowles Commission for
Colorado College, Colorado
at
present their problems and results before a group
contribute constructive discussion.
to
of
on
schools
private
May 15 after a week's illness follow¬
old
May 19, was educated in
on
country and
this
in
Mr. Farr, who
in Philadelphia,
Born
Switzerland.
In re¬
"News" of May 16
counting his business career, the Newark
career with
Fiske & Hatch, New York
partnership later in the firm of Kilbreth &
Farr, and became a member of the New York Stock Exchange.
In 1897 Mr. Farr took an interest in the construction of a railroad in
Ecuador.
He was President of the construction company which did the
work and Vice-President of the road itself.
He served on the railroad'6
Farr
He assumed
announced
Farr
Mr.
the government took
1907
in
death.
his
he
was
control about 10 years ago.
from all business.
He
retiring
immediately
persuaded almost
but was
Orange bank.
the West
founding
in
join
a
connections
York
New
his
severed
until
Directors
of
Board
business
his
began
banking house.
He guided it as President
'
4
The
Bank of
Union
new
Commerce of
Cleveland,
Ohio,
reorganization of the old Union Trust
opened for business very auspiciously 011 May 16 in
which
Co.,
represents
a
the former quarters
$33,000,000 to
Co.
Trust
of the trust company at Euclid Avenue
On the same day checks totaling
Street.
East Ninth
and
some
90,000 depositors of the former Union
We quote further,
delivered in the mail.
were
part, from the Cleveland "Plain Dealer" of May 17:
represented a 35% payoff and brought to 80% the amount paid to
claims of $50 or more.
Full payment was made to those with
claims of less than $50.
Those with 20% still coming were given five-
in
This
those with
creditors' notes of Union Properties,
year
Plans for the
in
to
our
Inc., the organization which is
Union Trust Co.'s assets into cash.
turning the slower of the late
opening of the new institution were
referred
May 14 issue, page 3122.
4
that
Commissioner of Michi¬
gan, has given permission
to the Equitable Trust Co. of
Detroit to release a 20% final principal dividend approxi¬
mating $115,923 to holders of certificates of beneficial inter¬
est issued by Liquidating Trust No. 1.
We quote the paper:
Upon completion of this release, creditors will have received a total
"Michigan Investor" of May 7 it is learned
From the
Macauley Jr., State Banking
A Ivan
return
The
of 100% of the
creditors
full amount
the
balances.
the banking
Oct. 16, 1933, under Act 32 of the Public
original principal of their impounded
Equitable Trust Co.
was
holiday and was reorganized on
Acts of
1933.
It is the first
of
not licensed to reopen after
company to return to
impounded at the time of the
reorganized trust
their claims
banking holiday.
United
Bank of Portland, Ore., on
States National
May 14 moved its trust department from the floor below
the main banking room of the United States Bank Building
modernized quarters on the second floor,
facilities for handling a complete
trust business are provided.
The quarters vacated by the
trust department will, after rearrangement and renovation,
be occupied by the instalment loan department of the in¬
to
Economics
Springs, Colo., from July 5 to July 29. The purpose of the
Conference is to provide research workers an opportunity
to
12
founder and President of the
West Orange, N. J., died at his
77 years
have been
The
and
May
Farr,
Bank
place
heart attack.
a
would
Francisco, June 5-10
arrangements
Annual
II. 'Powers
National
First
ger
Fourth
'
/
4
Credit
completed and advance plans
actively under way, official announcement was made on
May 2 by Henry H. Heimann, Executive Manager of the
National Association of Credit Men, that the 43rd Annual
Credit Congress of the Association will be held at the St.
Francis Hotel, San Francisco, June 5-10, inclusive.
Whole¬
sale, manufacturing and banking executives representing
the Association's 20,000 membership are expected to gather
from every State in the country to a total reaching 2,000
delegates.
Coincident with the Annual Credit Congress,
which'closes the Association's 42nd year of activity since its
founding in Toledo in 1896, Mr. Heimann announced, there
will be special industry group meetings, a successful feature
for the past seven years.
In these credit executives of each
individual industry meet in special industry groups for the
mutual consideration of particular credit problems in their
individual industries.
The Credit Congress will be headed
by Daniel Bosschart, President of the Eng Skeil Co. in
San Francisco, who has accepted the General Chairman¬
ship of the Credit Congress.
Cooperating with him will be
Owen Dibbern, Western Division Manager of the National
initial
With
.
on
$10 each.
Thomas
until
Association of
National
of
Congress
.
approved plans to increase the capital stock of the Freeport
Bank, Freeport, N. Y., from $100,000, consisting of 2,000
shares of the par value of $50 each, to $210,000 .to be made
up of 22,009 shares of preferred stock of the par value of
$5 a share and 10,000 shares of common stock of the par
to
nomination.
Annual
4
Banking Department
said:
May 17 sent to the Senate the
nomination of George C. Mathews, of Wisconsin, to remain
President
,;v;';yv:
York State
New
The
Mr.
Roosevelt
President
bankers.
Lynch, with Charles E. Merrill, formed Merrill, Lynch
Mr.
was
April 11 calling for nominations for a Class A Director was
made
1907, and remained with that firm until 1911, when he
in
joined George II. Burr & Co., New York investment
enlarged
and
where
and
all
modern
stitution.
v
qualified
THE
CURB
.
EXCHANGE
trading and mixed price movements have been the
dominating features of the dealings on the New York Curb
Exchange during most of the present week. There have bee n
Dull
TRUST
BANKS,
ABOUT
ITEMS
COMPANIES,
&c.
New York Coffee & Sugar Ex¬
change, Inc., owned by Robert. R. Guthrie, was sold May IS
to John C, Gardner, for another, at $3,€00, off $700 from
the last previous sale.
The
membership
in the
♦
Arrangements
membership
$100
from
in
were
■
■
completed May 13 for the sale of a
the Chicago
Stock Exchange at $1,800, up
the last previous sale.
*
E.
C.
Gersten,
President
Trust Co. of New York,
tors
had
appointed
of the Public National
announced
on
Bank &
May 19 that the direc¬
O'Donnell, of the Credit
Assistant Cashier.
Maurice E.
Department, Main Office, an
♦
monthly meeting of the Board of Trustees
York Trust Co., held May 18, Medley G. B.
At the regular
of
the
New
Whelpley was elected a Trustee.
♦—■—
occasional
upward spurts but the gains were not
maintained
downward. The volume of
trading has been extremely light, many market leaders not
appearing on the tape.
Public utilities have been moder¬
ately active at times and industrial specialties registered
modest advances.
Oil shares and mining and metal stocks
have recorded both gains and losses, but the changes were
generally in minor fractions.
Mixed price changes and dull trading featured the trans¬
actions on the curb market during the short session on Satur¬
day. Oil shares attracted the most attention but elsewhere
in the list the changes were generally in minor fractions on the
side of the decline.
Public utilities were slightly higher
during the first hour but canceled some of the advances as
the session progressed.
Specialties were quiet and mining
and metal stocks moved up and down with very little net
as
the trend continued to turn
Financial
3284
The volume of transfers was very light, the total
being approximately 42,000 shares with only
155 issues traded in.
There was a moderate amount of profit
taking but this had little or no effect on the trend of prices.
Public utilities were the weak spots as the curb market re¬
sumed its sessions on Monday, and while the recessions were
comparatively light, they extended to practically all parts of
the group.
Oil shares wrere inclined to move downward
though there were occasional movements against the trend.
Mining and metal stocks showed moderate gains in the early
trading but lost most of them during the final hour in the
brisk selling wave that broke over the market.
Industrial
specialties were generally off on the day. The transfers were
approximately 85,000 shares against 110,(XX) on Friday the
last full session.
Among the changes on the side of the de¬
cline were American Gas & Electric, 1 point to 28; Babcock
& Wilcox, 1 % points to 23; Cities Service pref., 2 points to
3834; Humble Oil, IK points to 66K; Safety Car Heating &
Lighting, 2 points to 75, and Nehi Corp., 1K points to 38 KRenewed buying in the public utility group featured the
curb market dealings on Tuesday.
The turnover was again
light but there was a stronger tone to the trading that carried
a number of the leaders in this
group to higher levels.
In¬
dustrial specialties also registered a modest list of small ad¬
Chronicle
May 21,
1938
change.
transactions
vances
and
a
few of the
more
active stocks in the oil group
The extensive facilities of
and
Foreign De¬
our
available to manufacturers
merchants engaged in foreign trade.
partment
are
MANUFACTURERS
PRINCIPAL OFFICE
BROAD
55
COMPANY
TRUST
AND
FOREIGN
DEPARTMENT
STREET, NEW YORK
„•
European Representative Office: 1, Cornhill, London, E.C. 3
;
;
.
Member Federal Reserve System
V
Member New York
Member Federal
RATES
EXCHANGE
FOREIGN
Clearing House Association
Deposit Insurance Corporation
CERTIFIED
BY
FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT OF
14, 1938, TO MAY 20,
MAY
RESERVE
1930
INCLUSIVE
1938,
Noon Buying Rate for Cable Transfers in New
Value in Untied Stales Money
Country and Monetary
York,
Unix
May 14
May 16
$
)
Belgium, belga
Bulgaria, lev
.168372
.168246
.012450*
.012525*
Czechoslov'la, koruna
.034812
.034818
.221609
Europe—
May 18
May 19
S
$
S
.168319
.168253
.168266
.012500*
.012500*
.012525*
.034812
.034812
.034812
.034812
.221678
.221853
.221646
.221737
.964444
1
.221793
krone
Denmark,
May 17
4.965416
.970208
.964930
4.967430
,
May 20
.168308
.012525*
showed
Engl'd, pound sterl'g
.968472
Finland, markka...
.021966
.021925
.021930
.021931
.021920
.021912
moved up
France, franc
.027963
.027944
.027943
.027973
.027952
.027970
also
Germany, relchsmark
.401722
.401511
.401518
.401681
.401575
.401612
.009098*
.009105*
light gains.
Carrier Corp. was quite active and
1% points to 27 K and United Shoe Machinery
ahead IK points to 67% on a small turnover.
Among the declines were Consolidated Mining & Smelting,
1 point to 55; Sherwin-Williams,
1K points to 87 %; United
Gas pref., 1 point to 85K; Georgia Power
pref., IK points to
75; Long Island Lighting pref., 1K points to 32, and Southern
Colorado Power pref., 1 point to 41.
Industrial specialties led a modest upturn during the clos¬
ing hour on Wednesday. Transactions were in light volume,
the transfers totaling 84,815 shares
against 92,775 on Tues¬
day. Mining and metal stocks also attracted some buying
but the gains were narrow and without
special significance.
Public utilities were
quiet and the oil shares were somewhat
mixed due to profit
taking which appeared in this group.
United Shoe Machinery was in fair demand and climbed
up
2M points to 70.
Mead Johnson followed with a gain of
2 points to 102; United Gas
pref. moved ahead IK points to
87, and Singer Manufacturing Co., 1 point to 235.
Lower prices and a
generally easier tone prevailed on the
curb market during the greater
part of the trading on Thurs¬
day.
There was some selective buying for a brief period
around the noon hour, but in
many instances the advances
were canceled before the close.
Except for Newmont Mining
which dipped 3 points to
56, mining and metal stocks were
quiet or slightly lower. American Gas & Electric was down
1 point to 27, and Humble Oil was
off 1K points at 64.
The
went
transfers
were
slightly higher, the total sales moving up to
90,655 shares against 84,815 on the preceding day.
There
were 242 issues
traded, of which 53 closed on the side of the
advance; 107 on the downside and 82 were unchanged.
Price movements were somewhat erratic
during the early
dealings on Friday, but the market settled down toward the
end of the session, and while there was a moderate
strength¬
ening of prices for a brief period, the closing quotations were
lower.
Scattered through the list were stocks that worked
against the trend but these were usually among the slow
movers.
Mining and metal shares were off and public utili¬
ties and oil issues showed fractional
changes on the side of
the declines.
As compared with
Friday of last week, prices
were again
lower, American Cyanamid B closing last night
at 17% against
18% on Friday a week ago; American Gas &
Electric at 27 K against 29; Consolidated Gas of Baltimore at
66 against
67; Electric Bond & Share at 7% against 8%;
Gulf Oil
Corp. at 35 against 35%; Humble Oil (new) at 63%
67K; Niagara Hudson Power at 7% against 7%, and Sherwin
Williams Co.
DAILY
at 85
.009108*
Greece, drachma
AT
THE
NEW
YORK
Stocks
CURB
.197750*
.197775*
.197775*
.052607
.052603
.052607
.052603
Netherlands, guilder
.553211
.553611
Norway,
.553072
.553233
.552988
.553438
.249643
.249432
.24947a
.294690
.249421
.249584
Poland, zloty
Portugal, escudo
Rumania, leu
.188450
.188433
.188466
.188300
.188433
.188333
.045075
.044862
.044820
.044904
.045170
.044887
.007375*
.007342
.007342*
.007328*
.007342*
Spain, peseta...
Sweden, krona
.059000*
.059000*
.059000
.059000*
.059000
.059000*
.256084
.255875
.255' 50
.256190
.255959
.256068
Switzerland, franc...
.228000
.227963
.227^94
.228444
.228400
.228561
Yugoslavia,
.023183
M
.023250*
.023250*
.023250*
.023275*
krone.....
dinar...
May 20, 1938
Shares)
Asia—
Chefoo (yuan) dol'r
.239166*
Domestic
Foreign
Government
Corporate
Total
$656,000
$28,000
84,905
1,001,000
13,000
12,000
$692,000
1,026,000
92,675
1,234,000
44,000
44,000
1,282,000
84,835
1,039,000
25,000
6,000
1,070,000
90,555
1,360,000
1,581,000
23,000
10,000
1,393,000
93,190
19,000
14,000
1,614,000
$6,871,000
$152,000
$54,000
$7,077,000
Curb
1938
1937
$8,000
1938
1937
1,400,360
16,489,906
.227916*
.227916*
.222812*
.227812*
.227812*
Tientsin (yuan) dol.
.23
1
.223437*
.221875*
.222187*
.227187*
.227187*
Hongkong,
dollar.
.301*13
.307625
.307312
.307981
.308062
.308093
British India, rupee..
.3707'<8
.370592
.370942
.371040
.370216
.370325
Japan, yen
.289*12
.289310
.289358
.289410
.289229
.289329
.575250
.574437
.5747.50
.574687
.574687
,574687
3 959250
3.955625
3.956125
3.960125
.955375
3.960125
New Zealand, pound. 3 990250
Africa—
3.985833
3.987750
3.991625
.986750
3.989375
South Africa. pound- 4.921250
North America—
4.916562
4.917604
4.921770
4.916375
4.918437
Canada, dollar
Cuba, peso
.992128
.991875
.991584
.991250
.990292
.999000
.999333
.999333
.999333
.999333
.999333
Mexico,
.225625*
.224480*
.226083*
.225416*
.225500*
.226041*
.989765
.989531
.989062
.988828
.988046
.989414
.331400
.331120*
.331040*
.331445*
.331020*
.331150*
.058340*
.358540*
.358540*
.058540*
.058540*
.058600*
.051680*
.051680*
.051680*
,051680*
.051680
.040000*
.040000*
.040000*
.040000*
.040000*
:040000*
.554000*
.554775*
.554800*
.553300*
.553300*
.554800*
.653810*
.653310*
.653370*
.654011*
.653167*
.653300*
Straits Settlem'ts, dol
Australasia—
Australia, pound
peso..
Newfoundl'd, dollar.
$6,871,000
152,000
$7,065,000
109,000
$126,304,000
2,937,000
2,575,000
$208,042,000
6,353,000
5,618,000
$7,077,000
Total
$7,280,000
$131,816,000
$220,013,000
FOREIGN
106,000
EXCHANGE
South America—
Argentina, peso
Brazil, mllrels
Chile, peso—official.
"
"
export.
Colombia, peso
Uruguay, peso
*
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
a
record for the week just passed:
.051680*
Nominal rate.
COURSE
OF
BANK
CLEARINGS
Bank clearings this week will again show a
pared with
a year ago.
based upon
decrease
com¬
Preliminary figures compiled by
us,
telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
May 21) bank clearings from all cities of the United States
from which it is possible
to obtain
weekly returns will be
17.1% below those for the corresponding week last
Our
preliminary total
$5,882,96.' ,357 for the
there is
year.
at $4,877,417,004, against
week in 1937.
At this center
stands
same
loss for the week ended Friday of 19.6%.
a;
comparati
e summary
Our
for the week follows:
Clearings-vReturns by Telegraph
Week Ending May 21
Per
Cent
L'i
1937
$2,165,196,921
„
1938
$2,693,254,815
Boston
Kansas City...,
St. Louis
.."........J...
-.
—19.6
—12.8
266,768,961
303,000,000
—11.2
155,194,632
.
232,675,876
269,000,000
.
203,869,000
—23.9
75,356,188
90,575,963
—16.8
—20.9
Cleveland
88,800,000
125,025,000
-—6.0
81,982,069
63,124,738
Detroit
70,200,000
117,510,000
San Francisco
Pittsburgh
119,734,128
—31.5
98,419,974
—35.9
93,315,025
84,876,723
+9.9
51,845,076
58,401,815
—11.2
Eleven cities, ive days.
Otber cities, five days....
$3,375,400,525
$4,132,726,379
-18.3
689,113,645
796,277,615
-13.5
$4,064,514,170
8i2,902,834
$4,929,003,994
—17.5
953,958,363
—14.8
$4,877,417,004
85,882,962,357
-17.1
Baltimore
...
......
L
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
RATES
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
give below
.991835
60,628,732
54,000
Foreign government..
Foreign corporate
.227916*
.222916*
.222812*
Total all cities five days
All cities, one day
Jan. 1 to May 20
488,485
Bonds
Domestic
.227916*
.223333*
.224062*
Total all cities for week
Week Ended May 20
Stocks—No. of shares.
.222916*
.225416*
J*
Chicago
Philadelphia.
488,485
York
.223333*
.2391
.23"
.
Foreign
42,325
Exchange
.226*16*
Hankow (yuan) dot
Shanghai (yuan) dol
....
New
250*
.007342*
China—
New York
Bonds (.Par Value)
of
Sales at
.009105*
,197750*
.052603
EXCHANGE
(Number
Week Ended
Total
.009103
.197775*
.052600
pengo
K against 88.
TRANSACTIONS
Saturday
Monday
Tuesday.
Wednesday
Thursday.
Friday
.009096
.197500*
Italy, lira..
Hungary,
We
cases has to be estimated.
In the elaborate detailed statement, however,
which
we
present further below, we are able to give final and complete
for the week previous—the week ended May 14.
For that week there was a decrease of 11.1%, the aggregate
results
of
clearings for the whole country having amounted to
$5,419,729,173, against $6,097,809,035 in the same week in
Financial
146
Volume
6.4%.
serve
decrease of 17.6%,
Outside of this city there was a
1937.
the bank clearings at
3285
Chronicle
loss of
this center having recorded a
We group the cities according to
districts in which they are located,
Week
Ended May
14
Clearings atInc. or
the Federal Re¬
1936
Dec.
1937
1938
and from this it
that in the New York Reserve District (including
this city) the totals record a falling off of 6.4%, in the
Boston Reserve District of 15.4%, and in the Philadelphia
Reserve District of 8.5%.
In the Cleveland Reserve Dis¬
trict the totals register a drop of 27.8%, in the Richmond
Reserve District of 14.5%, and in the Atlanta Reserve
District of 15.5%.
In the Chicago Reserve District the
totals are smaller by 21.9%, in the St. Louis Reserve Dis¬
trict by 21.3%, and in the Minneapolis Reserve District
by 12.1%.
The Kansas City Reserve District shows a loss
of 17.1%, the Dallas Reserve District of 13.5%, and the
San Francisco Reserve District of 14.5%.
In the following we furnish a summary by Federal Reserve
appears
Seventh Feder al Reserve D istrict—Chi cago—
387,145
76,447,529
Detroit-.:
Grand
Rapids
126,066,951
3,276,535
1,421,777
1,289,398
2,409,601
-
1,048,502
Lansing
Ind.—Ft.
953,316
Wayne
SUMMARY OF BANK CLEARINGS
297,487
—39.4
104,378,485
—26.5
2,886,546
—26.3
1,302,220
—26.1
1,188,715
18,807,000
19,833,000
19,518,000
1,470,528
Indianapolis...
+6.2
364,429
Mich .-Ann Arbor
—1.6
1,614,089
5,452,339
18,518,502
1,828,591
—19.6
Terre Haute...
4,611,070
5,633,150
—18.1
Wis.—Milwaukee
19,158,940
—13.0
1,307,429
22,024,365
1,132,684
8,351,366
3,218,371
941,078
336,418,510
1,023,616
4,421,557
1,976,795
1,399,779
—6.6
1,327,485
422,207,743
540,621,952
-21.9
460,279,759
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
93,600,000 —21.8
73,200,000
38,436,061 —22.7
29,703,906
30,653,327
—15.7
17,059,332
South Bend
la.—Ced.
1,133,371
Rapids
Des Moines
Sioux
7,796,689
2,995,528
1,074,295
276,150,846
905,734
3,679,455
1,159,765
City
111.—Bloomington
Chicago
Decatur
Peoria
Rockford
Springfield...
districts:
$
%
Total (18 cities)
955,588
+ 0.1
—6.6
8,497,782
—6.9
3,349,762
+ 14.2
543,355
—17.9
284,524,474
—11.5
834,624
—16.8
4,631,748
—41.3
1,169,558
Inc.or
Federal
New
Ky.—Louisville-.
%
12 cities
York. 13
*
234,030,577
276,500,013
—15.4
251,227,027
242,034,962
Tenn.—Memphis
3,272,028,350
3,497,130,962
—6.4
3,623,163,916
3,335,628,310
111.—Jacksonville
Boston
2nd
Mo.—St. Louis..
Dists.
Reserve
1st
1935
1936
Dec.
1937
1938
Week End. May 14, 1938
3rd
PhiladelphialO
"
369,336,143
403,532,112
—8.5
356,752,501
353,654,830
4th
Cleveland..
5
"
247,958,244
343,203,916
—27.8
276,189,861
5th
Richmond .6
"
141,007,282
—14.5
120,735,916
116,148,431
Atlanta
10
"
138,270,522
163,584,447
—15.5
138,201,899
—21.9
460,279,759
138,653,659
632,000
—16.8
541,000
118,781,186
150,881,207
-21.3
138,653,659
421,172,613
—21.3
x
x
.
526,000
122,468,048
540,621,952
x
90,400,000
238,358,654
6th
18,213,146
15,351,280
120,543,440
Quincy
Total (4 cities)
.
7th
Chicago
"
422,207,743
8th
St. Louis
4
"
118,781,186
150,881,207
123,401,354
Ninth Federal
92,332,386
105,100,411
—121
95,641,229
91,949,452
Minn.—Duluth..
2,332 ,729
115,296,7^1
139,096,165
—17.1
128,730,539
135,600,589
Minneapolls...
61,433 ,468
59,434",073
68,705,698
—13.5
58,160,848
47,146,980
St. Paul
63,721,069
23,682,841
Fran.. 11
"
229,£09.728
268,444,870
—14.5
231,839,744
228,180,470
D.—Fargo...
22,396 ,490
2,107 ,210
3,080,279
69,017,781
25,312,241
4,058,808
—11.0
6
"
"
"
2,487,408
Minneapolis 7
—24.3
9th
S. D.—Aberdeen.
646 ,578
716,586
—9.8
5,419,729,173
6,09?,809,035
—11.1
5,455,744,693
Mont.—Billings.
738 ,762
687,453
+ 7.5
2,730,837,536
—17.0
5,879,576,898
2,360,817,586
2,234,039,406
2,677 ,149
2,227,263
+ 20.2
2,458,105
' 336,286,447
—0,8
348,134,879
328,591,322
92,332,386
105,100,411
-12.1
95,641,229
18
10th Kansas City 10
11th Dallas
12th San
112 cities
Total....
Outside N
32 cities
Canada.
We
2,267,146,854
Y. City...
now
add
,
333,^22,754
our
detailed^st^ement showing last
Helena
Total (7
cities).
Hastings
110,067
133,548
102,039
136,883
Lincoln.
ii-Vt
14
2,673,541
2,822,815
31,879,087
1,872.902
2,800,435
95,127,555
2,878,741
28,100,961
Omaha..
Clearings at—
2,214,560
Kan.—Topeka...
1935
1936
1937
1938
2,794,048
Wichita
—
75,626,194
2,380,198
685,954
577,710
Total (10 cities)
115,296,781
Mo.—Kan. City
$
$
Lowell—.-—-
489,107
1,801,033
201,320,818
628,959
418,412
New Bedford-
St. Joseph
Colo.—Col. Sprgs
Boston
Reserve Dist rict-
First Federal
726,833
-32.7
585,402
577,584
2,257,860
—20.2
237,400,278
689,373
—15.2
1,771,276
209,058,704
599,059
Me.—Bangor
Springfield
-8.8
443,432
—5.6
369,810
684,895
—12.5
782,479
2,362,396
—23.6
11,372,908
—8.2
3,047,571
1,764,542
11,953,802
2,777,220
1,231,415
10,515,833
4,222,282
—9.5
3,890,949
9,097,600
12,162,000
—25.2
3,414,990
10,450,500
564,158
Pueblo-
105,317
+ 7.9
—2.4
136,578
—5.3
2,967,767
—11.9
33,237,616
2,349,032
+ 18.2
—0.2
2,486,363
—20.5
83,154,776
—17.3
2,820,527
740,098
754,281
—9.1
721,427
—19.9
732,465
139,096,165
—17.1
128,730,539
726,215
3,682,048
—12.9
1,803,883
10,438,650
3,821,253
Fall River
2,156,356
215,598,839
567,053
3,205,783
Portland
Mass.—Boston..
2,045,722
647,735
598,349
—48.1
Reserve Dis trict—Kans as City
Tenth Federal
Neb.—Fremont-
•~f~r
En&'yfyay
—11.5
week's
figures for each city separately for the four years:
Week
N.
Reserve Dis trict—Minn eapolis
242,034,962
621,693
325,374
Eleventh Fede ral
Reserve
District—Dai Has—
1,296,659
43,369,293
—2.8
New Haven
N.H.—Manches'r
406,020
495,708
—18.1
10,035,100
475,124
(Total 12 cities)
234,030,577
276,500,013
—15.4
251,227,027
R.I.—Providence
Second
Feder al Reserve D istrict—New
Buffalo
Elmira
Jamestown
6,813,061
2,384,000
896,250
3,082,893
3,479,000
940,683
4,280,699
—31.5
—28.0
3,159,778
59,434,073
68,705,698
—13.5
58,160,848
Texas—Austin
1,505,690
—.
44,752,179
Dallas
Wichita Falls..
7,061,539
1,135,080
—17.6
31,300,000
837,144
—11.2
589,217
554,607
40,300,000
666,079
850,791
,518,759,312 3,221,705,287
6,995,773
7,300,804
4,047,893
4,114,714
Twelfth Feder al Reserve D ostrict—San
Wash.—Seattle.
31,626,771
7,762,000
.
Spokane
4,202,778
—4.5
J.—Montclair
Syracuse
Newark
936,787
27,262,520
12,315,863
4,458,110
3,904,971
135,230,000
2,553,547
1,445,147
2,014,012
229,509,728
L. City
Utah—S.
.
Northern N. J.
3,309,711
+3.3
2,754,790
2,782,461
4,501,711
—17.9
3,709,257
3,816,013
426,126
406,330
+4.9
400,000
423,404
San
Francisco.
19,664,141
Westchester Co
N.
Yakima..-----
Ore.—Portland..
Total (11 cities)
—15.0
Conn.—Stamford
19,730,867
33,045,999
—0.3
19,272,799
17,602,738
San
Jose—....
—22.4
25,929,-260
38,559,250
Santa Barbara.
25,640,824
3,272,028,350 3,497,130,962
Total 13 cities)
459,731
—11.2
540,041
812,373
—20.0
475,000
348,256
338,295
265,866
Chester
Pasadena
33,584,676
—24.1
1,110,662
34,109,082
—15.7
844,920
—20.1
24,435,130
16,595,024
—25.8
14,508,747
4,061,214
3,714,218
136,026,000
2,253,309
1,294,941
4,386,410
4,385,998
9,026,000
—11.4
+ 1.6
—11.0
150,749,000
—10.3
2,953,045
1,567,209
—13.5
2,180,416
—7.6
2,090,589
268,444,870
-14.5
231,839,744
5,419,729,173 6,097,809,035
-11.1
5,879,576,898 5,455,744,693
2,730,837,536
-17.0
2,360,817,586 2,234,039,406
—7.8
elphia
408,312
*650,000
Bethlehem
Calif.—L'g Beach
Franc isco—
41,651,024
8,757.000
—6.4 3,623,163,916 3,335,628,310
Reserve Dist rict—Philad
Third Federal
Pa.—Altoona
6,238,764
3,3S1,000
715,354
—4.7
1,102,339
Stockton
—6.4
8,490,460
7,221,096
4,013,634
3,418,853
3,694,590
Rochester
—19.7
6.304,589
31,000,000
733,956
+46.5
+ 0.5
—17.9
3,152,582,309 3,366,971,499
New York
—10.4
York-
13,541,384
1,113,353
755,720
Binghamton...
19,843,030
1,118,973
33,100,000
549,054
Y.—Albany..
N.
Ft. Worth
Galveston
Total (6 cities).
Conn.—Hartford
1,548,486
49,973,448
8,483,382
La.—Shreveport.
Worcester
312,703
—15.0
338,353
262,150
1,140,825
1,303,913
—12.5
1,441,£81
996,994
357,000,000
389,000,000
—8.2
1,330,143
2,348,018
834,309
1,499,784
—11.3
2,519,747
-—6.8
1,323,718
—37.0
York...
1,596,970
2,101,143
—24.0
3,761,700
4,199,000
—16.4
369.336,143
403,532,112
—8.5
356,752:501
cities)
....
341,000,000
1,430,774
Wilkes-Barre.
345,000, <00
1,422 707
2,2747T7
1,010.184
1,565,858
2,684,000
(112
Grand total
Lancaster
Philadelphia
Reading
Scran ton
N. J.—Trenton..
Outside New York 2,267,146,864
2,472,212
957,574
1,485,275
Week Ended May
Clearings at—
12
Inc. or
4,363.300
1938
1937
Dec.
1936
x;
Total (10 cities)
353,654,830
%
Canada—
Toronto-
Fourth
Feder al Reserve D istrict—Clev eland
Ohio—Canton
x
x
-
54,386,982
—26.9
54,885,910
85,316,953
—28.5
11,759,000
10,584,100
—34.3
1,353,920
1,255,541
Cincinnati
53,498,784
66,179,834
—19.2
Cleveland-....
79,839,424
109,248,598
Columbus
10,029,700
14,036,300
1,386,068
2,108,997
....
Mansfield
Youngstown...
103,204,268
Pa.—Pittsburgh
Total (5 cities).
247,958,244
151,630,187
343,203,916
Reserve Dist rict
Fifth Federal
W.Va.—Hunt'ton
306,497
x
—31.9
-27.8
122,874,078
276,18^,861
101,058,077
-27.3
238,358,654
248,495
176,895
2,825,000
-23.2
2,605,000
2,480,000
-13.6
32,31.0,096
1,035,609
31.676,043
-20.8
-17.9
60,399,676
24,128,040
1,139,335
61,786,427
18,889,731
-14.5
120,735,916
116,148,431
71,626,936
-13.2
C.—Wash'g'n
26,921,993
Total (6 cities).
120,543,440
141,007,282
Sixth Federal
Tenn.—Knoxville
Reserve Dist rict—Atlant
3,777,721
3,890,697
—2.9
3,332,464
2,941,464
Nashville.....
17,674,760
19,131,119
—7.6
16,459,768
14,772,515
Ga.—Atlanta....
48,500,000
58,100,000
—16.5
50,300,000
46,600,000
1,177,734
932,569
1,362,168
1,121,062
—31.3
—22.5
835,006
686,496
15,315,000
17,447,472
16,393,000
—6.6
12,792,000
23,023,624
—24.2
13,158,000
17,601,609
1,477,556
2,063,227
—28.4
1,458,723
1,162,673
154,867
—7.2
127,422
121,358
33,751,173
25,408.529
138,201,899
—..
Fia.—Jack'nville.
Ala.—Birm'ham
.
Mobile
Miss.—Jackson..
Vicksburg
-
—. -
Quebec
Halifax.
—
Hamilton.
_...
St. John.......-
Victoria..
117,066,883
+0.9
—15.6
47,995,499
5,242,265
2,032,403
4,685.949
5,401,583
+ 29.5
83,290,313
60,157,517
16,135,948
27,021,784
4,150,251
2,078,134
4,103,294
6,669,504
1,660,614
1,565,034
2,433,188
3,985,191
4,449,342
104,586,624
1,781,737
1,482,253
869,389
x
x
143,693
La.—New Orleans
32,129,155
38,344,683
—16.2
Total (10 cities)
138,270,522
163,584,447
—15.5
—4.4
—2.0
+ 17.1
—2.9
—11.8
+ 1.6
+ 8.4
+0.3
2,239,128
3,412,127
+ 14.5
3,681,506
+ 14.4
304,766
207,407
+ 46.9
293,638
+30.1
449,736
1,242,189
+ 13.8
1,327,740
Moose Jaw..
381,989
1,413,765
631,504
531,368
+ 18.8
Brantford.——-
1,028,076
729,357
974,519
578,367
482,050
807,160
New Westminster
660,014
605,370
199,661
553,178
522,376
+ 10.1
+5.9
731,811
714,919
+2.4
1,298,185
1,126,230
2,493,805
+ 15.3
+ 15.3
1,068,311
2,657,803
294,840
+ 11.7
330,359
Edmonton
—
...
Regina
Brandon
Leth bridge
Saskatoon
...
Fort William..
Peterborough
Sherbrooke......
Kitchener.
Windsor.
2,876,143
329,199
711,892
181,356
122,468,048
935,776
Augusta..
Macon.
.
Ottawa
London
37,895,297
1,042,198
.
Vancouver
—13.3
90,355,203
35,913,294
14,785,466
90,700,028
91,132,751
30,298,156
14,127,596
62,165,221
5,139,822
2,380,837
4,550,495
4,762,816
1,810,873
1,606,360
2,246,525
3,908,398
4,211,467
Medicine Hat...
421,379
62,191,412
22,103,373
8. C.—Charleston
.
Winnipeg-
Calgary..
i
Richm ond-
1,316,677
D.
x
x
2,171,000
_
Md.—Baltimore
71,073,954
32,728,960
Va.—Norfolk
Richmond
x
x
--
Montreal
x
17,050,444
x
Prince Albert....
Moncton..
-
544,762
Kingston
527,285
Chatham
Sarnia
Sudbury........
Total (32 cities)
*
Estimated,
x
497,855
1,261,967
333,722,754
+5.5
+26.1
+ 9.0
263,416
873,208
585,775
228,917
595,951
620,940
710,485
+0.2
712,373
436,490
494,145
406,123
+ 24.8
+6.7
507,764
429,318
+22.6
475,579
877,783
+ 43.8
952,482
336,286,447
—0.8
348,134,879
No figures available.
3286
Financial
THE
We
ENGLISH
GOLD
AND
SILVER
the following f~om
reprint
Samuel Montagu &
the
Chronicle
MARKETS
weekly circular
May 21, 1938
THE
of
Co. of London, written under date of
LONDON
each
Sat.,
GOLD
of England
Bank
407,160
gold
April 27 showing
on
May 14
against notes amounted
reserve
change
no
compared
as
with
£326-
to
the
previous
Wednesday.
gold continued to be in good demand from the Con¬
the daily fixing during the week about £2,260.000
changed
tinent and at
hands at prices which included a small premium over dollar
exchange parity.
Per
—
Fine Ounce
139s. 6d.
1398. 6%d.
139s. 6%d.
—
„
—
...
139s. 6%d.
-----
-
139s. 6d.
139s. 6d.
------
The following were the
United
Kingdom imports and exports of gold,
registered from mid-day on April 25 to mid-day on the 2d inst.:
Imports
Exports
British West Africa.-..British East Africa
British India
Australia
£292,724
15,321
161,637
84,841
United States of America87,500
Soviet Union
1,135,364
Netherlands
125,480
Belgium
3,028,536
France
11,285
Switzerland
208,908
Venezuela..-25,942
Other countries
11,485
Hong Kong
£22,300
27,900
83,474
147,980
506,236
China
Netherlands
France
Sweden
Other countries
949
April 30 carries gold
£125,600.
SILVER
in
Washington
on
April 28 that President Roosevelt
had revoked his proclamation of 1934 requiring silver not in
the form of
coin or needed for industrial or artistic uses to be handed over to the
Treas¬
It
by United States Treasury officials that the regulations
had been revoked to simplify the handling of
newly mined silver.
ury.
was stated
Following the
as
became rather bearish,
operators
news
although,
far
as
the announcement itself is concerned, there
appears little to warrant this
attitude, unless it be read
indication of declining enthusiasm for the
as an
silver purchase policy.
Support
declined
The
was
18 9-16d.
to
Indian
made
Bazaars
for
face of speculative offerings prices
the
cash
showed
slight recovery,
a
in
and
18%d. for two months by April 30.
interest
more
had
but operators
the
at
still
are
lower
and
rates
hesitant
and
the
prices
market
outlook at the moment appears rather uncertain.
Otner countries
£20,000
3,030
3,785
France
Denmark.
£14,774
1,330
2,780
2,500
1,280
x5,000
4,881
Austria-.
Madras.
Anglo-Egyptian .Sudan
Mauritius & Dependencies
Other countries—
£26,815
x
IN
LONDON
Silver per
Central
£21
Min & Invest.
Cons Goldfieids of S A.
68/9
38/6
£8%
93/6
U/-
Courtaulds 8 & Co.—
Beers
Co.-—--
FJectric & Musical Ind.
Ltd
Ford
18
Oaumont Pictures ord
A.
Holiday
Midland
Cash
Oz.
T„.
6
4/-
Ry..
38/—
/-
69/4%
69/4%
37/6
37/9
£7%
£7%
94/6
95/6
19/6
96/10/9
18/4/1/6
19/9
133/-
133/-
£18%
68/6
£8%
£8%
£8%
£13
£13%
£13
10/6
18/4/1/6
4/1/6
19/6
132 /-
-
4
£21
£21
£7%
18/-
135
10/6
18/4/~
1/6
19/6
134/6
£18%
68 /6
Roan Antelope Cop MRoils Royce
£18%
68/£8%
£14%
16/91/10%
Royal Dutch Co
£36
£36
£36
£36%
£35%
£4%
£4%
£4%
£43i»
£4%
Metal
Box
Rand Mlne*__._
Rio Tlnto—
—....
Shell Transport
Unilever
United
Ltd
68/6
£13%
15/9
37/22/9
21/3
21/1%
£18%
68/6
15/6
91/3
90/-
23 /-
Vlckers
West
£18
£87ig
37/-
—
Molasses
15/9
91/3
37/-
15/6
91/10 %
37/6
23/21/6
22/6
21/1%
37/6
22/9
21/4%
Wltwaterarand
Areas
£8%
£8
£8%
£8%
£8%
NOTICES
and nonsense
sense
assembled
ever
to tempt
tailed
the jaded palates of the red-ink brigade" is promised by the de¬
program sent to members of the Bond Club of New York
today
regarding the club's eighteenth annual Field Day, to be held Friday, June
10th, at Sleepy Hollow Country Club.
Featuring the day's events will be
a
swimming show consisting of "a few
of the better mermaids, whose aquatic prowess will hold
you
music
by the Seventh Regiment Band,
tion doubles match to be
a
spellbound";
tennis tournament, and
an
exhibi¬
played by Vincent Richards, Gilbert Hall, Gregory
Mangin and Arthur MacPherson.
A
special attraction of the Field Day this
year
will be
a
World's
Fair
Preview, "providing all devices to dunk the inhibitions of the Wall Street
Share-Cropper."
The program extols the dietary delights of the outing
with
the assurance
that
the steaks
Other details listed
are
will
contain
"not
a
banjo-string in
a
in line with the club's traditions, includ¬
ing the Bawl Street Journal, prize
coupons,
gold prizes and "methods of
attrition which will wring from you your last
pfennig, franc or zloty.
—John D. Baker Jr. has become associated with A. M. Kidder &
Co.
as
securities salesman.
NATIONAL
BANKS
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
COMMON
CAPITAL
STOCK
REDUCED
■
Amt.of
Reduction
May 10—Madison-Southern National Bank
Richmond, Richmond, Ky.
From $225,000
REDEMPTION
IN
NEW
YORK
(Per Ounce .999 Fine)
Apr. 27--..
Apr. 28--,
18%d.
18%d.
18%d.
-
—
Apr. 29
43 cents
—
2___.
3
May
May
-43 cents
-43 cents
.43 cents
Apr. 30
18 7-16d.
18 7-16d.
18.490d.
—
__43 cents
-.43 cents
&
Trust
Co.
of
to $125,000——
Statistics for the month of April, 1938:
—Bar
Silver per
Cash
19%d.
,
Highest
price
Lowest price
Oz,
Std.—
Bar Gold
2 Mos.
Per Oz. Fine
18%d.
140s.
18%d.
l%d.
139s. 5%d.
18.5842d.
18 9-16d.
18.8804d.
Average.
ENGLISH
139s. 9.30d.
FINANCIAL MARKET—PER CABLE
The
daily closing quotations for securities, &c., at
London,
reported by cable, have been as follows the
past week:
Sat.,
May 14
Mon.,
May 16
Silver, per oz-- 18%d.
Gold, p. fine oz. 139s.lid.
Consols, 2%%_ Holiday
British 3 % %
W.L.
Holiday
18%d.
Tues.,
May 17
Wed.,
May 18
The
States
Holiday
price of
£74%
£101%
£101
on
the
N.Y.(for'n)
£113%
silver
same
£101%
£113%
per
^
ounce
42%
£113%
42%
64.64
64.64
CHANGES
The
64.64
IN
May 20
£101%
18%d.
140 s.l%d.
£74%
£101%
£113%
of which
42%
NATIONAL
following shows the
(all
May 19
(in cents)
Treasury
afloat
Fri.,
£113%
in the
United
days has been:
Closed
(newly mined)
Thurs.,
18%d.
18 ll~16d. 18 ll-16d.
140s.l%d. 140s
140s.l%d.
£74%
£74%
£74%
140s. Id.
British 4%
1960-90--.
are
amount
42%
64.64
64.64
BANK
42%
64.64
and last
NOTES
of National bank
notes
secured
year:
National Bank Notes—All
Legal Tender Notes—
Amount afloat April 1
Net decrease during April..
Amount of bank notes afloat
May 1
*
1938
1937
5229,648,490
5291,184.270
3,154|o50
6,944,405
*5226,494,440
*5284,239,865
Includes proceeds for called bonds
redeemed by Secretary of the
Treasury.
Note—$2,258,881.50 Federal Reserve bank notes
outstanding May 1
1938
secured by lawful
money, against $2,279,182 on May 1. 1937.
AND
SINKING
$100,000..
FUND
Below will be found a list of bonds, notes and
preferred
stocks of 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
were given in the "Chronicle":
location in which the details
Date
♦American Institute of Laundering, Inc., 1st
6s, 1939
Appalachian Power Co., 1st 5s, 1941
♦Beauharnois Light, Heat & Power Co. 1st 5%s, 1973
Beech Creek Coal & Coke Co. 1st mtge. 5s. 1944
*Boyd-Richardson Co. 8% preferred stock
,
♦Brown Paper Mills 1st 6s,
1
1
1
1389
3329
June
1
3174
June
15
3329
1
June
1
3329
3005
—July
1
July
1
Chicago Daily News 5% debentures, 1945
May 31
♦Clarke Ferry Bridge Co. 1st 6s, 1959
June
1
Connecticut Railway & Lighting Co., 1st & ref. 4%s
July
1
Container Corp. of America 1st mtge. 6s, 1946
June 15
Consolidated Edison Co. of N.Y., Inc., 20-yr., 4 %s. 1951-June
1
♦Cumberland Valley Tclep. Co. of Pa. 1st 5s, 1966
July
1
♦Dakota Power Co. 1st mtge. 6s, 1938
Sept.
♦Denver Tramway Corp. 1st
6% notes, 1943--July
Driver-Harris Co., 1st mortgage 6s, 1942June
♦England Walton & Co., Inc., 1st 6s, 1942June
Framerican Tndust. Development Corp., 20-yr. 7
%s 1942 -July
Frick-Reid Supply Corp., 15-year 6% debentures
June
-
♦Gordon-Pagel Co. of Del.
♦Hayward
1st 6s, 1940-44
Lumber & Investment Co. debentures
Heller Brotners Co., 1st
mortgage 7s
Kanawha Bridge & Terminal Co.. mortgage bonds
(Glenn L.) Martin Co., 6% notes 1939
-
June
June
2844
3331
3009
.3180
2846
3332
1
1
3332
3011
1
3334
1
3333
1875
1
2850
1
3337
1
3338
3016
2857
June
1
June
1
May 23
—May 25
6%s, 1939
June
1
♦Minnesota Valley Canning Co. 1st 6s, 1941
July
1
Paris-Orleans RR. Co., 6% bonds..
June
1
Pearl River Valley Lumber Co. ref. inc. bonds, 1945
Sept. 1
Peoples Natural Gas Co., 5% preferred stock
July
1
Pittsburgh Youngstown & Ashtabula Ry. 1st gen. mtge.
bonds!
..May 31
Pittsfield Coal Gas Co. 1st mtge. 5s, 1952
June
1
gen. mtge.
2049
3022
2378
3343
2863
2383
2865
3201
2383
June
1
3028
-June
June
2
1
3354
2868
120
3202
2385
3032
Safeway Stores, Inc., 10-year 4% debs., 1947
St. Joseph Ry., Light, Heat & Power Co., 1st 5s,
1946—July
1
St. Louis Rocky Mountain & Pacific Co. 1st
mtge. 5s
June 13
(Robert) Simpson Co.. Ltd., 1st mtge. 5s, 1952—
July
1
Staten Island Railway, 1st 4%s, 1943
June
1
♦Third Avenue RR. 1st
mtge. 5s
-—May 31
Tokheim Oil Tank & Pump Co. 4%% debs., 1947
May 31
Tooke Bros., Ltd., first
mortgage 7s
June
1
United Biscuit Co. of America,
5% debs, bonds. 1950
.Tune
1
♦United Cigar-Whelen Stores
Corp. 5% bonds, 1952
United States Rubber Co. 1st mtge.
5s, 1947
Virg'nia Power Co. 1st 5s, 1942
♦(Sidney) Wanzer & Sons, Inc., 1st mtge. 6s
(Raphael) Weill & Co., 8% preferred stock
Wilson Line. Inc., 1st mtge. bonds. 1945
♦Worcester Street Ry. Co. 1st 5s, 1947
♦
Announcements this week.
3329
2842
1
Metropolitan Playhouses. Inc., 5% debs, 1945
Minneapolis Brewing Co.
Page
3327
June
June
July
—June
1944—
Budd Realty Corp., 1st
mortgage 6s, 1941
♦Buffalo Weaving & Belting Co. 1st 7s, 1939
California Packing Corp.. 10-year
5% bonds
Power Securities Corp., collateral trust bonds
♦Prescott Gas & Electric Co. 1st mtge. 6s, 1940-
by legal tender deposits)
at the beginning of
April and May, and the amount of the
decrease in notes afloat
during the month of April, for the
current year
CALLS
Company and Issue—
The highest rate of
exchange on New York recorded during the period
from April 28 to
May 4 was $5.00 and the lowest $4.98%.
S.
38/93/6
10/9
£32.545
Std.-
2 Mas.
18 ll-16d.
Apr. 28-.18%d.
Apr. 29-.18 ll-16d.
Apr. 30.-.18 9-16d.
May 2—18 ll-16d.
May
3
18%d.
May 4—18%d.
Average—.18.677d.
U.
£20%
68/9
£8
1/6
19/6
...
Hudsons
Bay Co
Imp Tob <»f r r
4/—
£20%
68/9
£54%
£54%
4/-
NOTICES
-Bar
Bar
103/-
£55%
4/-
Coin not of legal tender in the United
Kingdom.
Quotations during the week:
as
102/-
£55
The
Exports
x
39/3
______
Imports
-
Fri.,
May 20
40/-
4/-
The following were the United Kingdom imports and
exports of silver,
registered from mid-day on April 25 to mid-day on the 2d inst.:
Belgium..Japan.„
Thurs.,
May 19
£56
Amer Tobacco
M^tCh
carload."
and
poor
Wed,,
May-18
Cable & W ordinary...
Marconi
—"The most delectable assortment of
£788,839
The SS. Stratheden which sailed from Bombay on
It was announced
Tues.,
39/3
101/6
De
by cable
May 17
CURRENT
£5,189,023
to the value of about
Mon.,
May 16
39/6
101/6
London
139s. 6.25d.
received
as
*39/6
104/-'
Distillers
Quotations:
Apr. 28
Apr. 29
Apr. 30
May
2
May
3
May
4
Average
Boots Pure Drugs
Canadian
In the open market
EXCHANGE
day of the past week:
May 4, 1938:
The
STOCK
Quotations of representative stocks
May 26
July
1
June
—June
Sept.
July
June
3360
2388
2873
2874
3360
2226
1
1389
1
1
3362
1
2875
3364
1
1898
Volume
Financial
146
SALES
AUCTION
The
3287
Chronicle
following securities were sold at auction on
Wednesday
Name of Company
of the current week:
General Finance Corp.
By R. L. Day & Co., Boston:
Shares
1
Stocks
'•
■
5 per Share
37%
53
27 H
15 First National Bank, Boston, par $12H
2
Beneficial
25
Industrial
Loan Co.
preferred-
Cos
Massachusetts
Western
...
!
1
Draper Corp
5 Plymouth Cordage Co., par $100
50H
92
._
,
—
Per Cent
Bonds—
102H Alnt.
53,000 Boston Wharf Co. 4s, April, 1941
By Crockett & Co., Boston:
"■v-"
Stocks
Shares
S per Share
4K
51c. lot
17 Farr Alpaca Co., par 550
50 Kreuger & Toll
1
Co., American certificates.Life Insurance Co., par 5100
—
70
Columbian National
Co., par 5100.
50 Southern Cities Utilities Co. prior pref. and 10 preference.
--
By Barnes & Lofland, Philadelphia:
$ per Share
Stocks
Shares
Co. capital, no par.
National Bank of Germantown & Trust Co., par 810
220 Bannockburn Heights Impt.
10
-—
2 First National Bank, Philadelphia, par 8100
Bonds—
$2,000 Nos. 246-48 North Delaware Ave. 5 Ms, due Jan. 15,1933.
of
deposit
;
Certificate
Certificate of deposit
-
-
9M flat
DIVIDENDS
are grouped in
two separate tables.
In the
bring together all the dividends announced the
week.
Then we follow with a second table in which
we
current
we
previously announced, but which
the dividends
show
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our
News Department"
"General Corporation and Investment
in the week when declared.
Per
Share
of Company
May 16
June
June 15
July
July
June
June
2
July
June
17
June
31
31
20
16
35c
— _
37Mc
6%
3%
SIM
June
1
SI
—
—
_—
__ _
June
May
May
May
May
15c
—
Alabama Water Service $6 pref. (quar.).
Altoona & Logan Valley Elec. Ry. Co
June
June
3
SIM
June
June
3
June
June
3
June 30 June
15
Caole
Preferred
Payable of Record
40c
—
_
American Chain &
Holders
June
SIM
Preferred
Preferred
When
25c
Abbott Dairies, Inc. (quar.)
Abbott Laboratories (quar.)
(quar.)
Addressograph Multigraph (quar.)——
Aero Supply Mfg., class A (quar.) — Alabama Great Southern RR. Co., ord
(quar.)
—
— — — __
American Cigarette & Cigar, stk. div.
— _
l-40th a sh. of Amer. Tobacco com. B for each
—
—
June
(quar.)
Amer. Radiator & Standard
June
May 27
(quar.)
American Sugar Refining.
.
Preferred (quar.)
— _ _
American Surety Co. of N. Y
_
American Telep. & Teleg. (quar.)
___
Anglo-Canadian Telephone Co. class A______ —
Arkansas-Missouri Power Corp.
SIM
6% cum. preferred (semi-aim.)—
Associates Investment Co. (quar.)
- —
5% cum. preferred (quar.)
- —
Astor Finance Corp. preferred (s.-a.)
Beech Creek RR. (quar.)
;
Beech-Nut Packing Co. com. (quar.)
Extra. I——
-—wi
Bellows & Co. class A (quar.)
Class A (quar.)
— —— —
_ ^
— _
Class A (quar.)
Berghoff Brewing
.
Bliss (E. W.) Co. 5% and 6% pref. (no action)
Bloch Bros. Tobacco Co. (quar.)
Bon Ami Co. class A (quar.)
Class B (quar.)
Boston Wharf Co. (s.-a.)
Bullard Co. (no action!—
California Art Tile .$1 % cum. con v. pref. A
Canada Cement Co. preferred~—
Canadian Canners, 1st pref. (quar.) —___
__
2nd preferred (quar.)
Catelli Food Products Ltd
SIM
June
May 31
50c
June
June
15
SIM
37Mc
June
June
15
June
June
6
Preferred
_
____■_
— —
25c
SIM
SIM
S2M
15c
—
—
_
-
-
—
_ —_ _
—
.
__
5% preferred (s.-a.)_
Chase
June
15
25c
June
25c
Sept.
15
June
10
June
10
June
1
Sept.
1
25c
Dec.
1
June
June
4
25c
.
Dec.
25c
May 14 May 10
July 30 July 15
July 30 July 15
Si
62 Mc
SI
June 30 June
1
t25c
SIM
June
May 20
June
May 31
25c
_
__
15
June
15
May
June
May 15
May 23
July
June 20
50c
May
Ap/. 30
June
June
3
June
June
3
June
May 20
10c
_—
(quar.)_____
Chicago Rivet & Machine
—
July
July
June
15c
25c
June
S8M
SIM
June
May 28
May 23
_
—
:
______________
July
June 20
June
—_
.
City Ice& Fuel Co., 614% pref.
SIM
(quar.)
June
3
June
Cincinnati New Orleans & Texas Pacific Ry_
June
3
June
May 23
40c
June
June
SIM
June
May 25
50c
June
June
3Mc
May
May 10
75c
July
June
15
10c
June
June
1
May
30c
June
15c
June
May 20
May 17
May 17
25c
June
June
Continental Steel Corp., pref. (quar.)_________
SIM
15
25c
July
July
May
June
Crown Cork International Corp., cl. A (quar.)._
June
10*
Common
______
_■_
Coast Counties Gas & Electric 6% pref. (quar.)_
Colt's Patent Fire Arms (quar.)
— — _________
Commercial Acceptance Co. (Pittsburgh).
Congoleum-Nairn, Inc. (omitted)
Connecticut Light & Power (quar.)
Consolidated Biscuit Co.
—
—
—
Consolidated Car Heating (extra)
.
— -
— _ —
Consolidated Investment Trust (quar.)
Special,
—
Continental Oil Co..
Delaware & Boundbrook RR. Co.
(quar.)
Detroit Steel Corp. (div. deferred)
Dominion Textile, Ltd. (quar.)
Preferred (quar.)_
Driver-Harris Co.. preferred (quar.)—
— _
du Pont de Nemours (E. I.) & Co
Preferred (quar.)_
________
—
—
Debenture (quar.)____
—
Duquesne Light Co., 5% cum. 1st pref. (qu.)___
Edison Bros. Stores (quar.)______
Preferred (quar.);
_;
El Paso Natural Gas 7% preferred (quar.)
Empire Power Corp. participating stock
$6 cum. preferred (quar.)—
—
Emporium Capwell Corp—
Feltman & Curme Shoe Stores, pref. (quar.)
—
______
—
Fifth Ave. Coach Co
Gatineau Power Co.. pref. (quar.)
General Cigar Co.. Inc
$2
15
6
May 17
SIM
SIM
SIM
July
July
July
June 15
50c
June
May 23
July
8
SIM
SIM
SIM
July
July
July
25c
June
62Mc
SIM
June
June
June 30
June 20
July
June
8
15
May 31
May 31
May 16
50c
June
June
1
SIM
June
June
1
July
July
June
15
25c
87 Mc
50c
SIM
_
15
50c
June
1
June
June
15
July
June
1
June
May 27
June 10
May
May 19
June 24
—
—_ —
— —
— _—
May 20
May 21
June
June
June
10c
June
May 25
May 28
37Mc
SI M
July
July
July
July
37Mc
37Mc
(quar.)
—
—__ —
(quar.)
(quarterly)
—
(quarterly)
Morrison Cafeterias Consol., Inc
Motor Wheel Corp. (omitted).
Muskegon Motor Specialties, pref. A (quar.) —.
National Credit Co. (Seattle) 5% pref. (quar.) —
National Dairy Products (quar.)
Preferred A & B (quar.)
National Grocers, Ltd., preferred
Preferred (quarterly)
—
June
1
SIM
June
17
SIM
SIM
July
May
July
SIM
June
June
25c
June
June
8Mc
July
July
July
July
June
10
3
10
June
10
June
10
tSl
June
June
62 Mc
July
June'15
SIM
$3
SIM
37Mc
June
June
4
July
July
June
17
June
10
June
June
1
75c
June
June
25c
S2M
10c
June
June
June
50c
June
SI
June
10c
May
$Ti
May
May
May
May
May
May
May
June
15c
June
28
31
26
26
20
20
21
June
June
A
qp
1
10
June 17
June
1*
July
35c
1
1 June 15
30c
June
1 May 24
50c
June 15 May 31
June 15 May 31
SIM
S2M
June 30 June
15
50c
June 30 June
SIM
June 30 June
15
15
May 16 Apr. 30
50c
June
SIM
tSIM
SIM
May
July
July
July
July
35c
June
June
15c
June
30c
—
—
-
15c
7% preferred (quar.)
—
& Telegraph Co
New England Telephone
Newmont Mining Corp
•»*
•
June
10
May 28
June
15
June
15
June
15
June
15
June
June
10
June
May 20
May 20
June
June
July
June
15
June
43 Mc
June
15c
June
June
50c
June
May
May
May
May
May
31
31
SIM
preferred (quar.)
Oneida Ltd. (quar.)
7% participating preferred (quar.).,
—
1
—
-
6% preferred (quar.)
Package Machinery Co. (quar.)
Park & Tilford, Inc. (no action)
June
75c
June 20 June
40c
June
SIM
Apr.
(quar.)
Parkersburg Rig & Reel Co., common
Pathe Film Corp. $7 conv. pref. (quar.)
Penick & Ford, Ltd
4
27
27
20
1 May
21
1 Mar. 23
75c
June
15 June
SI
— —
Pennsylvania Salt Mfg
Philadelphia Co., $6 cum. preferred (quar.)
$5 cumulative preference (quar.) —
— -—
Philadelphia Germantown & Norristown
Pittsburgh Brewing Co. $3 M preferred
——
Pittsburgh Plate Glass — _ _ ___ _ __ _ __ - - _ _
_
Plymouth Oil Co. (quar.)
Pneumat ic Scale Corp_
_ — _ _ - _ - —Pollock's, Inc.. 6% preferred (quar.)_
Premier Gold Mining Co. (quar.)
Pure Oil Co. 6% preferred (quar.) — —
5% preferred (quar.)
5H% preferred (quar.)
—
——
— — —
Public Service Electric & Gas Co., $5 preferred - _
June
15 May 31
1
1 June
July
July
June
1
1 June
1
4 May
20
35c
11 May 27
July
1 June 10
June 30 June 10
30c
June
3714c
June
1 May 21
6
15 June
3c
July
July
15 June 15
1 June 10
July
July
1 June 10
f50c
25c
June
-
SIM
SIM
SIM
SIM
SIM
1 June 10
June 30 June
1
—
_
- — - - - - - - —
Raybestos-Manhattan, IncReeves (Daniel), Inc. (quar.)— — — — — —
Optional payment one share of preferred for ea
Preferred (quarterl v)_—— — - —
Reliance Insurance (Phila.) (s.-a.)
__________
Remington Arms Co., Inc., 6% pref. (s.-a.) — _
Rolls-Royce Ltd., ord. reg. (final)
Amer. dep. rec. ord. reg. (final)
Reynolds Metals Co., 4H% conv. preferred. —
San Joaquin Light & Power Corp.—
7% preferred A (quar.)_ — —
7% prior preferred B (quar.) — — —
6% preferred B (quar.)
—
6% prior preferred A (quar.)
Schiff Co., common—
7% preferred (quar.) —
5)4% preferred (quar.) — _ —
— T
Seeman Bros., Inc. (quar.)____ — — —
—
Sioux City Stock Yards Co. (interim)__________
$ 1 y2 preferred (quar.). — —
_ - — — —
Ltd. (quar.)—
------
Staley (A. E.) Mfg. Co. cum. pref. (quar.) ——
7% preferred (s.-a.) —
Standard Oil of Kentucky (quar.)
______
Storkline Furniture Corp. (omitted)
Sutherland Paper Co., common
Swift & Co. (quar.). — -----J —
—
Tacony-Palmyra Bridge class A (quar.)
Preferred (quar.)
Talcott (James). Inc
____ _ __
Preferred (quar.)_——— u— Technicolor, Inc— —
— — - -
— —
1
June 30 June
1
50c
of New Jersey
June 30 June
50c
- — _________
— —
Sontag Chain Stores Co.,
7% preferred (quar.).
June
June
12Mc
— —
preferred
(monthly)
June
July
July
July
July
Sugar Co., Ltd. (monthly)
_— -
31
31
31
31
17
17
17
S2M
$2M
SIM
SIM
SIM
tSIM
tSl M
Omnibus Corp.,
_
1
May
May
May
May
May
May
May
$2
7% pref. (quar.)
$6 preferred (quarterly)_______
Niagara Share Corp. (Md.), class A pref———
Northwestern Public Service 7% preferred
Otis Elevator Co
1
June
10c
^
^
New York Power & Light,
June
50c
(s.-a.)
New York & Harlem RR.
May 27
Apr. 30
June
SIM
SIM
—
6% preferred
Pullman, Inc.
June 20
25c
-
Co
B
Public Service
May 15
June 21
25c
Transit Co__
7% preferred (quar.)
15*
May 31
—
6%
June
June
——
—
Preferred
Oahu
1
11*
June 20
June
Class B
(s ~ct)
June
June
30c
;—
Morris Finance Co., class A
Pr6f6rr6d
10
luC
July
Monarch Machine Tool
New Bedford Cordage
7
June
June
(quarterly)
Montreal Cottons, Ltd.
Preferred (quarterly)
10
May
50c
Irving (John Shoe Corp. 6% pref. (quar.)_
(C. E.) & Co
Jarvis (W. B.) Co. (omitted).
Johns-ManvilleCorp.,7% pref. (quar.)
—
KableBros. 6% preferred (quar.).
Kansas Utilities Co. 7% preferred (quar.)
___
Kaufmann Dept. Stores, Inc., pref
Kennecott Copper Co
Kerlyn Oil Co., class A (quar.)
Kimberly-Clark Corp., common (quar.)_,
Preferred (quarterly)
KrasgeDept. Stores, pref. (quar.)
—
Lake Shore Mines, Ltd. (quar.)______
Leath & Co., preferred (quar.)
Lexingtoi Utilities $6t£ preferred (quar.)
Libby, McNeill & Libby preferred (s.~a.)_
Liggett & Myers Tobacco, pref. (quar.).
—
Lily-Tulip Cup Corp_____
Lone Star Cement Corp
Lord& Taylor (quar.)
Louisiana Land & Exploration Co. (quar.)
Magma Copper Co
Magnin (I.) & Co. (quar.)
May Hosiery Mills
Preferred (quar.)
Memphis Natural Gas
Meyer (H. H.) Packing Co. 614% pref. (quar.)_
Mid-West Rubber Reclaiming $4 pref. (quar.) —
Mock, Judson. Voehringer Co__
Preferred
75c
__
Chestnut Hill RR.
Extra-_
11*
2oc
—_
—
Christiana Securities
Preferred (quarterly)
May 16
6
June
SI
50c
(quar.)
(A. W.) Co., Ltd., 6% non-cum. pf. (qu.)
Extra
June
June
38c
_ —
—
Chesebrough Mfg. Co. (quar.)
June
June
SI
6
July
July
July
July
July
July
July
50c
_
Central Illinois Light Co. 4M % pref.
_______
International Salt Co. (quar.).
Common
Sanitary (no action)
June
June
15
June 20
30c
Harvester
Neisner Bros., Inc
SIM
— — _
May 20
June
15
June
June 20
15c
Jamieson
Preferred
June
June
June
(quar.)
Heyden Chemical Corp. (interim)
Hewitt Rubber Corp
Humble Oil & Refining (quar.)
Indianapolis Water Co., 5% cumul. pref. A (qu.)
International
May 20
5c
Hawai ian-Sumatra Plantation
Hein-Werner Motor Parts Corp.
National
sh. Am. C. & C. held.
Preferred
S/,
— .
—
The dividends announced this week are:
Name
$100
$4
—______
_____
Dividends
first
+$1$3
(s.-a.)
Group No. 1 Oil Corp.
Harmony Mills 7 % preferred (liquidating)
Harshaw Chemical Co. 7% preferred (quar.)
Hartman Tobacco Co., pref. (quar.)
Haverty Furniture Co., Inc
—
_.wi_
2% flat47th & Pine Sts.) 6s, due Sept.
___
Si,000 Garden Court Apartments (N. E. cor.
15, 1932.
11
45
265
Percent
r
Greene RR. Co.
30c
pref. (q'u.)
—
155
51 lot
1 Holyoke Water Power
Great Western Electro-Chemical 6%
Green Mountain Power $6 preferred
May
July
July
July
July
June
30c
$1^
SIM
SIM
6% preferred (s.-a.)
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Globe-Wernicke 7% preferred (quar.)
July
37Mc
15c
12Mc
ch
SI00
15 June 15
June 15 May 27
June 15 May 31
June 15 May 31
in
div.
SIM
June
15 May 31
30c
June
S3
June
15 May 27
6
15 June
10M% June 30 May 16
9 May 19
16M% July
July
1 June 20
SIM
SIM
SIM
June
25c
June
June
june
June
May
May
May
May
31
31
31
31
31
31
31
31
June
May
May
May
May
May
9
May
9
May 20
May 20
June
June
3ii
July
June 20
June
May 31
SIM
June
June
62 Mc
37 Mc
37Mc
June
May
May
June
SIM
SIM
10
40c
June
15'June
30c
July
l'June
1
50c
June 30 June
15
68Mc
50c
4
1 June 17
1 June 15
1 June 15
June 15 June
1
Aug.
July
July
Financial
3288
Per
Name of
Texas Gulf Sulphur
Co.
Texon Oil & Land Co.
Share
Company
When
June
1
10
June
7 June
1
U June
1
June
—
-
15 June
1
May 28 May 25
1 June 15
July
1 June 15
Extra-July
June
1 May 21
United States Plywood Corp. conv. pref. (qu.)_
3734c
zx
June 15 May 31
32c
(Jnited States Tobacco Co., common
43 He
June 15 May 31
Preferred
1 June
Utah Power & Light $7 preferred
1
t$1.16«i July
1 June
1
July
^01
''
' ' ' ' '
•» «»
1 June 20
July
Victor-Monaghan Co. 7% preferred (quar.)——
June 15 June
25c
1
Viking Pump Co. (special)
United Paper board, preferred
United States Playing Card Co.
(quar.)
'
-
—
—
(quar.)
Railway
Preferred
Virginian
-
- - - -
_ - -- -- -- -- -
Walker & Co. $2H
class A
Washington Water Power, $6 pref. (quar.)
Wolverine Tube Co., preferred (deferred)
Yellow Truck & Coach Mfg., preferred
Youngstown Sheet & Tube .preferred (quar.).-
Below
Per
Name
of Company
60c
$2
June
15 June
1
.June 25 June
11
t25c
$134
May 28 May 20
June 15 May 25
$1 X
July
July
SIX
1 June
15
1 June
11
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.
we
Century Ribbon Mills pref. (quar.)
Champion Paper & Fibre Co. 6% pref
June
—
Name of Company
of Record
June
50c
May 25 May
June 11 May
2 June
July
1 June
July
June
1 May
1 June
July
1 June
July
Agnew-Surpass Shoe Stores, preferred
-----
Agricultural Insurance (N. Y.) (quar.)
Allegheny Steel Co., 7% pref. (quar.)
Allied Products Corp. class A (quar.)
Allied Stores Corp. 5% preferred (quar.)
Alpha Portland Cement Co—
Aluminum, Ltd., pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)--.
June 25 June
--------
June
14
SIX
June
May 14
J1
June
June 20
June
25c
June
Chile Copper Co-—....——————•
50c
50c
May
May
May
May
May
20
25
10
16
SIX
June
1 May
16
six
July
1 June 20
Oct
1 Sept. 19
1 Dec. 19
—
Cin^nnatiNew"Orleans
.
5% preferred (quar.).
\L
5% preferred (quar.^
City of New Castle Water, 6% preferred
(quar.)
Clark Equipment preferred (quar.)
Clearfield & Mahoning RR. (s.-a.)
Cleveland & Pittsb. RR. Co., reg. guar,
(quar.)
-
SIX
six
six
SIX
SIX
87 Xc
50c
Special guaranteed/ (quarterly)
Regular guaranteed (quarterly)
8pecial guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Coca-Cola Co.-
87t£
87 He
pref.
6 % pref.
(quar.)"
Corp. $3 preferred (quar.)
June
1 May
25
1 May
1 May
Crown Cork & Seal Co. $2.25preferred w. w
75c
June
June
June
June
1 May
1 May
17
17
17
14*
16
June
1 May
June
June
1 May 20
1 May 20
12 He
—
,2H
(s.-a.)
»3> A
'
$1
25c
1 May
May 31 May
1 May
July
June
1 May
5 June
July
5 June
July
June
1 May
June
1 May
June
1 May
June
1 May
20
6
31
10
25
26
20
20
21
16
Artloom Corp., preferred
Ashland Oil & Refining (quar.)
$1H
10c
June
30 June 20
5% preferred (quar.)_
Associated Dry Goods Corp. 6% 1st preferred—
7% 2d preferred (quar.)
Atlantic Refining Co
Atlas Corp. 6% preferred (quar.)..Atlas Powder Co
$1H
June
15 June
14
1 May
1 May
13
13
June
June
June
75c
June
50c
5c
June
June
62c
—
25c
15c
Baltimore Radio Show, Inc. (quar.)
6% preferred (quar A
Bangor & Aroostook RR. Co. (quar.)
5% conv. pref. (quar.).---.
Bangor Hydro-Electric 7% preferred (quar.)
6 % preferred (quar.)
Bank of Nova Scotia (quar.)
M
July
July
July
July
July
$1H
SIX
M
Bedling-Corticelli, Ltd. (quar.)
Preferred (quar.)
Bensonhurst National Bank (quar.)
Bethlehem Steel, 7% pref. (quar.)
5% preferred (quar.)
Bigelow-Sanford Carpet, preferred (quar.)
Bird & Son, Inc., $5 preferred
(quar.)
Blue Ridge Corp. $3 conv. pref. (quar.)
1 May
$13*
25c
SIX
75c
Opt. div. 1-32 sh. of com. or cash.
Borden Co. common (interim)
Boston Elevated Ry. (quar.)
30c
J 50c
July
July
July
June
Ltd
Bridgeport Gas Light (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Teleg & Messenger Co. (quar.)
Brown Shoe Co. common
(quar.)
Buckeye Pipe Line Co
Bullocks, Inc
Bulolo Gold Dredging Co.
(interim)
Bunte Bros., 5% pref. (quar.)-,
5% pref. (quar.)_-_
5% pref. (quar.)
Burroughs Adding Machine Co..
Butler Bros., 5% conv. pref.
(quar.)
Calamba Sugar Estates (quar.)
Cambria Iron Co.
(semi-annual)
Canada & Dominion Sugar
(quar.)
Canada Vinegars, Ltd.
(quar.)
Canada Wire & Cable preferred
(quar.)
Canadian Foreign Investment Corp. (quar.)
8% preferred (quar.)
Canadian Internat. Investment Trust, Ltd.—
5% preferred
Canadian Oil, Ltd. 8%
pref.(quar.)___
"III
Canfield Oil 7% preferred
(quar.)
-III
Carman & Co., Inc., class A
I
Carolina Telephone & Telegraph
(quar.)
Catawissa RR. Co., 5% 1st & 2nd
pref. (s.-a.)_I
Caterpillar Tractor (quar.)
Preferred (quar.)
II
30c
15 May 31
June
15 May 31
30c
—
June 15 June
i8im
Partic.
15
3
3
75c
Partic.
Central Arkansas Public Service
7% pref. (qu.)
Central Illinois Public Service 6% preferred
$6 preferred
Central Tube Co
Centra 1 Vermont Public Service pref.
(quar.)
1 May
16
13
21
30
27
1 Nov. 25
10c
June
3734c
June
6 Apr.
1 May
30
12
July
1 June
15
Oct.
1
Sept. 15
June
1 May 15
June
1 May 20
June 15 May 31
July
July
1 June
June
$2
1 May 16
2 June 20
15
1 June 15
June 30 June 20
1 May 14
1 June 24
10c
July
May 23 May
May 25 May
May 25 May
June
1 May
June 15 May
June 15 May
May 25 May
June 16 Apr.
Aug. 15 Aug.
30
5
10c
Nov. 15 Nov.
5
50c
$13*
$1.75
t$l
t$l
3c
$134
1 July
1 Oct.
Dec.
1
1
23 Dec. 23
June
$2
$2
1 May 20
June
30c
June
1 May 20
1 May 14
July
5 June 20
Jan.
5 Dec.
20
June
13 May 23
June 15 May 31
1 May
June
Sept.
10
1 Aug. 10
Dec.
1 Nov. 10
June
1 May 10
1 May 10
Sept.
1 Aug. 10
75c
Dixie-Vortex Co
-
2-10-39
1 May 13
$2
June
May 13
July
July
June
10
62 He
June
10
25c
June
25c
j
3-1-39
June
Sept.
May 18
Aug. 18
.;—
—
25c
1
—
East St. Louis & Interurban Water—
Dec.
$13*
1 Nov. 19
Oct.
25c
Dictaphone Corp., common
Preferred (quar.)
15
1 May 11
May 21 May 19
June
1 May 26
Sept. 1 Aug. 26
June
Dec.
*1 az
June
1 June
5 May 31
16
May 31 May
July
Sept.
July
50c
75c
Dome Mines, Ltd., old stock
New stock
June
$13*
t50c
1 May 19
1 Aug. 22
75c
preferred
preferred
preferred
10
1 May
15 May
$2
1 May 14
June
held
16
1 May
$1H
t40c
20
June
25c
25c
25c
June
June
t37sl
June
1
16
SIX
-
1 May
,1
June
-
1 May
1 May
75c
25c
(quar.)..
Dr. Pepper Co. (quar.)
Quarterly
25c
40c
June
17
May 31
35c
10c
1 May 14
1 May 21
1 May
5
$13*
$134
$13*
$13*
$13*
1
of l-10th a sh. of Pan American
Match Corp. for each sh. Diamond Match
Par tic.
June
June
June 30 June
July
Diamond Match Company—
1
60c
50c
1 May 16
May 31 May 18
May 31 May 18
June 30 June 20
t$2H
Semi-annually
15
June 30 June
50c
10
Stock div.
50c
$2
1
1 May
June
Detroit Hilisdale & Southwestern (s.-a.)
15
1 June
^
15 June
10 May 27
10 May 27
June
Class A
.
25c
7
14
14
16
20
20
16
-
Dec.
Nov. 18
$1
Quarterly
-
1
16
$1H
Detroit Motorbus (liquidating)
Devonian Oil
19
1 June
June
$13*
Brach (E. J.) & Sons
Cquarj
Brazilian Traction Light & Power Co.,
June
June
1 May
15 June 30
June
25c
—
2 June
June
SIX
10
1 May 16
1 May 20
1 May 20
June
87 He
16
16
May 16
1 June
June
25c
(quar.)
(Quarterly)
Cuban Tobacco, 5% pref
Cuneo Press, Inc., 6H % pref. (quar.)
Curtis Publishing Co. preferred
Cushman's Sons 7% preferred
Dayton Power & Light 4 34 % 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.)
Denver Union Stockyards Co. 5H% pref. (qu.).
Derby Oil & Refining preferred
Detroit Gasket & Mfg. 6% pref. ww (quar.)-- —
2 June
June
1
June 10 June
July
Crown Zellerbach Corp. $5 conv. pref. (quar.)—
Crum & Forster Insurances Shares A and B
1 May
1 May
June
1 May
1 May
56 He
x w
Preferred
27
20
14
15
15 May 13
June
25c
56 He
27
31 Dec. 25
1 May 14
June
tsix
Quarterly
June 30 June 30
$134
$1
30c
.
Quarterly
15 May 31
July
July
1 June 20
June
SIX
$1.12H July
Extra
$2.25 preferred
10
2 June
July
July
75c
May 31
1 June
June
SIX
1
16
16
—
1 May 31
1 June 10
June
$134
1 May
1 May
June
30c
14
10 May 31
June
25c
_»
Barlow & Seelig Manufacturing A (quar.)_._
Baton Rouge Electric Co. $6 pref. (quar.)------
15 May 20
1 June 20
1 June 20
June
50c
1 Aug. 25
1 Nov. 25
Dec.
40c
Archer-Daniels-Midland
$1?*
Sept.
25c
Centrifugal Pipe Corp. (quar.)-.
Quarterly
Cigar Corp., preferred (quar.)
June
June
(quar.)
Consolidated
Consolidated Edison Co. or New York, Inc
Preferred (quar.)
Copperweld Steel Co. (quar.)
Steel Co.
Corrugated Paper Box, Ltd.. 7% pref. (quar.) —
Cosmos Imperial Mills Ltd. 5% pref. (quar.) —
Crane Co. preferred (quar.)
Creameries of America, Inc.. preferred (quar.) —
Creole Petroleum Corp
19
19
Sept. 30 Sept. 25
Dec.
1
6
1 May
1 May
June
14
1
1 June
June 30 June 25
$1H
1 May
June 20 June
11
June 10 May
June 10 May
June 10 May
June
1 May
June
1 May
June
30c
15c
11
1 June
July
July
July
$1?*
(quar.)
11
1 June
June
Connecticut Light & Power pref. (quar.)
Connecticut River Power Co., 6% pref. (quar.).
15 June
1
10
10
1 June
June
t$l
15 June
June
20c
Amoskeag Co., common (s.-a.)
Preferred (semi-ann.)
Barber (W. H.) Co.
t$l
til
June
(quar.)
American Smelting & Refining Co
American Thread Co. $5 preferred (s.-a.)
American Tobacco Co. com. & com. B (qu.)
50c
Quarterly
Continental Casualty Co. (Chicago)
Cook Paint & Varnish Co. (quar.)
50c
20c
(quar.)
SIX
—
Consolidated Oil Corp. $5 pref. (quar.)
Continental Can $4.50 preferred (quar.)
6234c
—
$2-50 preferred (quar.)
$2 preferred (quar.).
American Home Products Corp., (monthly)
American Investment Co. of Illinois (quar.)
Andian National Corp.
Extra
Compania Swift Internacional
Confederation Life Assoc. (Toronto) (quar.)
$1H
SIX
SIX
Envelope Co., 7% pref. A (qu.)
7% preferred A (quarterly)--7% preferred A (quarterly)
$1
—
18
16
$2
25c
25c
(reduced)
June
(quar.)
SIX
SIX
Columbian Carbon Co. v. t. c. (quar.)„
—
Commonwealth Util. Corp. 614% pref. O (qu.)«
15
50c
1 Aug. 10
1 Aug. 10
1 Nov. 10
1 June 11
M
20
$1H
1 May
1 May
Sept.
Sept.
1 Nov. 10
25c
1 May
1 May
;
June
Dec.
SIX
(quar.)
Juhe
(quar.)
June
Dec.
$3.88
$3
$7 cum. preferred (quar.)
Cumulative preferred, series B (quar.)
Columbia Broadcasting System—
Class A (quar.) (reduced)—---------Class B (quar.)
1 May 20
15 May 31
1 June 20
July
July
July
July
July
$1H
------
-
Collins & Aikman Corp
conv.
June
July
50c
Coca-Cola International common
5%
Jan.
June
50c
—
Class A (s.-a.)
June
& Texas Pacific Ry.-
5% preferred (quar.)
---------------Cincinnati Union Terminal 5% pref. (qu.)--..
1 May
1 June
June
1
May 15
25c
$6 preferred (quar.)
Chicago Flexible Shaft (quar.)
15
July
American
Preferred
1
1 May
June
preferred (s -ad-
American Laundry Machinery
American Metal Co. Ltd
13
21
Dec. 31 Dec. 15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Extra.--American Cap Corp. $534 prior preferred
American Dock Co. preferred (quar.)
American General
14
Sept. 30 Sept. 15
American Box Board preferred (quar.)
American Business Shares, Inc. (quar.)
American Chicle
15
20
June 30 June
American Arch Co
American Bakeries Corp. 7%
14
26
15
June
Chicago Yellow Cab (quar.)
Chickasha Cotton Oil (special)
Colonial Ice Co. common
Acme Gas & Oil Co., Ltd. (resumed)
Acme Steel Co. (quar.) (reduced)
May 18
June
1 May
July
(quar.)—
Chicago Corp. preferred (reduced)---.Chicago District Electric Generating Corp.—
Colgate-Palmoiive-Peet",
Holders
'■
Holders
of Record
Chartered Investors, Inc.. $5 preferred (quar.)—
June
United Gas & Electric Corp. common
Preferred (quar.)-------
o% preferred (s.-a.)—
15 June
(no action)
1938
21,
Share
Holders
Payable of Record
June 30 June
—
------
(quar.)
Transue & Williams Steel Forging
May
Chronicle
July
July
20 June 30
20 Juno 30
50c
-
SIX
six
June
1 May 20
June
1 May 20
SIX
SIX
SIX
SIX
7% preferred (quar.)
6% preferred (quar.)
June
June
1 May 10
1 May 10
July
July
1 June
1 June
Eastern Shore Public Service Co.—
$6H preferred (quar.)—'
$6 preferred (quar.)
Eastman Kodak (quar.)
Preferred (quar.)
Electric Shareholdings, pref. (optional)—
44-1000ths of a share of common or $1H tn ca sh
June
Electrigraphic Corp. (quar.)_
25c
June
Electrolux Corp. (irregular)
Elizabeth & Trenton RR. Co. (semi-ann.)—
40c
June
SIX
5% preferred (semi-ann.)
El Dorado Oil Works (quar.)
El Paso Electric Co. (Texas) $6
$1
40c
pref. (quar.)
—
Ely & Walker Dry Goods Co
1st preferred (s.-a.)
2d preferred (s.-a.)
Empire & Bay State Teleg. Co. 4% gtd. (qu.)
Empire Capital Corp., class A (quar.)
$1H
25c
$3H
—
$3
$1
10c
5c
Extra
Empire Casualty (Dallas) (quar.)
Quftrtfirly
Emporium Capwell Co. 4H~% pref. A (quar.) —
4H% preferred A (quar.).
'.).
4H% preferred A (quar.>_
Emsco Derrick & Equipment
Equity Corp., $3 convertible pref. (quar.)
Faber, Coe& Gregg. Inc. (quar.)
Fairbanks-Morse & Co., 6%> conv. pref. (auar.)
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
—
25c
25c
Oct.
Oct.
June
May
May
May
Sept.
Sept.
May
5
5
18
23
16
20
20
20
July
June 30
June
May 21
July
2
July
July
June
May
May
Aug.
July
2
May 21
May 16
May 16
Nov.
56Hc
56 He
56Hc
July
June 18
Oct.
Sept. 17
Jan.
Dec. 24
May
May
May
May
May
11
16
15
12
16
June 30 June
15
10
15c
May
75c
June
50c
June
$1H
June
50c
June
SIX
S2X
S2X
July
June
Oct.
Sept. 10
Federal Bake Shops, Inc., 5%
Finance Co. of Amer., class A
Preferred A
(quar.)
Pref. A (quar.)
City (quar.).- ..
First National Bank (Toms River, N. J.) (qu.)_.
First 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, 5H% pref. (seml-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., $2 H prior pref. (quar.)..
$2H prior preferred (quar.)
Freeport Sulphur Co. (quar.)
Fuller Brush 7% pref. (quar.)
7% preferred (quar.).*
First National Bank of Jersey
—
7% pref. (qu.)
(quar.)...-------------
Extra.---—------
(quar.)
-—
S1H
June
June
S2H
J25c
5%
62 He
62 He
50c
S1H
$1H
June
May 24 Apr. 29
Aug.
July
25
25
Nov.
Oct.
June
May 12
July
June 23
Oct.
May
Sept. 22
May 14
June
June
25c
June
June
June
June
May 31
May 31
May 20
May 31
15 May 16
13 May 12
1 July 11
Aug.
May 23 May 16
1 June 20
July
1 June 20
July
1 May 20
June
June 15 May 16
June
1 May 16
1 May 10
June
1 May 13
June
June
1 May 13
June
1 May 20
June
1 May 20
June
iig
SIM
50c
SIM
SIM
25c
25c
25c
13c
35c
Juiy
Oct.
SIM
—
(quar.)
-
11 July
10 Oct.
June
75c
June
SIM
SIM
June
July
1 June
June
June
15c
June
10c
May
25c
(quar.)
— —
(year-end)
Hayes Steel Products, Ltd., 6% non-cum. pref..
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hires (Chas. E.) Co. class A common (quar.)...
Hobart Mfg. Co. class A (quar.) —
Holt (Henry) & Co. partic. A
Homestake Mining Co. (monthly)
Horn (A. C.) Co. 1st prior pref. (quar.)
2d partic. pref. (quar.)
Horn & Hardart (N. Y.) 5% pref. (quar.) —
Hudson Bay Mining & Smelting, Ltd
Huntington Water Corp., 7% pref. (quar.) —
6% preferred (guar.)
Idaho Maryland Mines (monthly)
Illinois Central RR., leased lines (s.-a.)
Illinois WTater Service 6% pref. (quar.)
Imperial Chemical Industries, Ltd.—
Final dividend for the year ended Dec. 31,
Preferred
(quar.)
Little Miami RR., special guaranteed (quar.)..
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
June
SIM
July
June
50c
June
50c
Lindsay Light & Chemical
Link Belt Co
Sept.
May 25
Aug. 25
SI
50c
Dec.
Nov. 25
$1.10
June
Sept.
May 25
Aug. 25
Dec.
Nov. 25
July
June 21
$1.10
$2
$2
$2
Extra
June
25c
Longhorn Portland Cement Co.—
5% refunding participating pref. (quar.)
May 10
May 10
June
S1H
5% refunding participating pref. (quar.)
25c
Extra
June
Sept.
Sept.
May
May
Aug.
Aug.
Loose Wiles Biscuit, pref. (quar.)
Lord & Taylor 1st preferred (quar.)
-
Nov. 21
Dec.
Nov. 21
July
June
June
$2H
Aug.
Aug.
4c
June
$1H
5% preferred (semi-ann.)
June
$1 M
July
June 21
$4
-
Louisville Provision 8% pref. (s.-a.)
Ludlow Manufacturing Associates
(quarterly).
June
Lynchburg & Abingdon Telegraph Co. (s.-a.)--
Jan.
Dec. 21
25c
Reduced
Oct.
$1M
May
May
4
$3
July
June
15
May
Aug.
May 30
Aug. 30
43 He
McClatchy Newspapers, 7% pref. (quar.)
43Hc
43Mc
7% preferred (quarterly)
7% preferred (quarterly)
1
June
McKesson & Robbins, $3 pref.
3c
75c
June
1
2Hc
June
15
—
(quar.)
McKinley Mines Securities
Mabbett (G.) & Sons 7% 1st & 2d pref. (quar.).
Macy (R. H.) & Co
Magnin (I.) & Co., 6% pref. (quar.)
Preferred (quarterly)
SIM
50c
S1H
_
Nov. 15 Nov.
June
MasoniteCorp. (quar.)_
Preferred (quar.)
Massachusetts Plate Glass, Inc. (s.-a.)
1 June 20
May Dept. Stores (quar.)
1 May
1 May
Quarterly
Mead Corp., $6 preferred A (quar.)
S5.50 pref. B (quar.)
Metal Textile Corp., partic. pref. (quar.)
16
6
6
July 20 July
June
1 May 14
May 23 May 13
June
5H %
JS3M
tS3M
tS3M
J25c
J37Mc
—
Imperial Life Assurance Co. (Canada) (quar.).
Quarterly
Quarterly
Imperial Oil Ltd. (s.-a.)
Extra
15
50c
SIM
June 15*
_
15 June
1
June 24 June 14
1 May 14
"
June
May
May
May 25 May
June
May
June
May
June
May
June 27 May
June
May
June
May
May 22 May
June
July
June
May
June
_
_
14
12
20
16
16
12
27
20
20
10
11
16
Dec. 31
June
18
18
9
13
quarterly
quarterly
June
SIM
t50c
June
June
30c
Iron Fireman Mfg. vtc conv. (quar.)
June
Sept.
31
May 10
Aug. 10
Nov. 10
June
5
30c
Dec.
J75c
June
50c
June
A__
US3
June
—
60c
June
May 19
July
July
June
15
June
15
June
June
1
International Petroleum Co. (s.-a.)
Special
Intertype Corp., 1st pref. (quar.)
Second preferred (s.-a.)__
Investment Corp. of Philadelphia
Ironwood & Bessemer Ry. & Lighting Co.—
7% preferred (quar.)
Irving Oil Co.. Ltd., 6% preferredJantzen 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. ser. A (qu.)
Participating preferred A
Participating dividend
Kirkland Lake Gold Mining Co. (s.-a.)
Kobacker Stores, pref. (quar.)
30c
Kresge (S. S.) Co
—
SIM
Kroehler Mfg. Co. 6% class A pref. (quar.)..
SIM
6% class A preferred (quar.)
SIM
6% class A preferred (quar.)
40c
Kroger Grocery & Baking Co
SI
6% preferred (quar.)
SI
7% preferred (quar.)
SIM
Lake-of-the-Woods Milling preferred (quar.)
SIM
Lake Superior District Power 7% pref. (quar.).,
SIM
6% preferred (quar.)
25c
Landis Machine (quar.)
25c
Quarterly
SIM
7% preferred (quar.)
7% preferred (quar.)
,
SIM
7% preferred (quar.).
tl7Mc
Lang (John A.) & Sons, Ltd. (quar.)__
Langendorf United Bakeries—
75c
6% preferred (initial quar.):
50c
Class A (quarterly)
SI
Lahston Monotype Machine
__
75c
Laura Secord Candy Shops (quar.)_
__
SI
Lehigh Portland Cement Co., 4% pref. (quar.).
5c
Lessings, Inc
25c
Le Tourneau (R. G.) Inc., com
SIM
Lexington Water Co. 7% preferred (quar.)
25c
Glass
J
40c
May 20
May 20
17 June
1
June'
June
May 16
1 May 15
1 May 25
June 20 June
6
July
1 June
15
June
1
Sept.
1 Aug. 22
1 Nov. 21
Dec.
May 21
June
Muncie Water Works 8%
6% preferred (quar.)
National Lead Co.,
—
-
5
Sept. 15 Sept.
3
Dec.
15 Dec.
July
2 June
15
15 May
15 May
May 31 May
1 May
June
1 June
July
25
25
20
14
June
June
June
June
10 June
1
14
3
May 16
June
1 May 20
June 15 May 31
June
1 May
2
15 June
15
6
11 May
11 May
26
26
1 June
July
July 15 June
May 31 May
1 May
June
June 15 May
1 May
June
1 May
June
Aug. 15 July
1 May
June
1 May
June
June
1 May
1 May
June
June
1 May
17
17
21
30
2
13
13
20
16
1 June
16
SIM
15c
July
June
June
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
Aug.
3,4c
13c
supplies
equipment
42c
13c
18c
equipment
30c
----
5c
20c
stocks--..--..—
33c
Machinery
20c
32c
_
21c
\ Oils
— -—-- — —
Public utilities
-
20c
•
5c
- . - -+- -— -------- —
W
—
M
Class A (quar.)
(quar.).--
50c
Ry. common (quar.).....
Edison Co. preferred (quar.)..
North Pennsylvania RR. (quar.)
North River Insurance
--Northeastern Water & Electric pref. (quar.)
Northern Oklahoma Gas
Northern Pipe Line Co--------Northwestern Yeast (liquidating)
Liquidating
Norfolk & Western
North American
Nova^coUa light & Power,"pref.
Oahu Railway
& Land Co.
34c
50c
Corp.",
Class A
13c
5c
Steel
OCCS
Jtine
$2
S1H
18c
Bank stocks.-
-
Dec.
50c
5c
Aviation
Railroad.
Railroad equipment
16
Sept. 28 Sept. 15
June
- - >
Business
1
1 May 21
1 May 14
June
26c
Automobile
15 June
15
15
14*
June 28 June
50c
Merchandising
4
June
•tmH
SIM
S1H
r
Agricultural
Alcohol & Distillery
Metals
15 June
June
32c
(quar.)
Food
June
75c
25c
New York Stocks—
Building
June 15 May
S1H
S1H
S1H
S1H
30c
(Reduced)
Sept. 30
Dec. 31
June
1 May 10
1 June it
July
Nov. 15 Nov.
1 May
1 May
—
(semi-ann.)..
New Jersey Zinc Co. (quar.)..--.-—...—
New York & Queens Elec. Light & Power (quar.)
June 30
June
1 Nov. 26
40c
(quar.)
Nebraska Power 7% preferred (quar.)...
6% preferred (quarA---Neiman-Marcus Co., 7% pref. (quar.)..
Newberry (J. J.) Co. 5% pref. A (quar.)
1900
Dec.
June
S1H
12Hc
National Paper & Type, 6% pref.
National Power & Light, common
rrnhq
Sept.
June
55c
preferred A (quarA
(Tenn.)
Insurance
20
14
16
16
5
1
27
27
1 May
1 Aug.
$1H
—
(quar.) —
National Oats (quar.)..
_
1
2
25c
National Life & Accident Insurance
-
1 July
1 Oct.
2 Jan.
20c
(irregular)
Government bonds.
July
May
June
1 May
June
1 May
Aug. 15 Aug.
1 May 10
Oct.
July
$2
National Container Corp
1
1
1 May 20
1 June 16
June
30c
preferred (quar.)
National Battery, preferred
National Biscuit Co
Preferred (quar.)
June
1
July
S2M
$1H
S1H
(quar.)
(Hawaii) (quar.)..
June
Aug.
June
SI
87 He
lc
Chemical
June
15 May 14*
35c
(quar.)
6% preferred
Electric
1
1 May
2
1 June 30
June
June
Murphy (G. C.) Co. (quar.)
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer. 6% pref. (qu.)__
6% preferred (quar.).
1 May 10*
13 June
July
(quar.)
Mountain Producers Corp. (s.-a.)
1
June
June
si
1 May 10*
1 Apr. 30
May 17
1 May 14
1 May 20
June
si
June
May 10
17
llAug. 15
l'May 14
$3
50c
Quarterly
Quarterly
June
June
June
81 He
(semi-ann.)
Moran Towing, pref. (quar.)
Mount Diablo Oil Min. & Dev.
Preferred
June
2 May
Sept.
25c
Morris Plan Insurance Society
Sept. 30
May
May
May
May
May
May
l'June 30
June
Jan.
Mutual Telep. Co.
Oct.
July
75c
—
Quarterly—
Quarterly ■ ■
National Baking Co., com.
Jan.
50c
— —
Minneapolis-Honeywell Regulator Co.—
4% preferred B
Monroe Chemical Co. $3.50 pref. (quar.)
Monsanto Chemical Co. $4H class A pref. (s.-a.)
Moore (W. R.) Dry Goods (quar.)
Apr. 21
30c
International Harvester Co. preferred (quar.)..
International Nickel Co. of Canada, Ltd
Midland Grocery Co. 6% pf.
Midwest Oil Co. (s.-a.)
June 30
June
SIM
Petroleum
Mid-Continent
July
50c
—
5
10
10 May 23
June
1 May 23
75c
June
SI
Inland Steel Co
1 May
June
May 27 May 17
$2
1
May 31
May 10
June 30
July
1 May
June
6
5
Aug. 15 Aug.
June
June
July
u£
Sept. 21
SIM
6H% preferred (quarterly)
6H% preferred (quarterly)
Nov. 29
June
45c
17
May 17
May 31
Aug.
1
Aug.
1
May 31
May
7
37Hc
Louisville Gas & Electric class A & B (quar.)
Louisville Henderson & St. Louis RR--
Lunkenheimer Co., 6H% preferred
Dec.
25c
S1H
$1H
$1H
5% refunding participating pref. (quar.)
Extra
May 14
May
2
15c
15c
SIM
t75c
SIM
20
20
20
20
Nov.
75c
37Mc
8Mc
24
June
$1H
Extra
Dec.
t25c
tl2Hc
..
Jan.
June
June 30 June
10c
Sept. 21
Oct.
June
60c
37Mc
15
$1.10
25c
June
50c
26
May 24
May 24
May
7
May 14
25c
June
SIM
(quar.)
Oct.
June
Manhattan Shirt Co
25c
Hawaiian Pineapple
Life Savers Corp
Nov.
25c
(quar.)
16
16
1 May 20
1 May 20
SIM
Hart-Carter Co., conv. pref.
International Power Secur., 6% preferred
International Safety Razor A (quar.)
30c
$1M
Quarterly
Lincoln Stores, Inc., common
Preferred (quar.)
July
(P. H.) Emitting Co. (quar.)
(quar.)
7% preferred (quar.)
Hanna (M. A.) Co., §5 preferred
Harbison-Walker Refractories Co
Class B
Ingersoll-Rand Co
Aug.
10c
1 May
1 May
15c
June
50c
l'May 17
1 May 20
June
May 17
May 17
July 26
June
$1
SI
30c
(quar.)
Lincoln National Life Insurance (Ft. Wayne)
Mclntyre Porcupine Mines Ltd. (quar.)
McKenzie Red Lake Gold Mines Ltd. (quar.)
„
25c
Class B
of Record
McCol 1-Frontenac Oil Co. (quar.)
15 May 31
15 May 31
20c
....—----,
Hanes
1937 less British income tax
4
June
25c
preferred (quar.)
Hammermill Paper Co., 6% preferred (quar.)..
Hancock Oil of Calif., class A & B (quar.)
Libbey-Owens-Ford
Sept.
30'June 20
30lJune 20
1 May 15
30 June 23
1 June 22
15 June 10
1 May 14
1 May 16
1 May 16
1 Aug. 20
18 May 28
June
S6 preferred (quar.)
Hackensack Water Co. (s.-a.)
Hamilton Watch Co. 6% pref.
Class A & B extra.
June
87 He
35c
Gulf States Utilities $5 H
July
June
—
Quarterly
June
50c
15c
$1
Great Atlantic & Pacific Tea Co..
Great Southern Life Insurance Co.
June
SI M
-
Goodyear Tire & Rubber Co. $5 conv. pref. (qu.)
Gossard (H. W.) Co
Grand Union Co. S3 conv. preferred (quar.)
vtc com.
June
10c
$5 preferred (quar.)
....
— —General Outdoor Advertising 6% pref. (quar.)..
General Public Utilities, Inc., $5 pref. (quar.)..
vtc com.
June
8%c
S1H
1%
87 He
68Mc
SIM
...
General Motors Corp
Preferred
June
81H
—
*
Preferred (quar.)__
Great Northern Paper
June
25c
$6 conv. pref. (quar.)
Gaylord Container Corp. (quar.) — .
Preferred (quar.)
General Cigar Co., Inc., preferred
Genera ICrude Oil Co. (initial)
General Gas & Electric Corp. (Del.)—
$5 prior preferred (quar.)
Gibson Art Co. (quar.)
Globe Democrat Publishing Co.
Liggett & Myers Tobacco (quar.)
June
15c
& B (quar.)
___
30 June 16
l'May 18
l,May 16*
June 15 June
1
75c
Holders
Share
Name of Company
40c
Firestone Tire & Rubber 6%
Gamewell Co. common
Payable.of Record
$1H
S1H
preferred (s.-a.)_.
& Warehouse (quar.)
Federal Light & Traction Co. preferred (quar.)_
Federal Mining & Smelting, preferred (quar.)..
Per
\ Holders
When
Per
Share
Name of Company
Federal Compress
3289
Financial Chronicle
146
Volume
(quar.)
(monthly)---
Ogilvie Flour Mills preferred (quar.)-.--Ohio Associated Telephone Co. 6% pref. (quar.)
Ohio Oil, preferred (quar.)..--Ohio Power Co., 6% preferred (quar.),
S2H
June
28 Dec.
13
10
27
20
10 May 20
3
14 June
1 May
20
25 May 10
25 May 10
25 May 10
25 May 10
25 May
25
10
May 10
10
10
May 10
May 10
May 10
May 10
May 10
May 10
May 10
May 10
May 10
May 10
May 10
May 10
May 10
Aug.
1
25 May
25 May
25
25
25
25
25
25
25
25
25
25
25
25
25
15
Nov. 15 Nov.
1
18 May 31
1 May 16
May 25 May 16
June
June
si
25c
SI
35c
20c
10 May
1 May
June
May 25 May
1 May
June
June
27
10
10
13
15
$2
June
$2
$2
Sept. 15
Dec.
15
S1H
June
1 May
14
15c
June
15 June
12
S1H
S1H
S1H
S1H
June
l'May 20
June
1 May 20
June 15 May 31
1 May
June
9
Financial
3290
When
Name of
412-3c
June
1 May
50c
June
7% preferred (monthly)
58 l-3c
t$l
June
1 May
1 May
5%, pref. (mo.)
Ohio River Sand 7% preferred
Oklahoma Gas & Electric
6% preferred (quar.)
7% pref. (quar.)
June 30 June 15
June 15 May 31
June 15 May 31
June
May 19
!18
—
Okonite Co. 6% preferred
(quar.)
Ey. Co. (sa.) —
5% debenture stock (s.-a.)
Oshkosh B'Gosh, Inc., common (quar.)
Convertible preferred (quar.)
Otis Steel Co.. $5H conv. 1st preferred
M
Ontario & Quebec
14
14
14
May 15
June
70c
Ohio Water Service A—
June
May
2
May
2
May 20
May 20
June
June
50c
June
.91X
June 15 June
June
May
37 He
20c
Parker Pen Co
Parker Rust-Proof Co
Preferred (s.-a.)
Patterson-Sargent (quar.)
Peerless Woolen Mills 6 X % 1st preferred (s.-a.)
Pender (David) Grocery, class A (quar.)
Peninsular Telephone Co. common
40c
7% A preferred
six
7% A preferred
SIX
40c
(Quarterly)
55c
Pennsylvania Power Co., $6.60 pref. (mo.)
$6 preferred (quar.)
Pennsylvania State Water $7 preferred (quar.).
25c
Peoples Drug Stores (quar.)
Preferred (quar.)
91%
Peoples Natural Gas Co. 5% preferred (quar.)__
62Xc
Petroleum Corp. of America (irregular)
40c
15c
Phelps Dodge Corp
Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. Co
50c
Phillips Petroleum Co. (quar.)
Phoenix Hosiery Co., 7% preferred
PI lis bury Flour Mills Co. (quar.)
Pioneer Gold Mines of B. C. (quar.)
tlOc
Pittsburgh Bessemer & Lake Erie (s.-a.)
75c
6% preferred (s.-a.)._
$1X
Pittsburgh Coke & Iron Co., $5 pref
$1X
Pitts
Ft. W. & Chicago Ry. 7% pref. (quar.)..
SIX
7% preferred (quar.)
91X
7% preferred (quar.)
SIX
7% preferred (quar.)
SIX
7% preferred (quar.)
—
SIX
7 % preferred (quar.)
SIX
7% preferred (quar.)
91X
Pittsburgh & Lake Erie
50c
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quarterly)
SIX
7% preferred (quarterly)
91X
7% preferred (quarterly)
91X
Placer Development (Ltd.) semi-annual
60c
Pollock Paper & Box Co. 7% preferred (quar.)__
91X
7% preferred (quar.).
%\X
7% preferred (quar.)
SIX
Portland & Ogdensburg RR. (quar.)
50c
Potomac Electric Power Co. 6% pref. (quar.)
91X
5X% preferred (quarterly)
Prentice Hall (quar.)_
70c
Preferred (quar.)
75c
Procter & Gamble 5% pref. (quar.)___
SIX
Prosperity Co., Inc., pref. (quar.)
SIX
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).
412-3c
Public Service Corp. of N. J. 8% pref. (quar.)..
$2
7% preferred (quar.)
91X
$5 preferred (quar.)
6% preferred (monthly)
Purity Bakeries Corp. (quar.)
15c
SIX
eading Co., 1st preferred (quar.)
50c
Regent Knitting Mills, Ltd., non-cum. pref—
40c
Republic Insurance Co. (Texas) (quar.)
30c
Rich's, Inc., 6X% preferred (quar.)
$ 1.02X
Riverside Silk Mills Co., class A (quar.)
50c
Rochester Button Co. preferred (quar.)
37Xc
Rochester Gas & Electric 5% pref. E (quar.)
6% preferred O & D (quar.)
;
Roeser& Pendleton. Inc. (quar.)
25c
Rolland Paper Co., Ltd. 6% pref. (quar.)
SIX
Royalite Oil Co., Ltd. (semi-ann.)
t50c
Extra
J25c
Rustless Iron & Steel $2.50 conv. pref. (quar.)_
62 He
Safety Car Heating & Lighting Co
$1
St. Joseph Lead Co
25c
St. Louis Bridge Co., 1st pref. (s.-a.)
$3
3% 2nd preferred (semi-ann.).
S1H
June
June
June
June
June 15
July
Aug. 15 Aug.
5
Nov. 15 Nov.
Oct.
Sept.
June
May
June
May
June
May
—
-
.
—
-
_
,
m
§uaker Oats Co. 6% pref. (quarterly)
88
-
San Francisco Remedial Loan Assn.
(quar.)
Savannah Electric & Power 8% debentures A
7H% debentures B (quar.).
7% debentures C (quar.)__.
75c
$2
91 Vs
SIX
63-3% debentures D (quar.).
Scott Paper Co., common (quar.)
Seaboard Oil Co. (Del.) (quar.)
8
1
June 10 May 24
June
1 May 12
May 30 Apr.
June
May
June
May
June
May
June
July
Oct.
Sept.
June
May
June
May
June
July
Oct.
Sept.
Simonds Saw & Steel
(irregular)
__I
Sloss-Sheffield Steel & Iror, com. (irregular)
$6 preferred (quar.)
Smith (S. Morgan) Co.
(quar.)
Quarterly
Sound view Pulp Co. pref.
("qua_T 11111
South Bend Lathe Works
(quar.)
Standard
-
.
Tilo
Roofing Co. (quar.)
Timken-Detroit Axle, preferred
Timken Roller Bearing
Title Insurance Corp. of St. T*ouis—
Tobacco Securities Trust Co., Ltd
May 31 May
June
1 May
June
1 May
June
1 May
June
May
June 15 May
July 15 July
June
May
June
May
June
May
June
May
20
16
16
20
20
25
June
9
June
1
19
14
14
14
May 16
May 16
May 16
May 16
May 16
May
2
May 19
May 14
May 10
June 30 June
July
2 June
6
6
June
10
June
May
May
May
May
May
16
20
20
14
14
June 20 June
July
1 June
10
June
15
June 30 June
14
July
July
July
July
July
1
15
1 June 20
1 June 20
1 June 20
1 June 20
10 May
1
1
10
May 16
June
10
June
10
May 14
May 13
June
Sept. 15
June
May 18
June
June
June
June
May 20
May 14
Dec.
16
17
1
July
June
15
June
June
4
2c
May
May
10c
June
May 11
May 11
May 28
$1
June
June
10
91X
June
June
10
SI
$1
Aug.
Aug.
1
Nov.
Nov.
1
$1H
May
30c
June
May 14
May 14
June 15 May 20
June
June
June
1
June
Dredging $1.60 preferred (quar.) I.I"
40c
May
May
May
May
May
May
May
May
40c
40c
25c
10c
25c
50c
50c
$2
14
14
20
June
16
June
16
June
16
June
16
June
16
June 15'May 16
June 15 May 16
June
June
June
15
50c
41 2-3 c
Union Tank Car Co.
(quar.)
30c
50c
30c
30c
United Amusement Corp. A (reduced)
Class B (reduced)
United Biscuit Co. of Amer. (quar.)
25c
Preferred (quar.)
SIX
Preferred (quarterly)
Preferred (quarterly)
20c
;;
United Elastic Corp
United Gas Corp., $7 non-vot. 1st pref. (quar.)
United Gas Improvement Co
—
Preferred (quar.)
United Light & Railways,
SIX
SIX
SIX
10c
SIX
25c
58$l-3c
7% prior pref. (mo.)..
7 % prior preferred (monthly)
58 l-3c
53c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
50c
6% prior preferred (monthly)._.
50c
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)__—
S2X
United States Casualty Co. cum. conv. preferred
22Xc
United States Gypsum, common (quar.)
50c
7% preferred (quar.)
91X
United States Pipe & Foundry Co., com. (quar.)
50c
Common (quarterly)
50c
_
Common
_.
(quarterly)
1
May
May
May
May
May
Apr.
10
25
20
17
21
28
May 21 May
May 21 May
June
1 May
June
1 May
June
1 May
June
1 May
4
4
16
16
16
24
1
June
4
May 31
May 23
1
1
May 31 May 14
May 31 May 14
June
May 13
Aug.
July 15
June 30
July
July
June
10
Oct.
Sept.
Jan.
Dec.
9
June
June
3
June
liMay
May
May
May
12
31
31
16
July
June
15
June
May 16
July
June
June 30
June
June
9
15
June
May 16
July
July
June
June
May 17
July
July
June
15
June
15
June
May 31*
Aug 31*
Sept.
15
June 20
50c
Dec
Nov. 30*
25c
June
15
June
15
SIX
July
July
July
June
15
SIX
June
25c
Universal Commodity Corp. (monthly)
Monthly..
.....
.
Universal Insurance Co. (quar.)
Van Raalte Co., Inc., common
—_
1st preferred (quar.)
Ventures, Ltd. (interim)
Vapor Car Heating Co., Inc., 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)
Vermont & Boston Telegraph Co
Vick Chemical Co. (quar.)
5c
5c
25c
50c
SIX
June
May 20
May 10
May
Anr.
June
May 14
May 19
May 19
June
June
10
12Xc
July
June
17
SIX
SIX
June
June
1
Sept.
Sept.
SIX
$2
50c
Dec.
Dec.
1
July
June
15
June
10c
June
Virginia Coal & Iron Co. (quar.)
25c
Vulcan Detinning pref. (quar.)
SI*
Preferred (quarterly)
$1
Walgreen Co., 4H% pref. ww (quar.)
Walker (H.)-Gooderham & Worts, Ltd. (qu.)
Preferred (quar.)
t25c
Waltham Watch Co.. 6% pref. (quar.)
SIX
6% preferred (quarterly)
SIX
Prior preferred (quar.).
SIX
Prior preferred (quar.)
SIX
$9
Washington Ry. & Electric Co
5% pref. (quar.)
91X
5% preferred (semi-ann.)
S2X
Weill (Raphael) & Co., 8% pref. (s.-!
$4
Weisbaum Bros.-Brower Co. (quar.)
10c
Wesson Oil & Snowdrift Co., inc.—
$4 Convertible preferred (quar.)
West Jersey & Seashore RR. (s.-a.)
SIX
6% special gtd. (s.-a.)
SIX
Western Auto Supply Co. (reduced)
25c
Western Public Service Co. preferred A
118HC
25c
Westinghouse Air Brake Co., quarterly
25c
Quarterly
50c
Westinghouse Electric & Mfg
75c
Participating preferred
>-■
Westvaco Chlorine Products (quar.)
25c
91X
Wheeling Electric Co., 6% preferred (quar.)
Whitaker Paper Co. (reduced)
$1
SIX
7% preferred (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)__
SIX
six
Williamsport Water Co. $6 preferred (quar.)
Winsted Hosier Co (quarterly)
Six
May
July
May 16
May 16
May
5
July 11
Extra
*|s1
..
....
-
Quarterly
Woolworth (F. W.) Co. (quar.)
Woolworth (F. W.) Co., Ltd., preferred (s.-a.)__
Amer. dep. rets, for 6% pref. (s.-a.)_—
Wright, Hargreaves Mines, Ltd. (quar.)
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Monthly
*
1
Oct.
Oct.
June
May 25
June
June
4
June
June
4
July
June 25
Oct.
Sept. 24
July
June 25
Oct.
Sept
May
May
May
May
June
June
10
24
16
16
16
Sept
June
June
May 16
May
16
July
June
15
June
June
May 14
May 20
May 16
July
June
June
30
Oct.
Sept
30
May
May
May 10
May 10
May 10
May
9
June
June
July
July
July
June
18
June
18
June
18
June
May 20
50c
Aug.
Aug.
July
July
SIX
Nov.
Oct.
—
Extra
30c
1
6% preferred (monthly)
Extra
37Hc
1 May
15 June
June
United Wall Paper Factories, Inc.—
May
May
June
June
June
5% preferred (monthly)
14
July
June
15
1 May 20
1 May 15
10c
lc
15
June
June
11
July
June
SIX
2c
Prior preference
June
June
581-3C
United States Playing Card (quar.)
Extra
United States Sugar Corp.. pref. (quar.)
June
June
SIX
7Xc
5%
United Dyewood Corp. pref. (quar.)
15
May 25
15
June
15 Dec.
May 31
1 May
1 June
Less British income tax.
Sept. 15 Sept. 15
1
June
June
United Bond & Share Ltd.. common
15
15
60c
60c
June
1 Nov. 21
15
16
1 June
June
Dec
June
15
1 May
July
25c
25c
Toburn Gold Mines, Ltd
Extra
June 10 May 19
June 15 June 15
June
1 June
June
1
Sept.
June
15
25c
25c
Tide Water Assoc. Oil Co
United Aircraft Corp—
15
15
15
1 June
May 20
May 16
20
1 Aug. 20
15
1 June
1 June
June
1 May
June
$1.80
50c
50c
July
July
July
July
+20c
(quar.)..1.1
•
June 30
11
1
.
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.)
Texamerica Oil (monthly)
Texas Pacific Coal & Oil Co. (quar.)
Thew Shovel Co., pref. (quar.)
t5c
Six
SIX
SIX
Dec.
June
$100 par (s.-a.)
pref. (qu.)
June
June
Extra.
----
-
June
June
Standard Oil of Indiana (guar.)
IIIIII
Standard Oil Co. (N. J.), $25 par
(s.-a.)
Extra
-
18
14
21
50c
10-1-39
1-2-40
12-10-39
June 15 May 20
June
___
-
.
31
25
10
16
May 16
40c
Standard Oil Co. (Calif.)
Extra
Bearer shares
Tennessee Electric Power Co. 5% 1st
20
16
14
16
16
June
SIX
SIX
Standard Cap & Seal (quar.)
Conv. pref. (quar.).
t5c
May 25 May
June
1 May
June
1 May
June
1 May
June
1 May
June 15 May
June 15 May
June
1 May
June 16 May
June
1 May
June
1 May
June 30 May
Dec.
SIX
Spencer Kellogg & Sons (quar.)
5c
50c
Ltd., dep. ctfs
Sylvanite Gold Mines, Ltd. (quar.)__
-
25c
37Xc
Swan-Finch Oil 6% preferred (quar.)_
-
20c
2Mc
91X
-
Swift International Co.,
-
95c
May
May 20
May 16
May 25
Spiegel Inc. $4.50 conv. pref. (quar.)
Standard Brands, Inc., $4.50 pref.
6% pref. (quar.)
Sunray Oil Corp
30c
91X
SIX
June
6-10-39
9-10-39
Ltd—"
6% preferred, series B (quar.)
Southeastern Greyhound Lines, Inc.—"
6% convertible preferred (quar.)
Spear & Co., 1st and 2d preferred (quar.).
Special
—
Sterling Products, Inc. (quar.)
Strawbridge & Clothier 6% preferred (quar.)._.
Stromberg Carlson Telep. Mfg. preferred (quar.)
Stuart (D. A.) Oil Co., partic. pref. (quar.) —
Sullivan Consolidated Mines, Ltd
Sun Oil Co. (quar.)
-
10%
SIX
SIX
7-1-39
June
15 May 31
15 June 30
Ordinary registered (interim)
Troy & Greenbush RR. Assoc. (s.-a.)
Semi-annually
Underwood Elliott Fisher Co. (quar.)
Union Gas of Canada (quar.)
10
12-10-38
3-10-39
Dec.
July
91X
1-3-39
June
June
Standard Wholesale Phosphate & Acid Works—
6% 1st pref. (quar.)
Trinidad Leasehold, Ltd.—
2c
Extra.
SIX
Holders
Trane Co.
15c
6% partic. pref. class A (quar.)
Simon (W.) Brewing
(quar.)
25c
Standard Oil of Ohio (quar.)
Preferred (quar.)
When
Payable of Record
10
Oct.
Jan.
Sherwood Swan & Co.—
Share
of Company
Toledo Edison Co., 7% preferred (monthly)
July
Shattuck (Frank G.)
quarterly)
10c
ShenangoValley Water Co. 6% pref. (quar )
91X
Sherwin-Williams Co., 5% pref. series AAA
(qu.)
Sherwm & Williams
(Canada) preferred
t$L75
Co.,
1
June
25c
Southern California Edison
Per
Name
1938
15
14
20*
July
July
May
.
^
6
18
14
June
_
Common
20
4-1-39
June
Investment Co., Ltd.,partic. pref. (quar.)
Securities Acceptance Corp. of Omaha,
(qu.)
6% preferred (quar.)
Selfridge Provincial Stores, Ltd
American deposit receipts
Servel, Inc. pref. (quarterly).
Preferred (quarterly)...
Preferred (quarterly)
20
June
July
15 June
June 15 June
Second Canadian International
15
20
20
June 15 June
June
Sears, Roebuck & Co (quar.)
5
July
1 June 15
May 28 May 12
s7m
-
1
14
10
10
16
16
20
May
May
May
May
May
June
sfitl
May 21,
Holders
Payable of Record
Company,
6% preferred (monthly)
Ohio Public Service
Chronicle
15
15
50c
Nov.
Oct.
15
15
60c
June
Apr.
25
June
May 14
June
May
May
May
May
3%
3 %
10c
5c
July
July
25c
June
25c
25c
25c
July
Aug.
Sept.
25c
Oct.
13
23
23
20
June 20
July 20
Aug. 20
Sept. 20
Transfer books not closed for this dividend,
t On account of accumulated dividends.
j
Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
Financial
146
New
weekly statement issued by the
Clearing House is given in full below:
following shows the condition of the Federal Reserve
Bank of New York at the close of business May 18, 1938,
in comparison with the previous week and the corresponding
MEMBERS OF THE NEW YORK CLEARING HOUSE
THE WEEK ENDED SATURDAY, MAY 14, 1938
OF
date last year:
FOR
ASSOCIATION
Capital
Deposits,
Deposits,
Averaot
^
v
Time
Profits
*
Clearing House
Net Demand
Undivided
*
York
The
New York City
Thr
STATEMENT
Condition of the Federal Reserve Bank of
York City
Weekly Return of the New
Clearing House
3291
Chronicle
Average
Surplus and
Members
May 18, 1938 May 11, 1938
-
May 19, 1937
$
$
$
Assets—
1
S
$
$
Bank of N Y & Trust Co
6,000,000
13,389,000
20,000,000
25,867,200
415.171,000
National City
77,500,000
58,493,500 al,417,080,000
Chem Bank <fc Trust Co.
20,000,000
54,648,700
Guaranty Trust Co
90,000,000
181,840,400
Manufacturers Trust Co
42,381,000
45,129,400
Cent Hanover Bk&Tr Co
21,000,000
70,902,100
11,305,000
37,932,000
174,299,000
8,307,000
54,205,000
91,178,000
55,010,000
25,388,000
2,864,000
6.151,000
144,404,000
Bank of Manhattan Co.
Bank
15,000,000
18,309,200
10,000,000
109,384,500
473,105,000
bl 326,143,000
457,286,000
c694,739,000
244,486,000
488,067,000
50,000,000
61,612,100
445,151,000
Bk & Tr Co
4,000,000
4,198,800
53,480,000
Chase National Bank—
100,270.000
Corn Exch Bank Tr Co.
Firat National Bank
-
Irving Trust Cn
Continental
e781,022,000
77,113,500
Bankers Trust Co
25,000,000
Title Guar <fe Trust Co..
10,000,000
1,129,100
12,577,000
Marine Midland Tr Co..
5,000,000
9,026,800
98,963,000
12,500,000
27,812,800
Comm'l Nat Bk & Tr Co
7,000,000
8,247,400
Public Nat Bk <fe Tr Co.
7,000,000
8,932,000
289,552,000
75,547,000
80,296,000
New York Trust Co
Other cash
Total
*
523,151,000
As per official reports:
9,432,049,000
908,102,600
4,659,328,000 4,625,955,000 3,423,578,000
reserves
Secured
U.
by
S.
Govt,
obligations,
direct or fully guaranteed
Other bills discounted
Total
1,702,000
434,000
2,335,000
403,000
5,711,000
1,537,000
2,136,000
2,738,000
7,248,000
199,000
4,435,000
215,000
2,014,000
4,446,000
5,915,000
207,948,000
191,191,000
346,716,0C0
207,948,000
210,233,000
330,691,000
184,105,000
745,855,000
745,855,000
725,029,000
752,625,000
753,254,000
740,206,000
81,000
3,660,000
149,616,000
9,907,000
13,629,000
65,000
85,000
4,025.000
4,681,000
175,818,000
10,071,000
13,145,000
bills discounted..
Bills bought In open market
Industrial
United
advances
States Government securities:
Bonds
191,191,000
346,716,000
Treasury notes..
Treasury bills
j.
651,033,000
State, March 31, 1938:
National, March 7, 1938
4,565,333,000 4,526,529.000 3,347,482,000
927,000
1,336,000
1,717,000
98,499,000
83,760,000
92,278,000
t
Bills discounted:
'
Totals
hand and due from
on
United States Treasury.*
Redemption fund—F. R. notes
2,937,000
54,411,000
2,375,000
30.667,000
2,235,000
10,068,000
28,437,000
2,129,000
51,105,000
128,391,400 dl 888,134,000
46,846,000
3,674,700
500,000
Fifth Avenue Bank
Gold certificates
Total U
trus*
S. Government securities..
companies, March 31, 1938.
$86,563,000; c $4,477,000;
Includes deposits in foreign branches: a $278,423,000; b
Total bills and securities
d $122,738,000; e $34,580,000.
Due from foreign banks
publishes regularly each week
and trust companies which
are
not members of the New York Clearing House.
The
following are the figures for the week ended May 13:
The
York
New
of
returns
"Times"
Federal Reserve notes of other banks...
of banks
number
a
........
Uncollected items..
Bank premises
£
AU other assets
Total assets
INSTITUTIONS
BUSINESS
NOT
IN
CLEARING
FOR THE
NATIONAL
AND
HOUSE
WEEK ENDED
STATE
CLOSING
MAY 13, 1938
BANKS—AVERAGE
5,588,846,000 5,540,190,000 4,376,584,000
OF
THE
WITH
FRIDAY,
FIGURES
Liabilities—
F. R, notes in actual circulation
Investments
Bank Notes
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
S
Including
Y. and
Elsewhere
Other Cash,
889,521,000
$
N.
Grace
National...
6,932,300
2,320,600
27,002,200
453,000
6,956,000
2,927,000
27,443,000
5,924,033
7,813,600
Surplus (Section 7)
5,621,000
Surplus (Section 13b)
4,302,892
249,272
2,240,952
278,185
6,659,700
305,500
1,357,800
394,900
91,000
4.965,000
544,000
608,000
COMPANIES—AVERAGE
Dep. Other
Banks and
Trust Cos.
Deposits
$
$
$
%
$
Gross
'
Ratio
Fulton
Lawyers
States
..
..
Kings County
deposit
12,206,100
3,593,800
1,362,532
1,777,971
1,063,355
21,076
62,745,800
12,844,069
319,100
256,800
87.6%
on
bills
15,279,973
76,679,217
81,202,000
3,219,000
32,258,000
59,000 109,312,000
2,234,682
10,271,976
40.191,978
Commitments
with Federal Reserve as follows:
84.1%
488,000
553,000
3,886,000
6,004,000
purchased
make
to
Industrial
ad¬
vances
37,731,400
1,105.100
87.5%
488,000
3,879,001
liability
20,638,700
10,722,915
51,271,000
51,474,000
7,744,000
9,091,000
1,749,000
and
for foreign correspondents
t "Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x
These
over
Empire, $3,516,000; Fidu¬
are
certificates given by
the United States Treasury for the gold
from the Reserve banks when the dollar was, on Jan, 31,
100 cents
Includes amount
to
reserve
F. R. note liabilities combined
Contingent
33,207,723
Fiduciary.
total
.
*5,510,700
9,400,600
209,628
*1,770,476
12,729,792
*5,034,100
16,609,300
28,577,100 *10,406,800
64,856,522 25,824,790
50,885,800
Empire
Federation
of
173,479,000
51,943,000
7,744,000
8,210,000
3,135,000
5,588,846,000 5,540,190,000 4,376,584,000
Total liabilities
Dep.,
Elsewhere
Res.
Cash
Investments
Manhattan—
All other liabilities
FIGURES
N. Y. and
Loans,
Disc, and
Brooklyn—
Brooklyn
50,961,000
51,943,000
7,744,000
8,210,000
3,136,000
Reserve for contingencies
TRUST
130.890,000
50,961,000
146,538,000
Capital paid in
People's National
*
Deferred availability items
|
Lafayette National..
United
4,430,793,000 4,398,812.000 3,187,575,000
Total deposits
129,100
20,538,000
Trade Bank of N. Y.
Brooklyn—
199,960,000
21,518,200
National
Sterling
45,993,000
64,582,000
48,194,000
189,105,000
50,016,000
Foreign bank
Other deposits
%
894,201,000
%
$
Manhattan—
888,495,000
Deposits—Member bank reserve acc't.. 3,552,533,000 3,483,916,000 3,000,915,000
U. 8, Treasurer—General account
677.597.000
76,085,000
628,284,000
Res. Dep.,
Loans,
Disc, and
133,382,000
9,907,000
13.602,000
to
59.06
cents,
these certificates
difference, the difference itself having been appropriated as profit by the
ciary, $1,141,341; Fulton, $4,735,400; Lawyers, $9,711,100.
takeB
1934, devalued from
the
Treasury
being worth less to the extent of
under the provisions of the Gold Reserve Act of
1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
Items of the
immediately preceding which
also give the figures of New York and Chicago reporting member banks for a week later.
we
were made In the breakdown of loans as reported In this
of the Federal Reserve Bank of New York of April 20, 1937, as follows:
Commencing with the statement of May 19, 1937, various changes
described in
an announcement
statement, which were
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and chose located
•utside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper." instead of in "all other loans," as formerly.
The changes in the report form are confined to the classification of loans and discounts.
Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural
be segregated as "on securities" and "otherwise secured and unsecured."
loans" and "other loans'
would each
A
more
detailed explanation of the revisions was published in the May 29. 1937, issue of the
"Chronicle." page 3590
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
Federal Reserve Districtt—
Total
ASSETS
New York
Boston
'$
Cleveland Richmond
Phila.
$
St. Louis
Chicaoo
Atlanta
ON MAY 11, 1938. (In Millions of
Minneav. Kan. City
$
$
$
$
Dollars)
San Fran.
Dallas
20,810
1,161
8,546
1,105
1,730
616
552
2,846
661
362
627
480
2,124
8,451
612
3,420
437
693
239
282
860
293
153
243
230
989
559
37
241
48
48
13
11
39
44
9
16
10
43
3,551
245
1,448
158
234
95
140
474
130
63
132
137
295
385
75
155
24
13
10
3
39
9
5
19
2
31
sees..
595
21
476
15
21
3
31
5
1
3
2
11
Other loans for purchasing or carrying
securities
589
32
278
34
37
16
16
76
12
7
12
14
55
1,152
83
224
58
172
31
28
89
47
6
21
20
373
120
3
92
2
2
1
4
5
7
1
1
2
11
12
10
75
Loans and Investments—total
Loans—total
_
Commercial, Indus, and agricul. loans:
On securities
Otherwise secured and unsecured..
Open market paper
Loans to brokers and dealers in
Real estate loans
Loans to banks
Other loans:
690
On securities
55
248
48
122
28
26
44
11
Otherwise secured and unsecured..
810
61
258
50
44
42
48
63
28
51
27
34
104
United States Government obligations
8,017
394
3,317
313
703
285
154
1,368
219
154
230
171
709
Obligations fully guar, by U. 8. Govt.
1,344
25
606
88
84
33
39
193
55
15
42
30
134
Other securities
2,998
130
1,203
267
250
59
77
425
94
40
112
49
292
67
155
93
319
98
999
135
114
67
18
39
19
12
61
11
6
13
11
20
145
152
149
242
137
132
404
119
98
252
206
241
1,293
74
579
83
101
35
37
85
23
16
22
25
213
14,598
1,023
6,576
784
1,007
410
327
2,118
396
238
468
393
858
5,207
Other assets—net
308
391
Balances with domestic banks
6,001
2,277
Reserve with Federal Reserve Bank..
Cash in vault
263
1,030
288
734
198
182
872
186
119
144
130
1,061
5
18
25
91
124
342
180
243
3,072
271
346
138
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
546
12
5,678
232
155
20
18
12
23
144
23
209
203
859
246
1
8
1
12
""""23
6
"323
371
56
329
Inter-bank deposits:
Domestic banks
Foreign banks
...
-
...
2,426
286
328
279
316
5
1
Borrowings
Other liabilities
Capital account
....
"""785
22
"333
""*16
"*"l8
3.642
241
1,617
227
352
90
Financial
.3292
Weekly Return of the Board of Governors
issued by the Board of Governors of the
The following was
May 21,
Chronicle
1938
of the Federal Reserve System
Federal Reserve System on Thursday afternoon, May 19»
twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
showing the condition^ the
for the
System as a whole in
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
AprU
13,
May 18,
ASSETS
Gold ctfs. on hand
May 4,
April 27.
April 20,
1938.
1938.
1938.
1938.
1938.
%
(000) omitted
May 11,
1938.
Thru ciphers
$
$
$
$
%
Total reserves
AprU 6,
1938.
Mar. 30,
1938.
23,
Mayfl9,
1938.
1937.|
$
$
$
$
Mar.
9,222,003
9,140
444,855
9.212,708
9,874
473,506
9,197,203
8,838,913
9,874
11,583
452,812
9,245,002
9,140
452,036
477,843
289,155
11,104,085
9,706,178
9,675,998
9,696,088
9,684,920
9,139,651
6,472
9,730
3,394
7,741
3,599
8,174
3,866
6,415
|11,624
3,068
3,108
13,658
9,540
12,924
11.340
12,040
9,523
15,282
10,640,912
10.641,412
10,641,911
10,642,413
8,886
427,070
8,386
9,360
8,860
434,876
451,582
11,076,868
11,084,674
11,102,853
4,932
2,903
5,321
2,844
5,379
2,813
5,592
2,879
7,835
notes)
10,639,916
8,948
414,244
11,063,108
and due from U. 8. Treas.z
Redemption fund (Federal Reserve
Other cash
BUSINESS MAY 18, 1938
8,165
8,192
8,471
Bills discounted:
Secured
Government obligations,
guaranteed
U. S.
by
direct or fully
Other bills discounted
Total bills discounted
-
534
550
550
550
550
550
550
550
542
4,475
16,899
16,421
16,798
16,973
17,056
10,887
16,952
17,177
17,314
22,523
657,253
1,191,905
714,857
657,253
1,191,905
657,253
1,191,905
714,857
657,253
785,588
1,160,691
617,736
779,539
1,165,691
618,785
732,320
732,608
1,191,905
714,857
677,831
1,179,171
707,013
733,320
1,165,691
665,004
1,165,691
1,152,213
714,857
666,004
641,469
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,290
2,589,283
2,589,151
2,589,555
2,590,009
2,591,161
2,594,376
2,592,857
2,593.782
2,591,394
2,568,570
"""186
"""170
""170
"""170
"""170
170
169
"""170
"""l77
21,109
597,351
44,730
46,746
19,973
23,005
20,672
19,952
21,402
550,492
44,717
45,214
523,357
44,765
45,339
45,831
531,219
44.852
42,130
701,718
44,804
44,400
520,270
44,795
20,138
502,834
44,837
42,940
19,889
527,996
44,730
46,396
16,632
663,496
44,806
47,978
19,683
578,264
14,362,513
14,305,284
14,337,827
14,327,165
14,382,836
13,073,636
12,899,603
12,900,789
12,914,581
12,523,821
Federal Reserve notes In actual circulation
4,123,513
4,132,337
4,147,997
4,120,373
4,120,798
4,136,806
4,158,154
4,121,705
4,119,858
4,184,425
Deposits—Member banks' reserve account
7,622,253
1,283,396
7,560,482
1,361,133
7,472,143
140,874
7,296,340
6,918,227
135,486
122,005
236,245
211,655
213,212
118,010
198,604
212.038
7,311,529
292,237
117,228
198,121
7,333,050
137,609
245,233
7,661,269
1,321,319
131,802
7,547,076
1,427,718
133,908
7,503,630
1,428,693
125,674
227,746
9,288,491
9,291,768
9,285,743
9,326,045
9,323,492
7,929,631
7,874,549
527,113
656,841
133,495
147,739
517,044
133,298
147,739
11,819
586,356
133,489
147,739
27,683
32,915
10,364
27,683
32,950
9,491
27,683
32,950
8,186
Bills bought In open
market-,
—
Industrial advances
securities—Bonds..
United States Government
Treasury notes
Treasury
bills
Total U. S. Government
securities
and securities
Total bills
-
Due from foreign banks
Federal Reserve notes of other banks
Uncollected
Bank
Items
premises
All other assets
Total assets
—
""228
45,788
46,464
LIABILITIES
United States Treasurer—General account-_
Foreign banks
—
deposits
Other
Total deposits
Deferred availability 1 tenia
597,742
527,933
Capital paid In——...———.—
133,575
147,739
27,683
32,880
10,800
133,523
147,739
11,386
551,583
133,482
147,739
27,683
32,915
10,685
14,362,513
14,305,284
14,337,827
14,327,165
14,382,836
13,073,636
82.5%
82.5%
82.5%
82.6%
82.6%
1,357
1,357
1,357
1,103
1,103
13,144
12,700
12,678
12,735
1-15 days bills discounted
6,198
6,572
6,527
16-30 days bills discounted
410
330
285
31-60 days bills discounted
607
702
709
81-90 days bills discounted
242
268
Over 90 days bills discounted
378
293
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All
other
liabilities
Total liabilities
27,683
32,915
133,478
147,739
27,683
32,915
244,166
269,586
116,777
113,661
198,646
126,110
123,933
7,919,115
7,914,943
7,285,047
510,023
133,302
147,739
27,683
530,381
133,306
705,826
V
132,199
145,854
8,272
147,739
27,683
32,950
7,721
12,899,603
12,900.789
12,914,581
12,523,821
80.4%
80.4%
80.5%
80.5%
79.7%
523
330
82
222
1,532
12,825
)2,982
12,920
13,110
12,904
17,311
6,836
7,830
11,274
9,703
10,289
7,817
14,044
288
280
412
365
625
558
108
508
589
430
507
445
454
586
362
573
547
466
429
299
247
132
309
266
294
342
336
482
32,950
27,490
35,939
7,041
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
liability
on
bills
purchased
for
correspondents
♦oreign
Commitments to make industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
412
9,523
15,282
11,340
12,040
224
""~297
"""226
170
253
255
""*449
581
75
93
3,073
7,835
8,165
8,192
8,471
9,540
12,924
87
178
166
223
297
156
117
Total bills discounted
447
\
75
87
95
178
75
75
1-16 days bills bought In open market
16-30 days bills bought in open market
31-60 days bills bought in open market
81-90 days bills bought In open market
226
104
""*297
"""297
364
157
457
Over 90 days bills bought in open market
534
550
550
550
550
550
550
550
542
4,475
1,526
Total bills bought In open market
1-15 days Industrial advances
1,419
1,581
1,665
1,669
1,510
1,563
1,777
1,898
817
188
16-30 days industrial advances
275
234
204
96
153
274
192
64
72
31-60 days Industrial advances
406
522
567
470
570
462
502
343
346
552
61-90 days Industrial advances
937
960
974
541
496
545
552
640
610
1,024
13,755
13,286
13.472
14,201
14,168
14,096
14,143
14,353
14,388
19,942
16,899
16,421
16,798
16,973
17,056
16,887
16,952
17,177
17,314
22,523
93,734
115,354
338,218
217,672
63,623
56,482
72,472
183,568
292,688
56,383
26,107
82,166
175,878
282,846
1,950,653
63,623
173,474
287,477
28,520
1,947,681
1,958,805
1,983,058
2,326,676
Over 90 days Industrial advances
Total
Industrial
advanoee
1-16 days U. S. Government securities
115,354
116,668
104,311
353,460
1,811,097
85,874
357,781
191,294
1,813,712
1,802,990
1,799,037
76,209
113,610
321,701
225,169
1,827,326
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,290
104,311
217,598
237,770
193,239
16-30 days U.S. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over 90 days U. S. Government securities
Total U. 8. Government securities
186,586
72,472
72,939
192,321
287,451
68,298
76,689
1-16 days other securities
16-30 days other securities
»
-
-
-or 1?
31-60 days other securities
61-90 days other securities
Over 90 days other securities
Total
other
securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
....
4,411,710
288,197
4,425,484
293,147
4,425,523
277,526
4,434,356
4,435,562
314,764
4,443.518
306,712
4,453,791
295,637
4,436,672
314,967
4,441,195
313,983
321,337
4,498,606
314,181
4,123,513
4,132,337
4,147,997
4,120,373
4,120,798
4,136,806
4,158,154
4,121,705
4,119,858
4,184,425
4,535,632
4.539,632
7,208
4,519,632
4,541,632
4,527,632
4,487,632
4,489,632
4.501.632
4,509.632
4,535,632
7,271
7,463
8,472
11.780
10.223
8,349
15,891
15,000
35,000
4.532,981
4,586,523
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas—
By eligible paper
25.000
6,865
Tnlted States Government securities
Total collateral
4,542,497
4,546,840
4,526,903
4,549.095
4,536.104
25,000
10,741
15,000
4,524.412
4,524,855
4,527,373
•
"Other
x
These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was
cents on Jan.
cash"
does
not
include
Federal
Reserve
notes,
t
Revised
figure.
31. 1934, these certificates being worth leas to the extent of the difference, the difference
provisions of the Gold Reserve Act of 1934
devalued from 100 cents to
tself having been appropriated as
49.06
profit by the Treasury under
Volume
Weekly Return of the Board of Governors
WEEKLY STATEMENT OF RESOURCES AND
Gold
certificates
New York
$
and
Cleveland Richmond
Phila.
$
$
I
hand
on
Boston
Total
ASSETS
of the Federal Reserve System (Concluded)
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 18, 1938
Three Ciphers (000) Omitted
Federal Reserve Agent at—
%
Atlanta
Chicaoo
St. Louis
%
I
%
I
%
San Fran
Dallas
Minneap. Kan. City
$
%
9
due
297,176
719,278
10,639,916
8,948
Redemption fund—Fed. Res. notes..
414,244
Other cash *
584,762 4,565,333
259
1,717
537,699
579
761
26,077
39,749
30,699
11,063,108
624,473 4,659,328
564,355
759,788
228,688 2.037,655
717
1,002
437
92.278
328,312
from United States Treasury
Total
3293
Chronicle
Financial
146
reserves-
39,452
193,183
291,080
187,742
279,112
718,208
547
884
327
404
57,872
19,368
9,369
29,257
15,479
1,314
34,647
249,687 2,096,244
310,995
203,436
308,696
203,625
754,169
178
363
19,997
Bills discounted:
Secured by U. 8. Govt, obligations,
direct and (or)
4,932
546
1,702
1,005
438
174
248
2,903
fully guaranteed..
Other bills discounted
177
434
575
193
351
445
1,580
631
525
693
7,835
723
2,136
534
Total bills discounted
41
199
13
62
202
40
225
102
215
'
136
288
314
651
16
39
16,899
2,380
4,435
3,078
912
1,448
71
677
158
1,062
469
887
657,253
47,412
191,191
53,966
63,027
35,882
28,560
71,067
30,561
22,654
31,947
24,937
1,322
56,049
1,191,905
85,982
346,716
97,866
114,299
65,070
51,793
128,877
55,420
41,081
57,934
45,223
714,857
51,568
207,948
58,696
68,551
39,027
31,063
77,295
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
2,589,283
188,106
752,625
215,242
247,471
141,976
112,199
278,209
119,421
89,541
125,327
98,500
220,666
Bills bought In open market
Industrial advances
U. S. Government securities—Bonds.
Treasury notes..
Treasury
40
40
225
....
bills
Total U. 8. Govt, securities
Total bills and securities
51
56
24
3
68
19
2
16
186
12
18
17
16
7
6
21
2
2
5
5
21,109
480
3,660
941
1,135
1,242
1,875
3,368
2,608
1,200
1,727
299
2,574
597,351
58,391
149,616
47,534
59,505
46,886
22,453
79,886
27,888
15,251
32,113
25,522
Due from foreign banks
Fed. Res. notes of other banks
12
premises
44,730
2,982
9,907
4,783
6,164
2,674
2,105
4,548
2,325
1,518
3,130
1,282
32,306
3,312
Another assets
46,746
2,874
13,629
4,335
5,051
3,047
2,115
4,342
1,922
1,677
2,049
1,682
4,023
837,207 1,079,130
524,144
390,440 2,466,618
465,161
312,625
473,047
Uncollected
Bank
Items.
Total assets
877,318 5,588,846
14,362,513
330,915 1,017,062
LIABILITIES
F. B. notes In actual circulation
889,521
302,753
408,655
188,712
145,301
962,955
175,797
136,465
165,042
77,998
326,932
386,773 3,552,533
628,284
49,158
393,547
499,416
160,252 1,214,257
192,849
109,901
218,344
161,685
48,252
58,669
211,271
51,092
13,392
1,204
12,572
5,876
7,913
5,858
450,187 4,430,793
456,395
578,570
274,097
146,538
45,036
58,993
46,159
21,940
343,382
4,123,513
Deposits:
Member bank
7,622,253
1,283,396
reserve account
U. 8. Treasurer—General account-
Foreign
Other
137,609
9,839
50,016
245,233
4,417
199,960
bank.
deposits.
__
Total deposits
9,288,491
42,465
143,842
46,777
36,821
42,057
44,784
4,783
16,261
4,099
3,143
3,963
3,963
2,628
1,688
5,500
2,259
268
2,093
521,425
91,195
9,702
11,445
210,128 1,376,048
249,225
152,124
264,632
212,525
633,767
82,209
29,411
33,035
31,464
Deferred availability Items
597,742
Capital paid In
133,575
9,405
50,961
12,258
13,367
4,950
4,445
13,141
3,903
14,502
2,903
4,147
29,150
3,946
Surplus
147,739
9,900
51,943
14,323
4,964
5,626
22,387
4,667
3,153
3,613
3,892
9,805
27,683
2,874
7,744
13,466
4,411
1,007
3,409
730
1,429
545
1,001
1,142
1,270
32,880
1,448
8,210
2,000
3,177
1,401
1,603
7,201
1,215
1,915
934
1,776
2,121
2,000
817
3,136
888
1,038
452
667
1,248
398
562
502
358
824
837,207 1,079,130
524,144
390,440 2,466,618
465,161
312,625
473,047
(Section 7)
Surplus (Section 13-B)
Reserve for contingencies.
All
other
_
liabilities
10,890
Total llabUltles
877,318 5,588,846
14,362,513
Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus. advs__
•
59,305
"Other cash"
does
1,357
98
488
133
125
58
13,144
1,361
3,879
123
1,553
1,700
Include Federal
not
330,915 1,017,062
41
31
39
39
508
277
.368
244
161
48;
178
10,149
90
2,95 3
Reserve notes
RESERVE NOTE
FEDERAL
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Boston
New York
Phila.
Clevelana
Richmond
Atlanta
Chicago
St. Louis
Minneap
Kan. City
Dallas
$
Tetal
Federal Reserve notes:
S
S
S
%
S
S
$
S
J
S
i
J
4,411,710
370,772
980,579
320,112
432,725
198,438
160,515
987,546
189,948
140,924
173,788
85,362
371,001
288,197
27,390
91,058
17,359
24,070
9,726
15,214
24,591
14,151
4,459
8,746
7,364
44,069
4,123,513
343,382
889,521
302,753
408,655
188,712
145,301
962,955
175,797
136,465
165,042
77,998
326,932
4,535,632
390,000 1,000,000
337,000
436,000
203,000
143,500
177,000
88,500
404,000
478
450
164,000 1,000,000
225
485
192,632
1,243
102
205
313
647
88,813
404,647
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral held by Agent
San Fran.
security
as
for notes Issued to banks:
Gold
certificates
on
hand
and
due
from United States Treasury
Eligible paper
693
6,865
Total collateral
164,485 1,000,225
United
Treasury Bills—Friday, May 20
Ask* a
Asked
Bid
May 25 1938....
0.05%
July
June
1 1938
0.05%
0.05%
0.05%
0.05%
July
13 1938.
8 1938
July
20 1938.
27 1938.
0.08%
0.08%
Aug.
Securities
Exchange—See following
Transactions
at
the
York
New
the
on
New
page.
Stock
Exchange,
0.08%
July
177,205
Daily, Weekly and Yearly—See page 3309.
0.08%
0.08%
June
143,602
192,632
Government
States
York Stock
Rates quoted are for discount at purchase.
Bid
203,450
436,478
338.243
390,693 1,002,024
4,542,497
United States
2,024
0.08%
0.08%
0.08%
June 15 A 16 1938...
June 17 A 18 1938.
June 22 1938
June 29 1938.
»
61938.
3
Aug.
1938.
10 1938.
Stock and Bond
Averages—See
Quotations for United States Treasury Notes—
Friday, May 20
Figures after decimal point represent one or more 32ds of
point.
each
Bid
Asked
Rate
Maturity
Bid
Asked
May 14
15 1938.
Dec
15 1941.
Sept
15 1939.
Dec.
15 1939.
June
May 16 May 17 May 18 May 19 May 20
Francs
Francs
Francs
Francs
7,600
7,200
7,300
7,200
1,350
499
1,280
470
1,290
450
208
24,400
716
1,420
38
204
23,500
664
1,370
Francs
1,265
461
101.10
101.12
Dec
1H%
102.16
102,18
Bas
Banque de 1'Union Parislenne..
102.6
102.8
Mar. 15 1940...
l^%
102.16
102.18
Canadian
101.27
101.29
Mar. 15 1942...
1 H%
103.16
103.18
Canal de Suez cap
16 1940...
by cable
Bank of France
Banque de Paris et Des Pays
Dec.
received
day of the past week:
Int.
Rate
Maturttv
BOURSE
PARIS
Quotations of representative stocks as
Francs
Int.
3309.
0.08%
.......
THE
a
page
102.2
Dec.
103.31
Cle Dlstr d'Electrlcite
102.10
102.12
8ept. 15 1942...
1H%
2%
103.29
15 1941.
IH%
1M%
l%%
1 H%
1H%
104.28
'04.30
Cle Generale d Electrlclte
Mar. 15 1939.
IH%
101.19
101.21
June
15 1939...
2H%
102.17
102.19
Cle
Mar. 15 1941.
102.18
102.20
Sept. 15 1938...
101.24
101.26
51^
502
"505
2H%
Citroen B
494
1«%
1H%
102.16
June
802
200
785
190
780
787
101.16
Comptoir Natlonale d'Escompte
Credit Commercial de France..
255
539
242
510
1,590
1,370
315
565
7,200
June 15 1940.
102
102,14
15 1942
...
15 1938
2K%
101.14
Pacific.....
...
Generale Transatlantlque..
Coty 8 A
-
Courrlereb
THE BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each day of the past week:
May
May
14
16
Lyonnaise——.......
1,670
Eaux des Lyonnaise cap.......
as
1,450
Nord
Electrique du Littoral..
324
567
Credit
received by cable
Energle Electrique du
EnergJe
May
May
May
17
18
19
20
Per Cent of Par
124
—
—
Lyon (P L M)
Nord
Ry
Holl-
123
123
122
122
127
127
127
126
Pathe
..162
162
162
162
162
162
116
124
120
116
115
115
115
Pechlney
Rentes. Perpetual 3%
124
123
123
123
123
120
120
120
120
1918
Rentes 4^%. 1932, A
Rentes 4J^%, 1932 B
Rentes 5%, 1920- — .
Llcht (8%)
Commerz-und Prlvat-Bank A. G. (5%)
Dessauer Gas (5%)
Deutsche Bank (5%)
Deutsche Erdoel (6%)
116
-
817
850
391
*9
790
391
1,956
1,910
£5.90
Z?*™
75.10
Zi'in
81 10
142
140
140
141
127
126
126
126
Dreed ner Bank (4%)
113
113
113
112
112
Farbenlndustrle I.
159
158
159
160
160
159
Royal Dutch
6,410
147
145
146
146
146
145
C A C
Schneider A Cle__
Societe Francalse Ford
Societe Generale Fonciere
?'??£
G. (7%)
(6%)
Hamburger Elektrlzitaetswerke (8%)
Hapag
150
150
Roehren
115
115
(4>$ %)
150
151
78
77
114
114
114
78
_.
Mannesmann
Nordeutscher Lloyd
Relchsbank (8%)
197
Rhelnl8Che Braunkohlen (8%)
231
Salzdetfurth
Siemens
...
151
150
U4
79
197
A Halske
Sa'nt Gobain
Societe
195
195
195
195
233
Soclete
Lyonnaise
Marseillaise
8llk preferred..
Tublze Artificial
(6%)
Union d'Electrlcite
(8%)
211
212
210
209
209
208
J9
Rentes 4%,
126
Gesfuerel
Wagon-Lits
514
1,610
1,580
1,620
1,410
1,400
1,410
309
318
555
546
676
126
113
....144
150
237
1,220
141
Deutsche Reichsbahn (German Rys. pf. 7%)
190
190
242
514
687
Capital..
.....
l",380
33
1,240
day
Rentes 4%, 1917
120
u.
1,350
35
675
Orleans Ry 6%
128
Berliner Kraft
1,380
1,220
795
——
Allgemelne Elektrlzltaets-Gesellschaft 4%..124
Berliner Handels-Gesellschaft
(6ij%)
128
199
23,800
676
696
Liqulde
L'Air
201
23,800
687
1,280
Kuhlmann.w
May
....
206
23,800
101 60
'
79.80
no'«r!
99 80
6,330
2,055
55
55
68
6J
95
91
25?
1*370
594
135
428
04
..
805
801
381
372
19
"373
19
1,910
1,895
74.50
74.90
74.60
74.25
73.70
72.70
72.20
72.10
79.50
79.30
79.30
77.80
77.50
77.50
99.80
99.20
99.00
6,410
6,400
6,390
2,050
2,012
1,110
1,097
66
65
95
93
1,410
1,397
589
589
.
132
405
90
1,240
771
807
131
130
411
410
90
87
73.60
70
May 21, 1938
3294
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
such sales in computing the range for the year.
-"y.-
■ y
United States Government Securities
Below
furnish
we
No
of the day.
the only transaction
in the day's range, unless they are
NOTICE—Cash and deferred delivery sales are disregarded
account is taken of
V^v'
■
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
a
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
I
Daily Record of U. S. Bond Prices May 14 May 16 May 17 May 18 May 19 May 20
Daily Record of U. S. Bond Prices May 14 May 16 May 17 May 18 May 19 May 20
118.11
118.11
118.14
118.11
118.11
118.11
118.14
118.11
118.11
118.11
Total tales in <1.000 units.. -
1
1
1
High
109.17
109.18
Low.
109.17
109.16
109.14
109.18
Close
109.17
109.15
3
4
6
118.11
(High
{Low.
(Close
4*8. 1947-52
3*s, 1943-45..
114.0
'
114.4
114.6
114.5
114.4
114.6
114.5
Low.
Close
4s, 1944-04.....
114.4
114.10
114.9
Low.
110.5
110.2
Close
110.5
110.2
Total salts in <1,000 units...
110.4
(High
106.3
106.2
106
106.3
106.3
106.2
105.30
106.1
106.5
106.5
106.3
106.2
106
106.3
106.5
102.30
102.29
14
102.31
103.4
103.3
102.28
102.28
102.30
103.3
103.2
102.28
102.30
103.3
103.4
2
16
2
5
11
101.21
101.18
101.21
101.24
101.25
101.20
-~
'j-
~
101.17
101.20
101.22
101.22
101.21
101.17
101.21
101.24
101.25
7
m
m
42
9
13
32
105.13
105.15
105.13
105.15
105.13
105.15
2
100
103.17
105.16
105.15
%'U±m
105.15
17
....
103.13
103.18
103.17
103.13
103.18
103.17
103.13
103.18
1
(High
106.7
100.8
106.6
103.11
27
Close
{Low.
(Close
103.4
....
103.5
5
102.28
Total sales in <1,000 units
10
103.11
103.1
103.3
Low.
2*0,1945.....
110.6
1
103.3
High
110.6
110.4
1
8
....
....
103.5
5
Low.
110.6
1
U
102.29
Close
110.4
104.9
1
Total sales in <1,000 units
Low.
3*8. 1943-47
103.2
High
110.2
104.7
104.4
102.29
I Close
2*s, 1949-53
104.11
104.4
103.3
103.2
103.2
Total salts in <1,000 units
16
110.5
~
6
2*0, 1950-69.Low,
....
9
112.23
High
103.2
(High
112.22
Close
8*0,1940-50..........
J,
~
103.2
103.3
Total sales in <1,000 units
114.10
11
\m
,
103.3
Low
2*8. 1951-54
.
112.23
Total salts in <1,000 units...
High
114.6
-
15
Total sales in <1,000 units...
114.10
3
Total salts in <1,000 units...
High
3
114.9
■
104.4
104.4
104.1
104.1
104.4
Low.
2*s, 1948-51
109.19
114.7
High
Treasury
118.14
109.15
104.2
104.4
109.18
Total salts in <1,000 units...
Treasury
10
'
3s. 1951-65
Total sales in <1,000 units...
29
107.10
107.18
107.20
107.14
107.10
107.13
107.17
107.10
107.15
107.18
1
7
2
Jm
(High
106.0
106.5
106.7
106.5
106.5
106.7
106.9
106.6
106.5
106.7
106.9
Total sales in <1,000 units
Federal Farm
-
-•
4*
—
106.9
Low.
3 *8, 1944-04
'
10
...
Close
9
Total salts in <1,000 units.
_
High
Mortgage
107.18
25
Federal Farm
107.18
107.14
107.15
W
Total sales in <1.000 units
4
107.14
(High
{Low
(Close
3s. 1940-48
>'
(Low
(Close
12
13
V
2*s, 1948
27
9
(High
105.19
{Low.
6
''
-'m
-
7.''.
18
.(;■
V
—
106.19
106.18
106.20
106.18
105.18
105.16
105.21
105.25
Low
106.19
106.17
106.20
106.18
105.19
105.18
105.16
105.20
105.24
105.29
(Close
106.19
100.18
106.20
106.18
(Close
105.19
105.18
105.16
105.21
105.25
105.29
Total sales in <1,000 units...
3
7
28
3
Total sales in <1,000 units...
2
5
3
5
34
3 *8. 1940-43
•
H (High
:
3*8. 1941-43
107.22
107.22
107.23
Federal Farm
Low.
107.22
107.22
107.23
107.22
107.23
2
25
9
105.23
105.23
107.22
7
3s, 1942-47
107.22
107.22
Mortgage
(High
{Low.
(Close
,107.23
Close
Total sales in <1,000 units...
Mortgage
3s. 1944-49
-
108.4
108.5
—
108.6
-
Low.
108.4
108.4
108.6
108.5
108.4
108.5
108.6
108.5
Total salts in <1,000 units...
[
15
26
Mortgage
Home Owners' Loan
106.1
106.1
Low
108.3
109.17
109.17
109.16
109.15
109.18
109.17
109.14
109.13
109.17
Home Owners' Loan
109.15
109.15
109.17
109.19
Total sales in <1,000 units...
5
1
6
3
14
104.3
104.3
104
104
104.5
104.8
Low.
104.1
103.30
103.28
103.30
104.2
104.4
Close
104.1
103.30
103.31
104
104.3
104.8
Low.
106.2
Close
Tottl salts in <1,000 units...
106.2
51
105.30
105.31
106.1
Odd lot sales,
bonds.
106.5
106.2
106.2
106.3
100.2
106.3
12
20
8
4
102.29
102.30
102.30
102.31
103
102.28
102.28
102.29
102.30
103
102.30
102.30
103
10
4
102.29
102.29
3
102.30
2
3
38
21
High
103.10
103.7
103.8
103.9
103.16
103.10
103.7
103.6
103.8
103.14
103.10
103.7
103.9
103.16
6
13
includes
only
sales
16
above
table
of
coupon
Transactions in registered bonds were:
Treas. 3*s, 1944-46.-109.15 to 109.15
3 Treas. 2*s, 1955-60..103.24 to 103.24
4 Treas. 2*s, 1945-47..105.29 to 105.29
106.5
103.8
2
1
t Deferred delivery sale.
1
Treas. 2*s, 1951-54..102.31 to 102.31
1
Home Owners 3s, 1952 105.20 to 105.20
106.4
106.2
8
102.29
1
23
106.2
105.29
102.29
Total sales in <1,000 units
*
Note—The
High
41
105.31
105.29
Low.
10
26
105.26
105.24
Close
109.18
109.17
24
106.1
105.24
105.24
(High
109.19
109.17
106.2
105.31
105.24
(Close
1
109.17
10
105.26
Total sales in <1.000 units
108.3
4
(High
106.2
105!28
105.24
105.24
Total sales in <1,000 units
{Low.
(ClOBe
High
7 2
105.24
2*8, series B, 1939-49
..{Low.
108.3
2*s, 1942-44
Total salts in <1,000 units...
4
Low.
108.3
108.3
108.5
5
.,
Close
108.5
108.3
,
Hign
3s. series A, 1944-52..
1
108.3
Close
Total salts in <1,000 units...
2*8, 1945-47...
~
Close
Home Owners' Loan
2Kb, 1955-00
105.30
105.30
V
_
Low.
108.3
(High
3*s, 1944-40
^ ^
1
Total sales in <1.000 units...
2
108.3
Total sales in <1,000 units...
3*s, 1941
_
>' ;- V
106.1
High
2 *s. 1942-47
108.6
108.3
Low.
Close
■
Federal Farm
108.9
8
(High
3*s, 1949-52
105.23
Total sales in <1,000 units
108.9
108.6
(Close
-
5
105.30
'
High
3*8, 1940-49.
105.29
26
72
100.6
United States
25
United States
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
for
Saturday
May 14
Monday
May 16
May 17
$ per share
$ per share
$ per share
Tuesday
Wednesday
May 18
S
per
share
Friday
the
May 19
May 20
$ per share
Shares
44
*42
43
43
43
*42
44
*42
44
*41
*32*
34
42i2
*32*
34
32*
32*
*32.
34
*32
34
*32
34
*31
3b
*33
36
36
*33
36
*33
36
*33
35
9
9
9
17
*16
17
*16
17
*16*
20
20
*19*
20
1934
*16
20*
20*
*33
834
834
2*
2*
*2*
238
2*
45*
46*
45*
46*
45*
46
**
1
10*
834
*78
1
*7g
1
9*
9*
934
9*
934
1*
1*
1
1*
1
2*
1
8*
8*
834
834
*8
81*
*7*
8*
7*
7*
*7
8*
*7
7*
*7*
8
*7*
9
10
*9
10
15*
9*
*15
15*
1534
*28*
*28*
*6
7
149
150
*7*
10*
6*
8*
10*
6*
*6*
*9
*.
7
14734 149*
*7*
8*
148
*7*
150
8*
10*
*10
1038
6
6*
*44
41*
*13*
*1*
43
*1*
*14*
63*
*55*
64
*63*
65
64
60
*55
60
*54
15*
4134
*13
*1*
*14
15
15*
15*
1034
153s
50*
50*
*50*
51*
50
*
7
6*
48*
*14
1
734
*7*
734
48*
10
8,200
34
1
34
10*
1
*34
10
1
•
1
500
200
2,300
8
800
710
200
*7*
9*
8*
*7
8
.7
7
200
9*
*812
*1434
*2858
6*
9
400
15*
15
400
*6*
150
150
*7*
*10
8*
103*
*44*
2
*134
*14
63
148
*7i2
*10
9*
1512
6*
149
8*
9
*1412
*28i2
*6*
147
*7l2
10*
6*
*10
46*
44*
45
45
*44
4212
44
13*
2*
13
1338
2
15*
*13i2
16*
*6*
6*
63
6*
*134
614
6l2
148
""loo
2,000
8*
10U
""300
6I4
3,800
46
100
4134
4234
13,800
*12i2
*134
*1312
13l8
500
Abboit Laboratories
Abraham 4 Straus..
Acme Steel Co
Adams
Express
2
1634
25
315$ Apr 29
6I4 Mar 30
l4i2Mar31
1658Mar31
52
Jan 14
4334
103s
Jan 10
778 Nov
17* Oct
10* Oct
1* Oct
44* Nov
10
158 Jan
par
40
4
834 Mar 31
95
Apr 16
Allegheny Corp
No par
5*% pf A with <30 war. 100
5*% pf A with <40 war. 100
5*% pf A without war.100
78 Mar 31
6i2 Mar 30
5
8
Industries Ino
1
Allied Chemical 4 Dye.No pat
Allied Kid Co.
5
Allied Mills Co Inc.... Vo
2
Mar 31
1158 Mar 31
28 May 11
Alleghany 4 W. Ry 6% gtd 100
Allen
Mar 30
6i2 Apr
<2.50 prior conv pref.No
par
Alegheny Steel Co
No par
4i2 Mar 30
124 Mar 31
z20>4 Jan 20
23
Jan 24
23gMay 9
68* Jan 10
1* Jan 7
95
1®8
n
New stock,
Oct
Feb
17* Jan 12
10*
Oct
58*
52*
2134
Jan 17
13
Oct
455g Mar
May 11
97g Jan 17
103
Apr
110
Oct
1701, Jan 10
145
237g Apr
25812 Mar
17* Aug
33* Jan
217, Mar
28
95g Jan 10
143s Jan 19
9* Jan 12
0*
7*
10
6*
Nov
Dec
Oct
Oct
49
Dec
34
85
Feb
Feb
Jan
Mar
par
34* Mar 31
53* Jan 11
51* Jan 11
Oct
83*
par
11* Apr
1
15*
Jan 11
8*
Oct
1* Mar 26
3*
Jan 11
1*
Oct
3934 Jan
87, Mar
38
Mar 31
10
Mar 30
Jan
3
24
Jan 12
72* Feb 21
Jan
50
r
Jan
Aug
10
l7*May 18
preferred
160
Feb
Mar 30
6%
Jan
Feb
Feb
10
5158
Oct
Jan
5*
15*
5*
59*4
10
1618
50*
1
Jan
59
06
50*
Oct
43g
80*
Oct
Mar 26
American Bank Note
*
30
Oct
57
16
Aug
22* Mar
28* Feb
11
49
17*
85
11
par
163s
Mar
Dec
Jan 12
Mar 31
(Del)..No
Mar
69
17* Jan 12
173g Jan 12
177S
Amalgam Leather Cos Inc._.l
6% conv preferred
-.50
Amerada Corp
..No par
Am Agrlc Chem
share
55
Nov
Oct
7
per
Nov
37
146
Jan
Highest
30
Apr 16
4i2 Mar 26
....100
5712
share <
Oct
858 Mar 28
AUla-Chaiinera Mfg....JV"o
Alpha Portland Cem_._2Vo
per
8
par
7
%
2
133$ Feb
..No par
Allied Stores Corp
5% preferred
6H4
a Del. delivery
Mar 11
Alaska Juneau Gold Mln...l0
Albany 4 Susq RR__
100
61
X In receivership,
36
par
*53
710
45
Way El Appliance. .No
59*
1634
52i2
IT 500
36U Feb 4
30U Mar 23
No par
63*
1558
< per
No par
No par
per
May 2
58 Mar 30
Air
Lowest
Highest
share
share
Mar 11
Adaress-Multigr Corp
Advance Rumely
No
Air Reduction Inc
63
1,000
S
.No par
No par
*53
*52
Range for Previous
Year 1937
100-Share Lots
Lowest
59*
*54
Bid and asked prices; no sales on this da
3,100
8
13*
16*
50*
46*
7S
7ig
43*
15*
45*
8is
14
64
238
7*
7
On Basis of
Par
Adams-Mlllis
"""500
8*
*7i8
43
59*
'TBoo
8%
17
19i8
2*
17
8*
*29
2
19
1
33
10
2
10
*29
6*
*44*
14
10*
10
10
4734
46
*
100
8i2
*10ig
19*
214
834
193g
2*
4734
*
*14*
*6*
*8-*
*1018
1938
*214
*
9*
15*
48
14
1934
46*
*14*
*44*
42*
*13*
43*
2
83^
17
Range Since Jan. 1
STOCK
Week
$ per share
*41
9*
YORK
EXCHANGE
Cash sale.
x
Ex-div.
y
Ex-rights
8
19
Oct
51* Not
53* Oct
10
Oct
Jan
52* Mar
1147, Mar
01*
41*
75*
Jan
Jan
Feb
1 Called for redemption.
Volume
SALE PRICES—PER
HIGH
AND
LOW
New York Stock Record—Continued—Page 2
146
STOCKS
Sales
CENT
NOT PER
SHARE,
NEW
Tuesday
Monday
Saturday
YORK
Ranoe Since Jan. 1
STOCK
Basis of 100-Share
On
May 14
May 16
May 17
May 18
May 19
May 20
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*
34
34
95
12%
*80
95
*80
95
*80
*106
110
110
110
*15
23
*15
23
12*2
12l2
12%
11
*3*4
3*4
10%
10%
76%
*76
3%
3%
7%
3%
3%
*19*8
20*2
19%
19%
9*4
9*4
8*4
9%
18%
8%
*16
187g
*14%
18%
*16
*9
10%
*9
10%
*9
3
37
*36
*36
*36
37
37
.
16*8
*1%
*14*4
15%
*5%
6%
*14%
*5%
15%
6%
16%
17%
16
16%
*53
55
13
13
31*
*53
55%
*45%
*12%
30
30%
3%
115
*105
*23
24
*23
24
6
110
5%
110
*23
23%
5%
16%
5%
500
165g
16%
16%
2,500
x29%
12%
11%
12%
11%
12
11%
23%
5lo
29%
12%
11
*3212
*
153
15%
*70
*70%
73
71
71
71%
71%
71%
17*4
*17%
17%
17%
17%
17%
18
17%
17%
17%
10
*9%
10
10
10
10
10
*9%
28
*26
*
27%
36%
26
26
37%
*26
37%
3712
36
37
120
120
51
51
117*2 119*4 *118% 119%
51
49%
♦4912
49t2
*139
*139
*139
21"
20*4
*7l->
27
20%
*7%
8
*26%
"21~"
*15
*15*2
130
130
69
69
68%
70%
68%
*67%
71
71
70*4
70%
20%
51%
7%
107
*15%
17%
69
130
69
70%
71
68%
5*9
5%
5%
29
28
*33%
15%
*14
32
27
36%
*33
*25
28%
27%
*14
5%
12%
*11%
*23
4%
4%
*50
75
*28l2
29
600
11,100
5%
32 "
*25
5%
27%
27%
4%
4
31%
*29
5%
5%
30
*25
74
70
100
70
4%
1,000
29%
900
*25
26
27%
2,400
5%
5%
5%
30
27%
30
_
25%
25%
35
«
-
-
*120
4%
36
75
*50
28%
7%
"
28%
*7
95"
14
100
.
80
6
4%
4%
*36
75
*50
*93
4%
4%
36%
75
28%
28%
*7
7%
3
3
79%
5%
*
3
*
*5%
*50
29
28%
*7
7%
3
79%
~
36%
5%
*3
*
¥9"
4%
36%
—
-
500
75
*50
28
57g
*
300
75
«►
*
-»
-
1,600
28%
5%
60
*52%
60
*50
60
*50
60
*50
60
*50
*45
68%
*45
68%
*45
*45
65
*45
*29%
*78%
30%
*30
*30
80%
80
1,500
65
30%
68%
30%
30%
*28%
79%
*77
'
*75*4
28*2
~
.
28%
*42l2
46
18
18
*4%
5%
*7%
10%
*76
79%
■
j.
-
i
-
79%
*77
29
27%
*42
45
*41%
45
17%
*17%
18
*5
5%
*7%
21%
9
*4%
*7%
17%
78%
28%
28
*42
17%
30%
28%
44
5%
*5%
17%
5%
8%
21%
*7%
9%
26%
*41%
42
*39%
42
*39%
115
*112
5
*5
6
*5
*3%
4
*3%
4
4
*2%
2U
*2
3%
*2
17%
*15
17%
*13
*112
115
*112
5
42
115
*39%
*112
42
115
5%
*5
5%
4
*3%
3%
♦2
2%
2%
17%
80
170
80
10
28%
26
27
6,200
44
43
43
17%
17%
16%
*4%
5%
8%
5
9
20%
201
400
1,100
5
*7%
*7
*39%
*112
*5
42
16%
115
100
•>
200
107% 107%
100
*112
2,200
6%
6%
41
41
400
115
5%
3%
*5
4
*2
2%
*2
2%
*15
17%
3%
*13
17%
3%
7
"166
5U
*3%
3%
<
200
9*4
58
78
140
Jan 15
Mar 29
17%
3%
4
3%
3%
3%
3%
3%
7%
7%
7%
5%
7%
7%
7%
7%
7%
7%
7%
5%
6
3%
Amer Steel Foundries..No par
American
No par
Stores
103
Mar 29
Dec
Dec
Preferred
153s Mar 31
0i8Mar31
Co. ..100
111
Mar 30
Tobacco
25
58
Mar 30
Common class B
25
American
100
preferred
0%
Am Type Founders Inc
10
Am Water Wks A Elec.No par
1st preferred
$0
Apr 16
3% Mar 31
235s Mar 31
..100
Preferred
~2,800
Mar 30
08
No par
No par
Woolen
American
53% Mar 31
130
Apr 1
378 Mar 28
0
43s Mar 30
Mar 26
Amer Zinc Lead A Smelt....1
Jan 17
Oct
34*4 Jan 10
11*4 Jan 18
Oct
149*4
140
Oct
57
Dec
68*4
Dec
Jan 10
72lgMay
7
73*4May 7
139%May 11
778 Jan 21
13*2 Jan 12
Jan 20
86
5*8 Jan 12
35*4 Feb 23
8*2 Jan 10
29
10«4Mar31
97
Apr 6
RR—100
Atl G A W I SS Lines-No par
5% preferred
100
Atlantic Refining
25
4% conv pre! series A—100
6%
1
60
Corp
pre'erred
6
12112 Mar 2
100*2 Jan 18
07g Jan 10
5% conv preferred
Corp
Atlas Tack
Mar 29
May 12
68% Mar 5
27
Mar 30
5%
7%
5%
7%
34
*32
7%
*32
5%
7%
34
6%
*32
5%
7
34
90
90
16%
16%
16%
15%
16%
*7%
7%
7%
7%
*6%
7%
*25%
261*
13%
*25%
13%
26%
13%
90
*88
*89
16
90
110
12
12
110
*11%
*110
115
*15%
16
*93
97%
*15%
*93
16
97%
*100% 105
*6%
7%
alOO
*6-%
26%
13
13%
*11
12
*110% 115
*15%
*93
16
97%
*25
*25
*25
*25
13%
12
100
*100
*6%
7%
79%
*72
79%
*72
*11
5%
7%
*32
*89
16%
7
*25%
13
*11
6%
7%
34
94%
7'2
79%
7%
94%
2,200
34
*89
10
16
15%
9412
15%
7
*6%
7
28
*25%
12%
28
*25%
12%
28
13%
13
13,966
12
12
*11
12
300
13%
12
15%
15%
*93%
97%
*15%
*93%
*25%
7%
11%
III9
11%
11
11
11%
*17%
17%
17%
17%
17%
17%
17%
*31%
*6%
16
97%
-
-r
103
71}
*93%
*25%
*101
1,500
400
Oct
Oct
Dec
3*4 Oct
*27% Oct
24*2 Nov
39
Oct
10
Oct
90
Oct
22
30
200
97%
■
102
"266
100
"2,266
700
11%
11%
11%
67g
79%
11%
17%
17%
17%
177g
46%
27,300
14%
900
800
*73
79%
6%
"
*73
110*4 May
93
4*8
67
Dec
94i2 Jan 31
96
Feb
Jan 12
30
39
7*4 May 12
5*s Jan 13
"¥*8
Oct
2*8
Oct
0
Jan 12
68
Dec
5
83
Nov
Jan 10
33
68*4 Mar
35
71*4
Dec
70
Dec
42
May 20
Jan 12
72
Jna 14
Mar 31
4% Mar 25
0i2 Mar 26
17*4 Mar 31
1017g Apr 12
534 Mar 30
38»4 Mar 20
*27*8
327| Nov
60*2
Jan 12
7*4 Jan 11
14*2 Jan 10
18
24
18
Mar
1
107*4May 20
9?s Jan 10
43
Mar 29
48
Jan
3
119
4i2 Apr
1
Jan 11
Jan 11
Mar
3
Oct
Oct
7ig
39*4
Co.——
33
33
32
32
45%
46%
46%
47%
45%
47%
*30%
45%
*14%
14%
14%
*14%
14%
14%
14%
14
87%
87%
19%
13%
*86%
88%
88%
88%
88
88%
88
88%
88
88
18%
12%
300
No
Steel (Del)-No
preferred..
preferred
Bigelow Sanl Carp Inc.No
500
Black A Decker
11%
1,300
19%
*18%
13
*12N
11%
12
11%
20
19
18
12%
12%
12%
13
12%
11%
12%
17%
12
12%
17%
25%
*13%
*35%
24%
*18%
*13
17%
*1.3
17%
*13
43
37
37%
*35%
45
25%
24%
25%
24%
25%
*35%
25%
19%
19%
19lo
19%
19%
19%
*13
17%
*35
25
19%
•
.
19
13
11%
45
19
Bid and asked prices: no sales on this day.
*18%
19%
25%
11%
*13%
*35%
24%
19io
191*
42
t In receivership,
17%
42
50
25
9,300
19%
a
Def
1,200
delivery
Oct
38
Nov
101
Dec
Mar 2b
6*2 Jan 12
4*2
3*8
Mar 25
3*8 Jan 19
2
Dec
Sept
20*2 Jan 25
4*8 Jan 10
15
Dec
5
Mar 30
4
Mar 31
10*4 Feb 23
1078 Jan 11
13*4 Jan 11
10
5% Mar 29
7*8 Jan 12
Oct
214 Oct
3*a Sept
Oct
8*|
Oct
Oct
Mar 31
34
Feb 23
30
Oct
86
Jan 21
95
Mar 22
89
Dec
12% Mar 30
19
Feb 23
10*8
Oct
10*2
Jan 12
7*4
Dec
30
5
Mar 23
21% Mar 29
10% Mar 30
9
109
Mar 30
Apr
9
11% Mar 30
90i2 Apr 29
25
Apr
9412 Apr
9
2
5*4 Mar 31
77*4 Mar 19
8% Mar 29
15% Mar 31
207g Mar 31
Jan
20
Nov
10*8 Feb
12*4 Jan
10
Oct
9
Oct
Jan
108
Oct
Jan
1
Oct
Nov
115
17*4
9012 Jan
9
30*4 Mar
29*z
Dec
10378 Feb
8*8 Jan
90*4
7*8
Oct
82*8
Dec
83
147a
Jan
Jan
Oct
40*2 Feb
657s Jan
29
Dec
41
Oct
14
Oct
par
par
40
Mar 31
20
100
13
Mar 30
75
Mar 31
10*2 Jan
98*2 Jan
Mar 30
28
18
Oct
15
Best A Co
par
8*4
Oct
Mar
19
Bethlehem
5%
7%
Sept
6
29
6
No par
-.100
Beatrice Creamery
...25
S5 preferred w w
No par
Beech Creek RR
50
Besch-Nut Packing Co
20
Belding-Hemlnway
No par
Belgian Nat Rye part pref
Bendlx Aviation..
--5
Beneficial Indus Loan..No par
14%
13
Dec
12i4 Mar 30
2% Mar 29
.50
preferred
Bayuk Cigars Inc
1st preferred
48%
*18%
Oct
101*8 Sept
3
32
12
Oct
9
2
ctfs—
13
Ohio..—...100
4% preferred
-100
Bangor A Aroostook
50
Conv 5% preferred...—100
Barber Asphalt Corp..
10
Barker Brothers
.No par
14%
12
Dec
5
3
Voting trust
46%
*12%
Dec
80*4 Feb 24
14
Baltimore A
32
*18%
Dec
80
100
14io
300
Nov
Jan 12
69
22i4 Mar 31
40% Apr 13
No par
48%
32
Oct
47g
Jan 22
36
33
33
Oct
Oct
Jan 12
72
Mar 29
105
47%
*31%
Der
72
Automobile..No par
Barnsdall Oil
Oct
2% Dec
72
No par
$5 prior A..
--No par
Aviation Corp of Del (The) ..3
Baldwin Loco Works ..No par
5Vi%
*110% 115
15%
15%
*110% 115
al00% 100% *101
*6%
6%
*32
15%
*110% 115
*73
7%
34
6,800
*6%
79%
11%
17%
*67
*89
5%
3,000
7
16%
*25
105
7
*32
7%
5%
Oct
3*2
26*4
80
"i"
x52
No par
Powder
fAunurn
Jan
2i2 Mar 30
Atlantic Coast Line
Atlas
30*4 Jan 13
Mar 19
8
82
7
1
Oct
128*4 May
4*4 Oct
Jan 11
19
Apr
Mar 30
14
3
3*8 Feb 24
50
100
preferred
Jan 15
Mar 31
24>4 Mar 26
6% Mar 25
5
5% pref with warrants.. 100
$5 pref without warrants 100
Atch Topeka A Santa Fe._100
5%
Jan 11
18
Mar 31
378 Mar 20
28% Mar 28
No par
7% preferred
100
Armstrong Cork Co ...No par
No par
Preferred
100
Associated Dry Goods
1
0% 1st preferred
..100
7% 2d preferred..—
100
Assoc Investments Co.-No par
60
1077g Jan
2
$0 conv pref.*
Corp
Jan 10
10
82
Dec
Dec
Anaconda W A Cable..No par
119
7*8
24
AnchorHockGlass Corp No par
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Armour A Co of Illinois
6
Oct
1047g
Jan 11
31
40
20
22i2
117*8 Mar 14
19
May 20
36*4 Jan 11
Copper Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.No par
Dec
Nov
215a Mar 31
Mar 29
122
40
25
$0.50 conv preferred-No par
Oct
Dec
Nov
125
25
Mining..60
15 prior conv pref
Anaconda Copper
Oct
2
Mar
Assented.
5%
Oct
I6I2
63*8
May 13
52
140
Oct
Jan 15
131
7
Jan 17
4534 Apr
130
Austin Nichols
■
*13%
3%
25
100
Atlas
42
*39%
3%
*14
30%
80
21%
21%
21%
21%
20%
21%
21%
21%
*107% 110
*107% 108
*107% 110
*107% 108
*107% 110
6%
6%
6%
6%
6%
6%
*6%
6%
6%
6%
*41
41%
41%
41%
a41%
*40%
41%
40%
41%
40%
*40%
*30
80
80
*78%
*78%
28
227g
Artloom Corp
60
68%
100
preferred
400
3
~~5%
*45
*28*2
Preferred
American Snuff
Arnold Constable
79%
.
Amer
200
7
3
3%
3,100
4%
36
7
7%
100
99
4%
36
29
79%
"5%
*93
*52%
*76
Oct
13i8 Mar 30
Andes
*120
*120
99"
36
~~5%
3%
79%
*93
-
-
42,500
35
*13
14
"5%
400
138
*4%
36%
4%
*
70%
29%
4%
31
*13
*7%
*3
4%
*29%
4%
*68%
*35
28%
79*4
5%
""5%
30
74
14
3%
*3
*
*68%
36%
36%
.*50
1,600
5%
*13
7%
7*2
800
9%
*33
95
Oct
20
15134May 10
7,100
5%
14
4%
*36
36%
*36
74
*120
Oct
Jan 12
Jan 12
Amer Telep A Tel eg
*102% 105
*102% 105
105% *102% 105
*11
*12
14
*11
13%
13%
13%
*11%
*2U
3
3
3
2%
*2%
*2%
*2%
24
24
24%
24%
24%
*22%
24%
*23%
~99 "
*93
Dec
3
31
105*2
1258 Mar 30
9
36%
*120
99~
Nov
26
14*4 Feb 23
Am Sumatra Tobacco..No par
104
24
Mar 30
1,200
138
*13
3.
Oct
24*4 Nov
100
33
2UzMar 30
9%
*33
14
24
24%
*93
68%
15%
*2%
*120
130%
36%
*11%
3
*2i2
26%
104
104
104
*102%
*25
Oct
Oct
3
Jan 12
Jan 12
7*8
10i8 Mar 31
9
Oct
40*2
Mar 31
1013s Mar 31
9%
9%
*25
Mar 29
3i4 Mar 29
19
100
70%
9%
4%
20
Oct
Dec
Oct
10*8
105i2 Mar 24
29*2 Jan 18
'
Oct
Oct
53
5*4 Jan 12
38*4 Jan 12
American Sugar Refining..100
500
139
5%
9%
29%
5%
200
1,400
107
5%
9
4%
5,700
8
Co..No par
Co.No par
Smelting A Refg.No par
0%
70%
9%
29%
200
139% 139% *137%
70%
9%
4%
23*2 Feb 25
74*2 Jan 17
14i2 Jan 10
Mar 30
Oct
41
19
17%
128% 129%
68%
67%
17%
Jan
Dec
Oct
6*4
14ia
56*4 Jan 12
70
9*4
29%
*50
Jan
38*2
7*2
24*}
*139
106% 106% *106%
129% 130%
68%
51
687i
Oct
15*4
19%
9%
4*4
100
Jan
Dec
14
2
Jan 11
14*4 Jan 12
3512 Jan 11
22%
5%
30
23
Mar
778
207g Jan 12
19%
*5%
.
25
13*4
7*4
Jan 13
Jan
99*4 Mar
13*2 Jan
Oct
14i4
Jan 18
7>8 Mar 26
2234 Apr 1
28% Mar 31
*7%
22%
5%
4's
Mar
153s Mar 31
8
5%
30
Jan
225
Amer Ship Building
25
5%
*64
17
Oct
American Seating
20%
5%
74
Oct
2*2
17*2
5*4
American 8afety Razor..18.50
19%
5%
*60
5
175
Jan 22
110
*7%
22%
*5%
74
Oct
300
1,200
7%
26
*16%
*136% 139% *136% 139*4 *137% 139%
*62
..100
American Rolling Mill
4
conv pref
Nov
2
10
17%
20%
107
17%
*50
*139
26
129% 130%
129% 130
Preferred
300
7%
*16%
600
71
51%
*49U
27%
17%
4,100
15%
No par
No par
Am Rad A Stand San'y.No par
10.300
20%
7%
*26%
152
*25%
27%
26%
*26%
25i.i
36
35%
34%
37%
37%
37%
119% 119% *115% 118% *115% 118%
107% *106% 108
107
17%
20%
8
preferred
20
80
Jan 12
29
*139
27
*26
107% 107%
*70%
$5
11
5,500
17,500
3358
12i2
Jan 18
4*s Jan 13
9912 Mar 30
100
preferred
10%
71*9
*9%
$6
Oct
Jan 12
26
238 Mar31
American News Co new No par
Amer Power A Light...No par
240
30
*17*4
10
Amer Metal Co Ltd...No par
600
29
*70*4
*97g
2,800
4,200
30*4 Mar
18
29
14,700
235s Mar
Oct
1*8
105
5%
Jan
Oct
19*4 Feb 25
Mar 31
34%
29
12
Mar 31
24%
Dec
2*s Feb 26
10
preferred
Aug
20*2
5*4
8*4
7
2*2
20*2
32*4
45
conv
Apr
112
37*4 Jan 14
100
0%
150
Oct
25*4 Feb 25
11*2 Jan 14
Mar 29
Amer Mach A Fdy Co..No par
a
Oct
90
4*s Jan 13
Mar 29
Amer Mach A Metais..No par
33%
29%
152
Preferred
Oct
80
0*2 Jan 17
9
900
5%
16%
100
Internat Corp...No par
American Locomotive. .No par
33*4 Aug
11*4
Jan 24
1334 Mar 28
4i8 Mar 30
12% Mar 29
No par
Jan
May 16
177
2
60
Amer
100
Oct
4*4
Mar 26
1,000
33
153
15%
16%
preferred
6% non-cum pref
100
3%
12
31%
16%
23%
5%
35
*
*3%
28%
105
23%
5%
34
16%
3%
30
Xl05% 105%
23%
5%
30%
153
*3%
3%
30%
*30%
*105
30%
15%
5%
13
29
16%
*15%
6
53
31%
153
300
16
16
1%
12%
30%
16%
American Ice
*1%
53
34%
16%
1%
0%
Feb
36
30% Mar 26
li2Mar 30
American Home Products... 1
13
28%
153
100
104*2
Jan 16
Feb
16*4
12
1
200
55
30%
16*8
1%
*36
36%
American Hide A Leather
800
13
34%
*
36%
No par
2%
Feb
Feb
80*4
83
5i8 Mar 30
37
16
71
8*s Feb 21
Jan 22
9i8May
Jan
Oct
Jan 12
8
13*4 Jan 15
Mar 29
No par
16%
2%
19
*51%
32%
*
3
3
4
177
10
174
19*2 Feb
May 20
2i2 Mar 25
10
Oct
1517g
15*4
Feb
100*2
Mar 29
No par
preferred
121
110
2i4 Mar 30
13% Mar 29
Amer Hawaiian SS Co
55%
12%
34
■'
*9%
10
16%
29*4
*
16
*9
Dec
176s Jan 17
S6
100
*15
09
50
$7 preferred
$7 2d preferred A
3,700
160
27%
76
100
share
Oct
Dec
107
8*4 Mar 30
10
6% 1st preferred
..100
American Encaustic Tiling..1
Amer European Sees...No par
1,300
8%
16%
32
12
18%
8%
*5%
*3%
30%
*23
5%
5*4
oi2
18%
5%
12%
3%
30
30%
*105
18%
8%
10
*16%
American Crystal Sugar
3
Mar 31
9
per
28
109
3
2
91% Feb 23
9% Mar 29
J(AllegCoj25
share $
per
42% Jan
89t2 Feb 18
88% Mar 31
1912 Feb 7
4i2 Mar 29
No par
Amer A For'n Power...No par
3%
16
27
$
share
per
125*2 Feb
10Oi4 Mar 30
12% Mar 30
100
Chicle
Amer Express Co
-
3,300
3%
16
16%
*52
13
319
115
8%
-
_
3%
16%
55%
12%
3%
3%
29'g
110
1,200
3%
*3%
5%
12%
*105
18
1%
*16
6
1.300
76
9
37
1%
9%
76
500
3
1%
16%
6
1%
15%
*14*4
1%
500
*4
19
*36
1*4
*1*8
3
10%
9%
*10
..100
preferred
$
Apr 21
70% Jan
American Col or type Co
10
Am Comm'l Alcohol Corp..20
400
*100
10
*16
2%
19
6%
*6
25
Am Coal Co oi N
9
3%
18%
*9
5%
American
23
*15
Can
Preferred
400
500
9
*16
*105%
3%
American
95
110
*4
19%
9
2%
Am Chain A Cable Inc.No par
77
3%
30>
9
19
*16%
3,400
12
11%
*170
500
3%
19%
10
3
*17
200
10
9%
7%
*170
3%
18%
20
*2%
19
*4
7%
500
3%
*27g
*10%
3%
*4
*170
500
3%
32 %
American Car A Fdy ...No par
Preferred..
100
*81
10
10
10
76%
3%
600
6%
6%
10
*3*»
*18
6%
77
*4
*170
500
6%
10
3%
18
32%
23
*15
77
3%
7%
*4
*170
10%
400
18
110
*106%
10%
*77
77*2
6%
10%
23
77%
10%
77*2
6%
10%
10%
10*4
10*4
*10*4
*15
23
114
164
conv
Lowest
Highest
share
per
23% Mar 31
par
100
164
95
*81
Fdy .No
pre!
1,900
12
12
12%
110
5H%
87
35
*32
95
*80%
109
*107% 109%
7
*6%
7
*6*2
12
12%
*15
35
Am Brake Shoe A
800
$
180
86%
86%
87%
87%
163
163% *161% 164
18%
*18%
18%
18%
*32
Lowest
Par
125
125
125
125
31%
31%
33%
*31%
125
87%
35
*32%
12%
33%
*123
87%
86% 86%
*160
162
162
163%
18
18
18%
18*4
36
*34
*31%
123
87
19U
18*2
123
123
123
33
*30%
31%
31
32*2
31*4
*120*8 123
88*2
88i2
*158% 163%
Range for Previous
Year 1937
Lois
EXCHANGE
the
Friday
Thursday
Wednesday
3295
Jan
85i2 Nov
22*4 Dec
13*4 Nov
42
Jan
35*4
20*4
Feb
115
28*4
Jan
Aug
Feb
105*4 Mar
43*4 Feb
114*4 July
16*4 Feb
88*8 July
Feb
23*4 Jan
62*4 Jan
I05is Mar
30*2
20
Jan
1291s
69*4
Feb
Feb
38
Jan
Mfg Co No par
9*4 Mar 30
177. Jan
No par
Bioomlngdale Brotbers.No par
B'umenthal A Co ore!
100
Boeing Airplane Co
5
Bohn Aluminum A Brass
5
10ig Mat31
13% Apr 4
37 May 10
20% Mar 31
15*8 Mar
9
Oct
297S Mar
17*4 Jan
16*8
Dec
3212
9412
Jan
Feb
Btaw
n
Knox Co
New stock,
r
Cash sale,
15«s Mar 31
x
Ex-dlV;
y
50
Feb
50
Deo
35*2
Jan
16
Oct
Jan
49*4 Mar
30
Jan
21
Oct
48*s
Ex-rights.
5 Called for redemption.
New York Stock Record—Continued—Page 3
3296
May 21,
HIGH
AND
HALE PRICES—PEft
SHARE,
Monday
Tuesday
May 16
May 17
May 18
$ per share
$ per share
$ per share
S per share
87
87
44%
10"g
*43%
*9%
1612
20%
*16%
7%
18%
*23
*32%
1%
•
21
2%
17
7%
18%
25%
33
2
10
29
*76%
16%
*16%
7%
17
♦23
*32%
o
17
7%
17%
18
25%
33
2
*32%
1%
*7%
7*4
10
30
33
14%
31%
1434
14%
7%
7%
7%
*7
7%
7%
80
*76%
80
4%
35%
*3%
35%
3%
*32
3%
20%
20%
20%
20
20
4%
*17
19
8
15%
2%
7%
13%
6%
6
*3
3%
9
9%
29
*27
29-A
*7
7%
734
*7
7%
7%
*76*2
80
4%
43,
*32
35%
20
3%
20%
80
4%
3434
3%
20
2
*17,
7
6%
1234
12
8%
*27%
3%
8%
31
8%
8%
31
6
12,500
3
9%
9%
30
*15%
16%
15%
15%
*20%
21%
*20%
21%
*15%
*21%
21%
163,
*2()34
♦46
50
*47%
51
*48
51
30
*49
1638
2134
51%
20
14%
*2
6%
12
6
*18%
234
87,
*28%
*157,
20%
19.
9
16
16
21
200
*49
50
1%
1%
1%
1%
13g
13,
1*8
'
6%
7
6%
6%
63,1
67,
6%
6%
10%
16%
10%
16%
*37%
10%
1634
10%
16%
10%
10
17%
16%
17
*37%
50
16%
16%
50 ]
10%
16%
*37%
*37%
6
15%
15%
*37%
50
6
6
6
27%
*26
25%
26%
578
57,
*26
27
578
*37%
57,
27
27
'*5%
50
27,800
*31%
40
*5%
*3134
40
*3134
40
*3134
*69
75
*70%
75
75
*703,
14%
14"
*13%
14%
*13%
14%
*13%
*3
*3
3%
*77%
105
80
105
43
43%
43%
*105
*103% 110
110
13%
*75
13% :
90
76
76%
104
101
43
42%
43%
13%
*75
3
*3
3%
78%
77%
*104
105
*105
110
1378
13%
13%
5%
3%
3%
3%
78
77
78
77%
*103
103% 104
104%
42%
43%
417,
43%
105% 105% *1057, no
137,
133,
13%
13%
3
400
160
42
41%
*105% 110
4,200
13
*75
93%
*75
93%
*75
50
*17%
19
*18
19
*17%
19
17
*60
62
60
60
*58
62
*60
62
60
60
*55
*22
22%
*22
23
*22
99%
23
22
22
23
*2234
278
278
278
27,
27,
102
99% *100
*100
102
*9%
12
2%
*9
12
*5%
*3%
*93%
38%
278
2%
27«
*99% 102
2%
12
*9%
6
12
*9%
*9%
5%
*334
12
95
93%
93%
35%
36%
35
5%
5%
5%
5%
*5%
57,
4%
*3%
4%
4%
4%
*334
4%
98%
*93%
36%
98%
*91%
98%
367s
38%
38
35%
*93
*6%
*25%
27
*25
27
*25
27
*95%
98
*96
97%
973,
*19%
*7%
21
19
19
19
19%
*1934
20
32%
26%
*75%
*%
*2%
*%
3%
*1%
*10
8%
32%
33
26%
85%
27
%
%
%
3%
*2%
3
2
*1%
*1
10%
*%
1
1
3
*26
*32
*2%
11%
41
1
40
1
*1%
2%
*1%
*8%
1%
9
14%
5
33
43%
11%
*1%
*8%
15,
4%
23^
1
1
9
14%
4%
1%
9
*13
*24%
43%
11%
64
64
*52
60
284
*15
16
*15
16
*108
1C9
*108
109
2%
*15
134% 134%
58
58
*940
12%
42%
13
118
8~%
9
90
42
42%
13%
13%
16
8%
39,300
65%
*62%
65%
120
60
2%
33
425,
1134
*57
60
234
15
15
42
42%
13%
13%
8%
118
41%
8%
417,
13%
13%
115
116
131
131
*58
60
*940
~
69
8%
8%
85
*81
84%
*81
83
*81
83
*19%
20%
*19%
20
20
*19
*90
20%
91
*90
91
*90
92
91
*89%
937,
*11%
*11%
29
*11%
29
*11%
29
*19%
*89%
*11%
28
*12%
5%
*6%
13%
*13
13%
13
13
*11%
1134
28
12%
5%
5
5
4%
8
9%
17
17
*5
17%
8
17
*16
17
100
68%
12%
68%
68%
69
z68
69
*66
68
12%
33%
678
657,
123,
12%
12%
33%
634
33%
*32%
64%
64%
50
53
54
54
33
32
32
32
32%
100
*91
95%
95%
3734
12%
50
51
7
64%
38
3738
38%
101% *100
101%
7
6%
7%
67g
1%
1%
1%
1%
♦
33%
6%
*64%
37%
*99%
678
1%
40%
41
40%
25%
26%
26
95%
37%
101%
7%
1%
42%
26%
37
67,
*96% 101%
715
73,
1%
1%
42
43
26
2634
Bid and asked prices; no sales on this day,
7
1234
34
7%
7%
1234
1234
34
*32%
90% Mar
Oct
687, Mar
89
89
Dec
6%
634
634
15,000
64%
64%
*65
72%
500
58
*52%
58
170
32%
31%
*91%
31%
2,100
95%
36%
37%
4,300
32
*91%
99
36%
37%
*96% 101%
7%
1%
41
2534
7%
1%
42%
26%
6%
*96% 101%
7
7
1%
15,
417,
423,
26
257,
t In receivership,
5
Oct
2"
Oct
a
4,800
10,100
4,900
1
Oct
3
Oct
18% Mar
2% Jan 22
2% Dec
12% May
Mar 31
14
Jan 11
1
Jan
1 7b
Jan 10
1*4 Jan 10
4% Jan 12
1278 Jan 15
32% Jan 17
Mar 30
May 12
% Mar 31
10
6
Dec
%
,
Dec
1%
Oct
7g Dec
2% Dec
684 Oct
2834 Dec
1%
Jan 20
84
Dec
278 Jan 11
1%
Oct
1
Mar 28
2% Jan 12
1
Oct
8
Mar 25
1284 Jan 12
12
Mar 29
1634 Feb 18
57g Jan 12
12
Oct
3
Oct
37
36
3% Mar 30
27
Mar 29
35% Mar 31
Mar 22
2
Mar 24
Mar 30
Jan
6
Feb 23
6%
Oct
Feb
57
Dec
92
Feb
60
58
Dec
74
July
2
Oct
10% Mar
Feb 28
384 Jan
76
26% Jan 10
Jan 27
45%May 11
15% Feb 17
3
118
105% Mar 30
136
Mar 28
60
5
976
May 12
May 7
May 17
5
17%
98
Dec
May
1028, June
19% Dec
82
Jan
66%
Jan
5,100
No par
r
Jan 22
98*4 Nov
29
Feb
26
20
Jan 15
II84
9%
22%
21%
8
8*4 Jan 12
Jan
11% Oct
5% Deo
29
Jan
32
Dec
31%
12584
39%
46%
207,
Aug
Aug
Apr
Jan
Jan
Jan 11
65
Nov
10
Oct
9% Jan 13
79
Jan 15
65
Jan 18
z4% Oct
x68% Oct
641, Dec
30% Dec
Jan 10
Mar
May 3
May 16
Mar 30
38«4 Jan 17
84
Mar 28
95%May 18
44*4 Jan 17
Mar 29
25
Mar 31
22% Mar 30
t
Ex-dlv.
y
80
Dec
34
Dec
100
May 13
86
Dec
10
Jan 12
5
Oct
3
1
Oct
May 11
May 11
34
Oct
S
45
28
Apr
617, Feb
27% Mar
30
25*4 Dec
1
45
Dec
23
par
82*4 Feb
1128, Mar
Dec
Dec
50
par
25*4 Mar
104% Jan
8
4
31% Mar 31
90,
Jan 31
57g Mar 30
Apr
June
7%
168,
16%
16% Jan 10
76
59
Jan 10
Jan 15
34*
1
Mar 30
170%
Jan 10
57
100
Cash sale,
96
9
*6 preferred series... No par
Commonwealth Edison Co..25
New stock,
Mar 31
5334 Apr
Comm'l Invest Trust—No par
$4.25 conv pf aw '35.No par
n
Oct
27% Apr 1
5% Mar 30
Columbia Gas A Elec_ .No par
6% preferred series A... 100
5% preferred
100
Commercial Credit
10
Def. delivery,
8%
4% Mar 29
4
Apr 1
No par
Solvents_.No
CommonWlth A Sou
No
117S Jan 12
95% Jan
9% Mar 30
3% Mar 31
pref«Ted.No jwr
297, July
1327, June
May
20% Mar 24
Mar 29
Jan
Dec
88
13
Apr
48% Aug
41
Dec
2.60
Aug
24% Nov
13% Dec
110% Dec
93*4 Oct
Dec
13% Mar 29
48
103%
113
90
18
100
Feb
Oct
95
100
Jan
Jan
157, Mar
Mar
Mar 12
4
27%
22%
80
Mar 26
Apr
Feb
8*4 Mar
135%
21%
75
7% Mar 30
3% Mar
10%
Oct
67% Apr 16
32% Mar 29
10% Mar 31
No par
Aug
Oct
24
May
Feb
Feb
45
Dec
112
Jan
19%
33
11
Apr 7
15% Mar 26
58
Jan
3% Mar
7% Mar
6% Mar
46%
Mar 26
111
32
Mar
63% Jan 15
13% Jan 12
67% Feb 3
7
Jan 12
10% Mar 26
4
40% May 13
1% Mar 28
4
Commercial
Mar
484 Mar
13% Mar
1% Jan 10
6% Jan 10
54
4J4 % oonv preferred
100
Feb
Jan 26
5
e
48
Mar 28
27% Jan 12
conv
63% June
Mar 26
13% Mar 31
$2.75
100
*54
Jan
1% Feb 23
384 Jan 13
Mar 31
No par
Columbian Carbon v t
Columbia Plct v t c
700
300
Feb
Nov
84 Mar 29
4% 2d preferred
...100
Columbia Br'd Syslnc clA 2.50
1,500
Feb
31
.100
B
Feb
82
z40
80
Class
23%
111
48% Mar 2
38% Jan 17
69
1st preferred..
Jan
86% Mar
Oct
976
4%
30
7
*5%
Jan
14% Mar
115
5
67g Mar 31
Oil
No par
Colo Fuel A Iron Corp.N# par
Colorado A Southern
..100
50
*16
37%
26%
5
17
33%
42%
26%
*4
Jan
Jan
Jan
Jan
12% Jan 11
10
6% conv preferred
39%
12%
107%
4184
24*4
Mar 23
Mar 28
s4 Mar 26
Colonial Beacon
400
*16
*99
41
1134
16
12%
32%
20
28
1134
16
33%
*91
89%
8912
*11%
200
634
3% Oct
18% Oct
103% Dec
25% Nov
Collins A Alkman
100
16%
634
4
Colgate Palmoflve-Peet No par
6% preferred
100
1,500
......
*16%
12
3238
19
16%
33%
7
100
83
19
*5%
17
32%
438
8%
8%
*81
*16%
69
*91
12%
Mar
Coca-Cola Inter. Corp..No par
9
*16%
54%
20
500
8% Jan 10
32% Feb 23
106
June
48% Mar
82% Jan
%
Clev A Pitts RR Co 7% gtd.50
Climax Molybdenum..No par
300
8
*68%
65
60
*58%
17
17%
65
131% 131%
*634
68%
*50
*112% 117
95
Apr 2
48% Jan 11
2
Cluett Peabody A Co..No par
Preferred
100
Coca-Cola Co (The)
No par
Class A—
No par
Oct
Sept
3484 Dec
104
Feb
30% Jan 12
100
Equipment
Oct
Jan
100
4
75
2,900
1,100
4% Jan 12
par
;
24
3
Oct
106
13%
Jan
Oct
Clark
40%
28
3%
Clev El Ilium $4.50 pt.No par
Clev Graph Bronze Co (The) 1
13%
Oct
4
110
40
115
Dec
52
129*4
2%
13*
878
%
5
City Stores
......
Dec
19%
7
8
100
*5%
*16%
*5
*16%
68%
12
8
*13%
Dec
90
Jan 12
Jan 10
1,500
9%
1678
91
17%
*16%
*31%
6%
*6%
'
13
94
5% Jan 20
No par
6H% preferred
City Investing Co
*940
"
*81
*5
'-wW- mimmm
187g Jan 12
105% Aug
41% May
8% Jan 10
25,
14%
2%
Dec
70
100
Chrysler Corp
City Ice A Fuel
90
*66
85
5
100
500
Nov
97
27% Mar 30
23% Mar 26
par
Chlckasha Cotton Oil..
10
Chllds Co
No par
Chile Copper Co
25
600
41%
20%
*5%
4%
40
11
7
6% preferred
100
Chicago Yellow Cab...No par
14
4%
*11%
*20
5%
*13
33
*83
*4%
*6%
9
*62
*940
~
*8%
18
*130% 133
59%
59%
8%
200
*17%
70
*116
*940
1%
*62
134
~~8~%
*1%
65% Jan 10
106 May 11
Mar 29
40
preferred
9% Apr
191*4 Aug
Dec
Mar 26
22
7%
Jan
Feb
35% June
Nov
100
preferred
18% Mar
52%
102
97
Oct
No par
conv
Jan
80
June
Pr pf ($2.50)cumdiv__ No par
JChlc Rock Isl A Pacific...100
200
200
108% 108%
118
83S
4%
100
2
Oc
108% 108% *108% 1087,
19
18
*17%
*17%
133% 133% *132
60
*57% 60
60
14
33
*57
S3
Feb
3
109% Mar
2
CCCAStLoulsRyCo5%prefl00
*15
*115
*940
8%
*8%
*4%
%
*%
1%
*27
Preferred
Oct
96
May
Jan
37%
61
Jan 25
18
20%
38% Mar
17% Mar
61% Jan
4% Dec
37% Dec
4% Jan 12
97% Jan 20
Jan
Oct
7
25
preferred
7% Feb 25
Apr 18
91
Dec
Nov
4
6
No
28
105
4% Mar 30
Cab
Chicago Pneumat Tool No
40
60
*65
42
*35%
%
*56
1878
*115
40
65%
90
200
27%
*%
*13
600
3,000
*2534
70
*17%
1%
2%
11%
27%
*64%
*62
13
*7,
11%
19
100
1,100
11
67g
Oct
3% Mar 31
93% May 11
26% Mar 29
JChicago Great Western..100
4% preferred
100
fChlc Ind A Louisv 4% pf.100
Chicago Mall Order Co
5
tChic Mil St P A P*o_ .No par
5% preferred
100
JChicago A North West'n.100
400
34
1%
23,
43
90
42%
117,
11%
*17%
118
3
11%
*2534
*35%
10%
*%
1
7,
*2%
41%
16
*10
1%
43%
11%
*62
*42%
*12%
100
700
10%
6%
2
*11
108% 108%
19
*17%
*115
34
27,
*1%
*1%
3
Mar 26
17% Mar 31
97%May 12
Checker
*%
*2%
*25
*2%
Mar 31
2
1
100
2
*13
258
20
100
6% prior preferred
500
27,
34
44
Jan 16
62% Feb 26
Mar 28
Apr 26
% Mar 18
1
Jan 11
8% Jan 10
38
25% Jan
1% Mar 23
*
434
4
100
2
147,
Jan
100
*1%
33
Mar 30
100
*%
44
9%
Oct
9934 Apr 11
Cham Pap <fe Fib Co 6% pf 100
Common
No par
1
4
Preferred series A
9
42%
60
~
Jan
JChlc A East 111 Ry Co
234
1
1984 Feb 23
46
100
Certain-Teed Products
1,100
m,
3
100
60
*52
234
11%
6%
Jan
800
1%
434
9
Cerro de Pasco Copper.TV® par
3,300
Mar 29
Chesapeake Corp
Chesapeake A Ohio Ry
2
1%
*8%
Mar 30
1,800
43%
11%
64%
64
2%
*7
2034
87,
14%
4%
41%
64
*19%
Preferred
'
33
4%
42%
11%
34
Dec
5.700
%
40
10
12% Mar 26
Central 111 Lt 4^% pref—100
Central RR of New Jersey. 100
97
*%
34
*1%
Oct
Jan 10
33%
10%
*35
1
1%
Dec
4
26%
84
27%
497g
Jan 10
Jan 11
32%
1%
U,
23,
1134
238
Feb 18
Mar 31
Mar 31
27%
10%
1134
*2534
34% Mar
48% Feb
52% Sept
6% Feb
33%
*%
*1
Oct
92
;._100
25%
2%
9% Feb
33*4 Mar
Dec
29% Mar 31
No par
*9534
*%
18% Mar
36% Mar
Oct
18%
100%
100
*24
2%
Oct
Oct
12%
*32
*78
40
1%
*8%
33
10
No par
20
*78
5%
Jan 11
98%
*91% 104
337,
34%
Feb
Jan 12
2% Mar 25
62% Mar 31
20
Jan
Feb
45%
19*4
24%
49%
2%
10%
15«4
100
preferred
100
Central Aguirre Assoc.-No par
Central Foundry Co
1
700
11*4
39
16%
2%
Feb 23
4% Jan 10
13% Nov
27, Oct
Century Ribbon Mills..No par
34
8% Feb 25
Oct
Mar 30
13
Central Violet* Sugar Co...19
2%
%
10
Jan 11
100
82%
Jan 12
18
400
*%
Oct
1*4 Oct
6% Dec
Oct
87,
*2
15
Jan 17
65% Mar
45% Jan
18% July
35% Feb
Oct
.5
1
100
5
2G34
80%
34
Feb
6
*7
26%
Jan
13
90
1934
*78
98
Jan 17
Co
Jan
14%
Oct
3% Jan 15
22
24% Feb
117% Mar
24
1
6%
1,000
*1%
2
26%
*34%
*34
1%
60
*55
%
1
3
*34i2
*25
10%
%
11%
■
*13
•%
27,
11%
26%
1%
*4%
*24%
42%
11%
63%
*%
278
*1%
*2%
27%
34
2%
%
1
u
*%
*2
278
3
*1%
*13
88%
11%
*26
*34
*7578
2
*10
%
1%
1
27%
%
*>>,
278
*1%
*10
33%
27
2%
2
1%
7%
3278
*%
%
7%
Jan 11
9% Feb 26
20% Jan 10
16
Jan
Oct
86
4%
6%
2%
Jan
102%
52*4
2% Oct
24% Dec
10% Oct
684 Dec
4
11
Oct
Dec
40
97
6%
19%
32
88%
*2
2%
634
27
26%
*7578
%
:
878
*30
87
%
2
2%
6%
*7%
27%
♦75%
11%
27%
*%
87,
*7%
33
10%
*%
1%
•V: 1
*2%
11%
6%
6%
6%
Jan
Jan 11
45
1
6%
25%
*9534
6%
6%
8
Dec
Jan
Jan
11% Jan 10
5
35%
25
98
63,
*25%
*95%
26%
*95%
21
Jan 13
9'4 Jan
Dec
,63% Apr 14
Celotex
50
22%
2234
234
27,
*9934 1017,
12
*9%
5
37
7
10
7% prior preferred
"400
62
*334
13% Jan 13
8
38%
53
13
Celanese Corp of Amer.No par
2,800
17%
£3,
Oct
5% Dec
May 2
4% Mar 3
34% Mar 28
Caterpillar Tractor
5% preferred
90
4%
1
9«4 Jan 13
36*4
21
Case (J I) Co
Preferred
100
13%
*75
18
Jan
2»4 Jan 13
Mar 31
25
Carpenter Steel Co
Carriers & General Corp
1,900
93%
*99% 102
"200
3
18
47
Mar 31
15% Mar 30
...100
$3 preferred A
78
18%
18%
Dec
Feb
6
No par
Capital Admin class A
534
103
76%
103
28
Carolina Clinch <fc Ohio Ry 100
14%
14%
14%
Jan 20
Aug
20
60
Cannon Mills
75
*14
*13%
534 Mar 31
16% Mar 30
2% Mar 30
....1
Canadian Paclfio Ry
40
75
*3134
*70%
40
*69
57,
4% Mar 26
63^ Mar 30
10
Canada Sou Ry Co
1,100
*5%
100
Callahan Zinc-Lead
10,600
75
57,
No par
9% Apr 1
12% Mar 30
37% Apr 29
5%
Feb
20
14% Mar 31
1% Mar 28
Campbell W & C Fdy--No par
Canada Dry Ginger Ale
6
26%
53%
13% Mar 31
6% Mar 29
1
1,300
5%
Dec
32% Mar
10%
20%
*5%
22
15% Mar 26
6% Mar 30
40
57,
No par
No par
Watch
preferred
5%
534
Feb
Jan 13
35
Calumet <fc Hecla Cons Cop..6
2634
597,
6% Jan 12
647, Jan 11
5% Jan 20
5,000
534
23%
Oct
76
"4460
2034
34
Oct
18
81% Jan27
1%
*69
5%
578
50
Dec
AA7
Jan 13
Apr 18
6%
1%
6%
*31%
*5%
*5%
50
Mar 26
Butte
300
*20%
157g
15*4 Mar
Jan 20
3% Mar 31
5% conv preferred
30
Copper & Zinc
5
By era Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
50
1%
10%
Mar 26
3
Butler Bros
1,600
16%
50% Aug
Jan 11
34
578 Mar 31
JBush Term Bldg gu pf ctfs 100
90
1,800
7
10%
25
No par
Bullard Co
300
1%
10%
No par
100
preferred
Bulova
1,100
7
1C
75
Debentures
20%
50%
1%
*49
5
100
>referred
JBuah Terminal
9
Jan
Dec
Oct
Jan
300
33
28
3
24%
200
*27
Dec
22*4
Oct
7
*8%
31
16
Jan 10
Jan 10
6
2
6
Jan
Jan 10
Burlington Mills Corp
234
Aug
10
Burroughs Add Mach_.No par
1834
25
5% Mar 26
800
234
Dec
Jan
400
27,
Apr
11
60
7%
1,700
12%
46%
Dec
8
2
93
Oct
Dec
15%
*534
• 12%
534
1834
Oct
39
15%
8
2%
6%
76*4
34
Budd Wheel
1.400
14%
share
Jan 12
Apr 12
Jan 13
Jan 12
Jan 24
15%
15%
6
19
*27,
1934
Highest
per
21% Jan 11
Budd fE G) Mrrar
80
900
,
share
per
41
Bucyrus-Erle Co....
1.700
»
3%
$
*16% Mar 31
10% Mar 29
29
May 18
7%
4%
3
Feb
92%
4434
137,
19%
28%
4»4
22%
1078
26%
30%
share
A-No par
16 preferred series
Brooklyn Union Gm.-.No par
No par
Bruns-Balke-ColIender.No par
80
*.
28
Brown Shoe Co
1,000
1,000
7
6
-
Mar 30
per
1% Mar 25
3% Mar 26
5% Mar 30
3,100
3%
8%
15%
6
*18%
16%
878
18
Year 1937
Lowest
Brooklyn <fe Queens Tr.No par
16 preferred
No par
Bklyn-Manb Transit..No par
1.300
1,000
4%
*32
1534
*6%
*12
6%
*76%
3%
20%
*2
6
*7
4%
*32
15%
3
134
6«.
27%
27
27
*8
'
*1%
*578
8%
100
8%
15«4
2%
6%
3
500
5% Mar 31
No par
Brlggs & Stratton
Bristol-Myers Co
300
1634
18%
32
16
8%
3
32
2934
7%
16%
.
*18%
18%
18%
100
*14
*15%
13%
25%
*2734
16
6
3,600
15%
3%
*12
2*400
29%
7%
7%
17
8
13%
Mar 29
12% Mar 30
Boston & Maine RR._
"
7%
*14
7%
*12
*6
14
Bridgeport Brass Co...No par
Brlggs Manufacturing-lYo par
17
17%
*28%
16%
8%
*6%
*12
26%
Mar 23
16
*15%
81
*2
*6
29%
2
29
15%
2%
*15%
*2
29
5
100
Bower Roller Bearing Co.. 17
25%
9%
6
Jan
9%May 6
15% Mar 31
16% Mar 31
5
Corp.—.
Apr
200
7
7%
82
5,200
17
32%
1%
Borden Co (The)
Borg-Warner
$
3%
*14
3%
19
*8%
*8%
9'8
*76%
4%
35%
4%
4%
36
3%
20%
1%
7%
8%
"3,600
16
share
40
1
16
Range for Previous
Highest
203,
*2%
*14%
7%
17%
28
B
Bond Stores Inc
29
31
*29
17
7%
934
16%
20%
2%
7%
17%
*25%
32%
2
*7
10%
20%
2%
*16%
7%
18%
2534
33%
*2434
*17,
31
234
18
32%
8%
10%
7%
7%
*24%
*2
*76%
15%
12
21
36
*17
*9%
157,
19%
16
7%
4%
12
*9%
Class
$ per
No par
—.No par
Bon Ami ciass A
70
*9%
16%
Par
80
20%
*2%
*7%
80
88
44%
16%
*29
7%
7%
7%
88
44%
20*4
2%
31%
14%
15%
31
88
16
*16%
*87
44%
*2%
18%
26%
33
Shares
44%
20%
7%
•$ per share
share
Loxoest
12
3%
17
7%
17%
Week
44%
21
*2%
♦16%
10%
31
*14%
*29
*9%
8734
8734
*44
12
16
7%
10%
88
44%
20%
8
8
*87
*43*4
11%
16%
*9%
16*2
2%
87%
44%
87%
*43%
per
Range Since Jan. 1
On basis of 100-Share Lots
EXCHANGE
Friday
May 20
May 19
$
STOCK8
NEW YORK STOCK
the
NOT PER CENT
Wednesday
May 14
Sales
for
LOW
Saturday
1938
Jan
Ex-rlghts.
Jan
Jan
108
Jan
101
Jan
69%
114
80%
120
21%
4%
75%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
^ Called for redemption.
Volume
New York Stock Record—Continued-Page 4
146
AND
PRICES—PER
SALE
HIGH
NOT PER
SHARE,
Sales
NEW YORK STOCK
the
CENT
STOCKS
fnr
JUJ
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
May 14
May 16
May 17
May 18
May 19
May 20
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*5
8
*7%
*7
678
19
19%
8
*7
9
8
*7%
1534
16%
7%
*6%
634
*634
7%
*59
61
*7514
7978
*4%
6
17
17%
16%
17
9
*7
9
*7
7%
7%
*7
*7%
16
16%
15%
*6%
7
*6%
..;
3,600
1534
16
7
*634
7
64
*59
64
*59
64
*75%
79%
*75(i
79%
*75%
79%
1%
Consolidated Cigar
*5%
6%
6
*5%
6
24
24%
25%
23%
24%
98
98
9734
977s
*95
96%
24%
96%
1%
6%
24%
6%
25%
*5%
2334
*5%
24%
97
97
97
97
97
3%
3%
*1%
1%
3%
*3%
103
*%
*2%
3%
*2%
%
%
3
3%
39
39
109
*7
2
38
14%
1%
28
1
1
26%
*11%
26%
12%
2534
*117S
*46%
47
*46%
64%
27%
1%
64%
257S
358
2578
24%
24%
25
37%
834
834
*6%
684
*6%
634
27%
28%
27%
27%
2,700
1%
26%
13%
4678
1
1
1
1,600
Continental
2434
25%
2434
11,100
13%
*11%
24%
*11%
13%
......
45%
63%
*11%
46%
3%
*162%
3%
25%
V-
*97
24
35
*28%
2978
*29
29%
978
*%
25%
%
*7
8%
*3%
4
*%
*7
334
*8
3%
26%
29
26%
97%
24
*8
25
2534
25%
*70%
434
1934
*20
434
20 %
34%
18%
*5
19%
18%
5%
20%
*20
34%
18%
*18
18%
534
18%
*5
*5
5%
16
*14
*7%
*20
34%
*20
20%
*1434
*7%
*14
16
8
8
*7%
16
18%
*5
*14
8
*7%
*1%
*85
6
2%
87
89
*3%
19
31%
*25%
*3534
*6%
5%
2%
*31
5
3%
*5%
26
2578
31%
25%
36%
36%
*6%
36%
634
6%
*1%
6
6
31%
5%
87
87
*3%
4
*534
5%
*1%
26
*6%
13%
6978
*66
*13%
31%
14%
1378
31%
15%
55%
*5
5%
4534
106
46%
*8
5%
45
31
9%
*64%
2434
70%
*6 334
75
2534
26
2438
25
83
*72
85
*72%
85
4
13%
38%
4%
38%
20
20%
60
*55%
3438
5%
16
73g
18%
*5
*14
*7%
20
*16%
934
#lc
5%
2
87
5%
1%
*83
*5%
*25%
26
36%
*25%
36%
6 34
*6%
*,
-
-
•*-
Cuba
30
3%
2,000
1234
-
-
-
60
-
200
13
200
5%
38%
38%
12,000
19%
*55%
20%
18%
5%
15%
8
1734
*5
*14
«*
-
5%
1%
30
12,800
5
20
36
19
26
200
36
-
*%
%
%
19
*10%
10
*9
19
10%
*9
2%
10%
*100
110
*100
178
*9
134
*9
*100
110
*1%
134
10
10%
110
*100
2%
*10%
113
134
*10
*100
1%
10%
*100
113
16%
8%
*2%
10%
38%
34%
16%
17
834
3
16%
8%
234
1034
10
16
8%
812
*2%
234
934
10%
39%
*2%
10%
8%
8%
234
10%
*1
40%
37%
40
36%
3734
34%
36
33%
2634
*25
*25%
2634
25%
*1
*1
2334
24%
2334
1%
24%
38
38
38
38
*103%105
16
16
8%
8%
234
*2%
5%
23%
*36
39
37
34
25%
25%
25%
*1
1%
37%
35%
36%
25%
1%
2334
23
23%
23%
39
10
1034
40%
103
1%
15%
*37
39
*1
*37%
105
*104
103% *103% 105
6
5%
5%
5%
5%
5%
6
104
55
54
5%
3%
16
15%
8%
8%
2%
1%
23%
39
104
6
100
10
2%
300
10%
171
Apr 20
150
Apr
166
500
534
13,500
800
500
600
2%
3%
2%
2%
2%
3%
*3%
2%
4%
2%
3%
1,200
1,600
3
*2%
3
*2%
3
*2%
4
*3%
4
*3%
7%
*1%
1234
*1%
1234
12%
1%
*1%
1%
34
34
84
6%
23%
4
'
7%
13%
*7%
13%
14%
i%
*1%
1%
7
13%
*1%
7%
*634
7
1434
13%
14%
1%
*1%
1%
*4%
6
*6
6%
*23%
27%
*1034
*74
24%
27%
12%
79%
*27
10%
*74
6%
24
27%
10%
79%
3%
1%
*3%
1%
*15%
*
16%
16
23
6%
23
Oct
2134Mar 31
i2 Mar 20
22
Oct
14%
preferred....No
$5)4 preferred w w..No
$0 preferred
v-.No
Equitable Office Bldg.-No
$5 conv
Erie Railroad
4%
1st preferred
Co
Exchange Buffet
1%
*1%
75
3
*15%
1%
*1%
16%
Bid and asked prices; no sales on
15%
May
Nov
40
par
par
Mar 29
02% Jan
2% Jan
5*4 Jan
8*4 Jan
6% Jan
5% Jan
10% Jan
1484 May
I84 Jan
51
Nov
li2 Mar 29
par
100
2
100
100
2% Mar 26
514 Mar 31
9
lis Mar 31
i2 Feb 10
312 Mar 30
195s Mar 31
5
—5
10i8 Apr
Corp .No par
25
100
20
100
07
*66
75
*66
-
3%
1%
*1%
1%
16%
*15%
3%
*99
«r
«.
100
200
16%
a
600
3%
1%
*15%
preferred
Co. No par
200
200
n
New Btock.
r
Cash sale
15g
Dec
4%
Oct
8%
Oct
5
Oct
3
6%
1%
Oct
Dec
Oct
1
Oct
11% Jan
7%
33% Jan
23%
Oct
Oct
33% Feb
26
2
Jan
ll%May
Oct
7%
Oct
7234
Dec
Apr 11
77
May
5
9612 Feb 2
2ig Mar 30
75
Mar
60
Nov
99%May
90
Oct
4% Jan
2
Oct
178 Mar 30
4% Jan
2%
li8 Mar 31
2
Jan
1%
Oct
185s Jan
14«4
Dec
52i2 Apr
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
Det. delivery,
Mar 29
078 Mar 30
Federal Min &
234
*1%
$0
m
75
»m
234
*2%
J In receivership,
»
Mar 26
234 Mar 30
2% Mar 30
Fajardo Sug Co of Pr Rico..20
Federal Light & Traction...15
•
Oct
Oot
45
Fairbanks Morse <fe
M
3
41
57
100
-
Nov
Nov
55%May
400
*74
6%May 11
Oct
33
100
Mar 31
900
2%
this day.
2i2Mar29
Oct
40
38i2 Mar 31
par
1134
79%
*234
*2%
15%
40% Jan 8
106% Jan 18
27%
*99
3%
0
5
23
*74
"3"
Apr
94i2 Apr
*1034
79%
*2%
*2%
24%May 16
*27
*74
*99
3
33
3
preferred
4
Feb
*22
*1034
8%
Mar 30
17
27%
11%
79%
79%
*66
*66
—
18
22%
27%
11%
*27
*10-%
3
16
Oct
24
0
22%
*27
Oct
40%May 11
31% Mar 7
1% Apr 9
Mar 23
1314 Mar 30
6
11%
358
6%
Mar 31
2
6
27%
99%
102
*3%
*1%
*74
23
75
75
*99
2%
11%
*6
*234
*66
102
234
22%
*27
6%
99%
80
*99
234
*6
Oct
Jan 11
27
Fairbanks Co
2%
3%
*66
m
3®4
4 4% May 11
30
%
Dec
17
22% Mar 31
Ex Cell-0 Corp
—
Dec
1478
135s Jan 12
Evans Products
-
Dec
234
12
15
0i8 Mar 29
400
4
-
15%
12
215s Jan
434 Jan
21% Jan
105s Jan
shares
Light.No par
$7 preferred.
No par
$0 preferred
No par
Elec Storage Battery..No par
Elk Horn Coal Corp newNo par
El Paso Natural Gas
3
Endlcott-Johnson Corp....50
5% preferred
100
Engineers Public Service
1
400
»
Oct
Electric Power &
4% 2d preferred
Eureka Vacuum Cleaner
.
Oct
Elec <fc Mus Ind Am
Co
Schild
20,500
3
Jan
109%
2%
212 Mar 30
7,900
4,900
157
115% Mar 10
116% Mar 1
7% Jan 12
IOI2 Mar 30
Electric
400
100
109% Apr
4
No par
Auto-Lite (The)
5
Boat....—-—---3
Eltlngon
Electric
45,700
11,400
4,800
100
6% cum preferred
Eaton Manufacturing
1,500
55
3%
Eastman Kodak (N
10
200
4
Oct
5
2,200
134
7%
12%
Oct
Mar 16
Nov
*1%
*3%
130
107%
137
144
1%
7%
Nov
5
1%
4
98
Jan
57
13
23
123% Feb
167
63
*73g
Oct
Nov
12li2Mar 31
*61
*3%
10
100
J).No par
*56
734
Jan 28
Jan 27
314 Mar 31
62
4
Oct
10
115
5
56
*7%
Oct
1%
pf 100
56
*3%
Oct
%
Duquesne Light 5% 1st
1%
3%
*2%
90% Mar 31
Co.20
Dec
%
Eastern Rolling Mills
134
*2%
3%
3
Apr 23
8
8%
600
62
4
8l2Mar 28
102
3% Jan
Deo
113%
4%
154%
63
4
preferred
Du P de Nemours(EI)<fe
0
Oct
79% Nov
21
13034 Mar 31
1
11134 Jan 3
56%
*2%
134May
1258 Jan 17
% Jan 3
% Jan 3
26%
No par
*60
2%
% Feb 11
% Feb 28
2
Jan 10
6% non-voting deb
$4.50 pref
*55
2%
6% Mar 25
Mar
Oct
240
62
1%
22
100
100
No par
-100
49% May 10
112
Mar 20
15
1
Silk
Mar 30
8778 Jan 27
A No par
No par
International
Mar 30
600
56
*134
Dunhlll
200
62
4
B
Feb
30
Oct
115
56
3
Class
8%
9,900
62
4
No par
Co
Dresser (BR) Mrg conv
113
57
*2%
Dow Chpmlcal
Duplan
2
57
2%
Dome Mines Ltd
200
*58
134
Oct
684 Dec
31
900
64
134
Oct
30
Oct
Oct
*53
1%
2%
18%
6
3034May 4
914 Jan 12
Dec
57
*1%
28i2May
5
54%
57
Dec
8% Jan 20
54
*58
Oct
12%
29%
Oct
120
*53
5
16%
16%
5%
54
478 Jan 24
6
May 16
3914 Feb 28
35
55%
55
Dec
22i2 Jan 11
60% Feb
1
55
55
Oct
885s
12
300
*1
Oct
1'4
4034 Apr 5
478 Mar 29
39
25%
Jan 12
Oct
6
Doehler Die Casting Co No par
22%
3634
33%
108
Oct
400
39
36%
25%
8i2 Feb 25
2% Jan 10
8
13
Oct
8%
2%
10%
38%
34%
25%
1%
22%
934
1512 Jan 11
1778 Jan 12
27
*10334 105
2%
10%
40%
Oct
19% Nov
Jan 12
600
3%
96%
20% Nov
Jan 20
34
1,000
3%
3
25
8
3%
15%
3%
3%
16%
Feb
25U Feb 25
13%May 20
12%
3%
3%
107
190
3%
3%
Oct
Oct
Oct
10034
136%
3%
6
9i2 Feb 17
15
101% 102%
99% 102% £99%
99% 101%
102%
100% 102%
136% *135
*134% 136% *135
135
*134
134% 135
*132% 135
115
115
*114
115
*114
115
114
*114
*114% 115
114
*113
113%
115
115% all4% 114% *113% 115%
*114
113% 114
4%
*4%
434
4%
4%
*4%
4%
434
4%
4%
*4%
154
154
157
155
153
156%
155% 154% 15534
156% 156%
*156
160
*156
169
169
*155% 167% *155% 166
*155% 169
12
13
12%
14
13%
12%
13%
13%
*13%
13%
*13%
3%
18% Nov
12%
10
Douglas Aircraft...—No par
100
Nov
60%
27,400
*10
8
24
4
15
*1%
Jan 10
Oct
Dec
5
5%
9%
7
15is Jan
Oct
8%
64%
Jan 12
44% 45%
*103% 105
16%
2234 Mar
1
24% Jan 10
Oct
Dec
2
Jan
200
10
Mar 30
21%May 10
56
Apr 27
4
39%
Mar
No par
Dominion Stores Ltd..No par
19
5
7% Jan 12
60% Jan 18
5% Jan 10
17
JDuluth 8 S & Atlantic
6% preferred.
178
10%
5
9,000
*834
Deo
16
%
*1%
31% Jan
5034
*16%
12
75
%
*%
*16%
*9
19%
10
*9
6
Jan 20
*1334
5%
I8I2 Jan
Mar 18
55%
45
Deo
II
*14%
105
70
00
55
%
25
0% participating pref
Oct
3
5% pref with warrants..100
Dlxle-Vortex Co
No par
Class A
No par
3034
*4%
3
Oct
234
Jan
Distil Corp-Seagr's Ltd No par
300
44%
2034 Jan
3
Dec
100
13%
*5
Mar 30
..No par
Match
Diamond
Sis Mar 25
25
%
1,900
30%
56%
338 Mar 21
.100
5% preferred.
Devoe & Raynolds A—No par
Mar 30
9
7% Mar 29
Diamond T Motor Car Co—2
-
•
13%
104
I02i2 jan 3
1078May 20
1934 Mar 29
Det & Mackinac Ry Co—100
400
6%
*6%
Detroit Edison
30
280
30%
30
5%
1
Mar 31
13%
46
0% Apr
70
200
31
105
Mar 31
18
JDenv & R G West 6% pf.100
—100
100
87
13%
14
12% Apr 4
438 Mar 31
30
Apr 28
3% Mar 30
Apr
Dec1
57%
65s Jan 10
87
Mar 31
70
57%
Mar 29
Mar 29
Mar 20
*65%
14
3
1
*13
5634
5% Mar 31
00
4
13%
14%
i2 Feb 14
Delaware Lack & Western..50
68
57%
Nov
1,700
...<
Jan
Oct
80
5%
2%
13%
14
21
94i2 Jan 17
1% Jan 7
1312 Feb 7
*5%
*1%
Jan
Dec
448$ Jan 11
1,800
68
56%
Dayton Pow & Lt 4 H % pf. 100
No par
Preferred
jan
50%
47%
25%
34
4
72i2 Jan 12
13U Mar 31
4*2 Mar 29
13% Mar 29
Deere & Co new
Jan
Feb
Mar 29
70
9%
700
Feb
Aug
2-<34
19% Mar 31
Apr 8
58
Cutler-Hammer Inc newNo par
5
..25
50%
10078
Oct
12% Mar 30
preferred
Jan
Dec
6%
Deo
48% Jan 11
$8
Feb
37
8%
1
A
Jan
July
71%
115
30%
11%
14
15
1
Jan
77
Dec
12% Jan 12
pref..100
No par
Class
Jan
Jan
171% Jan
10% Mar
Nov
33'4 Jan 12
Davison Chemical Co (The).l
70
56%
No par
Preferred
Curtlss Wright
16
*33g
6%
100
Conv 5% pref
8
Apr 13
(The)
Davega Stores Corp
♦13%
a
Oct
Jan
28% Nov
1012 Jan 11
9%
*5%
30%
*2534
36%
1,300
*30%
*4%
Apr
3
3
4«4 Jao 12
*10%
19
26
Co
Packing
50
Curtis Pub Co (The).-No par
«.
-
•
15%
45%
153
166i2May
20
Diesel Wemmer-Gllbert.... 10
Delaware & Hudson...—100
5
3334
-
„
-
-
104% 104%
16%
17%
20%
20%
*82
87
100
Cushman's Sons 7%
18%
5%
*7%
No par
Cudahy
15,700
60
31
103
35% Mar
4684 Nov
5012 Oct
25% Apr I
7*2 Mar 29
5
Preferred
600
4%
*20
Corp
..No par
Cuba RR 6% pref
100
Cuban-American Sugar
10
50
4%
5
Zellerbacb
Preferred.
*30
5
Aor 12
Crucible Stee) of America-_100
3,100
8%
*5
5%
*20
18%
-
%
*60
61
20%
m
3%
*13%
*36
45%
102
No par
ex-warrants
$5 conv pref
'
*634
*60%
*5
Pref
Crown
*%
60%
5
100
*13%
103
05i2 Jan 17
Co..
3,500
9%
15%
5
Jan 12
56
1
37
30%
44%
Oct
9%
10i2 Jan 10
1
Apr
39% Jan 17
*30
103
49
29
*13%
5%
Oct
24
Apr
$2.25 conv pref w w..No par
*67
46%
Feb
1,500
6934
106
105
106
*17%
5434
Oct
Oct
78
5U Mar 31
2214 Mar 30
16
3034
*14
Deo
2534
4234
378
No par
*33g
13%
69%
108%
Oct
No par
19
*6%
Dec
Deo
Crown Cork <fc Seal
*30%
14
Feb
23
Jan 12
40
234 Mar 20
10934
5%
*53
No par
Jan
Oct
Crosley Radio Corp
30%
6%
13%
*13%
Mar 20
10
5%
37%
10678
1«4 Jan 16
343s jan 11
2H4 Mar 30
3734
300
4
30
32
Mar 19
I
37%
Oct
8
*3%
8
36%
*65
137S
5
21U Mar 30
Oct
Oct
65
87i2May 12
45«4 Jan 12
IIQI4 Feb 21
95g Jan 17
5
Apr
Apr
92% Aug
1
*7%
*5%
3%
*3534
13%
55
*1%
*85
31%
70
*14%
2
87
30%
*25%
*62
13%
5%
5%
Jan
Jan
7%
21
106
*105
*105
1057s *105
106% *104% 106%
*10434 106
18
17%
18
18%
177g
1734
18%
17%
18%
17%
21
21
21
21
21
21%
*2034
*2034
*21% 21%
12
12
1134
*10%
*10%
11%
*10%
1134
*10%
*10%
10
9%
10%
10%
10%
10%
10%
10%
10%
10%
*5%
1034
88%
*29
39%
*55%
163s Jan 18
16i2 Jan 15
2% Jan 13
Dec
22% Nov
9%
934
*5
60
7934
Jan 11
31
31
*38
20%
8012 Jan 21
Jan 14
Crane
35
5%
1934
Oct
Apr 18
Apr 10
28
39%
*55
16
Jan 12
Mar 31
25
*31%
5%
4%
22
Oct
98
*27
39%
5
Ap
3
558 Jan 12
30
35
13%
5%
4%
63
*55
63
5
Feb
5
7%
37g
5%
41%
Jan
158
13%
5234
Jan 31
*%
5%
10%
Oct
Mar 31
7%
3%
*39%
Oct
%
19
%
5%
10578
258
4
2158 Apr
7%
41%
Dec
7
% Jan
85
*%
60%
100
7% Jan
25
712
*13
101 is Feb 21
100
*3%
13%
Apr
No par
4
60%
Feb
1778
5% conv preferred
25%
Jan
J 3%
Oct
Cream of Wheat ctfs
25
108
Oct
700
8
*13
Nov
200
*%
*60
Jan
24
*37g
13%
Jan
98
*7%
60%
Jan
I884
497g
*23%
%
*13%
534
Oct
92
100
Coty Inc
Oct
Dec
*96
8%
334
*60
1
4%
21%
24
%
%
Mar
98
8%
27%
74
*65
75
85
*71
934
26%
Mar
95
*96
8%
27%
*31%
*28%
9%
8%
35
934
25%
87
Oct
25
Corn Products Refining
1,400
2,400
3%
Oct
63
684 Jan 15
038 Apr
5
Preferred
3%
3%
65
7
107
Continental Steel Corp .No par
Corn Exch Bank Trust Co. .20
280
2,000
*164
—
3%
Continental Oil of Del
Jan
Jan 15
Mar 19
24
28
29
934
*164
3%
28
13%
*54%
J
_
*31%
♦28%
60%
5
63%
35
*13
*5
45%
64%
97
24
*60
*39%
46
28
*65
26%
4534
6334
24
3%
25%
834
28
85
*71
85
*164
"
13%
46
64
64
J
*31%
75
*65
75
64
24%
87g
-
25%
*11%
45%
13%
4634
63%
64
29
26%
1%
26
25%
1878
Jan
3%
1
Motors
Oct
97g Mar 31
Continental Insurance...$2.50
1
484
Ja 117
178 Jan 11
Jan 12
8% Mar 20
..No par
034
1
July
10
20
pref
26
78
Continental Diamond Fibre..5
28%
1%
25%
28
26
$4.50
500
110
634
*31%
*71
Continental Can Ino
2,100
393g
39%
110
Oct
078
05i2Mar31
3012 Mar 30
2734
35
*65
39%
Jan
8
10i2 Jan 10
.100
preferred
22
2678May 1
98i4May 13
1% Mar 29
7
29
9%
39%
*109% 110
*109% 110
8%
400
19%
Dec
Mar 30
..No par
28
29
10
86
45% Mar
Deo
9834 Mar 24
v t c__25
B._
Dec
7%
578
80
Mar 31
7
Container Corp of Amerlca.20
Continental Bak class A No par
Class
4%
68
5
Mar 20
Jan
412 Mar 20
par
*1
*31
934
383A
*82
84
(Del)
share $ per share
19% Feb
Oct
per
20
5
Jan
8
258Mar31
% Mar 21
214 Mar 19
*634
26
*8
38
134
......
8
88% Apr 10
27S Mar 30
27%
6%
«•>
*23 78
85%
38-%
134
1
17
28
3'*
*97
*97%
85%
85
*10834 115
*162
*161%
358
6334
1%
1
200
678
7%
28
3,400
6,500
2,300
11
14%
1%
1%
85
38%
110
14%
134
85%
10%
15
178
87%
110
109%
10%
14
11%
14%
15%
*85
10%
11
1138
14%
71
5% preferred vto
100
Consumers P Co$4.50pfNo par
200
11%
1138
15%
87%
13
86%
15
11%
15
100
Consol Coal Co
......
*84
14%
11%
*10
*84
100
^Consolidated Textile.-No
4,000
*10
11%
84%
1334
100
13
85%
85
No par
$
share
lOU Feb 23
19i2 Jan 17
Mar 29
11
Consol RR of Cuba 0% pf_100
400
9,500
86%
15
*84
95
Mar 29
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
$5 preferred
No par
1,100
3%
*10
*10
*85
*2%
39,300
3%
3%
3%
8%
8%
8%
8%
8%
102
102%
*100
102% *100
4%
334 ,,*3%
3%
*3%
%
%
%
%
%
3
3
2%
*2%
*2%
3%
1334
1334
86%
2
1%
84%
*10
*12
2
*3
3
*2%
*84
2
1%
8%
8%
8%
*100
*99% 103
4%
*33S
3%
%
%
.%
378
*3%
•
*3%
*99% 103
4%
%
*334
*5%
8%
8%
8%
8%
*99
1%
1%
1%
0
per
7is Jan 14
24i2 Jan 22
4'4 Mar 30
$2 partlo pref
No par
Consol Edison of N Y..No par
600
138
*1%
6
*5%
$
1
Mar 29
w w
7% preferred
6M% prior pref
10
2534
*1%
share
15
414 Mar 29
55
Apr
1
20
25
per
378 Apr
Lowest
Highest
Consol Film Industries
......
79%
79%
No par
No par
Conn Ry & Ltg 4)* % pref.100
Consol Aircraft Corp
1
6,800
64
*59
*59
797s
$
No par
Congress Cigar
16
61
61
*75%
Par
Conde Nast Pub Inc
Congoleum-Nairn Inc
7%
*4%
Year 1937
100-Share Lots
Lowest
9
*7
6
1734
*7
16%
16
6
18%
*5
8
*7%
16%
157S
*5
20
*7
8
*7
6
20
6
19%
19%
Range for Previous
Range Since Jan. 1
Basis of
On
Week
*4%
3297
1214 Mar 30
x
Ex-dlv.
v
Oct
Ex-tights. 1 Called for redemption.
New York Stock Record-Continued—Page 5
3298
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
stocks
v
Sales
CENT
On Basis of 100-Share
new york stock
exchange
J'/T
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
May 14
May
16
May 17
May 18
May 19
May 20
Week
$ per share
t per share
$ per share
S per share
Shares
S per share
% per share
*72%
*28%
1784
*83%
28%
*1%
*15
21
*73
74%
28%
28%
21
*15
17%
17%
17%
86
85
85
85
85
28
28
27%
27%
28%
15%
*1%
1%
2634
J
534
15%
*20
21
18%
*15
20
1%
15%
*15
20
1*4
»15g
28%
28%
7434
28
27%
86
27%
27%
16
15%
*15
.
U%
27
26%
26
26
♦25
27
*25
26
*25
2634
93
*89%
15%
94
*89%
94
*90
94
*18)
93-
*90
93
16
16%,
16
16
16%
16
16%
*61%
66
*61%
66
15%
*61%
66
61%
60
*3
3%
*28%
35
*25
26
26
*25%.
25%
253,1
62
60
3
3
*3
*28
35
*28
35
*29
3%
35
*28
25%
25«4
*.
15%
m
"«■
300
300
:
-
~
„
'
m
2,700
1534
*55
35
25%
62
30
3
3
200
*28
3%
25%
«ir
1%
35
25%
j
„
«
„
1,700
25%
"
"l%
"l%
~T%
"*l'% ~Y%
*3%
1%
334
"*\"h *"l%
3%
3%
*1134
*11%
3%
3%
3%
12%
14%
*1134
13%
13%
*13
14%
14
*92
93%
*92
93%
*92
93%
*92
*434
*6
5%
8%
*3%
*121
4
*49
*3%
4
*3%
*914
*17%
10
19%
*50
75
10
5,400
3%
*92
93%
5
37%
8%
37 %
*121
*534
*85
8%
123
*3%
5
5
5%
37%
734
*121
4
6%
97
37l2
8
123
4
*334
400
■
9%
9%
9%
9%
9%
934
9%
1,600
*1834
193,j
19%
19%
1934
55%
19%
19%
*17%
18%
400
*46
55%
*46
55%
100
24
*22%
24
23
200
50
50
*47
23
23
*22%
23%
*22% 23%
115% *114% J15%
*112% 115% *113
36
3534
34%
3434
36%
34%
26
253)
26
25%
25%
25%
1
1
1 '
1
!,.T=,
1
*30
*22%
115
9
23
115
35%
2534
Tv:
*30
*112% 115
*112% 115
36%
36%
35%
3434
34%
26%
1
26%
1
26%
1
50%
50%
*30
50%
*30
50%
*58%
59
59
59
60
60
*56
62%
*58
400
120
♦120
123
*120
123
*120
60%
123
29%
35,900
120
123
*119
30%
30
30%
5%
*7%
33
33
5
5
*5
5%
8
734
734
*7%
8
10334 *103
*103
1%
30%
117% 117%
5%
33
*27
29%
30%
116% 116%
*11534 116%
10334 *101
1%
*1%
1%
30%
*17
18
*17
95
*85
1%
29%
117
30%
30%
5
5
30%
29
117
117
- -
-
10
30
30%
29
29
2,200
5
5%
5
5
1,100
734
*7%
*7%
734
10334 10334 *100% 10334 *100% 1033.1
1%
*1%
1%
134
*134
134
*17
18
17
17
*85
95
*85
95
15%
15%
*85
100
50
300
400
95
100
preferred
6%
$5
preferred
No par
1
Ink
No par
No par
Gen Publlo Service
Signal...No par
Gen Railway
100
1
6% preferred....
Gen Realty & Utilities
1%
1%
1%
1%
1%
1%
1%
19
19
18%
18%
18%
19%
*18%
19%
*18%
2134
2134
22%
21
203i
21%
20%
20%
18%
18
19
19%
19%
18%
19%
18
18%
1,700
550
12%
12
12
12
12
1134
11%
*11
11%
500
*14l4
15%
*12
15%
*13%
15
*13%
15%
*11
11%
11
11
*10%
11%
21%
19%
1134
*12%
*10%
21%
18%
18%
21%
19%
*18%
2134
*10%
11
100
8
6,100
8%
*7»s
7%
18%
7%
42%
1734
45
1734
17%
4834
42
2
*2
4834
2%
*55%
7%
7%
42%
*42
*17%
*42
8%
58%
7%
59
*55
7%
*42
2%
2
3
3
*2%
65
*60%
13%
65
43%
45
14%
*41%
46
2%
1834
18%
*54
58
*54%
58
1
1
%
1
*334
*1%
1%
*10%
10%
*12%
24%
*21%
15
22
*11%
1134
17
17%
25
2%
*61
1334
2%
13'8
J'
42%
17%
4834
*39%
2
2
43
*41%
1734
*39%
*2
*2%
3
64
*60i8
1,200
2%
2%
234
*60i8
1314
*4114
400
17%
4834
300
64
100
1,200
20
1334
13
1314
2,500
42
41
41i4
800
18i2
18
18*2
17»2
1778
6,900
76i2
76i2
74
7414
400
4
300
*334
%
%
78
*378
1'2
*114
10
12l2
2434
*12
11%
17
16
4
H2
78
312
1*8
*3U
*54
%
37«
114
10
*912
10
12i2
2412
1178
2412
12
3%
33g
1
2,900
l
2314
600
1212
*12
600
10
*912
245g
2",300
1
7S
400
*30
8%
834
*24%
1%
15%
4%
15%
25%
*30%
8%
*1
17%
42
35
15
17%
1714
42
*30
*3%
*13
6%
*12%
4%
*13
14
*24
25%
*30%
35
*6%
*12%
7
14%
*90
6%
14
91
*
88
*2l"
21 s4
13
75
*1%
81
*81
75
414
938
8%
Us
19
*3%
*12
167s
1714
1634
1634
*31
42
*31
""700
4
914
834
878
"9,266
8i«
83g
*8i4
8i2
8.300
*1
1%
80%
634
*81
85
150
*14%
20
*3i2
4
*312
4
*11%
11%
*49
51
50%
50%
128
128%
128
128
634
14
*12
137s
*11%
25
25
*2412
25l2
*2412
2512
35
*32
35
*32
35
2034
*6l2
67s
*80
6i2
638
*12l2
14i2
91
*88i2
91
*8812
91
86
85
85
*85
88
30
1978
20
2014
20'4
*19l2
20
900
*54
ll2
75
1*2
*8012
6%
678
H2
82
678
5
5%
1%
81
81
658
634
85
*85
88
*85
88
150
'140
150
150
150
10
*11
12
400
46
46
2,400
48
1112
1U2
49l2
50i2
12
47
48
127l2 12712
*44
*9312
9814
*15%
*26%
16
*15%
26%
16%
*15i2
16l8
*15i2
19
26%
26l2
27i8
16i8
2734
*1512
27
105
*58%
*1934
20%
105
734
*1934
73,i
734
734
94
*92i.i
94
*4%
26%
6%
6%
634
33%
1%
5%
28%
1%
*4%
*7h
77„
6OI4
6034
*1934
778
2019
1
Mar 31
8
Mar 30
conv
Granite City Steel
103g Mar 30
No par
Grant (W T)
5%
19
Apr
5
20
10
20
preferred
Oct
14
Oct
32i2 Mar
Oct
65
Jan 12
5%
13
Jan 10
25% Jan 12
Jan
3
2%
6'4
14U
^an
66
Oct
Feb 23
22
Dec
1265g Mar
52% Jan
z99
Deo
152
34
Oct
24
1% Jan 11
2818 Nov
84 Oct
3
33
Nov
May 18
48
Oct
123
Apr 30
38% Jan 16
117
May
117i2May 17
33
May 12
57g Feb 24
97g Jan 11
111
106
x99
Feb
2i8
Feb
3
Jan
8
2858
Dec
Oct
21%
3i2
8t2
Oct
Oct
Oct
Dec
lt2 Dec
8
Jan 10
584
4878
1
Oct
4
14
Oct
Jan 10
18
Oct
70%
13i2
Oct
88
Jan
3384
Jan
4378
Feb
14i2 Jan 15
11% Feb 26
8
Oct
24
Aug
Feb
Feb 26
9*8 Jan 10
56
61
58
Jan 13
3% Jan 11
80
Jan 17
1914 Jan 15
67i2 Jan 15
47g Jan 11
55
Feb 21
2
Jan 12
0%
1%
13%
18%
x27%
23
Jan
Jan
Jan
Jan
12
11
11
10
Jan 10
Jan 24
Oct
2078
Oct
6%
Dec
88% Feb
293s Mar
49i2
19%
Oct
90U Mar
Dec
5D2
Jan
43
Oct
58*8
67i
Jan
Feb
8%
Feb
8
U8
Oct
2
Oct
x83% Dec
1284 Dec
46
Dec
16i8 Oct
72% Dec
3% Dec
55
Oct
1«8
Oct
3
Oct
32
Jan 14
127% Jan
6%
7g Mar 31
40
6
Jan 22
Feb 16
lll4Mar 15
884 Apr 11
Mar 28
28
Jan 12
3
Mar 25
6
Feb 16
100
preferred
12
100
8
Mar 29
19
Jan 12
Mar U
Feb
50i2 Ma«"
87*4 Mar
473g Mar
141
13%
96
4*4
15
Mar
Jan
Jan
Feb
Jan
Oct
55g
Oct
2734
Feb
13
Dec
22
Dec
48ig
475g
Feb
Jan
1984
Deo
22i8
28%
6684
42i2
145%
May
1%
Oct
129
Dec
Nov
7%
Oct
758 Dec
7g
1*4 Jan 10
100
115
10
60
No par
Jan
Oct
Dec
9t2
45
preferred
Jan
Feb
16
218g Jan 12
8%
Jan
6
133g Mar 30
10
Mar
Jan
2
Jan 10
Feb
Feb
Jan
Jan
117*2
14
Jan
Jan
Feb
538
Nov
34% Mar 29
preferred
19
110
85
1
5)4%
70%
Jan
1225g Feb
60% Jan
1514 Feb
Jan 18
100
Greyhound Corp (The).No par
784 Mar 31
7% Feb 4
124
90
50% Sept
15% Oct
Green (H L) Co Inc
Jan
20i2 Jan 15
20% Dec
23i2 Oct
Apr 12
Jan 22
3*4
64%
6578
65%
20% Jan 12
40
Feb
Oct
20
Jan
6478
44%
16
123g Mar 31
23t2 Apr
Feb
Mar
28
10
122
Feb
72
15i2 Jan 12
100
Jan
120% Feb 11
45% Jan 10
9% Mar 30
100
Preferred
26i2
"760
12
3%
12
Oct
Jan
Dec
Mar
Jan
Mar
64*4 Mar
39% Mar
98
167s
Mar
Feb
1U2 Mar
4*4
Jan
Oct
59
Oct
17*2 Mar
59% Mar
Oct
Jan
105
105
10
60
59U
60
20
1934
1934
200
734
700
77g
734
7,000
100
178
638
2534
25%
6%
6%
6
34
34
34
26
*15
17
29
30
3434
*5%
7
*3012
*514
6
*31
514
2x74 Jan 15
95
Nov
108
92
Oct
105
18
Oct
7
438 Mar 30
50% Mar 31
12612 Feb 28
z7*4 Jan 19
121
Dec
5
Oct
8
55%
Dec
107
Feb
138 Mar 30
79
May
4
2*4 Jan 11
1%
Oct
8
Jan
preferred
...100
120
Hat
Corp of Amer class A..1
6)4% preferred w w
100
Hayes Body Corp
Hazel-Atlas Glass Co
2
-.25
Hecker Prod
Corp v t c.No
Helme (G W)
25
Motors.
140
10
Hercules Powder new..No par
6% cum preferred
Hersbey Chocolate
54
100
102
Oct
109
Oct
z3984
Oct
41
Jan
Oct
2778
Feb
May
44
Oct
73
Jan
83%
Jan
93
May
78i2
Dec
94
Mar
Jan
484
Oct
17i2
preferred
5
2*8 Jan
3
Mar
7t2 Jan
Jan
Oct
90i2 Mar
Us
3i2
Oct
Jan
Oct
578
157g
10
Mar
l7s
34 Mar
Jan
4
Oct
23U
Feb
Jan
Us
Dec
Jan
414 Aug
8
Oct
38
12
Apr
20
Jan
16
Oct
67i2 Mar
23
.100
Mar
38
Jan
34
Dec
72
784 Feb
5
Dec
25'2 Mar
1214 Feb
6% Mar
3% Apr
1000
Cash sale,
37
273g Apr
5
No par
6% preferred series A... 100
Leased lines 4%
100
r
63*8 Jan
May
20% Mar
100
RR Sec ctfs series A
87s
Mar
1
100
Illinois Central
25
23% Mar
5
preferred
New stock,
Deo
15i2
56
Hupp Motor Car Corp
n
784
Jan
Jan
6,100
Def. delivery,
Nov
Jan
5234 Feb
120i2 Jan
3034 Mar
43'2 Jan
11434 Mar
5384 Dec
46%
2,300
a
Jan
June
11
May
Jan
37
2514
105
Feb
111
stk.No par
34
t in recelversdlp.
93
13512
6784
100
com
8l8
10
Dec
Nov
6
Hudson Motor Car
7
May
83
1178 Jan
2,400
*414
125
Dec
Mar
.No par
57s
6
13U2 Apr 18
51
May 20
Jan
Feb
64
6
B
578
100
Nov
Dec
2,700
30
50
21
Hudson & Manhattan
30
Jan 11
Jan
Hudson Bay Mln & Sm Ltd 100
32i2
58
Feb
395s
658s Jan
1,600
*30
166
39%
Jan
48% Apr
17% Mar
9,600
31
126
Oct
102
Mar
Howe Sound Co
200
Dec
Nov
11
29t2 Apr
May
100
Houston Oil of Texas v t C..25
18
86
129
Jan 11
Oct
Mar
1,000
34
Feb 25
17
Dec
14
1734
Feb
117i2 Aug
1578 Jan
15%
No par
140
15212 Feb 17
94
Jan
58% Mar
Dec
Nov
16ig
Jan
3,000
8
55g
Mar
584 Mar
5
6i2
*15
81
20
Jan
Household Fin
Feb 24
778 Jan 17
16% Mar
17
Class
95
Feb
May
98
(A)
67
95
No par
Furnace
100
Mar
conv preferred...No par
32l2
78
Mar 19
80
Mining
12.50
Houdallle-Hershey cl A.No par
5%
8
40
-No par
Homestake
5%
5
Jan
4234 Mar 31
12634 Jan 19
preferred
No par
Hlnde & Dauche Paper Co. 10
5%
May
Mar 26
conv
Holland
Apr
81
100
No par
Preferred
Hercules
2
5% Mar 25
par
5l2
858
Feb
Jan
6
25i8
16
Feb
Jan 18
5l2
s4
31
Jan 15
2434
8%
Dec
Jan
134
*15
Feb
1784
Feb
96
6i4
2534
15l2
20%
36
25
*5i2
6
Oct
Mar 29
6i2
134
34*4
484
15
*ll2
25
23% Dec
26% Apr
Harbison-Walk Refrac.No par
32i4
678
33
6
5U
Mar 61
1%
6%
■Bid and asked prices; no sales on this day
1
6%
33
34
85s
15l2
9
18
6
614
85).
8%
8%
6
634
3334
2
12
Holly Sugar Corp
7% preferred
95
63g
3334
7
May 19
800
*92
21.4
Jan
May
1434
93
634
6
7
90
14i2
93
33
Jan
Mar 25
85
1434
100
178
34
5
...100
Hollander & Sons
*91
6'2
Apr 28
Apr
1
28
30
pf.No par
20
400
33
24
25
10
No par
preferred
Hanna (M A) Co 15
200
56
*15%
:
*734
25
Water
preferred class A
Printing
8
105
X69%
*1934
7%
Hall
105
56
8%
Augcza.;,;
103
Hackensack
*7l2
56
5i2
6%
*5%
*14i2
26i2
*101
*55
29%
Jl
1
pref series...No par
53
8
56
2514
34
2714
25
200
56
5%
6%
7%
*15»2
105
*712
95
56
18%
29%
8%
*15
105
26%
26
34
34
*103
*2634
*101
95
160
200
*91 % 100
6%
1%
1478
105
56
33%
35
1434
60i2
*90%
*1%
403
1478
20
57
*634
*1434
8
20
*56
105
*7i2
21
57
2734
*102
58%
7»4
51
8
59
*56
6%
51
100
■1275s 129l2 *12758 129l2
*45
51
51
50l4
9814
58
1,800
85
*1198
*93l2
58%
300
6i2
*147
1U2
12712 127i2
14%
*102% 105
18'2
6'2
85
*43
14%
1,606
134
150
1U2
4934
95
*7%
"306
75
*1%
*8118
1*2
*9114
*34
5
Grand Union Co tr ctfs
6%
5
*478
*54
75
*54
90
105
153
Feb 23
Granby Consol M S & P
6%
*120% 132
'120% 132
*88%
*102
1
Motors
Hamilton Watch Co
86
90
*102
300
14
51
734
100
10
63g
*1212
90
15%
"166
14
*42%
102
1478
*90
82
*634
6i2
51
*7%
*14%
Graham-Paige
Gulf Mobile & Northern
*12i2
75
1 '2
*83i2
12
102
70
Oct
Feb 28
52% Mar 30
a4 Mar 29
2l2 Mar 31
Guantanamo Sugar
H8
20
15
!120l4 142
*12014 132
*514
5i2
*5i4
5l2
'145
*11%
*41%
*1
*14i2
Oct
24
100
Feb
5
117
89
Mar 30
25s Mar 30
86%
19%
Jan 15
Mar 11
15i8 Mar 31
No par
15i2 Mar
10514 Jan
9
72
preferred..-No par
Greene Cananea Copper
42
9
*32
25i2
88
•"
*54
134
80%
634
6%
85
*15
91
>12%
"26"
*1%
150% *145
*145
17%
32
*9C
t
*
21
*54
134
*24i2
*6i2
88
"2l"
81
6%
*1
8I4
13
32
*12()14 132
*120% 132
5%
*5%
5%
5%
*54
•14%
*312
55 conv
Gotham Silk Hose
Oct
Nov
'
91
*90
*
1%
16
15%
*3%
83s
9%
*8;%
lis
8l2
*1
Mar 31
Mar 31
Green Bay & West RR
'
*1
10
5t2
31t2 Nov
123
5U2 Jan 19
3% Jan 10
Apr
258 Mar 30
Great Western Sugar..No par
30
50
91
27% Jan 11
35
600
*35
50
*35
Feb 11
1
1«4 Mar 26
5% preferred
No par
Goodyear Tire <fe Rubb.No par
26i2
*2612
273g
26i2
*123i2 125 '
=12312 125
50
6
60i2 Apr 26
273),
123i2 123l2
*35
Feb
Mar 30
Gold <fe Stock Telegraph Co 100
Goodrich Co (B F)
No par
*2634
*1534
8%
13
37
27i2
17%
9"i8
4034May
4)4% conv preferred—..50
oobel (Adolf)
1
Goebel Brewing Co.
1
6,500
42
9%
7% Mar 29
No par
No par
preferred
Glldden Co (The)
1534
50
9%
9
Mar 29
1514
123
9%
$6
6
Mar 29
Mar 29
163g
123
9%
8i2 Mar 23
14%May
5
1578
*35
Jan
19%
4
Mar 31
Jan
100%
Oct
60
Mar 25
1
33
Nov
30
Mar 31
Oct
4
JaD
4
10t8
88
3
684 Mar 29
IOII4 Apr 9
13a Mar 30
1234 Mar 30
85% Mar 19
11% Dec
9212May 13
7% Jan 12
7% Jan 10
Jan
51
Brothers
16i2
50
158g July
x39% June
Mar 25
118
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
27
Dec
7
33% Jan 17
No par
No par
$5 conv preferred
Glmbel
1,600
125
Mar 30
% Mar 30
Gen Theatre Eq Corp..No par
237g
217g
1112
27
3
Jan 17
28*4 Jan 10
lli2
*35
7% Mar
13
in2
*123
Oct
45% Jan 10
5034
Gen Steel Cast 16 pref. No par
1112
50
Jan
1%
20% Mar
*2158
200
48%
28
11%
600
Oct
15% Mar 31
2158
*21%
6t2
133g Mar 29
24l2
215)j
22
Jan
14% Feb 9
2% Jan 12
No par
Preferred
58
73
No par
*1138
16%
27
*30
78
334
58
Oct
preferred
56
1138
16i2
125
i*16%
3-\
*54
20t2
General Refractories
2134
27
27i2
4
58
*54
4
16%
18
w
1,200
78i4
10%
42
58
7
I8I4
*35
17%
*41
734
*55
7%
Jan
Jan 21
97
25
Gen Time Instru Corp .No par
*73i2
4
58
3%
22
8%
58
678
17%
41%
4834
4434
'1>4
2434
7%
*55
600
ISlo
*123
*30
13l2
101#
12l2
2434
2134
1138
15
58%
7%
64
*41
43
11
2%
u2
4%
16%
4%
*334
*54
.
*2
10%
4%
*1%
10%
*12%
24%
*21%
113s
4%
*74
4
3
*10%
1,400
7814
18%
18%
77%
*3%
77%
4
*39%
65
13%
4178
80
18%
*75
1734
2%
*62
14
411.!
18
42
*13%
11%
8%
42
42
3
65
*14
8
8%
*553,i
8%
8%
8%
59
*56
15%
11%
15%
1%
19
32%
2278 Mar 30
Gillette Safety Razor..No par
*12
1%
1%
1%
Oct
2078 Mar 31
Apr
1
2714 Mar 31
General Tire & Rubber Co..5
1%
18
Mar 29
25i2 Mar 31
preferred
Jan
Jan 21
Mar 29
11178 Apr 25
21i2 Mar 30
Common.
16
Jan
83
29
35
Jan
Dec
82
108%
Feb
40
Jan 20
Mar 30
135
183s
Jan
11
284
Oct
5
10
Gen Outdoor Adv A..-No par
General Printing
Dec
I684
No par
General Motors Corp
66
Jan 18
5^8 Jan 12
16
2i2 Mar 31
534 Mar 31
58% Feb
39% Mar
978 Feb
Apr
Mar 30
6% Mar 31
Apr 12
Oct
Sept
2i2 Mar 31
115
Dec
Hi
54%
27
4% Mar 31
Dec
15
58
22% Feb 4
9U Jan 3
1%, Mar 29
4% Mar 29
22
98
28
Mar 10
26t2 Dec
11% Oct
Oct
197s Mar 30
85
Oct
Nov
share
Oct
Jan 13
9i2Mar29
Dec
16i2
90
per
10878 Mar
455g Jan
3984 Feb
413g Mar
10712 Feb
52i4 Mar
40% Feb
Oct
40%
10
Oct
11%
65
—No par
General Mills
1,200
8
1734
*85
*120
117
95
17
95
30%
117
*7%
10334
*134
17%
*85
3234
297s
117
123
j.
Oct
22%
27
Mar 29
$6 conv pref series A.No par
*30
60
z05
Highest
80
2i2 Mar 31
25
Apr 13
-No par
No par
Gen Gas & Elec A..... No par
3,400
50%
*58%
share $
Feb 26
50
Foods
General
5,600
*30
50%
100
per
3312 Jan 10
20% Jan 12
No par
preferred
5
Jan 10
96
General Electric
34,500
%
%
7%
Jan
Mar 25
100
7% cum preferred
3
Mar 31
No par
A
General Cigar Inc
50
27
2634
Class
21
11
$6
1,300
260
♦121
3%
preferred
No par
Gen Am Transportation
5
General Baking
5
J8 1st preferred
No par
General Bronze
5
General Cable
No par
7
85
1
10
preferred
3478 Feb 11
1% Mar 26
18
Mar 29
No par
Gannet Co conv $6 pf.-No par
Gar Wood Industries Inc.-.3
Gen Amer Investors...No par
100
37%
73.4
18«4 Feb 10
29i2 Jan 12
Apr
$3
600
37
Apr 16
15
Gamewell Co (The)
700
6%
7%
123
3%
434
*79
107s Mar 26
21
Galr Co Ine (Robert)
10
94%
*534
15
Jan 11
Apr 14
24i2 Mar 30
76
Sulphur Co
10
Fuller (G A) prior pref.No par
$6 2d preferred
No par
Gabriel Co (The) el A—No par
230
92%
~25V Jan
92
Free port
100
14
93%
5%
12%
*11%
92%
434
36%
4
3%
*11
14
94
8%
3%
12%
*12
94
123
*121
123
75
9%
19%
8
8%
8%
*120% 123
36%
3%
*11
14
*434
5%
3%
"*1% "Y% ""306
12%
94
*84
373.1
37%
37
*5%
6%
94
*84
5
5
5
4%
5%
634
94
*84
*11
11
11
12
"~i*s "l%
33% Feb 23
%
20
*18% Mar 31
Co.——No par
A.No par
t Follansbee Brothers..No par
Food Machinery Corp
100
4)4% conv pref
—100
Foster-Wheeler
10
$7 conv preferred
No par
Francisco Sugar Co
No par
F'k'n Slmon&CoInc 7% pf 100
2,500
300
18%
*1%
z79
Florence Stove
1,000
15%
*15
Lowest
share
Jan 18
per
Florsbelm Shoe class
27 %
20%
677g
22% Mar 30
S
6% preferred series A... 100
First National Stores..No par
Fllntkote Co (The)
No par
200
16
*3
2,300
86
*84%
27%
*19
18%
lh
*
w
17%
*26%
3%
4>* % pf—100
Fidel Phen Fire Ins N Y._2.50
Fllene's (Wm) Sons Co .No par
Firestone Tire & Rubber...10
„
800
21
17%
15%
21
*20
1%
*15
17%
*89%
*3
V »:i»
Lots
Highest
share
Jan 4
5 per
Fed Dept Stores
'
*71
21
17%
*84%
28%
21
*2(1
21
♦15
1*4
15%
157x
15%
21
*2734
74
Lowest
Par
'
17%
*84%
86
*73
*15
17%
17%
20
*15
283,}
21
*15
18%
22%
15%
*21
28%
28%
21
7434
2834
*15
7434
*72%
*28%
*71%
7434
Range for Previous
Year 1937
Range Since Jan. 1
•
LOW
May 21, 1938
z
Ex-dlv.
y
Ex-rlghts.
Mar
Jan
H Called tor redemption
Volume
New York Stock Record—Continued—Page 6
146
May 17
Thursday
May 19
$ per share
$ per share
$ per share
May 16
May 14
$ per
$ per share
share
6ig
*5.%
7
18
17
18%
1734
1734
86
85
85
84
85
7
*6%
18
85i2
,.
6'g
66's
11%
4%
1H8
68
*66
4
*4
67
6
5t2
*18%
1914
*19
*83
90
*83
90
312
*3
9
87S
*87s
*238
2%
2%
19%
*148i4 15012
4
5
4%
83
3
3
87S
9
2%
2%
2%
5534
56%
56%
45%
46%
447g
'5%
3
278
*812
834
834
87g
87g
9%
9%
9%
46%
45%
46%
46%
46
47
*133
135
♦133
135
*133
135
:
—-i"'
•.
72
Nov
144
Feb
100
135
8
138
6
132
Oct
143
July
...
_•_*
%
■'ZizX-
29%
*3%
"28%
297s
4
37g
3%
3%
37«
30
28%
30%
29%
3%
35%
23%
*29%
"34"
34
24
3434
24
30%
34%
*23%
30%
*15
16
*15
16
15%
*56
68
*56%
60
*56%
24
*2934
30%
16
60
22,900
Class B
9
9
9%
6,000
8%
8%
8%
1,500
69%
69%
69%
69%
*10%
11%
19%
19%
*18%
*50
52
71
71
52
52%
70%
71%
*125
*124%
54.%
55
*15%
16
53%
53%
*8
*15%
*13%
*11
12
*11
7%
"7%
8%
19%
*17%
19%
*16
18%
90
*60
90
6%
4%
89%
*13
14
*13
15
11
*1078
1178
*10%
1178
95
*65
95
*67
95
33%
34%
6%
*3%
4%
89%
34
33%
87
32%
8%
*8
8%
*20%
22%
*21
22%
*17g
2%
*8
8
-
:
*21
*
4
7
89%
87
34
32
33%
33%
8
8
8
23
178
4-%
48
*15%
48
*15%
48
*13%
14%
*13%
14%
14
17%
17%
17%
*13%
17%
*478
17%
*17%
5%
*5
*26
26%
26
26
*17%
*5
5%
5%
*4%
26
*26
27
14
14
15%
15%
24
26
11
95
7
.J
8
*3%
3J78
*7%
*21
2%
34
*15%
34
13%
*13%
17%
17%
17%
*5
5%
27
5%
*25
27
$5 prior
1,200
'■Zw
-
200
14%
14
14
137g
14
1378
14
13%
13%
1478
14
14
14%
13
14
13
13
240
24
23'8
22%
14%
2378
23%
23%
22%
23%
24%
160
11%
*11
11%
11
11
11
11
*10%
11%
10%
300
'
*20
'
*11%
*3%
419
*13%
13%
*17
18%
*3%
4%
*3%
*13%
13%
*13%
13%
17
17
*16%
17%
*17
.
i.:i.
4
*105
*105
■';> 4
4
4
4
*%
%
*%
2%
2%
24%
2%
24%
24-%
234
23%
24
*8io
9
*8%
9
*819
9
23%
23%
24
24
*22%
24
29
29
28%
2878
28%
29
7
7
7
678
2%
13%
4"
*%
%
%
*2%
24%
*%
4%
37g
*%
2%
%
2%
*2%
24
25
24%
9
*8
*8%
■7
-
'
29
29
29
29
*28%
90
*85
90
87
87
*86%
91
90
91
91
91
166
166
166
166
166
166
*161
17
16
16
91%
*161
*%
%
*2%
23%
2%
23%
"_400
8%
*8%
8%
100
Lehn <fe
200
Lerner Stores Corp
24
*157g
*I5"8
26
26
25%
*35%
36
6% conv preferred
Lehman Corp (The)
28%
28%
86%
200
91%
900
17
25%
*161
*I578
*25
167
300
17
100
200
Lima Locomotive
100
26
Link
Wks.No par
41
2,600
Loew's
*100% 103% *100% 103%
16
16%
16%
16%
138
138
*16%
34%
17
34%
16%
16%
28%
28%
*116% 120
*3%
3%
*16
17
100
100%
*97
100
*27
29
*27
29
*27
29
*117
120
*117
120
120
120
19%
19
30%
30%
30
>:
19%
18-%
30%
29%
*19
18%
30
12
12
1178
117*
11%
24%
25
25
24
24
1%
1%
*1%
6%
*5
17
8
8%
*9%
11
15%
778
*9%
1%
*1%
*5
15
7%
11
*1%
6%
14%- 14%
8%
*978
8%
6%
15
7%
11
*1%
1%
12
24%
1%
24i,i
*114
*5
6%
16%
30%
*11%
1%
1%
1%
19%
30
11%
24%
*5
3%
*3%
17
16
16
16 >8
*16%
138
138
*137
138% 138% *137
*15%
17%
17%
17%
17%
*15%
34
34
34
32%
*32%
32%
1578
15%
15%
15%
15%
1578
19%
16
42
42
41%
16%
138
11
*1%
1%
40%
41
3%
16%
3%
16%
3%
99
150
16%
138
16
2,100
16%
1,700
137% 137%
140
*16
100
17
17
34
34
*32%
34
15%
14%
*27
15
29
10
19
19
297«
19
19
*1%
*5
*10%
6's
*10
30
11%
11%
23
1<2
6%
14
7%
11
*1%
*5
*12
6%
*10
400
6%
"""220
15
7
8,000
1%
1%
1%
5-%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
4,100
1%
1%
1%
*1%
1 %
1%
1%
*1%
1%
l's
7%
13%
*5%
*12%
7%
*5
7
6"8
*4%
678
2
*1
*2219
23%
7%
7%
23%
23%
2%
234
*1
*12%
2
*1
7%
7%
7%
23%
22%
2%
*30%
23%
2%
31%
*3019
2%
31
31
21%
21%
*145
*37%
*4%
419
*4%
*16%
18%
*17li
'.X
163
22
*145
3815
38%
163
4%
*4%
*2%
*17%
93
*10
10%
8%
8%
80
*65
•
*76
10%
*8%
*65
93
*76
93
10%
*10%
1078
8%
80
*8%
*65
8%
80
7%
7%
22%
38%
*4%
4%
18%
-L-~ X
*76
10%
8%
*65
■'
93
10%
8%
80
8
60
12%
2%
7%
24
1,600
28.400
600
3%
31%
x30
30
200
23
*22
23
300
2%
*145
163
*145
163
38
38
38
38
4%
*17%
-1
101,
8%
93
10'o
41*
4%
*17%
18%
8%
*0
*75%
10
8%
*65
1 In receivership
93
17% Jan 17
18
Jan 12
14
Dec
Mar 29
6
Oct
277g
15
Mar 26
30
Jan 12
8
Oct
41%
10%
Dec
24
5
Dec
17% Mar
127g Jan 10
8% Mar 31
3%May 13
10% Mar 31
6
Jan
4
Jan
8
15% Jan 12
19% Jan 12
13% Mar 30
95
105
May
2
% Mar 26
6% Feb 25
1% Jan 12
178 Mar 29
19% Mar 30
5% Jan 13
28% Jan 12
Mar 29
3
81% Mar 31
157
Apr
9
14% Mar 31
20% Mar 26
29
Mar 25
12% Mar 31
Jan 14
27% Mar
2
102% Jan 11
167
9%
Oct
14
Oct
97
Dec
4%
Oct
%
278
Dec
Dec
22%
Dec
8
Oct
Jan
5
82
83%
151
Feb 28
15%
Oct
34% Jan 12
a:
18%
Oct
18
42% Mar
20
5
Jan 12
Nov
33
14
Oct
43%
Dec
33
Mar 31
527g Jan 12
102
Apr 18
106% Jan 14
% Mar 26
1% Apr 25
1
June
43%May 10
i% Feb 23
32
Oct
26
Mar 31
2% Mar 28
I434 Mar 31
21
Jan 12
Mar 31
106
Jan 18
13% Mar 31
125
Apr
1
18
Jan 14
97
12% Mar 31
2978 Apr 20
13
Mar 30
22
140% Mar 11
17%May 10
56% Jan 10
21% Jan 12
5% Mar 26
Jan
7
Jan 21
99% Nov
2%
Oct
17%
Dec
101
Oct
....
200
"
10%
"moo
8*9
1,000
80
a Def
delivery
125
Feb
Jan
14%
Jan
37g
Feb
75%
10%
Mar
43%
110
Jan
Jan
May
Feb
Jan
Jan
Mar
99
13%
26%
41% Mar
Oct
Oct
123% Nov
36
132%
Feb
Feb
17%
Dec
62% Mar
32% Feb 28
25
Dec
58% Mar
Mar 26
13% Feb 10
307g Jan 11
8%
Oct
15%
18%
Oct
63
10
Mar 29
18% Mar 31
% Mar 29
4% Mar 30
2% Mar 26
2
9
Jan 10
6
Dec
20% Jan 13
10
9
1678
Jan
Oct
39
Jan
Jan 13
4%
Oct
16%
9%
Oct
Oct
29%
Jan
Jan
Feb
Feb
Oct
Dec
5
Mar 30
Mar 30
l%May 12
7% May 11
14% May 11
2% May 11
Mar 30
29
Mar 30
Mar 30
2 4% May
%May
3% Feb
100
100
100
7
78
18%
5%
14%
Marlln-Rockwell Corp
1
Marshall Field <fe Co.—No par
Martin (Glenn L.) Co
1
Martin-Parry Corp
No par
Masonlte Corp
No par
Mathleson Alkali Wks.Vo par
7
Jan 28
97,
Jan 14
Jan 12
10
1%
Department Stores—10
Maytag Co
...No par
$3 preferred w w
No par
$3 preferred ex-warr.No par
$6 1st cum. pref
No par
McCall Corp
No par
McCrory Stores Corp
1
6% conv pref err e
100
May
3% Mar
Oct
6%
Dec
39
1%
Oct
67g Mar
51% Mar
24
7%
10
1%
28% Mar 31
3% Mar 26
42% Jan 15
67g Jan 12
33%
20%
Mar 29
19% Mar 31
14%
3
Jan 26
25
157
6%
20
4% Jan 24
37% Jan 15
27% Mar 10
165
Feb 23
2% May 17
Jan
Mar
Mar 15
%
Cas»i sale
877g Aug
28%
5%
100
267g July
110
147%
7% Jan 11
preferred.
2d preferred
23% May
83% Feb
63
Aug
Oct
2
preferred
Jan
15% Mar
Aug
48% Nov
Mar 31
r
Feb
247g Mar 30
100
Market Street Ry
New stock
18%
28%
1% Mar 31
n
51%
24% Jan 12
16
--25
Exploration. _1
Midland Corp
5
preferred
Jan
Mar
24% Mar
3% Jan
Dec
12% Jan 13
2% Jan 11
6% prior
Jan
277g Mar
203
Oct
15%
9
7%
"400
i-
*75%
*65
4%
18
Jan
Feb
8
123g Mar 31
31
6%
166
22
*22i4
*2i4
Jan
9% Mar
47%
24%
126
6%
*30%
-
Bid and asked prices; no sales on this day.
*1
23%
163
*17%
.
*21
7%
*37%
18%
23 %
22%
*2i4
3%
31%
22%
*145
4%
18%
*1
*21%
12%
2%
7%
22%
38%
12%
23%
7%
22
....
*75%
2%
23%
23
32
39
*21
22%
22%
163
*1
23%
22%
2%
*21%
*38
2%
*21
22%
*7%
*31
*145
13
13
12%
Dec
Mar 29
Marine
200
*4%
1%
*4%
127*
Jan
Jan
22
116% Mar 30
preferred
'
5%
*12%
Oct
Jan 12
Maracalbo Oil
""loo
*11
4
28
Mar 26
Manhattan Shirt
11
*1%
*1%
*5
Jan 12
22
X Manhattan Ry 7% guar. 100
Modified 5% guar
100
800
1%
6
29%
157g
No par
No par
Macy (R H) Co Inc
No par
Madison Square Gard..Vo par
Magma Copper
10
Manatl Sugar Co
1
Mandel Bros
No par
1,200
23
29%
100
preferred
6%
1,900
11%
30%
Dec
Mack Trucks Inc
1,000
25
11%
*24
15%
El A..No par
Louisville & Nashville
100
Ludlum
Steel
1
MacAndrews & Forbes
10
100
*116% 120
29
*27
18%May 12
Inc
7%
1,300
*116% 120
15% Mar 31
2% Mar 26
Louisville Gas &
600
15%
No par
No par
Inc....
No par
Lone Star Cement Corp No par
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
5% preferred
100
Lorlllard (P) Co
-10
200
99
No par
Belt Co
$6.50 preferred
100
16%
*15%
8%
*10
1%
42
100
*97
35% July
Jan
41
41
71
Dec
7
Mar 30
9
Jan
42
*16
Dec
11
12% Jan
20% Mar
46% Apr
Feb
41%
3%
20
3
175
42%
17
May
5
16% Jan 12
Feb
1% Mar 29
114
42
40-%
16
•
19
113%
42
*3%
Oct
Jan
Jan
69% Mar
Oct
42-%
40 %
Dec
1%
6% Mar 31
19%
109%
Dec
42
*16
Oct
17%
267g Mar 30
Oct
Dec
28% Nov
May
42
3%
5%
22% Mnr 4
2% Jan 10
6
100
42
17
80
Jan
Feb
Mar 30
Liquid Carbonic Corp ..No par
41
4
87%May 20
43% Jan 10
97g Jan 12
Mar 26
3
80
23%
81
1,300
*3%
Oct
29
15
41
Nov
7
79
35%
Loft
Jan
Jan
80
Oct
15
2,900
110
Mar 18
9% Jan 10
6% Jan 10
23
35%
*16
73
Apr
4% Mar 29
May 14
Jan 10
16
1%
5
Jan
Mar
27%
29
36
1%
63
14%
Mar 30
15%
1%
35
Nov
9
25
*35%
1%
41%
*3%
16%
Oct
13
May
Oct
16%
1%
15
14% Jan 12
Oct
16
1%
18% Jan 12
21
Dec
16%
1%
447g
2
6
5
36
1%
Oct
12% Apr
10%May
23
26%
1%
Mar
33%
*25%
138
Mar
29
Jan 10
*16
1%
121
Oct
Jan 11
*35
*1%
Jan
Apr
5
9
16%
106% 106%
46
115%
42
36 %
*105% 106% *105% 106% *105% 106%
Feb
Mar 29
27%
100
136
6
1634
106%
2
9% Feb 25
Jan
64% Nov
15% Dec
19% Mar 30
23% Mar 31
*35%
106% *106
19% Jan 10
119% Apr
8
Jan
126
No par
16%
*106
Jan 10
78
Jan
155
Mar
43% June
21% Feb
68% Jan
16%
41%
Mar
65% Nov
11
No par
5
Liggett & Myers Tobacco. .25
Series B
-25
Preferred-100
Lily Tulip Cup Corp—No par
500
86%
91%
120
87%
678 Mar 29
Llbby McNeill & Llbby
Life Savers Corp
200
91
91%
126%May 17
Jan
5
Fink Prod Corp
Llbbey Owens Ford Gl.T/o par
2,400
29
167
17
No par
50
1
Lehigh Valley Coal
%
2,700
100
50
4% conv preferred
Lehigh Valley RR
2%
24%
7
*90
167
-
1.000
281,1
*85
-
*
3%
*678
91
*157g
3%
27%
90
17
37«
*22-%
29
*26
Lehigh Portland Cement...25
7
29
36
Lee Rubber & Tire
300
24
*86
28
600
16%
29
*90
*26%
13%
16%
*678
*678
*28%
*35%
4%
13%
28%
29
■'■■
No par
5
Bryant
Lane
*3%
*22-%
24
*22-%
28%
*678
No par
*>
*105
678
*28
*15
41
Lambert Co (The)
13%
*105
*105
4
*105
4
13%
100
preferred
5%
17%
*3%
4%
13%
18%
*3%
*17
10%
No par
No par
Kroger Grocery & Bak.Vo par
Laclede Gas Lt Co St Louis 100
2,400
14
*13%
*22%
Jan 24
Mar 29
No par
No par
10
preferred
preferred
Kresge (S R) Co
Kresge Dept Stores
Kress (S H) & Co
'
-
Apr
Aug
Dec
Mar 29
118
1
$8
14
17%
*13%
17%
30
127
Oct
8ept
12
No par
Keystone Steel &W Co No par
Kimberly-Clark
No par
Kinney (G R) Co
Nov
20%
Mar 31
Kennecott Copper..
2%
Dec
9
Jan 15
49
5
Kendall Co $6 pt pf A..No par
300
8
70
Jan 18
117
49% Apr 1
12% Mar 25
Kelsey Hayes Wh'l conv cl A_1
Class B
1
23,900
Jan 11
36% Jan
107% Apr
26% Jan
zll6
100
preferred
8% Nov
Dec
8
100
Stores.S12.60
Kayser (J) & Co
-.5
Kelth-Albee-Orpheum pf._100
2278
*178
pf ser B No par
City Southern
80
32%
*15%
*5
pref. 100
Feb
Oct
8%
53% Mar 11
86
Jan 10
1
113% Apr 30
44% Mar 30
58
157g
6%
24
Mar 31
122
Jan
76
Feb 10
8
17% Apr
100
4%
4%
14
*25
.1
Kaufmann Dept
^
87%
35
5%
1
Oct
49%
12
63
No par
400
87%
4%
23
*178
100
Feb
6% Mar 30
No par
Kansas
200
11
*6
7
33%
*7%
2%
*15%
2%
*714
*67
87
*21
23
*21%
*178
*15%
*13%
2%
*1%
*6%
*3%
*6
*3%
*87%
6%
87
9% May 12
13% Jan 12
preferred
Kan City P & L
100
7%
*6%
*3%
*85
9%May 18
4
Preferred
100
15
8
4
4
6
par
Kalamazoo 8tove <fc Furn...10
*13
'
Feb
Johns-Manvllle
10
*16%
8
Mar
110
100
131-t
*15%
13%
11%
*65
6%
■
11
1334
*37g
±
20%
8
20%
15
52
Oct
16
*15%
119% 119%
16
*119
_
Oct
65
Jones & Laughlln St'l
*67
8%
20%
*85
*119
54
16
16
*15%
....
Oot
16
Jan 25
340
55
*53
53%
55
30
Jan 17
No par
50
128%
*125
....
1,900
70
70
73
*125
400
834
8%
20%
*13%
16
*15%
*119
"
72
73
$6
Feb
Jan 24
Jewel Tea Inc
400
51 %
28%
Feb
Jan
10
35%
5% Feb
Preferred
20
"51%
Jan
57%
68%
No par
Stores. Vo
Intertype Corp.
Island Creek Coal..
J:
8%
Dec
20
Mar 28
No par
Foreign share ctfs
90
'yj
19%
*187g
».
52
preferred
Interstate Dept
100
11%
I-'--,
■
"52"
52%
54
55
*53%
16
*15%
*51 %
52%
72
72
70%
126% 126% *125
.
*119
*119
.... .......
_■
*491%
*11
19%
*18%
19%
*18%
19%
115
115
125
*115
11%
9% Apr
68% Sept
12
100
Inter Telep & Teleg
61,700
8%
75
Jan 21
46% Mar 30
9%
8%
Apr
18
4% Sept
29% Dec
2% Oct
4% Sept
39% Jan 12
6
Jan
19% Sept
100
No par
9%
8%
8% Sept
73% Mar
135%
100
Shoe
8%
Jan
Nov
Oct
International Silver
preferred.
7%
Apr
18%
1277g May
6% Dec
135% Mar
1
97g Jan 12
4% Mar 29
Jan
15%
Oct
19%
International
9
*10%
Jan 19
167g
Oct
37
62% Feb 23
3678 Mar 31
Oct
l7g
Jan 21
34
500
87g
*69%
3
47g Jan 11
117,
Nov
6
7% Jan 12
Mar 25
132
138
3
48% Jan 21
24
Apr 16
200
9-%
8%
Jan
Mar
28% Mar 25
19% Mar 31
28% Mar 31
16
9%
11%
162
152
9
2% Mar 30
60
9%
69%
Jan
Aug
18% Mar 31
30%
0
8%
2
Apr
120
No par
;
*56%
87«
69%
*10%
*18%
C
30%
*15%
9
8%
15
No par
8%
11%
Mar
Apr
9%
63%
53% Nov
Voting trust ctfs....No par
8%
75
141
Oct
Jan 11
70
100
5%
878
8%
*69%
11%
11% Mar
28% Mar
18%
Jan 17
....No par
5% conv pref
220
9
8%
111% July
189
50% Mar 31
Internat Rys of Cent Am.. 100
14,800
8%
12
Dec
127% Nov
3% Mar 31
100
Inter Paper & Power Co
12,000
-
9
75
Apr
154% Jan 21
Mar 31
634 Mar 31
1
Preferred
9%
8%
25
Corp
Int Nickel of Canada__ATo par
87g
*11%
*18%
No par
100
Internat Mining
8%
*69%
Harvester
Int Mercantile Marlne.JVo par
8%
.
64%
Oct
15%
*56%
30%
Jan
Oct
Oct
60
15%
*56%
13%
Oec
International Salt
30%
30%
30%
*15%
6
Oct
92
Apr 25
29
Jan
Oct
2
Mar 26
Feb
33%
1%
20
6
100
24%
15%
2
24%
*23
60
No par
Rubber
*23
33%
2478
30%
98
420
34%
3434
*23
Mar 16
131% Mar
37g
2%
•
*23
83
Oct
4% Jan 12
„
*34%
Mar 30
Int Hydro-Elec Sys cl A
1,000
3%
32"
15
6%
4% Jan 19
684 Jan 13
25
Jan 12
32
"33"
58% Nov
37g Jan 17
Class
*3%
3%
3%
3%
No par
100
preferred
Internat
900
29
27"s
1
Jan
78% Jan 12
15% Jan 11
13% Jan 12
100
tf- -
Feb
Mar 26
•
29%
28%
20
Mar 30
■
30
No par
Mar 29
-
'
Steel.
Iron
No par
678
2
Agricultural..No par
Prior preferred
15
100
Int Business Machlnes.iVo par xl30
5,100
7%
678
—
preferred..
57% Mar 31
7% M£r 50
3% Apr 1
278 Mar 26
135
*133
7%
67g
7%
7%
234
135
*133
135
*133
7%
7%
7%
7%
"■
46
Jan 14
Preferred
45%
*8%
6
3
86
Interlace
600
5%
234
9%
5%
8%
578
3%
5%
3
Mar 25
5%
87g Jan 10
Internat
1,100
13.200
*150% 158
5%
27g
S34
534
314
5%
3>4
60
Intercont'l
100
600
54%
52%
*150% 158
*150% 158
5%
Apr
No par
6%
3.100
146
146
56
3%
Jan
47%
Interchemlcal Corp
878
2%
21
*18%
146% 147
54
22%
Mar 29
4
t Interboro Rap Transit.—100
3%
834
*2i4
21
*19
20
19
*146% 147
578
46%
*3
3%
share
Oct
Dec
30
9%
*3
5%
19
Highest
share $ per
per
15
Insuranshares Ctfs Inc
400
90
$
share
Jan 18
10
Inspiration Cons Copper
600
*82
per
22
6%
6,700
*18%
$
143g Mar 31
Inland
200
19%
85%
Loioest
Highest
share
Ingersoll Rand
8,400
4%
4%
*378
434
*18%
85%
2%
1934
55%
56
1501s 150% *150%
11%
4
5%
19%
*3
147
55U
56%
55%
9
2%
146
14514 14514
*145l2 147
10%
4
;-v:>9
3%
9
*23s
22
*19%
22
*20
*3
3%
9
212
11%
47g
1834
per
No par
800
10%
$
Industrial Rayon
800
6634
10%
4
4%
5%
Indian Refining
100
*66
63
100-Share Lots
Lowest
Par
:
1,200
6%
1734
S334
135% 136%
Range for Previous
Year 1937
Range Since Jan. 1
Basis of
On
Week
Shares
share
1734
*80%
11%
llis
*378
90
*3
*65"
EXCHANGE
*5%
*13619 138
67
per
83
107g
4
19
1834
*83
*80%
*136% 138
5%
19i8
512
4~8
*17%
84%
*81
lUs
11
18
18
NEW YORK STOCK
the
May 20
$
634
18
84l,i
*5%
678
*5%
*136i2 138
*66
68
*13612 138
*13612 138
66*8
:
STOCKS
for
Friday
Wednesday
May 18
Tuesday
Monday
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
Saturday
3299
20
Dec
Dec
Oct
Oct
Oct
22
Dec
142
May
Dec
Jan
Jan
307g Mar
29% Apr
1378 Jan
74
41%
165
Feb
Jan
Jan
66% Mar
Oct
15%
Jan
17
Mar 28
25
Jan 10
Dec
44
Jan
20
Mar 29
21
Apr 22
June
45
Jan
91% Feb 10
Nov
111
Jan
75
Anr
5
4%
8% Mar 31
6
Mar 23
16
Jan 18
11%
Dec
36
Jan
10
Jan 11
7%
Oct
24%
Feb
Mar 31
79
Jan 18
61
1
Ex-dlv
v
Ex-rights.
z66
Oct
106% Mar
f Galled for redemption.
New York Stock Record—Continued—Page 7
3300
LOW
SALE PRICES-PER
HIGH
AND
SHARE,
NOT
PER
CENT
STOCKS
Sales
Tuesday
Wednesday
May 14
May 16
May 17
May 18
Thursday
May 19
$ per share
$ per share
$ per share
$ per share
? per share
13%
*8%
40%
1534
8%
1584
6%
*15%
33%
0%
*3234
•
31%
6
6
7
*6 84
.84
*75%
10
10
10
*9%
10
6%
♦31%
*6(84
*7514
32%
67g
1
84
1C%
41
*9%
10%
*57
60
*57
60
*57
60
58%
*53
41%
4%
*52%
*40%
57%
*40%
41%
40%
4h
4%
57%
40%
4%
18
18
18%
*4%
*17%
*18
19%
14
12
12
33
& 33te
33
*12
634
10%
*53
4%
;
*57
*12
60
*57
McGraw Elec Co new
54
41
*50%
41%
4%
17%
18
*4%
17%
7
Mclntyre Porcupine Mines..5
400
S3
conv
1
10
6%
400
Mengel
14
*12
14
12
12
35
*32%
34
32%
32%
500
8
734
8
7%
2,700
17
17
16%
17
7%
16%
16%
4,000
Co
1
(The)
50
15
Jan 25
66%
Dec
Jan 19
60
7a4
77g
16%
*18%
16%
16%
16%
16%
1934
*18
19%
18%
18%
*18
19%
18
18
18
18
300
Midland Steel Prod
No par
16
*89
89%l
*88
90
87
88
*86%
90
*86%
90
*86
90
20
8% cum 1st pref
100
76
*91
93
*90
93
*90
93
*89
93
*90
93
*90
93
pf-.lOO'
63
64
64
63%
63%
63%
*107% 120
*107% 120
*107% 120
*107l2 120
*106% 120
5
5% ■v 5%
.5%
5%
5%
*5%
*5%
5h
5%
*62
64l2
*45
52
*%
H *%
%
*%
2%
*678
ll,
*1%
1%
♦1%
2
7
74
134
7%
13g
134
*1%
*1%
14
*13
5
5
"i",900
4% conv pref series B—100
Minn Moline Pow Impl
1
*45
52
$6.50 preferred..
Minn St Paul 488 M
7% preferred
4% leased line ctfs
*%
*%
1%
%
h
*%
34
""106
1%
**""90
12
12
500
Mission
2%
2%
400
634
1,600
1%
700
*1
13
1%
12%
1%
12%
800
13
7334
74
74
75%
2,100
31
3112
30
*1U2
*41l4
13%
45
*11%
*41%
45
*97
98
*97
98
512
*514
714
4078
9li
*8
2214
*151
7%
7%
2134
*734
2134
22%
154
*152
13%
*13
*72%
75
*39
45
13%
29
29%
*12%
12%
*12%
43
x40%
4034
98
98
5%
*98% 101%
5
5%
5%
*40
7%
43
7%
10
9
*40
7%
9%
9%
8%
8
8%
22
22%
154
22%
154
154
*72%
75
*72%
75
44
*41%
1734
45
2,200
43
100
7%
22%
41%
17%
*13
13%
*5
*4i8
*2018
5i2
412
20'%
*11
17
6%
21%
*5%
5%
5
5%
*5
5%
*4%
4%
*4%
4%
*4%
4%
20%
20%
20%
20%
19%
20%
*10%
6%
2134
21%
*12
17
6%
6%
*12
6%
22
20%
6%
17
6%
*5
4%
20
*10%
6%
6%
20%
4%
20
17
*12%
*6%
162
*16%
712
1758
%
'8
*8
734
*
~54%
1714
163
*
*155
10
300
100
5434
53%
5334
17
17%
17
17
2634
26
53%
*17%
53%
26
17%
53%
17%
53%
17%
52%
16%
24%
2634
*25
25%
25
80
25%
*737S
77
*74
76
*74
76
74
74
74
*70
75
*70
75
*70
75
*70%
75
*70
3
*234
3
3
3%
3
3
9%
9%
9%
934
2078
*17%
20
*17%
*61
69
*61
69
*61
*31
36
*4
*2%
""50
100
11,100
400
2,300
1,900
18%
*18
19%
*18
*63
66
*63%
7%
*4
13%
25%
13
13%
25
25
11%
11%
12%
7%
13
12
12
12
*11
12
22
21
22%
20%
2034
21
21
25
24%
*3%
8%
25
25
25
*314
334
934
*111
*3%
9%
334
9%
334
3%
25%
3%
8%
*9%
9%
3%
8%
11
20%
25%
3%
19%
25
*9
8%
122l2
*
*111
1221
*111
122%
*111
122% *111
123
♦111
*111
123
122%
*111
123
*111
123
123
3{
*-.__
%
~*i%
134
*314
*78
714
*42
*
57
4
1
*%
57
1%
*3%
*8g
*
%
57
11
1%
4
*358
1-%
4
*%
*
*111
%
■
"i%
1%
*1%
4
*3%
%
4
*3%
1
*%
1
*%
1
7%
7%
7-%
7%
738
42
42
*42
53'%
%
*42
%
7%
6%
6%
533g
*42
""360
%
7
1,800
53%
10
*%
%
*%
%
161
*155
155% 155% *155% 161
160
155
155
102% 103
*102% 103% 102% 102% 102% 102% *101
102%
19% 20%
19-% 2034
20% 20%
19%
20%
19%
20%
51%
52%
52% 52% *34
50%
*50%
54
*5234
54
8%
9
9%
834
8%
9%
834
9
834
9%
92
90
*86%
90
90
90
*86% 91%
300
*155
161
*10212 103%
20% 21
*5078 52%
9
9%
*8612
93%
*78
80
8%
*21
878
26
*1%
*16%
978
23
1012
*8812
*434
20
1%
1978
10%
23%
10%
99
5%
20%
*123
127
8%
*40.%
*12%
*35%
8%
46
13%
36
*114
55
8%
*334
15
55
8%
4
15%
*5%
6%
12
*%
%
••
*155
*78
8%
25%
*1%
*16%
9%
80
*78
8%
83g
26
*25%
1%
1934
*1%
*1614
9%
10
23
23%
10%
11%
22%
10%
*89
98
89
5
5
19%
*123
8%
*40%
*13%
*35%
*114
•
%
9
*10
*78
8%
26
1%
19%
*1%
26
10
10
23%
23%
1034
89
*89
8
26
*1%
*16%
53%
*334
15
4
11%
*114
5334
8%
3%
15
*8
16%
6%
33,900
300
13,200
200
80
8
"6,600
8%
26
*25%
80
*1%
1%
*16%
19%
9%
9%
17,400
2134
22%
3,600
10%
3,000
10
22%
10%
23%
10%
*89
99
1038
*89
10
*534
*10%
*_Bid and asked prices:
6%
10%
w
-
-
«
*114
53%
8
3%
15%
6%
no sales on this
5234
8%
*7%
300
2,000
«.
^
-
-
«
-
1,500
*114
53
8%
-
200
52
*734
2,700
400
4
4
4
4
4
210
15%
15%
*5%
*10%
15%
15%
*534
15%
130
034
IOI9
day
634
11%
7
10%
t In receivership
10%
a
60
200
Def. delivery,
May
17
Oct
35
Mar
1784
Dec
38
Mar
4%
Oct
18i
Apr
Mar
9
7
18
Oct
44
153
Oct
171
136
Jan
127
July
10% Dec
150
24
Mar 29
4
Jan 11
8% Jan 12
84 Jan 7
% Jan 12
62*4 Jan 12
23
29% Mar
1
79% Mar
2
Feb 25
6
Oct
% Sept
% Sept
55
Oct
Jan
Jan
0178
14*4
2%
Jan
Jan
Jan
1
Jan
99% Aug
26% Nov
17% Dec
20% Dec
63% Dec
80%
Feb 23
75
Dec
75
Dec
3
Dec
22% Dec
12%
13%
57%
Jan
7% Mar 31
15% Mar 29
4% Jan 14
10% Jan 20
23% Jan 7
58
70
Feb 11
62
Dec
87
Dec
0484 Mar
Jan
4
Mar 31
Feb
1
28
5
Apr
75
6%
Oct
Mar 31
40
Jan 14
32
99% Apr 26
106
Jan 18
99% Nov
Mar 24
12
Jan 10
6
9% Mar 31
9
19% Jan 16
10%
39
29
Nov
Oct
^0
Oct
Oct
Feb
Feb
Sept
109
Jan
37
Mar
41*4
Jan
19% Jan 12
15%
Oct
22% Jan 10
38% Jan 12
26% May 11
14
Oct
72
Mar
30% Nov
100
Jan
5% preferred
NY A Harlem
Mar 26
12% Mar 31
18
Mar 30
2
Mar 25
par
No par
5% Mar 26
Jan 10
484
15
Jan 11
II84 Mar
Oct
284
5
1
Nov
Oct
Oct
98% Feb
55% Mar
3178 Mar
127g Jan
25% Jan
50
101
Mar 30
120
Apr 25
110
Oct
135
Jan
50
111
Apr 28
111
Apr 28
113
Nov
137
Mar
% Jan 10
% Mar 26
par
56
Jan 10
1% Mar 31
2%Mar 30
Conv preferred
100
J N Y Ontario A Western.. 100
% Jan 5
434 Mar 29
N Y
Sblpbldg Corp partstk__l
7% preferred
100
%
Oct
2
Jan
Jan 18
54%
Dec
97
Feb
2
Oct
61
284 Jan 10
6% Jan 10
4%
Oct
1% Jan 15
1
Oct
10% Jan 24
3
Oct
934 Mar
26%
Feb
678
Feb
No par
No par
100
t Norfolk Southern
100
Norfolk A Western....... 100
Oct
19% Feb
76% Jan
10284 May
112% May
484 Mar
135
Mar 25
198
Jan 13
180
Oct
272
Jan
100
Mar 29
IO684 Jan 17
102
Apr
114
Jan
1334 Mar 31
4534 Apr 1
22%May 11
64% Jan 13
10% Jan 10
14% Oct
48% June
3
Oct
347g
57%
17%
99
93
Oct
104%
Jan
93<i Jan
13% Jan
91
O t
105
Jan
30
Adjust 4%
pref
North American Co
38
..50
1
Northwestern
87%May
Ohio
Apr 18
63g Mar 31
100
Jan
Oct
63% June
73
1% Jan 11
Jan 13
June
%
9%
Oct
40
Oct
22% Apr
73
Apr
26% Feb
Jan
Jan
15
9%May 19
20% Mar 31
14% Jan
9
32% Feb
24
Nov
7% Mar 30
Otis Elevator
83% Apr
4
No par
preferred
100
Steel
1384 Mar 25
122
No par
Jan 14
6% Mar 31
30% Apr 1
1st pref.-No par
Outboard Marine A Mfg
5
conv
.....
1
Mar 28
10
No par
Mar 30
39% Apr 28
12% Jan
96
7«4
Mar
Oct
24% Jan
128% Mar
20%
Oct
12
Jan
66
Jan
16
Jan
Dec
Dec
75
Jan
May
61% Nov
z9% Dec
115
June
11% Jan
334 Mar 29
9% Mar 26
Ex-dlv
v
28
Mar
12*4
Mar 30
r
97
44
6
No par
Feb
24% Mar
114
66% Jan
Cash sale,
140
Oct
Dec
Jan
Mar 30
r
Nov
48
Apr
40
New stock,
6%
Feb
19% Mar
45% Jan
50
Owena-Illinois Glass Co..12.50
Pacific Amer Fisheries Inc
5
Pacific Coast
10
Pacific Finance Corp (Cal).lO
125
114
Jan
115
Apr 19
2% Mar 26
10% Mar 25
Oct
Nov
5%
115
No par
Dec
Jan
100
1st preferred
2d preferred
6%
90
Jan
Oct
3
1%
Feb
Oct
31% Jan
22
May 12
1% Mar 30
Jan
36% Mar
53% Jan
678 Mar
1234 Mar 30
par
n
30
5
4
25
60
8% preferred A
100
Oppenhelm Coll A Co..No par
Co
Jan 10
88% Jan
No par
Oil Co
6%
62
100
50
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No
Otis
3
76
Co._.50j
Telegraph
4
5% Mar 30
No Amer Edison $0 pf.No par
Northern Central Ry
Northern Pacific
Jan
% Mar 18
No par
preferred
North Amer Aviation
Mar 31
85% Feb 26
100
6%
Preferred
8
112
Mar 29
Outlet
53
24% Mar
107s Jan
Oct
Mar 25
$5.50
-
Oct
26% Feb
112% Mar
Jan 20
Feb
234 Mar 28
'
■
4
Oct
7
Preferred
99
Dec
159
63
Norwalk Tire A Rubber No
par
1%
19%
9%
99
*78
8%
26
1%
19%
11
80
140
*434
54%
*334
8%
26
*114
*8
*5-%
80
5%
*4%
5%
5%
*434
434
434
20
20%
201
20%
20
20
20%
20%
19%
126% *123
12634 *125
12634 *125
12634 *125
12634
8%
8%
8%
8
*8%
8
834
8
8%
*35
42%
41
42% *39
*37
*36% 40%
52%
13%
*121
*12%
13%
13
*13
13%
13%
13»4
46
*35% 46
*38
46
*38
46
46
*38
54
*15
80
200
Feb 25
7*4 Feb
2984 Jan
Oct
106%
104%
5%
10
$7 pref series A
%
20
12
20
N Y Steam $6
pref
%
7*4 Jan 11
5% Feb 1
23% Feb 17
Jan
3384 Jan
103% Feb
57% Aug
387b Feb
3
70
N Y Lack A West Ry Co..100
t N Y N H A Hartford
100
4
*78
7%
1
Mar
Oct
Jan
No par
""800
1%
Oct
13
18%
33% Mar
167
...No par
New York Central
10% pref
:
t N Y Investors Inc...No
57
39
Jan
Mar
N Y Chic & St Louis Co...
100
""800
%
57
Oct
Dec
May
Jan 11
1
150
120
6%
17
145
18%May 9
1584 Jan 12
100
3%
9%
111
5
21
6% preferred series A... 100
NYC Omnibus Cor p.. No par
New York Dock
No
123
Feb
14% Mar 31
..100
1,800
1,300
111
24
6
23%May 11
4434 Mar 31
No par
J New Orl Tex & Mex
Newport Industries
47% Mar
Oct
43
% Feb 11
% Feb 10
1
19
*111
Jan
Oct
Oct
Dec
5
No par
Newberry Co (J J)
5% pref series A
5
13034 Feb 7
13% Mar 29
6H7o
N Y Air Brake
10>4
Jan
Feb
Mar
8
Aug
17% Mar 29
National Steel Corp
..25
National Supply (The) Pa__10
$2 preferred
40
24%
160
z24%
Mar
10
15% Feb 18
13% Jan 11
13
..100
18%
*1%
1
44
19,200
71
90
Mar 30
Feb
2084
Jan 31
150
6% preferred B__
100
Nat Mall & St'l Cast Co No par
National Power & Light No par
Nat Rys of Mex 1st 4% pf.10
24%
3%
13g
*3%
800
Oct
Dec
17% Jan 10
5
4conv serial pref.-.100
"3",500
3
44
7
2,500
40
7% Jan 17
47% Feb 24
12% Jan 10
80
11% Apr
36%
90
110
100
Co
Neisner Bros Inc...
Dec
108%
105% Mar 30
3% Mar 29
3% Mar 30
17% Mar 31
10
preferred A
9%
15% Aug
99% Mar
Apr
157
Jan
Oct
Mar 31
1
Mar
Nov
100
No par
51
50
2
.10
Feb
Bee
60
37% Apr 12
12% Mar 31
11% Mar 31
No par
Jan
20
102
112% Mar
Natomas
100
1
Feb
Jan 12
106% Mar 30
600
*8
Jan 17
4%
Mar
46
Jan 12
Mar 30
150
69
57
100
11
%
57
714
53'-%
*42
7% pref class A
7% pref class B__
Nat Dept Stores
6% preferred
66
32
*30%
*31%
36
10034 100% *10034 102
*10034 102
*4%
7%
*4%
*4% •
7%
7%
13%
13%
12%
13%
1234
13
24
24%
24%
24%
*22%
26%
12%
13%
12%
1234
11%
12%
6
Apr
15% Mar 31
100
""800
19
2512
*25
...10
pref
prior preferred... 100
6% prior preferred
100
National Tea Co
No par
19%
68%
32
13%
25%
12%
*11
600
934
9%
♦18
*61
*3034
'10034 102
13%
820
3
*234
9%
1834
1314
22
9%
69
12%
12i8
9%
9%
32
*3034 36
10212 10212 *10034 102
7l2
cum
7%
75
13i2
7%
Nat Enam & Stamping.No par
3,400
Jan 10
Jan
60%
38%
104
Mar 25
Nat Gypsum Co
National Lead
74
75
26
0
1,900
53
16%
25%
*70
*4
5
Nat Aviation Corp..
National Biscuit
5% 2d preferred
27
1314
*25l2
12%
Mar 30
Mar 22
Acme..
Nat Distillers Prod
%
31i
978
Mar 29
1
37%
634
7%
8%
2,300
6%
21
*2534
*7378
*3%
*914
*17l2
Mar 29
163
"54"
54%
1738
4
10% Apr
40
13578 *133
*155
95
65
1,900
5%
4%
19%
15
*4%
1934
6%
21%
No par
6% pref series A w w
100
Nat Bond & Share Corp No par
Nat Cash Register
No par
Nat Dairy Products...No par
6,800
2034
20.%
20%
*158
*158% 163
163
*158% 163
135% *133
135%
135% 135%
135-% 13538 *132% 135%
17
*16%
17
16%
16%
*15%
*14%
16%
*15%
16
7%
7%
7%
7%
7%
734
7%
734
7%
7%
%
*%
*155
*133
21%
*5
5%
Murphy Co (G C)
5% preferred
100
Murray Corp of America—10
100
1734
1734
17% 17%
17%
17%
1734
17%
17%
13
13
13% 1314
13%
13
12%
13%
13
13%
13%
13%
*11012 112
11034 U034 *110% 11134 *110% 112
112
112
*110% 112
10912 10912 *109% 111% *110
111% *110
111% *110
111% *110
111%
Dec
14% Feb 23
Nat Bond ft Invest Co .No par
200
14
Oct
21
407b
107% Aug
109
Sept
36% Dec
12% Oct
8% Oct
15% Dec
21% Jan 10
Mar 31
100
[
30
Jan 13
64% Jan 13
200
44
Oct
Mar 25
7,500
80
Nov
105
Mar 30
21%
*41
x71
9% Apr 7
3434 Mar 26
1,000
*75
Jan 12
Apr 22
Feb 23
Jan 17
26
National
13%
Oct
Jan 11
Aug
2% Jan
5% Mar
6% Jan
34
Apr
984 Mar
34% Mar
6% Mar
12% Mar
5% Oct
1% Dec
1% Oct
12% Dec
Feb 25
Mar
16% Mar
108
Dec
2
1
500
75
15
21% Jan 10
7»4 Jan 15
230
41%
17%
Mar 31
Jan 13
Jan 10
Jan 8
4
MullIns Mfg Co class B
Oct
Jan 12
Jan
124
Oct
Dec
17
11% Mar 29
1
50
91%
114%
37%
30%
39%
10% Mar 31
8,500
160
Mar 31
24% Mar 31
Motor Products Corp..No par
Motor Wheel
5
Co
98%
4%
Jan 12
1734
38a
11%
28g
3%
Mar 30
8
Apr 18
784 Jan 12
60
Oct
5
7%
*13
107
Dec
Jan
9%
8
2138
*152
Mar
22
Dec
111
934
7%
Jan
120
%
2
Myers (F & E) Bros...No par
Nash-Kelvlnator Corp
5
Nashv Chatt & St Louis..100
7%
934
*9%
8
75
*41
13%
30
5
9%
160
*13
""600
5
10
21%
*152
13%
450
106
Nov
$7 conv preferred...No par
Munslngwear Ino—
.No par
1,000
12%
Oct
53
2
78
Mueller Brass
2,300
91
Mar
34
May
25
48% Mar
67
Mar 31
25
35% Mar
Oct
94% Jan 26
1% Mar 25
50
Oct
14
84 Jan 10
10
Jan
72% Mar
20% Feb
1% Jan 11
1% Jan 12
67
No par
41
Oct
2
10
preferred
Dec
4%
3
20
Morris ft Essex
1,100
29
100
Monsanto Chemical Co
3384 Nov
NoV
1% Mar 26
434 Mar 29
34 Mar 30
100
Morrell (J) ft Co
*40
43
7%
9%
*9%
7%
10
9%
29
t Missouri Pacific
5% conv preferred
Mohawk Carpet Mills
100
800
11
No par
No par
Jan
Feb
4784 Mar
15
% Mar 28
100
130
40
40%
*98% 101%
5%
43
*9
8
154
1334
75
41%
98
7%
834
9
8
41
41
*40
29%
12%
29%
*11%
*41%
12%
5%
9%
9
154
*1312
*72i2
4078
9
1014
914
8i2
22-%
29
*11%
41%
*97%
5%
738
*9
29
14%
5%
43
*40
31
Corp
$4.50
"15,806
% Feb
% Jan
14
Jan 17
Aug
16%
Oct
10% Dec
Jan 13
Feb
931 j
80
87
Mar 26
100
1
101
Jan 11
Jan 11
27% Jan 12
101% Jan 12
Mar 31
100
100
Preferred series A
1
Apr
4
35
No par
Montg Ward ft Co Ino No par
700
114% *110
*110l2 114'8 *110
114% *110% 114% *111
114% ♦111
114%
32
31% 3278
3234
31% 32%
32
3134
3238
31%
307s
31%
25
*25
25
*25
*25
287g
27%
27% *25
29% *25
293g
31
31
30
30
30
*2912
*29%
31
*30
*30
31%
30%
14
1334
13%
1334
*13%
13%
13%
1334
13%
13%
13%
13%
9
834
8%
8%
8%
8-%
812
8%
8%
8%
8%
8%
14%
1412 14i2
14%
14%
1434
1434
14%
14%
14%
14%
14%
4%
4%
4%
4%
*4%
4%
4%
4%
*4%
4%
438
4%
100
No par
Mo-Kan-Texas RR
6%
1
Mar
16%
43%
11%
2258
Apr 25
49% Jan 28
Minn-Honeywell Regu.No par
1%
12%
2%
6%
1%
I5g
1
13%
74%
74%
""800
%
12%
*2%
634
2%
7
74
7434
■
*%
*.%
1%
13
*2%
1%
134
*13
14
*13
13i2
75
%
64
62%
52
h
*%
*%
7
*1%
*45
*8
13
1334
2%
6-%
2
*1%
1312
75
h
*2%
1%
2%
52
*%
84
%
2%
/7%
7
*45
%
*13
14
*i3%
49
*14
*4
1%
*%
1%
14
13*4
*2%
*45
53
%
*1,
*5g
6334
*45
*2
*%
*
6334
Mar 30
Apr
3
578 Jan 11
23
89
5
Apr
Dec
734
Merch <fe Mln Trans Co.No par
Jan
3484
37% Dec
72
Jan
Jan
Dec
Jan 13
3234
Mllw El Ry ft Lt 6%
10
61
8%
Miami Copper
5
Mld-Contlnent Petroleum.. 10
47%
19
z48
14
16%
Jan 12
Sept
112%
78% Dec
5
33%
Mesta Machine Co
Mar 26
4
8%
*10
84
Jan
*32%
30
Oct
Oct
Apr
*12
8
0
55
500
5% conv 1st pref
5%
28% Dec
50
$5.50 pref ser B w w.No par
Melville Shoe
....No par
190
28% Jan
42% Jan
42% Mar
10% Mar
32% Apr 1
3% Mar 30
16% Apr 1
12
May 2
26% Mar 30
5% Mar 31
12% Mar 30
No par
500
8
8% Jan 15
Apr 12
6% Mar 20
conv
$6 pref series A
""166
Mar 26
21
Dec
30% Oct
18% Dec
1
share
per
Dec
7*4
Jan 12
Jan 10
35% Feb 23
70
M c Leila n
Feb
Highest
share $
11
Jan 12
1
Apr
5
preferred
100
Mead Corp...
...No par
800
Mar 29
$ per
Mar 15
10%
45%
26%
8%
5% Mar 29
28
No par
preferred
Stores
share
per
15
Mar 26
14
5
McKesson <fc Robblns
400
$
35% Mar 25
10
McKeesport Tin Plate
1,500
57%
41%
4%
17%
4%
1
5,000
60
54
Year 1937
Lowest
Highest
$ per share
10
Jan 31
McGraw-Hill Pub Co..No par
6%
82
10
40%
19%
*32%
6
Par
200
40%
15%
6%
31%
31%
6%
*75%
*9%
Lowest
1,000
83.
Range for Previous
EXCHANGE
Shares
13
15%
6%
77
60
4%
15%
6%
58%
41%
4%
17«4
*8%
40%
77
*56
•
13
84
*9%
per share
13%
32
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
Week
$
15%
*6%
::■■■ 7
the
May 20
32
6%
32
*52%
*40%
Friday
8%
4134
8%
16
*15%
6
*31%
*684
*75%
7
41
40%
16%
13
8%
4134
13%
*8%
8
8
3978
*15%
84
*034
*75%
13%
13%
13%
8%
40%
16%
6%
32%
13%
*8%
397«
18%
40%
14
YORK
NEW
for
Monday
Saturday
May 21, 1938
5%
103«4 Aug
23
Jan
2%
Oct
15%
17% Feb
8% Jan
14% Jan
7%
Oct
40
4
Oct
10%
Dec
27%
3234
Ex-rlghts.
Jan
Jan
Feb
Mar
Feb
Jan
5 Called for redemption
Volume
New York Stock
146
SALE PRICES—PER
HIGH
AND
May 14
May 16
May 17
May 18
May 19
Friday
May 20
8 per share
$ per share
$ per share
•5 per share
$ -per share
$ per share
27%
*37%
*13
26%
27%
*37
38
13%
26%
*37%
38%
14
*13
101
*100
101
136
136
137
137
2534
*1038
*136
*38
13%
138
27%
2634
27%
38%
13%
*36I2
138
*24
2534
*2434
2534
2434
*10%
10%
10%
10%
1012
334
378
384
334
3%
334
334
334
9%
*7%
9%
*7%
9%
*7%
9%
*7%
7g
%
*7g
1
*1
*78
31
*31
34
*34%
36%
8834
*85
:
.
-
8
*84
77g
78
76%
9%
*30%
33
*34%
3634
*85
8%
76%
734
8
734
7%
*76%
79
76%
76%
*17
9
88%
*86%
9
9%
17
16%
2
2
2
2
*35
36%
35%
3584
3534
35%
*15
16
16
16
16
16
*1%
134
5%
9%
6%
51%
*1%
2%
2%
1*4
*1%
5%
9%
5
63g
6
51%
*50
*5%
*9%
6%
51%
9%
64
64%
64%
*134
2%
378
1878
*16
*11%
16%
12
*26
28
16%
2%
334
334
*15%
700
100i2
137
243.i
10i2
378
918
103s
334
*7i2
1%
834
*1512
2ia
*1
30%
*30
8834
734
PacificTin Corp. (sp.stk)No par
2434May 19
Pac
10
7%
"""300
8%
110
4%
35
35i8
3412
16
15%
15i4
15is
*1%
*1%
5
434
9%
934
958
958
*9i2
10%
600
5»4
534
578
534
578
5,100
50%
50%
5%
51%
51%
*5058
65
64
5134
65
*434
*50%
63i2
6434
6434
*134
2%
*134
2%
1%
1%
is4
3%
3%
3%
3%
19%
35s
35s
*3i2
*16
12
*1112
*16
19
*16
19%
*11%
16%
*26%
12
*11%
12
*16%
*11%
16%
2", 100
5
15%
*26%
16%
2934
2934
*2%
434
9%
9%
21%
*18%
20%
20%
*12
14
*9%
*9%
10
*9%
10
7
634
634
*634
7
2278
23%
2234
23%
*62
70
*62%
70
2%
3%
65
37
*64
70
*62%
69%
*1%
23s
*1%
2%
*1%
334
*2%
334
*258
*3g
*903s
*234
3%
3%
384
%
*•%
%
*%
90%
89%
91
89%
%
88%
6
*5
6
*4
6
*38
50
*38
50
*38
50
*38
32%
3234
*17g
3234
3%
*2%
72
*36
*5%
678
3%
*5%
22%
22%
51%
*22%
*48
51%
5
*334
5%
*53%
55%
*6%
6%
253s
5
51%
4%
20
20
*20
*48
*4%
53%
55
*6
6%
10%
6%
*9
10%
25
25
*8%
25%
*14
16
15
15
15
27
*24%
27
*25%
34
63
*51
34
*%
*6%
7
*6%
*51%
*3%
5
55%
"
7
5734
*51%
*53
*6
*9
78
*34
2%
2%
7
7
7
*6%
634
23
*20
*18
49
*48
*120
«'
31%
91%
*105
48
—
*120
31%
30%
*91
91%
*118
106% *105
122% *117
*135
137
*82
*8%
9
47%
%
%
*%
%
278
*2%
6%
234
634
48
48
6%
*6%
73g
*18
21%
49
48%
122
122% 122%
30%
2934
9134
9134
-
634
7
*6%
47%
48%
*113
116
*113
116
9%
83
*11%
6
534
*75
80
51
50
27%
934
26%
9%
26
26%
934
9%
25%
9%
9%
84
9%
*11%
9%
12%
12%
6
90
50%
83%
9%
*11%
534
12%
*75
10
*82
*82
83%
9%
83
90
*75
90
50%
*50
51
4934
534
5%
2
2%
2
2%
2
2%
*17
20%
*16
20%
*16
20%
2%
*16
9
*11%
534
5%
*75
50
2%
2%
*16
18%
9%
9
12%
*11%
5%
*75
15
*24
26
21
50%
*49
2%
18%
*16
*8%
9%
934
934
*17%
18%
15
*15
,16%
15
15
*15
15%
25
24
*22
29
*22
29
*22
26
*17
*17
21
100
*38
'25
*17
18
19
*17
19
4
4
4
4
4
4
4
4
58
58
*38
50
*38
50
*38
58
1
1
*3,t
1
*34
*34
1
10
*6
9%
*6
9%
*6
9%
*6%
7
*634
8
*63,1
7%
*634
8
*8%
*8%
*34
*6
1
*34
634
*6
9%
634
10
*8%
10
*8%
10
10%
*8%
1134
11
11%
10%
11%
*11
11%
11%
*55
5634
54%
55
55
*52
55
*8%
11%
*53%
11%
*35
*53%
*40
46
1%
1%
1%
14%
13%
14%
134
13%
*45
50%
134
134
1334
1334
*52
55
*45
45
134
1%
134
3,700
13%
13%
46%
1334
9,900
46%
100
*47
52
*47
50
*45
49%
*45
58
*48
59
*50
58
*50
59
*47
60
11%
*10%
11%
*20%
28
*67
78
*21%
*20%
78
28
*20%
*67
28
*67
11%
78
*67
28
78
30
49
1«4
1134
*47
67
«
*53
w"- It
m
800
10%
28
*18
28
67
59
9%
1134
*20
-
-
10
78
'
♦
59
*12
13
*85%
95
6
36%
534
36%
*53
55
7%
5%
534
534
9%
*8%
17
*19
20
9
*15%
16%
19
19%
*1%
2%
*1%
2%
31%
31%
31%
32%
%
%
2
5%
36%
37%
*53
55
♦
59
^11%
*5%
36%
7%
-
37
11%
*85
6
*53
55
59
~n%
12
*85% 100
5%
6
36%
7%
534
11%
*85% 100
*634
*8%
*1534
"n"
12
*85% 100
6%
36%
*53
*
59
59
11%
92
5%
3634
*53
55
5%
37
5%
5%
5%
*6%
5%
9%
8%
9
*8%
*6%
7%
534
9%
*8%
16%
*15%
16%
*14%
16
18%
*18%
*1%
20
*18%
*1%
20%
32
32
32
32%
32
2%
~
-■»
700
95
5%
900
3634
3,600
7%
-
~
-
1434
2%
18
18%
900
*1%
31%
%
*34
%
*34
%
*34
%
*34
1%
*1%
1%
*1%
1%
*1%
1%
*1%
,
200
300
2%
32
%
1%
3,000
100
100
p-r. i.hv.tt.
3
Mar 29
Deo
2% Jan 11
18s
Oct
May 10
2:97%
Apr
16% Jan 10
8%
Oct
57
84 Jan 19
%
Oct
Oct
Mar 28
11
Jan
5
9
Dec
12
Jan 15
7
50
5% Mar 29
1% Mar 26
84 Feb 8
1% Mar 30
434 Mar 25
4% Mar 25
1384 Mar 30
No par
39% Mar 31
No par
6
117
Jan 21
25
Mar 26
Oct
3% Jan 13
1%
22
84
2%
122%May
35% Jan
98% Jan
17
10
15
17
11
18
13
12
Jan
6
1% Jan
4% Jan
10% Jan
10% Jan
31% Jan
50% Jan
5%
5%
Oct
Oct
Oct
Oct
Oct
20
Oct
43%
Oct
114% Mar
308s Oct
91
Oct
86% Mar 31
10178 Apr 23
108
112
123% Jan 13
143
Jan 14
117
Oct
132
Sept
H4%May
110
June
2184 Mar 29
Co
Apr
8
132
Mar 29
112
Jan 12
103%
9
Oct
Oct
Oct
8% Mar 31
13% Jan 11
25%
884
Apr 19
Mar 29
98% Jan 18
85
1034May 10
684
Oct
ll%May
5
434 Mar 31
60% Jan 31
16% Jan 14
13%
Dec
Jan 11
484
81
7
37% Mar 31
2
May 13
17%May 9
9%May 19
Mar 30
18
1234 Mar 31
367,
7%
jan 17
53
Oct
96% Dec
4
77%May
Oct
44
Feb 25
Dec
2384 Jan 15
19%
Oct
Dec
24% Jan 11
29% Jan 18
20
Dec
26
Dec
18%
Dec
Dec
2%
5% Jan 11
22
Jan 13
Mar 22
30% Jan 15
30
5
234 Mar 25
27% Jan 25
4% Jan 10
23
Jan 21
39
Dec
3
1
Sept
18
15
Apr
--5
100
34% Mar 29
No par
% Mar 29
5
Apr
1
41
1% Jan
11
3%
7%
Jan 10
Dec
Oct
Dec
100
5% Mar 30
984 Jan 10
10
9%May 10
9% Mar 30
2
11% Jan 12
15% Feb 25
671, Feb 24
61% Nov
Apr 28
667, Jan 22
69
MfgCo
--1
warrants—25
Remington-Rand
Preferred with
RR Co —100
---5
Corp...Wo par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass.---.5
Class A.
-10
7% preferred,...
100
Rensselaer <fc Sar
Reo Motor
Car
Republic Steel
6H% preferred
100
Reynolds Metals Co.—Wo par
5M% conv pref
100
Reynolds Soring
- -1
Reynolds (R J) Tob class B. 10
1°
Common
6,700
*34
-
5%
9%
14%
*1%
J,,.
11%
Mar 25
May
Dec
84 Nov
8
Corp...Wo par
55
7%
5%
2%
59
-
*53
*8%
*15%
18%
*1%
3134
-
11%
*85%
*5%
3634
55
*6%
5%
*6%
-
30
8
Jan
preferred
200
13%
52
11%
55
6
Jan
JaD 13
1
12
Reliable Stores
Reliance
1,500
45
8
preferred
1st
100
9
Apr
13
No par
Manhattan.No par
Preferred
■
23
2
B
No par
1st pref..Wo par
Rets (Robt) &
1
7%
10%
11%
45
*47
11%
«.
14
53
11%
J.
47%
134
*49
11%
„
8
26% Jan 10
Oct
Mar
Wo par
Real Silk Hosiery
800
«.
9%
*6%
10%
*11%
46
600
4
*38
82
300
15
15
19
*5%
*34
18
18
18
7
20
-1
26
Reading
—..--50
4% 1st preferred
60
4% 2d preferred
50
300
19
*8%
4%
Mar 31
Rayonler Inc
600
934
934
3%
3%
83.60 conv
Raybestos
Apr
165
Jan 25
I684 Jan 12
46
Jan 10
83 Mar 31
X Radlo-Keith-Orpb
14,800
18%
19%
978
166
15
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—Wo par
1,000
2%
2
Feb
6
85 preferred
50
2%
Dec
1
100
Purity Bakeries
18,600
534
*17
19
58
14
200
*24
15
6%
90
6
90
(The)
preferred
Pure Oil
3,300
12%
48»4
1
Wo par
No par
Pullman Inc.
•
1834
9%
*18
18%
*134
100
9
834
Mar
6% Apr 28
8% preferred
Pub Ser El A Gas pf 85.Wo par
4,600
15
10
183g
46
"""40
12,300
9%
61
100
100
100
6% preferred
7% preferred
83
*82
83
Mar 30
No par
85 preferred
2534
Oct
Dec
48
•v.6% Pf (serof Feb 1 '29).100
N J..No par
100
9%
25%
26%
934
Oct
4
% Mar 26
Pub Serv Corp of
400
116
*113
26%
Oct
25
25
No par
Procter A Gamble
3,800
136%
4%
7% Feb 26
Wo par
5% conv 1st pref
5% conv 2d pref
70
2958
293s 29%
293g
303s 30%
31%
91
91
91%
91%
92%
*91%
92%
106
106
*10534 108%
106% *104% 1053.1 *105% 106
122%
122% *118
122% *118
122% *118
122% *118
Oct
Dec
36
7% Jan 17
85
Jan 17
Term Coal Corp
X Postal Tel A Cable 7% pf-100
Pressed Steel Car Co Inc-.l
i'800
47%
121
121
122
Oct
4
201,
Oct
21
*18
201
Oct
Dec
Dec
300
7
17,
27
Dec
Class B
2,100
7%
6%
Oct
Nov
30%
20% Apr
11% Apr
Porto Rio-Am Tob cl A .Wo par
200
*634
5%
50
May 10
Oct
Oct
Oct
65
32
700
*2%
114
12%
*38
100
34
I84 Dec
2%
%
7
52
Dec
62
8
Poor A Co class B
1,100
2%
114
*11%
3%
7%
*113% 116
26%
200
*2
34% Nov
95% Feb 23
6% Feb 18
50% Mar 9
42% Jan 10
284 Mar 18
36
Apr 13
8
Oct
18% Nov
65%May 7,
2% Feb 19
4% Jan 12
Mar
Oct
3
31% Jan 10
37% Jan 12
1
Oct
9%
8% Jan 10
Wo par
Plymouth Oil Co
-5
Pond Creek Pocahon..No par
*
9
11
Mar 30
Pittston Co (The)
3", 100
*7%
7%
2%
136% *135
9%
*17
7%
*2
*135
9%
934
734
2%
40
8%
%
1734
6
Jan
7% Mar 29
Chi
&
1
6% preferred
100
Pittsburgh United
25
Conv pref unstamped—100
Pittsburgh A West Va
100
5734
2%
*19
20%
*121
9
*%
17%
*8%
136
84
51
%
18%
*135
9%
5%
*%
1758
8%
Dec
5
Ft W
..100
5% pref class A
100
5H 1st scr conv prior pref 100
7
*!%
7%
«.
*51%
8%
5734
9%
634
-
*6%
7
137
934
*75
-
*6%
*135
2734
9%
634
7
30%
41
7% pref class B
34
*%
3
*%
Oct
Dec
163
Pitts
*2%
%
2%
*634
«4
135
134
*113% 116
27
9
*2%
48%
26
%
18%
*2
*18
210
*51%
8%
7%
21
25
25
Oct
3
Pittsburgh Steel Co
300
5734
2
%
7%
7%
*2%
9
*51%
*8%
5734
67g
6%
634
8%
26
27
*%
34
7%
*34
10%
Oct
22
No par
100
85 conv pref
2,200
*8%
10
Dec
Plttsb Screw A Bolt...No par
50
6
Oct
27
3% Mar 31
20
May
5
378 Mar 30
100
6% preferred
10
2
34
60
*534
100
20
110% Sept
8% Jan 10
24% Jan 12
Jan
Oct
13% Dec
30
3
Mar 29
Oct
Oct
37% Jan 11
38% Jan 15
40
26
shares"
Flour
Mar 31
4
Pitts Coke & Iron Corp Wo par
260
734
3
*5134
6
15
*%
18%
*8%
734
34
60
6
6%
26
2%
734
*5134
*478
200
15
18%
*2
60
"400
5
*25
9%
83g
*4%
478
20
15
18%
2%
5
*3%
20
5
Mills
Pittsburgh Coal of Pa
10
1%
2%
15
9
20% Jan
100
Pirelli Co of Italy "Am
Plllsbury
700
23%
51%
25
9%
*2
20
*48
15
*%
18%
*734
*3%
20
*22%
23%
51%
478
25
%
9
51%
4%
*48
2
30% Jan 18
100
Pierce Oil 8% conv pref...
6
16
9%
9
*53s
4% Mar 30
May
4
27% Mar 31
38
Wo par
6
Preferred
27
♦%
*8%
6
% Mar 26
75% Mar 29
100
Phoenix Hosiery
3%
72
Apr 12
1% Arp 25
2% Mar 26
No par
7% preferred
Mar 28
60
Wo par
Phillips Petroleum
9,200
*25%
*87g
9
*2
30
Philip Morris A Co Ltd... 10
50
31%
*30
17% Mar 31
25
Oct
Nov
57% Nov
13% Jan 11
7% Mar 3
3
Oct
2%
Jan 12
15
15
434 Jan
Phillips Jones Corp....Wo par
*15
%
9
6
27
9%
18%
*4
9
34% Jan 12
4% Jan 12
Oct
8
4
734 Mar 30
5
Wo par
JPhiia Rapid Trans Co....60
7% preferred
50
Phlla & Read C A I
Feb
31
112% Feb
Oct
37
Jan 11
5
Oct
1%
4
24% Jan 10
15% Jan 11
24% Jan 15
8% Mar 29
No par
$6 preferred
100
""'280
Mar 23
15
Philadelphia Co 6% pref...50
200
100
31
100
100
Phelps-Dodge Corp
7,900
22% Mar 26
1 a4 Mar 26
5% Mar 26
173s Mar 26
100
Pfeiffer Brewing Co
Mar 29
110
100
Petroleum Corp of Am
Mar 30
14% Mar 31
19% Mar 28
50
Pere Marquette
4,100
*38
10
No'par
6% cum pref.
100
People's G L A C (Chic)-.100
Pet Milk
*26
18%
18%
23
1% Mar 24
2% Mar 30
10% Mar 30
10
Pennsylvania RR
1,000
25%
15%
*%
*8%
2
Penn G1 Sand Corp v t c
Pitts
*%
*6%
*4%
Corp
5% preferred
%
3%
*5%
23
Mar 31
5% prior preferred
893g
20%
23
23
55
""40(")
2%
334
*3g
72
*30
6
*5%
*48
*25%
*%
6
5
6
25%
*5%
*22%
*2
3%
72
No par
180
89
3234
32
32%
*30
*1%
*258
3
50
*38
50
32%
*178
3%
72
*3%
51%
20%
*53%
10
10
23
5
5%
*1%
*30
6%
*3%
*18
20%
*18
32%
33
72
*36
33
*4
6
*4
2% Jan 10
684 Jan 12
12% Jan 8
638May 14
51%May 14
73% Feb 25
2% Jan 10
Penney (J. C)
320
96
38
90%
*4
1% Mar 29
3% Mar 30
884 Mar 31
Peoria & Eastern
6
*3s
89%
%
90
12
Peoples Drug Stores...Wo par
65
*36
70
*2%
20»4 Feb 23
200
36%
37
2%
Mar 31
12
2114
*64
*1%
Oct
13
12
37
*36%
2%
28
12
23i4
22%
*36%
*1%
3
18
22l2
23%
37% Mar
$7 conv pref ser A...No par
*36i4
23
Oct
31% Mar 31
Penn-Dixle Cement...Wo par
37
7
Oct
No par
Mar 26
Penn Coal A Coke
23%
*36%
6%
Oct
Mar 30
400
37
7
Sept
1
4
1-%
7
2178
36%
x95
3% Jan 10
200
*6%
Oct
32% Nov
1% Mar 30
800
7
Oct
29
Oct
41
334
958
Oct
1
18%
16
7
Oct
7
Oct
16
9%
10
10
10
4
8
No par
300
1,300
Dec
1134
8%
.No par
2,300
"166
Apr 23
1678 Jan 10
6% Jan 12
80%
Proof Co...2.50
5134
7,400
28
12% Jan 10
24
Jan 20
Penick A Ford
28
Jan
1
645s
16
15%
15i2
155s
16%
28
28
*2612
28
*26i2
*26%
114l2
11412 *111
*111% 114% *111
114% *111% 114%
*28
2934
*28
2934
29
29%
293s
2834 29%
2934
434
*2l8
434
*2l8
434
434
*2%
*2%
*2%
434
*8i"
11%
ll's
*8
*8i8
11%
*7%
11%
*734
11%
19%
21
19l2
20%
22
20%
*20
20%
*19% 22%
20%
20
20i2
20i2
22
21%
21%
21%
*20%
*20%
14
14
*12i8
14
*12
14
*12i8
*12
14
*12%
16%
28
149
12% Jan 10
Patlno Mines A EnterprNo par
Peerlees Corp
3
114% *111
*111
Apr
97% Jan 10
65
Parmelee Transporta'n. No par
5
133
Mar 26
Parke Davis &
6%
Jan 28
6% Mar 31
16
Mar 29
534 Mar 31
1
1,300
934
140
Feb 11
Park Utah CM
5
Jau
94
2,000
534
5
152
1
Pathe Film Corp
Jan
Nov
90% Mar 11
Park A Tilford Inc
1%
-
Jan
110
Jan 21
200
*9%
1%
Jan
Jan 31
42
100
Co
share
116
Mar 31
10
Rust
44%
29
6% 2d preferred
Parker
Oct
55% Jan 15
1,800
900
10%
27% Mar 26
34i2
15i8
*2
16% Jan 11
«4 Mar 25
2i8
*1512
5334
par
858
20
85s
834
20
2%
Oct
9% Feb 25
1% Jan
100
conv
6% 1st preferred
300
Mar 18
3% Mar 30
7
Mar 29
...No par
preferred
Paramount Pictures Inc
7,100
38
z3434
6
100
preferred
conv
Paraffine Co Inc
77
35%
*1%
10
No par
JPanhandle Prod & Ref No
134
4%
1%
Western Oil Corp
Packard Motor Car
Pan-Arner Petrol & Transp..5
8834
738
*76
9% Mar 30
87
100
Apr 1
.100 il32% Mar 30
800
3512
*8612
No par
22
per
Oct
Jan 14
40
200
12,500
33
*31
32% Mar 31
$ per share $
share
per
28%May
j2234 Mar 30
6% preferred
Lowest
Highest
$
share
per
25
Corp
Pacific Teiep A Tel eg
40
2434
Ltg
8
No par
Pacific Mills..
64
65
*134
37S
7i2
*76
2%
2%
35
Pacific
*136
77i2
*8612
9%
20
*16
19%
8834
300
*100
36
*32
Pacific Gaa A Electric
3,400
1%
3012
*34%
9
9
19%
9%
*17
31
3684
31%
3634
8834
*34%
8%
*76%
30%
1
1
Par
30
2434
10%
378
8tg
100-SAare Lots
Lowest
Week
101
*7%
1
1258
On Basis of
Shares
137
136
10%
3%
10%
STOCKS
EXCHANGE
2612
3758
1278
26i4
375s
1234
100% 100% *100
*136
,
38%
13%
2534
*24
11
13
27%
37%
100% 100%
*100
*24
27
13
2634
Thursday
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Tuesday
Monday
Range for Previous
Year 1937
Range Since Jan. 1
Sales
for
LOW
Saturday
3301
Record—Continued—PageS^
Rhine
Wo par
Mfg
Wo par
Roan Antelope Copper Mines.
Ruberold Co (The)
Wo par
Rutland RR 7% pre*
Ritter
St
OU Corp
Dental
Joseph
Lead
—
'0
jSt Louis-San Francisco—100
6% preferred
100
,OMb .....
40
l%Mar 30
11% Mar 31
39% Mar 29
57
May
9
7«4 Dec
9»4
8%
Oct
Oct
Dec
20*4 Jan 15
12%
Oct
Oct
75% Jan 15
73
Jan 13
65
Dec
60
Dec
3
Jan 10
I84
Oct
17% Jan
8
9
37
Jan
8
26
Dec
85
Jan 21
7684
Dec
62% Feb 24
IO84 Mar 30
64%
Jan 21
Jan 7
60
84% Apr 25
4% Mar 30
3384 Mar 30
87% Jan 21
10% Jan 11
80
77s Mar 30
17% Mar 30
65
Apr 27
51%
Jan 31
6% Feb
Westphalia Elec A Pow.
Richfield
49%\lay
1
5
3
Mar 25
7% Apr 11
14% Mar 30
13
Mar 31
1% Mar 31
2584 Mar 31
84 Mar 23
1 1-
ijo*
, E.-air
ok
17%
Jan
Jan
Jan
Jan
11% Jan
20% Jan
46%
68%
8%
77,
23%
Jan
2%
Jan
401, Jan
1% Jan
8
11
7
10
10
19
11
10
12
12
1284
Nov
Oct
Nov
S7,
Dec
40%
Dec
55
Oct
10% Nov
4%
Oct
8«4
Dec
18%
17%
Dec
Oct
1
Oct
26% Nov
1
Oct
li«
Oct
le.UM.orr.d.mpno.
New York Stock Record—Continued—Page 9
3302
WW
AND
HIGH
HALE PRICES—,PER
SHARE.
NOT PER
CENT
Sales
STOCKS
for
Saturday
Monday
Tuesday
Wednesday
May 14
May 16
May 17
May 18
$ per share
$ per share
$ per share
S per share
*2
3%
*2
*2
2%
*2
3%
3%
Thursday
May 19
Friday
May 20
$ per share
Shares
.*2
10
*6
10
*6
10
*6
10
15
14U
14i2
14
14
14'2
14i2
*13%
*66
70
*67
70
67l2
70
*68
73
*70%
*80
83
*80
83
*81
83
81
81
*90
91
91
92
*90
92
*90
95
11
*10%
12
*10%
12
16%
16%
69I2
163'1
1034
%
69%
12
*47#
*401 z
*68
5%
16%
69'2
*6
10
81
81
*81
*90
94
40
83
90
600
70%
70%
70
40
30
90%
H52
10%
10%
*10%
10%
300
16%
16%
16%
16%
16%
16%
2,000
*67%
68%
*68
*68
69
69
100
I9
l2
%
%
%
%
%
%
%
%;
4,100
514
*434
5i2
*4%
*4%
5%!
100
40*4
40'2
40'2
*4%
39%
7%
40%
6
40'i
39%
%
%
%
%
%
*%
%
%
2
1%
1%
>1%
19
2
2
2014
20U
*312
4
57l2 58
1313i<,
*12%
13
*52
4
4
40%
8%
*8
26
*24%
12%
105
6
*2%
*15%
74%
*95%
*15
*11%
%
19%
19%
19
4
5714
13
*3i4
4
56%
5712
13
13
18%
*3%
56%
12%
*12%
JTl2-i4
*1214
53'2
*52
40%
8
8
*3%
*38%
*7%
26
*24%
12%
12%
*100
105
12%
*12'4
13
53
*52
53%
4%
40%
*39
12)2
4
6%
17%
2%
1
*314
6%
17%
26
*24%
52
3%
12%
3%
3,500
400
200
1,300
4
26
13
13
13
100
*24% 26
12%
1234
*99% 101
100
6
17%
*534
1712
234
*15%
21%
22
100
5%
534
1,400
1734
15%
*2%
*15%
21%
*88)4
15) 2
1,600
2%
16%
21%
94%
500
*88%
95
*88%
94%
*88)4
94%
*71%
*95%
74%
*72
76
*71
75
97)
95
96
23,
16
22
"I'M
5%
76%
234
10%
72
97%
17%
97%
*95%
*15
*15
17%
*15
17%
*15
17%
*11
12
*11
12
*11
12
*11
12
13
12%
12%
8
7%
13
12%
7%
12%
*21
25
*2%
*21
3%
*37
75
*21
*2%
41
2%
*5%
*48%-
22
*37
2%
20%
2%
72
30
95%
100
15
J
12
7%
2%
"466
22
*21
21
21
22
7%
7%
10%
*9%
35
17%
7%
53
7%
54
*52
3%
7%
18
18
18
18
18
18
21
19%
20%
19%
20%
%
%
*%
27%
*%
1
27
40%
49%
27%
27
29%
29
29%
40%
*30
*%
26%
29)4
27%
29
*30
29
40%
47%
4734
48%
47%
7%
28
*20%
26
*60
61%
*60%
61
*60%
7
7
7
7
17%
*39
19
1
*%
1
46%
26%
28%
500
*4%
*5%
37%
3%
*30%
8%
26%
i~2~ 600
28) 2
5,200
47%
46%
24%
24%
60%
6034
60
7
7
13,400
60
*6%
400
5%
*5
*5%
6%
*5%
6%
*5%
6%
5%
*30%
*4%
534
5%
*5%
5
4%
6
*534
37%
3%
30%
8%
3%
30%
8%
8%
4%
*5%
36%
*3%
30%
8%
8%
17%
*16%
*53%
6
37%
3%
30%
8%
8%
*16%
18%
*16%
*16%
21
*16
19
*53%
*3%
57
*53%
57
*40
8
4%
3%
50
*3
.
*11
*40
*3
3i4
30
*11%
8%
1-8%
3io
3%
50
*40
"
*3
3%
30
6
37
31
31
31
~
*40
50
3%
*3
30
4
4
2%
*9i4
10%
12%
12%
12
*79%
81
80
80
9%
.36%
9%
9%
36i.|
2%
934
6%
934
£35%
934
6%
6
6
*3%
87
*4
,
*6
*29%
*3%
29%
7%
*1%
*46%
9%
66%
18%
4%
8
21%
22%
30
4
29%
*79%
914
9%
34%
36
9%
9%
6
6%
6%
*6'
3%
*...
2%
6%
3%
*
3%
87
4%
*6
22%
*29%
334
*28%
7%
7%
2%
49%
*1%
*46
*6
3%
*
4%
*6
22
30
3%
7%
*1%
*46
1%
"
2",000
1,600
1,300
200
500
"3,400
4%
11%
*11%
11%
2%
11%
12%
2%
*9%
12%
11%
*9
12%
11%
11%
12%
81
80
80
81
*80
9%
9
9%
*9
36
3619
36
9%
6%
6%
3%
4%
8
22%
30%
3%
33
7%
2
6
6%
*6%
3%
3%
87
"*4"
30)4
*3%
*28%
7%
*1%
4%
8
*6
22%
30%
3%
33
7%
2
74
74
20)9
20%
20%
26%
27%
26%
27%
26\
27%
*47
50
9%
64%
17%
66%
18%
67
65
65
64%
no sales on
9%
18
*74
.
9%
68%
18%
64%
76%
this day.
6%
3%
87
4)ft
*6
2219
20%
9%
3%
*
22%
4%
8
22%
32
3%
7%
7%
«►*-
200
1,900
2,100
3,500
6%
100
2,900
"200
'
*30
31
3%
33
7%
"7,566
300
200
10
1,300
48
61
$4 preferred
13
Mar 31
49
10
Mar 29
Mar 30
8
Mar 31
17% Mar 29
Standard OU of New Jersey.25
Starrett Co (The) L 8. .No par
10
Apr
Mar 14
Jan
5
Feb 26
21%
9%
1071s
3%
5%
11%
22%
26%
1
115
June
Oct
6%
Oct
42%
Oct
17%
Feb
Jan
155
Jan
32%
Jan
Oct
17
Oct
65%
43%
60%
65%
11%
Mar
9
Oct
15
Oct
27
Dec
1%
35%
1%
5%
Oct
Oct
Mar
Mar
Jan
Mar
77% Mar
Oct
9%
Jan
Dec
31
Feb
73% Sept
19% Dec
94
Feb
36
10
Oct
23%
10
Dec
35
39
Jan
Jan
Aug
Dec
50
Dec
28%
Feb
49
Nov
95%
Apr
16
Nov
48% Mar
16% Jan
8%
Jan 10
5
Jan
40% Feb
29% Feb
23% Aug
20%
7%
101
Oct
Jan
Oct 107%
2%
2%
Jan 10
Dec
Jan 12
5
Oct
12% Jan
14% Mar
32% Mar
Jan 14
10
Oct
65
Jan 12
14
Oct
72%
Jan
Dec
4
Jan
27% Dec
26% Oct
30% May
50
Feb
Feb 15
43
Dec
Feb 24
42
Jan 12
Jan 13
337ft
35%
35%
54%
26
Jan 11
Feb
54%
1%
11% Jan 10
1
25%
2434
32%
3934
25
Sterling Products Inc
Mar 29
% Feb
.No par
(The)
1
Sun Oil
3% Mar 30
No par
45
6% preferred
100
Sunshine Mining Co
10
Superheater Co (The).-No par
Superior Oil...
Superior Steel
Jan 12
Jan 7
%
Oct
Oct
Jan
50
Feb
Nov
76
Mar
Jan 15
19%
Dec
Dec
48
Mar
53%
75
Jan
5%
6%
Oct
21
Feb
Dec
17%
Jan
Jan 13
118
Aug
14% Mar 10
9
Oct
17)8 Mar 31
29% Jan 13
3% Jan 11
17% Jan 10
18
Oct
2478 Feb 25
8% Feb 7
18% Jan 10
17%
18
63
63
61
61
700
400
3.700
74
75
75
21
21
21
1,400
27%
26%
27
22.900
delivery
8
I
1% Mar 26
100
8% Mar 31
17% Mar 30
7
Apr 13
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
Swift A Co
125
Jan 13
9% Mar 31
15
25
Mar 30
22% Mar 30
4% Mar 30
1)2
8
Oct
7% Mar
47% Mar
39% Jan
20% Jan
28% Mar
33% Mar
23% Jan
7%
5%
Oct
2%
Oct
10%
Jan 11
Oct
Oct
17%
Jan
Dec
15%
57%
Jan
Mar 29
8% Jan 11
.9
5
Mar31
7
Jan
6%
-..50
34
4
47
Jan
41
Dec
5
4% Mar 31
5% Feb
4
Oct
.5
3% Mar 30
8
Oct
25
447g Jan
4% Jan
Oct
par
32% Mar 30
2% Mar 29
5%
34%
2
Oct
par
26
Mar 30
34
Texas Pacific Coal A Oil... 10
Texas Pacific Land Trust...1
Texas A Pacific Ry Co
100
7
Mar 30
10% Feb
6% Mar 31
113ft Feb
Thatcher Mfg
Jan
Jan
13
24)2 Mar
15
Mar 30
24% Feb
58% Feb
4% Jan
35
1
Mar 31
537gMay 4
2% Apr 13
..No par
$3.60 conv pref
No par
The Fair.—._jvo par
Preferred
100
56
Apr 12
2% Mar 31
10
15
1
Mar 31
25
Jan
4% Jan
Mar 24
...100
Jan
20% July
61% Feb
Jan 12
4
Apr
Jan
125
27
1
Without warrants...
77%
Oct
Dec
Oct
4%
4%
15
Mar
23% Oct
5% Oct
6% Oct
15% Nov
18% Dec
55
3%
55
2%
36
Feb
8% Jan
15% Mar
65% Apr
9% Mar
44
Mar
16%
Jan
15%
Jan
54% Mar
48
Feb
Oct
64
Jan
Oct
13% Mar
93% Jan
13% Feb
Nov
Oct
Sept
40
2% Jan
1%
5%
Jan
4
10
Oct
Sept
8% Jan
15% Mar
28% Feb
Oct
Oct
10%
40%
Oct
21% Feb
98)2 Aug
Oct
par
3% Mar 30
8% Mar 28
Thorn pson-Starrett Co. No
par
$3.50 cum pref
No par
1% Mar 28
15% Jan
3% Jan
5% Mar 30
13% Jan
10
10% Mar 29
15% Jan
1%
6)8
13%
No par
77% Apr 29
85
72
Tlmken Detroit Axle.
10
Tlmken Roller Bearing. No par
Mar 31
13% Jan
Oct
28%
31% Mar 30
48)2 Jan
12% Jan
36
Oct
79
Feb
10
Oct
17
Aug
7% Jan
9% Jan
4% Jan
4
Oct
22%
Jan
5%
3%
Oct
27%
Jan
Dec
Tide Water Assoc Oil
$4.50 conv pref
8
Transamerlca Corp
2
Transcont A West'n Air Inc.5
Transue A Williams St'I No
par
8
4
80
No par
Corp No
Jan
82
6% Jan
10% Jan
7
Dec
18%
Oct
83
4%
Dec
Oct
r
11% Mar
109% Jan
12
Mar
26% Mar
40% Mar
6
Jan
44
Jan
39
Dec
94
Jan
6
Mar 25
10% Jan
2% Jan
7
Oct
25
Mar
1%
Oct
1% Mar 26
Mar 31
7% Mar 30
25
Mar 31
Jan
31% Feb
59% Feb
12% Jan
80
Mar
25
2%
Nov
Oct
46% Nov
8% Dec
61% Nov
17%
17% Mar 31
55% Mar 31
21% Feb
88% Jan
80
Nov
59% Apr 20
81
Jan
78
Oct
20
23)s Jan
28% May
22
Nov
No par
Cash sale,
Feb
Mar 30
24
...100
4% preferred
Jan
Mar 31
Mar 29
Mar 25
Mar 29
100
Union Tank Car..
United Aircraft Corp
New stock,
8%
Dec
Jan
16
par
No par
Union Pacific
n
8
Jan
Dec
5%
16%
25%
2%
$1.50 preferred
No par
Twin City Rap Trans.-No
par
Preferred
100
Twin Coach Co...
1
Union Oil California
Feb
3% Mar 28
10
20th Cen Fox Film
Mar 30
4% Apr 1
2% Mar 30
Tlr-Contlnental Corp..No par
$6 preferred..
.Nojpar
Truax Traer Coal
Mar 30
57
16.800
Mar 29
119% Feb
41
18
Def
10% Mar 30
Stand Investing Corp. .No par
Standard OH of Calif..No par
Standard Oil of Indiana
Mar 31
412 Mar 30
prior pref
No par
prior pref...No par
Under Elliott Fisher Co No par
9%
67%
18%
a
1% Apr 19
2
Union Bag A Pap new.No
par
Union Carbide A Carb.No par
919
66%
18%
1 In receivership
z39
100
9%
68%
*20%
26%
Jan 21
6% Mar 31
48% Apr 7
3,500
9%
66%
74
Jan 14
3% Jan lo
22% May 19
15% Jan 10
Ulen A Co
2
48
22% Jan 12f
13% Jan 12
21% Jan 10
7% Mar 31
29
Mar 30
Truscon Steel
8
7%
*1%
48
900
-p.
10,000
3%
*28%
*47
-
800
*3%
32%
130
15% Mar 30
Thompson Prods Inc..No
22%
140% Mar 26
24% Jan 10
1934 Mar 26
700
81
22%
Oct
Mar
Splcer Mfg Co..
100
4%
13
Jan 12
No par
No par
Oct
110
24
{Stand Gas A El Co
934
113% Feb 28
3% Jan 13
28
Jan 10
Jan 12
Thermold Co
2%
*6
*30
2
-
87
*3%
*28%
*1%
100
11
"*4"
Dec
9
4%
*
10
4
$3 dlv conv pref
Third Avenue Ry
Thompson (J R)
9%
6%
15% Jan 15
13% Jan 15
16% Jan 10
Mar 25
300
35%
Mar
Mar
Mar 26
200
11%
197
120
Oct
4
1%
35%
9%
*6%
*6%
*3%
6%
6I9
6%
*6%
64%
27%
700
1
3%
9
9%
958
67
Bid and asKed prices
3,400
30
*79%
37
9%
18%
20
16,400
30
11%
Nov
June
13
2
Mar 18
Feb
96
No par
12% Mar 31
6% Mar 31
Oct
Apr
67
No par
94
Nov
Apr
60%
102%
Jan 13
46
1
Dec
Mar
4%
20% Jan 10
32
Telautograph Corp
Tennessee Corp
1
Texas Corp (The)
Texas Gulf Produc'g Co No
Texas Gulf Sulphur
No
400
49
11%
82% Jan 12
100
Mar 30
Talcott Inc (James)
5)4% preferred
300
2%
88
19% Apr 13
2% Mar 29
300
19
*q
I
Feb
29
100
57
11
3l7
93
par
Symington-Gould Corp ww__l
4
2%
9%
1834
49%
11
9% Mar
6% Mar 30
8% Mar 30
Swift International Ltd
1,300
31
*4
4%
9%
66)4
*74
2%
3519
49%
9%
73%
11
2%
9%
20
1%
Apr 14
26%
100
100
3%
*11%
*1%
3%
30
1034 Mar 31
111
100
800
49
50
*3%
64%
9%
73%
*
*3%
30
67
20
26%
30
*28%
7%
2
18%
64%
76%
20%
*65
"*4"
8
3%
*11%
*1%
*3%
3%
*11%
*1%
87
22%
33
1%
50
_
8% Mar 29
34% Jan 10
58
26
Jan
300
50
2
8
Mar 31
Apr
Oct
2% Nov
15% Dec
Feb
16%
4
Mar 28
May
Jan 13
34% Feb
105% Feb
17% Mar
20
*15%
*16%
*54%
*3%
16%
45
Jan 17
Oct
33%
17%
57
18% Mar 31
*84
Apr 1
3%
22
Nov
Oct
17%
*3%
17%
5
91
Oct
*16%
*54%
24% Jan 11
2% Apr
No par
100
.No par
{Stand Comm Tobacco
1
Feb
Dec
17%
4
12% Mar 30
19% Mar 31
$4.50 preferred
44
Feb
3
3,100
19
5%
25
Conv $4.50 preferred.No par
Square D Co class B
1
Standard Brands
No par
Feb
6)2
8%
57
9% Jan 11
100
$3 conv preferred A ..No par
Spiegel Inc
2
Jan
17%
44%
8%
*16%
Mar 30
1% Mar 29
1634 Mar 26
128
Jan
4
.No par
14
65
6)2 Oct
24% Dec
14% Nov
4% Mar 31
10
—
Oct
Dec
334
44
27% Jan 27
18% Jan 11
101% Jan 27
J 4% Mar 30
Mar
577a Jan 24
8%
*53%
*3%
Jan 14
Feb
42% Mar
11% Jan 12
7% Jan 12
8)4
3lo
Jan 10
9% Feb 17
34
120
5% Mar 29
8%
19%
Dec
Studebaker Corp
800
*8%
57
60
98% Aug
4,100
8%
17%
16%
Oct
11
1,500
4%
11
3%
30%
31
15
5% Mar 30
8%
*11%
1%
12%
3%
36
Jan 11
Oct
6% Mar 29
8%
1%
*2%
v.' 558
Jan 12
3% Oct
4934 Nov
1234 Dec
1
8%
*1%
*9%
12%
30%
4%
5%
36%
5%
16
Jan 14
Jan 14
48
Feb 25
Feb 25
Jan
5
8%
*4
11%
2%
*9%
3%
3%
4%
Oct
Stokely Bros A Co Inc
8%
1%
12
36
1%
Feb
2% Jan
8% Jan
54% Apr
11% Mar
Stone A Webster
8%
5
*11%
5%
44%
4%
5%
36%
3%
Jan 13
23%
45%
Stewart-Warner
8%
*1%
12
4%
5%
36%
3%
*4
*11%
*4%
37%
3%
*39
44%
Oct
1,500
6
50
%
27% Mar
51% Mar
98% Mar
3% Feb
62%May 12
11% Jan 12
"
5%
6%
3
37% Mar
8,900
7%
5%
20% Apr
No par
Standard Oil of Kansas
40%
Mar 30
Apr 13
6% Mar 12
Oct
2£
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c
1
cum
5%
37%
66
No par
Sparks Wlthlngton
Spear A Co
cum
5%
*39
45% Mar 31
13
1st preferred..
$7
5%
49%
4%
10
9% Mar 30
Mar 26
%
3i2 Oct
34% Nov
Jan
47
Mar 30
Dec
4
Jan
par
91
Spalding (A G) A Brofl.No
$6
*30
42
par
Southern Calif Edison
300
1
Jan 11
2%
27%
5%
05%
16%
20%
10
5% preferred
71
Jan
29
15)2 Mar 29
3% Mar 29
No par
Southern Railway
Feb 23
1
%
O) Corp...
Southern Pacific Co
Oct
Dec
7%
1 % Mar
8% preferred
11
22
6
25
Smith <fe Cor Typewr
Snider Packing Corp
4
6
85
34% Mar 28
100
$6 preferred
Smith (A
Jan
Jan
Mar 30
% Jan
6% preferred
100
Sloss Sheff Steel & Iron...100
5,000
5%
*39
3
Mar 20
7%
5%
49%
4%
Feb
10
1734
1934
31*
5%
*39
113
93
1,300
2,900
4,500
1)2
;
40%
46%
*20%
*21
7
900
10,200
738
*%
29%
110
103
1%
3%
2634
2,800
17
7%
7%
*15%
261.1
28%
50
7%
*16%
103
18
*30
200
52
21
291,1
32,600
9%
35
19%
27%
21%
7%
Vo
7%
100
5%
50
Dec
No par
15.50 preferred
22%
*8%
734
103
3,300
7
•
*5%
z98
19
6
66
May 3
% Feb 10
No par
20
2%
*5%
6I4
*5%
6%
*5%
6%
*5%
*5%
6%
0%
*534
I
8%
8%
8
8%
8%
8%
8%
8%
8%
8%
8%
8%
4%
4%
4%
4%
41.1
4
4%
4%
4%
4%
4%
4%
51
*50%
50
50
50
50% 50%
50%
49%
49%
*49)4
51
*123% 125
*123% 125
>123% 125
*1231,4 124% *123)4 124%
*123% 125
11
11
11
*11
*11
11
11%
11%
11%
10%
1034
10%
22
22
21
21
21
20%
20%
20%
20
20%
21%
2012
2%
2%
2%
2%
2%
2%
*2%
2%
2%
2%
2%
2%
*11%
12%
*11
♦11
11%
11
11
*11%
11%
11%
12%
12%
23
23
23
23
*22
24
24
23% 23% *22
22%
22%
8
*7%
8
8
*7%
8
*7'4
8
*7%
*714
*71.1
8
16%
16%
16%
16%
16%
16%
*16%
16%
16%
1634
1034
16%
*24%
25% *25% 26
26
26
26
*25% 25%
*25%
25%
25%
6%
6%
7
7
6%
6%
6%
6%
6%
634
*6%
6%
*5%
Feb 11
Nov
27%
15% May
5>$% conv preferred... 100
Silver King Coalition Mlnes.S
Simmons Co
No par
75
52
334
734
*16
18
61
*20%
61%
105
Mobile & Ohio Stk tr ctfs 100
"""600
3%
37
*21%
21%
7%
1%
26
28
Mar 26
8% Mar 29
5
100
.No par
Shell Union Oil...
25
*34
54
3%
48%
7
7
1634
7%
103
42
*59%
35
7%
*52
11%
*2%
*35%
2%
*6)4
*48%
21
*30
47%
*20%
7
22%
9%
9%
53%
*17%
20%
7
21 %
17%
17%
7
7%
7%
7%
7%
7%
101% 102% >101% 104
*101% 104
1%
1%
1%
1%
*1%
1%
3%
3%
3%
3%
3%
3%
7%
8
734
7%
7%
7%
7%
2%
75
22
*34
11%
*21
3%
37
22
17
20" 2
48%
*20%
*48%
35
*16
25
2%
*6)4
~
10
35
7%
54
36%
2io
2%
12%
*2%
37
22
54
101% 101%
*1%
1%
27%
28%
3
38
*21%
7%
7%
*21
25
3
*37
22
20%
*9%
79
par
3
3,300
7
16%
3%
16,700
3,700
11%
75
55
7%
7%
*5'«
*34
1,600
12%
*48%
10
100
z38
10
7%
7
21%
900
1134
75
35
Jan
South Am Gold & Platinum. 1
So Porto Rico Sugar...No par
734
2%
*5%
*48%
*9%
113
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5M% preflOO
1234
7
*34
Dec
1,300
"
7%
2%
86
23,900
12%
*21
Jan 18
G.).,No par
Sheaffer (W A) Pen Co.No par
140
15
95)2
*11
8
3%
37
93
Skelly Oil Co
13
75
20%
10%
*16
25
3%
37
Mar 24
900
12%
*20
35
55
3%
41
Mar
68
Slmms Petroleum...
10
Slmonds Saw & Steel.-No par
12%
*5%
21%
*9%
*21
103
100
12%
7%
*48%
7%
*33
25
Dec
5% Jan 26
10
No par
*24%
95
12%
Jan
70
ser A .No par
Sharpe & Dohme
$3.50 conv pref
23
7%
12»«
46
Jan 20
Shattuck (Frank
2%
8%
Dec
81
No par
No par
200
*88
13%
18
Mar 29
Sharon Steel Corp
15 conv pref
.500
*15%
*21%
13%
8
Jan 12
58
Servel Inc....———-1
8%
10
10%
*9%
10
9%
9%
*9%
*914
9%
9%
9%
13
13
13%
13%
13%
13%
13%
13%
12%
13%
12%
12%
*111% 112% *111% 112% *111% 112% *111% 113
*111% 113
*111% 113
2
2
2
*2
2
2
2
1%
2%
2%
1%
2
19%
19%
19%
19%
19%
19%
19%
19%
1834
1834
18%
18%
150
*132
*133
150
135% 135% *132
150
*133
150
*133
150
22
21%
*22%
22%
21%
21%
21%
21%
21%
21%
21%
21%
12%
23%
1
Seagrave Corp
No
Sears, Roebuck & Co--No
40%
*9%
12%
Mar 26
Mar 30
Seaboard Oil Co of Del.No par
100
10.100
*8
234
*95%
1,500
1
39
15%
•
4
56%
12%
12%
53%
12%
*50%
2
12
100
4-2% preferred
8%
23%
*73
300
1
18%'
18%
334
102
22
2
26
17%
*2%
*15%
2%
16%
1,300
40%
15%
*2.%
%
8% preferred
Scott Paper Co
{Seaboard Air Line
Highest
Y per share $ per share
3% Oct
20% Mar
100
5
preferred
{Schulte Retail Stores
*8
*5%
17%
300
*3%
$ per share
Lowest
100
5% preferred
6% preferred-.
7% preferred
Savage Arms Corp.No
Schenley Distillers Corp
*39
13
6
40%
55
$ per share
{St Louis Southwestern.
100
5% preferred
100
Safeway Stores
No par
40%
8%
*100
12%
102
*5%
17
8%
52
4
*3%
8%
40
19
3%
57
12%
13
*21%
23%
94%
74%
97%
17%
12%
*88
2
5534
*52
*100
%
*
19%
1314
13
16
*22
*1%
40
3l2
57l2
13
6%
17%
17%
2
56
*24%
12%
12%
*100
*1%
1914
3l2
3%
*38%
5312
*38%
,
Year 1937
Highest
-
14%
5'4
4012
l2
*30
Par
10
*14
Range for Previous
EXCHANGE
Lowest
3%
*6
14%
73
>
*10*4
16%
*68
*2
3%
*6
*14%
11
Range Since Jan. 1
On Basis of 100-Share Lois
YORK STOCK
Week
$ per share
NEW
the
May 21, 1938
Mar 30
19% Mar 30
5
r
Ex-dlv
y
Ex rights.
10%
Oct
Oct
50
17%
6%
Mar
Jan
Jan
100% Jan
18% Sept
111
28%
Feb
Feb
148% Mar
99%
Jan
31% Feb
35% Mar
* Called for redemption
Volume
LOW
PRICES—PER
HALE
HIGH
AND
•U
New York Stock Record—Concluded—Page 10
146
;
■■■■
May 14
May 16
Tuesday
May 17
S per share
$ per share
8 per share
Monday
Saturday
*8
984
*8
*16
16%
16
11
*16
16i4
*112:4 116
*45
467«
*14
lo7«
3
*14
*6%
*6%
29%
*5%
*6'4
73
*4
414
*26
4
IO84
30
5's
6'4
6%
*70
4'g
4'4
*26'2
28
26'2
26'2
63i2
62
63
10%
1034
1057s 10578 *105'2 109
*4%
4%
4:4
4%
63
4'2
4%
6i«
6934
6%
*%
*6
*6
6
6
878
934
1534
Week
$ per share
Shares
878
%
5«
1678
3
30%
6%
438
6's
6%
6>2
*6
278
12", 800
United Carr Fast Corp.No par
United Corp....
No par
30's
3,800
1,200
16
234
278
307s
29
5'«
30%
5 V
5
6
5
"70
*25
*25
*
*25
30
30
17*2
18
17*2
*4%
5
*414
8*2
*8*4
8!
*25
400
28
5
65
65
31 :'8
32i
4*8
2678
6&:4
4*2
28'«
69*4
56
56
*541,
*61
66
*61
66
32
4'2
27%
United Fruit
300
United Gas Improvt
No par
S5 preferred
...No par
100
Mar 14
500
United Pa per board..
10
3
Mar 26
700
62
4'j
106
106
106
4%
6
6'8
5*8
\
4*2
44%
45%
97
97
30
6
6
65'4
100
U84 Foreign Secur... No par
55 first preferred
100
1
200
U S Dlstrlb
*'2
6
*5'2
*25
5
1
8*4
8
*62
64
34%
2778
26*2
69
56*2
67*4
69
55
*56
*61
66
*61
66
33
U S
4,500
U S Realty &
26*8
27
6434
66
13,100
56
56*2
55*4
55'4
1
*61
43*8
96*2
45
43's
4434
44*8
45*8
43'2
45
43'8
97
96*4
967s
96*4
971,
97*2
98*2
97*2
*33
33*8
33
33*s
32"8
3278
33
33
*323g
33
*41*4
42'2
*4114
42'2
*41*8
42*2
42'2
42i2
4*8
*42*2
44*2
*323g
*42'2
4*2
*38;'...
10
*9i2
4*8
*4%
178
*4'8
17«
I7*
10
*912
43g
*9'2
4U
178
1~8
*39
41
*39
42
*38
42
10
*9i2
581 s
178
10
9
*56
62
*54
64
138
*130
138
*130
138
*130
35
34
34
34
*34
.
38*2
500
4'2
1,100
Universal-Cyclops Steel Corp 1
100
Universal Leaf Tob
*53
65
*52
62
138
*130
138
34
34
34
**4
7g
*4
*4
*34
*%
*4
*%
*4
♦Sg
*4
**8
34
%
*16 >
&8
**>8
2012
20*2
*16
16
*15
15%
20i2
15l4
1534
20*4
15>8
21*8
15
*20 i8
*20*2
21
*20 hi
20*4
*19*2
20*4
*34
35
*33*4
35
*33*1
35
*3334
35
*33*4
34'2
*15
15'2
*14*4
15i2
*14'i
15
14l2
14i2
3*4
*3'2
*21*4
2234
*108*2 119
3*2
3*2
*3*8
3*8
3*8
2112
*2*4
;->:9v*110
*41*2
278
9
113
47l2
*116*4 118
15
20'2
15
21
21
*20*8
878
*7%
*110
*2*4
278
*2'i
113
*42
*7%
*110
*42
47M
*116*4 118
1*2
1*8
2*2
2I2
2's
2*8
2i2
*15g
6'g
6'8
*1*8
*6*4
2'8
7 ^
*16*8
17i2
*16%
*1'4
*2*8
=
*
17
*16%
*75
80
*75
6*4
6%
6%
38'2
38%
18%
13%
18%
2%
*2%
*1258
2'2
*32)8
.
5
30
*2*2
38
5%
30
2:%
5
10
*21%
13
13
22
22
9%
221,
*158
*1*8
I78
1%
8%
*211,
14
*1278
*13
22%
22%
1 ~8
*1%
10%
16%
*1*4
*15*4
16%
37%
2%
600
200
5
5
5
5
28%
*28
34
*28
34
234
9%
23
47s
*28
2%
9%
23
*13
14
13
23
22
*8%
22%
178
178
*1%
9%
100
*21%
1278
13
23
23 hi
200
22
22
178
*1%
*1%
77
*74
77
*74
76
*74
75
*74
U
.
;
75
*78%
85
93
92
92
79
79
79%
*120
122
120
120
78%
91
*78%
*120
*114*4 115
*3'-g
14%
3%
14%
3%
5*2
5%
*4*4
9
1%
2i,
*1
1%
31,
•
178
1%
1%
%
79
78%
78%
*78%
*90
93
90
90
*89
82%
79
79
79
121
120
121
121
79%
121
*120
.—
115% 115% *115% 117
*115% 117
*115% 117
141,
14%
14%
141,
£14%
14%
14%
14%
3%
3*4
*3%
33,
3%
*3%
3%
3%
9
9
9
9
*5%
*4%
*5%
*5%
*
1
*1
1
1
1
1%
1%
*7S
1*4
*1*4
*1*4
2%
*1*4
1%
2%
2%
500
20%
21
21
21%
21
2178
21%
21%
2,800
21%
21
21 %
21%
2134
21
21
20
78%
76%
78*4
75%
777«
78
79*4
76%
78*4
75%
20%
77%
23,600
21 *4
76
123
118
118
*118
*14
15
*14%
15
14%
*31*4
*117S
35
*31%
35
*31%
13%
*121,
13%
*1I78
25*4
105
110
*17*4
18
*75
90
25%
*60
*70
17%
*75
25%
105
*25
*60
110
*70
17%
100
*75
17
120
*118
14%
14%
35
*31%
13%
*12%
25*4
105
no
17%
100
123
14»4
35
13%
120
14%
*31%
*12%
122
120
14%
*14%
35
13%
*12%
25%
13%
25%
60
60
*25
26
*25
26
105
*60
105
*70
*75
110
18%
100
*70
17%
*75
50
15
*31%
*60
*17%
2,300
110
*70
17%
17%
100
*75
600
30
110
"'700
17%
49
*45
49
*45
49
*45
49
*45
49
*45
15
*13
15
*13%
15
*13%
15
*13%
15
*13%
7%
8
1*4
*
12*2
8%
8
1*4
13
7*4
*7%
*1%
13
7*4
7*4
8
*8
7*4
8
8
1*4
13
*1%
*11*4
778
1*4
13
*2%
2%
*2%
2%
*2%
1*4
1%
1%
1%
*4*4
4%
1%
41,
4%
4%
*3'8
4
4
4
378
*12
2%
*1%
*1%
4%
37«
*2%
*1%
*4%
4
8%
7*4
778
*7%
1*4
13%
2%
1*4
1%
*12
778
8
V-«■«.
■
43
*36%
13%
*12%
13%
441,
433,
44*,
16%
43^8
16*8
16%
*53'%
62
161,
*52%
*31
32
*31
*38
40
83
*6<<
*26*4
83
69~8
28%
39%
83
*68
*26%
4178
*36%
13%
40
13%
43*4
6%
♦
13%
*2%
2%
*1%
1%
800
4%
4%
4%
*4
4%
300
4
4
4
*378
4
16
200
500
417»
13%
12*4
12*4
12%
4178
1278
441,
43%
44%
44
44%
13,800
16%
15*4
16
*15%
1578
1,700
61
*51
61
31%
200
37
300
61
*52%
61
*51
*31
32
*31
32
31
31%
*28
*37%
39%
*37%
40
38%
38%
37
84
85
84
84
83%
62
*52%
32
39%
83
85
83
*68
69%
*68
69%
*67%
6978
*67%
28%
27%
*27
27%
*27
28
*27
11%.
11%
11%
79
79
*13
13%
12*,
13
30%
^
—
w
170
11%
11%
11%
11,800
80
80
81%
90
13
13
*12%
13%
12%
12%
1,200
30%
30%
75%
11%
13%
30%
30%
31
31%
75%
*66
75%
147«
*66
15%
15%
14%
11%
37«
11
11
10%
*66
85%
*15
15*4
14*4
15%
14%
14%
1478
*11 *2
11*4
11%
11%
*3%
11%
37«
*11%
37«
11%
378
*3%
Bid and asked prices
^
*78
11%
*12%
31%
85%
V
80
11%
*66
*3%
-
*76
11%
79
*66
-
900
27%
79
31%
"
^
6978
*27
11%
30%
w
85
69'8
80
no sales on
*3%
this day.
30%
3%
31%
75%
3%
*66
*3%
t In receivership,
Mar 26
14%
10%
3%
a
5,000
.
^
1,300
800
100
14*4 Mar 31
105
Mar 30
1% Apr 13
5*4 Mar 26
100
Mar 29
37
Mar 31
Mar
43*8 Feb
15*8 Mar
Mar
22*jj
Oct
3*4
Oct
118
Feb
105
Deo
58
Mar
753s
Jan
126*2 Mar
48*2 Nov
150
100*4
Oot
27S
Oot
1
Oct
8*8
46
Oct
84*2
9*4
Mar
Mar
Jan
723s Mar
19*8
Oct
9*4
Jan
Feb
Feb
Jan
Deo
21
May
Jan
135
Nov
164
Jan
Jan 12
29
Oct
108
Jan
54
Mar
1*4 Jan 7
Us Jan 10
25
Jan 17
20*8 Jan 12
*23*4 Feb 15
42
Jan 22
15i2May
5*8 Jan
32's Jan
110*2 Mar
12
21
21
*4
*8
478
OCt
OCt
16
Oct
9*4 Oct
14*4 Oct
35*4 Nov
47
"2%~d~Ct
18*2
Jan
2*8 Jan
58*2 Jan
39*8 Mar
44*8 Jan
May
12*4 Apr
74*8 Apr
Oct
115
Feb
19
4*2 Jan 20
105
June
3
Dec
12*4
1534 Jan 11
12078 Feb 26
8
Oct
37
Jan
113
Deo
135
Mar
50
Dec
98
Mar
122*2
57
Jan 10
Jan
118*2 Mar 21
2^8 Jan 11
117*4
Feb
Mar 21
2
Oct
l%Mar 23
4*8 Jan 11
2%
Oct
1% Apr 22
534 Mar 31
33s Feb 4
8*4 Jan 17
2 *8
Oct
16
6*8
Dec
19*8
Feb
15i4Mar29
20U Jan 10
18
Oct
49
Feb
71*4
3i4
Dec
Oct
32
Oct
17
Oct
117*4 Jan 11
1
74
Mar 29
81
4'2 Mar 30
30
Mar 31
334 Mar 26
Mar 26
48
7*4
40
Jan
10*8 Mar
183s Mar
Mar
2
Oct
82*2 Aug
18*4 Mar
518s July
1978 Jan
503s Feb
10*4 Feb
Jan 18
26*2
Dec
99*8 Mar
Jan 10
4*4
Oct
18
Jan
Deo
69*2
12*4
35*4
Jan
Jan
Jan
Jan 24
Jan 13
778
33
Oct
Mar 31
4*2 Jan 13
13*2 Jan 13
9
Nov
16*4 Mar 31
24*2 Jan 14
16
Oct
46
Mar 30
11*8
Oct
Mar 30
17*2 Jan 17
29*4 Jan 17
20
Oct
38*4 Feb
60*4 Aug
1*4 Mar 26
1*8 Jan 3
2514 Mar 31
3
Jan 12
1*2 Jan 28
3578 Feb 24
71
75
184Mar31
5
Apr
8
1
83*2 Apr
1
Apr
Jan 24
2*8
2'8
1
Oot
9*4
2*4
Oct
July
56
23*4 Oct
73*8 Nov
84*2
Nov
Feb
Jan
Mar
Feb
Aug
84
Oct
108
88
Oct
109
Feb
Mar 29
102*2 Jan
102*8 Jan
97*4 Jan
3
74
3
76
Oct
103
Aug
116
Mar 31
121
1
17*4
Oct
123*2 Mar
70
llll2 Jan
6
Mar 30
28s Mar 31
103
19
9
Jan 10
1*8 Jan 11
Mar 31
Mar 31
Mar 31
Jan 11
Jan 10
Mar 31
140
Jan 27
31 *8 Mar
28
Mar 31
Jan 16
Jan 16
17*8 Jan 15
32*4 Jan
5
15*2 Jan 18
pref—No par
Dent'l Mfg (The 8 S).20
Motor Co...-1
Rock Mln Spr ctf No par
Sewing Mach...No par
45
Mar
9
113
170
Oct
10*4 Oct
31*2 Nov
10*4 Oct
21*8 Deo
303s
39
27*4
3478
Aug
65
Mar
19
Oct
4
75
Nov
4
Jan 14
55
Dec
15
Jan 13
14*2
Oct
6
Oct
lSgMay 4
4i8May 12
678 Jan 10
3
Mar 24
Mar 30
10*8 Mar 29
Jan
3
11
Jan 21
3
Jan 22
Jan
7
234 Jan
3
x Ex-dlv.
v
Oct
2
Dec
Deo
12
12U Feb
91*4 Mar
13*4 Dec
Deo
12
Oct
5412
Oct
Mar 28
Mar 31
Jan
Jan
5*2 Sept
4*8
34
19*4 Jan 17
4434May 16
Feb 25
Jan 25
Jan
6*4 Mar
Oct
27
62*4 Mar 31
lli2Mar 29
187S
46*8
6*4
Dec
Deo
66
Mar 30
Oct
OCt
43a
Mar 29
93s Mar 31
1*4
126% Aug
90*4 Aug
23% May
33*8 Feb
Oct
49*4
10*2
42
Mar 30
11
6
5*4 Jan
20
28*4 Mar 30
55*2 Mar 30
61*4 Mar 31
2084 Jan 31
8*8 Jan 3
8*2
1*8
60*4 Jan 21
11*4 Mar 29
Jan
Apr
126
Jan
32
Feb
Deo
27*4 Jan 12
3
Jan
90
59
Mar 26
Jan
Jan
May
4
Jan
95
Apr
Jan
Mar
115
21*4 Jan 24
2*4 Feb 25
9
Oct
Dec
Oct
87*8 Nov
Dec
8% Mar 31
15s Mar 30
24
Oct
1*2
22*8
17*4
Jan
July
Mar
Mar
Mar
Mar
70
13*8 Jan 12
71
1
115*2
29*2
11*4
23*2
4*4
11*4
83*2
57*4
167%
Mar 19
6*8 Mar 31
7*2 Apr 5
1*4 Mar 31
36
10*2 Apr
14*2 Dec
2% Oct
5% Oct
Mar 29
14i2 Mar 26
12
Feb 23
4ia Jan 10
3*4
28*4
27*8
1097b
9*2 Mar 30
10
Feb
116*2 Mar 24
75
Cash sale,
70
1476s Mar 11
100
r
Feb
23*8 Mar
86
90
New stock,
172
5*4 Dec
297b Dec
16*8 Oct
3*4 Oct
Nov
Apr 12
n
154*8 NOV
Jan
Jan
Feb
47
65
54 conv preferred...No par
5
Willys-Overland Motors...-.1
6% conv preferred
10
Wilson & Co Inc
No par
56 preferred
100
Woodward Iron Co
---10
Wool worth (F W) Co
10
WorthingtonPAM(Del) No par
Preferred A 7%
....100
Prior pref 414% series—.10
Prior pf 4!4% conv series. 10
Wright Aeronautical ...No par
Wrlgley (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 S & T
No par
5 M>% preferred
-100
Voungst'wn Steel Door. No par
Zenith Radio Corp
No par
Zonlte Products Corp
-.1
137
618
Jan
4
60
60
Del. delivery,
Feb 25
13it Jan 14
*27
White
Feb 24
2t| Jan 10
Mar 31
30
W11 co 1 Oil & Gas
43*4
16%
16%
*78
11%
*37
16
5
42
Mar 19
400
*11%
40%
May 11
27*2 Mar 30
*z Mar 30
% Jan 3
8
70*8 Mar 5
62*i Jan 25
114*8 Jan 10
34*4 Mar 5
43%May 12
60
White
1%
6*8 Jan 10
20
5% conv preferred
White
1%
66
Wheeling & L E Ry Co
100
5H%'cpr—-r;-100
Wheeling Steel Corp...No par
White
2%
*36%
100
preferred
Telegraph. 100
Westlngb'se Air Brake. No par
Westlnghouse El & Mfg
50
1st preferred
50
Weston Elec Instrum't.No par
Class A
No par
Westvaco Chlor Prod.-No par
500
*37%
13%
44%
134
Mar 25
1,000
'
*387S
13*2
83s Mar 30
48
Mar 31
Mar 23
Mar 18
55 conv prior
*2%
1%
.
3
*2
1*2
16*2
1534
6I84
7%
*1%
13
Feb
3
7%
7%
1%
1*4 Mar 26
37
100
Preferred
15
*8
94%May 6
29*2 Mar 30
40
Apr 25
3*8 Mar 30
100
Western Union
Oct
43*8 Dec
52*8 Nov
2d preferred
49
*13
-100
preferred
Western Pacific
100
*45
pref-100
20i2
347b
Oct
Nov
20
13
4%
169*4 Feb
512
53
Mar 21
Co—10
100
200
.
....100
100
preferred
preferred
Western Auto Supply
200
122
35
6%
May 10
Oct
Mar
Western Maryland
100
200
21%
21%
22
conv
West Penn Power 7%
10
3,900
178
20%
21%
21*4
---1
preferred
No par
West Penn El class A ..No par
50
-
78
20
Webster Elsenlohr.....No par
7%
43s
Feb 15
par
Wesson Oil & Snowdrift No par
6%
77S Jan 12
10
Mar 31
par
Nov
*4
23
par
6*8
70
1*4 Jan 18
Mar
1137s Jan
16*8 Feb
24*4 Mar
100*2 Feb
3*8 Jan
Oct
Dec
71
17
70
7434 Feb 21
3*2
81
1
120
79%
3
100
..5
40
91
*78*4
78%
Oct
Jan
678 Jan 12
8% Jan 17
3*4 Jan 13
200
85
91
80%
101
106
35i2 Feb 25
5
54
17
3
Mar 31
45*2 Jan
11
Wells Fargo & Co
1%
31%
*1%
86*4 Mar
21
Wayne Pump Co
1.300
63
Oct
Mar 26
par
Oct
14434 Mar 31
Waukesha Motor Co
300
127«
*30%
85
■
2,300
2%
26*4 Apr
106*4 Feb
9i2 Mar
Oct
Dec
Oct
2
No
J Warren Bros..
No
53 convertible pref..No
Warren Fdy & Pipe
No
53.85 conv pref
110
6*2
2%
Jan
Jan
Mar
Oct
16*4 Jan 15
Warner Bros Pictures
4,000
478
34
*2%
2%
*8*4
23
36
16
9
Mar 26
Preferred
*32
Oct
52
8
No par
A..No par
Oct
5
24
1734May 18
W Ltd No par
Preferred..
Ward Baking class
25*4
Jan 12
No par
Class B.
*2%
32%
*1%
400
*11%
32',
2
Walk (H) Good &
300
1178
12
3334
22',
1,000
17%
17*4
2%
14
37%
*17%
37%
Mar
8*2
467b
65i2 Feb 25
113s Jan 5
35
8*2 Feb 23
447b Jan 15
19*8 Feb 18
No par
Walworth Co....
*17%
*32%
200
78
3,000
18
2%
—No par
4H% pref with warrants 100
6%
37%
12%
234
2%
Walgreen Co
6%
6%
12%
*2%
*8%
23
200
*76%
76
2*4
337«
478
2%
8%
16
6%
*36%
12
23
600
1
79
*70
16%
7
1%
32
*90
*60
2*8
*634
7
*1%
*78*4
*25%
*
7
*30%
*74
*118
2's
7
32
77
*1*4
*1%
*158
*634
*1%
*30%
*30*4
*1
2%
100
100
—100
100
No par
$ Wabash Railway
5% preferredA
5% preferred B
Waldorf System
32
*74
14%
2'2
300
*30
1%
30
*14
""166
30%
*1%
32
*114*4 117
138
2*2
76
100
pref...No par
Preferred
*1'4
17*4
22%
""""30
*238
2's
678
80
42
*116% 118
2*2
17
80
113
42
*116*4 118
preferred
6%
Feb
35
Oct
74
Jan
Feb
Jan
Feb
91
2
112
Va-Carolina
Virginia Iron Coal & Coke. 100
5% preferred
100
Virginia Ry Co 6% pref—100
Vulcan Detinnlng
100
share
72*4
Victor Chem. Works
Va El & Pow 56
Oct
36*4 Dec
17*2 Dec
Oct
500
50
110
Deo
500
30
Oct
24
3%
500
15
per
24*8
31*4
30*4
117*4
65
143S
2*4
778
6*4 Jan 11
Oct
Feb 18
11*2 Mar 31
*110
47'2
Mar 29
30*2 Mar 30
14
Apr 9
234 Mar 29
1534 Mar 30
21
80*2 Jan 10
7
34'4May 19
50
Vlck Chemical Co
110
Mar 29
498s Feb 23
19*4 Jan 10
3*4 Jan 8
32i2May 11
7*8 Jan 12
97b Jan 10
Highest
$ per share $
5*8 Oct
21*2 Mar 30
27S Mar 31
Vanadium Corp of Am .No par
Van Raalte Co Inc
5
5
114
23% Jan 15
69s Jan 13
10*4 Jan 13
100
No par
9%May 10
10*4 Feb 26
19*2 Jan 11
131* Mar 31
3*4 Mar 30
538 Mar 26
700
Chem
Lowest
share
9
878 Jan 11
35*4 Jan 12
1,466
5
per
Mar 22
25
1578
19*2
1*8
37%
2%
*5
23
7'8
113
1
.No par
100
Preferred
"
162*4 Mar 28
4*b Mar 29
3334
2*4
*7%
27g
Vadsco Sales
100
20*2
100
^Utilities Pow & Light A
1,100
2'2
18%
121,
478
28%
2%
*42
110
110
preferred
8%
h
34
No par
Universal Pictures 1st pref. 100
80
*1*4
*2*8
1*8
37%
*2%
*32%
*110
19*2
3334
14*4 >14
3%
3*8
20%
21%
*1*4
*2*8
6%
5%
2%
*5
*21
47'2
76%
*11%
21*2
alio
778
113
*116*4 118
1*8
3*8
7
6%
34
*28%
*42
14
*2*4
76%
6%
38
*32%
47*2
*7'8
*110
16
2%
*17*4
18%
12%
2*4
12
878
113
112
*37
38%
*18
a2%
6%
6*8
*38%
1 *8
67s
211,
*110
278
*116*4 118
1*8
85
22
108*4 108*4 *10912 112
*1%
*75
3*8
16
Corp
400
78
*16
25
1
9
78
2012
No par
United Stores class A..No par
56 conv pref A
.No par
78
*16
new
*8*2
9*2
Mar 31
Mar 31
new..
United Stockyards
200
17b
55
38
100
100
**4
201,
7% pref.
3% Mar 26
5>4 Mar 30
No par
Corp
U S Tobacco
1
May 6
%May 16
Mar 31
Preferred
10
4*2 Apr
x55
41
%
*16
U S Steel
3,800
884 Mar 30
50
*38
40
*%
*16
.100
50
Preferred....
3278
34
34
58's
10
8% 1st preferred
34,666
*130
138
35
60
1*4
40
*130
*54%
*4i8
41
20
No par
U S Smelting Ref & Mln
700
44*4
97*2
*134
178
1~8
Pipe & Foundry
Imp
U 8 Rubber
32,100
66
*4's
17S
4'2
*4's
300
7,000
4*4
66
50
Partlc & conv class A. No par
Prior preferred
100
66'2
3334
4*4
66
.100
Corp...5
pref...
conv
U S Industrial Aicohol.No par
U S Leather
No par
600
"""900
4*2
27'2
6 7 r'8
*61
preferred
5
-
64
55
U S Hoffman Mach
7%
8*4
33*4
4*8
70
""706
5
*8
4*8
56*8
67*4
*4'4
65
4*4
27*8
U S Gypsum...
1778
177s
5
8
34's
33
"3,666
100
18
...100
No par
20
Mar 31
50
.No par
U S Freight
25
*4*4
Corp..
Conv preferred..
40
678
25
30
*17
No par
65'4
.1
*'2
106
*4%
4%
6'8
69'2
*65'4
1
4's
26*8
28i8
68*2
217s Mar 31
1,300
17*4
32%
4*4
27i«
Mar 26
3
6,400
17U
*64
22*4 Mar 31
47b Mar 30
4i2 Mar 29
60
Apr 1
1034
6%
66'2
Mar 26
6U2
32
4
4*8
2
10'2
*4*4
8'4
*64
65',
32*2
*63
1
61'4
69i2
'8*4
4
103i
5
8%
Jan
12% Apr
63
17'j
8%
J
...5
39
26'2
*4*4
,
5
145s Mar 31
1103« Jan 20
10%
17*4
17*2
10
100
United Electric Coal Cos
United Eng & Fdy
Mar 30
634 Mar 31
62
*'2
*25
6
5
5
26'2
*6'8
30
No par
Preferred
"5,900
4%
*7
8
*7
8
8
8
8
8
*634
*634
*6%
*7*8
73
731,
75
7278
73*2
71*2
73*2
72*4
7234
72*4
74*4
73:2
165% 169*4 *165*4 169*4 *165*4 16934 *165% 169*4 *165*4 169*4 *165'4 16934
*51,
5
5'2
O's
5%
8I4
558
*5*2
5*8
57«
*5*2
*5%
*
$3 preferred
73
4'2
5
100
...Wo par
United Drug Ino
United Dyewood Corp
200
6%
*578
6
73
4'2
Preferred
45
17
*13'2
234
5
share
28
*65%
*6
United Carbon
*112'8 116
45
Transport
Range far Previous
Year 1937
Highest
5 per
63
%
6*2
"""800
1534
*14
*70
5'4
73
"""360
United Amer Bosch...No par
United Biscuit......
No par
46
45
6%
%
*15%
1534
1534
Un Air Lines
9*J
*8
934
Lowest
Par
19,900
9's
87S
93s
*8
*112'8 116
6934
*65
70
*64%
1
On Basis of 100-Share Lots
EXCHANGE
Friday
May 20
'
*67
Range Since Jan. 1
NEW YORK STOCK
the
May 19
10%
10%
1034
*10o'2 107
*105% 107
*4'4
STOCKS
for
■
$ per share
10%
28
64
10'■>,
2%
5%
73
*68
4%
*14,
3
30'2
*63'«
64
8'2
*8
1534
1634
30
30%
5%
6~8
5%
*68
*4
8%
16
27«
3
30'4
514
67s
73
*68
"
Sales
CENT
NOT PER
Thursday
$ per share
934
*14
16
27«
31
*5%.'.
SHARE,
.
*112% 116
*112is 116
*112% 116
45l2
4D12
*4512
46%
*45'2
46
3%
3034
8%
834
8%
8%
*8%
■'■
.Wednesday
May 18
3303
Sept
653s
Jan
47
Jan
112*2 Mar
40*4 Dec
34
Deo
46
Jan 10
39*4
Dec
54
Nov
94
Jan 10
38
Oot
128
Mar
58*2
76
21*4
Oct
Dec
62*2
Jan
7*2
Oct
373a
Feb
35*2 Feb 24
6978May 12
29*4 Apr 18
15'b Jan 21
93
Jan 11
187S Jan 10
43*4 Jan 12
75
Jan 26
22*8 Jan 10
17*t Jan 12
5*4 Mar
Ex-rlghts.
7
Jan
68
Dec
142
12*s
Deo
46*8 Feb
1017s Mar
34'2 Nov
70
115
Oct
ll7s
2*8
Dec
Oct
i
Jan
Jan
43*4 Aug
9*4 Jan
f Called for redemption.
3304
1938
21,
May
NEW
YORK
EXCHANGE
STOCK
Record,Bond
Friday, Weekly and Yearly
NOTICE—-Prices
"and Intercut"—except lor income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the week's range,
unless tbey are the only transactions of the week, and when selling outside of the
regular weekiy 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.
are
8
BONDS
V.
N.
Weel's
•«.Fridav
Friday
Last
Week Ended May 20
Range
Sale
fif1
EXCHANGE
STOCK
Friday's
Price
c.
But
&
Low
or
Since
Ailed
High
N.
No.
Low
Friday's
Price
Week Ended May 20
Jan. 1
Range or
Sale
EXCHANGE
STOCK
Y.
Weel's
Last
BONDS
Range
Bid
&
lyOW
High
U, S. Government
Range
Since
A si
High
Jan. 1
No.
Low
High
Foreign Govt. & Mun. {Cont.)
Treasury 4%s—-Oct
IB 1947-1962 A
O
118.11
118.14
116.4
118.14
Treasury 3%s_.-Oct.
16 1943-1945 A
15 1944-1954 J
O
109.14
109.19
16
107.2
109.20
D
114.4
114.101
32
111.22114.10
112.22
112.23
16
110.8
110.2
110.6
14
107.18110.6
103.26 106.8
Treasury 4s
Dec.
Treasury 3%S—.Mar. 16 1946-1956 IVI 8
Treasury 3%b._-June 15 1943-1947 J D
1
»
w
Treasury 3s
Sept. 16 1951-1955 M S 106.7
Treasury 3s
June 15 1946-1948 J D 107.18
Treasury 3%S—.June 15 1940-1943 J D 106.18
Treasury 3%S—-Mar. 15 1941-1943 IVI 8
Treasury 3%8—.June 15 1946-1949 J D 108.9
6
112.23
~
~
—
-
106.8
60
107.10
107.20
44
105.2
106.17
106.20
41
105.21 106.20
107.22
107.23
43
106.29108
108.4
108.9
54
108.3
1
105.19108.3
108.3
108.5
10
107.4
108.13
39
107
109.19
107.20
Treasury 3%s
Dec.
Treasury 3%s
Treasury 3%S—-Apr.
Treasury 2%s_..Mar.
Treasury 2%s_—Sept.
Treasury 2%s__.Sept.
16 1949-1962 J
Aug. 16 1941 F
D
A
108*.3"
A
O
109.19 109.13
109.19
104.8
103.28
104.8
175
106.6
131
104.11
103.11 103.1
103.11
S
103.4
103.4
Treasury 2%s._.Dec.
16 1949-1963 J
D
101.26 101.17
Treasury 2%s
Dec. 15 1946 J
D
105.13
105.16
119
S
103.13
103.18
21
96%
97%
95
95%
A
"52"
A
J
81
1949 F
External loan 4 Ms ser C
A
F
A
1949
80
80
43
52
62%
80%
90
80%
81%
15
18%
101%
1951 M N
1944 M S
7s
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
92% 101%
92% 100%
82
18%
15
16%
24
103%
12
101%
104
*103
98%
101%
104
98%
103%
"'I
110%
96% 102
101% 106
62%
78%
103.25106.7
104.1
♦Costa Rica (Rep of)
101-24104 8
106.2
d
n
1952
1953
_
Cordoba (Prov) Argentina 7s—1942 J
105.27108.9
108.3
-
105.30
J
M
1957 F
1957 f
Copenhagen (City) 5s
25-year gold 4%s
♦Cordoba (City) 7s
♦7s stamped
15 1944-1940
15 1955-1960 IVI
S
15 1945-1947 M S 106.5
15 1948-1951
Treasury 2%s—-June 15 1951-1954
Treasury 2%8—.Sept. 15 1956-1959
M
J
M
.1948 M
Treasury 2%s
S
D
104.9
102.28
101.25
35
101.27104.11
53
J
d
69
69
71
Czechoslovak (Rep of) 8s_. —1951 A
O
73
50
104
O
74%
74
35
A
72%
72%
7
66
105
1942 J
J
103%
103
49
F
A
100%
46
98
Apr 16 1962 A
O
99%
295%
103%
100%
96%
75
95% 102
Sinking fund 8a ser B_——1942
100.14103.4
103
99.18101.25
102.14105.18
101
103.21
Denmark 20-year extl 6s
Externa! gold 5 Ms
External g 4 %s
|»Stamped extd to Sept 1 1935— MS
Dominican Rep Cust Ad 6%8—1942 IVI S
3%s
3s
Mar. 15 1944-1964
May 15 1944-1949
3s....
Jan.
2%s
Mar.
IVI N
15 1942-1947 J
1 1942-1947 IVI
J
106.5
106.9
61
105.29 105.18
105.29
54
106.1
106.1
8
105.23
7
103.28106 9
103.4 105 29
103.22106.1
*104.12 105
102.9
104.19
Home Owners' Loan Corp—
3s series A
May
2%s series B._Aug.
2J4s series G..
1 1944-1952 IVI N
106.1
105.24
106.1
103.9
103
102.28
103
101.9
103.13
103.16
101.5
103.16
1942-1944 J
A
J
lu3.16 103.6
95
83
91
68
55%
57
57
67
62
1940 A O
Customs Admlne 5%s 2d ser.1961 M S
5%s 1st series
—1969 A O
6%s 2d series
1969 A O
♦Dresden (City) external 7s
1945 M N
*55
64
59
1940 A
5 %s of 1926
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
1948
♦External
s
f 7s Berles B
a
f 7s series C.
♦External
s
f 7s 1st series
sec s f
7%
8
6
8%
8%
6
7%
♦External
sec s
1957
*6 %
7s 2d series. 1957
6%
f 7s 3d series. 1957
6%
a92%
Antwerp (City) external 5s
1958
Argentine (National Government)—
8 f external 4 Hb
1971 M N
1043%
104%
100%
100%
33
.1945
22
1949
Ry)
104%
104
103m
103%
111%
100%
112
......
21
♦6s stamped
J
IV!
D
*13
S
*65
: 196!
66%
1961
External
1977 IV!
4M-4M8
f 4%s-4%s
Refunding s
1976 F A
Externul re-adj 4Ms-4Ms—.1976 A O
External s f 4%s-4%s
1975 M N
3% external
s f
$ bonds
1984 J
1967 J
♦Stabilization Ioar 7 Mb
1968 M N
1960 A
Mb..———Aug
25-year 3%s
7-year 2Mb
30-year 3s
Loan
♦Farm Loan
O
109%
112%
101%
102%
101%
15 1945 f
A
...1961 J
1944 J
ipq7 J
_
♦Carlsbad (City) a f 8s
♦Cent Agrlc Bank (Ger) 7s
♦Farm
J
1952 IVI N
.....
10-year 2
f
s
>
98
35%
O
"§6~"
**Farm Loan 6s ser A Aprl5 1938 A O
♦Cnlle (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 6s. —1960 A
♦Extl sinking fund 6s...Feb 1961 F
O
♦Ry ref extl a f 6s
Jan
1961 J
J
♦Extl sinking fund
6s..8ept 1961 M S
♦External sinking fund 6s.. 1962 im a
19%
19%
19%
19%
19%
♦Externa! sinking fund 68... 1963 Ml N
19%
♦Chile Mtge Bank 6Mb
A
1957 J
D
1961 J
D
1961 A
♦Guar sink fund 6s
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
58
51
62
62
21%
19
22
23%
22%
30
102 M
95%
106%
20%
106%
♦Greek Government
24%
27%
27%
27%
27%
24%
f
ser
29%
29
32%
26%
30%
7b.. 1964 M N
—.1964
30
1968 FA
♦6s part paid
27
25%
27
37
22%
29
24
1968
24%
21
19%
27
70
86
Haiti (Republic) sf 6s ser A
1952 A O
♦Hamburg (State) 68
1946 A O
J
♦Heidelberg (German) extl 7%s '50 J
Helslngfors (City) ext 6%s
1960 A O
104%
20%
107
Hungarian Cons Municipal Loan—
♦7 %s secured s f g
1945
•UK
12%
11%
♦7s secured
72
73
7
20%
2u%
3
*17
J
1946
J
13
♦Hungarian Land M Inst 7%s_1961
♦Sinking fund 7%s ser B
1961
♦Hungary (Kingdom of) 7Ms. .1944
IVI N
*13
f g—
s
IV! N
F
1979 F
13
A
A
13
*39%
37%
19
16%
104
22%
17%
106%
19
13
11%
14%
13
IS
13
11%
13
42
37
5M%
32%
37%
10%
19%
19%
D
Italy (Kingdom of) extl 7s.—-.1951 J
Italian Cred Consortium 7s ser B '47 IVI 8
78%
10%
51
10%
19%
Italian Public Utility extl 7s_..1952 J
Japanese Govt 30-yr s f 6%s... 1954 F
62%
62%
64
13
A
72
70
72
148
N
59
58%
42%
21%
59%
150
44
4
99%
101%
96% 102
7
95
101%
9
98
102%
12
15%
106
78%
23
18%
Extended at 4%a to
1960 M N
Extl sinking fund 5%s
1965 IV!
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f 7s
1947 F
Lower Austria (Province) 7%b.J950 J
J
37%
116
76%
*76
O
A
D
*20
114% 117%
72
79%
78%
21%
....
11
6
82
70%
80%
56
66%
68%
81
49%
64%
35
45%
20%
22%
28
85
68%
78%
♦Medellin
(Colombia) 6%s——1954
8%
8%
64
79%
2%
70%
Mexican Irrlg assenting 4%s.l943
♦Mexico (US) extl 6s of 1899 £.1945
*1%
51
66%
*1%
*1%
4
5
1%
*1%
2%
1%
4
1H
3
♦
10
1945
72%
36%
63
♦4s of 1904
1954
*1%
1%
1%
31%
32%
32%
34%
35%
♦Assenting
♦Assenting
♦Assenting
♦
|Treas 6s
1954
33%
*1%
2%
2%
61%
2%
1
63%
23
8%
8%
10
8
*37
43%
35
39
98% 102%
101%
101%
10
98
112
20
12
35%
35%
30
30
30
30%
18%
18%
18%
18%
30%
18%
19%
19%
18%
18%
3
110
97% 101%
92%
98
20
62%
35
38
1
.
29
32
2
28
32
12
29%
32%
6
14%
18%
45
14%
19%
19%
17
15
19%
19%
30
15
19%
19%
8
15
19%
19%
17
15
19%
19%
17%
31
14%
19%
33
12%
17%
17%
17
11
12%
12%
17%
17%
17%
15%
15
13
17%
16
11%
30
19%
21%
4s of 1910 large
1
1
of *13 assent(large) *33
♦§ Small.
s
f 6
%s...
♦6s series A
New So Wales
Externa!
s
8%
8%
1958
♦Sec extl s f 6%8
♦Montevideo (City) 7s
1959
1952
"37"
..1959
(State) ext! 5s.. 1957
f 6s
102%
Apr 1958
1943
"l05%
1944
Norway 20-year extl 6s.
20-year external 6a
105%
External sink fund 4%s
External a f 4%s
1956
1965
"i02%
4s
1963
101%
103%
8%
37
4
4%
.....
24
-
4s of 1910 small
Milan (City, Italy) extl 6%s„_ 1952
Mlnas Geraes (State)—
♦Sec extl
.....
9%
2%
—
13
2%
1%
57
6%
7
3%
2%
3%
3
67
10%
11
38%
37
"l
103
21
61
37
67%
102%
102%
105%
105%
103%
102%
9
98%
106%
4
103%
107
104
107%
102
97% 104%
103%
106
11
104%
26
103%
35
100%
101%
27
103%
103%
*20%
103%
1
102% 103%
99% 106%
99% 104%
15%
30
4s of 1904
6
1%
1%
♦Assenting 5s of 1899..
♦Assenting 5s large
♦Assenting 5s small
101%
102%
"21"
17%
16
15%
22%
15%
10
16%
16%
22%
17%
23%
22%
22%
16%
23%
17
23%
22
s
♦7s part paid
♦Sink fund secured 6s
D
51
109% 113%
98
102%
22%
1958 J
♦(Cons Agrlc Loan) 6%s
20
15%
A
31%
26%
13%
*20
1947 F
31
25%
13%
105%
21
"30% *34%
31
25%
1949
German Prov <fe Communal Bks
Irish Free State extl« f 5s
36
8
28%
24H
25
23
25
D
O
100%
23%
22%
24
109%
113%
J
*21
101
99%
27%
23%
23%
109%
112%
101%
102%
IVI
23%
23%
18%
40%
15
27
108%
104% 108%
19%
54%
16%
16%
d
22
99
93%
95
*106%
1965
...
19%
12%
60
17%
D
100%
104% 108%
3
70%
16%
♦7b unstamped
102
95
95
95%
20%
103%
50
16
70%
97%
20%
103%
*98%
♦German Rep extl 7s stamped. 1949 A
s
f ext loan
Municipal Bank extl s f 5s.—1970
♦Nuremburg (City) extl 6s
1952
Oriental Devel guar 6b....
Ext! deb 5 Ms
1953
Oslo (City) s f 4%s
Panama (Rep) extl 5%s_.
♦Extl s f 6a ser A
1955
♦Stamped
10
a55%
51
1958
*103%
1953
"35%
s
1947 IVI
1959 M
f 6s 1st ser.. 1960 J
♦Nat Loan extl s f 6s 2d ser. .1961
♦Poland (Rep of) gold 6s
..1940
♦Stabilization loan s f 7s....1947
♦External dnk fund g 8s
1950
51
102%
103%
35
103
103%
13
10
1
43%
37
7%
8%
8%
9%
8%
9
8%
"8%
S
20
"21
51%
7
S
D
21%
55%
*32
1963
...1963
♦Pernambuco (State of) 7s...
♦Peru (Rep of) external 7s
♦Nat Loan extl
page 3309
100
53
17%
—
see
9
107% 116%
52%
S
♦6s extl s f gold—.
...Jan 1961 J
♦Colombia Mtge Bank 6M8...1947 A O
♦Sinking fund 7s of 1926
1946 M N
For footnotes
100%
21%
20%
2
58%
O
1960 M
Oct 1961 A
of 1927
14
58%
Colombia (Republic of)—
♦6s of 1928
112%
*57%
59%
16%
1951
107%
~57%
17%
17%
♦Cologne (City) Germany 6 Ms. 1950
♦Sinking fund 7s
64
68%
23%
1949
1965 J
♦5%s unstamped
108
100
54%
56%
1962 M N
•Sink fund 6mb of 1926
♦Guar sink fund 6s
23
100
30
1950 M
Oct 15 1960 A
19%
105%
4
20
1954 J
6s..July 15 1960 J
f 6s
28
*32%
32%
59%
J
♦Secured sf7s
6s
18
*37
55 m
Bulgaria (Kingdom of)—
Canada (Dom of) 30-yr 4s
98% 106%
96% 102
*65
8
88%
78%
88%
99
106%
27
14%
101
♦6 mb stamped
f
55
*21%
♦5%s stamp(Canad'n Holder) '65
06%
51
2
22
12%
12%
.1950
18
94
105%
103%
12%
99%
99%
7%
100%
..1941
1949 J
♦5 %s of 1930 Btamped
78%
12%
.1958
♦Budapest (City of) 6s
1962
♦Buenos Aires (Prov) extl 6s.. .1961
87%
20%
15%
.1957
Sinking fund gold 5s
20-year s f 6s
4
"Ism
.1952
Brisbane (City) e f 5s
s
33
.1955
♦External sinking fund 6s.. .1958
♦Brazil (U 8 of) external 8s... .1941
♦External a f 6%h of 1926.. .1957
♦External s f 6 Ms of 1927— 1957
a92%
40
104%
105%
External 30-year s f 7s
.1955
Bergen (Norway) extl a f 5s. .1960
♦Berlin (Germany) s f 6Mb... .1950
5%
105%
105%
101%
33%
S
f 6s
4
57
1956 ni n
Belgium 25-yr extl 6%s
6%
84%
83 m
J
♦Bavaria (Free State) 6%s—
7%
83
O
1955 J
(Central
64
58%
60
58
J
1967
1945 M S
7s unstamped
German Govt International—
7%
5
97
1972 A
J
8%
5
93%
8 f extl conv loan 4s Apr
1957 j
6
4%
7
84%
A
..1957 M
6
92%
83%
1972 F
External g 4%i of 1928
Austrian (Govt's) s f 7s
7%
53
8 f extl conv loan 4s Feb
...
23%
17%
"m
f 7s Berles D.....1946
b
♦External
16%
22%
*7%
7%
1945
♦External
22%
23%
8%
8%
8%
7%
1945
♦External
22%
22%
7%
7%
♦Antloqula (Dept) coll 7s A...1945
♦78
58%
*50
J
1948
7%8 unstamped
External 7s stamped
1947
♦Gtd Blnk fund 6s
s
56%
2d series sink fund 5%s
♦Frankfort (City of) s f 6 Ms.—1953 IV! N
French Republic 7%s stamped.1941 J D
Govt. & Municipal*—
♦Gtd sink fund 6s......
Externa]
*89
57
Agricultural Mtge Bank (Colombia)
Australia 30-year 5s
External 5s of 1927
104
56%
ser
Finland (Republic) ext 6s
Foreign
101% 106%
106.1
1 1939-1949 F
96
2
111
O
1st
8
1955
101%
Deutsche Bk Am part ctf 6s—-1932
Federal Farm Mortgage Corp—
IVI
Jan.15 1953
Sinking fund 6%s
100.26103.11
41
J
♦Public wks 5%s... June 30 1946 J
"l2
12
21%
51
62%
47%
57%
96% 103%
100
104%
42%
46%
32
41
5%
9%
18
7%
11%
39
11%
"47"
48
54
10
71
48
7%
7%
44%
71
1
60%
82%
47
52
6
42
62
8%
16
11%
67%
Volume
New York Bond Record—Continued—Page 2
146
BONDS
N.
Last
EXCHANGE
STOCK
Y.
C
b
•
Week Ended May 20
C-
Foreign Govt. &Munlc. (Concl.)
1961 J
1966 J
♦Porto Alegre (City ol)8a
♦Extl loan 7%b
Prague (Greater City) 7%s
1952
Range
cS
Friday's
Bid
Ast
&
§3
Since
Jan.
Low
High
No.
D
8%
8%
5
7%
J
7%
7%
74%
20%
7
5%
Low
M N
♦Prussia (Free State) extl 6%8.1951 M S
♦External s t 6a
1952 A O
Queensland (State) extl s f 7s__1941 A O
25-year external 6e
1947 F A
♦Rhlne-Main-Danube 7s A....1950 M S
♦Rio de Janeiro
Friday
Range or
Sale
Price
3305
Week's
Friday
69
74%
20%
20%
106 K
20%
20%
107
106%
5
62
11%
10 K
98 K
5
19
22K
19
23
7
102 K 108 K
6
103 K 109 K
25
31
32
*28%
BONDS
N.
Last,
Y
STOCK EXCHANGE
Week Ended May 20
Range or
Sate
si
Price
High
21
106
106
1946 A O
1
Week's
&
Low
Belvldere Delaware
cons
Range
•3
Friday's
Bid
£
<©
2
©
Asked
03 03
High
No.
Since
Jan. 1
Tj)w
High
3%s..l943
♦Berlin City Elec Co deb 6Kb..1951
♦Deb sinking fund 6%s
1959
28%
27%
28%
27%
*26%
*27%
103%
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6 %81956
Beth Steel
cons M
4%s ser D..1960
Cons mtge 3%s series E
1966
3 Kb b f conv debs
....1952
104%
97
97%
92%
27%
33
104%
65
274
6%
7K
7%
7%
5K
10%
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A
Big Sandy 1st 4s
Boston A Maine 1st 5s A C
O
9K
9%
9%
7K
7%
6
8%
8%
8%
8%
5%
10%
6K
10 K
396
1967 M S
1st M 58 series II....
7
13
10%
91k
30
30%
18
30
32
29
22%
28
99% 104%
92%
98%
82
92 K
12
A
98%
92%
28%
21
1955 M N
9
1953 F
29
26%
20%
28%
27%
♦Extl
♦6s extl
s
(City ol) 8s
6)48
sec
1968 J
f g
♦7s extl loan of 1926
*8
D
1966 M N
-
1967 J
Rome (City) extl 6%B
♦Roumanla (Kingdom of) 7s
♦Saarbruecken (City) 6s
D
1952 A
1959 F
♦7s municipal loan—
O
64
A
23%
..1953 J
64
60
73
22%
24
20 K
38
*21%
J
65%
25
8%
1957 IVI N
8
-,1936 J
§♦88 extl loan of 1921
J
5K
*14%
13K
17
♦8s external
1950 J
J
9
9%
♦7s extl Water loan
1956 M S
9
9
♦6a extl Dollar loan
1968 J
J
8%
Secured
1940 A
O
f 7s
♦Saxoo State Mtge Inst 7s
D
D
1962 IVI N
34 K
45
extl
1958 J
♦Silesia (Prov of) extl 7s
D
Taiwan Elec Pow s f 5 %s
1971 J
J
Tokyo City 5s loan of 1912
External s f 5%s guar
♦Uruguay (Republic) extl 8a
1952 M S
1961 A O
11%
44
24 K
23
47%
25 K
Buffalo Gen Elec 4 %s ser B
1981 F A
Buff Nlag Elec 3%s series C..1967 J D
Buff Roch A Pitts consol 4 Kb..1957 IVI N
26
{{♦Burl C R A Nor 1st A coll 5s 1934
20%
35
34%
41%
60%
29
103"
99% 104%
1946 F
51%
48%
44%
50
52
54
47%
60%
*43
46
41
54%
44%
54
A
♦External
s
f 6s
-.I960 M N
"43%
38%
s
f 6s
1964 M N
43%
43%
43%
45%
♦External
44%
40%
63%
1979 M N
1978 F A
J
41
41
42%
37%
63
42%
42%
38
50
38%
38%
42%
70
3 % -4-4 % % extl read)
4-4)4-4)4% extl read)
3)4s extl readjustment
1984 J
Venetian Prov Mtge Bank 7s_. 1952 A
21%
Vienna (City of) 6s
♦Warsaw
1958 F
1961 J
(City) external 7s
Yokohama (City) extl 6s
A
D
22%
45
40%
62
56
45
67%
67%
21% 100
45
o
1952 M N
56
63%
65
Coll trust 4s of 1907
10-year deb 4%s stamped
J
M
D
45
8
95
90
94%
99
99
,1943
99
98
101%
79
67
100
*102%
1943
1st cons 4s series B
88%
92
88%
1952
Ala Gt Sou 1st cons A 5s
100
6s with warr assented
Alb A Susq 1st guar 3 %s
105
96
35
35
54
39
67
1948
35
*35
37%
*60
1946
78
100"
100
1948
Albany Perfor Wrap Pap 6s
62%
*70
1946
Adriatic Elec Co extl 7s
37%
45
92
1947
103%
90
74
90
Alleghany Corp coll trust 5s—1944
62
59%
66
45
78
6s.
1949
51
49%
51%
44
6s
1950
67%
41%
♦6s stamped
25
1950
1998
1942
1950
4s
Aliegh Val gen guar g 4s...
Allied Stores Corp deb 4Kb
4 Ha debentures
Allls-Chalmers Mfg conv 4s
"21%
21%
8
A
O
105%
81%
105%
106%
38
109
60
105%
*83%
81%
1952
18
101
23
*
M
1951
Alplne-Montan Steel 7s
,1955
Am A Foreign Pow deb 5s...-.2030
M
M
1953 J
American Ice s f deb 5s
S
8
83
Amer I G Chem conv 5)48.
1949 M N
1949
106%
6
{Bush Term Bldgs 5s gu
5 Kb
J
162
51
a27
53%
%
2
67
100
100
1
103%
104
72
94%
103%
J
20-year sinking fund 5 Kb—1943 M N
1961 A
1966 J
deb.1950 J
3)48 debentures
3)4s debentures
♦Am Type Founders
95
8
113
O
102%
112%
102%
D
102
102
J
conv
Amer Wat Wks A Elec 6s ser A. 1975 M N
8%
5%
O
J
*66
33%
O
1966
O
1940
J
5s A
1962
O
Canadian Nat gold 4%s.
1957
July 1969
J
115
J
117
deb 5s
cons gu
Guaranteed gold 5s
Guaranteed gold 5s
Oct
Guaranteed gold 5s.
Guar gold 4%s
June 15
Guaranteed gold 4%s
45
Anaconda Cop Mln s f deb 4Ks 1950 A
1967
5 f Income deb
O
Jan
f Ann Arbor 1st g 4s
1995 Q
Ark A Mem Bridge A Term 5s,1964 M
88%
85%
1969
113%
102%
102%
88
1955
5s equip trust ctfs
Coll trust gold 6s
Collateral trust 4 %s
Dec 1 1954 J
105%
29%
30%
25
25
*
8
96
106%
D
1938
D
D
99%
98
Carriers A Gen Corp deb 6s w w 1950 MN
Cart A Adlr 1st gu gold 4s
1981 F A
Celotex Corp deb 4 kb w w
1947 J D
80%
80%
1948 J D
{♦Central of Ga 1st g 6s__Nov 1945 F A
♦Consol gold 68...
1945 MN
♦Ref A gen 5 kb series B
1959
♦Ref A gen 5s series C
1969
♦Chatt Dlv pur money g 4s..1951
♦Mac A Nor Dlv 1st g 6s____1946
112% 113%
99% 102%
99% 102%
108
89%
D
D
Rocky Mtn Dlv 1st 4s
1965 J
J
Trans-Con Short L 1st 4s
1968 J
J
Cal-Arli 1st A ref 4Kb A
1962 IVI
8
Atl Knox A Nor 1st g 5s
1946 J
D
Atl A Charl A L 1st 4
1944 J
J
*55
1944 J
J
*74%
78
74%
60%
78
14
71%
94
60%
10
64%
77%
Austin A N W lstgug 6e
4
21
I
Refund A gen 5s series A
P L E A W
1995 J
..July 1948 A
1st gold 6s
Ref A gen 6s series
C
18
98%
107%
"7
104%
15
90
Va Bys ref 4s
Southwest Dlv 1st 3Ks-6s.__1950 J
J
Tol A Cln Dlv 1st ref 4e A...1959
Conv
4Kb
102
4» stamped
1961
87% 106%
95% 103%
100
U2%
99% 112
84%
73
108
97
104%
14
31
60%
60%
17%
30
78
81%
85
6
29
97% 102
50
19%
22
35
39%
15%
49%
71
40
39%
82%
21
24%
61
17
45
37%
39
9
32%
70
33%
36
36
26%
59%
30
2
28 K
46
19
20%
97
16
18%
21%
228
34
15
39
106
102
102%
34
99
108
40
48
*
1951
117%
128
11%
105% 112%
95
1960
For footnotes see page 3309.
38%
100% "ii
1948
Pa 6* series B
62
16
100
Bell Telep of
1st A ref 5s series C
78%
30
Beech Creek ext 1st g 3 Ks
128%
50
8%
11
12%
6
6%
7
5%
3%
7%
6
9%
108%
10
11
"97"" 112"
97 %
58
70
108%
107
108%
100%
89
100%
40
1962
1960
{♦Cent RR A Bkg of Ga coll 5s 1937
104%
76
....
47
105%
27
101
105%
77%
98%
22
66
97%
51%
"28
"39% "74%
10
54%
64
112% 110%
M N
M N
68 extended to May 1 1942
105% 108%
"29
Central Steel 1st g s f 8s
*50
M N
114%
RAA Dlv 1st con g
M
S
60
M
S
1st g 5s
1941
61%
34
96
97
21
49
07
1033^
113%
103%
113%
18
S
103%
113%
95% 106
103% 106
22
110% 121
M N
93%
93%
94%
44
94
28
IVI N
M
97
A
93%
*108
*
M
S
97
85%
97
100
101%
....
85%
106
F
..1989
1989
4s
2d consol gold 4s
1)5
59%
115"
113
*104
....
Illinois Division 4s
1949
17%
1st A ref 5s series A
17%
95
3 KB—1949
1949
95
99%
S
A
92%
81%
92%
95
81%
85
87
F
87
Chicago A Erie 1st gold
6s__._.1982
1969
M N
12
10%
68
♦Certificates of deposit..
19
87
83
5
68
5
M
S
17%
19
51
J
10%
10%
4
J
J
10%
10%
2
J
J
*9%
12%
J
J
J
J
J
D
5%
4%
"12
5
5%
4
60
60
90%
17%
7%
16%
56% 108
22%
16%
8%
3
10
15
10
13
10
4
M N
109%
90
14
J
18
15
20%
94% 107%
99% 111%
92% 109
81% 106
48
99
100
11
.....
*52
10%
{{♦Chicago A East 111 1st 6s... 1934
M N
{♦C A E 111 Ry (new Co) gen 5s. 1951
4
53
183%
95%
100%
14%
3
3%
eo
112
>112%^
7%
7%
85%
112
60
15
19%
46%
*35
76%
35
58
20
29
1977
1971
44%
102
00
20
34%
1958 IVI
43
Battle Creek A Stur 1st gu 3s.. 1989
89
59
19%
1st A ref 4%sseries B__
98%
1961
80%
39
20
General 4s
101
99
18%
*107%
5
"14
27%
Chic L S A East 1st 4 %s
16
19
8
25
43
76%
19%
99
47%
98% 101%
94% 108
4
31%
1943
"2
25
14%
A
Rei A gen M 5« series F.....1996 IVI
Bangor A Aroostook 1st 5s
Con ref 4s_.
82
104
35
24%
12
19""
86%
J
24
8
92
25
..1987 J
22
2000
20
93%
100
89
103%
9
23%
1960 F
Ref A gen 6s series D
73
90
111% 114%
28%
76%
33%
4
111
115%
120% 126%
27
88
J
12
28%
45
38
25
*108 34
63
19%
120%
114% 118%
112% 116%
J
4
D
121
116
1
J
20
...
117
O
56%
*15%
114% 117%
1
39
99%
115%
15
20
A
69
O
109
J
89% 104%
107
"95 "
*
D
1995 J
1941 M N
111
J
54
43
80
16
1966
1961
1987
67%
O
15
01
93%
104%
99
89
XI
90
18
115
*58
{Chic Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989 J
1 1989 J
C—May 1 1989 J
♦Gen 4 %s series E_._May 1 1989 J
♦Gen 4%s series F.__May 1 1989 J
F
{♦Chic Mllw St P A Pac 5s A..1975
♦Conv ad) 5s..
Jan 1 2000 A
M
{♦Chic A No West gen g 3K8..1987
♦General 4s
1987 M
M
♦Stpd 4s non-p Fed Inc tax 1987
•Gen 4%s stpd Fed Inc tax--1987 M
♦Gen 6s stpd Fed Inc tax
1987 M
♦4Kb stamped
...1987 M
{♦Secured 6%s. .—
1936 IVI
♦1st ref g 6s
May 1 2037 J
♦1st A ref 4 %s stpd.May 1 2037
♦1st A ref 4 %s ser C.May 1 2037 J
♦Conv 4%s series A...
1949 M
24%
60
94%
118%
128%
99%
100
115% 119%
125% 128%
24
25%
*22%
♦Gen g 3%s series B__May
July 1948 A
79
A
54
1941
35%
102
F
{♦Chicago Great West 1st 4s...1959
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 6s series B
1W47
♦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
1956
Baldwin Loco Works 5s stmpd.1940 M N
42
1951
Chic A Alton RR ref g 3s.
D
*56%
*-....
Gen mortgage 6s
1941 M S
Cent Hud G A E 1st A ret 3KB.1965 IVI s
Chic Burl A Q—111 Dlv
J
18
2
17
102
88%
9
26%
Cent 111 Elec A Gas 1st 5s
75% 103%
J
1959
90%
14
85%
22%
M
75% 103
1960
1948
Second mortgage 4s
45
10
85
75
35%
44
98% 110%
1956 J
{♦Auburn Auto conv deb 4%s.l939
7%
Potts Creek Branch 1st 4s... 1946
Conv gold 4s of 1910
Conv deb 4Kb
Atl Gulf A W I 88 coll tr 5s
7%
*4
1941
100
98
Conv 4s of 1905
4s
J
*6%
41
90
Oct 1952 MN
J
1948 J
1948
J
*5%
24%
90
May 1 1945 IVI N
107
16%
6
8%
8%
36%
J
1
Con* gold 4s of 1909
gold 4s
106
"26" "21
*5
1946
31
97
102% 105%
86
74%
D
♦Mid Ga A At Dlv pur m 56.1947 J
♦Mobile Dlv 1st g 6s
Central Foundry mtge 6s
25%
44
84
87%
D
J
5%
A
86%
J
O
O
86
1964
A
F
O
98
O
Guaranteed g 6s—
1995 M N
1956 J D
92
A
*15%
*20%'
*9%
*4%
Through Short L 1st gu 4s... 1954 A
98 K
1995 A
*95%
106%
106%
103%
103%
*108%
76
♦Cent Branch U P 1st g 4s
Warm Spring V
...
*35
"76
99% 104K
96
107%
99%
80
94%
105%
*36
77%
88
General unified 4Kb A
111%
99
92%
J
105%
86%
At! Coast Line 1st cons 4s July 1952 M 8
95%
110
15
A
83
Kb A
73
74
97%
112%
O
39
1st 30-year 6s series B
78%
108%
100%
106% 107%
97%
112%
A
94%
92
30
10
97%
112%
Central N Y Power 3%s
98%
94%
105%
31
3
Cent Paclflo 1st ref gu gold 4s.. 1949 F
93%
Nov
86%
107%
111%
65
100
"93%
1995
62
793%
68%
100
94%
4s
98
78%
35
95
94%
♦Stamped 4s
100
9
11
79%
38%
J
♦Adjustment gold 4s
30
"59" "78%
21
124%
115%
J
4s
{♦Cent New Eng 1st gu 4s
Central of N J gen g 6e_.
A
1st M s f 4s ser C
12
45%
105%
35%
63%
101
68%
124%
119%
117%
1960
1949
guar
28
120
"92% "ii
92
J
41
5%
1063%
99%
115%
D
120
1946 M S
J
1944 J
Coll trust 4%s
Cent Illinois Light 3 kb
97% 107
105
30
2
'""6
124%
A
1941
Certaln-teed Prod 6%s A
1948
Champion Pap A Fibre deb 4%b '50
Ches A Ohio 1st con g 5s
1939
General gold 4%s
1992
Ref A Imp mtge 3 kb 8er D..1996
Ref A lmpt M 3 %s ser E
1996
Craig Valley 1st 6s
May 1940
117
*96%
105
328
117%
120%
119%
117%
116%
.115%
o
1970
114%
116%
116%
87
(Del) 4s series B.1955 F
(Del)
1957 J
AtchlRon Top A Santa Fe—
Armour A Co
Ohio 1st g 4s
45
*101"i«
A
1956
Guaranteed gold 4Kb..Sept 1951 M S
J
Canadian Northern deb 6 Kb...1946 J
J
Canadian Pac Ry 4% deb stk perpet J
92%
♦Anglo-Chilean Nitrate—
Bait A
111
25%
1960
conv
12
*1083^
Calif-Oregon Power 4s...
79
Amer Telep A Teleg—
Atl A Dan 1st g
84%
106%
iii"
ICal Pack
80
88
«27
51%
D
Am Internat
LAN coll
85
O
1955
General 4s
10-year coll tr 6s
993^
67%
1st A cons g 68 ser A.Dec 15 1952
COMPANIES
{{♦Abltlbi Pow A Paper 1st 5e.l953
Adams Express coll tr g 4s
1948
General
106
A
1952
Caro Clinch A Ohio 1st 6s
INDUSTRIAL
conv
A
106
deposit
Consol 5s
{♦Car Cent 1st
Corp
1950 F
{Bush Terminal 1st 4s
22%
30
60
40
50
44 K
1946 IVI N
6%
54
gu
77
14
Canada Sou
Allegh A West 1st
72
13
25
102%
conv
A
13%
20%
105%
63%
1950 F
1947 M N
of
5
....
104% 107%
23% 45%
45
23%
60
1950 J D
1957 IVI N
45
A
105%
53%
30
7%
*28%
1955 F
105%
55%
30
Debenture gold 5s
1st lien A ref 6s series B
Brown Shoe s f deb 3%s
34%
45
A
Sydney (City) s f 6%s
H b/.
*26
17
35
29%
4
45%
J
7K
27
29%
29%
♦Sllestan Landowners Assn 66,-1947 F
♦Coll A
IVI N
27
43
1941 J
Bklyn Union El 1st g 6s
Bklyn Un Gas 1st cons g 5s
♦Certificates
♦7s series B
conv
M N
11%
10 K
(Kingdom
35
Coll A
J
18
*25%
1962 M N
AND
A
24
*25%
1946 J
♦8s secured extl
RAILROAD
O
1
8%
32%
31
31K
1945 J
6 %s
Serbs Croats A Slovenes
sec
A
F
J
1st Hen A ref 6s series A
♦6 %s extl secured s f
7%
8%
8%
San Paulo (State of)—
g
D
gtd 5s. 1941 IVI N
con
1st 5s stamped
1952 M N
♦8s extl secured s f
s
1st g 4 %s series J J
1961
{♦Boston A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3%s..l966
Bklyn Manhat Transit 4 KB—.1966
Bklyn Qu Co A Sub
Sao Paulo (City of, Brazil)—
♦Sinking fund
...1944 J
"233%
♦Gen 4kb series
24
"8%
3
N
N
25
24
25%
24%
8%
25
3
14%
"l5""
37
23
23%
"""8
32
35%
30
21
35%
34%
2
19%
103
154
7%
2%
14%
1
13%
18
15
13%
13%
14%
15%
18%
18%
17%
15
16%
16
16
16
4
N
15
15
16
7
7
17%
16%
N
N
30
9%
3%
N
N
20
20%
20%
18%
18%
10
10
"~2
15
2
7
13%
4%
22
18%
22%
D
8%
8%
8%
8
7
D
8%
4%
8%
9%
8
0%
12%
11%
11%
4%
5%
139
3%
7%
D
N
10
New York Bond Record—Continued—Page 3
3306
May 21,
Friday
BONDS
N.
Last
EXCHANGE
STOCK
Y.
Bennett ''Bros. & Johnson
*Private Wire
♦Detroit A Mac 1st lien g
♦Second gold 4s...
Randolph 7711
-
BONDS
Last
to
Range or
*«*
N.
Y. STOCK EXCHANGE
Week Ended May 20
Sale
*5
Bid
Asked
&
East Ry
Range
§5
Friday's
Price
NO,
— .-—---
Ed El 111 Bkiyn 1st cons
Jan. 1
Low
1988
{♦Chic R I & P Ity gen 4s
♦Certificates of deposit
J
J
17M
No.
18%
17M
Low
H igh
42
52
37
51
14%
AO
7%
"34
6%
19
5%
5
19M
18M
9M
8M
9
5M
10
6
5%
8M
4
6%
4%
8
4
-
7
6%
6%
—
3
5%
-'.i
*17
-
1952
4Ms..---i-.-.-—1960
M
1%
M N
1951 J
J
June 15 1951
Memphis Dlv 1st g 4s
1951 J
J
Chic TH4 So'eastem 1st 5s.. 1960
Gold 3 Ms
58...........Dec 1 1960
S
D
D
14M
8
17
70
f:
1
55
70
59%
70
*
......
D
D
47
l
86
86
*35
M S
£9
78 %
78
*45
_
50
49
67
38 M
38%
20
42
38%
H
54 M
Guaranteed 4s
.1944 A
105
♦104M
1st mtge 4s series D
.1963 J
100%
106 M
106%
3
1st mtge 3%s series E
.1963 J
105M
105M
105%
29
3 Ms
.1951 M
100M
100 M
5
guaranteed
Chic & West Indiana con 4s..
1st & ref M 4%»
.1952 J
89
series D... .1962 M
87
87
{♦Choc Okla & Gulf cons 5s.. .1952
Cincinnati Gas & Elec 3Mb... .1966
F
-
A
-
106
106
Clearfield & Mah 1st gu 5s... .1943 J
J
100
92 M
68M
14M
"37
106%
109%
101%
1
108%
6
106
2
*30
......
71
48H
108%
105%
108%
------
109 M
106 M
71
101 M
M N
series D. .1971
97 %
16
109%
.1967 J D
1st mtge 3 Ms
Cin Leb & Nor 1st con gu 4s.. .1942 M N
Cin Un Term 1st gu 5s ser C.. .1957 N N
100
42
18
*15
m
102 M 107 M
110
103
14
89%
65%
59%
IVI N
40
90
89
.1943 A
Childs Co deb 5s
1st mtge guar 3 Ms
1
102% 106%
106 % 109 M
101 H 102
107 M 109
102
108%
75
4s.
1993
..
D
1993
J
1939
J
Cin Wabash A M Dlv 1st 4s. 1991
J
Ref A lmpt 4 Ms series
E
Cairo Dlv 1st gold 4s
*
-
8t L Dlv 1st coll tr g 4s
Cleve A Pgh gen gu 4 Ms ser B. 1942 A
1942 A
Series B 3 Ms guar
1942 J
Series A 4 Ms guar
1950 F
Gen 4 Ms series A
s
98%
57
57
59
78
104%
99
99
95%
96
106
103 M 106
110
112
109% 112%
♦
110
1st cons
105%
105M
—
— -
-
-
-
106%
:-
*98
—
—
104M
stamped
— ...
B...
Erie A Pitts g gu 3Ms ser
90%
37
77
86
85%
86%
25
77
77
78%
25
71M 102 M
65%
92 M
"97"
90 %
11
40
65
38
18
30
47 M
93%
77
86
99
86
98
85
96 M
35%
Columbia G A E deb 5s... May 1952 IVI N
Debenture 5s....
Apr 15 1952 A O
96
47
45
35 %
90%
Columbia A H V 1st ext g 4s... 1948 A
Columbus A Tol 1st ext 4s
1955 F
*90
J
O
A
D
J
1st mtge g 5s series A..
1953 J
1954 J
D
1st mtge g 4 Ms series C
1st mtge g 4 Ms series D
1957 J
J
1981 IVI
"52
100%
160
102
102%
104%
100
103%
s
—
1956 A O
1st mtge g 4s series F
105%
109%
107%
J
1st mtge 5s series B
105M
*106%
107%
107M
99%
100M
102
O
2%s debentures
1942 J
Commercial Invest Tr deb 3 M8 1951 J
Commonwealth Edison Co—
"i\
92%
104 %
•
1965 M N
A
93%
89 M
89%
1
130
110%
110M
105%
"97" ~"lC
"96"
47
Jan 15 1961 J
110%
11
110%
110%
111%
16
111%
21
107 M 1P9M
107
111
20
103 M
37
1995 J
D
A
J
J
J
A
O
1965
A
102 M
-
-
104%
101
101%
*45
-
79%
*45
W4
95%
-
-
2
33%
70%
23
23%
19
16
53
18%
19%
4
13
51
3
12%
36%
19
20
" lOlM
105 M
112%
106M 109M
105
42%
*39
♦Genessee River 1st s f 6s.. 1957 J
J
*33
50
Ernesto Breda 7s
A
Fairbanks Morse deb 4s— —1956 J D
Federal Light A Traction 1st 5s 1942 IVI S
5s International series
1942 IVI s
1st Hen
8
1942
stamped
IVI
s
1942
f 5s stamped
1st lien 6s
IVI
D
108
♦Certificates of deposit.
108%
1st mtge3Ms
1946 J
D
1943 J
D
6
109 X 112M
108 %
107 M 108 M
104 % 108
30
97 M
103 M
163
99 M
102M
1951 F
A
Crown Cork A Seal
1950 M N
_
f 4s
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5Ms
1951 J
...1942 J
Cuba RR 1st 5s g
J
D
1952 J
J
7M8 series A extended to 1946
J
A
O
-
.
92
103%
104
------
34
38
D
Dayton Pow A Lt 1st A ref 3 Ms 1960
J
-
D
6s series B extended to 1946
101%
-
Del A Hudson 1st A ref 4s
1943 IVI N
Del Power A Light 1st 4 Ms
1st A ref 4Ms
1971 J
1969 J
J
24%
101
101%
100
20 M
414
105 %
10
11%
11%
11M
J
«,
35 M
104
-
-
-
17 M
16 %
11M
13
15M
15M
41%
41%
108%
105%
104%
104%
101%
102%
40
54
2%
♦Certificates of deposit
Fort St U D Co 1st g 4 Ms
1941 J
f Framericanlnd Dev 20-yr 7 Ms 1942 J
1%
J
Stamped as to Penna tax.
{{♦Den A RG 1st cons g 4s
1936 J
J
1936 J
J
37
%
103% 103%
103
105'»»i
f 5 Ms A
♦Sinking fund deb 6 Ms
Gen Motors Accept Corp deb 38.'46 F
A
98 M
83
104
34
33%
38
38%
108%
35%
37%
*108
--
104
-
-
104
105 M
105 %
92
99% 103%
106 %
103
102 M 105
«*
**
-
-
108%
108%
12
12%
16
101% 104%
103%
104
31
101
42
-
-
-
*15%
—
*
-
-
30
3
95
63
96%
95%
96%
25
104%
104%
104%
95
s
92%
80%
80%
*104
5s... 1947 J
D
A
70
90
1
—
-
Great Northern 4Ms series A..
J
1961
90
93
48
—
81%
83
20
-
73%
73%
72%
72%
76%
14
J
85%
85
89%
103
J
79%
79%
82
J
69
Stamped
90%
—
-
-
-
-
-
7.
69
98
99%
105M
74%
83%
106%
"65" "77"
71M
*
-
105
-
-
O
80
*60
O
64
64
82
54
60
5
-
-
-
-
-
O
*85%
1966 A
O
104
6
O
103%
J
108%
103%
108%
1952 J
81
55
82
90
■
16
4
1
91
91M
105
1946 A
♦Harpen Mining 6s....
1949
Hocking Val 1st cons g 4Ms—.1999
Hoe (R) A Co 1st mtge
.1944
{{♦Housatonlc Ry cons g 5s
1937
10
55
-
-
—
7
90%
92
76
99M
88
105
100M 103M
108
108%
J
J
27%
27%
2
27
J
J
112%
113%
64%
4
108
27%
119%
8
52
64%
36
38%
A
O
62
M N
Houston Oil sink gund 5 Ms A. 1940 IVI N
Hudson Coal 1st s f 5s ser A... 1962 J D
36
*30
101%
23%
101%
24%
1949 M N
._
.
*120%
—
-
-
101 %
25
25%
169
-
-
-
-
-
-
-
99% 101H
13
30%
118% 120M
F
A
47%
45
50
152
40
56
1957 A
O
17
14%
20
250
11%
23%
Illinois Bell Telep 3Ms ser B..1970 A
Illinois Central 1st gold 4s
1951 J
O
109%
110
ser
A .1957
♦Adjustment income 5s_Feb
1st gold 3Ms
Extended 1st gold 3 Ms
1st gold 3s sterling
1951 J
109%
J
*80
*
J
A
O
1951 IVI
S
1951
91
92
*72%
*
89%
20
-
•
-
-
-
--
-
-
-
54 M
37%
37%
41
58 M
1955 M N
45
45
45%
52
1966 F
A
31
31
34
*65
84
Refunding 5s__
40-year 4Ms
Aug
Cairo Bridge gold 4s_
1
1950 J
J
A
108M
Omaha Div 1st gold 3s
1951 F
St Louis Dlv A Term g 3s
1951 J
Gold 3Ms.
....1951 J
108 %
Springfield Div 1st
g
3MS---1951
Western Lines 1st g 4s
J
1951 F
J
11
37%
30
34%
50
73
*
59%
—
*
^
65
*
72%
*
90
A
*
.
16
3309
<£=
I
-
mW'-O
60
54
49%
-----
25
_
32
5
39
131
23
-
.
-
78
....
---
....
-----
70
J
J
93%
77%
77%
45
*63
—
98
88
44
*
J
85
43%
-
D
1st gold 3s... 1951 J
Loulsv Dlv A Term g 3 Ms.-1953 J
Litchfield Div
-
106% 110%
42%
*
'
-
93
41
15
89%
79% 103%
7
85
31%
108
99%
90%
95
65
63%
*
35
54 M
69%
104
74
J
J
43%
108 H
75
'
42 %
106 M 108 %
104
103
84
61
9%
1961 A
Hackensack Water 1st 4s
96% 111%
71%
60
9%
1952 J
Gulf States Steel sf 4 Ms
Gulf States Util 4s series C
1
70
*45
Feb
Feb
O
10
78%
84
64%
63
102%
1952 A
ioin
34
106
70
101 %
102%
J
1952 J
1953 M N
106 M
21
25 M
-
-
"n" "16
1955 M N
106
57%
25
101%
'--r —
*
J
81
80%
*25
J
98%
14%
-
28
30
30
104
13
-
_
*18
1944 F
1950 J
89
38
98%
38
1
36
98%
Collateral trust gold 4s
28
48 M
33
Purchased lines 3 Ms
Collateral trust gold 4s.
105 %
48%
39
104%
D
1st A gen a
40
104%
98%
Gotham Silk Hosiery deb 5s w w '46 IVI
(Japan) 7s
f 6Ms
166"
104%
Refunding 4s
108
*11
4
47%
-
43
31
47%
43%
108%
48%
48
-
Gouv A Oswegatchie 1st 5s
1942 J
Grand R A I ext 1st gu g 4MS..1941 J
100% 105M
98 M 102
103%
102%
99%
39
98
40%
1st mtge 4M8.__.____
1956
Goodyear Tire A Rub 1st 5s..1957 IVI N
105%
102%
103%
*104%
85
7
Goodrich (B F) conv deb 6s.-.1945
Hudson Co Gas 1st g 5s
92
11
47%
48%
{{♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir sec 7s.. 1945
HudBon A Manhat 1st 5s
103
"34
97%
47%
*47%
5s Oct 1 '45
Gt Cons El Pow
49 %
97
104
1951
gu
35 M
60
96%
Gen Pub Serv deb 5%s
1939
Gen Steel Cast 5 Ms with warr.1949
Grays Point Term 1st
6
101%
1948 IVI N
cons
37%
101 %
1940
{♦Ga A Ala Ry 1st
-
-
*1 1 £
♦20-year
f deb 6s
-
98
1947
♦Gen Elec (Germany) 7s Jan 15 1945
b
-
-
761%
Gen Amer Investors deb 5s A.. 1952
s
-
-
14
Gas A El of Berg Co cons g 5s.. 1949
101M 106 %
108
12
2
100
105%
95%
104 M 109
101%
*104%
{{♦Galv Hous A Hend 1st 5 Ms A'38
102 M
91%
*107%
1951 IVI N
*85
J
Francisco Sugar coll trust 6s... 1956 M N
105
"
1st mortgage 4Ms...
J
1969 J
Den Gas A El 1st A ref s f 5s... 1951 IVI N
6%
2
1%
105%
109
47%
108%
-
24 M
92 M 101%
16
*39
------
7%
3%
1%
1946
103%
102%
*10%
*10%
1966 M N
58
3%
2%
1946
*10%
Container Corp 1st 6s.
15-year deb 5s
Crane Co s f deb 3 %s.
6
40
49
2%
1%
GeD mtge 4s series H
102%
104%
2
35
6
17%
109M 112
*10%
1970 M N
3 Ms
97
40
*1%
J
101%
105
85
93%
*2%
1977
2
108 %
105M
75
7
M N
110M 113M
110M 113
133
*22%
Consumers Power 3Ms.May 1 1965 IVI N
1st mtge 3 Ms
May 1 1965 IVI N
1st mtge 3 Ms
.1967 M N
89% 100
(Amended) 1st cons 2-4s__1982
J
107%
-
92%
97%
1
51
*5%
97
{{♦Proof of claim filed by owner M N
{{♦Proof of claim filed by owner
J
103%
-
89%
..
—
102%
89%
92%
1952
J
107%
—
97
----
85
mmmmm
64
59
-i
96
5%
-
1976
102%
-
2
-
90
51
mmmm*
50
.
5%
1973
103
-
*79%
-
-
51
1974
1952
101%
1960 J
5s
-
-
....
97
96
—
88% 101%
-
94%
97
{♦Fla Cent A Penln 5s
♦1st A ref 5s series A
46 M
-
95
*34
f7s...
-
-
94%
*91 %
—-
1943
{♦Florida East Coast 1st 4 Ms. .1959
s
-
64
—
1946
Flat deb
-
-
100%
*91 %
*
105
-
—
—
87
64
100
100
s
1954 J
30-year deb 6s series B
*45
38
-
-
.
s
1954 F
{♦3d mtge 4Ms..«.......
1938 IVI
General 4Ms series D..
General 4 Ms series E
General mtge 4s series G
102 M
104%
V-
1956 J
21%
43
General 5Ms series B
General 5s series C
99 M
100
102%
1955 A
17
-
-
9%
10-year deb 4 Ms
♦Debenture 4s
-
108
95 M 100%
♦Consolidated Hydro-Elec Works
♦Debenture 4s
-'
9%
Gulf Mob A Nor 1st 5Ms B—.1950 A
1st mtge 58 series C
-.1950 A
Gulf A S I 1st ref A ter 5s Feb 1952 J
101M
100% 100%
-
138
107% 108%
9
*108
of Upper Wuertemberg 7s.-.1956 J
conv deb 3 Ms.:
1951 J
{♦Consoi Ry non-conv deb 4s.. 1954 J
♦Debenture 4s
..1955 J
-
30
108
1951 J
Consoi Oil
-
-
44%
14%
45
1940 M N
-
-
43%
14%
Greenbrier Ry 1st gu 4s
-
-
103
m
103%
*102%
-
13%
100% 101
106% 109%
1
13
100
page
3
13
*60
F
94% 104
107%
104%
13%
------
1961
99
104
90%
J
1943 A
1951 J
-
O
1927
1930
♦Erie A Jersey 1st s f 6s
1967
3%s A
W
•
1955 J
♦Ref A impt 5s of
Gen mtge 3Ms series I
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
4Ms
-r
1975 A
♦Ref A lmpt 5s of
105
f
-
101% 103%
131% 131%
104%
18%
102% 107 M
sep
-
108
70
6
107%
-
*14
11
For footnotes
103
1
23
110
1967 IVI N
78
Consoi Edison (N Y) deb 3Ms. 1946 A
3 Ms debentures
1956 A
3 Ms debentures
-.1958 J
105
14
105
-
102M
106
51
74%
102
-
5. ■ ♦Series B............... 1953 A
1953 A
♦Gen conv 4s series D
Conn Ry AL 1st A ref 4 Ms
I
-
....
23%
106%
{♦Consoi gold 4Ms
-
--
112%
s
-
----
J
108
1st mtge
101 %.
*102%
107%
s f
104%
19%
109%
*131%
102%
102%
^
i
106%
♦Consolidation Coal
109
44%
111 %
s
94
74%
J
108
guar
7
*1C1
-
1940 J
106 %
Stamped
33
96%
*16
O
1965 A
Conn Riv Pow
20
109
1953 A
♦Conv 4s series A
12
*104%
-----
109%
1940 J
Series C 3 Ms
37
20%
96
96%
J
1995 J
107%
20
O
1939 J
1st mtge 3Ms series H
Conn A Passum Riv 1st 4s
111M
38
111
J ♦Erie RR 1st cons g 4s prior.. 1996
♦
1996
1st consoi gen lien g 4s
15-year 3%s deb
92
90%
1951
"93M
93%
-
1980 M N
Columbus Ry Pow & Lt 4s
Commercial Credit deb 3Ma
106M
101 %
—
-
—
100
-
*
*
108
106% 108
-
*
—
—
105% 105%
*103 M
*102%
—
111% 113%
109%
1965
El Paso A S W 1st 5s
Gen Cable 1st
1977
5s
M
*105%
A
42
26
97%
106
*
J
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 5s.. 1943
♦5s Income mtge
1970
Debenture
97
57
65
-
-
1973
Colo A South 4 Ms series A
73 H
102 M
65
1972
f 4 Ms series C
92 M
O
Gen A ref mtge 4 Ms series B. 1981
Cleve Short Line 1st gu 4 Ms--. 1961
1st
90 M
92 M
50%
57
57
1977
Cleve Union Term gu 5 Ms
1st s f 5s series B guar
59
108
*98%
------
O
1948 M N
Series C 3Ms guar..
Series D 3 Ms guar
'■
48
1940 M S
J
W WVal Dlv 1st g 4s
1940 J
Cleve-Cliffs Iron 1st mtge 4Mb. 1950 M N
J
Cleve Elec Ilium 1st M 3Ms... 1965 J
_
-
48
1990 M N
Spr A Col Dlv 1st g 48
— —-
43 M
67%
*63%
D
1977
General 5s series B
4
42
80
112%
107
1956 M N
4s_...
g 5s..
Fonda Johns A Glov 4 Ms
Cleve Cin Chic A St L gen
112%
10%
3
4M
♦N Y A Erie RR ext 1st 4s.. 1947 IVI N
Chicago Union Station-
.
—
8
7M
5M
108%
A
1952
Electric Auto Lite conv 4s
1941 IVI N
Elgin Joliet A East 1st g 5s
El Paso Nat Gas 4Ms ser A... 1951 J D
5s
-
4
110%
107
F
6
.1934
Ch St L & New Orleans 6s
Inc gu
High
*47 M
deposit
of
|♦Secured 4 %s series A
♦Certificates of deposit
♦Conv g
A
—
{♦Refunding gold 4s
♦Certificates
F
-
4M
109
Minn Nor Dlv 1st 4s.. 1948
East T Va A Ga Div 1st 5s
Since
Ed EI 111 (N Y)
{ {♦Chicago Railways 1st 6s stpd
Feb 1 1938 26% part paid
-
8
8
1
High
111
J
Week's
1
10
1966
G
4s... 1995
{{♦Dul Sou Shore A At! g 5a.. 1937
J
Duquesne Light 1st M 3 Ms— 1965
Friday
5%
5%
112%
Detrolt Term A Tunnel 4Ms.. 1961 IVI N
D
1951 J
Dow Chemical deb 3s
r. 1-761 A- *Bell System Teletype -h Cgo. 543
5%
5
7%
*3%
*15%
5%
Low
1952
—-
Gen A ref mtge 3 Ms ser
135 So. La Salle St.
Connections
Tllgby 4-5200
No.
Since
1965
Gen A ref 5s ser E
Gen A ref M 4s ser F
One Wall Street
High
5%
{♦Des M A Ft Dodge 4s ctfs... 1935
{♦DesPlains Val lstgu4Ms._. 1947
Detroit Edison Co 4 Ms ser D._ 1961
Chicago, 111.
Jan.
<Sc
7%
J*Den A R G West gen 5s.Aug
♦Assented (subj
to plan;.
♦Ref A lmpt 5s ser B___Apr 1978
RAILROAD "BONDS
York, *2^. Y*
Bid
IjOW
A
Range
aq<§
Friday's
Price
1955 F
au
Ask
Range or
Sale
Week Ended May 20
1938
Week's
72
45%
55%
38%
84
-----
72
-----
---
....
--
-----
-----
-----
——---
50%
75
Volume
New York Bond Record—Continued—Page 4
146
Last
BONDS
N.
EXCHANGE
STOCK
Y.
107
38%
48
29
46%
35
4
28
42
1UU
*
Interlake Iron conv de'u 4s
A
O
M
S
....1956
Int
Merc
Marine
s
f
40
2
40
57%
78%
14
65
81
100%
16
100
100%
1
13
19%
Ref
8
J
15
15
10
14
19
J
14%
15
20
14
19
A
1941
A
-.1955
f 6s series A
5s B—1972
1947
Int Rys Cent Amer 1st
IVI
66%
41%
57
39
22
35%
51
88%
90
67
80%
94%
80%
82%
22
54
83%
8134
IVI N
deb g 4Hi.. 1952
J
J
J
J
1955
F
A
IVI
s
{♦Iowa Central Ry 1st & ret 4s. 1951
82
75
94
435
39%
67%
492
74
92
420
42%
1%
3
76
66
59
67%
9134
87 34
92
69
63%
70
2%
*2%
{{♦K C Ft S & M Ry ref g
♦Certificates of deposit
1951
1952 IVI
1979
{♦Mid of N J 1st
Milw El Ry & Lt 1st 5s B
{♦M St P & SS M
48
78%
90
98%
A
O
*67%
90
90
♦25-year
A
O
23%
24
29
22
29%
♦Karstadt
♦Ctfs
w
w
(Rudolph) 1st 6s... 1943
w stmp (par $645)-.1943
16%
27%
63
64%
26
62
56%
56%
60%
34
44%
71%
64%
105%
77
103%
108%
1961
1997
Kings County Eiev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
1st & ref 6%s
1954
Kinney (G R) 5%b ext to
1941
Koppers Co 4s ser A
1951
Kresge Foundation coll tr 4s.. 1945
3%s collateral trust notes. ..1947
«
—
*_
-
F
■
*50
*50
A
80
80
J
*
J
97%
D
*98
87
'
92%
-----
-----
95
-
-
-
—
-
94%
-----
-
-
-
-
-
-
-
-
95
103%
98
100%
13
98%
100
-
11
S
80
91% 100%
-
10
97%
155
71
3
80
95
-----
150
103%
*93
103%
85%
93%
26
31%
Lautaro Nitrate Co
28
86
86
2
80
90%
55%
56%
18
48
61%
56
11
47
60
49
49
2
41%
53%
47
47
4
44
47%
*65
87
89
95%
95%
49
J
J
J
J
D
*
-
-
♦Certificates
♦General
87
87%
11
✓
W
'
87%
-
29%
1975
♦1st mtge Income reg
-
-
-
-
19
88
85
*53
f 5s. 1944
Lehigh Val Coal 1st & ref s
53
*30
39%
*85
90
*29
F
32
*
1st & ref s f 5s
89
......
A
1954
1964
1974
f 5s
1st & ref. s f 5s
IVI
21%
-
-
extend to-----1943
1954
-
-
-
-
S
1940
J
2003
IVI N
2003
2003
g.5s...1941
1st 50-yr 5s gu_..1965
IVI N
4%s
Lehigh Val (Pa) cons g 4s
General cons 4%s
General cons 5s—
J
-
-
102
47
-
-
-
-
-
-
Liggett A Myers Tobacco
A
O
78...1944
A
O
F
A
J
D
Liquid Carbonic 4s conv debs—1947
Little Miami gen 4s series A—1962
Loews Inc
8
1946
1952
f deb 3%s
Lombard Elec 7s ser A
♦Long Dock Co 3%s ext
Long Island gen gold 4s
Unified
gold 4s
Guar ref gold 4s
4s stamped
-
-
-
to..-1950
1938
1949
1949
1949
M N
F
-
5
J
{♦Mobile A Ohio
Montreal Tram
s
95
1944
Co deb 7s
45
28
9
gold 4s...1938
gen
s
f
f
40
85
34
50%
11%
30%
13
32
100
62%
-
40
♦4%s Jan 1914 coup on
52
♦4%s July 1914 coup on
♦4%s July 1914 coup off
s
-
76
*77%
---
-
-
-
94% 100%
♦4s
37
76%
80
90
♦4s April
99llul00%
87
75
88%
88%
♦4s April
♦Assent warr & rets
Nat Steel 1st coll s f
45
23%
19
1634
25%
1634
23
{♦New England RR guar
29
101%
230
93%
1
1955
Lower Austria Hydro
E10%s..l044
------
101%
93%
..
83%
83%
A
*75
1
11
5
83%
80
A
75
F
*100
106
80
60%
79%
101% 104%
104
107%
M
*89%
*
103%
*
13
75%
110%
75
------
IVI N
M
IVI
N
103%
32
-----
1
-
-
-
-
-
—
-
-
2
....
Maine Central RR 4s ser
Gen mtge 4%s ser
Manatl Sugar 4s a f
A—1945
A....... 1960
Feb 1 1957
J
83% 102
75
93%
90
65
82
105% 107%
78
82
111
112
♦Certificates of
74%
80
103
111%
A
98%
♦1st 4J4s ser*es
98
2013
J
For footnotes see page
3309.
102%
1
100%
100%
33
1
97% 102%
93% 101
78%
78%
91%
43%
45%
6
43
55
25
23%
26%
13
20
28%
D
28%
31%
266
17%
32%
29%
28%
6
18%
18%
18%
18%
""654
8
4
18%
1634
25%
19
15
23
16%
25%
15
23
18%
.....
3
19
634
1034
"19"
25%
23
23
1034
25%
15
23
"88"
*45
1134
6434
70
70
*14%
1134
17
14
2134
IM N
1134
*50
834
1134
1134
14%
15
9
60
5434
58
99%
100
99
10734
104 34
99%
10534
A
O
106
106
99
A
O
94
94
95
85
95
D
94
9334
84
94%
98
9434
98%
O
74%
74%
O
*74%
J
o
*74%
D
57
M N
*43
M N
40%
M N
*111%
79
"74" "74"
80
59%
50
49
4134
42
36
5534
112
113%
11434
7134
02
100
IM N
F
9634 101
73
74%
7234
7334
69
o
A
J
*45
24
24
D
62
58%
30
20
16%
31%
IM N
101%
10534
68
18
19
19
3
10
19
100%
348
28
10534
10534
20
134
96 34
98
9234 101%
100
100
J
J
J
A
234
A
2%
234
34
2%
1%
334
134
O
O
*134
1%
*1%
J
A
2
134
1%
D
IM N
107J4
1%
107 34
108%
*2234
D
4 34s 1945
1998
1946
A—..2013
C
2013
1952
10-year 3%s sec a f
Ref A lmpt 4 34s ser'es
series
Conv secured 334s
103
108%
120"
30%
31
J
30
31
2434
D
123
J
120
30%
F
123%
121%
107"
107
32%
31
12234 125
120% 12234
95
A
O
120
121%
IM N
107
104% 108
J
*45
60
38
J
*39
42%
34
04 34
50
95J4
97
8034
9834
96%
97 34
8434
9834
56
58
47
70
O
25
25
25
31
o
28
28
22
33
31
28
A
Newport A C Bdge gen gu
N Y Cent RR 4s series A
43
65
11634
2434
D
5s—1948
5s... 1945
....---1956
1956
1954
2%
O
1954
1st 4s.. 1986
1%
134
O
A
28
22
24%
28
23
33%
28
O
95 34
D
J
"57"
24%
30
32
-
35%
J
F
A
A
A
IM
22
37
28
2634
3534
*110 34
A
30
*26 34
O
♦Certificates of deposit—
Ref A lmpt 58
27
1%
IM N
1977
1977
25
100%
101%
*99%
deposit—
♦1st 6s series C
78%
N
42%
*60
S
I960
1983
N O & N E 1st ref A Imp 4 34a A 1952
New Orl Pub Serv 1st 5s ser A.. 1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s... 1953
{{♦N OTex A Mex n-c ino 5S..1935
♦
1st 5s series B
1954
New Orl Great Nor 5s
44
J
M
{♦Manhat Ry (N Y) cons 48..1990
♦Certificates of deposit...
♦Second 4s
102%
100%
18%
S
M
1st 4%s
N J Pow & Light
♦1st 534s series A
McCrory Stores Corp sf deb 5s. 1951
McKesson A Robblns deb 5 %s. 1950 IVI N
18%
S
S
4s...
}945
New England Tel A Tel 58 A. .1952
1st g 4 %s series B
1961
99% 105
75
80
IVI
A
18%
434
A
♦Consol guar
N J Junction RR guar
F
*18%
1965
Newark Consol Gas cons
5
74
101%
Dlv 4s
18%
A
1957
1957
1957
4s
129%
119
105
Atl Knox A Cln
34%
10
No 4 on '51
115% 122%
128
118
105
4s—1952
"23%
"25"
1834
M
4 on 1926
1914 coupon on
1951
1914 coupon off... 1951
126
127%
127%
S
South Ry Joint Monon
5%
09%
16
{♦Assent warr & rets No
76
IVI
J
234
60%
lien 4%s—
63%
4
104%
J
034
4
69
16
\1
April 1914 coupon off
No 5 on '77
Nat RR of Mex prior
55%
85
-
73%
A
8%
4834
No 4 on '57
♦Assent warr A rets
♦4a April 1914 coupon on
75
2
104%
2003
1st A ref 3%s series E
2003
Paducah A Mem Dlv 4s
1946
St Louis Dlv 2d gold 3s—.-1980
Mob A Montg 1st g 4%s
1945
1434
25
♦Assent warr & rets
65
86%
121% 126
99
107%
-
-
35
63
*99%
*
„
-
100%
S
C
734
3
434
National Rys of Mexlco-
17
107
*101 %
M
1st A ref 4s series D
14
40
Morris & Essex 1st gu 3%s
1978
4s stpd
1951
extended to
1946
Nat Dairy Prod deb 3%s w W..1951
Nat Distillers Prod deb 4%s._.1945
22
Louisville Gas A Elec
1st & ref 4%s series
334
7%
534
37
Nassau Elec gu g
107
Louisiana A Ark 1st 5s ser
1st A ref 5s scries B—
1234
3
37
MN
Nash Chatt 4 St L 4s ser A
62
128% 131
63
..
2
67
series C—1955
1955
f 4%s
19%
4
*30
A
6%
2
28
f 5s series D
80
10
100 34
J
3
4
35%
3%s.l906
1st & ref 5s
1941
5s series A
1955
5s series B
1955
31
124
-
J
1940
2003
2003
20
*15%
39%
129%
-
A
Unified gold 4s
1334
"4
554
33%
O
..1981 F
45
123%
-
F
A—1969
3%s
1966
Louis & Jeff Bdge Co gu 4s
1945
Louisville & Nashville RR—
60
34
IVI N
4%...July 1938
26%
18%
129%
-
J
1951
52
60
*15%
{♦Naugatuck RR 1st g 4s
Lorlllard (P)
*2034
5734
*15%
99%
107
O
77
51
734
*15%
2000
1955
Constr M 4 %s series B
1955
Mutual Fuel Gas 1st gu g 5s... 1947
Mut Un Tel gtd 6s ext at 5%.-1941
124
O
A
77
95
48
Montana Power 1st A ref
s
108% 118
8
1934
102
O
1977
♦Secured 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Peon Pub Serv
1st mtge 4 j^s.............. I960
6s debentures.....—..——1965
s
11
D
IVI
97
J
♦Ref A impt 4%s
Gen & ref
110%
s
89 34
98% 102%
2834
♦Certificates of deposit
Gen A ref
110%
-
A
IVI
2
24
J
IVI
1434
102 34
102
5934
18%
1949
1980
♦1st & ref 5s series I
Mo Pac 3d 78 ext at
Gen A ref
.50%
D
61
1734
*15%
47
3
20%
22
-----
"87" 103"
91
41
♦Certificates of deposit
65
129%
A
88
6534
38
1978 M N
♦1st & ref g 5s series H
71
*38%
..........
101
38
5734
"6%
66
....
20%
20%
-
22
O
1951
Lex A East
-
24
94
J
ConstrM 5s series A
4
40
18%
18%
-
24
94
1234
*6534
♦Certificates of deposit
32%
24%
-
20
40
IVI N
A
Leh Val Term Ry 1st gu
634
5%
J
Nat Acme 4 %s
Leh Val N Y 1st gu g
97
100
30
7
*3
J
deposit
of
♦1st A ref 6s series G
85
--
-
-
80%
*31%
Leh Val Harbor Term gu 5s
-
22
19%
80%
2134
m
1134
*3 54
.1977
♦Conv gold 5%s
48
54%
*50%
O
9
12
734
—1975
♦1st & ref 5s series F
48
69
30%
J
J
Lehigh A New Eng RR 4s A—1965
Lehigh & N Y 1st gu g 4s..
1945 M S
3
deposit-.
of
4s
Gen & ref
Lehigh C A Nav s f 4%s A
1954
Cons sink fund 4%s ser C—1954
104
7934
91
103% 109
99% 10334
90%
56
1997
3%s
Ltd—
Lake Sh A Mich So g
27%
O
J
36
95% 100%
98
56
A
5
47
109
18
*1%
12
1965 FA
{♦Mo Pac 1st & ref 5s ser A
♦Certificates
100
100
A
IVI
27
80
103%
J
F
27
99%
82%
100
25
103% 108%
-
90
50
5%
J
1978
Jan 1967
23%
1
90
M N
1941
2d gold 5s...
J
J
40-year 4s series B
♦Cum adjust 5s ser A
-
90
70
65
85
*15"
12%
D
20%
85%
156
J
1990
1962
1962
14%
95
*150%
75
06
68
6834
*19
1941 M N
J
1959
5
-
70
85
"96
95
*52" "
S
{1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
Prior lien 4%s series D
-----
*
O
-
e
F
♦Montgomery D'v 1st g 53.-1947
1959
Laclede Gas Light ref & ext 5s. 1939
Coll A ref 5%s series C
1953
Coll & ref 5%s 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
Sec 6% notes
—
-
-
High
60
Mo Kan & Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
41
secured 5s
Uniform ctfs of deposit
s
—
J
A
-
101
J
1946
......1949
1978
5%s
1st ref 5 %s series B
40
25
85%
♦
12
18%
*104
103% 106%
4
40
*25
85 34
26
103%
25
J
4%s unguaranteed
1st A ref
106
17
1961
Plain
{♦Kreuger A Toll
21 %
40
stmp (par
Kings County El L A P 6s
4
63
M N
w
_
105%
$925)-.1943 M N
♦Ctfs with warr (par $925)-.1943
Keith (B F) Corp 1st 6s
1946 ivi's
j
Kentucky Central gold 4s
1987
J
Kentucky A Ind Term 4%s—1961
J
Stamped
1961
♦Ctfs
■
103%
101%
D
1938
♦1st cons 5s gu as to Int
♦1st & ref 6s series A
103%
D
..1938
5s
2
J
*15}4
101%
J
4s Int gu *38
78
4%s—1980
Kansas Gas A Electric
cons
con g
51
D
4s
Kansas City Term 1st
O
♦1st & ref gold 4s
1949 IVI
♦Ref * ext 60-yr 6s ser A- ..1962 Q
96%
21 Yi
65
{♦Mil Spar A N W 1st gu 4s...1947 IVI S
J
{♦Milw A State Line 1st 3%s_.1941
{♦Minn A St Louis 5s ctfs
..1934 M N
95
J
*88J4
D
{ {♦Mil A No 1st ext 4 %s(1880) 1934
1st ext 4%s
1939
Con ext 4%s.
1939
51
O
Ref & lmpt 5s
*60
J
1971
1st mtge 5s
*2634
94
1961
1
Low
534
N
A
..1940
ext 5s
*6
J
Ref & lmpt 4%s series C
S
1950
Apr 1950
1960
1st gold 3s
Kan City Sou
9934
108%
*99%
108%
S
M
D
4s. 1936
82
99 %
O
.1977 M
Jack Lans & Sag 3%s
1st gold 3 >^3
♦1st
Steel 4%s A..1961
Kanawha A Mich 1st gu g 4s.. 1990
s
A
Michigan Central Detroit A Bay
City Air Line 4s
1940
IM
James Frankl A Clear 1st 4s ..1959 J
Jones A Laugblin
No
Since
Jan.
70
1
76
—
72%
77
79%
*78
76
Debenture 5s
48%
65
89%
A
Conv deb 4%b
5%
39
-—-.1939
Int Telep & Teleg
2%
4%
65%
J
F
1st Hen & ref6J4s
16
*3%
A B—1947
IVI
58%
87
ll
33
*75~"
♦4s (Sept 1914 coupon).....1977 M S
D
♦Mlag Mill Mach 1st s f 7s
1956
A
1944
6s
Internat Paper 5s ser A
1945 IVI N
24
57%
16
warr..
10
57 %
16
1st 6s with
Metrop Ed 1st 4%s ser D
1968
Metrop Wat Sew & D 5%s._..1950
204
77%
J
J
S
100%
IVI N
J
ser
*
O
A..-April 1940 Q
A
24
Asked
High
96
J
1947 A
f 6s
s
{{♦Met West Side El (Chic) 48.1938 F
1
53
O
{♦Man G B & N W 1st 3 %s._.194l
♦Mex Internat 1st 4s asstd
159
57
56%
A
A-
68
57
60
20
20 34
Bid
*80
Mead Corp
101% 107%
42%
60
f 5s...1953 IVI
s
42%
54
57
1942
C
Hydro El deb 6s
4
Price
S
Market St Ry 7s
100%
Range
Friday's
-
Manila RR (South Lines) 4s...1939 IVI N
1st ext 4s
1959 IVI N
18
12%
107%
107%
Range or
Sale
S
Nft.
Low
90"
"§7"
23
54
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A.-July 1952
♦1st 5s series B......
-1956
♦1st g 5s series
EXCHANGE
Marlon Steam Shovel
96
1947
5s stamped
106% 107%
""
92
*
♦Certificates of deposit.
Internat
Low
17
107%
106%
-
1932
notes_.1932
7%
conv
STOCK
High
No.
3334
♦Certificates of deposit-.
6s
Y.
Week Ended May 20
34
34
1st A ref 4%s series
Int Agric Corp
N.
1
Manila Elec RR & Lt
A--.--1963
C
1963
Illinois Steel deb 4%s
1940
Ind. Bloom & West 1st ext 4s..1940
Ind 111 & Iowa 1st g 4s
1950
{♦Ind A Louisville 1st gu 4s
1956
Ind Union Ry 3%s series B..1986
Inland Steel 3%s series D
.1961
{Interboro Rap Tran 1st 5s._;1966
Joint 1st rel 5s series
{♦10-year
Jan.
St L & N
111 Cent and Chic
!♦ 10-year
%
05
High
Low
Last
„
Since
Asked
&
BONDS
Range
•3
Friday's
Bid
Price
Week's
Friday
Range or
Sale
Week Ended May 20
3307
Week's
Friday
111
110% 11134
60%
59%
62 34
55
82
66 34
66 34
67%
62%
44
44 34
50%
39
9134
05%
50
56
44
73
6134
63
53
84
50
34
New York Bond Record—Continued—Page 5
~~
Friday
Week's
Friday
Week's
Last
Range or
.2
Range
bonds
Last
Range
Hale
Friday's
|S
sjnce
N. Y STOCK EXCHANGE
Week Ended May 20
Sale
Friday's
bonds
EXCHANGE
N. V. 8TOCK
20
Week Ended May
Rid
Price
oa<?
Asked
A
Jan.
1
>
Price
Bid
A
Range
or
Since
Jan.
Asked
Low
N Y Cent &
Hud River 3*8—1997 J
Debenture 4a
J
J J
A O
f A
f A
—
Aimpt4*ssei-A. .—2013
Lake Shore coll gold 3*8—1998
Mich Cent coll gold 3 *8
1998
NY Chic & St Loula—
Kef 5*8 series A
1974
Ref 4 *s series C
..--1978
Kef
4s
I
N
29i
12
70
83
73
65
50
65
*65
40
33
46
39
51
57
66
4
94*
72 *
17
i01
66
77*
98*
38 *
58
07
05
.
40
33
.
75*
75*
102*
102*
05*
82*
77
84*
100* 104*
91
33
74
103* 114
02
103* 111*
8
27*
30
77
3
51 *
77*
95*
109* 120*
1
70H
ioe
100
{♦Serial 5% notes—— 1938
♦Certificates of deposit--.---D1965
1st lien & ref 3*8 serE
1966
Y & Erie—See Erie RR
Y Gas El Lt HA Pow g 68-1948
Purchase money gold 4s
1949
52*
....
100*
105*
39*
8
44
100*
2
40
26
101
58*
100
105*
l22*
114
40
101* 105*
122*
1
114
7
67
58—1946 IVI N
N
2000 M N
NY Lack A West 4e eer A—1973 M N
4*8 series B
-.1973 M N
♦N Y LEA W Coal ARR5 *81942 M N
♦N Y L E A W Dock A Impt 5s 1943 J
J
N Y A Long Branch gen 48—1941 M S
{♦N Y A N E (BostTerm) 48—1939 a O
{♦NYNHAHn-Cdeb4s~.1947 fVl S
♦Nou-codv debenture 3*8-1947 ivi S
♦Non-coDv debenture 3*8.-1954 a O
♦Non-conv debenture 4s
1955 J J
♦Non-conv debenture 4a
1956 IVI N
Greenwood Lake
Y A Harlem gold 3 *8
3*8
♦Conv debenture 6s—
♦Collateral trust 6a
__
122
124*
112* 114*
19
100
63*
»
♦
101*
65*
40
00
4
8*
107
57*
80*
95
103
55
75*
60
-
2
84
-»50
'
*13*
......
*i2*
80
50
70
go
99* 108
■
95
1?
~
*"
-§5" -ggU
110
104
115
97* 110*
—
.
106
II"
'13"'ioli
16H
17£
i8
99
109*
78*
95*
105
108*
\2y2
131^
]2*
2
14
7
yi
13
13^
13
13*
7
12*
2o*
3
12*
18*
11
0*
31
12
14
23*
108
109*
*13*
1948
1940
♦Debenture 4a
1957
♦1st & ref 4*8 Ber of 1927---1967
{♦Harlem R A PtChes let 4sl954 IVI N
15*
2i*
15*
21*
*6*
15*
15
55
ref g 4s_—1992 ms
8*
—
22
89
113* 117
107
112*
75
—
79^
♦
91
101 *
85*
50
*
20
63*
91
......
J J
j j
a °
M N
J d
♦Conv debenture
*10
->99
♦N Y &
100
86
55
n
J d
f A
90*
99* 111*
103* 109*
10
56
105
104*
105
90
96„
108
105*
55
......
99
2
52*
100*
a O
A O
A O
49
100
I
104*
84
~92* ioi"
04*
75*
103
J951 F A
N Y Edison 3*8 ser
N
81*
72 *
45
45 *
103* 109*
A O
M S
3-year 08
Oct 1 1938 AO
4s collateral trust—— —
1946 I A
1st mtge 3 *s extended to—1947 A O
N Y Connect 1st gu 4 *8 A
1953 1- A
1st guar 6b series B
1953 F A
NY Dock 1st gold
82
72 *
1
High
i2l^
35
16*
23
19
10*
12
20
5
12
16
24
13
23
55
3
55
79
9
16
20
8
35
~78~" "87*
101* 108*
110*
103
{♦N Y Ont & West
J
♦General 4a
Boston 4s. 1942
48-1993
3*8.1965
{N Y Rys prior lien 0s stamp—1958
8*
D
5*
{♦N Y Providence A
a O
N Y & Putnam 1st con gu
A O
*50
MN
j j
108*
*wy2
N Y Queens El
I
Lt A Pow
N Y A Rlchm Gas 1st
NY Steam 0s series
6s A
1951 IVI N
1947 IVI N
1961 IVI N
A
1st mtge
79
79
105*
104*
104*
IV'JnoS M N
1st mtge 5s
{♦2d gold 4*8
1940 F A
♦General gold 5s
1943 IVI
N YTelep 1st Agensf4*S—1939 M
Ref mtge 3*8 ser B
1967 J
NY Trap Rock 1st 0b
1946 j
gold 5s
1st
103^
ref 68.1937 J J
1937 f A
{♦{NY Busq A West 1st
♦Terminal
*80
10
*5
7
7
N
*40
N
J
d
105*
107*
105*
107*
*57*
*62
4*
107*
107*
86*
96
10
——1946
08 stamped.
J j *N Y Westch A Boat 1st 4 *8 1946 J
J
Niagara Falls Power 3*8—---I960 M S
Nlag Lock A O Pow let 5s A-.1956 a O
deb 6*8-1950 IVI N
fund 6*8—1950 A O
{{♦Norfolk South 1st A ref 58.1961 f A
Niagara Share (Mo)
98
10
Nord Ry extelnk
98
5*
1
10U
4
105
109
8
105* 105*
..
"
59
108*
160" 109"
41
101
92
80
ngtc
2
70
94*
3
104
106*
8
105*
104*
103
100 U
103*
1
10
10*
2
7
48*
2
106
108
64*
64
4*
108
108
86*
98*
10*
54
40
103
106
7
10
10
11*
5*
40*
107* 117
107
110
95* 112*
112*
91
104*
97
106
108
8*
52
105* 107
104* 108
62
02
00
....
9
70
3*
13
14
0*
104* 108
106* 108*
4
46
6
82
96*
86*
99
11*....
9
43
101
43
59
104*
deposit
{{♦Norfolk A South 1st g
*9*
55
68—1941 M N
*
48——1996 O A
6b
1961 f A
No Am Edison deb 5b ser A... 1967 IVI S
70
—48
117
22
in
105*
35
97
Norf A W Ry 1st cons g
117
116*
North Amer Co deb
104*
104*
104*
103*
105
101*
100*
102
B—Aug 16 1963
Nov 15 1969
North Cent gen A ref 5s
1974
Gen A ref 4*s series A
1974
♦{Northern Ohio Ry let guar 5s—
♦Apr 1 1935 A sub coupons. 1945
♦Oct 1938 and eub coupons—1945
♦Ctfs of dep stamped
Apr '33 to Oct '34 coups... 1945
North Pacific prior lien 4s
1997
Gen lien ry A Id g 3s Jan
2047
Ref Aimpt4*BBeries A—.2047
Ref A Impt 6s series B-—-2047
Ref A Impt 5s series C
2047
Ref A impt 5s series D
2047
INor Ry of Calif guar g 6s
1938
Deb 5*8 series
!
Deb6sseriesC
4*8 ext..1944
Northwestern Teleg
103*
F A
MN
M
6
IVI
*
*
6
—
8
12
23
9*
18
16j4
8*
10*
103*
108
74*
♦Certificates of
82
63
11914
105*
99* 104
101
105
96* 103*
115
113*
115
110*
**
*35
*28*
III—
69*
.
*35
Q
Q
J
J
J
J
J
JJ
A O
J
81*
49*
51*
62*
J
f
J
83*
51*
55
62*
60
60
100*
-
67
60*
60
100*
*
j
28
81*
49*
51*
83
30
19
28
100
93*
02*
71*
45
70
94* 108*
91
60
88*
9i
50
79
2
60
80
1
100* 102
88*
93* 101
28*
1st
*7*
5*
*102
101*
101*
N
1967 M S
mtge 4s
1st mtge
J
3*8
1972 J
-
Oklahoma Gas A Elec 3*8
1966 J
5*
101*
101*
97*
J
103*
102*
1946 J
4a debentures
Ontario Power N F 1st g 5s
d
100*
1943 f
A
113*
100*
112*
*111*
*106*
d
Ontario Transmission 1st 5s.-.1945 IVI N
Oregon RR A Nav con g 4s
1946 J
Ore Short Line l8t cons g 5s.—1940 J
D
J
Guar etpd cons 5s
1946 J
Ore-Wash RR A Nav 4s——.1961 J
J
Otis Steel 1st mtge A 4*s
1902 J
J
Pacific Coast Co 1st g 6s
1940 J
24
31*
Pacific Gas A El 4s series G..-1904 J
1st A ref mtge 3*8 ser H...1961 J
1st A ref mtge 3*s ser I
1906 J
Pac RR of Mo lBt ext g 4s
1938 F
2d ext gold 5s
1938 J
d
d
D
*____.
110*
106*
102*
109*
106*
Paducah A 111 1st
s
1906 J
I g 4*a
d
1955 J
1st M 8 f g 3s loan ctfs
1955 f
Paramount Pictures deb 08—1955 J
debentures
1947 M
Paris-Orleans RR ext 5*s—1968 IVI
conv
Parmelee Trans deb 6s—
Pat A PassaicGAE
cons
1944
*58*
91*
71*
72
88
88
84
O
1944 J
3309,
39*
119*
119*
*
50
41
28*
44*
111*113*
110
109
110*
110*118*
92* 100*
42
32
73
3
7
59
74*
45
40*
119*
26
6
31
11
2
70
99
*98
d
1963 FA
7
61
91
S
34
41
52
100* 110*
102* 100*
98* 102*
71 *
82
00*
70
102* 105*
102* 105*
99*
101
50*
81
01 *
57
74*
78*
92*
97*
31*
45
118*120
00
70
3
97* 103*
2
102* 103*
95
103*
88* 104
101
95
95
92
92 *
103
98
J
a
page
106*
S
S
1952 IVI N
see
52*
110*
7
72
93
8
92 *
93
22
97*
105*
98* 103*
103
A
Guar 4s
For footnotes
71*
89*
104
90* 101*
103
3
*100*
58—1949 IVI
E trust ctfs
100
98*
111* 113
70
S
Guar 3*s trust ctfs D
ser
2
110
75*
105
♦Paulista Ry 1st ref s f 7s
1942 IVI 8
Penn Co gu 3*s coll tr ser B._ 1941 f A..
Guar 3*s trust ctfs C
1942 J d
28-year 4s
74
J
Panhandle Eastern Pipe L 4s..1952 IVI
Paramount Broadway Corp—
3*s
103
105*
105*
*
C
104*
98
91*
98*
103*
100*
113*
112*
102*
*
Ref mtge 3*8 ser
98
17
47
8
108* 108*
105*
A
32*
47
102*
J
Pacific Tel A Tel 3*8 Ber B—.1966 A O
32
26*
102*
102
114*
71
20
12
37
114
99*
13
5*
6*
114*
114*
99*
71*
32
8*
11
114
D
J
35*
20
27
100
J
S
87*
72
27
{♦Og A L Cham let gu g 4s—1948 J
♦Stamped
J
Ohio Connecting Ry 1st 4s
1943 M
Ohio Edison 1st mtge 4s
1965 M
118
76
47
83
100*
13*
20*
116* 120*
107* 110
Volume
New York Bond
146
BONDS
N. Y. STOCK
Last
>
EXCHANGE
Price
Bid
4a__1968
)
{♦St Paul E Gr Trk 1st 4Ha.-.1947
J
4
*7
1940
—.1972
1
98
J
113
{Pacific ext gu 4s (large)
*80
4s
1943
San Antonio Pub Serv 1st 6s—1952
San Diego Consol G & E 4s
1965
Santa Fe Pres <k Phen 1st 5s—1942
J
1946
i
b
1
98
93
--
7%
9%
6%
9%
98
1
;
98
6
113%
109 H
110%
109 H 110%
110%
6
108
110%
104
1
14%
1
14%
24
1
24
24
24
1
24
"
1989
i
'
{ {♦Seaboard Air Line 1st g 4s_.1950
{♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
)
13
13
1
12
)
11%
12
6
9
1959
)
Scioto V & N E 1st gu 4s
113%
113%
i
2
*3
3%
-
♦Certificates of deposit
5
1945 M S
♦1st & cons 6s series A
5
3
3
4
66
7%
7%
♦Certificates of deposit
■
{♦Alt & Birm 1st gu 4s
7
17
10%
9%
5%
1
67%
85
■
40
40
45
20
20
30
S
*8%
\
1976 FA
10 %
*7
10
8%
8%
O
6%
8%
14%
11%
9
6%
8H
8%
*7
1978 A
13H
11%
10
7
8%
13
,
*7
9
8%
"6% "13"
8H
*7
22
14
1935
\
1935
♦Series B certificates
Shell Union Oil deb 3 Ha
3
1951
2%
3%
2%
103%
1952
{♦Siemens & Halske s I 7s
1935
*98%
1951
78%
♦Debenture
s
f 6Hs
♦Silesia Elec Corp 6 Ha
Sileslan-Am Corp coll tr 7s
60
1952
""
4%
19
96% 103%
4
60
1955 A
O
1955 A
O
1939 M S
10H
{♦Warren Bros Co deb 6s
1941 IVI
104H
104 H
63 %
6%
10
100
104%
105
63 %
a
67
56
71
74
74
69
82
75
"75"
76
63%
79%
33%
29
43%
104
108%
32 H
32%
Warren RR 1st ref gu g 3Hs
*20
2000'F A
Washington Cent 1st gold 4s... 1948 Q IVI
t
45
.
91
78%
2
70
70
71%
6
90%
99%
92%
25
100%
283
107%
18
Skelly Oil deb 4s
1951
100
Socony-Vacuum Oil 3 Ha
1950
107
1963
107
1962
>
Southern Calif Gas 4 Ha
1961
1965
>
107
Southern Colo Power 6s A
1947
96%
Southern Kraft Corp 4Ha.
1946
103% 106%
Westchester Ltg 5s stpd gtd___1950
D
121%
D
102H
H9H
121%
102%
119%
m
111
111
Gen mtge 3Ha
1967 J
79%
92%
90% 100%
104% 108
120%
101% 105
105
10
107
16
108%
12
106%
96%
14
87% 100
94%
32
87%
24
108%
109
104H
1952 A
1943
91
99%
11
36%
69%
42
76
54
31%
63%
30
63%
Wheeling Steel 4Ha series A...1966
30%
63
White Sew Mach deb 6s
51
83%
{ {♦ Wilkes-Barre & East gu 5s.
77
104%
52
52
55
85
85
44
58%
11
22H
25
43%
58
58%
22 H
54
43
59%
22%
58 %
J
99%
38%
41
s
46
38
61H
1953 J
44
38%
59
"eo"
.1960 IVI
99%
38%
20
D
50%
38
26
19H
59
1951 J
99%
50%
38%
19%
17 H
17%
West Shore 1st 4s guar
2361 J
Registered
RR 1st consol 4s
57
J
2361 J
52
"52~"
J
M
Wheeling & L E Ry 4s ser D...1966
1949 M
21
68%
48%
47%
70
20%
24
2
Gold 4Hs
10-year secured 3%s
San Fran Term 1st 4s
1950
60%
75%
52
63
107 H
6
48 X
83
31%
31%
34%
117
23%
40%
45%
68
26
53
*40%
East Tenn reorg lien g 5s
1938
*61
Mobile & Ohio coll tr 4s
1938
75
Staten Island Ry 1st
4 Ha
♦Studebaker Corp conv deb 6s.
Swift & Co 1st M 3%s
109%
110
20
105
16
10
102%
101
101%
23
57
58%
38
57
107%
107%
*120
100
93%
90%
93
104
F
J
F
J
110%
101%
110%
110%
101%
102%
75%
1^6
106%
*_
J
J
Gen & ref 5s series B
1977 A
Gen & ref 5s series C——..1979 A
81%
32%
86
10
ib
....
43
1952 J
5
1938 J
D
*100
J
Wllmar & Sioux Falls 5s
9
1953
Tol & Ohio Cent ref & imp 3%a 1960
To! St Louis & West 1st 4s
1950
Tol W V & Ohio 4s ser C
1942
Toronto Ham & Buff 1st g 4s. .1946
Trenton G & El 1st g 5s
1949
Tri-Cont Corp 5s conv deb A..1953
♦Tyrol Hydro-Elec Pow 7 Ha.-1955
Guar sec s f 7s
1952
95
102
72%
105% 107%
46%
119% 125
95
100
70%
94
103% 106%
109% 114
99
70
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3Ha
J
107
70%
88%
88%
80
72
31%
33
1
—
23
8%
210
85%
21
103%
104%
128
55
56%
94
92%
50%
24%
3%
98
106%
4s
1944 M
S
J
M N
50
80
25
3
103
103%
108%
25
97
26
.....
96
71%
13
108%
29
67
-
jml
week and not Included In the yearly
105
8%
108%
n
maturity.
T Bonds called for redemption or neariog
{ Companies reported as being in
bankruptcy, receivership, or reorganized under
securities assumed by such companies.
Section 77 of the Bankruptcy Act. or
♦
Deferred delivery sales
13
116%
transacted during the current week and not Included
the yearly range:
in
Denmark 4%s 1962, May
Transactions
37
104%
Week
119%
72
107% 114%
97
107%
109% 116
101
103
56
113
2
91
1
84
York Stock
9
84
95%
26
103
107%
75%
10
69%
77%
76%
26
60
Railroad &
Stale,
United
Total
Mlscell.
Municipal &
Slates
Bond
Shares
Bonds
For'n Bonds
Bonds
*108
-
20%
109
109
..._
20%
2
27
107
19%
107
109%
Sales
$339,000
722,000
$108,000
252,000
$2,644,000
4,299,000
712,000
231,000
5,166,000
803,000
243,000
4,781,000
314,000
5,251,000
$1,197,000
Monday
Tuesday
414,360
Wednesday
398,350
Thursday
490,960
4,223,000
3,735,000
4,264,000
673,000
439,500
3,542,000
572,000
248,000
4,362,000
2,371,410
$21,286,000
$3,821,000
$1,396,000
$26,503,000
—
—
Total
....
3,325,000
Jan. 1 to May
Week Ended May 20
Sales at
New York Stock
20
1937
1938
1937
1938
Exchange
2,371,410
4,921,350
89,048,183
208,675,610
$1,396,000
3,821,000
$4,285,000
$245,995,000
21,286,000
30,631,000
$66,384,000
100,419,000
525.772,000
1,075,081,000
$26,503,000
$40,457,000
$692,575,000
$1,483,367,000
Stocks—No. of shares.
Bonds
Government..
—
State and foreign
.
..—
5,541,000
81%
«.
Exchange,
233,220
395,020
Saturday...
96
92
106%
New
the
at
Number of
Ended
May 20, 1938
109%
90%
106%
14 at 95%.
Daily, Weekly and Yearly
118%
109%
73%
■*. *
week.
Bonds selling flat.
z
No sales transacted during current
Friday's bid and asked price.
♦
9%
117
75
'
V'v'V
;
week,
current
80
75
«.
100%
Slocks,
102
75
United Cigar-Whelan Sts 5s... .1952 A O
1953 IVI s
United Drug Co (Del) 5s
5%
96
172
exchange rate of $4.8484.
63%
96
91
90%
106%
5
104%
49%
113
102%
6%
104
week,
a Deferred delivery sale; only
Odd lot sale, not Included in year's range,
x Ex-interest.
{ Negotiability Impaired by maturity,
t The price represented is
the dollar quotation per 200-pound unit of bonds.
Accrued interest payable at
during
8%
107%
109%
O
100%
15%
14%
8%
6%
,
/v.-;
85%
95
3
....
1971 M N
35-year 3 Ha debenture
United Biscuit of Am deb 5s__. 1950 A O
{{♦United Rys St L 1st g 4s... 1934
U S Pipe & Fdy conv deb 3 H8. 1946
1
'
1st lien & ref 4s
June 2008
1st lien <fc ref 5s
June 2008
34-year 3Ha deb..—...... .1970 A
12
8
6%
5%
Cash sale; only transaction during current
r
transaction
34
71
117
110
106%
107% 109%
98% 104
117% 118%
108%
{{♦Union Elev Ry (Chic) 5s... .1945
U N J RR & Canal gen
....
99
105%
71
Union Pac RR 1st & Id gr 4s. .. .1947
10
■,
vi
No sales.'
Friday
108
99%
Cash sales transacted during the current
range,.
105
25
.1962
8%
85%
97
*25
Union Oil of Calif 6s series A... .1942
,1952
3 Ha debentures
9
"li
99%
J
1961 IVI N
1st mtge s f 4s ser C
116%
70
105
.1945
86%
"11%
105H
*3%
106
D
1943 J
81
11
*118
25
96% 101
71
86%
108%
21
*94
D
J J
M N
F A
13
*5H
j"
1961
103% 106%
79%
50%
*99%
56%
7%
101»H
*5H
♦Certificates of deposit.
{♦Wor & Conn East 1st 4 Ha
Youngstown Sheet & Tube—
e
lol""
9%
M N
99
100
8H
1949
93
4
*106
J
4
5%
86
J
{♦Sup & Dul div & term 1st 4s '36
102%
79%
*85
J
J
4s
O
J
♦Certificates of deposit.......
14
105
100
109%
7%
103%
1947 A
gen
%
100 H-
100%
1660 J
Conv deb 3%s
{♦Wis Cent 50-yr 1st
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1942
.
—
82%
8
1937 J
Tide Water A3so Oil 3 Ha
97%
77%
78%
*85%
1960
Jan 1960
♦Adj Income 5s
D
58%
80
106% 110
101
105%
80
.
1980 J
{♦Third Ave RR 1st g 5s
97%
109%
77%
A...1964
Third Ave Ry 1st ref 4s
60
1
■
Gen & ref 5s series D
5
104%
*71
106
36
....
100
A
1944
Gen refund s f g 4s
1953
Texarkana & Ft S gu 5Ha A—1950
Texas Corp deb 3 Ha
1951
Tex& N O con gold 5s
1943
Texas & Pac 1st gold 5s
2000
91%
J
64%
101
35
102
101%
Term Assn of St L 1st g 4 Ha—1939
Tex Pac Mo Pac Ter 5Ha
3
104
102%
deb 6s B—1944
Tennessee Corp deb 6s ser C—1944
Tenn Elec Pow 1st 6s ser A
1947 J
gold 5s
....
16
10
TenD Cop & Chem
cons
97%
*103%
1943
1945
1950
79%
4
F
Wisconsin Publ'c Servloe 4s
48
77
10
Tenn Coal Iron & RR gen 5s—1951
1st
-
104%
109%
So'western Gas & Elec 4s ser D.1960
28
35
78
*_.
1951
♦{Spokane Internat 1st g 5s—1955
staley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3s
1961
49
Winston-Salem 8 B 1st 4s
——
43
43
St Louis Div 1st g 4s
So'western Bell Tel 3H8 ser B..1964
92
99
63
47
91
98
47%
40%
A
1940 M N
93
46
69%
*52
1956
...——1996
Mem Div 1st g 5s
61
61%
1956
Devel & gen 6 Ha
9
59
67
67%
1st 4s stamped..—
Southern Ry 1st cons g 5s
Devel & gen 6s
54
59
4s. .—1955
.—1955
1994
4s series A
1956
So Pac RR 1st ref guar
Devel & gen
86%
123
72%
104% 105%
105% 110%
Wilson & Co 1st M 4s series A.. 1955 J
Gold 4 Ha
20
49
3
104 H
107%
S
16
B8
2
52
*100
S
03
68%
98%
73%
97% 108%
6
17%
17%
8
44
1951
coll)—1949
A—1977
1968
.—.1969
1981
1946
10
103 %
59
8
1946 IVI
...1950 IVI N
30-year 5s
35
87
86
103
ser A.—_ 1946 IVI
♦5s assented
94%
86
103
116
1
81H
J
A
98% 102%
120%
109% 111
100% 109%
101% 104%
1
20
O
O
1977 J
Western Union g 4Ha
25- year gold 5s
81
104H
110
123
121%
17
104H
West N Y & Pa gen gold 4s
{♦Western Pac 1st 5s
2
108%
1952
Western Maryland 1st 4s
1st & ref 5Hs series A
105% 108%
107%
94%
8
1966
♦Westphalia Un El Power 6s
1st 4Hs (Oregon Lines)
Gold 4 Ha
107%
105 H
1st mtge 3 Ha series 1
West Va Pulp & Paper 4 Ha
•»«»
104%
106%
94
1st mtge pipe line 4 Ha
109 H
104%
24
77%
64
«•
Southern Natural Gas—
So Pac coll 4s (Cent Pac
*107 %
J
West Penn Power 1st 5s ser E..1963 IVI
1st mtge 4s ser H.."_
1961
«>
92%
104%
107%
T05H
A
78%
—
110
*110%
South Bell Tel & Tel 3%s
A
1945 F
1939
70%
54
<•
-
28
*21%
1945 F
f 5s
s
20%
_
„
Wash Term 1st gu 3 Ha
1st 40-year guar 4s
61%
.■
90%
>
South & North Ala RR gu 5s
1st mtge & ref 4s
5%
2%
'
"
1946
1941
Simmons Co deb 4s
2%
12
103%
102%
Shinyetsu El Pow 1st 6 Ha
14
3%
D
Wash Water Power
{♦Seaboard All Fla 6s A ctfs
3%
Walker (Hiram) G&W deb 4%s_1945 J
Walworth Co 1st M 4s
6s debentures..
Warner Bros Plct deb 6s
8
6
9
17
6%
I
1933
45 1
45%
♦Certificates of deposit
17%
4%
8%
4
6
•
*
20
2%
-
5
6
{♦Refunding 4s
"
41%
21
~40"~
♦Certificates of deposit...
♦Ref & gen 5s series D
1980 AO
109H 116
99% 105%
9
11
*13 H
♦Certificates of deposit
31
)
,
41H
1
High
1941
♦Ref & gen 4Ha series C
23
Low
40
103%
•
1941
♦Ref & gen 5s series B
• 30
15
Jan.
No
21H- -23%
m
{♦Wabash Ry ref <fe gen 5Ha A.1975 IVI
♦Certificates of deposit
20
15
15
14%
24
>
High
41%.
*
1954
♦Omaha Div 1st g 3 Ha
♦Toledo & Chic Div g 4s
i«
Asked
<fc
103/
103 H
A
♦Det & Chic Ext 1st 5s......1941
♦Des Moines Div 1st g 4s
1939
112%
110
s
Since
Friday's
Bid
1939 IVI N
..1939 F
Range
Range or
Sale
Price
1966 IVI
♦2d gold 5s
81 %
45
3
3
1
♦Stamped
Virginian Ry 3%s series A
{{♦Wabash RR 1st gold 5s
102%
118%
53%
*106%
Last
fcs
Sfe
NO.
Low;
9%
110
110
Week's
High
110%
S
1946
f6 Ha aeries B
««
N. Y. STOCK EXCHANGE
Week Ended May 20
Low
15
53
J
♦Stamped
♦Guar
94%
BONDS
Since
Jan.
♦1st Hen g term 4s
S A & Ar Pass 1st gu g
{♦Schulco Co guar 6 Ha
No.
High
*6%
{♦St Paul & K C Sh L gu 4Ha-1941
St Paul Minn & Man—
St Paul Un Dep 5s guar
Range
Bonds Sold
Friday's
<fc
Asked
Low
St Paul & Duluth 1st con g
33091
6
Friday
Range or
Sale
3
Week Ended May 20
Record—Concluded—Page
Week's
Friday
Railroad and industrial
Total
162,291,000
27
114
112%
.05%
111
32%
33%
3
1951
33
33
1
27%
36
♦Sink fund deb 6Ha ser A... 1947
1944
Utah Lt & Trac 1st & ref 5s
33
33
1
27%
38
87%
87%
89%
10
73
89%
Utah Power & Light 1st 5s
1944
90%
89
91%
19
78%
{♦Util Pow & Light 5 Ha
{♦Debenture 5s
1947
49
48%
49
8
45
92
60%
1959
49
48%
49%
29
45
50%
85%
85
85%
4
77
88
104
104
fU S Rubber 1st & ref 5s ser A. .1947
♦Un Steel Works Corp 6 Ha A_. 1951
♦Sec s f 6 H8 series C
J
J
109
105133i
32%
1051J«
103% 106%
27%
36%
Stock and Bond Averages
Below
stocks and
as
daily closing averages of representative
bonds listed on the New York Stock Exchange
are
the
compiled by Dow, Jones & Co.:
_
1
Vanadium Corp of Am conv 58.1941
Vandalla cons g 4s series A
Cons s f 4s series B
1955
1957
{♦Vera Cruz & P 1st gu 4 Ha—-1934
{♦July coupon off
Virginia El & Pow 4s ser A
1955
Va Iron Coal & Coke 1st g 5s—1949
Va <fc Southwest 1st gu 4s
2003
1st cons 5s
1958
A
O
F
A
*100%
104
M N
J
V
10
1%
2%
Date
J
M N
IVI
30
Indus¬
"109%
109%
109%
*45"
"23
trials
106% 109%
~90~~
S
J
J
A
O
47
Bond*
....
104
J
J
Stock*
47
10
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Qrade
Grade
Utili¬
40
Rails
Ralls
ties
Bonds
roads
ties
Stocks
trials
Total
43
61
114.99
21.90
19.15
36.53
106.09
91.42
46.99
104.25
May 20.
1
115.28
22.26
19.17
36.70
106.15
91.84
47.74
104.13
May 19-
37.24
106.23
91.81
48.11
104.18
87.58
87.19
87.46
May 18.
117.02
22.54
19.45
116.36
22.54
19.50
37.11
105.97
91.96
48.20
104.08
87.55
May 17.
22.57
19.30
36.85
106.08
92.51
48.86
103.89
87.84
May 16.
115.38
117.21
22.96
19.77
37.49
106.15
92.55
49.31
104.01
88.01
May 14.
New York Curb
3310
May 21,
Exchange—Weekly and Yearly Record
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
week beginning on Saturday last (May 14, 1938) and ending the present Friday (May 21, 1938).
It is
from the daily reports of the Curb Exchange itself, and is
which any dealings occurred during the week covered:
Friday \
for
of Prices
Low
High
Price
Agfa Anaco Corp com
1
Alnsworth Mfg common.-6
3%
28
34
Low
Shares
64
64
84
4
84
9
4
Jan
Bliss (E
44
Jan
Bliss A Laughiln com....5
Jan
324
Jan
Blue Ridge
84
100
54
Mar
1,900
84
4
May
700
1
I %
1
Southern..60
Gt
20
61
20
Jan
May
14
Jan
S3 conv pref...
Allied Products com
conv com
common.
2%
24
4
.*
Mfg—*
Aluminum Industries com *
Aluminium Ltd common.*
7% 1st preferred
Borne Scrymser Co
Jan
Apr
494
Jan
Bowman-Biltmore
Mar
684
May
7% 1st preferred
62
May
2d preferred—
100
American Beverage
Apr
Feb
24
14
4
Mar
104
Feb
Jan
Bridgeport Machine
Mar
Mar
Feb
Apr
106 4
Jan
Apr
164
54
Mar
84
864
Mar
67
1,150
Mar
"uk "134
8
2,200
Mar
4
"~
"80
50
49
14
7
44
400
Feb
Mar
Mar
64
Mar
2
Mar
15
Feb
90
Feb
Mar
954
1034
May
134
May
14
Jan
62
Feb
104
Jan
2
900
234
Apr
*59 4
Feb
Jan
34
Mar
214
214
300
16
22 4
650
164
24
700
14
274
Mar
174
14
184
14
4,800
154
200
4
Mar
Amer Fork & Hoe com—*
10
10
300
*
*
274
294
5,000
84
194
Mar
27
1074
106
107 4
575
34
24 4 £25
100
A. 10
Amer Gas A Elec com
Preferred
4
J>0
2
Am Superpower Corp com *
1st preferred
*
Anchor Post Fence
*
Common class A.
--10
Preferred
Jan
34
274
Jan
Jan
Jan
Brown Rubber Co com— 1
Mar
264
Feb
Bruce (E L) Co com
14
124
Jan
May
50
Buff Niag A East Pr pref25
<5 1st preferred
--*
Feb
Feb
Bunker Hill A Sullivan 2.50
5
Jan
Burma Corp Am dep rets..
Apr
26
Mar
Mar
Jan
2,300
22 4
500
Apr
4
16
Mar
Jan
Jan
42
B non-voting
Canadian Marconi
Capital City Products
Carlb Syndicate
Carman A Co class A
7
"900
5
Mar
94
Jan
4 4
700
3
Mar
74
Jan
*4
4
16.«
4,000
Mar
14
Jan
Jan
Carnegie Metals
18
Jan
34
Jan
4
Feb
'1*4
100
14
Mar
24
Jan
34
Mar
4
Jan
74
Apr
164
Feb
Apr
500
96
1034
Jan
100
4
Mar
'u
Feb
Castle (A M) com
Catalin Corp of Amer
1,100
24
Mar
44
Jan
3
3
3 4
2,100
24
Mar
4 4
Jan
74
"400
4
74
8
19 4
19*4
3
100
Jan
27
May
Jan
34
100
1
1
34
14
1,200
300
Jan
2H
2
Mar
"u
7
Mar
14
Jan
Apr
104
14
Jan
Jan
Mar
4
Jan
24
Apr
15
Feb
44
34
16
Jan
Apr
34
Jan
194
194
100
174
Apr
214
Mar
fll«
»16
800
*16
May
14
Jan
10
654
Mar
85
Jan
60
Mar
80
Jan
32
74
26
74
254
44
94
274
2,900
174
Apr
44
200
44
May
64
Jan
94
100
64
Mar
154
Jan
25
Jan
24
24
700
Jan
10
17
1
Apr
14
Apr
34
Jan
Jan
Jan
;
1,300
24
4
74
Jan
34
Mar
94
May
Jan
*u
Jan
Mar
4
Jan
200
Mar
70
Mar
Mar
67
Mar
24
16
Mar
44
Jan
Jan
8
14
74
8
14
74'
14
' 74
200
300
Warrants..
com
Steel Prod
59
3
1
14
1
Centrifugal Pipe
*
Jan
4
Mar
Char is Corp
12
Jan
Jan
Cherry-Burrell com
Chesebrough Mfg..
Jan
Mar
Mar
Mar
84
Jan
Jan
Jan
6
225
150
104
684
754
54
4
Marl
44
Feb
234
Feb
69
14
23 X
214
22
214
14
23 4
1,600
180
134
634
Mar
234
Mar
93
800
20
May
*
"23"
Jan
254
Baldwin Locomotive—
3
3
34
154
1,600
6
64
154
6
Mar
50
500
44
Mar
Mar
15 4
24
114
Mar
Bardstown Distill Inc
1
Bailum Stainless Steel..
1*4
1*4
700
"54
800
Barlow A Seellg Mfg A...5
54
5"
Apr
74
Mar
44
Mar
Apr
May
34
Strip Co
34
200
5
May
84
Feb
Apr
Apr
90
Jan
Apr
3
Mar
84
Jan
10
Apr
Mar
74
Feb
34
Mar
4
Jan
Mar
84
74
Chic Rivet A Mach
100
Jan
97
Mar
110
6.50
40
Jan
60
57
58
1
Cities Service
new
100
com..10
Mar
64
300
284
94
284
94
30
104
1,400
37
37
394
1,300
200
54
Mar
4
54
Mar
204
74
Mar
39
May
11
94
»u
lis 4
Mar
Mar
24
Mar
163 4 163 4
100
14
84
.50
147
1174 1184
30
1144
Benson A Hedges com
67
City Auto Stamping
City A Suburban Homes.
*
24
Jan
Jan
Feb
Apr
Conv 5% preferred-.100
Columbia Oil A Gas
1
Mar
44
165
Apr
1194
Purchase warrants
4
*i«
Blckfords Inc common...*
*
Blrdsboro Steel Foundry A
Machine Co com
*
For footnotes see page 3315
94
4
4
100
»i«
May
Jan
Commonw Dlstrlbut
94
Mar
10 4
Jan
Mar
304
Mar
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv..l
1,500
94
May
30
64
Apr
14
4
Mar
Mar
6
34
50
14
May
14
800
1
Jan
24
Mar
"334
"250
304
Feb
3.54
44
44
200
34
Mar
64
14
44
14
300
14
2
Apr
1
Mar
7
Mar
20
24
4
34
14
10
54
May
64
Mar
34
44
14
2
1,900
14
4
4
100
34
Mar
44
44
.500
34
Mar
Jan
Mar
45
44
Warrants
544
34
534
34
4
4
4,200
64
Feb
4
Commonwealth A Southern
Mar
Mar
20
26
200
Columbia Gas A Elec—
Jan
Apr
44
474
33 4
Cohn A Rosenberger Inc.*
Colon Development ord
6% conv pref...
£1
Colorado Fuel A Iron warr
Colt's Patent Fire Arms.25
Mar
25
.50
44
14
Utensil Co...*
Cockshutt Plow Co com..*
Jan
16
214
24
Club Alum
54
Berkey A Gay Furniture. 1
50
44
1
144
*
50
10
Jan
Jan
300
72
Jan
Mar
300
Feb
Cleveland Tractor com...*
Cllnchfteld Coal Corp.. 100
64
900
29
Jan
634
34
46
Cities Serv P & L <7 pref.*
J6 preferred
*
24
Mar
14
13 4
5
Mar
Clayton A I.ambert Mfg..*
Cleveland Elec Ilium
*
May
14
Mar
20
Jan
3
124
34
2
*
Jan
51
3%
*
14
10
1
*
94
100
1
Preferred
Preferred B
14
84
.
21
ioo
204
4
Chief Consol Mining
Chi Ids Co preferred
5
54
Claude Neon Lights Inc..l
10
May
15
Apr
1014
Feb
Baumann (L) <fe Co com..*
Jan
Mar
54
Clark Controller Co
17
Jan
6
16I4
5
Jan
44
Jan
134 May
54
34
Chicago Flexible Shaft Co 5
24
90
Apr,
3
25
24
10
Mar!
8
10
Mar
14
154
4
24
84
Jan
64
Jan
Mar
Jan
82
Chamberlln Metal Weather
30
Mar
300
12
54
100
50
Conv preferred
100
Conv pref opt ser '29.100
Mar
24
14
134
724
*16
6% pref without warr 100
7% preferred
184
14
57
184
Cent Pow A Lt 7% pref 100
Cent A South West Util 50c
Cent States Elec com
Apr
Preferred BB
Aviation A Trans Corp... 1
Axton-Flsher Tobacco—
22
Mar
Mar
14
Mar
pref
34
34
50
1
Apr
13
conv
5
Apr
19
44
27
1,200
4
21
<2.50
Apr
18
26
14
3,200
Apr
64% pf. 100
34
34
ht
774
Mar
pref
Jan
Mar
13
Conv
*]•
18
64
15
Bell Tel of Pa
800
50
25
Bell Tel of Canada
2
100
Jan
25
1
2
Apr
Mar
6
Cent Ohio
1
6% preferred w w
com
Mar
24
14
76
114
6% prefxw
Corp
Corp com
Apr
10
200
854
Mar
4
Aircraft
88
600
24
76
Mar
»n
5
Beech
250
134
24
Jan
84
Mar
Bellanca Aircraft
97 4
13
72 4
85
4
64
Bell Aircraft
96
13
1.
Mar
com..
96
9
Cent Maine Pw 7% pref 100
Cent N Y Pow 5% pref. 100
4
4
7% 1st pref
1004
500
134
100
Beaunlt Mills Inc
224
224
134
1
Bath Iron Works Corp.-.l
Apr
214
44
*
4
*
1
39
Cent Hud G A E
10
30
Apr
Jan
200
com.
Apr
Feb
324
184
24
40
24
74
4
194
preferred
""34
34
Mar
87
2*4
Atlas
7%
40
34
8
22
May
May
34
70
AUanta Gas Lt 6% pref 100
Atlantic Coast Fisheries.
Baldwin Rubber Co
2,300
Jan
Apr
14
Jan
400
100
Purcb warrants for com
"3
5
14
May
May
100
*
100
""200
154
7
Coast
New common
Jan
75
4
14
*
Babcock A Wilcox Co
Jan
204
Mar
Mar
600
l
10
21
Mar
44
'
1
common.....
Apr
Apr
7% 1st partlc pre!.—100
Celluloid Corp common. 15
$7 dlv preferred
*
1st preferred
*
.1
Option warrants
Class A
Feb
Mar
5
600
94
Avery (B F)
Jan
84
284
59
500
4
Automatic Voting Mach..
274
Celanese Corp of America
94
5
Carrier Corp
Carter (J W)Co common.
Casco Products
*
»*
4
1
Products
*
*
1
<6 preferred
2%
Assoc Laundries of Amer.*
Automatic
100
54
54
1
com
2%
£1
Mines
234
"14 ""14
Carolina P A L 17 pref—*
Mar
200
& Elec—
Silver
21
*
75
3y4
11
Apr
Mar
33
21
*
Class B
Apr
84
104
Jan
Mar
18
Carnation Co common.—*
3*4
14
Jan
Jan
44
64
25c
1
64
68
Mar
4
24
Apr
2
194
*
Feb
44
4
88
Feb
284
*
Jan
May
1
264
May
Wireless Ltd—
Jan
634
Apr
30
May
Industries
Austin
Jan
15
106
Burry Biscuit Corp..l24c
Cable Elec Prods v t c.—*
23
100
Buckeye Pipe Line
Apr
200
24
5
114
154
4
Corp warrants
Atlas Plywood Corp
24
*
$6 preferred...
Mar
3%
Atlantic Coast Line Co..50
104
Jan
Mar
Amer dep rets pref shs.£l
Calamba Sugar Estate. .20
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
4
Atlan Brimlngham A
RR Co pref
Mar
54
76
»n
1
Cables &
1
preferred
MOO
*
Jan
Ashland Oil & Ref Co
$5
"5*4 ""64
Brown Forman Distillery. 1
Jan
64
Class A
com.
Class A pref..
Jan
Jan
Jan
64
...
Mar
Jan
13
64
Common
254
33
184
144
244
64
Assoc Gas
Jan
Apr
25
Jan
31
Mar
64
Elec
54
Jan
100
Mar
5
Amer deposit rets
74
Mar
Mar
fBrown Co 6% pref
Brown Fence & Wire
Mar
com
Associated
Mar
Jan
10
Arkansas P A L $7 pref...*
Art Metal Works
4
24
Feb
Am dep rets
144
Angostura
Arkansas Nat Gas com...*
124
Feb
Apr
44
Wupperman.-l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
lArcturus Radio Tube.._l
500
Mar
3
264
264
274
Feb
Jan
274
314
1114
54
*
14
164
Jan
14
74
Mar
100
%
5
Mar
Jan
May
28
Mar
Jan
Mar
44
254
200
*
Preferred
American Thread pref
164
11
Apr
224
13 4
22
Republics
Amer Seal-Kap com
Mar
Mar
24
£1
16 4
14
*
104
10
ord bearer£l
23
150
Amer Potash A Chemical.*
American
Am dep rets
Apr
24
6%
Amer Meter Co
Apr
Apr
Jan
Jan
Amer Tobacco—
224
preferred
25
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
1
3,600
100
--*
Registered..
13
25
54
94
24
4
British Amer Oil coupon.. *
British
164
.20
Mach
Amer Lt A Trac com
200
*
Mar
104
12.50 preferred
Amer Hard Rubber Co..50
Amer Laundry
14
104
54
..100
7% preferred
Class A..
8
34
1
1
preferred
500
Brlllo Mfg Co common...*
25
American General Coip 10c
.50
34
ord reg-.lOs
British Col Power class A.*
Class B_
*
Mar
14
214
24
Amer Foreign Pow warr...
104
Jan
Mar
Mar
7
14
*
*
Class A.........-----*
Apr
104
2%
"""50
104
Apr
44
1
British Celanese Ltd—
Mar
56
14
174
34
700
"ll4 "ll4
104
*
Feb
3
4
A......-------25
10
200
64
Brill Corp class B_.
Class A with warrants-25
n-v
36 4
44
Bright Star Elec cl B
93
Am Cities Power A J *—
Amer Cyanamid class
Jan
36 4
14
394
100
Preferred
Amer dep rets reg
1
Mar
Bridgeport Gas Light Co.*
Jan
9
Jan
Capital—
-
1
4*4
58
A
B
200
54
250
•34
common....10c
Common class B
10c
13 preferred
*
16.60 prior pref
--*
Amer Centrifugal Corp-.l
Jan
14
54
2,400
944
Amer Box Board Co com.l
214
1
15
49
Jan
Mar
Aeronautical—1
Breeze Corp
Brewster
124
84
94
11
64
364
Brazilian Tr Lt A Pow—*
Feb
Feb
Mar
75
1*4
104
44
Feb
11
1,400
com..*
82
77 4
com.-l
American Book Co.—.100
Mar
Mar
64
100
Mar
10
High
144
6
34
994 ioo
81
100
1, 1938
Low
144
14
Bourjols Inc
7
American Airlines Inc—10
12
100
25
Jan
Apr
4
2
4
4
100
6% preferred
Class B
*
*
(S) A Co
10
Range Since Jan
Shares
Bohack (H C) Co com...*
154
200
Aluminum Goods
Class
Blumenthal
10
6
1
Mar
Mar
84
4
100
preference
Class
Corp com
<3 opt. conv pref
Mar
2
100
com*
*
10
2.5
Allied Internet Invest
Co
24
50
67
59
com...*
Alliance Invest com
*
40 4
65
A lies & Fisher Inc
Class
9
1
334
504
444
300
394
*
*
preferred
American
Mar
com
W) new com
4
1 4
Price
•
Feb
17
Apr
114
Ala Power 17 pref
6%
Blauner's
34
Feb
Warrants
Aluminum
Par
High
1
Apr
23
100
Codv preferred
Class A
Week
24
2,100
28
"a 4
—.1
1
Investors common...*
Air Devices Corp com
$6
for
of Prices
Low
High
144
34
Air Associates Inc com
Alabama
Week's Range
Sale
19 H
*
B
Sales
Last
Range Since Jan. 1. 1938
Supply Mfg class A.*
Class
Air
Friday
stocks
(Continued)
Week
20
Acme wire ▼ t c com
Aero
Week's Range
Sale
Par
every
Sales
Last
stocks
intended to include
Exchange for the
compiled entirely
security, whether stock or bond, in
4
1
55
34
74
61
48
Mar
60
Jan
24
Mar
44
Jan
2,800
4
Jan
4
Jan
5
22
2,100
I
4
22
150
Mar
200
.50
4
May
16
Mar
28
184
Mar
254
May
4
Apr
4
Feb
1
Jan
Jan
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
STOCKS
1, 1938
Range Since Jan.
STOCKS
Week
Par
Price
Compo Shoe Mach—
V t c ext to 1946
12%
1
5
*
Consol Biscuit Co.-Consol Copper Mines
Consol G E L P Bait com
5
4
4%
%
55
"iH
56
2%
115
Jan
•u
Apr
IX
May
48 %
Apr
64 X
Jan
2X
Mar
3X
81X
IX
Jan
Fox (Peter) Brew Co
Franklin Rayon Corp.
Jan
1%
5X
Jan
Cont Roll «fe Steel
700
2X
Mar
3H
Mar
6X
Mar
6X
4Kb
1
2,700
1%
6
600
21 %
22
*
1
Crocker Wheeler Elec
Croft Brewing Co
6% preferred
Cuban Tobacco com v t c_
Cuneo Press Inc
4
Dennison Mfg 7%
"ioo
IX
.50
4%
200
2%
500
com*
2%
""
1
'~6%
Preferred
Detroit Gasket & Mfg
2X
100
1
Products...*
De Vilbiss Co com
10
Preferred
10
Jan
Mar
14
3X
100
2%
Mar
Mar
Jan
Jan
Feb
IX
Feb
Jan
io x
Mar
4%
May
Mar
33
Apr
Jan
106
Mar
Feb
10
Feb
Jan
8X
13%
Mar
Apr
10X
Jan
Apr
22
Feb
Jan
5H
17
3X
Mar
Mar
2
Mar
Apr
6X
Mar
Mar
3X
9X
14
Jan
Jan
Jan
Feb
$5
preferred
preferrd.100
6% preferred
100
8H
37
S3
13
Jan
Jan
May
May
Apr
May
Mar
4%
4%
1,400
4%
Mar
41
Feb
6X
Jan
6%
Jan
"12% *13 "
""300
X
X
Mar
35
10
Mar
17 X
89
"l2%
Jan
6%
26
Apr
93
Jan
Feb
Jan
Jan
hi
Jan
Feb
X
1.000
2
2X
Apr
Jan
17%
150
Apr
19 X
13X
17
"400
Mar
20 X
X
6X
3%
Mar
1H
Mar
9%
6%
Jan
Jan
Jan
Jan
49 %
124%
Feb
16
*119%
100
Paper...-.25
Greenfield Tap & Die
*
Grocery Sts Prod com..25c
7%
1st preferred
29
"~5%
5X
5%
200
117H
100
119% 120 X
29
Mar
Mar
36
Gt Northern
25%
4X
%
Mar
Jan
7X
Mar
3
200
Apr
Apr
Jan
33
Feb
Jan
'~8X "8%
""300
8%
Apr
9%
May
X
500
hi
Feb
111
Jan
33
Mar
42%
72
Feb
80
Jan
81
Jan
88
Mar
1
X
25
35
36
35
1,000
pref *
3X
Feb
Jan
1X
Mar
5
9
Mar
25
1
60
Apr
58 X
1
1%
Jan
*
1
>»!•
Apr
Apr
IX
Jan
X
Mar
IX
Jan
6
Jan
*
Hartford Elec Light
50
51
15%
400
Jan
"67
Jan
47
Mar
63
Jan
Co
Harvard Brewing Co
Mar
20 X
Jan
Hat Corp of Am
11X
108
Mar
110
Mar
100
1
Mar
2
Feb
75
1
62 X
54
Mar
65
Jan
5%
;. 700
"8X
"900
9
Hartman Tobacco
Corp
Jan
X
Mar
Apr
Jan
Feb
Helena
Jan
7
Mar
13X
800
2
Mar
225
43
Mar
52
22 X
24
.500
20
2%
3X
Jan
May
Apr
31
Jan
Apr
11
Jan
X
Mar
IX
Jan
19%
.50
14
Mar
26
Jan
17 X
25
13
Mar
24
Jan
3
300
13
100
"T"
1
7 X
"400
8X
32,000
2X
Mar
4X
13
Jan
14
Apr
14
X
4%
Mar
Jan
Jan
Feb
47
50
IX
Jan
51%
51X
3X
55
3X
Mar
10 X
Jan
600
47
38
Mar
54 X
May
2,100
42
Mar
59
May
200
2
Mar
4
Jan
2
"4%, "l'x
400
Mar
4
Jan
15 H
Option warrants
Electric Shareholding—
Mar
35
Jan
2X
Mar
"2.5
65
65
60
3
IX
13
Jan
1H
Jan
24
Jan
Jan
55
May
175
Feb
28
Jan
56
May
Feb
55 X
May
Jan
57 X
58
May
Jan
X
May
200
8
%
8
7
6X
Mar
1,100
X
Mar
1,100
com—50
European Electric Corp—
"18
....
314
1
8%
Fanny Farmer Candy coml
Fans tee! Metallurgical
*
3%
8%
7
"it
Jan
Mar
X
4
9%
1,500
1,800
Jan
2
Mar
4
May
6X
Mar
10
Apr
Mar
20T4
Jan
4
200
4
Mar
6X
Jan
ex
ex
100
434
Mar
8X
Jan
32
Warehouse Co
400
Jan
Jan
32
49
49
5X
60
3315
Mar
23
Mar
14H
Jan
Apr
49 X
30
X
39%
5%
800
4X
Mar
25
48 X
Mar
»i«
X
Flsk Rubber Corp
600
15
11%
16%
16
Fiat Amer dep rights
60
8
13%
1,200
1
*
Illuminating Sharos c! A..*
Imperial Chem Indus—
Am dep rets ord reg—£1
Imperial Oil (Can) coup-.*
Zinc
Jan
Mar
'i*
Jan
60 X
Jan
7X
63 X
Mar
Jan
13%
7
Jan
Apr
Mar
7X
6%
Feb
Mar
20%
Feb
B
37 X
Feb
Mar
42%
Apr
Mar
12%
9%
400
5X
1,700
UX
7% preferred
Insurance Co of No
14%
Jan
14%
Feb
Mar
6
20
Apr
18%
50
18%
May
3%
Apr
24
""ioo
21X
Jan
24 X
Mar
100
100
10
98 X
Jan
102%
May
68
3", 666
4
100
Feb
4
8
63%
Mar
11
Jan
56
Mar
70
Feb
2X
Mar
6X
Jan
X
Mar
%
Jan
4X
Mar
7%
Feb
7H
4
Jan
Jan
3
20
20
3X
15
20
3X
16
200
Mar
7%
5%
IX
Mar
2%
Jan
19%
Apr
33%
4%
17%
Mar
100
2
Mar
i,200
12
Mar
4%
4%
700
6
6%
100
Jan
Jan
Jan
Jan
6
3M
Mar
5X
Mar
13H
Jan
48%
Jan
49 X
Feb
7X
16%
17%
17
17
17
5,500
200
Feb
8X
Jan
Mar
19%
Mar
19
Mar
15
7%
7%
100
13%
10
18
18
10
Apr
13X
13%
15X
Mar
14H
Feb
32
Mar
37%
8%
Mar
16
Mar
6X
10,,
Jan
Feb
Jan
11
Feb
19%
May
82
Apr
88 %
Jan
IX
Mar
1%
Jan
IX
Mar
1%
Feb
%
1
100
Apr
18%
*
*
Am. 10
Jan
Mar
May
Mar
%
Mar
Feb
8%
May
48 X
Mar
61 %
Jan
Industrial Finance—
V t c common
Jan
8
Mar
24
"18%
*
Non-voting class A
Jan
Mar
13%
Indpls P & L 6X % Pf-100
Indian Ter Ilium OH—
Class
Jan
Mar
-
Registered
7%
Jan
10 X
Mar
5%
4%
Div arrear ctfs
Illinois
30
6X
9
50
preferred
Jan
Apr
20
9
6
100
Jan
Mar
40
6% pf.100
13
31
he
6%
preferred
Feb
llie
May
100
Federal Compress &
com—25
Ferro Enamel Corp
1
100
16% May
27
Co—*
Indiana Service
10 H
4
5
7
7% pref stamped
Jan
Feb
16H
Fairchlld Aviation-——..1
27%
Mar
18
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain & Ireland
£1
Indiana Pipe Line—
10
May
22
22Hi Mar
8
4%
28%
300
1
Common
Illinois Iowa Power
17%
%
Mar
{Huylers of Del Inc—
Jan
Apr
32
IX
2
25
Hewitt Rubber common..5
Hey den Chemical
10
Hires (Chas E) Co cl A.—*
Hoe (R) & Co class A—10
Holllnger Consol G M—5
Holophane Co common..*
Holt (Henry) & Co cl A. ~
Hormel (Geo A) & Co com*
Horn (A C) Co common..1
Horn & Hardart
—*
5% preferred
100
Hubbell (Harvey) Inc...5
Humble Oil & Ref
*
Hummel-Ross Fibre Corp 5
Jan
Mar
28
10c
1
Apr
13%
■—
75 X
6
28
47 X
Equip..5
A—
Jan
31X
Equity Corp com
Class
2X
Jan
1
Emsco Derrick &
3%
100
*
Rubenstein
Apr
5X
17
Elgin Nat Watch Co
46
100
Jan
12
2%
5X
5%
7
100
7% pref unstamped—100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
May
10
Electrographic Corp..—1
Electrol Inc v t c
1
47
3%
16X
4%
28%
Apr
IX
1
$6 conv pref ww
*
Elec Shovel Coal $4 pref..*
3%
Heller Co common
May
6X
9X
10X
7%
1%
16 X
3%
cl B com. 1
*
Hearn Dept Store com...5
6% preferred
50
Hecla Mining Co
25c
Hazeltlne
3X
52
2X
1%
200
Preferred w w
1
4%
*
Non-vot com stock
Jan
16X
3
pref A——*
For footnotes *ee page
76%
59
58
Mfg Co—
36 preferred
Hall Lamp Co
Haloid Co
Mar
13
com—1
-.1
(Phila).lO
1
100
Mar
Mar
Apr
*
preferred
Jan
5%
28 X
5
V t c agreement
Gulf States Util 35.50
Mar
Edison Bros Stores
Fedders Mfg Co
*150
*
Gorham Inc class A
Feb
9%
17%
B—*
B—*
Stores.*
-
88
Apr
Mar
Mar
Goldfleld Consol Mines..1
Gulf Oil Corp-
"ix "ix "'ioo
$6 preferred series
15
Empire Dlst El 6% pf.100
Empire Gas & Fuel Co—
6% preferred
100
6 %% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
"76%
.*
preferred..
Jan
6X
22 %
Easy Washing Mach
Common
Apr
75X
4%
4X
Godchaux Sugars class A.*
Class B
*
9
9%
19
A
Jan
Mar
57
~75~
*
Glen Alden Coal
Mar
51
51
17 preferred series A—
*
*
14
44
.*
Gilchrist Co
X
*
2
Eisler Electric Corp
1
Elec Bond & Share com..5
Jan
Mar
38
Guardian Investors
100
IX
Malleable Iron.25
Corp
IX
Mar
*
Preferred
Jan
3H
10
*
16
24 X
75%
75%
Gilbert (A C) common...*
May
Mar
May
Great Atl & Pac Tea—
3X
3X
22
1
preferred
Jan
Jan
2
Mar
Jan
200
1
extend.*
{Grand Natlon'l Films Inc 1
Grand Rapids Varnish...*
Gray Telep Pay Station. 10
Mar
Mar
Jan
47
26%
100
6% preferred A
$3
Gorham
Mar
IX
70
Mar
General Tire & Rubber—
Jan
Feb
58
Feb
30
8%
Jan
40
65
10
40
Jan
7X
30
35%
1
*
Georgia Power $6 pref.—*
Jan
IX
18
65%
*
preferred
conv
Jan
hi
65%
Gen Water G & E com. —1
2x
Mar
65%
Gen Rayon Co A stock...*
General Telephone com.20
$3
Jan
Mar
50
35%
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
Feb
Jan
5X
A pr
1«< May
Jan
10H
300
62 X
2 X
Common
$6 preferred
1
Jan
6*
5
6
4% % prior
Fire Association
Jan
iix
5X
Eagle Plcher Lead
10
East Gas & Fuel Assoc—
Fidello Brewery
Mar
Mar
Duval Texas Sulphur...
Falstaff Brewing
Jan
10
14%
1
Duro-Test Corp com
Option warrants
Jan
2%
•
Eureka Pipe Line
13X
12
Feb
X
Apr
.41
Warrants
11%
50
Corp. 1
100
Hosiery cl B com *
Esquire-Coronet
Jan
X
Hartford Rayon v t c
Duke Power Co.
L*2d
2H
H
9
*
preferred
67
Dublller Condenser
Elec Power Assoc
Mar
Mar
100
2X
100
$6 preferred
$6
10
11X
*
$5 preferred
»»
3X
22 X
10
Economy Grocery
Jan
Jan
72
3
com—*
Draper Corp
Driver Harris Co
Eastern States
Mar
Amer dep rets ord
11
Corp—5
Distillers Co Ltd
£1
Divco-Twln Truck com—1
Dobeckmun Co com
1
Dominion Steel & Coal B 25
Domin Tar & Chem com.*
5%% preferred
100
7% preferred
5X
100
Grumman Aircraft Engr.. 1
Diamond Shoe Corp com
Dominion Textile
Mar
14
Distilled Liquors
Jan
Apr
100
IX
Detroit Steel
Jan
9X
82
%
2
Detroit Paper Prod
Apr
11%
10X
200
75
%
38*
'ex "ex
6% pref ww
20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com.-l
87
Mar
General Investment com.l
25
pref -100
Derby Oil & Ref Corp
34
Jan
7%
Jan
3%
21
Mar
86
Jan
11
IX
50
32
2X
m
21
32
19 X
26 X
1
28
May
May
Mar
102
35
Class A
Dejay Stores
May
21X
Mar
Jan
400
10
Mar
6X
IX
7
100
5
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Jan
Mar
18
conv
16X
Jan
6% % preferred
Curtis Mfg Co (Mo)
Jan
Mar
100
8%
500
14 X
400
IX
4%
Jan
Jan
250
IX
X
3x
16 X
11
15
14%
18%
16
*
*
15
IX
27 X
*
10
Crystal Oil Ref com
8X
18X
11%
Jan
Mar
"300
Jan
Mar
6X
*
1
700
"i'% "i%
May
5
reg.£l
Gen Fireproofing com
*
8%
1%
10
Gen Electric Co Ltd—
3
A-.*
Crown Drug Co com—25c
Preferred
25
33
Jan
Apr
100
Gatineau Power Co com..*
Mar
Crown Cork Internat
100
1
Jan
Feb
May
100
■
15
preferred
Mar
X
200
lX
Apr
7
7
preferred
*
4% conv pref erred.-.100
Gamewell Co $6 conv pf..*
4
9%
54X
9%
Fuller (Geo A) Co com...1
Jan
17X
~~3% ~~3%
Crowley, Milner & Co—*
Crown Cent Petrol (Md)-5
2%
5%
1
Jan
X
8X
Feb
ex
X
ex
Common
Conv
9%
1
Fruehauf Trailer Co
3,800
22
5
Jan
80
"300
Cramp (Wa) & Sons com.l
Creole Petroleum
5
Mar
Jan
12
"
100 frcs
Jan
May
5%
Amer dep rets
Feb
IX
1%
Feb
IX
7%
2%
Ford Motor of France—
7X
53 X
50
Jan
xl8H
22 X
Mar
£1
18 X
Mar
Mar
19
com—1
6% conv preferred
Jan
Mar
9%
17X
Mar
Mar
4%
*
Courtaulds Ltd
5%
14H
500
May
May
14
100
200
.1
16 preferred A
Cosden Petroleum
17 X
17
17
Jan
4%
2,200
41X
5% preferred
General Alloys Co
4X
400
6X
15*4
4%
15M
4%
Arp
Jan
Reynolds—
Common
plftu.
Mar
51
*
Cooper Bessemer com
*
S3 prior preference
*
Copper Range Co.*
Copperweld Steel com-.10
Elec P &
Apr
4%
200
5%
5%
5%
$4 preferred
Eastern
Mar
H
Mex—1
Fdy—-*
{Continental Secur com. .5
Varnish-—*
Durham
Mar
67X
Cook Paint &
Corroon &
Mar
IX
100
4%
4
High
Mar
Froedtert Grain & Malt—
100
75
4
4%
.4%
*
Apr
prior pf 100
Continental Oil of
B
Jan
350
54%
Low
Shares
15
4X
Ford Motor of Can cl A..*
Class
High
26
reg—£1
70
l",7(X)
2S/S
8% preferred
-—100
Consol Royalty Oil
10
Consol Stee Corp com.-.*
Cont G & E 7%
Jan
Am dep rets ord
Low
Range Since Jan. 1, 1938
for
Week
of Prices
Price
_*
Mar
55
400
68
"I"
1
Smelt Ltd.6
Stores
1
Consol Gas Utilities
Consol Retail
6X
Mar
May
Florida P & L $7 pref
Ford Motor Co Ltd—
113X
66
66
100
6% pref class A
3,600
4%
Feb
5%
Jan
3%
3%
300
15
Mar
11
200
5
Sale
Par
High
Low
Week's Range
Last
(Continued)
Shares
12%
5
Sales
Friday
{Continued)
Consol Min &
3311
New York Curb Exchange—Continued—Page 2
146
Volume
7
59 X
59 X
62
650
New York Curb Exchange—Continued—Page 3
3312
Sales
Friday1
Last
STOCKS
Week's Range
Sale
(Continued)
Par
Low
International Cigar Mach *
Range Since Jan. 1, 1938
for
STOCKS
Week
of Prices
Price
High
19
19
100
16%
Mar
22
*5%
200
8%
17%
%
May
2
8,500
1%
Mar
26%
214
27%
314
3H
600
Monroe Loan 80c A
May
%
Apr
Feb
Jan
Internat Metal Indus cl A *
0
Internat Paper <fe Pow warr
214
International Petroleum..
20 %
Registered
International Products—
1
Internat Radio Corp
7%
23
7
Mar
31%
Mar
Mar
4%
Feb
B
6
Feb
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2%
Machman-Sprlngfllled .--*
%
Mar
1
Jan
7 \4
100
7%
May
0%
Jan
Apr
Feb
28%
Mar
,n
%
3%
800
2%
Mar
314
900
3
S3.60 prior pref
Warrants series of 1940-
24%
Vitamin...1
3%
3
Equip.-1
Interstate Hosiery Mills..*
Interstate Power $7 pref..J
Investors Royalty
"bli "s%
*I«
*16
1314
914
1314
9%
50
200
2%
2%
2%
8,300
1%
1%
--1
A...
Italian Superpower
Jacobs (F L) Co——-Jeannette Glass Co
Jan
28
Jan
May
Jan
15%
12%
Jan
Jan
National Fuel Gas
%
7%
Jan
7%
Mar
Mar
Mar
2
May
1%
Mar
Apr
100
Jan
01
Nat Service common
Apr
Jan
Jan
43%
108%
Jan
107
Keith(G E)7% 1st pref. 100
Kennedy's Inc
5
Jan
3
Mar
Mar
Jan
21%
Jan
Mar
7%
11%
Mar
1%
700
21%
4
200
Nat Tunnel & Mines
Apr
Jan
Feb
1
Jan
Navarro Oil Co
*
28%
Mar
42
Mar
Nebel (Oscar) Co com
Mar
30
1%
700
1%
3%
"is
Knott Corp common
1
Kobacker Stores common.*
614
99
Mar
3
Jan
Mar
20%
Jan
56
58%
950
38%
Mar
63
3
200
3
May
4%
Jan
3%
300
2%
Mar
Jan
hi
Mar
5%
»il
1%
Mar
2
Feb
6%
99
7%
Mar
9
6% preferred...
$2 pref
39
Mar
46
Feb
Mar
68%
Feb
1%
Mar
3%
85%
Jan
Mar
May
Apr
5%
May
May
%
12%
3%
Jan
1%
Feb
13%
100
Feb
13%
Jan
Mar
%
Mar
19%
19%
20%
1,600
Apr
20%
Mar
614
914
10
9%
9
7%
7%
10%
8%
1%
32%
1%
32
1%
34%
30
30
Jan
5% 1st pref
5% 2d preferred
3
Jan
Jan
6%
Mar
9%
Jan
Nlles-Bement Pond
%
Mar
%
Jan
Nineteen Hundred Corp B1
Nlplssing Mines
5
%
1%
Mar
1%
Jan
Noma Electric
Apr
3%
Jan
Mar
Apr
May
Jan
38
45
19%
Jan
Mar
7%
24
Jan
Feb
Mar
Jan
Mar
Class B
102
102
"4%
4
50
4%
300
Common
3%
Jan
Feb
Mar
Mar
90
Mar
3%
Mar
53
May
3%
13
Jan
May
107%
4%
Jan
Mar
Mar
55
Jan
Mar
19
Jan
616
Mar
4%
Jan
Mar
23%
Mar
2
Mar
100
40
<!
%
30%
Mar
1,500
%
Mar
75
85
75
4%
Apr
%
50
Jen
Jan
Jan
74%
Jan
%
1%
Feb
Apr
%
25
85
29%
Feb
May
85
Jan
May
%
"""% """%
2%
Mar
"ii
Jan
%
i",666
Mar
%
Jan
Apr
2%
2%
900
2
5%
500
5%
Mar
6%
8%
Jan
5%
•is
Mar
%
Jan
3%
*
3%
100
3%
May
3
3
300
1%
%
Apr
Mar
5%
5%
6
1,300
5%
%
%
500
%
%
4%
6
Jan
Feb
4
Jan
%
Apr
Apr
6%
May
%
May
May
6%
450
29%
106
106"
8
700
10
100
29%
150
106""
"16
Feb
Mar
Apr
xl4%
Mar
Mar
6%
8%
1%
Mar
24%
Feb
75
7%
10
1
10
Apr
9%
7h
3%
01
Mining Corp of Canada..*
Minnesota Mining & Mfg.*
Minnesota P & L 7% pf 100
Feb
76
Mar
103
May
107
Jan
2%
Mar
Mar
Mar
80%
Jan
1%
Jan
8% May
*11%
Feb
2%
Feb
30
Apr
3%
May
Voehringer—
$2.50
4%
4%
1,200
1 %
1!
1,100
6%
3%
Jan
x8%
Mar
Mar
6%
Feb
12%
1
Monarch Machine Tool..*
Monogram Pictures com.l
6% prior preferred
Jan
Jan
7%
7%
Mar
94%
Jan
9%
Jan
Jan
7%
5%
2,800
4%
19
Mar
76
25
Mar
Mar
79
May
Jan
Jan
8%
70
00
76
00
Jan
Jan
Jan
%
Feb
*i«
Jan
400
%
Apr
1%
Feb
Jan
1%
1%
5%
5%
100
3%
89%
Mar
Jan
0%
89%
"29% "§1"
i~I66
24%
Apr
38 %
Jan
7%
29%
Mar
9%
Feb
1%
Mar
2%
Feb
3
Mar
4%
Jan
May
1%
"700
100
4
1%
36%
600
2%
100
31*
Mar
36
Mar
37%
17
17
18
500
12%
Mar
24
Jan
18%
19
200
11%
Mar
23%
Feb
42
Apr
43
1%
%
58%
%
%
1,100
cl A.. 100
Novadel-Agene Corp
6%
conv
pref
47*
Apr
06
Jan
50
50
Apr
77
Jan
Mar
0
Feb
11%
11%
21%
12%
1,500
6%
Mar
14%
11%
22%
100
Mar
500
8%
18
Mar
25
50
23%
Apr
13%
24%
34%
94%
Feb
87
May
100
May
140
109%
Apr
109%
112%
Mar
Jan
101%
Mar
Apr
25
Mar
91%
9%
Jan
8%
1,300
0%
Mar
10%
Jan
750
21%
Jan
31
Feb
91%
1%
"91%
1%
200
5
30%
104%
5
5
200
30%
800
104% 104%
"25
29%
Mar
1%
Mar
13
2%
Mar
Jan
May
2%
5%
Mar
Mar
3%
6%
Feb
Mar
30%
Jan
4%
27%
25%
98%
13%
13%
1
4%
4%
Paramount Motors Corp.l
14%
5%
Jan
Apr
27%
Mar
105%
Apr
60
Jan
Jan
Jan
May
Mar
Apr
17%
800
Mar
19%
Jan
13,200
3%
May
7%
Feb
Jan
4%
4
5%
Jan
3%
15%
12%
*
May
Jan
Jan
14
10
15%
15%
100
Patchogue-Ply mouthMllls *
15%
22%
2%
15%
22%
2%
10
200
24
24
150
*
*
93%
Mar
Mar
,
40
*
com
May
1%
3
Pan-Amer Airways
Pantepec Oil of Venez
Pender (D) Grocery A
Class B
89
Jan
5%
50
*
Peninsular Telph
Preferred
Jan
9%
28%
93%
8%
27%
Pacific Public Service
$1.30 1st preferred
Parker Pen Co
Jan
Jan
100
85
314
1
5%% 1st preferred
25
Pacific Ltg $6 pref..
*
Pacific P & L 7% pref. 100
Jan
Jan
94%
Oliver United Filters cl B.*
Overseas Securities
*
Pacific Can Co com
*
Pacific G & E 6% 1st pf.25
Jan
80
87% 87%
100% 100%
111
111%
50
100
Oldetyme Distillers
*i«
Jan
59
68
5
15
Jan
57 H
100
com.
Jan
4
25
Ohio Oil 6% pref..—.100
Ohio Power 6% pref
100
Ohio P S 7% 1st pref... 100
6% 1st preferred
Oilstocks Ltd com
1%
Mar
4
11%
11%
*
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
..*
Oklahoma Nat Gas
$3 preferred
Mar
68
100
com
Jan
%
Northern Pipe Line.-..-10
Nor Sts Pow
Jan
3%
5
Northwest Engineering..*
Jan
36
50
Central Texas Oil
2%
*
50
Feb
15
Jan
13
Mar
19
Jan
May
23
Jan
15%
18
2%
21
107%
100
Mar
24%
Jan
Mar
4
Jan
Jan
26
Jan
Apr
110
Feb
Mar
26
Apr
Penn Edison Co—
$2.80 preferred
Penn Gas & Elec cl A
Penn Mex Fuel Co
Penn Traffic Co
Pennroad Corp vtc
24
.*
Apr
8%
1
2%
Apr
2%
Apr
2.50
2%
Mar
2%
Mar
1%
Mar
2%
*
1
$6 preferred
Penn Salt Mfg Co
Pa Water & Power
Co
Pepperell Mfg Co
200
3%
1%
1%
5
1%
Penn Cent Airlines com.. 1
Pa Pr & Lt $7 pref
*
Perfect Circle Co
10
101
Parkereburg Rig & Reel—1
*
see page
Jan
Apr
1
$6 preferred
*
North Amer Rayon cl A..*
Class B com
*
Nor European Oil com
1
Nor Ind Pub Ser 6% pf-100
10%
21
#i«
30
6%
91%
..1
Feb
Mar
3
39%
20
10
50
No Am Utility Securities.*
Mar
7%
*
Nor
13%
39%
May
200
24%
100
Jan
45
500
11
7
—5
common
Class A pref
Jan
7%
2%
7%
1%
4,300
Jan
Mar
Nor Amer Lt & Pow—
47
13
2
97
1 %
Jan
7% preferred
10%
Mar
Mar
10%
Niagara Share—
2%
4%
11%
13
19%
Jan
500
34%
Mar
150
Mar
100
100
42
7%
100
72
7
100
Apr
18
6%
Jan
Mar
Mar
Apr
1,400
13%
Jan
2%
Mar
42
4
Mar
15
6%.
""266
5
25%
30%
12%
Jan
12% May
72%
Mar
97
Class A opt warr...
Class B opt warr
200
2%
"56"
24%
N Y Water Serv 6% pf.100
Niagara Hudson Power—
Common
10
Jan
%
10
Mar
12% May
45%
5
9%
18
100
1,100
81
Jan
1%
Jan
1
New York Transit Co
Mar
102
*
10%
1
Apr
Mar
10% May
Shipbuilding Corp—
10%
30
15
Apr
Apr
Founders shares
Mar
110
Jan
Apr
5%
$6 preferred
N Y
Mar
700
Jan
Apr
Mar
50
18
7% pref. .100
Mar
Co
For footnotes
Jan
Mar
1%
Jan
2%
22%
Jan
Feb
02
1%
N Y & Honduras Rosario 10
N Y Merchandise
10
N Y Pr & Lt
6%
*
Molybdenum Corp
0
Mar
-
25
Mar
24
10
Common
47
Mar
30
_.
Apr
Mar
900
Midland Steel Products—
$2 non-cum dlv shs
*
Mock, Jud,
com
City Omnibus—
Warrants..
Jan
Mar
Miss River Power pref. 100
Missouri Pub Serv com
*
111*
Mar
N Y
Feb
1%
Mid-West Abrasive
50c
Midwest Oil Co
...10
Midwest Piping & Sup...*
"54"
5%
7%
Midland Oil Corp—
Midvale
"54"
15,400
2,600
%
*
pref
Jan
Newmont Mining Corp. 10
New Process Co com
*
May
May
7%
Warrants.
conv
Jan
May
54
7%
Metropolitan Ddlson
$2
19
12%
53
N Y Auction Co
100
4%
12%
53
14
3%
5
May
29%
3%
85
50%
New Jersey Zinc
2o
New Mex & Ariz Land.,.1
1%
1
t c
105
Jan
Mar
15
New England Tel & Tel 100
New Haven Clock Co
*
New Idea Inc com
*
25%
1
Participating preferred.*
Merritt Chapman & Scott *
Warrants
v
30
Jan
Feb
47% May
10
Apr
50%
*
150
Mercantile Stores com
»
Merchants & Mfg ci A...1
Class B
300
*
100
Jan
19
May Hosiery MUls Inc—
Middle West Corp com
Feb
"ii
16%
15%
1
Middle States Petrol—
Class A v t c
5
Mar
10%
19%
Massey Harris common..*
Preferred..
14
13
*
Mexico-Ohio Oil
*
Michigan Bumper Corp_.l
Michigan Gas & Oil
1
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Jan
3
*
*
Jan
45%
reg £1
$0 pref
11
400
1
6%% A preferred... 100
Mesabl Iron Co...
1
Metal Textile Corp new 25c
New partic pref erred.. 15
Feb
14
1
Memphis Nat Gas com...5
Memphis P & L $7 pref...*
38%
106
100
New Engl Pow Assoc
Jan
5,600
preferred
*
Mapes Consol Mfg Co...*
Marconi Intl Marine
Mead Johnson & Co
Feb
100
Feb
2%
10
7% preferred
12%
102%
12%
50%
65
100
$4 preferred w w
*
McCord Rad & Mfg B___*
McWUllams Dredging
*
Jan
Jan
40
*
Master Electric Co
7i«
3
95
*
Marlon Steam Shovel
Mass Utll Assoc vtc
100
Jan
Jan
15*
175
conv
Communlca'ns ord
Margay Oil Corp
%
Jan
200
500
Stores
Mar
Mar
%
38
4914
Loudon Packing
*
Louisiana Land & Explor.l
Lucky Tiger Comb G M.10
Lynch Corp common
5
$5
1%
%
12%
5%
500
Majestic Radio & Tel
600
2
"l3% "13%
Apr
716
Mangel
Jan
Mar
5%
71«
6% pref class B
Jan
"666
4%
7%
18%
5%
9%
Mar
Inc-.l
*
Feb
Apr
5%
*5%
Oil Develop.-.25
..100
41%
12%
7%
%
13%
314
preferred
Mar
600
TOO
1%
1%
13%
106
1%
Loblaw Groceterias cl A..*
Locke Steel Chain
...5
Lockheed Aircraft
1
Lone Star Gas Corp
.*
^
13%
"T% "8%
Nebraska Pow 7% pref.100
Mar
Feb
32
12%
12%
Arp
*
Long Island Lighting—
Common
Jan
3
3%
Nehl Corp common
*
Nelson (Herman) Corp-.5
com.
Jan
14%
Mar
13%
3%
common
700
%
.*
Lit Brothers
Feb
4%
Lefcourt Realty common. 1
Line Material Co
9
2
6%
Nestle Le Mur Co cl A...*
Langendorf United Bak—
Class
A
*
Refining
*
Lipton (Tlios J) class A...1
6% preferred
25
Apr
Apr
15
Jan
40
49%
Lakey Foundry & Mach..l
Lane Bryant 7% pref.. 100
Lion Oil
Jan
6%
12%
100
100
Jan
Nevada Calif Elec
Jan
37
Neptune Meter class A—*
Mar
Le Tourneau (R G)
11%
Apr
Jan
5%
Leonard
May
May
Apr
Jan
Feb
Lehigh Coal & Nav
7
7
1%
11%
*
Jan
16%
6%
10
Preferred
1
Apr
Kreuger Brewing Co.
1
Lackawanna RR (N J). 100
B
Mar
Mar
10%
Koppers Co 6% pref.-.100
Lake Shores Mines Ltd-.-l
Jan
Jan
1,000
200
Feb
Mar
Mar
7
14%
Klein (D Emll) Co com..*
KJelnert (I B) Rubber ColO
Kress (SH) & Co
7
2%
6
Jan
Apr
Mar
Mar
14
3%
Mar
400
3%
200
200
17%
*
22
3%
Jan
17 H
Nat Union Radio Corp.-.l
%
1%
3%
Jan
12%
8%
6%
13%
2%
2%
*
5%
114
Jan
10
Mar
6%
National Tea 5%% pref. 10
National Transit
12.50
Kingsbury Breweries
1
Kings Co Ltg 7% pf B 100
5% preferred D
100
Kingston Products
1
Klrby Petroleum
.1
Klrkl'd Lake G M Co Ltd 1
121
Mar
1
Ken-Rad Tube & Lamp A *
Jan
6
25
Conv part preferred—
National Steel Car Ltd...
Natlonal Sugar Refining.*
85
Apr
21
2
Mar
100
100
*
Jan
73
Apr
68
1%
Jones & Eaughlln Steel. 100
Kansas G & E 7% pref. 100
%
National P & L $6 pref...*
National Refining Co.-.25
Nat Rubber Mach
*
Jan
Jan
9%
5% May
Jan
%
Mar
pref
Jan
3%
60
4%
5%
»n
5%
Nat Mfg <fe Stores com...*
National Oil Products
4
11%
52%
5%% preferred
100
6% preferred ......-100
7% preferred
100
Jonas & Naumburg..-2.50
4%
50
National Container (Del).l
conv
Jan
Feb
100
.
$3
Mar
4%
Jan
2
3%
8
7%
National Candy Co com..*
National City Lines com 1
%
145
Feb
""16
105"
7%
1
6%
Jersey Central Pow & Lt—
Class
5
105"
National Baking Co com. 1
Nat Bellas Hess com
1
Mar
%
*
Nat Auto Fibre com
Jan
4%
Feb
Jan
*x« May
100
J-n
Feb
%
4
May
25%
2%
""io
1
Iron F ireman Mfg v 161.-10
Irving Aur Chute
5
Mar
Mar
4
1,700
lOt)
5
Feb
27
33%
%
4%
Jan
Jan
31
Apr
May
3%
4%
2
5% May
140
Mar
28%
145
Mountain Sts Tel & Tel 100
100
Feb
Apr
Mar
28
Class A 7% pref
100
Moore (Tom) Distillery..1
Mtge Bk of Col 4m shs—
Jan
%
%
7%
J 1.75 preferred
Home
25
28%
IMountaln States Power
A.„..--.
Interstate
28%
122
70
High
21 %
*
9
Jan
Jan
138%
137
Pow..*
8%
%
Mar
%
138 %
Mountain City Cop com 5c
Mountain Producers
10
International Utility-
Internatlonal
Ht <fc
Moody Investors pref.
Moore Corp Ltd com
Mar
6
900
Jan
31
Apr
Montreal Lt
Mar
3%
Mar
24%
2%
6,300
8%
Apr
Internat Safety Razor B_.
Class
Low
1%
4%
*
1, 1938
Week
.1
Montgomery Ward A
1938
Range Since Jan
for
Shares
Montana Dakota Utll... 10
50
purch warrants.
Pref S3.50 series
Class
Price
Week's Range
of Prices
Low
High
Sale
Par
High
15
I
Last
(Continued)
Low
Shares
Internat Hydro-Elec—
A stock
May 21,
Sales
Friday i
5
1,100
300
5
79%
74
*
50
2%
75
121%
125
125
*
67
67
100
59
100
60
61
225
54%
*
125
24
May
Mar
Mar
May
Mar
Apr
Mar
5
Feb
Jan
May
90%
Jan
82
Jan
149%
72%
77
24%
3315.
V
Jan
Jan
Jan
Mar
Week's Range
for
Sale
of Prices
Week
Par
Low
Price
4%
4H
High
Low
Stores
3
2K
Common
Mar
31K
Feb
Sonotone
Mar
Jan
8oss Mfg com
1
South Coast Corp com
1
4
2K
Pittsburgh
m
———
100
10 K
Mar
21
Jan
xlOH
Mar
Jan
6%
Jan
17K
IK
Jan
5K% pref series C
Jan
3
3K
6K
6K
IK
Mar
5K
Jan
Mar
3
Apr
7K
Jan
34%
Mar
7K
Jan
Jan
So West Pa Pipe Line..50
80
700
"
100
Mar
Mar
55
90
Mar
Southern Pipe Line
1K
IK
Apr
IK
Jan
Mar
Jan
Feb
8K
3K
•l«
Mar
IK
Jan
Mar
4K
Jan
Stahl-Meyer Inc
Mar
14K
Feb
Feb
1%
95
Feb
Apr
21 K
Jan
Mar
Mar
2K
Feb
Mar
37
Mar
Mar
18
Jan
1u
"200
Apr
3%
Mar
3%
600
Mar
6%
'Ik "Hi
Mar
27
16
16
11K
95
Standard
May
H
Apr
250
23 K
Mar
35K
May
•14'H
15
175
10K
Feb
Mar
17H
Apr
7K
Jan
May
7K
May
Mar
Jan
7
60
90
Mar
136
May
Mar
140
Mar
10
100K
Jan
Feb
15K
Mar
Jan
K
Feb
Invest A—1
Rainbow Luminous ProdClass A
*
%
%
Mar
K
Jan
B—T——----—*
Raymond Concrete Pile-
K
Jan
K
Jan
10%
Feb
16
Feb
Feb
34
May
Feb
3K
19
"2% "*2K
%
K
Inc———1
2K
Reynolds Investing
-1
Goods
*
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust ctfs
1
2K
%
r; %
"""266
Vk
*"2K ""300
Mar
IK
Jan
6K
Jan
Mar
2K
Jan
Mar
'»
Jan
200
1
90
G&E6%pfD 100
Inc.-*
Apr
11%
400
Mar
Jan
"300
IK
Mar
4%
4%
300
3K
Mar
%
%
100
*i»
Jan
39%
39%
2'
96 K
Feb
18
1 K
Jan
Mar
5
"b%
-1
pf-100
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.—*
...
Am dep rets
2K
5
3K
Jan
9K
Ti«
Feb
Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
Jan
Mar
9%
FeL
Mar
Jan
K
3K
Mar
Mar
1%
92
Jar
Jan
Jan
""366
2%
5
*
—-25
Elec 56 pref
*
Lace common. _*
Spring Brook
Service pref
*
IK
Apr
13
Apr
1%
Mar
4K
Mar
2K
2,700
"2% "2%
63 %
Jan
Mar
3%
Jan
2%
Jan
Jan
1%
IK
200
Schlff Co common
10%
8
Mar
15
Jan
20%
19%
20K
300
Scovlll Mfg
100
19
Mar
29 %
Jan
Co
IK May
20
18K
18
50
K
1,666
16K
3K
Apr
113
Jan
Apr
111K
25
Feb
K
Warrants
Jan
20
Apr
general—*
Inc
*
Securities Corp
31
K
*
12K
12K
%
K
400
55.50 prior stock
1
5
25
Allotment certificates.
—
Jan
IK
May
K
200
%
Jan
IK
Mar
Mar
5,800
Segal Lock & Hardware.-1
Seiberling Rubber com—*
7%
30 K
200
31
Mar
Mar
Mar
Scullln Steel Co com
2
12K
Common——-------1
10
Transwestern Oil Co
Mar
Apr
53
"53"
55 K
"54"
35
Mar
IK
4H
17
Jan
Jan
Jan
Mar
IK
Jan
Mar
Jan
Mar
48 K
50
Mar
8K
60K
49K
150
55 K
6*
Mar
61K
£1
Control
1
Seton Leather common.—*
Seversky Aircraft Corp—1
Shattuck Denn Mining. .5
Shawlnigan Wat & Pow..*
Sherwin-Williams com. .25
5% cum pref ser AAA 100
Sbreveport El Dorado Pipe
IK
Amer dep rets reg
Sentry Safety
Mar
1%
Feb
Jan
*i«
Jan
85 K
25
*
Simmons-Broadman Pub—
Conv preferred
*
Simmons H'ware & Paint. *
Line stamped
Simplicity Pattern com—1
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
84 K
2%
5K
Feb
Jan
3K
Apr
Mar
Jan
Apr
10 K
20
66
Apr
Jan
2,100
500
7
89%
K
Mar
107
2K
6K
1%
5%
18K
6K
Silex Co common
850
800
IK
230"
K
10
K
Apr
Apr
Jan
IK
K
6K
300
235"
"16
Jan
Jan
Mar
16 K
Mar
IK
300
Mar
2K
Jan
2K
Mar
5H
Jan
212
4K
3315
95
111K
Jan
16K
9%
.
Feb
4*
2%
Mar
Mar
800
500
400
"166
Jan
Apr
3K
Apr
2K
Jan
Apr
2K
24K
Mar
Apr
Mar
3K
Apr
Mar
2
Mar
5K
200
5K
Mar
"166
IK
7K
Mar
5K:
Jan
7
2K
2K
Mar
2K
Mar
29 K
1,700
Jan
8
2K
Apr
8
4K
31K
4%
29
Apr
5%
May
4,500
2K
800
20H
Mar
Feb
5%
100
5K
31K
5K
K
17,600
Mar
K
14K
Mar
Mar
23 K
21K
65K
65K
24
4K
65 K
95
95
4K
10%
4%
11
200
3K
3.50
6K
Mar
10
10
100
7K
Mar
4K
"~4%
400
4K
Mai
75
44
Mar
30
94
May
Mar
3
100
""1% "IK
"166
Apr
50
2H
2K
50 K
50 K
50
100
Mar
2K
Mar
199%
"26
10
243
5K
May
Jan
Jan
15K
IK
Apr
98 K
Mar
lu
Jan
K
Mar
4%
Mar
"500
5%
5%
400
•i»
7K
21K
7K
21K
Mar
7K
5K
Mar
500
100
21K
May
2
5
5
100
2K
2K
300
10
*
com..*
Union Premier Foods Sts.l
Union Traction Co (Pa)—
xl2
Investment
12K
200
xl2
"ii~
"12%
"400
—
9K
9%
10K
4,300
United Chemicals
Option warrants
—
United G & E 7% pref. 100
United Lt & Pow com
Common class B
--*
1st preferred
United
$3
A.*
*
Milk
Products.
preferred
—
"3%
86 K
Mar
Jan
Mar
4K
Mar
Mar
Mar
2K
Mar
K
3K
85 K
4
88 K
1
Mar
6,400
8,900
700
69
62
"~2K
"2k "2%
2K
2K
23 K
22 %
2K
25
Mar
Mar
•u
600
Mar
Apr
3~, 200
IK
100
IK
Apr
3,200
13K
Mar
Mar
17K
"09% "69H
—*
""25
United Molasses
—
10
2.000
"16
K
*
Co—
Am dep rets ord reg...
United N J RR & Canal 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
Mar
K
K
K
K
K
United
1
pref non-voting.*
K
UK
30
$3 cum & part pref
Corp warrants
United Gas Corp com
Mar
Mar
2
paid-in.. —--50
Aircraft Transport
com...*
*
Un Cigar-Whelan Sts.-lOc
Apr
IK
2K
$17.50
Warrants-
4K
3K
Unexcelled Mfg Co
United
Mar
Mar
2
2K
Union Gas of Canada
Union
Mar
2
5M
*
Series B pref
Feb
Feb
Mar
44
85 K
166 k
—
Tung-Sol Lamp Works—1
80c div. preferred
*
Ulen & Co ser A pref
*
$6
Selfridge Prov Stores—
•ii
9K
*8K ~~8K
*
Corp—1
-1
Trunz Pork Stores Inc.
Class A_.
Jan
Mar
Mar
Trl-Continental warrants..
1st $7
Selected Industries Inc—
May
Jan
«u
3K
def reg—£1
Mar
42
"2%
5K
Tonopah Mining of Nev.l
Trans Lux Pict Screen—
12%
Corp com 1
4K
ord reg—£1
Am dep rets
Todd Shipyards
Jan
48
8K
3K
1.900
4%
4M
Mines
Jan
25
Mar
1,700
"2% "2%
Texas P & L 7%
Tublze Chatillon
preferred.—-—100
For footnotes see page
Oil
6
100
75
May
7
1
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp..—5
Stroock (S) Co
*
Sullivan Machinery
*
Sunray Drug Co
*
49
K
75
2K
Inc
Sterling
Apr
2K
18 K
Sterling Brewers Inc
Mar
100
K
com—1
& Lt——
St Lawrence Corp Ltd—*
52 conv pref A
50
Safety Car Heat
Convertible stock.
-*
preferred-..20
Sterling Aluminum Prod.l
5
500
May
50
1st preferred
4%
6K
Jan
2d
30K
2K
Jan
IK
%
Jan
Jan
10 K
4%
100
2K
IK
Mar
22
6K
%
Tonopah Belmont Devel.l
6%
Mar
.*
100
preferred
6K%
300
6
K
com...20
35
39 %
—*
2K
Rustless Iron & Steel-—1
52.50 conv pref
*
Ryan Consol Petrol
*
Russeks Fifth Ave
900
1
Tobacco Securities Trust—
Apr
4
1
6%
99 K
Stein (A) & Co common.
Tenn El Pow 7% 1st
Mar
%
Apr
Wholesale Phosp
Teek-Hughes
Mar
2K
Mar
25
16K
94 K
7H
7
Starrett (The) Corp vtc.
Jan
Mar
4
94 K
Jan
100
300
2
Jan
'u
100
18K
Mar
18
%
Technicolor Inc common.*
2K
8,300
6K
4
11H
8i«
Roeser & Pendleton
com—5
Roosevelt Field Inc
6
Root Petroleum Co
1
51.20 conv pref
20
Rossia International
*
28K
Apr
4%
1H
6K
18K
7K
6K
5
Jan
May
Mar
%
Rome Cable Corp
Common
1
Feb
May
8
%
9
%
1%
Jan
Mar
2K
May
4H
Rice Stlx Dry
Selby Shoe Co
Silver Lead
Standard Steel Spring
1
5K% conv pref
-.50
Superior Ptld Cement B—*
$3.30 class A participat.*
Swan Finch Oil Corp
15
Taggart Corp com
1
Tampa Electric Co com..*
Tasty east Inc class A—1
Taylor Distilling Co
1
2K
1,000
16 K
94 K
1-
*
1
Sunray
Mar
Feb
K
"l§K
1
Sterchl Bros Stores
7
17,100
16K
6K
Standard Tube cl B
5
8
8
8
16 K
Standard Products Co
33
2K
Jan
Feb
87
6%
Apr
Jan
Feb
K
6K
2
Jan
Mar
18
Mar
87
IK
300
Jan
22 K
14K
99 X
Jan
29
2K
Jan
Mar
Jan
89
—
18
15
Preferred
87
preferred-—-*
100
Common class B
31%
Raytheon Mfg com.—50c
Red Bank Oil Co
*
Reed Roller Bit Co
*
Reeves (Daniel) commonRelter-Foster Oil new-.50c
Reliance Elec & Eng'g—5
21K
900
Standard Pow & Lt
May
Class
21K
18
"50
Mar
80
Railway & Utll
12%
Ptef*
.10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
100
98
Apr
May
Quebec Power Co
*
Ry & Light Secur com. — *
100
12
35 K
22 K
75%
13%
7%
Jan
Mar
16
Apr
Feb
80
4 J*
Jan
Jan
IK
K
Mar
Jan
106
4K
Jan
Jan
5
7K
6K
Jan
200
11
6K
Jan
3K
$1.60 conv preferred-.20
Standard Oil (Ky)
110
Seeman Bros
I
Common
Feb
%
4%
2K
21K
Standard Invest $5K
Jan
200
Jan
»u
Jan
3
16
-10
Standard Dredging Corp—
& Acid Works
14H
22 K
%
preferred
Jan
95
Water
Conv
Standard
87
Mar
39
IK
3K
*
Standard Brewing Co
*
Standard Cap & Seal com. l
Jan
*u
103 %
80
Feb
Mar
%
com
Mar
22
28
140 K
Feb
Am dep rets ord
Jan
91K
28
Apr
Mar
K
200
33
28 K
19K
33
reg.—£1
Am dep rets ord bearer £1
Spencer Shoe Corp
*
9K
"sk "Hi
Feb
140
25
2%
300
42
.10
Co
%
"500
40 K
South New Engl Tel.—100
Spanish & Gen Corp—
138
Scranton
Feb
5K
4K
Scranton
May
2
93 %
Scranton
45
3K
137 %
Savoy Oil
May
*
Manufacturing--10
7%
Feb
40 K
5
100
preferred
Mar
39
Quaker Oats common—-*
6% preferred.—
100
St Regis Paper com
2
Southern Union Gas
37
& L—
preferred-.
56 preferred
~
Puget Sound Pulp & Tim.*
Pyle-National Co com—5
Samson United
Mar
Southland Royalty
South Penn Oil
60
Okla—
Ryerson & Haynes
IK
Jan
18%
-
Royal Typewriter
May
25K
Jan
95
$5
Rochester
May
27K
Mar
9K
Puget Sound P
Reybarn Co
39
Mar
23 K
62 K
U%
pref—100
7% prior lien pref... 100
JPub Utll Secur $7 pt pf. *
53 conv
2
2
Apr
25 K
Mar
100
100
Common———
'~2
34K
Mar
2%
6% prior lien
Pyrene
27 K
25 K
200
70
25K
39
600
200
39
27 K
25
Southern Colo Pow cl A.25
7%
111 com..*
Common
50
39
25
preferred B
Mar
Colorado-
Public Service of
Jan
900
200
preferred.——*
Pub Serv of Nor
Jan
6K
preferred-.Indiana—
7% 1st preferred
Jan
6K
3K
Jan
75 K
~~2% ~~2%
4K
;
IK
Mar
Mar
5K
37 K
Public Service of
preferred
Mar
3K
3K
44
H
Prudential Investors
6% 1st preferred
IK
400
Mar
—
Public Service of
500
2%
4K
Co
Gas
IK
3K
T,906
74
Inc
Providence
IK
3K
2K
1%
3K
5% original preferred.25
500
42 K
75 K
25c
Potrero Sugar common.—5
Powdrell & Alexander
5
Power Corp of Canada. — *
6% 1st preferred
100
Pratt & Lambert Co
*
Premier Gold Mining
1
Prentlee-Hall Inc
—*
Pressed Metals ol Amer—*
Producers Corp
1
Prosperity Co class B
*
$6
Jan
Mar
Southern Calif Edison—
OH
Polaris Mining
$7 prior
3K
3K
4K
"~3H
Pittsburgh Plate Glass.-25
Pleasant Valley Wine Co_l
Plough
Mar
Mar
IK
1
1
RR
50
Forgings——1
& Lake Erie.50
Metallurgical 10
Pittsburgh
$6
IK
600
Corp
*
1
11K
Postage
Meter.-.-
Mar
—
Mfg. Co
16
Pitts Bess & L E
Pittsburgh
Jan
13
Solar
15
16
1
Mines Ltd--1
Pitney-Bowes
88
2%
Wlnterfront
Pioneer Gold
Jan
Mar
Mar
(H) Paper Mills.
11
10
series A
Conv pre!
.»High
13
115K
May
1«38
Liw
88
May
Phoenix Securities—
Pierce Governor common-
Range Since Jan. 1,
for
Week
Shares
Smith
5K
7K
200
3
Range
of Prices
Low
Price
Sioux City G & E 7% pf 100
Apr
Mar
Feb
3K
500
5%
*
Co
High
Sale
Par
29 K
4K
Week's
Last
(Continued)
112 %
Rubber
1
Philadelphia Co com
*
Phila Elec Co 15 pref
*
Phila Elec Pow 8% prel 25
Ph&rls Tire &
Pines
STOCKS
1, 1938
Range Since Jan.
Last
Sales
Friday
Sales
Friday
STOCKS
{Continued)
Phillips Packing
3313
New York Curb Exchange—Continued—Page 4
146
Volume
Jan
65
Apr
5K
May
Jan
228
K
7H
8K
5,600
%
K
4,900
69 K
66 K
K
71K
2K
K
1,125
50 K
4K
4K
600
39
2K
3K
Feb
Jan
May
Mar
Jan
Mar
Mar
New York Curb
3314
Friday
Last
STOCKS
Week's Range
Sale
(Concluded)
Par
Price
Friday
for
Range Since Jan. 1, 1938
Low
4
U 8 Playing Card
U 8 Radiator com
47
24"
10
*24*
"50
"2
Mar
Mar
100
22
V*
100
V*
1955
Cities Service 5s
Conv deb 5s
Debenture 5s
1958
58%
Debenture 5s
1969
JaD
4
IV*
1,080
1 y*
Jan
.500
i%
Mar
7
c——1
.500
2V*
Jan
14
24
11
Jan
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Mar
5
Jan
1%
Jan
»!•
Feb
iv*
1 %
4
Feb
Feb
Jan
Mar
24
Jan
Line 6s
1943
Cities Serv P & L 5 %s. 1952
..1949
♦Commerz <fe Privat 5%s'37
Com'wealth Subsld 5%s '48
62 %
192,000
57%
60%
61%
99%
44,000
71,000
86%
Apr
8,000
91%
Mar
59
"99%
101 V*
56%
98%
56
57
100
103
Mar
8
Mar
Community Pr & Lt 5s '57
73
71%
Mar
8
Jan
Community P 8 5s.—1960
98%
98
Universal Products Co---*
12%
—5
pref—*
Utah Radio Products
*
37 %
10
~
-
16%
Feb
Conn Lt & Pr 7s A—.1951
1
Mar
14
Jan
31
Mar
43%
Jan
Mar
14
Apr
(B tlt) 3%sserN—.1971
Consol Gas (Bait City)—
400
-----
...
IN
Apr
264
Feb
Jan
.....
14
4
%
3,700
%
4
1
7H
100
1
7% preferred—.
Valspar Corp com
54 conv pref
IV*
""iy*,
5
14
22
Van Norman Mach Tool-5
25
.....
2%
*
100
(The) Co common "
2%
7
Walker Mining Co
1
1.25
1
Western Air Express
Apr
May
23
Feb
Det
Apr
Apr
774
z74
Feb
Mar
24
Jan
Mar
11%
Jan
83
Jan
Jan
Mar
Jan
7%
Apr
64
Jan
El
Mar
64
Jan
200
IV*
Mar
Jan
Mar
24
44
Empire Dlst El 5s
1952
Empire Oil & Ref 5 %s. 1942
Ercole Marelli Elec Mfg—
6%s series A..
.1953
Erie Lighting 5s
1967
Federal Wat Serv 5 %s 1954
1,500
24
%
6,100
4
8
...
Apr
sA
Jan
Mar
164
■
May
Weyenberg Shoe Mfg
73
50
}WH-low Cafeterias Inc—1
Conv preferred...
*
*
-
—
100
-----
Jan
Apr
Jan
Paso Elec 5s A
1950
"73"
"86%
Firestone Cot Mills 58.1948
104
Firestone Tire & Rub 5s '42
103%
1967
82
Amer G A El debt 5s..2028
Am Pow & Lt deb 6s_.2016
Amer Radiator 4%s._1947
Amer Seating 6s stp—1946
-
1938
-
„
1949
...1950
27%
-
vi' '
75%
Atlantic City Elee 4%s '64
Jan
May
Jan
Mar
103
Feb
%
Jen
67
Jan
106
109%
43,000
53%
Apr
Mar
2,000
97%
Apr
104%
May
May
Jan
4,000
98
Mar
103
May
15,000
83%
Mar
95%
May
71%
Apr
90%
May
43
Apr
56
102%
May
105
Feb
Mar
105%
Jan
Apr
105%
89%
Apr
54
Feb
4%
Jan
Gary Electric & Gas—
5s ex-warr stamped. 1944
4
Jan
Gatlneau Power 1st 5s. 1956
Apr
1
Jan
Deb gold 6s. June 15 1941
Apr
10
Jan
Deb 6s series B
1941
May
94
Jan
General Bronze 6s
1940
Apr
664
34
Feb
General Pub Serv 5s._1953
79%
Jan
Gen Pub Util 6%s A.1956
♦General Rayon 6s A.1948
73%
175
1,000
78
94
Jan
8%
Feb
Glen Alden Coal 4s—1965
1%
300
14
Mar
2%
Jan
Gobel
54
1953
54
(Adolf) 4%s—_ 1941
67
58
May
Jan
95
Jan
76
Apr
87
May
74
Mar
88
May
78
21.000
102
1,000
99%
Apr
Apr
Mar
90%
104%
101%
101%
70
100
Mar
63
7,000
Apr
73
Apr
87%
"5,660
75%
16,000
62
14,660
81%
75
65%
75
78
131,000
57
Mar
77
May
Feb
Jan
Jan
Jan
Jan
May
Jan
77
Apr
80%
May
94
May
78
Mar
50
Apr
Apr
Apr
68
Jan
30%
33%
Feb
18,666
62
Feb
71%
63
7,000
130%
"67"
Apr
74%
Mar
29,000
80%
90%
105%
46,000
86%
87%
87%
90%
104%
100% 100%
100% 100%
165
Feb
Apr
92
"
104
100%
58
8 ,000
75
80%
16%
Feb
102%
86%
Mar
78
Apr
May
101%
102%
86%
Mar
Feb
Feb
May
4,000
Florida Power & Lt 5s. 1954
64
1%
1%
81%
13,000
Jan
144
5
101% 101%
104%
103% 104%
74
200
Feb
5%
12,000
104
85
21,000
May
Feb
13,000
92
102
Jan
103%
Feb
"68"
4,000
53
9,000
85
Apr
Apr
2,000
60
86
85%
107% 107%
58
150%
107
Jan
Jan
Jan
93%
Mar
107%
Jan
65
Jan
Guantanamo & West 6s '58
55
55
55
"i
,006
52
Apr
59
Feb
37
36
37
8,000
29
Mar
37%
Jan
190
93
Jan
107%
99% 100
841,000
93% 96»%
37,000
89
Jan
May
Hackensack Water 5s. 1977
78
Apr
96%
May
Hall Print 6s stpd—1947
764
Apr
94
May
♦Hamburg Elec 7s
94
18,000
88%
83%
24,000
6,000
80%
81,000
42,000
99,000
10,000
85
3,000
704
65
105%
106
Apr
Jan
May
Apr
101
88% May
83% May
107%
Apr
Jan
108%
& St Ry 5%s
584
May
1044
Mar
107
Apr
Houston Lt & Pr3%s.l966
6%s ex-warrants
1943
87%
100%
107
90
Jan
♦Hungarian Ital Bk 7%s'63
1074
Feb
113
Apr
102
May
Feb
pygrade Food 6s A—.1949
96%
71,000
86
Jan
98
May
HI Northern Util 5s—1957
108%
38%
21,000
30
Mar
41%
Jan
111 Pr & Lt 1st 6s ser A. 1953
96%
90
47,000
62
Jan
92%
Mar
1st & ref 5s
1st & ref 5 %s ser B.1954
ser C
1956,
88%
64%
Jan
91
Mar
8 f deb 5%8—May 1957
20%
Mar
28%
May
29
Jan
Indiana Electric Corp—
6s series A
1947
34%
Jan
*27
29
2,000
•w.
-
-
-U
'
100
6s series B
90%
5,000
79
Mar
91
May
80%
Jan
99
92%
Feb
99
2,000
96%
Apr
1,000
90
Feb
May
■...
95
Mar
1953
5s
67%
69
7,000
57
Mar
79
Feb
112% 113%
1193% 120%
18,000
1963
Jan
110%
117%
Apr
120%
Jan
114%
122%
122%
Mar
132
3,000
130
Jan
140
Mar
Interstate Power 5s
Jan
67
Feb
85
85
6,000
71%
Mar
87
Jan
8,000
101%
11,000
100%
104%
93
115%
102
94%
100%
_
96
_.;
103% 104%
1023^ 103%
92% 94
114% 115%
102%
14,000
93% 94% 102,000
99% 100%
14,000
93%
93%
2,000
93% 97
13,000
Mar
94%
Mar
85%
Apr
92
Apr
85
Mar
104%
108%
98
115%
Mar
Jan
Jan
May
79%
Mar
94%
May
34
48
47
Debenture
c
26%
76%
71%
1956
4%8 series F
-.1958
Iowa-Neb L & P 5s—1957
5s series B
Iowa Pow & Lt 4%s—1958
Iowa Pub Serv 5s
1957
5s series B
1942
...1947
41
Jan
41
Jan
26,000
32%
Mar
49
106% 107%
105% 105%
May
4%s series C
-.1961
Kansas Elec Pow 3 %s_1966
Kansas Gas <& Elec 6s.2022
3,000
105%
Jan
107%
Mav
Kansas Power 5s
1,000
105%
Apr
107%
48%
10,000
17,000
7,000
45%
Mar
63%
43
Mar
62
May
Jan
69
May
47,000
49%
100%
106%
56
1,000
61 %
5,000
48
Jan
Apr
58%
Mar
61%
May
56%
Apr
51%
Mar
60
Jan
109
Apr
May
107
101%
42
Jan
Apr
106%
Jan
Apr
52%
Jan
Mar
87,000
35
Mar
49
25%
47%
26%
24,000
18%
Mar
28%
76
77%
15,000
64
Mar
80
May
57%
Mar
73
90
Mar
98%
May
Jan
92
Apr
96%
Jan
106%
103%
May
Jan
71
94%
192
73
20,000
13,000
96
95
"
106% 106%
103%
6 ,000
105%
Mar
103% 103%
15,000
98%
Jan
52%
160%
180
42
42
6,000
Apr
63
Jan
78
64
89
42%
Feb
Jan
85
Feb
39
Jan
46
Feb
41%
40
41%
12,000
32
Feb
104%
103%
104
104%
34,000
100
Apr
106
103% 103%
68,000
Apr
105%
41%
May
1115
101
Jan
Jan
3,000
Mar
99
Jan
112
117
101
1947
98%
97
198% 100%
Mar
115
Mar
101%
Mar
81%
May
95%
Apr
Kentucky Utilities Co—
12.000
1961
81
80%
6%s series D..__
1948
94
94
81
94%
9,000
84%
Apr
97
1955
84
85
8.000
78
Mar
90
5s series I.
1969
79%
81%
6,000
65
Mar
81%
1st mtge 5s ser H
95
May
Apr
5 %s series F
Apr
Jan
Gas—
5s stamped
Mar
84
Jan
Jan
Apr
Jersey Central Pow & Lt—
Mar
105
96
1961
24
47
81
Service—
5s series D
23%
Jan
59
1952
6s
Interstate Publl
59
46%
19,000
105
56
47%
74,000
16,000
Mar
Mar
109%
29,000
105% 105%
1957
48%
91%
May
109%
1,000
60
36
90%
May
82%
Jan
107%
111%
109
35
Chicago A Illinois Midland
93
Apr
Apr
57%
158
Jacksonville
May
May
Apr
64
104%
69
1108
May
97
81
84
108%
75
60
1957
93%
Jan
57%
1952
Italian Superpower 6s. 1963
Apr
5%s ex-warrants.-.1954
Cent States P & L 5 %s '53
105%
Isarco Hydro Elec 7s. 1952
Jsotta FraschinI 7s—.1942
93% 108,000
5,000
7s series E
May
88
10,000
7s series F
May
May
2.000
82
International Salt 5s..l951
102%
95%
100%
66%
34
48%
Mar
3,000
Cent States Elec 5s.-.1948
105
H CO
Mar
Mar
80%
92%
33%
33%
Ry4%s A
1956
Chic Jet Ry A Union Stock
73
77
92%
107%
7,000
101
Cent Pow A Lt 1st 5s. 1956
-----
39,000
58
156
68
1955
1,000
85
93
109
Jan
International Power Sec—
16,000
Feb
79%
81%
1106% 106%
110% 110%
1950
1st lien & ref 5s
122
Apr
91
so"
1957
♦Indianapolis Gas 5s A1952
Ind'polls P L 5s ser A. 1957
.
Jan
102%
8,000
178
2,000
Indiana Hydro Elec 5s 1958
Indiana & Mich Elec 5s '55
Apr
3315
89
Apr
70
-
89%
62
55%
-
Jan
85%
109
12,000
.
91%
Mar
14,000
20,000
1956
Jan
Mar
68
76
66
...1968
94%
76
5,000
74%
98%
85
1st Are! 4Mb ser F.1967
Apr
38,000
79%
Indiana Gen Serv 5S..1948
65%
Carolina Pr & Lt 5s.-.1956
Cedar Rapids M & P 5s '53
Central 111 Public Service—
79
90%
Jan
100%
Jan
78%
Jan
100%
Jan
79%
33
May
62%
89%
36%
1951
63
Jan
Apr
5s series C
12%
Mar
Mar
100
Mar
6 %8 series B
May
43
43
4.000
"
Apr
Mar
65%
_
Apr
12%
14%
57%
60
Feb
May
85%
23
Birmingham Gas 5S-..1959
,
Apr
58,000
21
83
-
103
Mar
97%
93%
21%
85
Canada Northern Pr 5s '53
Canadian Pac Ry 6s..1942
May
13,000
100%
107%
May
88%
96%
92 4
89%
4,000
Birmingham Elec 4%sl968
Broad River Pow 5s-.1954
Apr
25%
Feb
23,000
132
1998
96
Feb
110
22,000
122
-
1.000
21%
Jan
36
6%s series C
-
104
May
107%
28%
Works—
122
Apr
May
34%
3 .000
Mar
Indiana Service 5s
Bell Telep of Canada—
1st M 5s series A.-.1955
Feb
97%
93
108% 108%
20%
88
1960
53%
156
36,000
91
1957
112%
1949
25%
28%
100
67%
83%
28
100% 100%
106% 107%
24%
27%
273%
91
1950
Mar
2,000
87%
Jan
33%
1102% 103%
12,000
37%
Mar
76%
1,000
34%
124%
87%
105%
Apr
"11,000
93
34%
1938
..
83
Jan
88%
50%
"
♦Hamburg El Underground
Heller (WE) 4sw w
1946
Houston Gulf Gas 6s. -1943
Mar
79
~9l"
1935
78,000
99% 100%
97%
96%
}78
110
74%
Gen Wat Wks & El 5s. 1943
5s without wanantsl947
see page
103%
105%
61,000
55%
Georgia Power ref 5s..1967
Georgal Pow A Lt 5s..1978
58 with warrants... 1947
For footnotes
Apr
Mar
113,000
Jan
Avery & Sons (B F)—
1940
Mar
Jan
105%
36
27%
1968
Conv deb 5%s
1977
Assoc T & T deb 5 %s. A'55
Atlanta Gas Lt 4%s..l955
1927
91
"2,660
14
81
86%
85%
88
90
Registered.....
Conv deb 4%s C—.1948
Yards 5s
72
Apr
Apr
Associated Gas & El Co—
{♦Chic Rys 5s ctfs
93
1
109%
74%
101%
Jan
110% 113
96%
37%
Associated Elec 4%s..l953
Chic Diet Elec Gen 4%s*70
6s series B
1961
108%
9,000
102% 103
92%
94%
125
88%
Arkansas Pr & Lt 5s—1956
D..1957
79%
Florida Power 4s ser C 1966
15%
85
113
100
ser
4,000
25.000
1%
74
1063% 107
Ark-Louisiana Gas 4s. 1951
Cent Power 5s
96%
24,000
3%
Jan
"74
78%
-
Appalac Power Deb 6s 2024
4%s series H
1981
Cent Ohio Lt A Pr 5s.. 1950
Mar
6,000
90%
97%
May
Jan
5,000
2%
74
1%
82
79
5s series G
60
3%
First Bohemian Glass 7s '57
X154
86%
108
5s series E
Jan
Mar
3%
64
1053% 106
107% 108%
87
Aluminium Ltd debt 5sl948
Bethlehem Steel 6s
100
47
1,000
May
93
96%
1956
1st M 5s series B
87%
4,000
Guardian Investors 5s.l948
..1968
5s series C
Jan
82% May
72
Grocery Store Prod 6s. 1945
100
1951
Locom
65%
103
4%
Apr
J102% 104%
1946
♦Convertible 6s
Apr
Mar
May
Apr
1105
Mar
BONDS
54
4%
J51%
Mar
73
Jan
May
63%
61
95%
100
101%
108% 108%
102
102%
99% 100
101
102%
Gt Nor Pow 5s stpd..1950
Abott's Dairy 6s
1942
Alabama Power Co—
Baldwin
May
100%
95%
109
Grand Trunk West 4s.1950
Debenture 5s
13,000
73.000
1%
"79%
94
♦Gesfurel 6s...
7 4
5
Conv deb 4%s
Conv deb 5s
124
Mar
100
Conv deb 5%s.
106%
Feb
54
6
1st & ref 4Mb
Apr
34
44
6
1st & ref 5s
104%
120%
Mar
584
4%
1st & ref 58...
17.000
1,000
64
1
1st & ref 6s
May
400
Woodley
1st & ref 5s
May
107%
6%
400
Yukon Gold Co
128
Jan
200
2
6% preferred
£1
Wright Hargreaves Ltd..*
Jan
May
Apr
4
7*4
Wolverine Tube com
Petroleum
74%
98%
May
May
May
125%
4
8%
Wisconsin P & L 7% pf 100
Wolverine Portl Cement-10
Woolworth (F W) Ltd—
Amer dep rets
5c
61%
103%
2
1
7%
6%
61%
8,000
3%
tl%
22%
Apr
*u
4
104
Mar
80
4%
Finland Residential Mtge
Banks 6s- 5s stpd
1961
75
Mar
~
*
Wilson Products Inc
4
44
24
Williams Oil-O-Mat Ht—*
Wilson-Jones Co
Mar
44
*
Co
674
100
1
Williams (R C) &
9
..
1%
"95%
Jan
Feb
■
1%
Apr
52
61%
151
Elmira Wat Lt & RR 5s '56
Apr
Mar
Mar
2%
69%
100
78%
♦Certificates of deposit
Eastern Gas & Fuel 4s. 1956
Jan
1
2%
73
100
tioo% 102
91
91%
Aug 1 1952
Jan
304
West Texas Util 56 pref—*
West Va Coal & Coke
*
Jan
60
78%
♦Certificates of deposit
♦Deb 7s
Mar
6
.*
com
Mar
Mar
70
44,000
106%
.1950
4
14
1%
Western Tab & Stat—
Vot tr ctfs
40
40
30,000
123
Aug 1 1952
♦6%s
7
100
-
Feb
Detroit Internat Bridge—
Apr
800
100
Westmoreland Coal Co—*
5s 1st series B
Jan
Apr
%
--
Feb
102%
107%
106
City Gas 6s ser A. 1947
44
34
2%
May
100
Jan
123
Denver Gas & Elec 5s. 1949
Jan
74
"""2% "2%
May
May
94%
106%
Cuban Tobacco 5s
Edison El III (Bost) 3%s 65
Elec Power <fc Light 5s.2030
------
Rights......—..
Western Grocery Co
20
Western Maryland Ry7% 1st preferred
Jan
May
4
Welsbaum Bros-Brower.. 1
Wellington Oil Co
Jan
2%
14
"
7%
66%
64%
63 %
9,000
123
Cuban Telephone 7%s 1941
1944
17%
Mar
"14
1
107
1940
16%
34
14
....
Wayne Knitting Mills—5
Wentworth Mfg
Crucible SteeJ 5s
Mar
6
*
ContT Gas & El 5s.—1958
Mar
Mar
83
*
Class B
Mar
Mar
7,000
1127% 129
1943
Jan
Jan
hi
2
54
200
7% preferred
Waitt & Bond class A
6s ser A stamped...
Jan
2%
1939
Gen mtge 4%s——.1954
5%
14
100
7
------
42%
43
Consol Gas Util Co—
Mar
59
Vogt Manufacturing
Wagner Baking vtc
Jan
V*
11
3 ,000
Waco Aircraft Co
Mar
Mar
Mar
5s
Jan
Jan
4
Cudahy Packing 3%s.l955
Delaware El Pow 5%s.l959
"
1
pref.-100
*
Va Pub Serv 7%
A"
2%
44
24
300
16%
....
Petroleum.-.1
1,500
22
16
16%
Venezuela Mex Oil Co.-10
Wahl
■
4
—
r-r
Feb
May
Consol Gas El Lt & Power
25
1
37 %
"1% "14
r-
JUtll Pow & Lt common—1
Class B
Mar
200
1
Utility Equities Corp
*
Priority stock
—*
Utility & Ind Corp com.-5
Conv preferred
-7
Venezuelan
100
12%
1
Mar
Jan
91%
69
14,000
103%
74
98%
8
43 %
87
58,000
100
3
Utah-Idaho Sugar
5,000
58%
58%
57
100
Insurance—--8
Utah Pow & Lt $7
Mar
6.000
Universal Pictures com-—1
Universal
Apr
47%
65%
101% 101%
60
Jan
Jan
Apr
High
May
59
1950
44
24
Low
79
82
63%
Range Since Jan. 1, 1938
75
81
+79
1966
34
Feb
1%
1 %
2
Universal Corp v t
Jan
Mar
3*
10
Universal Consol Oil
6s series B
Feb
14
for
Week
Shares
High
*77
Mar
2(H)
*
United Verde Exten...50c
United Stores v t c
United Wall Paper
Cincinnati St Ry 5%s A *52
W*
-*
1st pref
57
Low
2
2
U 8 Stores Corp com—
conv
600
48
Jan
14
42
—1
U 8 Rubber Reclaiming—*
17
Mar
1938
21,
Sales
Week's Range
of Prices
Sale
Price
High
1
46%
Last
(Continued)
Shares
High
U 8 and Int'l Securities--*
1st pref with warr.—1*
U 8 Lines pref..--
BONDS
Week
of Prices
Low
May
Exchange—Continued—Page 5
Sales
79%
65
Mar
Jan
Jan
May
Week's Range
Last
bonds
Sale
(Continued)
High
99
19,000
93
Jan
99
May
97%
99
57,000
84
Apr
103
Jan
♦Leonard Tletz 7%s..l946
27
27
27
7,000
25
Mar
4,000
84
Apr
13,000
101
6,000
76
100
Mar
96%
Lexington Utilities 5a. 1952
90%
90%
104% 104%
'42
Llbby McN & Llbby 5s
Long Island Ltg 6s —1945
Louisiana Pow & Lt 5s 1957
91
91
104% 104%
104%
40,000
27
May
97%
Jan
Apr
104%
Mar
Apr
100
warr't8-1941
Marlon Res Pow 4 %s. 1954
McCord Rad & Mfg 6s '45
Memphis Comml Appeal
1952
Memphis P & L 5s A..1948
Mengel Co conv 4%s_1947
Metropolitan Ed 4a E.1971
+27%
1100%
105
Apr
101%
May
1965
Middle States Pet 6%s *45
106 %
1943
4%S—1967
1978
1st & ref 5s
1955
Mississippi Power 5s..1955
Miss Power & Lt 5s
1957
79 %
76
671
]944
2%
Apr
79%
Mar
70
Mar
Jan
110%
Apr
54
Apr
70%
May
97
May
2%
Mar
13,000
81%
May
44
Jan
44%
Jan
108
Mar
110%
May
111
Apr
93
12,000
92
92
82%
38,000
116% 116%
6,000
81
81 %
116%
13,000
52%
+
53
52%
54
55
52%
52
"52
55%
5,000
33,000
Jan
118
Mar
40
Apr
40
Mar
39%
May
10*
Conv 6s 4th stamp. 1950
Feb
82
12.000
70
Mar
85
Jan
86
24,000
74
Mar
87
Jan
Apr
May
98%
Mar
91'/,
91%
104
93%
104
113% 113%
+55%
6,000
45
May
41,000
105
Apr
42%
80%
42%
44
107% 107%
95
101%
89
90
105% 105%
5s...-.-.-1945
107
Ohio Power 1st 5s
105%
100
105
100
91%
107
105%
100%
93
80%
81%
tlOl % 102%
'40
Pacific Gas & Elec Co—
Pacific Coast Power 5s
Jan
112%
Jan
53%
Jan
62%
9,000
22,000
1.000
70
Apr
30
Mar
44
Apr
105%
9,000
27,000
16,000
69,000
3,000
14,000
1,000
4,000
7.000
73 %
......
111
66
103%
Jan
104%
Mar
103%
Feb
96
Jan
20,000
83
Apr
E.1956
1961
stmpd.1947
PowerCorp(Can)4%sB '59
4%sseries D-.--_-.1978
4%s series E
1980
102%
113%
55
Mar
74
99
Feb
101
28
Mar
34%
Jan
♦20-year 7s
74%
Mar
89%
May
♦20-year 7s
83%
89%
20,000
92%
78
Mar
86%
87%
3,000
11,000
76
98
7.000
82
Feb
May
Jan
Feb
102
101
102
105
96
Mar
30,000
74%
Mar
3,000
32%
Apr
8,000
95%
Jan
96
37,000
86%
Apr
101% 103
80
82
32,000
96
Feb
12.000
58%
Apr
95%
22%
22%
2,000
17%
22%
22%
22%
1,000
20
{26%
{26
1,000
99
Mar
93
Mar
107%
103%
Feb
5,000
108%
May
107% 108
24,000
106%
Mar
10.000
106%
Apr
109
Jan
Jan
22,000
78%
Mar
91
Jan
93
41 .000
82%
Mar
93
May
3,000
6%
Mar
10%
Jan
113%
Mar
56%
Cent Bk
♦Prov Banks 6s
♦6s series A
99%
Jan
108
100
Jan
Jan
22
Apr
♦Medellln 7s
48
Jan
58%
Feb
♦Mendoza4s stamped.
53
May
*
106
22.000
19.000
Apr
61
Feb
Feb
1,000
105%
Apr
107%
Jan
2.000
107
Apr
108
Apr
45
Mar
65
♦German Con Munlc
Jan
6.000
100%
20%
30
17,000
130
34.000
110
7,000
{20%
Mtge Bk of Bogota 7s.1947
♦Issue of May 1927
3,000
Feb
79
Jan
103%
103
Apr
Jan
22%
May
Jan
137%
Mar
Apr
113
Feb
Apr
107
78%
15%
Jan
Apr
104%
105%
May
Mar
104%
May
♦Santa Fe 7s
Apr
106%
Feb
♦Santiago 7s
-.1949
1961
101% 102%
73%
75
25,000
61,000
98%
Mar
60%
Mar
102%
75
-
21
1,000
19
78%
15
2,000
9%
15
2,666
12.000
80
9%
7%
Apr
Jan
Jan
Feb
64
Feb
21
24%
15%
10
16%
Jan
12%
Apr
96
Apr
7
Mar
31.000
6
18
97
7,000
16,000
8,000
35,000
22%
9
Jan
Jan
16%
"
9%
8%
{%
{%
%
stamped. 1945
♦5%s
♦5%s
21
7%
certificates.-.1919
1921
certiflcates._.1921
101%
20
97
10
7s—1958
♦Rio de Janeiro 6%s.l959
♦Russian Govt 6%s—1919
♦6%s
Jan
3,000
{13
(State)
♦Parana
Jan
19%
20%
{22
22%
..1931
Mtge Bk of Denmark 5s '72
101%
104
Apr
19%
21
22%
9%
68 stamped.
14,000
6,000
May
20%
9%
1927
14.000
102%
98
6,000
{10
Chile 6s.1931
♦Mtge Bk of
Mar
Apr
"2l"
1951
104%
106
4,000
22
20%
series E.1951
♦Issue of Oct
Jan
Apr
98%
Danzig Port & Waterways
External 6%s
1952
Apr
65
Apr
5,000
99%
19
1,000
Jan
111
40
111% 111 %
,105
105%
99%
89%
33,000
Apr
44
1955
5%s
Apr
25
1953
Danish
Mar
6%
22%
10,000
99%
7s '47
♦Secured 6s
..1947
♦Hanover (City) 7s—1939
♦Hanover (Prov) 6%s.l949
♦Lima (City) Peru 6%s '58
♦Maranhao 7s
-.1958
107% 107%
102%
B..1951
1952
5s
90%
70
27
105
Jan
Mar
65
27
18.000
..1952
1947
1948
of German State &
♦Cauca
Jan
20%
75
May
23%
Feb
105%
75
94
66
Apr
20",000
106%
106
{68
9%
Mar
112
103
107%
{107% 108
106%
{69
75
8%
25~66O
92%
36%
105%
89%
♦7%s stamped
Valley 7s
Buenos
May
♦7s
1966
105%
1946
--1947
103% 103%
105
105%
1960
Apr
97
♦78 stamped
May
104
99%
36%
1951
Aires (Provlnce)-
98
{104
104
66.000
22
88%
102
Jan
104% 104%
{20%
Apr
{31
Apr
106%
7,000
Agricultural Mtge Bk (Col)
Apr
66
Mar
103%
3,000
{101
♦Baden 7s
111
12%
10,000
20%
105% 106
MUNICIPALITIES—
May
105
Apr
May
GOVERNMENT
FOREIGN
AND
93
93%
Apr
72%
Feb
116%
88%
Apr
135% 137
111 %
104%
1937 "82"
5s
♦York Rys Co
Apr
92%
65
Jan
Pub Serv of Oklahoma—
4s series A
May
Mar
31
75
1,000
19%
105%
1951
West Newspaper Un 6s
79
72%
73%
+99% 100%
75
20,000
107% 107%
1954
deb
income
♦58
82
Mar
7~6oo
83%
74%
Registered
Waldorf-Astoria Hotel—
113
{22%
1st <fc ref 4%s ser F.1981
%s series I
Apr
86%
82
1946
"
;74%
85
83
Yadkin River Power 5s '41
107% 107%
107%
......
6% perpetual certificates
Pub Serv of Nor Illinois—
5s series C
88
85
Mar
103%
Public Service of N J—
1956
1966
{85
A.. 1946
1 st ref 5s series B... 1950
114
{20%
55%
♦Prussian Electric 6s.. 1954
1st & ref 5s..'.
1944
4%s
Va Pub Serv 5%s
May
Apr
Feb
Jan
95
Mar
Feb
96
Feb
89%
69
64%
7,000
Feb
101%
Jan
94%
75
1957
Jan
57%
37,000
04
West Penn Traction 5s '60
107
15.000
15.000
79%
53%
West Texas Utll 5s A
106%
100%
75%
102%
78
8,000
May
105%
75
100
2,000
May
100
6,000
79
Apr
Feb
78
Wash Ry & Elec 4s...
Jan
Mar
72%
May
Feb
Jan
56
75
'44
West United G & E 5 %s'55
Wheeling Elec Co 5s. .1941
Wlso-Mlnn Lt & Pow 5s '44
Wise Pow & Lt 4s
1966
91
23
31.000
73
72%
Feb
24
105% 107%
75
102%
West Penn Elec 5s. _.2030
Apr
Apr
Mar
52
72%
83
58%
58%
107
1106
93
93%
Potomac Edison 5s
F
Mar
72%
.1973
118
8%
Portland Gas & Coke 5s '40
Potrero Sug 7s
May
92
1979
6s..1953
♦Pomeranian Elec
May
89
1981
:.__.1961
Transit 6s 1962
Pledm't Hydro El 6%s '60
Pittsburgh Coal 6S-.1949
Pittsburgh Steel 6s. —1948
6s series A__
May
80%
Mar
21,000
"2",000
112%
59%
Utah Pow & Lt 6s A..2022
95%
101%
105%
Jan
30
35%
"60 "
34
{114
.1952
Apr
107% 107%
107 %
1968
Peoples Gas L & Coke—
Phlla Rapid
6s series A
100% 101
93%
4%s series B
5%s..l972
5%s
86%
96
87%
.
Phila Elec Pow
1974
1959
(Del) 5%s '52
United Lt & Rys (Me)
6%s
May
91%
83%
6s series A
4sseries D._
Apr
34
Un Lt & Rys
100%
Feb
Mar
26%
Apr
97%
44
27%
93%
102
Feb
30,000
57
{26%
Wash Water Power 5s 1960
Penn Ohio Edison—
4s series B
101
106
{26%
Wash Gas & Light 5s. 1958
Feb
93
33,000
115% 115%
+30
1 Q7Q
{♦Peoples Lt & Pr 5s
0 00 £
Apr
37,J00
1945
.1975
-
6s
82
Mar
75%
55%
56%
1956
♦1st s f 6s
83
1938
3s...-1964
—1950
Deb 5%8 series B__ 1959
Penn Pub Serv 6s C..1947
5s series D
1954
Penn Water & Pow 5s. 1940
Mar
103%
90%
13,000
♦United Industrial 6%s '41
{115
115%
Pacific Ltg & Pow
Electric 4s"fII"1971
101% 101
105% 105%
N'westem Elec 6s
As
100% 101
98% 100
94%
95%
Mar
1.000
Apr
88
Indiana P S—
100'4
99%
Jan
Jan
1,000
57
78%
84
Feb
108%
97%
105%
113%
70,000
United El Serv 7s
United Lt & Pow 6s.
80%
55
39,000
1,000
84%
106% 1 J7%
107
United Elec N J 4s.—1949
84
54
5%s *52
Feb
May
80%
106% 107%
93%
82%
Ulen Co—
91%
107%
93%
103
103%
"83%
1962
Toledo Edison 5s
Twin City Rap Tr
100%
4%s.l977
Mar
Leonard
see
Jan
58%
Feb
(L)
Feb
57%
57%
102
104%
104
Apr
69
115%
Tletz
Feb
No Indiana G & E 6s.. 1952
Penn Cent L & P
Mar
94
2022
A
Tide Water Power 5s. .1979
Jan
93%
83
6s series
Feb
116
Apr
80%
No Amer Lt & Power—
Park Lexington
Apr
82%
2,000
Nippon El Pow 6 %s..l953
Palmer Corp 6s
48%
41,000
44%
110%
Feb
1941
1948
6,000
91%
103%
89%
Feb
5s. .1942
Pacific Pow & Ltg 5s.-1955
58%
57
98
1st 6s series B
Feb
57
86%
Pacific Invest 5s ser A.
Feb
57%
91
64
B..1952
1st & ref 4%sserD.1956
OklaNatGas4%8
1951
58 conv debs
1946
Okla Power & Water 5s '48
65%
Texas Power & Lt 5s_.1956
3,000
%s'67
stmpd'45
N'western Pub Serv 5s 1957
3,000
Ternl Hydro-El 6%s..l953
7,000
Apr
91% 182,000
920,000
96
105
84%
Texas Elec Service 5s. 1960
6,000
Apr
85%
105
"90%
May
44%
Jan
104
96
1970
May
114% 115
39
5,000
103%
80%
9.000
4%sserle8E—_—1970
1st 4 %s
Jan
43
47
105% 105%
105%
87%
12.000
North'n States Pow 3
{45%
1946
Mar
51%
Apr
98%
D
2d stamped 4s
Mar
18%
30%
30%
{50
Tenn Public Service 5s 1970
79
1966
1969
30%
Apr
36
14,000
49%
47%
Corp—
1940
54
"si'ooo
62
{58%
Tennessee Elec Pow 5s 1956
89
5s series C
(Hugo)
51%
50%
50%
2d stamped 4s
Jan
95
88
5%s series A
1956
Nor Cont'l Utll 5%s..l948
Stlnnes
Feb
5%
12,000
77%
1980
N Y & Westch'r Ltg 4s 2004
Debenture 5s
1954
52%
"48%
Super Power of 111 4%s '68
88 %
N Y State E & G 4%s
4
Jan
87
77 %
stampcd-1950
4%s'67
4 %s series
May
61%
1942
N Y P & L Corp 1st
Penn
Mar
{Standard Pow & Lt 6sl957
♦Starrett Corp Inc 5s. 1950
50
50
Standard Investg 5%s 1939
Jan
50
51
Debenture 6s.Dec 1 1966
May
95%
New York Penn <fe Ohio—
1 Rt
36%
Jan
94
100
A.1949
1950
stamped
♦Income 6s series
Ogden Gas
39.000
Jan
Apr
50
Mar
N Y Central Elec 5%s
series
Mar
Feb
New Orleans Pub Serv¬
5s
37%
Apr
63
58%
85
Northern
Mar
33,000
95
62%
~82
♦Ext 4%s
Mar
2,000
39%
♦Certificates of deposit
Debenture 6s
1951
12,000
1954
es
Mar
39
32,000
3%s.l961
New Eng Pow Assn 5s. 1948
5%s
Mar
38
2,000
80%
New Eng Power
Debenture
40
5,000
76
110
Apr
11,000
♦Convertible 6s
83%
2022
1950
Mar
79%
{♦Nat Pub Serv 5a ctfs 1978
Conv deb 5s
93
g7 %
84
Nebraska Power 4%a.l981
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
N W Gas & El Assn 5s 1947
5s
1948
2,000
50
76
2%
86%
87%
Nassau & Suffolk Ltg 5s
Nelsner Bros Realty 6s '48
101
50%
Jan
Apr
Mar
51%
Apr
86
55%
49%
109
1,000
76
80
50%
3,000
94
94
♦Munson SS 6%s
93
49%
May
22,000
68
66%
Feb
85
♦Certificates of deposit
1935
Jan
106%
3,000
38,000
Apr
7,000
11,000
3,000
101
"98"
{♦Stand Gas & Elec 6s 1935
106%
87%
5,000
86%
86%
109% 110%
86 %
Miss River Pow 1st 5s.
6s series A
99%
79%
98%
Apr
Jan
Apr
83
40,000
97
97%
12,000
39%
96%
S'western Assoc Tel 5s 1961
88%
1,000
93%
37
So'west Pub Serv 6s-.1945
75%
~
94%
7.000
104
37%
Apr
50
99
93%
15,000
109% 110%
104%
104
May
Mar
101%
1,000
94%
92%
94%
Minn P & L 4%s
ctte.1937
'45
Nat Pow & Lt 6a A
2026
Deb 58 series B...—2030
59
+52
Mllw Gas Light
1951
Missouri Pub Serv 5s. 1960
Montana Dakota Power
19,000
109%
1951
Apr
So'west Pow & Lt 6s. .2022
93
Mar
79
Sou Indiana Ry 4s
S'western Lt & Pow 5s 1957
89
106% 106%
83% 83%
Midland Valley RR 5s
_
Jan
83
Apr
"
100
Apr
24%
1st & ref mtge 4s../. 1960
Sou Counties Gas 4%s 1968
92%
54,000
106%
103%
35%
40,000
28,000
Feb
"7.000
Apr
106% 106%
Apr
80
Apr
102%
106% 106%
87
106
Mar
101%
102%
106%
67%
+78%
Debenture 3%s
106%
92%
88
91%
106
80,000
91%
Ref M 3%s-May 1 1960
Ref M 3%s B. July 1 '60
Feb
92%
{87
4s series G
.
-
Mar
93%
92%
Sou Calif Edison Ltd—
Mar
\
Deb 4%s
5%s
55
'
Mar
70
71%
10,000
104%
Jan
97
70
54%
11.000
105% 105%
.....
+68
10,000
81
105%
Apr
24%
.....
61%
79%
1945
Mansfield Mln <fc Smelt—
♦78 without
Southeast P & L 6s...2025
58
81
Carolina Pow 5s. 1957
Sou
Low
Shares
High
61%
Sheridan Wyo Coal 6s 1947
1938
Week
of Prices
Low
Range Since Jan. 1,
for
Week's Range
Sale
Price
98%
3 %8 '66
Last
(Concluded)
High
Low
Shares
Lehigh Pow Secur 68..2026
Lake Sup Dlst Pow
bonds
1, 1938
Range Since Jan.
for
Week
of Prices
Low
Price
Sales
Friday
Sales
Friday
3315
Exchange—Concluded—Page 6
New York Curb
146
Volume
%
%
{%
%
Apr
%
Jan
%
2,000
Jan
%
Jan
%
Jan
{55%
58:
45
{14
16
11%
Jan
11%
Jan
14%
5.000
15
Mar
May
May
Puget Sound P & L 5 %s '49
1st & ref 5s ser C...1950
74%
71 %
71
71%
5,000
59
Apr
71%
May
1950
64%
64
65%
30.000
53
Jan
66%
May
79
79
1,000
73
Apr
25%
Feb
93%
29%
May
1st & ref 4%s ser D.
Queens Boro Gas & Elec—
5%s series A
..1952
♦Ruhr Gas Corp 6%s.l953
♦
.
29 %
{21%
6%s..l958
Harbor Water 4%s '79
♦Ruhr Housing
Safe
{♦St L Gas A Coke 6s. 1947
B.1958
San Antonio P S 5s
L & P 6s B '52
Sauda Falls 5s
.1955
♦Saxon Pub W'ks 6s... 1937
♦ocbulte Real Est 6s-.1951
B
series D
1st 4 %s series
1st 4 %e
1968
1970
17.000
Mar
108%
Jan
25
110%
15
12,000
9%
Apr
5.000
102%
128%
Jan
105%
130%
Apr
111%
Mar
112
26%
26%
5,000
8,000
25
28
Jan
27
May
96%
Apr
102
Jan
Apr
50
Jan
46%
1106%
104% 104%
103% 104%
104
104%
1,000
38%
Jan
106%
15,000
Apr
101%
Mar
Cash sales
e
Mar
102
Mcr
105%
6.000
102
Mar
105
Apr
n Under
year's
.
week.
traded flat.
in receivership.
transacted during the current
week and not Included in weekly or
y
Under-the-rule sales
traasacted during the current week
and not Included in
weekly or yearly range:
No sales.
2
Deferred delivery sales
Mar
3,000
Included In year's range,
No sales.
Jan
107%
105%
Deferred delivery sales not
yearly range:
Mar
21%
8,000
46%
104 %
104%
Bonds being
Feb
26%
25%
a
sales
x
{ Reported
May
Feb
99% 100%
25%
♦
May
14%
14%
105
value,
not included in year's range,
r Cash sales not Included in
Ex-dlvidend.
.
.
,
{ Friday's bid and asked price.
No sales were transacted during current
range,
Mar
105%
No par
the rule
Apr
{111% 113%
1951
1948
Shawlnigan W & P 4%s '67
21
1130 %
5%s.l943
Servel Inc 5s
3,000
26
108% 109
14%
105%
San Joaquin
Scripp (E W) Co
SculUn Steel 3s
29%
Jan
in
traasacted during the current
week and not Included
weekly or yearly range:
coasolldated;
non-voting stock;
Used Above—"cod." certificates of deposit; "cons,"
cumulative: "conv," convertible: "M," mortgage; "n-v,"
AmeviaUons
"cum "
c." voting trust
without, warrants
"v t
certificates; "w 1." when
issued; "w w," with warrants; "x-w
"
3316
Financial
•
Chronicle
1938
May 21,
Other Stock Exchanges
New York
Real
Estate Securities
Exchange
Closing bid and asked quotations, Friday, May 20
Unlisted Bonds
38th
B'way
8t
Bid
Ask
Unlisted Bonds
Bldg—
75
26
11 West 42d St 6%s—1945
29
6%s
mmm
PaaJ H-Davls &
5
Park Place Dodge
Corp—
Income bonds vtc
Members
0
10 East 40th St Bldg 5sl953
250 W 39th St Bldgs 6s *37
SECURITIES
Listed and Unlisted
Ask
Internat Commerce Bldg—
1945
Bryant Park Bldg 6%b1945
7s
CHICAGO
Bid
New York Stock
77
Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Curb (Associate)
10
10 So. La Salle
Baltimore Stock
Exchange
May 14 to May 20, both inclusive, compiled from official sales lists
Friday
Last
Par
Arundel Corp
Price
Week's
Range.
for
of Prices
Low
High
Shares
Low
High
15%
16%
155
12%
Mar
20%
%
1%
100
17%
Apr
%
%
1
Jan
155
Mar
2%
Apr
13
13%
140
9%
Mar
17%
Jan
Jan
%
1%
'J
52
:
Brager Elsenberg Inc com 1
Consol Gas E L & Pow.
*
20
20
20
10
67
67
68
265
5% preferred..-.--.100
114
_
113% 115
/V.
*
17%
1
71
Jari
20
23%
Jan
Mar
70
Jan
115
Feb
72
112%
Apr
6%
250
4%
Mar
8%
Jao
99%
16
68
75%
Mar
104%
Jan
827
11%
Mar
1'7%
Jan
6%
6%
100
May
7
1
1%
1%
550
6%
1%
Mar
3
1
1%
1%
100
1%
May
Eastern Sugar Assoc com.l
Fidelity & Deposit
5%
20
Houston Oil pref
Mfrs Finance—
^
100
1st preferred
..
15%
25
Mar Tex Oil
Common class A
V-
—
1
Jan
12
12
12
60
10
Mar
22%
23
186
21
Apr
25%
44%
9%
Casualty5
com
Jan
2%
16%
National Marine Bank—30
No American Oil
15
-»v
,
22%
Merch & Miners Transp.. *
Monon W Pa P S 7% pfd25
New Amsterdam
m
98%
105
42%
Apr
9%
330
7%
Mar
100
1%
1%
———
Northern Central Ry...50
44%
1%
77
Owlngs Mills Distillery _.l
Penna Water <fc Pow com. *
U 8 Fidelity & Guar
2
3
72%
May
Apr
200
*i«
%
67
67
90
59%
8%
67
12
12
12%
1,328
Apr
Mar
Jan
Jan
Jan
for
of Prices
Week
94%
Jan
%
Jan
75
Jan
15%
Jan
City 4s Water serial... 1958
City 4s Sewerage Impt 1961
3%s New Sewerage Im 1980
Bait Transit Co 4s (flat) '75
A 5s flat
1975
B 5s flat
121
121
300
118
May
121
121 %
_
_
Jl J
v
18%
121%
600
118
Jan
121 %
May
May
117
117
300
112
Jan
117
May
21 %
20
6,500
21%
22%
2,000
80%
1975
80%
500
18%
15
Mar
Jan
23%
15%
Mar
27
Jan
78
Mar
85
Feb
Boston Stock
Common (new)
42
*
Adams (J D) Mfg
Friday
Last
Sale
Stocks-
Par
Common
Price
of Prices
High
Low
___.*
for
Range Since Jan. 1, 1938
Week
Shares
%
1st preferred
50
Amer Tel & Tel
100
Low
Boston & Albany
100
100
100
Herald-Traveller. *
200
1%
25
14
129%
18%
High
14
49
High
Amer Pub Serv Co
43
500
36%
7%
4%
100
8
Mar
130
45
Apr
52
4%
4%
700
1
1
1
150
30
30
50
Athey Truss Wheel cap.. .4
2%
Aviation & Trans C cap.l
1%
11
3%
%
Mar
"ll"
Class B 1st, pref std
Calumet & Hecla
25
.__*
1%
Mar
11
Mar
2,165
18%
25
18% May
21
84
26
84
Apr
94
110%
78
626
60
Mar
121
325
108
Apr
56
57
490
48%
Jan
14%
15
295
13%
Mar
2%
Jan
Jan
Mar
6%
11
1%
Jan
Mar
36%
Jan
2%
1%
May
4%
Jan
8
Mar
13
50
7
Mar
13
600
1,000
Mar
2%
11%
250
8%
Mar
14%
Jan
8%
1,600
5%
Mar
8%
May
100
12%
Mar
22%
Jan
1,600
16%
Mar
28%
Jan
10
Mar
13%
May
8
8
Bliss & Laughlln Inc cap. 5
15%
15%
20
21
13%
13%
Jan
Borg Warner Corp—
Brach&Sons (E J) cap...*
Brown Fence & Wire—
Common——1
5%
5%
100
50
5%
8
Jan
Mar
*
'"15
15
Apr
22%
Bruce Co (E L) com
*
Burd Piston Ring com.—1
7
7
7%
450
6%
Mar
9%
Jan
3%
5%
3%
3%
350
3
Mar
5%
Jan
Class A pref
-
Butler Brothers:
10
Cent III Pub Serv
pref.—*
15
5%
a-52
51%
14
50
6%
52
800
Common
1
5%
41%
Mar
%
300
Common.—.....1
Prior lien pref
*
Preferred
i
Mar
%
Jan
Mar
2%
Jan
Mar
8%
52
Jan
35
35
75
Jan
5%
Mar
10%
Jan
4%
Mar
7%
Jan
2%
2%
2%
110
May
Mar
3
Jan
52
Mar
30%
52
214
23 %
115
20
%
5
1st preferred
100
27
28
65
Employers Group
%
13%
..*
18%
19
225
15%
"30~~
Mergenthaler Linotype
~20%
i
North Butte..
...2.50
1%
May
130
4%
7%
May
30
8%
444
3%
100
35
1 %
19
Mar
1
Jan
4
%
65
Mar
2%
Jan
Mar
24%
Jan
1,380
3%
Jan
5%
Feb
200
10c
Jan
15c
Feb
4%
5
10c
88%
270
81
Mar
102
Jan
65
65
12
65
Jan
68
Feb
1%
28
40c
49c
640
1%
Jan
2
Apr
5
Jan
30c
Jan
60c May
25
13%
13%
65
9%
13%
15 %
15%
16%
187
1%
1%
2%
305
Preferred
1%
8%
1%
5
9%
150
8%
21%
8%
372
21%
405
66%
21%
16%
71%
40
41
16%
"70"
25
1
*
Warren Brothers
Series D6s....
...1948
1«48
For footnotes see
page 3319.
Jan
60%
30
58%
Mar
65
Feb
16%
Jan
24%
Jan
May
4%
Jan
1%
8%
Mar
2 %
Feb
May
Mar
5%
Mar
10%
11%
Harnlschfeger Corp
com
Jan
1%
25%
com
_
.
_
.
_.
30
41 %
Jan
1%
Jan
5%
Mar
8%
Jan
1%
Mar
4%
Jan
200
49%
12%
1%
Katz Drug Co com
5
50
52%
90
12%
350
7%
100
"3%
12%
Jan
10%
May
Jan
Jan
22
Mar
28
May
12
May
25
3%
48
Mar
11%
15%
JaD
5%
Mar
10%
21%
16%
Feb
21
Feb
13% May
100
3%
300
10%
2%
17%
100
15
Mar
50
5
Mar
8
Mar
1%
Mar
10%
10%
300
1%
.
47%
1%
350
47%
50
8%
.
K'
"
9
100
2%
.
*
2%
200
1%
900
1
15
_
7%
14
15
7%
14
6%
50
7%
15
6%
200
500
6%
310
20
Jan
Mar
Mar
65
68%
La Saile Ext Univ com...5
Lawbeck 6% cum pref. 100
Lib McNeil! & Libby com.*
Lion Oil Ref Co com
*
Loudon Packing com
Manhattan Dearborn
Marshall Field com
75
49
Mar
65
May
68%
3.000
50
Apr
75
Jan
75
3.000
55
Apr
75
Mav
Jan
Mar
Jan
4%
Jan
6
12%
2%
23%
Jan
Mar
8%
Jan
Mar
16
Jan
Feb
7%
Jan
50
5%
5%
Mar
7
Jan
7%
Apr
5
50
4
Mar
6%
Jan
90
12
May
Jan
12%
19%
100
7%
7%
50
9%
9%
100
%
1,000
Mar
2
200
5
Mar
8%
60
100
Mar
108
6
6
4%
4%
16%
5%
8%
%
14
Jan
21
Jan
Mar
11%
Jan
Mar
11
Jan
Jan
»
Jan
Jan
150
14%
Mar
29
Jan
100
4%
11%
May
7
Jan
11%
13
1,050
Mar
18%
Jan
3%
4
500
3
Mar
5%
Jan
6
6
6%
300
5%
Mar
7%
80
7%
.
-
J
*
.
.
110
7%
50
65
.
.
80
Apr
Mar
12
Jan
Mar
28%
Apr
60%
22%
23
70
20
55%
55%
20
53
3%
200
3%
Mar
5
1%
1%
150
1%
Mar
3%
29
"
6%
29
6%
19%
1%
100
7
300
19%
1%
%
Jan
Feb
5%
3%
22%
J*.
80
7%
*
*
Jam
10%
6%
107% 108
18%
18%
.......
*
com
May
%
7%
.....100
16
Mar
6
30
Jan
Jan
Mar
Feb
Jan
Mar
9
Jan
50
16%
Mar
25
Jan
100
1%
Apr
2%
Jan
Jan
Jan
100
%
Mar
7%
8
1,600
5%
Mar
7
7
100
4%
200
5%
2%
19%
Mar
4
7%
.....
Mar
1%
9%
14%
4%
Mar
25
Apr
22
%
23
160
Jan
Jan
Food Prod—
Common
1
Middle West Corp
cap
5
Stock purchase warrants
Midland United Co—
2%
2%
400
1%
Mar
3
Jan
5%
6%
7,950
7
Jan
%
1,400
4%
%
Mar
%
Mar
2
Jan
3%
5%
*
3%
210
5
Jan
3
Feb
.
6% pref A
81,000
10%
2%
52%
7
1
Ken-Rad T & Lamp com A*
Kentucky Utll Jr cum pf 50
6% pref
100
Kerlyn Oil Co com A
5
Jan
Jan
Mar
5
*
Preferred
Jan
Mar
14%
Midland Utll—
65
4%
Jan
6%
47% May
8% Mar
2% Mar
1
Feb
24
Kellogg Switchboard & Sup
common
May
70
150
47%
W
*
Jan
5%
May
Apr
15%
5
Jan
30
13%
5
±
1%
May
100
3%
Feb
Feb
Mar
21
17
.....
34
59%
May
13%
...
Indep Pneu Tool s t c
*
Indiana Steel Prod com..l
Jarvis (W B) Co cap.—1
Mlckelberry's
Jan
Mar
38%
5,400
14%
1
Jan
55c
26%
5
12
Feb
10
19
18
20%
64
20
12
77%
140
200
18
Mar
95c
1%
19
*
com
15
6%
7%
Hornel & Co (Geo) com A *
Houdaille-Hershey cl B—*
Hubbell Harvey Inc com.5
50
Jan
8
100
15%
—
.10
20
27
200
7%
He leman Brew Co G cap.l
Hein Werner Motor Parts 3
894
17
9
10
21
Inc com..*
Conv preferred A
Eastern Mass St Ry—.
Series A 4 Ms
1948
10
12%
Gossard Co (H W) com..*
Great Lakes D & D com..*
Apr
Apr
90c
2%
Mar
May
%
1
Bonds—
Series B5s.
Goldblatt Bros
McCord Rad & Mfg A...*
Mer & Mfrs Sec cl A com.l
Prior preferred
*
6%
2%
Jan
79c
400
25
2%
Mar
42c
60
Mar
37c
2%
Reece Folding Machine. 10
Shawmut Assn TC
*
Stone & Webster
*
Jan
89
42c
*
Mar
-
1
Hupp Motors
1%
1%
45c
Jan
5%
52%
Illinois Brick Co capital. 10
111 North Utll pref
100
18%
10c
"mi
25%
13%
Common
May
42
1 %
Mar
Jan
38%
26%
U-
General Candy Corp cl A.5
Gen Finance Corp com
1
Gen Household Utll—
May
20%
2%
Utah Metal & Tunnel
Waldorf System
Feb
20 %
.25
Union Twist Drill Co
5
United Shoe Mach Corp.25
3%
35
Jan
400
100
Torrington Co (The).—*
Feb
40
190
11
Feb
1%
1%
Colony RR
Pennsylvania RR
Quincy Mining Co
Mar
1%
7%
Mar
19
Fox (Peter) Brewing com.5
Fuller Mfg Co com:
1
Gardner Denv conv pref .20
Horders Inc
122
Old Dominion Co..
Pacific Mills Co
Mar
1%
1%
t C.....1
New River Co pref
100
N Y N H & Hartf
RR..100
May
1%
3%
Preferred
*
Isle Royal Copper Co... 16
Mass Utilities Assoc vtc.l
ioo
28
20
4%
7%
Feb
Apr
1%
7%
1%
Jan
Apr
4%
Hathaway Bakeries cl a..*
com
Jan
May
1%
50
Four-Wheel Drive Auto.10
260
12
120
"l%
*
com
Jan
Jan
23
Inc....
Dixie Vortex Co
4%
4%
Mar
2.400
Jan
Mar
450
Eddy Paper Corp (The)..*
3 %
12%
4%
15%
2%
50
2%
97
6%
Dayton Rubber Mfg com.*
Cum class A pref
35
Feb
4%
Jan
Mar
12%
9%
Cudahy Packing Co pref 100
Cunningham Dr Stores 2 %
Apr
May
5%
8%
25
May
35
33%
Apr
60
Consolidated Biscuit com.l
1%
22
Apr
Mar
2%
28
Compressed Ind Gases cap*
8%
50%
New England Tel & Tel
New capital
2
280
90
26
20
:!f. 6.
Club Aluminum Uten Co.l
Coleman L'p & Stove com *
22
6%
60
30
4%
Commonwealth Edison-
50
Jan
94%
29
58%
10
com
1
■v
28
capital
*
Chic Yellow Cab Co Inc..*
Cities Service Co—
30
3%
Jan
May
56
57
Common
9
23
Narragansett Racing Ass'n
58% May
Jan
20%
100
1,900
1%
*
Chic Flexible Shaft com..5
2
50 %
*
Jan
ADr
6%
100
2
Chic Rlbet & Mach cap..4
1%
100
...
Jan
108%
125
%
1%
94%
27%
4%
12%
.......
Central States P & Lt pref*
Chain Belt Co com
*
9
Mar
100
......
Jan
Feb
%
1%
......
Jan
Central S W—
Elec Household Utll cap.5
Elgin Nat Watch
—15
2%
6% preferred
Geoigian Ind pref el A..20
Gilchrist Co..
..*
Gillette Safety Razor
*
May
Jan
Jan
7%
11%
1
2
35
100
149%
Jan
Mar
27
7%
5
2%
1%
4%% prior preferred
.......
Mar
76
2%
42%
East Mass St Ry—
Common
15
130%
18%
East Gas & Fuel Assn—
Common..
Apr
15
25
Copper Range
1
56 %
.100
.
Class C 1st pref std
100
Boston Personal Prop Tr_*
Boston & Providence
100
Feb
118
118
100
.......
80c
Jan
11%
56
600
3%
1%
1%
11
Bastian-Blesslng Co com.*
Belden Mfg Co com
10
com
Mar
8%
51
Armour & Co common...5
Bendix Aviation
Mar
10%
7%
150
Assoc Investment com...*
Berghofr Brewing Co
46
Jan
20
6%
8%
'"51
pref 100
Asbestos Mfg Co com
Apr
8%
5%
Allied Laboratories com..*
(New)
Mar
129 %
Boston & Maine—
.....
32c
84
Preferred.......... 100
Boston Edison Co
Boston Elevated
%
1%
pref.....50
non-cum
Bigelow-Sanford Carp com*
Old
Low
8%
*
Chicago Towel Co—
Sales
Week's Range
Amer Pneumatic Ser—
Natl Ser. Co
42
com...*
Adams Oil & Gas com
Preferred
Exchange
May 14 to May 20, both inclusive, compiled from official sales lists
Common
Range Since Jan. 1, 1938
Shares
Abott Laboratories—
Chicago Corp common..*
Boston
High
Central 111 Sec—
Bonds—
6%
Low
Price
(New) common..——5
44% May
Jan
11%
Jan
1%
Mar
77
%
Week's Range
Jan
28
Apr
55%
_
Par
Stocks—
20%
%
1%
_*
Sales
Last
Sale
*
com
Friday
Range Since Jan. 1,1938
Week
Atlantic Coast L (Conn). 50
Bait Transit Co com vtc.*
1st pref vtc
Black & Decker
Chicago Stock Exchange
May 14 to May 20, both inclusive, compiled from official sales lists
Sales
Sale
Stocks—
St., CHICAGO
100
6% prior lien
7% preferred A
7% prior lien
100
100
100
%
%
10
2
%
2
30
%
1%
1
2
300
%
Apr
1%
Feb
2
%
30
May
1
1
Mar
Mar
May
1%
Jan
2
Jan
Week's
Last
Sale
Par
137
137X
National Standard
com.
*
Northwest Utll 7% pf.100
Prior lien pref—-—100
Pines
Quaker Oats Co
—
*
common.*
-
12X
Apr
Mar
8X
Jan
19X
Mar
May
Apr
32 X
Van Dorn Iron Works
*
Jan
Warren Refining
Jan
Weinberger Drug Inc. _._*
50
Mar
4X
X
100
Mar
IX
85
Mar
Mar
141
50
iox
Jan
150
lix
Mar
IX
2 X
200
19
7
bOX
7X
bOX
21
21
10
14
Apr
13 x
Jan
03 X
Feb
21
May
28 X
Jan
10
May
13
17
Feb
30
13 X
150
93 X
94
20
90
Apr
100
50
72
Jan
74
2
50
IX
100
7X
Mar
4
Mar
New York Stock
Detroit Stock
8
150
7X
Apr
13
100
22 X
Mar
27
Jan
25 X
Mar
1834
14X
Feb
iox
X
700
IX
IX
IX
IX
Mar
Mar
150
iox
350
16
DETROIT
Randolph 5530
Detroit Stock
Exchange
May 14 to May 20, both inclusive, compiled from official
200
IX
Feb
20X
Jan
2X
150
Mar
4X
Week's Range
Last
Jan
2
Mar
Sale
Par
Stocks—
3
3X
3 34
50
3X
Mar
5X
Jan
Auto
3X
3X
200
2X
Apr
bX
Jan
Baldwin Rubber com
iox
11X
600
9X
Mar
17X
Jan
40c
1
City Brew com
Det Paper
261
4X
Mar
225
1334
Mar
IX
2
655
IX
Mar
334
Jan
1
1
200
1
May
134
May
36
Mar
Apr
Jan
IX
1,655
90c
400
87c
Mar
IX
134
200
1J4
Mar
134
10
75
77
Mar
2 34
200
2
Jan
334
Jan
2
325
IX
Mar
354
Jan
285
1034
Apr
....
...
1
1034
10>*
3
14X
7X
1334
7X
1,937
9
Mar
14J4 May
395
6
Mar
1034
Jan
1,300
Apr
Jan
1134
234
29 34
2X
1134
105
1134
May
134
734
12 34
2X
30 X
900
234
Mar
434
1,941
2534
Mar
2X
925
Mar
334
Jan
53c
65c
400
234
34
Jan
70C
Feb
734
734
140
634
Mar
12 34
Jan
6
6
194
534
Mar
934
Jan
45c
47c
500
37c
Apr
34
Jan
53c
53c
250
40c
Mar
34
Jan
17 X
17X
615
1534
Mar
Jan
87c
90c
220
81c
Mar
1834
134
67c
67c
135
60c
Mar
134
Jan
Mar
55c
Apr
Jan
IX
Gar Wood Ind com
3
5
5
Gemmer MfgB
General Finance com
*
1
General Motors com
363
Cln.
Tel.
134
10
29X
1
2X
.
Goebel Brewing com
May 14 to May 20, both inclusive, compiled from
of Prices
Week
Low
16 X
16
16
*
High
*
534
Champ Paper & Fibre.... *
Preferred.
100
19H
Amer Prod part pref
....
_
.
Cln Gas & Elec pref
110
80 34
Cincinnati Telephone...50
934
Mar
1834
Feb
5
5X May
55
:
6X
Jan
31
18X May
97
Jan
May
Feb
10534
Mar
9X
Apr
100 X
Jan
78
97
103
90
Apr
110
95 34
100
C N O & T P pref.....100
30
30
934
Churngold.
15
10
110
Mar
115
Mar
110
75
Jan
81
Mar
8034
Jan
13
Cln Union Stock Yard
*
11
11
10
10
Apr
Dow Drug
*
3
3
60
3
May
5X
Jan
Formica Insulation
*
10
10
30
934
Apr
12 X
Feb
Apr
5X
Mar
"l6"
434
434
50
3X
534
534
14
5X May
313^
31 X
Hatfield prior pref
12
Participating pref... 100
Feb
7
7
30
Mar
32 X
Jan
*
8
8
8
57
7
Apr
9 X
Mar
Little Miami guar
Manischewitz
50
88
88
89
17
88
May
*
10
10
10
37
10
Jan
10X
Jan
Procter & Gamble
_*
47
Mar
50X
Jan
3X
Jan
Hobart
Kahn
common
Randal
B
*
34
X
49 X
188
IX
IX
100
47
IX
39X
IX
100
Mar
Sabin Robblns pref....100
98
98
20
98
U S P aying Card
23
24
99
Apr
Mar
10
IX
734
U S Printing
10
Wuriitzer
98
IX
210
iox
719
7 X
Jan
May
24 X
May
21X
IX
Jan
_
90c
1
*
1
1
McClanahan Oil com
McClanahan Ref com
46c
10
McAleer Mfg com
20
---
1
1
Kinsel Drug com
Kresge (SS) com
Masco Screw Prod com
High
Low
Shares
50
97
_..
.
534
20
Hudson Motor Car com..*
Hurd Lock & Mfg com
for
Price
Par
Industries
Aluminum
Week's Range
Sale
Stocks—
official sales list
Range Since Jan. 1, 1938
Last
-
-
—
Hoover Ball & Bear com 10
Sales
Friday
.1
Grand Valley Brew com.
Cincinnati Stock Exchange
------
..
_
-
-
-
9,200
34
73c
200
69c
Mar
134
5
5
534
428
434
Mar
734
3X
334
205
534
Jan
3634
291
334
3134
Mar
30 X
Mar
3734
Feb
Jan
1634
1434
Mar
IX
IX
870
134
May
2034
334
OX
734
930
Mar
734
Mar
IX
IX
300
434
134
Apr
2 3-4
Jan
334
3X
150
234
Mar
4
Jan
2 34
234
100
2
Mar
434
2X
334
234
800
134
334
631
3
84c
85c
300
34
3 34
334
100
334
2X
234
150
234
3
3
100
3
2X
234
234
500
134
Apr
76c
75c
76c
575
65c
25c
25c
1,100
1634
__
ox
.*
------
...2
------
com..*
1
-
"
1
.
.
84c
—
—
—
—
—
-
.
Warner Aircraft com.....
Wolverine Brew com
-
-
-------
Tom Moore Dlst com
.
-
2%
Standard Tube B com
1
Union Investment com...*
United shirt Dlst com
*
Universal Cooler A
*
Walker & Co. B
*
.
3
1
1
Los Angeles
Cleveland Stock Exchange
Sales
Friday
Veek's Range
of Prices
High
ow
Range Since Jan. 1, 1938
for
Elec Controller
Low
1434
1£
1434
45
49
81
44
20
1234
Apr
2034
Jan
Mar
64 34
Jan
22J4
23
1434
310
11
130
10
32
Mai
1034
May
E
May
Jan
Api
Jan
Jan
1HX
Mar
13
70
Jan
70
Mar
1034
1034
75
934
Api
1134
Mar
534
45
5
Jan
634
Jan
60
32
200
27
14
14
14
44
Mai
14
May
34
Jan
1834
Jan
5
5
50
9
9
157
234
15
3X
334
45
8
Ohio Confection A—
934
*
*
3
16
bX
534
234
15
334
45
8
9X
16
634
14
10
150
50
10
14
140
545
334
8
234
12
2X
200
60c
400
2X
300
2c
Jan
7X
7X
100
5
41X
42 X
200
Claude Neon Elec
Prods.. *
Corp..*
District Bond Co..
25
Exeter Oil Co A com
1
General Paint Corp com..*
Globe Grain & Milling..25
Hancock Oil Co A com...*
Holly Development Co... 1
Hupp Motor Car Corp.1
Kinner Airpl & Motor
1
Lincoln Petroleum Co. 10c
Lockheed Aircraft Corp..l
834
8X
8X
600
Consolidated Steel
434
4X
4X
100
4X
4X
234
45
Mar
4
Apr
Jan
60
34
Feb
8
734
Apr
934
May
1134
Jan
Mai
1934
Feb
16
4
6
Mar
May
34
May
V
•
■
V#
Jan
2X
Mar
bC
2c May
7X
May
8
Jan
Apr
Mar
02 X
Jan
OX
Mar
8X
May
2X
Mar
4X
Jan
4X
36
Jan
4X
10
4X
Jan
3,100
60c
Mar
95c
7X
300
ox
Mar
9
434
100
3X
Mar
5
27X
300
2bX
Jan
30 X
Mar
77Xc
75c 82Xc
1,500
65c
Mar
95c
Apr
87 Xc
8734c 87Xc
100
75c
May
1.50
Jan
3c
11,667
2c
May
12c
Apr
10c
300
10c
Apr
18c
Jan
1,100
bX
Mar
1034
Jan
1,200
2
Jan
3X
Mar
80c 82 Xc
1.000
80c
Mar
IX
Jan
be
1,000
3c
Feb
9c
May
Apr
2X
Jan
4X
4X
27
27
2c
3c
10c
2X
-.-*
.1
Pacific Finance Corp com 10
Preferred A
——10
Pacific G A E 6% 1st pf.25
Pacific Lighting 6% pref.. *
Republic Petroleum com.l
Rice Ranch Oil Co
1
1
Mills Alloy Inc A.
Jan
4
1.00
60c 62 34 <
9
Apr
May
May
Mar
IX
7X
10c
Jan
34
2X
52 Xc May
7X
9X
Jan
1938
60c
2X
634
3
2c
7X
41X
......
sales lists
High
Low
1,000
2X
2c
Oil com.-l
1034
15
for
60c
Jan
3319.
Jan
Jan
Week
Shares
2X
Mar
Apr
of Prices
High
Low
60c
Industries Inc...2
Menasco Mfg Co..
1
Mid-Western Oil Co
5c
Mar
Price
2X
Los Ang
Preferred...—-..---100
For footnotes see page
31
8
Apr
Mar
30
*
...*
Metro Paving Brick
*
Monarch Machine Tool..*
National Refining......25
Peerless Corp—
4X
10
534
Sessions
— ——
11
70
1034
Leland Electric
Patterson-Sargent
1134
383
10
Mills.._*
*
Interlake Steamship
*
Kelley Isl Lime& Tra
*
X
Range Since Jan. 1,
2X
Broadway Dept Store
High
1434
& Mfg...*
Packer Corp
8
1434
Harbauer Co
Lamson &
8
1134
Federal Knitting
Jan
34
Sales
Week's Range
Berkey <fc Gay Furn Co-.-l
Bolsa-Chica Oil A com.. 10
Chrysler Corp
Colonial Finance.—.......
Jan
Mar
534
2-34
134
Jan
Teletype L.A. 290
Co—1
Bandini Petroluern
Buckeye Union
Week
Shares
Par
Stocks—
both inclusive, compiled from official sales list*
22X
Jan
Mar
inclusive, compiled from official
triday
Sale
45
Jan
Apr
5
Angeles Stock Exchange
May 14 to May 20, both
Last
8
634
San Franciaco Stock Exchange
Stock Exchange
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Appl pref. 100
City Ice & Fuel...;
*
Clark Controller ......
1
Cleve Cliffs Iron pref....*
Cleveland Railway
100
Cliffs Corp vtc—
*
May
Chicago Board of Trade
York Stock Exchange
Los
Airway Elec
Mar
Mar
J4
134
MEMBERS
Veto
Union Trust Buildinf, Cleveland
Sale
4
fWOODcb
GILL I SI
Price
Jan
Mar
Wm. Cavalier & Co.
523 W. 6th St.
Par
4
May
Lob Angelet
Stocks—
Jan
Apr
Jan
3
iox
Members Cleveland Stock Exchange
Last
Jan
May
Ohio Listed and Unlisted Securities
May 14 to May 20,
Jan
235
"
Prudential Investing com.l
Tivoll Brewing com.
Jan
31c
......
Penln Metal Prod com___l
River RaLsin Paper
Jan
38
70c
Parker Rust-Proof com 2.50
Rickel (H W) com
Jan
Feb
27C
*
..
Mar
73c
Murray Corp com._-_._10
Pfeiffer Brewing com..
Mar
434
"30c
Packard Motor Car com. .*
Parke Davis com...
1
305
1
.
Jan
16
10?4
1434
7X
5
Frankenmuth Brew com
Jan
87 X
2
2
1
Prod com
108
87
100
com
Federal Mogul com._____*
CINCINNATI
Sys.
Jan
4334
87c
5
6234
134
Ex-Cello Aircraft com
BLDG.
Jan
26
42 X
Det Steel Corp com
BALLINGER & CO.
Jan
6
18
Detroit Edison com
Ohio Listed and Unlisted Securities
Jan
6
Consumers Steel
Det-Mich Stove
X
934
37c May
400
*
.12X
Briggs Mfg com.
Burry Biscuit com
Trading Markets in
40c
40c
18
Det & Cleve Nav com
6711—Bell
High
Low
Shares
.1
Chrysler Corp com
Cherry
Range Since Jan. 1, 1938
for
Week
of Prices
High
Low
Price
Jan
15
Membera Cincinnati Stock Exchange
Phone
sales lists
Sales
Friday
2X
—-
UNION TRUST
Jan
Chicago Stock Exchange
Brown McLaren
Cincinnati and
Jan
20
New York Curb Associate
Exchange
Feb
IX
1,950
IX
Active
2X
Mar
May
Jan
15
IOX
1634
IX
* 34-—3X
Woodall Indust com
2
iox
Zenith Radio Corp com..*
17
Exchange
Telephone:
Jan
15 X
Wise Bankshares com
10X
IX
17
17
Buhl Building
Jan
OX
4X
iox
16
IX
30
Apr
Jan
13
100
25 X
16 X
40
Feb
3X
May
Jan
3X
Mar
11
4X
------
IX
Jan
7
May
2
-
-
IX
.......2
Jan
74
8
-
220
12
11
May
Mar
Member*
Feb
Mar
47 X
10
14X
Apr
Mar
7
50
11
-
234
......
Jan
4X
4X
Watling, Lerchen & Hayes
Jan
550
7X
X
Mar
IX
Sunstrand Mach Tool com5
110
Mar
Mar
Feb
9 X
Storkline Furniture com. 10
4X
9X
9
Jan
IOOX
129
-
9
25
Jan
X
IX
-
697
Jan
3
9
-
10
12
434
3 X
170
-
13
10X
9
9X
32
19
---
-
12
8X
13
.]
Apr
74
Walgreen Co common
*
Williams OIl-O-Matlc com *
3X
*
LTpson-Walton
Apr
190
93 H
7
Union Metal Mfg
3X
95
------
Utah Radio Products com *
36 X
Mar
Jan
Jan
Jan
Jan
11X
Mar
2
11X
8X
10
25
Apr
30
25
"l3"
18X
21
Trane Co (The) common.2
100
591
2
__l
20
56k
—
9
34
....100
8% cum pref
30
20 X
---
15
9
32
*
200
9
*
Utll & Ind conv pref
Apr
5
9
*
Seiberling Rubber
S M A Corp..
High
Low
Shares
2
5
Richman Bros..
5
X
pref__l
Swift & Co
12
of Prices
High
32
■
Reliance Elec & Eng
28
lbX
94
Convertible preferred.20
International
5X
350
250
I
12
19
Southw Gas & El 7% pf 100
Swift
Jan
13834 139
.
-
------
Sivycr Steel Castings com.*
Sou Bend Lathe Wks cap.5
Standard Dredge com
Jan
23 X
1, 1938
Range Since Jan.
for
Week
Low
Price
Par
3 X
-■
— —
Stgnode Steel Strap pref .20
Sou'west Lt & Pow
23X
(Concluded)
4X
138X
-100
Rath Packing Co com...10
Reliance Mfg Co com—10
Rollins Hos Mills com
1
Schwltzer Cummins cap__l
Sears Roebuck & Co com.*
OX
Apr
Mar
13X
12
■
Preferred..
Jan
Mar
4
200
450
14
com.5
Winterfront com—1
May
150
4X
28
Pictorial Paper Pkge
Jan
23
15X
bX
-
5
Penn Gas & Elec A com..*
140
Mar
15
12
12
Northwest Bancorp com..
Apr
20
14X
------
-
126
10
15
------
Stocks
High
Low
210
23
4X
2
10
National Pressure Cooker
Noblltt-Sparks Ind com__5
North 111 Finajnce com...*
Week
137X
23
------
Sale
Shares
High
Week's Range
Last
Range Since Jan.1, 1938
for
of Prices
Low
Price
Montgomery Ward cl A..*
National Battery Co pref.*
Range
Sales
Friday
Sales
Friday
Stocks (Concluded)
3317
Chronicle
Financial
146
Volume
80c
10^
30
1
1
6c
2X
5c
5c
Nordon Corp Ltd..
10
,
1
Jan
Jan
6c
8c
3,700"
6c
May
15c
1034
1034
200
9X
Mar
14X
Jan
Feb
12X
May
Mar
29 X
May
Mar
104X
Jan
Mar
bX
Jan
Mar
25c May
12 X
12X
12H
500
nx
29 X
29X
29 X
200
28
104
Jan
Mar
103 X
104
101
4X
4X
4X
1,200
2.5c
2,5c
25c
3,300
101X
3
17c
3318
Financial
Last
Week's Range
of Prices
Week
5%
Warrants...—— .w
Sgmson Corp B coin...
1,100
Stocks [Concluded)
High
Mar
5
7%
Jan
Week
Price
Par
358
4%
Apr
145
1 %
Mar
May
1%
1%
100
1.10
Mar
2%
Jan
Nat Fireprooflng Corp...5
1%
1%
1.15
800
1.05
Mai
1 %
Jan
Penn Federal Corp
1
1
.
-
1%
1%
33
1.25
Apr
2.00
May
Phoenix Oil common...25c
2c
2c
4%
1,300
2%
Mai
4%
May
Pittsburgh Plate Glass..25
75%
75%
5c
5c
1,000
5c
Mar
12c
Jan
6
Pittsburgh Screw & Bolt.
20
20
20
200
Feb
27%
Apr
21%
21%
19%
Mai
Penner Co
27%
200
25%
Apr
24%
27%
Jan
21A
25%
20%
21%
27%
100
6% pref ILw.—- .25
&H% pref C—..... .25
So Calif Gas 6% pref A. .25
Feb
Shamrock Oil & Gas..
25%
25%
300
Apr
Feb
United Engine & Fdy
29%
29%
1(K)
23%
28%
Plymouth Oil Co..
28%
13
13
100
9%
Mar
20%
27%
900
25%
Mar
33%
Jan
Westinghouse Air Brake..*
9%
9H
9%
1.000
8%
Mar
12%
Jan
Westinghou.se EI
21%
18
18
19
1,200
17%
Mar
Van de Ramp's Rakers. ,j-: *
0
6
0
100
5%
Mar
O
Western Air Exp rights. % 1
Jan
Jan
Victor Brewing Co
5c
15c
4,023
5c
May
30c
•23 c
22c
23c
5,000
12c
Mar
lc
41,000
..10c
1c
Zenda Gold
%c
%c May
2c
10c
1,700
10c
Mar
22c
Jan
l%c
4,000
lc
Mar
3c
4c
5c
5,000
3c
Mar
9c
Amer Rad & Std Sanitary. *
Anaconda Copperf _.... 50
11%
11%
11%
100
9%
Mar-
Mar
34%
Jan
I
120
1
May
1 %
Jan
55c
55c
315
50c
Mar
65c
Feb
21%
21%
148
15%
Mar
27%
Jan
76%
76%
Feb
25%
100
22%
4%
25%
4%
25%
Aviation Corp (The) (Dei)3
4%
100
3
14%
36%
4%
*8%
202
62%
Mar
107%
Jan
Columbia G & E Corp.....■*
7
7
100
7
Enquiries Incited
all
on
Mid-Western and Southern Securities
Unlisted—*
7
Mar
Mai
1%
1%
1%
100
1%
25%
25%
4%
25%
100
22%
Mar
4%
100
3%
Mar
5%
8%
9
200
5%
Mar
9
0%
6%
100
5%
Mar
200
International Tel & Tel...*
V; 0
McKesson A Robbing Inc.5
0%
v-
North American Aviation. 1
9
0
9
Paramount Pictures Inc.. 1
7%
5%
7%
7%
100
6%
Radio Corp of America..*
5%
100
5
Radio- Keith-Orpheum
*
2%
.2%
Socony-Vacuum Oil Co.. 15
12%
12%
5%
2%
13
Standard Oil Co (N J).-.25
47%
47%
47%
6
New
St. Louis Stock Exchange
Chicago Board of Trade
York
Chicago Stock Exchange
315 North Fourth St., St. Louis, Mo.
25% May
Jan
Telephone Central 3350
May
6% May
10%
Jan
Mar
Apr
8%
St. Louis Stock
Apr
Exchange
Mar
7%
Jan
5%
Jan
400
2% May
12%
Apr
13%
Apr
200
Friday
47%
49%
Jan
Last
Week's Range
for
Sale
...
of Prices
Week
100
May
May 14 to May 20, both inclusive, compiled from official sales lists
Established
1874
A S Aloe Co pref
American Invcom.
1613 Walnut Street
Falstaff Brew com
YORK
30 Broad
1
Griesedieck-West Br
Street
Hussmann-Ligonier
Knapp Monarch
Philadelphia Stock Exchange
Last
Sales
Week's Range
Sale
Price
,
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co..
128%
15%
~~4%
Budd Wheel Co
Chrysler Corp... V.
-5
42%
Elec Storage Battery.. 100
General Motors....... .10
Low
7%
6%
Mar
11%
379
111%
Mar
119%
12%
114%
3%
2%
Mar
18%
119 %
Feb
116% 117%
4%
4%
3%
3%
41%
43%
Nav
Lehigh Valley
25%
29%
29%
Horn & Hard (Phlla) com.*
*
Light....*
...
„
7%
1%
15%
114%
50
_.
Pliila Elec of Pa 85 pref..*
...
.
.
_
..
113
Tonopah Minlng
Jan
Jan
Mar
25%
284
21%
Mar
31%
Jan
30%
994
25%
Mar
41%
Natl
Candy
Scruggs-V-B
com
5
corn
>
-
1
.
110%
Jan
108%
Mar
3%
168
3%
Mar
4%
4%
3
Mar
6%
May
6%
Mar
40%
137
27%
11
30%
10%
10%
May
10
10
Apr
Jan
40%
May
11
14%
Jan
36
Jan
436
28%
Apr
50
Jan
6%
9
730
Apr
10
280
8%
Feb
102
102
10
Mar
13
10
May
11
10%
10%
6%
9%
May
10
6%
w:w
11%
90
Apr
.Jan
Jan
10%
102
8
May
May
May
7%
7 #
7%
348
5
Mar
5
4%
5
125
'v4;T
Apr
5%
Mar
9%
„w
9%
6
Mar
9%
May
4%
^.
'1.
10
17
4%
20
-1"
4
Apr
T 19
20
5
119% 123
120
112
119%
255
Jan
6%
May
20
Apr
May
123%
Mar
Feb
4%
4%
7%
115
4%
7%
May
7%
May
7%
8%
65c
7%
—
15
com
May
3%
30
26
wW
■
65c
200
50c
Mar
1.23
376
19%
Mar
27
Jan
May
28
Jan
Apr
27
Jan
20
21
21%
21%
82,000
20
20
20%
20%
5,000
20
Feb
32
Wagner Electric
32%
9%
WW
....
_
6%
Jan
11
10
Stix Baer & Fuller corn.. 10
Scullin Steel warrants.
Mar
Jan
2%
9
'•
100
Sterling Alum
Jan
5
Apr
200
10
Preferred
3%
315
3%
^
10%
C
_*
Southwest Bell Tel pref 100
50
Jan
21
May
30
^
30
*
com.
4
37%
w
.*
..25
com
Feb
22
Jan
Jan
Feb
120
7%
4%
Mar
8%
1 %
Mar
2%
14%
Mar
30%
Jan
Feb
116%
115
131
112
2
3%
120
2
6
314
4%
8.233
142
%«
Jan
25%
22%
50
27
39%
41
1%
Mar
Apr
2%
Mar
4%
7%
Jan
10%
Jan
27%
May
35%
Mar
42%
%
Feb
Dean Witter
Jan
Apr
500
'is
»
Jan
2,218
Bonds—
tUnited Railways 4s..1934
tUnited Ry 4s c-d's.
Jan
2,380
2
16%
40
_..
^
11
*
Mar
10%
32%
May
36
2
Salt Dome Oil Corp.
1
Scott Paper......
Tonopah-Belmont Devel. 1
Jan
6%
3%
5%
.50
Philadelphia Traction. ..50
_.
Mai
Mar
Mar
811
7%
1%
15%
Rapid Transit....50
10
5%
63%
3%
3%
Pennroad Corp v t
120
195
Jan
101 %
101
.....50
_
16%
„
40
com
23
40%
•
*
com
May
May
145
6
Apr
Mar
20
31%
Midwest Pipe & Sply com *
Natl Bear'g Metals pref 100
Jan
45
15%
425
4
109
28
•
3%
Rice-Stix Dry Goods com. *
High
128% 130%
25%
7 % preferred
Shares
102
7%
American Tel & Tel.... 100
Barber Co
10
Pennsylvania RR
High
com..
Mo Port Cement com
St Louis Car
Stores
Coal &
Range Since' Jan. 1, 1938
for
Week
of Prices
Low
13%
4
-
32%
*
com
com..
Laclede-Christy C Pr
May 20, both inclusive, compiled from official sales lists
Par
-
15
High
Feb
106
175
6
Cocoa-Cola Bottling com. 1
International Shoe
Stocks-
^
21%
28%
13
10
Low
20
28%
Columbia Brew com..._.5
NEW
108
20%
Chic & Sou Air L pref... 10
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
"21%
*
Range Since Jan. 1, 1938
Shares
High
108
*
Burkart Mfg com) .V.
Century Electric Co
Members
Sales
Low
100
Brown Shoe com
Deliaven Si Townsend
Price
Par
Stocks—
Friday
Curb (Associate)
May
Commonwealth & South..*
4%
New York Stock Exchange
Jan
May
1 %
May
Apr
MEMBERS
Jan
7
Continental Oil Co (Del).5
Curtlss-Wright Corp.....1
Phlla
Jan
22
Business Established 1874
Jan
—....
Nat'l Power &
Jan
'
50
1
-.1
Apr
4c
Lehigh
Mar
1%
4
Apr
I. M. SIMON & CO.
May
10c
1
1%C
1
American
20
May
1%
Apr
%c
10c
Development. 25c
to
Mar
15%
75c
J an
23c May
Cardinal Gold££££....... 1
May 14
Jan
Jan
9
ST. LOUIS MARKETS
Cal umet Gold
;
5c
90%
May
12c
Mammoth Cons M'lOc
Imperial
1
Mfg 50
Miningt-
Blk
35
Jan
Mar
%
Feb
"2
Apr
.25
■:
275
.
1
Mar
5%
Jan
6%
3%
May
Apr
56
500
2%
28%
5
United States Glass Co.. 25
13
*
18%
80c
2%
25%
30%
21%
2c
20
582
?
17%
1
1
—
1
4,500
6%
75c
17%
-5
....—
20%
Southern Pacific Co—. 100
Standard Oil Co of Calif
Transamerica Corp
Ynfon Oil of Calif. 4
41
4%
20
High
5
Signal Oil & Gas Co A..
So Calif Edison Co Ltd. .25
.
Low
5
5c
,.
Range Since Jan. 1, 1938
Shares
Mountain Fuel Supply.. 10
IK
—
*
'
for
of Prices
Low
High
m
£
£.. ~io
25c
Corp.
6 % preferred,
5%
Low
Week's Range
Sale
Shares
1938
Sales
Last
Range Since Jan. 1, 1038
110
;
1.10
*
-
High
5%
1%
Ryan Aeronautical Co.
Sierra Trading
Low
Price
Richliekl Oil Corp corn.
..
Friday
for
Sale
Par
May 21,
Sales
Friday
Stocks (Concluded)
Chronicle
Jan
Jan
Co.
&
IVlVate leased Wirt*
MUNICIPAL AND CORPORATION BONDS
Members: New York Stock
New York Curb
Exchange, San Francisco Stock Exchange, Chicago Board ofTradf
Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
*
1__1
1SI6
Transit Invest Corp......
%
%
125
%
Apr
1
Mar
%
1%
3
586
%
Apr
2%
Mar
618
1%
Jan
3%
Mar
3%
Jan
Preferred-..
Union Traction
:.....
........
50
2%
2%
United Corp common....*
3
*
~30~"
United Gas Impt com...*
Preferred
*
10%
106%
Preferred..........
...
1s16
.....
Westmoreland Coal.__...*
3
100
%
1
May
Jan
%
100
1%
Mar
30%
62
22%
Mar
32% May
10%
10%
105% 106%
2,719
8%
Mar
11%
San Francisco
Oakland
Jan
30
10
232
99%
Mar
106%
Jan
10%
39
6 %
Apr
10%
Jan
6%
84,000
5%
Apr
San
May 14
to
Tacoma
Seattle
Sacramento
Stockton
Portland
Fresno
New York
Beverly Hill#
Francisco Stock
Friday
Stocks—
Par
Alaska Juneau Gold Min 10
UNION
BANK
BLDG.,
A.
t.
for
of Prices
Week
Price
9
%
Low
9%
High
9%
40c
35c
40c
944
12%
12%
12%
206
8%
Bishop Oil Corp
Byron Jackson Co
Calamba Sugar
4%
4%
4%
Friday
_
..
Last
Sale
Stocks—
Par
Allegheny Steel common.*
Biaw-Knox Co
Price
.....
1
Range
of Prices
High
14%
11%
9%
~~60c~
60c
15%
12%
9%
70c
Columbia Gas & Electric.*
6%
7
Follansbee Bros pref
Fort Pitt Brewing
7%
7%
100
__1
Jones & Laugh Steel pfd 100
Kopper Gas & Coke preflOO
Lone Star Gas Co.
*
McKinney Mfg Co
Range Since Jan. 1, 1938
75c
75c
54
75c
60
Low
High
55
Mar
15
15
6%
Mar
11 %
Jan
600
60c
Mar
1 %
Jan
21%
185
5
Mar
50
5
Mar
800
54
10
100
141
99%
7%
7%
8%
777
1
1
400
3319.
Mar
70c
Feb
9%
19%
21
20
20
20
20
20%
20%
20%
19%
Mar
25c
Jan
21
660
15%
Mar
24
330
Apr
50
Jan
Apr
97
Jan
50
92
92
42
30c
30 c
42
Jan
30
1.400
36c
50
30c
42
10
100
213
45%
87
15c
38c
Apr
30c
J an
Jan
Jan
Jan
Mar
52%
1
1.90
1.85
1.90
4.300
1.65
Jan
2.35
Jan
..1
Central Eureka Min
1.90
1.90
1.90
2.500
1.65
Mar
2.35
Jan
43%
760
com.
5
42
42
Coast Cos G & E 1st pf .100
Cons Chem Ind A..—'
*
105
105
com.
...
Jan
Di
Giorgio Fruit corn
Preferred... Tv•_
Emporium Capweli.
23%
9%
68
23%
9%
68
105
10
24
997
9%
70
1,295
140
30
37%
101
22%
7%
56
Jan
Mar
62%
Jan
Apr
106%
Feb
May
33
Jan
Mar
12
Jan
Mar
73
Jan
10
4
4
4
100
.
24
24
24
30
18%
Mar
.*
11
11
It
320
9%
Mar
14%
30%
30%
31
90
26%
Mar
34%
Jan
34
34
34
20
33
May
46 %
Feb
20%
20%
20%
Apr
25%
Apr
29%
29%
Preferred (w w)
50
Fireman's Fund Indem._10
Jan
Galland
Apr
Jan
Merc Laundry..*
General Mfrs com
10
105
Jan
General
Mar
9
Jan
Gladding McBean
Apr
1
Feb
Golden State Co Ltd
%
Jan
Mar
Mar
Apr
90 c
Mar
17
96
6%
5%
13%
50%
73%
Mar
180
Jan
80c
3%
Jan
Mar
11
100
190
92
Chrysler Corp
Mar
18%
Crown Zellerbach com...5
Preferred.
5
11%
10%
"99%
*
For footnotes see page
for
Week
Shares
Jan
May
4%
15%
25c
Jan
10
1,467
18%
25c
Feb
19
15%
50
_.
14%
...*
Byers (A M) common .__*
Carnegie Metals Co
Week's
Low
45c
Mar
18%
—50
.
Preferred.....
Sales
23c May
12
13
15%
Caterpillar Tractor com..*
Pittsburgh Stock Exchange
May 20, both inclusive, compiled from official sales lists
High
Mar
*
Calif-Engels Mining Co..l
Calif Packing Corp com..*
Preferred
Low
9
20
com
Preferred...
10
5
& T. Tel. Pitb-391
BROADWAY. NEW YORK
8%
Calif Water Service pref 100
Carson Hill Gold Min cap 1
to
150
Atlas Imp Diesel Eng. —.5
Specialists in Pittsburgh Securities
May 14
Range Since Jan. 1, 1938
Shares
Anglo Amer Min Corp
1
Anglo Calif Nat Bank...20
PITTSBURGH, PA
Tel. Court-6800
120
Sales
Week's Range
Sale
Jan
H. S. EDWARDS & CO.
Angalw
long Beach
Exchange
Last
6%
Lo*
Ppsadeno
May 20, both inclusive, compiled from official sales lists
Bonds—
Elec & Peoples tr ctfs 4s '45
Honolulu
Paint
100
10
3
19
Mar
5%
28
Jan
Jan
Ja.
30%
733
25%
Mar
38
*
7%
7
7%
1,278
7%
Mar
9
Jan
& Co..*
7%
7%
7%
250
7
Jan
9
Apr
3%
3%
3%
156
2%
A or
4%
Jan
com.
*
Jan
Volume
Financial
146
Sales
Friday
Last
(Concluded)
Par
Week's Range
Sale
Stocks
of Prices
Low
Price
27%
Hawaiian Pineapple Ltd. _*
21
Honolulu Oil Corp capital *
16)4
16
14
13%
B
*
Preferred.
_
—
_
"27%
Lockheed Aircraft
New
Legislation, Dr. W. E. Atkins Tells New
Jersey Bankers—Says Capital Is Timid Because of
250
16%
14
20%
Apr
485
-
25%
843
27%
13%
Mar
Mar
12
Apr
30
Apr
29%
Jan
19
Jan
Elements Reducing Confidence
14%
May
5%
May
Failure of capital investment to expand lias been respon¬
sible for tlie failure of recovery to materialize and gain
May
momentum, Dr. Willard E. Atkins, economist of New York
v,
970
5%
5%
2,612
3%
Apr
36%
37%
10%
120
36%
May
3,790
5%
Mar
10%
Jan
1.13
Jan
5%
36%
„
Capital Investment Retarded by Rush of Threatening
High
Low
Shares
23
21
1, 1938
Range Since Jan.
for
Week
High
Hancock Oil Co of Calif A*
Jangend'f Utd Bk A unstpd*
3319
Chronicle
39
Corp—1
9%
9
Magnavox Co Ltd. ——2%
65c
65c
65c
250
50c
Jan
Magnin & Co (I) com
9%
9%
9%
200
7
Jan
13
Mar
Apr
95
Feb
15%
Jan
Feb
Mar
14%
Mar
capital
is
7%
Jan
factors
which
Mar
10%
Jan
Mar
13%
Jan
*
100
95
95
95
20
5
Preferred
12
12
12
256
92%
7%
12%
12%
12%
10
9%
4%
4%
4%
200
Marchant Cal Machine
Mar
■
Market St Ry prior preflOO
National Auto Fibres com 1
*
9%
9%
9%
1,820
3%
7%
No American Oil Cons.. 10
12%
11%
12%
888
9%
Natomas Co-*.,
—
University, told the annual convention of the New Jersey
Bankers Association
capital investment has lagged behind because
timid, and he said capital is timid because of
have
24%
24%
24%
40
Occidental Petroleum—— 1
20c
20c
20c
Oliver Ltd Filters A
*
19%
19%
*
B
5%
5%
30c
Jan
19%
May
6%
Jan
Mar
15
553
6
28%
Mai
3%
1.75
1.75
1.75
Jan
2.05
Jan
26%
29%
883
23
Mar
28%
1,823
27
Mar
30%
Jan
27%
27%
193
25%
Mar
28
38
37%
104% 104%
5%
5%
1,320
3%
13%
Pacific Light Corp com
*
37%
SO
104%
Pac Pub Serv non-vot com*
1st pref.
5%
*
Pacific Tel & Tel
com..
Preferred..
Preferred
com.
..
Signal Oil & Gas Co A
Jan
Mar
18
119%
19%
Jan
Dr.
goods
177
35
6
20
6%
Feb
56%
Feb
25
Jan
17%
Mar
29%
Jan
oped
9%
Mar
14%
Jan
he
4%
Mar
7%
Jan
industries
Jan
640
9%
18%
11%
796
745
5%
570
13%
18
540
5%
13
Mar
13
Jan
17
of
capital
102%
Apr
105%
May
80C
May
1.13
Feb
150
3
Apr
4%
Jan
20
Mar
24
11%
Mar
23
Jan
establish
60
Mar
83
Feb
veterans,
20
330
13%
14
1,280
76
20
becomes,
11%
9%
Mar
22%
Jan
35c
35c
35c
102
35c
May-
63c
Feb
26%
27%
2,361
25%
Mar
33%
Jan
Jan
Tide Water Assd Oil com 10
12
100
75c
May
1.50
12%
559
10%
Mar
15%
an
9%
5,784
Mar
12%
Jan
12
9%
8
80c
700
45c
Apr
60c
Union Oil Co of Calif....25
18
18
18%
1,282
17%
Mar
12%
12%
12%
385
9%
Mar
21%
22%
Feb
Union Sugar com
10
260
6%
Jan
11%
Mar
Universal Consol OH
Victor
75c
1
10
_■....
9%
9%
Agricultural.I.20
3
3%
767
2%
Mar
4%
Jan
6%
..,..5
6%
6%
310
6%
May
10%
Jan
41%
Jan
28%
28%
28%
5
257%
Apr
14%
Mar
22%
Jan
40
22
May
32
Feb
20
265
Western Pipe & Steel
10
Yel Checker Cab ser 1. .50
21
19%
22%
22
22
22
May
24%
149%
Jan
70c
Jan
22
22
22
22
Ser 2...........
50
Mar
30
1,048
28%
Wells Fargo Bk & U T.100
265
265
285
Jan
Mar
Unlisted—
Amer Tel & Tel Co....100
Amer Toll
constant
of
warned
conditions
new
a
Apr
46c
Mar
Mar
36
Jan
of
17
Jan
27%
11%
11%
188
11
Apr
4%
4%
2,199
3
Mar
5%
growth
13%
13%
13%
220
10%
Mar
17%
1%
1%
1%
150
1%
Jan
2%
28c
Jan
50c
May-
6.50
25%
May
have
realm,
such
as
and the like, and their
the
"since
interests,
own
early
been
thirties
a
is
"the economic situation is becoming a tangle
control.
The struggle is swinging into politics
becoming more and more subordinate to the
We are entering the age of political economics.
any one or two groups over the whole,"
he continued,
of
conflicting
Tlie
interests.
the
the
general welfare.
The regard for all is lost in the immediate regard
Feb
May
itself
Jan
1
their
seeking to
groups"
"pressure
of
in
Jan
Claude Neon Lights com.l
laws
Jan
Bunker Hill & Sullivan 2.50
expansion,
to
Replacement
prosperity.
Once the
a stationary economy
maintain
to
be prosperous,"
Expansion of old
defeat the very essence of democracy,
likely to
for
26%
to
necessary.
are
which is compromise
situation' is made no less dangerous
politician enters the picture and attempts to ride into power
by catering to the emotional prejudices of a political group which is
seeking to impose its will upon others."
Dr.
Atkins cited even
the government employees themselves as con¬
stituting a pressure group, active in seeking to keep the form of spending
which supports them from being curtailed.
"In such situations," lie asserted, "there is no such thing as a concept
"is
between
when
22%
4%
wealthy society
a
sections. of the country,
he said,
process.
"Dominance
111%
11%
with capacity for pro¬
contracting economy."
the
make
and
seeking market
political
193
26%
prospect
supplemented by a highly devel¬
industries
geared
are
that
political
market
688
Anglo Nat Corp A com...*
Bancamerica-Blair Corp.. 1
some
and, at times, menacing fact."
the
1,480
50c
It is possible to
sees
Must Expand
high degree,
a
sufficient
not
farmers, special
groups
and
52c
52c
is
industries
the
capital
unless
expand, become still wealthier.
that very fact,
"Increasingly,"
of
129% 131%
129%
Bridge (Del) —1
Copper Mln..50
Anaconda
by
that everyone
men
wealthy economy is one in which capital
"For
expansion.
capital
in
power
Jan
3
Equip Co com....l
Preferred.
Waialua
75c
as
It is possible to get a number of
consumption
current
Apr
75c
75c
75c
9%
580
12
for
Atkins
Dr.
business
assure
prize for but one.
a
But
developed to
are
for
a
Jan
26%
11%
be
similarly.
development
goods
10
735
76
follow,
speech
his
likely to remain idle."
must grow,
or
existing
80c
Standard Oil Co of Calif..*
Thomas Allec Corp A....*
_.
capacity
4
20
"to
profit.
a
there
pointed out that
goods
said, "it
80 c
13%
...25
of
4
76
2
is
industries
duction
105% 105%
20
from
Capital Goods Investment
Mar
44
9%
said,
he
if
even
capital
it
Atkins
May
5.
100
6
46
9%
Southern Pacific Co——100
So Pac Gold Gate Co A. __*
Transamerica Corp
Treadwell-Yukon Corp.
idle
Jan
HOc
*
race
Feb
42
4
Preferred...........ioo
a
May
137
13
Soundview Pulp Co com..5
necessary,"
change will make
a
earnings,
Apr
44
105%
not
run
stimulate
of
Apr
5%
San J L & P 6% pr pref. 100
Schlesinger (B F) com...
7% preferred
25
Mar
6
Mar
11
A
„.
Jan
105
Mar
87%
13%
*
..
40
Mar
131%
9%
i
com.
Mar
99
to
men
40
6
25
Preferred
Rheem Mfg Co
Richfield Oil Corp
32%
130
Quotations
:
is
takes
20
35
]
com
605
"It
17%
17%
44
ioo
Rayonier Incorp
ciation
who
136% 137
35
R E & R Co Ltd com.....*
1.40
100% 101%
100%
136%
*
com
434
complicated, Dr. Atkins said, but the
means are
given in a statement from the New Jersey Bankers Asso¬
220
17%
100
ioo
Paraffine Co's
is simple.
Jan
25
com
6%1st pref
5%% 1st pref
remedy
Jan
29%
....25
26%
29%
27%
27%
25
Pacific Coast Aggregates 10
Pacific G & E Go
Roos Bros
170
19%
20c
The
Mar
Jan
Mai
23
100
operated to reduce confidence, chief of
which is the shock and confusion of the rush of new legis¬
lation.
Occidental Insurance Co. 10
Dr. At¬
May 13.
Atlantic City, on
at
kins said that
Coen Go's Ine A
50c
Columbia River Packers..*
Continental Oil
(Del)
50c
50c
100
3
*
com
3
3
100
5
ElecBond & Share Co....5
26%
General
35
Electric Co
Preferred..
.....
25%
7%
*
Gt West Elec Chem com..*
232
35
59%
22
25
59%
22
25%
100
7%
7%
35
69%
..20
100
25%
22
100
Jan
Mar
9%
Jan
May
5%
35
ourselves."
40%
Mar
44%
Mar
59
Jan
21
Mar
22
May
NOTICE
CURRENT
—Important changes in one of Chicago's leading investment
have
organizations
announced
been
Lawrence Stern & Co.,
by Lawrence
Inc.
The securities business and investment supervisory
Idaho Mary Mines....—1
Inter Tel & Tel com
*
Italo Pet
6%
6%
6%
9
9%
4.95
2.265
9%
1,041
Mar
6%
May
Feb
6
9%
May
Jan
1
30c
30c
33c
1,282
27c
Mar
50c
i
1.70
1.70
1.95
873
1.50
Mar
3.20
12c
I4c
300
12c May
17c
Feb
5
4%
4%
4%
25
4,% May
5%
18c
17c
18c
2,400
15c
Mar
38c
Jan
Monolith Port Cem 8% pf 10
7%
7%
7%
50
6%
4%
5
service of Lawrence
conducted, after May 31, 1938, by Stern, Wamp¬
ler & Co., Inc.
Lawrence Stern will be a stockholder and a
not an officer, of
the new company.
director, but
Jan
1
Stern & Co., Inc., will be
Jan
14c
banking
president of
Stern,
Corp of Am
Preferred
com
...
Klelber Motor Co..
10
McBryde Sugar Co
M J <fe M <fc M Cons
—
—
Inc., will be its President and the organization
of Lawrence Stern & Co.,
Mountain City Copper..5c
Onomea Sugar Co
4%
20
22
Riverside Cement Co A..*
Shasta Water Co com
So Pac Gold Gate
a
May
5
Apr
10
25
25%
25%
320
24
27%
27%
213
25%
1
Liq.
10
75c
535
40%
Pay.
8%
1.600
%
7%
Jan
Feb
27% May
Apr
700
44%
9%
35
25%
27%
Jan
18
Feb
Apr
ar
1.55
Jan
Mar
60%
Jan
M
May
% May
r
Cash sale—Not included in range for year,
2
Listed,
x
The
A'UU-U : > a
& Co.
corporate reorganization, and management
Co., Inc., will be continued by an organi¬
will actively head, to be known as
The board of directors of this new company
Stern, Packey J.
Dee, and Cloud Wampler.
Wampler in the ownership of Stern,
Wampler & Co., Inc., will be the following
■,
with the investment banking
ranging from 10 to 21 years.
v Ex-rights.
Club
of Chicago,
NOTICES
Sales
and Mr.
analysis of the Provihce of Buenos Aires readjustment bonds to be issued to
of outstanding bonds pursuant
to Readjustment Plan dated Nov.
15, 1935.
Mr. Newey, a former President of the Bond
pared
Vanlngen & Co., Inc., 57 William St., New Yrork City, has
phamplet discussing the
a
Revenue
factors
of safety in
a
Bond, with special reference to constructional
—John R. Garden, who
formerly conducted his
own
pre¬
Public Authority
projects.
bank, industrial and
reorganization securities business, has become associateu with H. Cassel &
Department officers.
associated with
Alexander
Eisemann
&
Co. in their branch office at 499
Seventh Ave., New York City.
—H.
1925.
zation since
will be at 40 Wall Street,
M.
Byllesby & Company, Incorporated, announce that Albert R.
Steele has joined the sales department of their New York
—George
W.
Harris,
President,
announces
office.
the dissolution
of Harris,
Ayers & Co., Inc., which was founded in 1919.
one
It is
changes of
investment
& Co.,
that
.
Julian
Steuernagel
ment
is
now
associated
which has been announced
head Stern, Wampler & Co., Inc.,
business in Chicago since
1916, and has been associated with the Lawrence Stern organization as
Vice-President and Director since 1929.
He has been active in the affairs
of the Investment Bankers Association of America for many years.
In
1937 he was Vice-President of the Association and, prior to that time,
served as chairman of various national committees, as treasurer, and as a
member of the Board of Governors.
He is now Chairman of the Invest¬
has been identified
who will actively
with the investment banking
Bankers Committee
Exchange.
Bros/announced
Stern & Co., Inc. have
Also, .the organization was
supervise investment accounts on a
Inc.
Wampler,
Co., has joined their trading department.
—Strauss
Connell, Vice-President.
distribution.
understood that the program
also, an advisory member
with their trading department
LaSalle
fee basis.
involves no
policy and that Stern, Wampler & Co., Inc., will operate in the
banking field along the same lines hitherto followed by Lawrence
of the first in Chicago to
—Harrison & Scbultz announce that Stephen O'Brien, formerly of Stout
&
in charge of J. It.
banking activities of Lawrence
included both underwriting and
Cloud
—Jacques D. Wolf, formerly with Newburger, Loeb & Co., has become
will be located at 231 South
have been occupied by the Stern organi¬
The New York office of Stern, Wampler & Co., Inc.
St., Chicago—in the quarters that
Stern
Co. in their unlisted department.
Buying and
& Co., Inc.
Mr. Billett is the
Municipal Department and Mr. Kebbon and Mr. Pritchard are
The investment
—B. J.
eight
business for periods
Nessler are associated with the
The home offices of both companies
Young & Co., Inc., 5 Wall St., New York City, has prepared an
J. C.
Departments of Lawrence Stern
head of its
holders
members of the present organi¬
R. Billett, J. R. Connell, J. W. Hirsch, R. A. Kebbon,
W. Newey and H. N. Prltchard. These
have been identified
Research
—F. J.
Lawrence Stern
will include Herbert L,
Interested with Mr. Stern and Mr.
men
Ex-dlvldend.
investment,
private
zation which Mr. Stern
Marshall, R. P. Nessler, J.
t In default.
CURRENT
personnel of the pre¬
according to Mr, Stern.
functions of Lawrence Stern &
zation; L.
b Ex-stock dividend.
Endorsed.
decessor company,
Feb
Mar
1
1
43%
v-U
DIv.
23%
12
12
1
•43%
_.*
No par value.
2nd
Mar
25
12
6% pflOO
Western Air Exp rights
*
22
27%
25
U S Petroleum Co
65
200
25%
So Calif Edison 5 % % pf 25
"US Steel Co. com...
1,690
5%
5%
practically the entire investment banking
will include
Jan
25
*
6% preferred
7% May
Mar
22
22
6%
Feb
4
Cloud Wampler, senior Vice-President
of the Chicago Association of
Chicago Stock
Wampler's principal industrial connection is that of a
member of the executive committee of Carrier Corp., manu¬
Mr.
director and a
Commerce and,
of the Board of Governors of the
facturers of air
conditioning equipment.
Financial
3320
Chronicle
May 21,
■
•
'
1938
<7
■
;;
Canadian Markets
UNLISTED
LISTED AND
Provincial and
Montreal Stock
Municipal Issues
Closing: bid and asked quotations, Friday, May 20
Province of Alberta—
Bid
Ask
.Jan
11948
/48
49%
5s
Oct
Oct
5s_._.
1 1956
/47
48%
6s
Sept
15 1943
5s.
May
1 1959
4%s
Province of Ontario—
Prov of British Columbia—
53
12 1949
99%
4s
1 1953
July
4%s
98
92
94
4%s
Oct
June
1942
122
Province of Manitoba—
1 1941
93
94%
5s......--June 15 1954
87
90
4 %s
Mar
2 1959
87
90
4s
Feb
1 1958
112% 113%
4%s
May
1 1961
109%
4%s
/
Aug
Dec
5s
Province of Quebec—
Prov of New Brunswick—
4Mb
15 1960
Apr
Apr
15 1961
Province of Nova Scotia—
4%s
..Sept
15 1952
Mar
4%8
1 1960
5s
2 1950
109% 110
105% 108
103% 104%
Prov of Saskatchewan—
5s
June
15 1943
108%
109
5%S
Nov
15 1946
115
116%
4%s
Oct
72
74
Ottawa Electric Ry
Power
for
Week
72
74
debentures.
15 1942
Dec 15 1944
July
1 1944
Sept
4%s
5s..
Bid
Ask
Canadian Pacific Ry—
4s perpetual
6s
79
79%
103
103%
95%
96%
112%
11%
12%
195
9%
Mar
15
11%
12%
800
8%
Mar
16%
38
38
15
100
...*
St Lawrence Corp....—.*
A preferred
50
St Lawrence Paper pref 100
Shawlnlgan W & Pow
*
5% pref
Power
12%
12%
32%
19%
19%
13%
13%
Jan
170
14
Mar
18
Feb
4%
965
4%s
Sept
1 1946
97 %
5s
Dec
1
1954
98 %
45
July
1 1960
92%
93 %
112%
Jan
Mar
158
Windsor Hotel pref
Winnipeg Electric A
7
100
Mar
13%
Mar
69
Mar
63
Jan
100
Mar
158
May
3
Mar
6
Jan
2
7
Jan
May
8
325
1.25
Mar
3
2
150
V 1.25
Mar
2%
Jan
10
7
Mar
13%
Jan
40
40
40
Apr
41
Apr
100
Woods Mfg pref.
5
2%
2
10
*
Preferred
>: 7
Jan
2
"2%
*
B
4%
Jan
11%
725
4%
Jan
54%
30
4%
10%
56
50
99
4%s
97%
16
Mar
7%
376
158
Jan
120
105
10
11%
Feb
Jan
10
35
61
Jan
21%
Mar
110
8
65
48
Mar
110
11%
17
Apr
17%
1,427
61
Jan
5%
Mar
8%
24
508
20%
13%
Mar
2%
120
12%
33
65
United Steel Corp—i.__—*
Jan
50
8
65
Jan
Mar
.25
_
-
Mar
33%
34
108
110
*
Southern Canada Power..*
May
50
3%
32%
Sherwin Williams of Can.*
23
15%
3%
Simon (II) & Sons
-
High
12
10
L;
Tuckett Tobacco pref..100
Ask
Low
27
Quebec
Preferred-
Railway Bonds
Canadian Pacific Ry—
Range Since Jan. 1,1938
Shares
11%
Corp of Canada—*
*
Preferred........—... 100
High
27
*
Steel Co of Canada......*
Bid
Low
Price
Price Bros & Co Ltd.
72
1 1951
Par
of Prices
124
108%
115
117
15 1965
Stocks (Concluded)
Week's Range
Sale
111% 112%
116% 117
1 1962
—Jan
Sales
Last
Ask
Bid
1
Exchange
Friday
40
100
40
Jan
Banks—
Dominion Government Guaranteed
Bonds
Canada
..50
Canad ienne..
Commerce.—.
Bid
Ask
Canadian National Ry—
4%s
Sept
4%s._
1 1951
1 1956
Feb
4%s
July
Ask
1 1957
115
115%
6%s
..July
Montreal
.100
59
115
ns%
5s
July
1 1969
117
117 %
Oct
1 1969
120
124% 125
1 1946
5s
Feb
1 1970
my*
Grand Trunk Pacific Ry—
4s
Jan
1 1962
160
Jan
162%
112
160
Apr
178
Jan
1
186
197
Mar
208
Jan
299
8
296
May
305
Feb
Royal
172
173
149
170
Mar
191%
Jan
207
100
_
109%
1962
98%
99 %
Canadian Government
Exchange
Established
Last
Sale
Price
Acme Glove Works Ltd..*
Associated Breweries
Week's Range
of Prices
High
Low
5
5
14
Range Since Jan. 1, 1938
for
15
14
14
8
8
8%
%
2
2
630
166
166
351
Brazilian Tr Lt & Power. *
'10%
B
*
Building Products A
*
Canada Cement
Canada Steamship
220
46 %
46%
5
46%
60
8
9
10
441
91
93
319
(new).*
Preferred
50
Preferred
25
Celanese
100
B
*
Locomotive...*
ny
7
1.15
147
7%
27%
3%
38
7%
Apr
Mar
166
321
2
Mar
12%
Jan
Friday
Apr
33%
Feb
Last
Week's Range
for
Feb
Sale
of Prices
Week
Mar
5
52%
Mar
Jan
12%
Apr
19%
Jan
6% cum pref........100
Asbestos Corp Ltd
*
Mar
3%
Jan
Bathurst P & P Ltd B
Jan
Beauharnois Pow Corp
*
Brewers & Distill of Van. .5
7
Mar
12
30
Mar
40
Feb
7%
18%
Mar
12%
Apr
26
12%
5,255
26
275
20
6
May
31%
103
11
104
6
3%
3%
3%
10%
Jan
3,646
2%
1,429
1.50
Mar
108
Mar
4%
,
4
Jan
Jan
Jan
Jan
8
8
8%
375
6%
Mar
11%
Jan
Con Min & Smelt new...25
55
55
56%
2,168
Mar
64%
Jan
16%
13%
16%
16
Mar
260
11
Mar
17%
15%
Mar
14
29
28%
29
440
21
Mar
32%
Jan
*
is%
100
"liy
m
~60~~
~28~
B
*
7
*
Preferred
10
100
General Steel Wares
85
*
Preferred
100
Gypsum Lime & Alabas.
Hamilton Bridge
60"
13 5-i
*
Imperial Oil Ltd
->
Imperial Tobacco of Can.5
Preferred...
£1
Industrial Accept Corp
Int Nickel of Canada
*
Internat Pet Co Ltd
*
Preferred
*
Massey-Harris
*
50
12
2,165
9
Mar
1.25
1.25
75
4%
4%
5%
3,752
485
75c
75c
10
14%
14%
145
28
28
Jan
Commercial Alcohols Ltd. *
Jan
Preferred..
..5
Consolidated Paper Ltd..*
60
Mar
70
Jan
Dom
4
55c
Mar
Apr
8%
Jan
Dominion Stores
Jan
Donnacona Paper A
Jan
European Elec
Mar
15
Mar
32
6
24
7%
10
7
966
86
491
6
Jan
10
Ltd
warrs
Jan
Fairchlld Aircraft Ltd
Jan
Fleet Aircraft Ltd
5
_.*
Mar
75
Mar
85
May
Foreign Pow Sec Corp
780
5
Mar
Mar
Fraser
Companies Ltd
60
10
45
Mar
5
835
4
Mar
8%
Jan
5%
10
5
Mar
8%
Jan
11%
Mar
14%
Jan
10%
Mar
Feb
McColl-F Oil 6% cm pf 100
Melchers Distilleries
*
3,991
650
17%
14%
7%
80
25
25
45
47%
25
25
"26 %
27%
74
13%
8%
6%
98
Mar
28%
6,064
15
Mar
19%
Feb
2,960
13%
Jan
14%
Feb
Preferred.
.*
Mitchell (Robt) Co Ltd—*
35
7%
Jan
7%
Feb
'
105
9%
6%
23
Apr
29%
Jan
37
Mar
52%
Feb
Apr
27
Jan
Reliance Grain Co Ltd
8,545
82
1,920
Mar
31%
74
May
84
Feb
Mar
16%
Jan
Walker-Good & Worts(H)*
105
225
8
352
4%
May
May
Mar
120
Apr
8%
Feb
cum
pref
*
12%
12%
1,162
11
Jan
14
Feb
29
29%
3,255
27
Aldermac Copper Corp
Mar
31
Jan
56
57
Alexandria Gold
1
10
50
Jan
62
Jan
86
Beaufor Gold
1
86
32
83
Apr
89
Feb
Big Missouri Mines...
1
Bobjo Mines..
...1
Bouscadlllac Gold Mlnes.l
Brazil Gold & Diamond
1
40
100
National Breweries
~86~~
*
38 y
37%
38%
Preferred..
25
National Steel Car Corp..*
Ni agara Wire Weaving... *
40%
41%
40%
10
38
Mar
41
"41 %
42%
995
31
Mar
42%
26
26%
326
26
Nor and a
*
~60~~
May
31
60
63%
5,260
48
Mar
63%
*
29%
29
30
1,095
23
Mar
31
Feb
155
155
10
150
Mar
150
Mar
5
40
5
May
8
Feb
Mines
Ogilvle Flour Mills
Preferred
100
Ontario Steel Products...*
Preferred
.100
5
98%
98%
1,435
3
34%
Apr
98% May
6%
25
5
35
Jan
Jan
Feb
Mar
8%
Mar
6%
Jan
Jan
10c
Feb
6%
3,375
6%
Apr
6
3
Mar
Jan
Jan
8
325
4%
Jan
8%
17
100
14%
Mar
18%
Jan
50
40c
Feb
50c
Feb
9
Mar
16%
Feb
40c
13
15
15%
7
Jan
10
Mar
20
6
Mar
19%
20
.13
Mar
31
Jan
9%
ISO
7
Mar
17
Jan
39%
39%
98
6
1.75
5%
333
17%
8%
Jan
112
32%
Apr
50
Feb
98%
39
86%
Jan
98
May
1.75
1.75
56
1.50
May
5%
5%
10%
153
5%
7%
Mar
6%
245
Mar
15%
Jan
1.50
20
1.00
Jan
1.50
May
May
105%
Mar
99%
10
1.50
10
104
104
97
97%
6
104
104
74
92
115
6
104
27
5%
104%
2%
Feb
Jan
Feb
Mar
May
6
May
Feb
106
Jan
585
1.10
Apr
1.60
37%
39
718
32%
Mar
44%
Jan
17%
17%
985
17%
May
19
Feb
42c
Mar
1.25
38
17%
1.60
Jan
Mines—
12%
Telegraph
Feb
4%
Mar
May
7%
$1
1.60
Mar
lc
9
Sou Can Pow 6% cm pf 100
Walkerville Brew Ltd
*
10%
40
Mar
3%
6
*
23%
Mar
70c
4
May
Apr
Mar
3%
21
Feb
2
90
17%
NSL&P6% cum pref. 100
ofCan6%cmlst pf 100
29 y
Montreal
15"
Pow
24
May
25c May
Mar
90c
8%
225
12
Mtl Refrig & Stor vot tr._*
4,172
May
6
7c
5
40c
*
Mar
Mar
34
Apr
4%
7%
*
90
10
11%
*
20%
75
74
105
16
Voting trust ctfs
Intl Utilities Corp A
Lake St JohnP&P
Mar
7
1.75
4%
17
Massey-Har 5% cum pf 100
Feb
14
15
Mar
Mont L H & P Consol
Montreal Tramways
8
MacLaren Pow & Paper..*
13%
14
6%
'"6%
*
*
4%
70
May
404
21
5
""4%
Ford Motor Co of Can A.*
8%
10
10
7c
*
M cColl-Frontenac Oil.... *
*
21
*
10%
7%
5%
A
Mar
16%
"by
5%
Engineering Works.*
1.35
11%
10%
14
100
Legare Ltd
30c
.....
Mar
3%:.May
95
30c
Jan
18
150
205
City Gas & Electric Ltd..*
954
~12%
34
May
3
953
Jan
26%
International Power pf. 100
Lake of the Woods
10
108
93
"45 %
Jan
Mar
25
*
2.00
98
92
Intl Bronze Powder pref. 25
Jan
30
320
7%
1.00
100
25 %
17
7%
Jan
10
70
Feb
Jan
Feb
Apr
1.35
8
10
1.90
34
1.75
16%
Mar
19
3%
84
1.10
Apr
8
Mar
110
Apr
3%
Mar
36
Jan
Mar
32%
4%
80%
Mar
95c
1.75
285
May
27%
103
14%
*
7%
Mar
23%
100
Knitting Co Ltd
14
74
50
75c
8
15
Jan
Apr
25
Catelli Food Prods Ltd...*
5% cum pref
Jan
10
166
1.05
Celtic
14%
Howard Smith Paper
*
Preferred
..100
Hudson Bay Mining
7% cum pref
_*
21%
Jan
Feb
May
19
1.05
75c
*
5%
5
5
Cndn Pw & Pa Inv Ltd
Can Vlckers Ltd
27
1~05
1,910
7%
27
<18%
Cndn Dredge & Dock
*
Cndn Marconi Co.......1
2%
Jan
5
60
Preferred
1.90
26
61
85
2%
52
106
5%
80
59%
47
Mar
60
7
Jan
31
106
1,240
16
5
9%
47
Can Nor P 7% cum pf.100
*
Can Breweries Ltd..
"15%
590
19%
73
5%
*
Hollinger Gold Mines
6%
4%
75c
1
Gatineau
11%
10
73
*
*
18%
98
100
Dairies
Mar
74
*
English Electric A
17
20%
12%
Jan
Electrolux Corp...
19%
12
Mar
Eastern
May
May
74
3%
Mar
5
Can & Dom Sugar Co
*
Canada Malting Co . - .—- *
104
Jan
80
British Columbia Packers *
6
4%
5
Jan
3%
Mar
200
Jan
104
Jan
65%
Feb
5
Apr
Jan
19
80
20
3%
Crown Cork & Seal Co...*
2%
2%
2%
Mar
5
106
8%
*
857
Mar
47
80
Apr
10%
Paper
27
Mar
Mar
Mar
Dominion Textile
3%
3%
3%
11
Mar
Dryden
5
61%
97
6
Preferred
"3%
3;/
High
Mar
9%
345
699
15
5
Dominion Steel & Coal B 25
Dom Tar & Chemical
*
••
*
16%
70
10
Dominion Glass
60
Low
1.00
2,935
1,295
4,438
25
15%
61
180
11%
7
*
170
99
6%
Corp Seagrams
Range Since Jan. 1. 1938
Shares
26%
7
Dominion Bridge
Dominion Coal pref
High
99
5%
Distill
Tmw
11%
26
"99""
7
25
Price
Bright & Co 6% cum pf 100
Brit Amer Oil Co Ltd
*
5%
Canadian Pacific Ry
Cockshutt Plow
Par
Mar
1,272
36
11%
Stocks—
Sales
Jan
200
11%
36
330 Bay Street, Toronto
May 14 to May 20, both inclusive, compiled from official sales lists
May
3%
St., Montreal
"
Montreal Curb Market
Jan
Jan
12
17%
9%
2.25
May
12
10
%
Mar
Abitibl Pow & Paper Co--*
25
10%
13%
10%
Apr
Mar
Apr
James
Feb
Jan
12
"ii
7
110
17%
3
Feb
St.
Sparks St., Ottawa
Apr
12
3%
High
89
17%
Canadian Converters..100
Canadian Cottons pref.100
Canadian Indus Alcohol-.*
7
12
*
7%...
56
Low
17 %
*
Canadian Car & Foundry. *
Canadian
1,404
4
91
Canadian Bronze
Class
11%
29%
4
100
Canada Forgings class A.. *
Can Northern Power
*
Preferred
10%
...»
Preferred
Canadian
60
1,155
29
British Col Power Corp A.*
255
Week
Shares
Bathurst Power & Paper A *
Bell
§
1883
Sales
Bawlf
(N) Grain
*
Telephone........ 100
Municipal
Utility and Industrial Bonds
HANSON BROS., Inc.
May 14 to May 20, both inclusive, compiled from official sales lists
Friday
Jan
209
Public
Montreal Stock
Feb
206
120
3s
Feb
60
26
162%
296
my*
Par
Jan
58
161
162
118
115% 116%
5s
Stocks-
107
161
162"
Nova Scotia....._.... 100
Canadian Northern Ry—
.June 15 1955
4%s
Bid
59
59
100
.100
...
41%
Jan
Jan
May
Jan
May
Brownlee Mines (1936).—1
Buffalo Cndn Gold......*
Bulolo
Gold Dredging...5
Can Malartic Gd M Ltd. .*
*
98%
May
No par value
4,100
43c
._*
lc
43c
lc
l%e
2,000
19c
20c
3,500
35c
35c
1,052
10c
10c
lc
17c
35c
67c
3%c
Jan
33c
Feb
Mar
1,000
9c
Apr
7c
8c
2,700
7c
3c
3c
3,120
3c
May
May
4c
4%c
57c
12c
13c
8e
5c
4,600
6,000
4c May
4%c May
10c
4%c
26 %c 27%c
1,086
24%
30
95c
400
95c
77c
Jan
Mar
Mar
Apr
Mar
Jan
Jan
Feb
Feb
Feb
4%c May
1.27
Jan
Feb
Volume
Financial
146
Chronicle
3321
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Montreal Curb Market
(Concluded)
Par
Week's Range
of Prices
Week
Price
Low
High
Cartier-Malartic G M Ltd 1
7c
Central Cadillac G M Ltd 1
7%c
5,400
5c
Jan
15c
24c
Mar
75c
Mar
3.20
33c
39c
39,600
Central Patricia Gold
1
2.49
2.49
300
Consol
1
22c
28c
450
56%
Chibougamau
35c
2.12
20c
Stocks
High
Low
Shares
(Continued)
Apr
Mar
41c
Feb
Can Car & Foundry
Preferred
Mar
*
57 X
1,162
47%
Mar
60
Feb
Canadian
4c
4c
5c
15,200
3%c
Mar
6%c
Jan
Canadian Ind Alcohol A.
1.60
1.63
3.900
1.05
Jan
1.73
Apr
Eldorado Gold M Ltd
1
2.23
2.23
2.35
8,150
1.96
Mar
3.25
Mar
Canadian
Malartic
Falconbridge Mickel
*
6.00
6.00
6.00
Jan
Canadian
Oil
Federal-Klrkland
1
6c
6c
1.000
4%C May
Francoeur Gold M Ltd—*
31c
35c
1,000
28c
13c
14c
4,705
140
14c
100
1.05
1.05
100
J-M Consol
13c
Gold(New)
Klrkland Gd Rand Ltd—1
Kirkland Lake Gold,
1
Lake Shore Mines
1
"56k"
13%c May
6.95
*
"27"
Jan
Apr
Caribou Gold
1
2.15
2.15
200
Jan
2.25
Feb
75c
May
15%C May
Feb
C astle-Trethewey
70c
75c
6,500
1.50
Jan
Central Patricia
1
2.42
2.42
2.52
4,535
2.10
Jan
46%
58%
Feb
1
ll%c
11 %C
12c
6,400
8%c
Mar
5c
Feb
Central Porcupine
Chatered Trust
99
May
27c
1
14c
Jan
Chemical Research.
1
26c
Jan
Chromium
*
51c
5.50
Jan
Commonwealth Petroleum*
1.02
1.03
500
80c
Mar
1.10
Apr
Cockshutt Plow.
*
40%
40%
75
35%
Mar
Feb
Coniaurum Mines
*
44
Mar
100
Mining
43c
48c
1.500
30%c
Jan
Corns
Bakeries
3.50
3.70
3,270
2.75
Mar
5.40
Jan
Cons
Smelters
3.45
3.60
1,500
2.90
Mar
4.30
Feb
Consumers
1
31C
31c
2,loo
Jan
Cosmos
..*
Pato Consol Gd Dredging 1
Pend Oreille M & Met—1
1.95
2.00
1,200
Jan
Crows Nest Coal
Mar
80c
30c
2,550
51c
52c
2,250
32c
32c
1,150
"8%
8%
8%
417
1.18
1.18
1.25
4,410
62c
1.55
Apr
2.70
1.40
Mar
1
54%
182%
1.65
1,000
2.65
Jan
Darkwater
4,350
1.02
Jan
1.77
Feb
Davles Petroleum
*
44 %c
4.65
540
3.90
Mar
5.15
Jan
Denlson Nickel Mines
1
20%c
Distillers Seagrams--.._.*
13%
3 TO
3.10
3.10
2,800
2.95
Feb
3.50
Apr
1.99
1.99
1.99
200
1.85
Jan
2.35
Feb
Feb
1
Preferred
Dome Mines
*
75c
90c
2,500
72c
Mar
1.33
45c
45c
100
50c
Mar
65c
Jan
Dominion Coal pref
4.50
Jan
Jan
Dominion Foundry
2.90
3.00
1,350
2.60
Mar
:9c
10c
8,500
9c
May
4c
J
42c
Feb
2,100
3%c
Apr
6%C
18C
21c
6,850
16%c
Apr
33c
-.1
1.02
1.02
1.10
4,650
96c
Mar
1.78
Slscoe Gold Mines Ltd.—1
2.25
2.01
2.30
10,920
2.01
May
3.40
Jan
1.08
1.16
8,775
Mar
1.39
Mar
4C
Mlnlng-i.-i-.iiil
Shawkey
1
Sherrltt-Gor don
Sladen Mai.
Stadacona
1
May
1.84
Jan
16
Jan
Mai
64%
Mar
199%
Jan
Apr
24
Feb
345
29
Apr
38
Feb
800
19,800
4,850
810
13%
14%
70
70
58
4,247
27
202
12c
Apr
Jan
40
23 %c
73
Feb
Mar
Jan
190
Mar
46c
11
Mar
16
Jan
Jan
75
Mar
Apr
60
Feb
Apr
206
66%
47%
189
Feb
19%
275
16
Apr
19%
Feb
4c
500
3%c
Mar
7c
Mar
352
25%
Jan
Mar
34
33
34
11%
11%
12%
5%
1,565
9
Mar
235
4%
Mar
7%
160
4%
Mar
10
May
84
7%
5
75
75
12c
16c
23,500
9c
9c
9c
2,610
*
Jan
18
20c 20 %c
55%
Jan
30
14c
East Crest Oil
Jan
Mar
1.10
34
100
—„
11%
Mar
12%c 12 %c
52c
5
Preferred
Mar
11%
42 %c
19
..*
Dorval Siscoe
7
46%
32
197
Stores—
Dominion Tar
Feb
43c
75
16%
Jan
8%
Jan
Jan
Jan
Apr
26c
Mar
7c
Mar
15c
Jan
11%C
53c
60c
16.244
54c
98c
Gold
98c
2,700
80c
Mar
1.23
Mar
1.05
Mar
3.25
3.30
350
2.70
Mar
3.60
Feb
Easy
3%
180
2%
Mar
4.60
4.60
50
4.40
Apr
5.60
Jan
Eldorado
2.22
2.21
2.36
37,290
1.97
Mar
3.25
Mar
23c
25c
8,382
19c
Mar
38c
Jan
Falconbridge..
5.75
5.75
6.00
1,755
4.70
Mar
6.95
Jan
27c
3.850
22c
Mar
43 c
Jan
17%
17%
18%
865
16
Mar
21%
Jan
7.75
1.065
Mar
8.10
5c
6c
11,100
3 %c May
14c
Jan
25c 29%c
20c
21c
62,000
21c May
—
25c
Cad
Cad.
Wood
78c
25
Dom Steel Coal B
Dominion
Jan
Feb
72o
178%
4c
*
45o
Jan
Mar
53c
*
1
Sylvanite Gold..
Thompson
"56%
202
25
May
26c
3". 30
(new)
Sullivan Consolidated
Teck-Hughes
88c
I
Mar
100
Feb
Feb
May
100
101
18%
Dominion Explorers
Dominion Bank
3.20
16c
1,600
14%
70
-.100
25c
43c
Mar
57
31%
1.39
155
54c
184
54%
182
18
18
1.30
Pioneer Gold of Brit Col—1
25c
13%
5
4.55
Premier Gold-
Reward
*
i.
—100
Gas
5
99
99
100
*
1.65
Mar
30c
Mar
3%
Mar
Apr
115
Feb
8%
2%c
Red Crest-
Jan
1.28
Mar
Mai
1
Mar
Mar
Mar
Read Authier Mine
Feb
5
3.50
75c
Jan
4
2
l%c
1
110
4%
250
6%c May
Preston-East Dome.——1
5
74c
Jan
35
Mar
Mar
6.064
540
Quebec Gold-
115
6,200
Apr
2%
2%
2%
1,500
500
1
96
22
6%
7c
1.56
35
2%
4.55
1.31
4.375
3%
5%
2%c
Pickle Crow Gd M Ltd—1
50
3%
2%
4.35
Perron Gold Mines Ltd.—1
28
3%
"5%
3.50
Cad
27
*
47%c
Pandora
May
25
2%c
1
26%
115
100
6%c
Pamour-Porcupine M—_*
Mar
C P R
3%c May
McWatters Gold———*
O'Brien Gold
18%
Canadian Wineries
5
Mclntyre-Porcupine
520
Jan
200
Lake
Apr
26%
Feb
3c
4.40
12%
13c
3c
—-1
Mar
99c
10c
Mar
Jan
9
6%
7%
55 %c
1.510
Mines———1
Apr
17%
1,805
95
96
1
Lee Gold-——--
Apr
12%
3%
3%
B
pref
16
26
51%
Lebel Oro Mines........ 1
Mackenzie-Red
Mar
Mar
Dredge
270
8
High
Low
15
17
7%
Range Since Jan. 1,1938
Shares
11%
12
49 %
Lamaque Contact Gold..*
Macassa
4.90
17
25
1.60
170
Week
Canadian Cannerslst pf.20
2d preferred
Feb
1
*
Dome Mines Ltd-
for
of Prices
Lov)
High
Price
Par
East Malartic Mines
Duparquet Mining Co.—1
Week's Range
Sale
for
Sale
Stocks
Last
Range Since Jan. 1,1938
Last
Sales
Friday
Sales
Friday
26c
26c
7.40
Wright Hargreaves——
7.40
T
i
6.55
May
Jan
East Malartic
i
5
1.55
*
Washing
1
Fanny Farmer
5c
Federal-Kirkland
.1
Fernland Gold
Oil—
25c
Firestone Petroleum...25c
1.50
Anaconda Oil Co Ltd
*
1.50
1.50
1,700
1.42
Feb
1,51
Mar
9%c
9%c
4.500
1.42
Feb
1.51
May
Ford
50c
50c
54c
8.000
41 %c
Mar
58 %c Apr
2.50
2.50
2.55
365
1.86
Mar
3.10
50c
50c
1.600
1.25
Brown Oil
Calgary & Edmonton...
1.25
1.26
2,405
Dalhousie Oil Co Ltd.—*
45c
Davles
Home Oil Co
*
45c
100
40c
Apr
Mar
21c
4,300
13c
33c
33c
1,800
27c
Gatineau Power........
5
Feb
30c May
Feb
20c
18%
Jan
Mar
22c
Apr
Mar
53c
Feb
33c
9%
10
485
6%
Feb
..-.-.100
70c
Jan
Feb
65%c
Mar
Mar
1.45
Apr
"85%
84%
86
97Q
74%
Mar
86
17%c
16%c
8c
Mar
32c
Gillies Lake Gold
Apr
Glenora—
Preferred
21c 201,900
Apr
30c May
Mar
7c
14%
985
i.74
*
...
Mar
43c
95c
Francoeur
13%c
5,000
20c
*
Foundation Pete
Jan
6,000
8c
17%
17
17
A
24,575
1.65
7c
Fontana Gold
9%c
Anglo-Can Development-
l.§5
3
3
10%
5c
3c May
Feb
May
Apr
41
500
550
42c May
33%
Mar
51c
47%
Feb
Jan
1
3%c
3c
3%c
4,400
God's Lake Mine
*
45c
43c
48c
16,100
31c
Mar
68c
Jan
Goldale Mines
"41
42c
43%
42c
Prairie Roy
Royallte Oil Co
1
18c
18c
19c
9,900
14c
Mar
27 %c
Feb
35c
35c
700
Jan
39c
Apr
22c
17,700
5c
4,900
..50c
Gold BMlt
Toronto Stock
Exchange
1
1
*
May 14 to May 20, both inclusive, compiled from official sales lists
.....50
*
Last
Sales
Sale
Stocks—
Par
Price
Week's Range
Week
of Prices
Low
Granada Mines
Range Since Jan. 1, 1938
for
High
Grandora
Mines
Great Lakes
Low
Shares
High
Paper...—*
1.70
6%
1.80
1,065
1.00
Mar
2%
Jan
15%
*.100
preferred..
1.70
15%
16%
585
8%
Mar
19%
Jan
7 %c
10c
2,000
7c
Mar
14c
1
2c
2c
2%c
2,500
1%C
Mar
4%c
]
20c
20c
20c
2.300
18c
Mar
32c
Apr
3%
3%
25
Apr
2%
Apr
Acme Gas & Oil
Afton Mines Ltd
-
Ajax Oil & Gas
Alberta Pacific Grain
_
Aldermac
*
45c
1
25 %c
*
Copper
Gold Mines
Amm
1.49
Anglo-Can Hold Dev
Anglo-Huronian
40c
45
48c
55,093
25c 28%c 258,400
1.48
1.50
6,780
3.35
»
Arntfield Gold
25
24
Alberta Pacific Grain pf 100
3.35
210
2
10%
40c
Jan
Mar
25
70c
May
Mar
May
Feb
16%c
Jan
95c
Mar
1.65
Jan
Apr
4.15
Jan
3.10
28%c May
1
""26c
20c
20c
4,300
15c
Feb
33c
Mar
Asbley Gold—.1
6%c
6%c
6%c
4.000
5c
Mar
10c
Jan
Astoria-Rouyn..........1
2 %C
2%c
2 %c
14.000
2%c
Mar
4%c
Jan
Augite-Porcupine Gold—1
28c
27 %c 29 %c
13,600
20c
Mar
44c
Feb
Ault & Wiborg
Aztec
pref
100
100
20
100
500
17c
19c
12,080
13c
Mar
74c
74c
77c
8,150
62c
Jan
50c
Bank of Canada
50
59%
58%
145
60
Bank of Montreal
100
207
207
1
Bank of Toronto.-
100
235
235
25
Base Metals Min
*
31c
31c
34c
Bathurst Power A
*
8
8
8%
B
_..__
*
*
Bell Tel Co of Canada. 100
•
1.06
3%
163%
28c
Bloodgood Kirkland---..1
57 %c
195
Mar
210
May
227
May
249
Jan
20c
Mar
2
Feb
Brit Col Power A
Jan
213
146%
Mar
166%
Jan
Feb
50c
Feb
Apr
27c
1
~"l6c
*
17,900
10
10c
18,000
9.00
2,523
11%
5%
19%
20
29
1,079
255
2,336
35
10c
55c
55,900
Building Products
*
46%
*
11%C
65
20
15%c 16 %c
4,011
5c
81,600
4c
46
47%
70
10c 11 %c
9,500
15
16%
18
2.49
2.58
37c
37c
2,900
*
3
3%
Canada Bread B__._-._50
40
(FN)
25
*
Calmont Oils———1
Calgary & Edmonton
—
"
2~52
9
..*
2% May
1.05
20c
30
34
Jan
7c
Mar
12c
Jan
8.00
Mar
9.15
Feb
7%
Mar
5
40
9%
5,850
28
Feb
21%
Jan
Jan
Jan
Mar
11c
Mar
Mar
Apr
10c May
15
May
1.80
Mar
Jan
23%
Feb
3.10
Jan
5
40
May
46
Mar
75
7
Mar
13
Jan
Apr
108
101
89
95
29
18
25
Canada Packers
*
65
66
25
Canada Permanent
100
134
135
Canada Steamships
*
62c
4%
Jan
Feb
Jan
Apr
36
Jan
Mar
20
Mar
58
Mar
72
Jan
150
Jan
17%
13
128
May
3%
201
2
Mar
50
10
11%
581
*
15
18
130
15
May
25
May
Feb
22c
Mar
32
*
52%
3
93
Cndn Bk of Commerce. 100
Feb
60
18
*
Apr
6 %c May
Mar
31
*
72
17%c
33c
90%
Canadian Bakeries pref. 100
Jan
15c
68%c
2 %c
37
34
Anr
Feb
46
*
3%
Jan
7%
Mar
Apr
7c
39c
Canada Northern Power..*
100
13
Jan
16%
1,000
49c
4c
Hill
28c
32
8%c
65
100
Buffalo-Canadian
Canners
4%
Jan
10c
49c
*
Buffalo-Ankerlte
Canadian
Mar
Jan
29
Oil—.*
Breweries
10%
5%
5
5
19%
*
British-Dominion
Brown Oil
Preferred
Feb
1.45
10%
Canadian
45c
Feb
Mar
10%
*
Canada Wire B
60c
May
*
Traction
Brewers & Distillers——.5
B A Oil
Preferred
Jan
2
8.80
Malting
Feb
20
9.00
Mines...
Preferred
Jan
354
*
Canada
Feb
4,600
Bralorne
Canada Cement--
1.03
Mar
3%
1
Canada Bread
11c
27c
1.12
Bobjo Mines
Burt
101
3%
3%
161% 165 %
8%c
Bunker
290
Apr
1.06
32
Ribbon preferred—50
Preferred
1.700
6%c
3%
...
Beattie Gold
Beaubarnots
Brazil
May
8%c
18c
Cons—-—.... 1
Bankfield
Blue
100
8%c
1
Mining
Bagamac Mines..
6%
3%
Jan
Apr
12
Jan
22
Jan
26
May
25
25
26
15
240
190
240
4,105
1.10
Mar
2.40
May
366
14%
Mar
19%
Gunnar
Gold
163
18
19%
162
163
42
157
Mar
5
5
100
4
Apr
177
1,800
5c
Mar
8c
Feb
6%c
6%c
6%c
1,000
5c
Mar
11c
Jan
4%
Mar
12
Jan
Mar
33
3% May
10
8
8
102
21
3 %c
8,600
72c
82c
28,835
4%
5%
1,835
16
61c
4%
Mar
Jan
56
Jan
Jan
Mar
1.09
Mar
Mar
8%
Jan
4c
May
2c
Apr
2%
100
2%
Apr
3%
Jan
2.15
2.12
2.30
37,498
1.10
Jan
2.54
Mar
9%C 10%c
9,750
9c
Mar
17c
Mar
1.00
Mar
8c
Mar
20c
Jan
13%
Apr
17%
Feb
14%
Jan
1.47
Apr
13%
.--.1
15%c
Gold-—-——1
Sm._*
Hudson Bay Mln &
1.24
26c
20%
.—100
Imperial Bank
100
Imperial Oil-..-—.--—*
Imperial Tobacco
5
International Metals A—*
100
*
*
1
Milling pref
International Pete
1.05
100
11c
800
14%
10
13%
14
1.05
4,227
11
Mar
91c
Mar
1.28
1,940
15 %c 15%c
1,500
26c
19,100
26%
980
1.24
24c
25
25
8%
64%
5
64%
7%
7%
45
203%
18
8%
*
100
Hunts B
Huron & Erie
2,000
14%
1.05
*
Homestead Oil
4c
3 %c
Hollinger Consolidated...5
Home OH Co
*
201
8
17%
16%
17%
20,306
14%
14
14%
225
6
6%
70
6
98%
"26%
98%
»
10
8,769
28
Mines
Cons
1
6%
6%
6%
40
48c
45c
51c
34,000
17c
Intl Utilities A
Jack Walte
Jelllcoe
101
8%
19%
3 %c
11c
Gold
15c 18%c
9,638
42c
42c
49c
38,000
4,695
1.40
15c May
37c
22c
Mar
33c
20%
Mar
28%
8%
May
57
6%
Feb
Jan
Jan
Mar
Feb
10
Apr
67%
Jan
Apr
8%
Jan
Jan
214
190
Mar
15
Mar
19%
13%
Mar
Mar
14%
Jan
4% Mar
98% May
9%
102%
Mar
23
Mar
31%
Mar
5
May
8%
Jan
Jan
Feb
53c
Jan
13%c May
40c
Mar
8
2c
Mar
16C
May
32c
38%c
Jan
13c May
13c
14c
10%
10%
30
10%
May
Kerr Addison
1.65
1.62
1.92
1,472
1.35
Mar
2.30
Mar
Kirk Hud Bay
1.00
88c
1.00
10,300
60c
Mar
1.50
Jan
1.07
9,365
45c
Mar
34c
3,100
28c
6.075
46
Keivinator
13c
stock)
J M Consol (New
—. .
-—
1.05
Kirkland Lake
1
Gold
Laguna
Lake Shore
33 %c
-
1.02
33c
49%
*
51
12
50
Lake of Woods
13%
115
3c
700
3c
Lamaque Contact
Lapa Cadillac
Lava Cap
44c
—--
1
--1
Gold
Level Oro
Legar Co Ltd pref
Gold
25
9,800
5
Feb
Feb
Mar
5c
Feb
Jan
74c
Mar
56
Mar
2,550
85c
Apr
6c
7%c
14,000
6c
Mar
2%C
2%C
1,500
9
Jan
Mar
Mar
6c
8%
58%
3c
90c
9
1.50
59c
11%
37%c
85c
225
Jan
15
l%c
Apr
8%
May
13%
Apr
65
1.13
15c
2%C
9
Feb
Jan
Jan
May
1.12
Feb
6.00
Feb
80c
.....
*
*
Little Long Lac
Loblaw
A
76c
81c
12,150
60c
Mar
3.90
3.85
4.15
8,176
3.85
May
22%
22
22%
505
19%
Mar
24
20
Leitch
B
45c
63
Jan
Mar
"85c
1
Lee Gold
43c
63
—*
Laura Secord—
20%
72
18
Mar
21%
3.50
Mar
5.55
Jan
1.30
Jan
3.90
Mar
Jan
—
Macassa
Mines
4.45
Manitoba & East..
4.70
3.50
3.70
46.280
33c
38c
12.300
25c
Mar
49c
17 %c
19c
7,000
17c
Mar
27c
T%c
1%C
2c
12,000
6%
84
3%
2%
3%
2,638
6
4%
6
33c
Madsen Red Lake
M cDougall-Segur
4.30
4,727
3 50
—
MacLeod Cockshutt
1
--*
Maple Leaf GardensPreferred
Preferred
Maralgo
Mines
Massey Harris
Preferred
No par
value.
6
10
Maple Leaf Milling
Jan
Feb
51%
9%c
1
'*,»•. m—m<■«*
Hinde& Daucli
*
5%
18
5%c
53%
5%c
Highwood-Sarcee. .——.
Jacola
Jan
53%
Apr
2%
Hard Rock
Intl
Feb
12c
72% 1 Jan
53%
Harding Carpets
Howey
40c
52
1
Hal crow-Sway ze
Hedley-Mascot
May
4c May
33
4%
Gypsum Lime & Alabas.
Hcirkcr
19c
57
—1
—1
May
19%
4c
19%
Preferred
Grull-Wihksne
Abitlbi
19c
57
5%c
Goodyear Tire
Preferred—
Friday
19%c
Gold Eagle
Goodfish Mining
30c
—*
1
*
100
9%o 10%c
""6%
38
6%
38
7
41 %
485
4,500
783
350
1%C
1%
Mar
4c
Apr
Apr
7
2%
Jan
Feb
Jan
Jan
Feb
Jan
Apr
5
Feb
9c
Mar
19 %c
Mar
4%
Mar
3
28
Mar
7%
50
Jan
Jan
Financial
3322
May 21, 1938
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
i
Last
ie>
Sale
Price
Par
Stocks {.Concluded)
99
39£
40
42
3,144
19c
11
High
Mai
14
Feb
86 %
Jar
99
May
3.5*4
Mar
45
Jan
Jan
Consolidated Paper...
Mar
10c
Mar
24c
Mar
Jan
80c
Mar
Pref err ed
18c
Jan
2.49
Mar
Jan
Mar
20c
Mar
2.56
c
1,80(1
10c
May
2,890
1.45
Mar
234c
C
1.500
2*4c
C
2,600
15c
2.05
2.1 4
17,345
28! 4
112
25
Apr
35*4
Jan
21
143
Apr
Mar
150*4
Feb
Kirklarid
2834
2814
Corp
A
145
.100
-
..A
Kirklarid
f
8c
8c
5
122
100
„
He
2,000
1,480
Mar
7
Mar
40c
970
48c
48C
Jan
1*4
Mar
2.00
4.00
Mar
3*4
5*4
High
Mar
.54
554
54 c
-
+
»
69c
Jan
Jan
1.60
12,400
7c
Jan
17c
Mandy.... .4.
Feb
115
Apr
126*4
Jan
National Steel Car...
200 34 2003 6
26c
35
c
206,200
35 H c
Feb
3c
334
c
11.450
2c
May
4*4e
New Golden Rose...
11A
12c
12c
B
c
2,600
12c
May
38c
Nipfssfng.....
...5
1.7 i
1,200
5,052
48
105
2154
Mar
32
Jan
10
5*4
Mar
8*4
36
36
5
8
50
Jan
Apr
5054
Feb
17
>?17v
14
2.500
lc
Apr
May
Jan
23c
Mar
14C
Jan
20*4
May
12
500
l*4c
1c
8
20
15c
15c
l*4c
32*4
Jan
_
_
-
Feb
1 J4c
..
13c
1,000
29
2954
259
27
Mar
31
4154
41*4
4254
924
32
Mar
4254
May
3c
3c
2,000
2*4c
Mar
4*4c
Jan
8e
8c
8c
2,500
5c
Mar
13c
l*4c
l*4c
4,500
13c
13c
*
«
w
*
_
-
-
Oil Selections
12c
Jan
24c
Apr
Mar
Jan
National Trust.
Nay bob Gold
-.
.
v—
Newbee Mines
r.
Noranda Mines.....
_
_
1.70
1.70
*
60
59%
63J
3
29
15c
#
Montreal L H Ac P
3c
May
May
3c
Jan
7*4
28c
66
8
...1
Mairobic
41*4
May
200 %
12
May
i.
*
May
*
~~36"
"""1
Townsite...
5
100
Mar
65
■"
38
..A
5
30
5*4
*
25
122
375
28*4
29
.100
Preferred
Honey Dew pref
25
•
12
66
*
Hamilton Bridge
Jan
Mar
8
65
C
i
♦
Dominion Bridge
-
12
*
_
_
....
15
5
National Groceries..
Preferred
c
383 I
3834
National Brew—...
100
■
lioo
Humberstone
149! 4
2.13
2.50
2.50
5*4
Loto
Shares
Jan
4 *4c
1.10
0
25c
Price
*
...
De Haviiland
32c
1.75
Gold
Oils
.
Dalhousie Oil..
69c
12.20(
10c
Moneta Porcupine.._
Week
Contact....-- ..A li v'*.»I.
Cobalt
"II75
Corp
e
Range Since Jan. 1, 1938
for
of Prices
Low
High
Coast Copperji-,,--. ...5
7,620
21
Par
{Concluded)
Stocks
45c
Mercury Oil..
Morris
12,335
Low
46c
McWatters Gold
Moore
l.C 5
1.01
103
J
McVlttie-Graharn
Mlnto
79£
98
5
Mines
McKenzfe lied Lake.
Monarch
4
1234
08
-100
Preferred
Mining
Shares
Week's Range
Sale
Week
Hli h
IjOW
Last
Range Since Jan. 1, 1938
for
Sales
Friday
Sales
12%
McColI Frontenac.
Mclntyre
'
of Prices
Exchange—Curb Section
Toronto Stock
Exchange
Friday
200*4 May
13*4c Apr
1.65
210
Mar
Mar
2.15
Mar
Mar
63*4
Jan
."a
Norgold Mines.
..A
3c
J
3,500
2c
Mar
*
62c
65 ?
1,543
50c
Mar
1.14
Jan
..*
28c
29 ;
1,880
Apr
31c
Mar
Norxnetal
8 tt
3 34
1,035
7c
Jan
14c
Apr
...i
Pawnee-Kirkiand
Perid Oreille
...1
Robb-Montbray
5*4c May
Northern Empire.
North Star Oil
1.00
1.0 )
3.50
1
7.75
3.50
3.6
*
O'Brien
Gold
*
1.53
1.48
2*4c
234c
234
44c
Olga Gas
Omega Gold
>
1.5
*
.11
Okalta Oils
Ontario Loan
Oro
7.8
7.75
.3
200
100
4,685
6,525
27c
Apr
1.50
Feb
Jan
Super test ord
1.23
2
31c
10354
May
23
50
*
92c
4,700
46c
...»
834c
3,800
8c
Mar
Page-Horsey
*
Pamour
*
Porcupine
Pandora-Cadillac
8534
3.50
Gold
Perron Gold
2,350
8c
16,422
38c
Mar
1434c
1.35
1434*
1.30
9,800
30
"
2,880
Feb
Feb
4.30
Jan
20c
22c
Mar
Feb
23 c
Mar
Mar
4*4
12
Mar
23
Jan
36
31
Apr
36
May
.
-
10c
11
20
100
954 c
Mar
33
1.50
Mar
Beauharnois Pr Corp 5s '73
Ask
Bid
90*4 100
Manitoba Power 534s. 1951
72
85
84*4
MacLaren Que Pr 534s '61
78
77
Maple Leaf Milling—
2 % s to '38-5 34 s to '49
11354
Massey-Harris Co 5s—1947
Calgary Power Co 5s..
97
98
McColi Frontenac Oil 6s '49
104
Minn & Ont Paper 6s.1945
/28*4
Montreal island Pr 534s '57
103*4
2.80
Mar
3.30
Mar
1.98
1.97
15,510
2.41
1.37
1941
107
Apr
104
Feb
Canada North Pow 5s. 1953
15
Jan
Canadian Inter Pap 6s 1949
91
52c
Mar
9%
Canada Bread 6s
113
Apr
Canadian Lt & Pow 5s 1949
101
Feb
Canadian Viekers Co 6s '47
Jan
Cedar Rapids M & P 5s
Feb
Consol Pap Corp
104*4
'
91H
.
_.
Pressed
-J
1.91
1.90
70c
13 34
70c
Metals
*
Preston E Dome
1
5,025
14
45
57,700
30c
Mar
1.81
2.42
Mar
10
Mar
70c
19
1.34
Mar
38*4
39*4
Red ( "rest
Mar
4.55
Jan
Dom Gas & Elec 6 34s. 1945
9c
1.500
9c
May
45c
Jan
Donnacona Paper
16c :
1634c
Reinhardt Brew.....
Reno
2.60
9c
Reeves-Macdonald..
37,950
234
Gold
1
234
234
50c
50c
51
*
Riverside Silk.......
Long Lac
'.11A
Bank
.100
172 34
Royalite Oil
*
10
10 34c
Royal
.
4134
110
11,300
171
61
43
868
110
41 ?4
10
11c
5,000
48
Mar
1.21
1.80
300
May
3.00
Mar
3
71
1.19
13,975
Slave Lake......1
934c
834c
934c
7,000
54c
60c
17,828
64 34c
65c
190
.»
1.75
15
1.10
Steel of Canada.
1.11
16*4c May
25
1.15
44.
1.55
34c
May
86c
Mar
1.38
Apr
24c
Jan
May
77c
May
Mar
69*4
12
54
Apr
5
20
4
Feb
5
6c
Apr
1554c
Jan
2.00
Mar
3.80
Jan
Mar
19c
9 34c
734c
28,500
Sudbury Basin—
Sudbury Contact......
2.30
2.40
853
.1
1034c
1
*
95c
*
......1
..
*
Hughes
Texas Canadian.........*
Toronto Elevators...
334
20
3.30
8,000
13
100
1.25
2
May
Mar
Mar
3*4
May
3.60
Feb
Apr
2.60
16
Jan
Mar
13
2c
6,018
2c
Feb
314c
4.75
4,580
4.40
Mar
5.70
Jan
1.23
2.900
1.10
Mar
1.57
Jan
15
1534
75
Mar
17
Jan
i
44
79
1.50
44
79
35c
50
12
41
Apr
48
73
Mar
85
40c
4,875
33c
Mar
66c
13,950
90c
5
Apr
-
Mar
Jan
1.64
13
11
Mar
15*4
20c
9.015
13c
Mar
26c
Jan
434
4 54
1.410
3
Mar
6
Jan
4.90
6,364
4.00
Mar
7.40
1.02
Mar
2.45
May
4454
Jan
1914
Feb
2.18
._!_.*
Preferred
Wendigo Gold..
38
18
1.40
1734
14 34c
West Turner Petroleum 50c
Westons
13c
1034
.._*
Whitewater............ 1
Wiltsey-Coghlan
1
Winnipeg Electric A
_.*
n
....
Nominal.
NOTICE'S
Peabody & Co. has been nominated
presidency of the Municipal Bond Club of New York for the ensuing
year.
He will succeed Emil Williams of Chemical Bank & Trust Company.
Albert Ascher of R.
H.
President
Thomas
and
Pressprich
W.
F.
& Co.
McEntee of Adams,
has
Jan
1,852
30*4
Mar
1,612
17
Mar
1.90
Charles J. Waldmann of Kean, Taylor & Co. are slated to be Governors
of
Phelps, Fenn & Co. and C. L. Skinner of E. H. Rollins & Sons.
Club
Elec¬
June loth.
on
—Tucker, Anthony & Co. announce that Henry P. Warren has become
associated with them
to
1931, Mr. Warren
as
J. & W.
a
From 1920
.
associated with Dillon Read & Co. in New York,
Later he was manager of the
Seligman & Co., and
Riter & Co. and
of their bond department
manager
was
Hartford and Canada.
recently he
more
was
bond department of
syndicate manager for
vice-president of E. H. Rollins & Sons, Inc.
—Charles E. Stoltz and William J. Galligan announce the formation
Stoltz & Galligan to transact a
was
formerly
partner
a
partner of WT.
R. K.
of Stoltz
Mr. Galligan was formerly a
& Moss.
Taylor & Co.
of
Mr. Stoltz
general investment business.
The firm will maintain offices at 64
Wall St.
—F.
A.
Brewer &
Co., Inc., investment underwriting firm on La Salle
18c
5.100
9*4c
Mar
34c
Jan
St. since
8c
Mar
1414c
Apr
have
9
Mar
14
Feb
Birnbaum, and Robert E. Ricksen, Vice-Presidents.
Mar
3*4c
4c May
12c 1434c
10
1034
50,500
85
1,000
4c
26,600
l*4c
1.000
4c
2
96
234
100
25c
4,000
7.25
11.600
14c
4
Daniel E. Fitzpatrick
tions will be held at the annual meeting at the Bankers
Mar
1 3aC
7.25
of
The nominating committee was composed of E.
8c
4r
2
Inc. for
Archibald B. Roosevelt of Roosevelt & Weigold and
Secretary-Treasurer.
Mar
Jan
been named for Vice-
McEntee & Co.,
6,600
5,500
Ymir Yankee Girl.._____*
__*
1834
/Flat price,
14 34c
234
Knitting
39
620
534c
B
Wood CadiIIac.__...._..l
Wright Hargreaves
*
50
1034c
_.*
White Eagle
4.80
37%
....1
Westflank Oil_ 1
89
68
for the
Jan
2.45 263.143
434
4.90
_..._..*
102
73
—Francis P. Gallagher of Kidder,
Jan
1.43
Ventures............
Walkers......
10454
87
F. Dunstan of Bankers Trust Company, Chairman,
1214
Walte, Amulet
103
104
66*4
the club for three years.
1934c
*
102
101
United Grain Grow 5s. 1948
Mar
*
!..._
434s series B.
..1966
Shawinlgan W & P 434s '67
Smith H Pa Mills 414s '51
Mar
.....II*
United Steel
102*4
1.23
2c
35c
.....
93
102
2.25
1.20
"44"
Gas.!
92
Mar
4.55
■.
Tawagmac Exploration..1
United Oils
W
101 *4
Mar
1.21
*
i
85c
10
Jan
63*4
4.70
Preferred...
.....50
Toronto General Trusts 100
Uchi Gold.....
10c
4,950
3.15
3
1
Teck
2,400
13
3.25
l
Tashota
11c
96c
2(H)
200
No par value.
Jan
63
B
-
101
Winnipeg Elec 6s Oct 2 '54
C U R R EN T
Mar
5
_
-
Jan
7c
54c
56
*
Jan
3.40
60
Supersilk A
;-.._1951
'
-
»
88
Jan
8*4
95
Mar
Apr
2.05
Jan
25
Straw Lake Beach.
Sullivan Cons..-..
1957
Mar
100
_
'•'
1
Feb
*
-
103*4
Dec
Jan
1.90
534s.
Feb
Mar
103*4
United Securs Ltd 534s '52
.1961
94c
102
86
Lake St John Pr & Pap Co
6s....
Power Corp. of Can 4 34s'59
101*4 103
Int Pr & Pap of Nfld 5s '68
Mar
%
20c
99*4
98*4
105
48*4
Jan
May
110
95c
.1
York
Mar
1,300
35,325
Union
90*4
20,363
4
_........
104*4
89
1.12
95c
2.32
Tamblyns
101
104
1.00
76
Sylvanite Gold
100
Gt Lakes Pap Co 1st 5s '55
L03
4
.....
10c
Jan 1 1950
Gatineau Power 5s...1956
Eraser Co 6s.
96
95
Ottawa Valley Pow 5 34s '70
Saguenay Power 4*4s A '66
Jan
Feb
24c
100*4 102*4
1973
-
Provincial Pap Ltd 534s '47
-
52
Mar
25
190
May
Mar
34*4
101
95
48*4
1949
—
5054
Price Brothers 1st 5s. .1957
65
63*4
Eastern Dairies 6s.
2,392
2.00
...
Jan
Feb
1956
East Kootenay Pow 7s 1942
17,200
76
Preferred.......
Apr
10c
-
1956
3348
5s
Feb
17c
2.23
Sterling Coal._
21
170
-
82*4
Feb
2%
1.21
-1
Stadacona
64c
~
29*4
50
1939
Montreal Tramway 5s 1941
Co—
4s
Jan
55c
May
Jan
17c
_
...
May
2
1.25
Preferred........... 100
Siscoe Gold... -wli
Sladen Malartic
16c
39*4e
1.75
1
...
Silverwoods pref.... 1
Simpsons B
17234
110
....
Shawkey Gold..
....1
Sheep Creek..-_..._._50c
Sherritt Gordon
100
6,300
23
23
Roche
Russell Motors pref.... 100
St Anthony
_1
San Antonio........L... 1
81
2,655
-
value) 3s
3 34s
97*4
115*4
44
2.90
1
par
96*4
105
Montreal LH&P (850
-
114*4
'53
534s 1961
534s ex-stock......1961
Read Authier
J
98*4
97*4
'
Premier
56
54
64
3,555
43c
Ask
Bid,
44*4
/43 *4
62*4
3.00
25c
Jan
May
Utility Bonds
Burns & Co 5s
3.10
.
Jan
1.50
Api
Bell Tel Co of Can 5s. 1955
..1
-..
Jan
42
1.25
5'
Feb
...1
Prairie Royalties.
Jan
Feb
25c
30
4,800
*4c
38
37
--r
,
Feb
1.76
Jan
55
2
19
Jan
5.10
5,450
51
H
Apr
4
Mar
1.02
Mar
41c
2*4
15*4
2
115
16
3.80
1234
21*4
1.50
Alberta Pac Grain 6s. .1946
10,175
*
-
Abitibi P & Pap ctfs 5s 1953
69c
4.50
_
•
Jan
May
4~.55
Rouyn..
Mar
Closing bid and asked quotations, Friday, May 13
Feb
111
Corp
Mar
Industrial and Public
Feb
96
63c
12*4c
Feb
3
18
Feb
Mar
7*4e
110
12
*
_
50
Jan
Feb
c
500
10c
100
..
3*4
Jan
2.62
Mar
1.45
Jan
1734
*
Gold
Powell
Power
30.300
8c
...1
Pickle Crow
Pioneer
10c
40c
30c
Walkerville Brew
17c
Mar
41c
...1
_
....
Apr
2.90
1334c
...1
Photo Engravers
78
800
...1
Paymaster Cons
Payore Gold........
266
5,750
33c
...1
Partanen-Malartic.... ...1
Paulore
90
8534
3.45
United Fuel pref
3c
254
15 *4
TemLskaming Mines.. ...i
Jan
107
Jan
Oils
Plata
Pacalta
Jan
Apr
2.30
Apr
Mar
Mar
20
'
*
554 c
Mar
%c
1.30
154 c
l*4c May
36
'A
1100
48c
Mar
14,500
13,425
Jan
Jan
2c
1,500
5.910
110
20
*
Standard Paving pref.
5.45
Jan
9.000
2c
154
354
*
Standard Paving.....
1.00 May
Mar
110
3*4
.
8.10
2.75
"no"
pref.. 4 .100
Majestic..... ..*
Rogers
lc
c
.1.68
2c
154 c
Robt Simpson
Shawinigan W & P—
May
7.75
1.55
2c
'*
Northern Canada
1.50
...l
May
Nordon Oil....—.
8c
IIIi
Lake Mines...
Osisko
4
100
Jan
Jan
Feb
6c
May
1.50
May
3.15
Jan
1.25
Mar
-2.75
Mar
6.50
14c
May
4
M ay
Jan
43c
Mar
Jan
8.20
Feb
30c
.
4*4
W.
R.
Brailsford,
President,
and
Earl
J.
The firm's officers
M.
Robinson, M.
Mar
<-'e
3c
'23 c
1910, has voluntarily discontinued business.
been
Feb
Mar
—E. M. North Co.
has been formed with offices at
York City, by Emanuel M. North,
Pelzer for 20 years, and until recently with
firm will engage in retailing
11 Broadway, New
formerly associated with B. H. & F. W.
The new
Sprayregen & Co.
unlisted securities.
—Barclay, Moore & Co., members of the New York and
Stock Exchanges, announce that William
Philadelphia
A. Shanklin, Jr. and Charles V.
Thackara, Jr. have become associ'ted with them
in the formation
of a
Mr. Shanklin
actively identified in the Pennsylvania muni¬
department to specialize in Pennsylvania Municipal Bonds.
and Mr. Thackara have been
Toronto Stock Exchange—Curb Section
May 14
to
cipal market for
May 20, both inclusive, compiled from official sales lists
Sales
Friday
Last
Sale
Stocks—
Pa:
Brett Trethewey
Bruck Silk
1
Canada Bud
*
3?4c
*
.
_
_
1
for
Range Since Jan. 1. 193S
Week
of Prices
High
Shares
354c
20,600
Low
Low
number of years.
Stephen
all
DeGuard, Alfred E. Finlay, Frank W. Severn, and Lewis O. Hoag,
formerly with Lord, Abbett & Co., Inc., are now associated with them in
their New York office.
High
—Abbott, Proctor & Paine announce that William Eiger, formerly asso¬
*
Canada Vinegars.
Canadian Marcon)
Price
Week's Range
a
—Hartley Rogers & Co., Inc., announce that J, Earl Finnigan,
A.
3
4J4c
3
50
6*4
15*4
1.00
6%
16
50
1.00
1.15
950
10
3c
Mar
12c
Jan
2 *4
May
4
Jan
6*4
May
Apr
9
Jan
has become associated with them in their trading department
Feb
in Canadian securities.
15
95c
Mar
17*4
1.40
ciated with the New York office of the Royal Securities Corp. of
Jan
)
Montreal,
specializing
Volume
Quotations
Over-the-Counter Securities—Friday May 20
on
New York
3323
Chronicle
Financial
146
New York Bank Stocks
City Bonds
*
Bid
Bid
Ask
Ask
National... 100
65
48
Merchants
Bank.
100
99
105
118M 120
120%
Bensonhurst National ...50
Chase
13.55
75
78
National Bronx Bank...50
35
40
28 %
30 M
National Safety Bank.
12
City
22%
24 M
Penn
1 1975.
a3Ms May 1 1954.
102
a4KsApr
11966
a4Ms Apr 15 1972
104
105M
a4%8 June
104
105 M
a4Ms Feb 15 1976
119 H
11977
15 '78
U9 X
121
120
121
1 1954.
a3 Ms Mar 1 1960.
a3Ms Jan 15 1976.
a334sJuly 1 1975.
a3Ms Nov
<z4s
Nov
105
a4J4sJan
105M
1 1974
a4%s Nov
9
11
45
55
...25
23
24 M
Sterling Nat Bank & Tr 25
22
24
16
19
126
132
Peoples National
121%
Fifth
750
800
Public National
1620
a4X8 Mar
1981.
a4 Ms May
1957.
110
a4Ms Nov
1957.
116M 117X
116M 117X
Avenue
100
14
12M
10
50
Exchange
121X
109M 111
1 1958.
(National)
-12M
Commercial National.. 100
108M 110M
May 1 1957.
a4s
103 M
103M
.4 sk
Kingsboro
40
100
er3KsJuly
Bid
Par
22 M
Bank of Yorktown._66 2-3
99
100
Jan
Ask
21
118M 119H
1 1977.
o3s
Bid
Par
110% U7X
Bank of Manhattan Co. 10
120%
111M
a4s
May 1 1959.
110M
111M
a4Ms Mar
1963.
119
a4s
May 1 1977.
114
115%
a4Xs June
1965.
120
Oct
«4Ms July
1967.
121
124%
100
36
Trade
46
Bank
-12M
122 M
123
Flatbush National
121 X
a4s
First National of N Y..100 1580
1980.
1
1L5M 116M
a4Ms Sept 1 1960.
a4Ms Mar 1 1962.
a4MsMar 1 1964.
114M
a4
116
U4M 115M
Ms Dec 15 1971
11979
a4Ms Dec
Chicago & San Francisco Banks
125 X 127
Par
115M 116M
Bid
Par
Ask
& Trust
Bid
.4 sk
Harris Trust & Savings. 100
100
158
172
275
290
Northern Trust Co
American National Bank
500
515
41
43
Bid
As
100
Continental Illinois Natl
Bank & Trust....33 1-3
New York State Bonds
Bid
First
Bid
Ask
3s 1974
52.35 less
1
3s 1981
52.45 less
1
Canal & Highway—
National
100
World War Bonus—
4Ms April 1940 to 1949..
52.00
Highway Imp 4 Ms Sept '63
Canal Imp 4 Ms Jan 1964.
.
Can & High Imp 4Ms 1965
52.60
—
w
-
-
135
Canal Imp 4s J&J
'60 to '67
Barge C T 4s Jan '42 & '46
Barge C T 4Ms Jan 1 1945.
135
132
Bkof AmerNT&S A 12 M
Insurance
Par
126
Bid
Companies
Par
Ask
85
89
10
42 %
44%
Homestead Fire.
10
Agricultural..
23 M
24%
Importers & Exporters...5
7M
8 M
64
68
Ins Co of North Amer... 10
58 M
60 M
18 %
20 M
Knickerbocker
......5
8 %
9%
19
20 M
American Alliance......10
American
Lincoln
Bid
Gen & ref 4s Mar 1 1975.
107 M
Gen & ref 2d ser 3 %a '65
105 M 106 M
102M 103 M
Gen & ref 3d ser 3 Ms '76
108M
Gen & ref 4th ser 3s 1976
98 M
Gen & ref 3 Ms
99% 100M
1977
George Washington Bridge
4 Ms ser B 1940-53. M&N
99 M
8M
12 M
Mass Bonding &
o
2%
..M&S
108
o
2%
110
6M
42M
Merchants
4
6
Automobile
28 X
29%
National Casualty
19
21
52%
54 %
Boston
..10
American...2 M
..............100
Camden
Fire....
_.__5
Carolina
...
Bid
..10
5
76 M
1959.
103M 104 M
4 Ms July
1952.
103M
5s
1955.
100M 102
Oct
Apr
104 M
Feb
1952.
106
1941.
109
...
Ask
3.00
120M
1952._T
July 1948-....
— .
110M 112M
109
110M
20
New Brunswick..
24M
26
19%
21M
New Hampshire Fire... 10
40 M
43 M
15
New Jersey
36
39
27%
3M
41M
North
...10
20
Northern
2M
39 M
2
12M
13M
12.50
75 M
79
...2.50
23 M
111
25
New York Fire
River
Northwestern
National.25
38 %
36 %
97 M
Fire Assn of Phila.
48 M
49M
73
25
98
Phoenix
10
71
5
14
16M
28 M
30 M
Fireman's Fd of San Fr.25
111
Firemen's of Newark
5
111
Franklin Fire.....
5
8
21%
9M
23 M
Accident.
Providence-Washington .10
Reinsurance Corp
Republic (Texas)
(Paul)
34
Rhode Island
21
Rossia
18
St Paul Fire & Marine...25
Glens Falls Fire
37 %
39%
Seaboard Fire & Marine..5
3s 1955 opt 1945
—J&J
3s 1956 opt 1946
J&J
3s 1956opt 1946...._M&N
103M
103M 103M
3%a 1955 opt 1945...M&N
103 X
4Hsl958opt 1938...M&N
103%,
103M
4s 1946 opt
1944..—.J&J
5
Globe & Republic.......5
Ask
111X HIX
Globe & Rutgers Fire...15
2d
preferred
15
Great American..
101X 102
5
Great Amer Indemnity... 1
Halifax.
Hanover
Joint Stock Land
Bid
Atlantic
._
3s
100M
Bid
100 M
Lincoln 4Ms....
/45
California 5s.
Central Illinois 5s
i.
New
102
...
5s
45
100
4%8
55
/40
Burlington 5s
/28
6M
/5M
10014 101 M
Home...
Ask
.....
99% 100M
Carolinas 5s
First
10
19M
21 M
64
28 %
104
30 M
61
22 M
24
Security New Haven
10
Springfield Fire & Mar..25
Stuyvesant.
5
All series 2-5s—_
23 M
Travelers
100
428
438
28 M
2\%
29 %
U S Fidelity & Guar
66 M
68 M
U
50
52
U S Guarantee
23 M
25
Westchester
.1953
101
Arundel Deb Corp 3-6s
99 %
Pac Coast of San Fran 5s,.
100
.
Arundel Bond Corp 2-5s
Debenture
1953
3-Gs
41
102
Pennsylvani a 5s
100
101
99
100
Phoenix
105
107
Cont'l Inv Bd Corp 2-52 '53
106 M
108
Cont'l Inv DebCorp3-6s '53
43
Issues)
48
■
Fletcher 3Ms
....
Potomac 3s
St Louis 5s
102M
101
100 M
101
%
San Antonio 3s
99 M
/ 28
5s
100
78
Southwest
79
Southern Minnesota 5s
100
Greenbrier 5s
Greensboro
75
76
Fremont 4Ms.—........
99
3s......
102
M
5s.
68
/14M
Illinois Midwest 5s
86
88
Virginian
Iowa of Sioux City 4Ms...
93
96
Virginia-Carolina 3s
Ask
52
1954
70
(all
1953
2-5s
72
...1953
3-6s
42
44
'53
42
44
Potomac Deb Corp 3-6s
49
73
Interstate Deb Corp 2-5s'55
33
16 M
Mortgage Bond Co of Md
Inc 2-5s_.
...1953
100M
100
«
..««
100M
99 M
101
42
1953
3-6s
....
Potomac Maryland Deben¬
Corp 3-6s_
1953
Realty Atlantic
72
1953
42
Realty Bond & Mortgage
deb 3 6s
1953
44
Unified Deben Corp 5s 1955
29 M
ture
88
100M
99 M
5s
1954
Potomac Franklin Deb Co
Empire Properties Corp—
2-3s
1945
30
99 M
5s
29%
Potomac Cons Deb Corp—
100M
99
Union of Detroit 4 Ms
100M
28 M
Corp—
Series B 2-5s
77
100M
99
2.50
Fire
Potomac Bond Corp
99 M
100
46
Bid
76
F'irst of New Orleans 5s...
First Texas of Houston 5s.
49
43 M
4
Series A 3-6s.
Associated Mtge Cos Inc—
First Trust of Chicago 4 Ms
12M
47
10
55
34
100
100
4Ms
11M
Co..2
8 Fire
Ask
84
'53
'53
/31
5s...
4%
465
Nat Union Mtge
Pacific Coast of Portland 5s
100
107
415
First of Montgomery 5s...
First of Fort Wayne 4 Ms..
3%
100
'
Pac Coast of Salt Lake 5s..
Oregon-Washington 5s
Surety
Sun Life Assurance
9
8
Bid
100M
'
Denver 5s
9M
Seaboard
22 %
9M
Allied Mtge Cos Inc—
98 %
Dallas 3s
7M
10M
20
Surety Guaranteed Mortgage Bonds and Debentures
100 M
99 M
Chicago 4%b and 5s
5
187
88
89
100 M
99 %
Ohio-Pennsylvania 5s
....5
...
7
4
180
.
101
99 %
5s
North Carolina 5s.
31
85
86
York
....10
Hartford Steamboiler._.10
100
Lafayette 5s
.....10
Hartford Fire
Bank Bonds
Ask
99 M
99 M
Atlanta 3s
10
18%
5
5
17
7
23 M
17M
5
19
Gibraltar Fire & Marine. 10
104X 104M
73
21%
10
Fire
32
...10
Georgia Home...
Bid
6
(N \).2
10
General Reinsurance Corp 5
Ask
102
77
.10
Preferred
100
Revere
Bid
116
Pacific Fire
7
6
.10
Federal
109
Federal Land Bank Bonds
7M
9%
18
24 M
5
8%
New Amsterdam Cas....2
25 M
Excess...
6M
98 M 103 M
20
543
16 M
25 %
109
..
Conversion 3s 1947
10
7 M
533
Fidelity & Dep of Md_..20
U S conversion 3s 1946..
115M 117M
53.50
118
...10
National Union Fire
Eagle Fire
...2M
Employers Re-Insurance 10
Govt of Puerto Rico—
5s
110
5s
2
5s
4 Ms July
108
5 Ms Aug
Hawaii 4 Ms Oct 1956.
Bid
Honolulu
U S Panama 3s June 1 1961
(Providence). .5
National Liberty........2
6
79
Continental Casualty....5
Ask
101 M
100
42
Merch & Mfrs Fire New'k 5
Connecticut Gen Life... 10
4 Ms
39
Merch Fire Assur com
23
National Fire...
United States Insular Bonds
4s 1946
5
30 M
40 M
City of New York...... 10
Philippine Government-
4
46
21 M
Bankers & Shippers...__25
...M&S 51.00 t
-
3
28 %
.
4KsscrD
1939-1941
2
43
Maryland Casualty
.10
Re-Insurance. 10
American Reserve
Baltimore
Inland Terminal
1942-1960.
110
-
..
..
7
11
American Surety ....... 25
1939-1941. -..-..--M&S 50.75 t
111 M
1942-1960
-.M&S
.
10
American
Ask
Bid
E
Holland Tunnel 4%s ser
.5
American of Newark.;_2M
Bonds
Ask
Port of New York—
2 M
5
1
Ins..l2M
Fire
Equitable
A merican Home....
Port of New York Authority
2M
13 M
25
Life..
Aetna
....
k
1%
11%
Home Fire Security
Aetna
111 M
10
10
..10
Aetna Cas & Surety
126
114M
FRANCISCO—
SAN
60 M
179
....
Highway
5s Jan & Mar 1964 to '71
Improvement—
4s Mar & Sept 1958 to '67
58 M
174
Ask
Potomac
Deb Corp 3-6s
Nat Bondholders part ctfs
(Central Fund'gseries)..
/21
'53
73
3-68.1953
42
Nat Cons Bd Corp 2-5s
Nat Deben Corp
25
.
-
-
44
31 M
Joint Stock Land Bank Stocks
Par
Bid
Par
Ask
Atlanta
100
40
50
New York
Atlantic
100
38
45
North
Dallas.
100
80
85
Pennsylvania..
Denver
100
17
22
Potomac
Bid
Telephone and Telegraph Stocks
Ask
...100
9
12
100
55
62
.100
20
25
100
75
Carolina
_
Par
(N J) com. *
Preferred...........100
Am Dist Teleg
Bid
86
91
164
San Antonio
100
45
First Carolinas
100
4
7
Fremont
100
1
2M
100
2
"
..100
pref. ..100
159
116
118
Cuban Telep 7% pref..100
30
40
Emp & Bay State Tel.. 100
Franklin Telegraph
100
Des
50
58
26
31
87M
90
60
65
Bell Telepof Canada
par
Ask
Bid
Ask
New York Mutual Tel. 100
17
19
Telegraph....25
Peninsular Telep com
*
13
16
23
25
..100
109
114
112M 115M
Pac & Atl
5
Moines
Lincoln
.
50
...100
50
...5
Federal Intermediate Credit Bank
1
100
Virginia
Virginia^Carolina.
60
55
1%
70
Debentures
Bell Telep of Pa
Gen Telep
$6
Bid
Ask
Bid
.
F I C 1
June
Ms—July
F I C 1
15 1938 b .20%
*
preferred...
Ask
Telegraph —100
Mtn States Tel & Tel-.100
Ms—Jan
15 1938 b .35%
15 1938 b .35%
16 1939 b .40%
FI CI
Ms..-Apr
Ms.-Apr
15 1939 b .40%
15 1939 b .45%
F I C 1 Ms
15
.25%
15 1938 b .30%
F IC 1
F I C I
15 1938 b .30%
FI CI
1938 b
FIClM8--.Aug
Sept
Ms.—Oct
Ms—Nov
FIC 1 Ms
15 1938 b .25%
Dec
102
Bid
Par
Bid
1946
Bear-Mountain-Hudson
Companies
Ask
BancaComm Italiana__100
1)0
102
Fulton
Bk of New York & Tr._100
331
339
Guaranty
'
Bankers
Bronx
10
Brooklyn
...
43 M
45 M
7
County
...
Central Hanover.
4
6
100
75
80
20
85
River Bridge
Par
A sk
100
190
215
.100
220
225
10
Irving
10%
11%
88
Kings
100 1580
County
25
Lawyers
Chemical Bank & Trust. 10
39
41
Clinton Trust
50
54
60
25
11 M
14 M
New York
Manufacturers
Preferred
20
.
34
36
49
51
84
87
11%
13M
Corn Exch Bk & Tr
44%
45%
Underwriters
20
21
United States..
32M
25
Title Guarantee & Tr. -.20
—10
7s— .1953
.100
5M
75
100 1500
96M
-.100
109
Telegraph
25
Sou New Eng Telep
100
S'western Bell Tel pref. 100
13
So & Atl
Wisconsin Telep 7%
pf. 100
....
16
I35M 138M
121 M 123 M
116
1939.
% % notes Nov 2
97%
Ms.
.
-
.--Sept
Corp
1 1939
Banks
.July 1938
2s.
Dec
1940
2s.-.-..--Apr
1 1943
Henry Hudson Parkway
48.....,-.. April 1955
6M
lMs
101
Marine
100.15 100.17
101.15 101.17
Fed'l Home Loan
100.2
For
footnotes see
page
100.5
102.14 102.17
101.10 101.13
118
100.12 100.16
..Aug 15 1938
....June 1 1939
101.8
101.10
Parkway Bridge
.Dee 1960 50.50%
New York City Park¬
103 M
way Authority 3 Ms '68
3 Ms revenue
1944 b 2.40
3Ms revenue.....1949 b 2.90
51
Reynolds Invest'g 5s 1948
4Ms.
Ask
L'n Corp
...
Triborough
..
-
less M
104 M
less
1
less
1
53
Bridge—
4s s f revenue '77
109 %
A&O
110.M
4s serial revenue. .1942 b
104M
85
1550
Home Owners'
2s
Federal Farm Mtge
1
Bid
Ask
1620
20
...
Continental Bank & Tr.10
20
28 M
106
Commodity Credit Corp
IMS
Colonial Trust...
Empire
Bid
Telephone—
86.50 1st pref
Miscellaneous Bonds
Associates Invest 3s.
New York Trust
Rochester
Allied Corp—
Int Ocean
F I C 1 Ms
Preferred A
3325.
2.00
less
1
b
3.50
less
1
4s serial
revenue-.1968
3324
Financial
Quotations
on
Chronicle
May
1938
21,
Over-the-Counter Securities—Friday May 20—Continued
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Atlantic Coast.
BaltlmoreA Ohio 4KB-i--—
Boston A Albany 4Ks———.
3o$<n>b Walkers Sons
Member}
.
Boston A Maine
fork Stork Exchange
....
.
.
34K
36
..1943
70
72
..1940
.....
93
..1939
30
33
Cambria A Clearfield 4s
STOCKS
95
60
66
..1951
65
70
Chicago Stock Yards 5s.
2-6600
..1955
..1956
Chicago St. Louis A New Orleans 5s—
Tel. RE ctor
GUARANTEED
NEW YORK
Asked
91K
Chicago Indiana A Southern 4s_._...
=\
Dealers in
120 Broadway
..1939
-1961
92
94
45
98
Cleveland Terminal A Valley 4s
Guaranteed Railroad Stocks
35
-1951
106
-1962
99
99 k
Florida Southern 4s
/
-1995
Connecting Railway of Philadelphia 4s
Duiuth Mlssabe A Iron Range 1st 3Ks
Since1855/.
\—
-1945
67
72
.1953
64
Illinois Central—
A Terminal 3Ks
Louisville Div.
(Guarantor in Parenthesis)
Indiana Illinois A Iowa 4s
.1950
Kansas Oklahoma A Gulf 5s
...IT..
70
Par in Dollars
Bid
Asked
.1978
78
Memphis Union Station 5s......................
New London Northern 4s
.1959
110
New York A Harlem 3Ks
Dividend
.2000
...
Alabama A Vicksburg (Illinois Central)
100
6.00
50
55
100
10.60
88
93
Norwich A Worcester 4kb
.1940
—
100
6-00
29
34
2.00
24
28
100
8 75
75
80
.100
8.50
30
40
100
^.86
42
47
Pennsylvania A New York Canal 5s_....
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s..
Portland Terminal 4b...—..—..w-........
Providence A Worcester 4s
5% stamped..100
Cleve Clnn Chicago A St Louis pref (N Y Central) ..100
Cleveland A Pittsburgh (Pennsylvania)
60
5 OO
70
75
Terre Haute A Peoria
Boston A Providence (New Haven)
Carolina Cllnchfleld A Ohio
common
99k
88
90
80
.1939
—
103 K
114
.1961
......
.1942
60
Toledo Peoria A Western 4s
3.50
66
70
Toledo
38
42
Toronto Hamilton A Buffalo 4s——
Terminal
80
.1967
4kb..--—........
.1957
104 K
—25
Fort Wayne A Jackson pref
2.00
37
40
United Ne w Jersey Railroad A Canal 3 Ks
.1951
5.50
47
52
Vermont Valley 4Kb—
.1940
75
82"
.1990
40
44 k
.......100
9 00
132
140
4. UO
39
44
50.00
(N Y Central)
Pittsburgh 4s
West Virginia A
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
100
100
Michigan Central (New York Central)
600
29
52
57
103 K
Utility Stocks
32
5.00
Public
800
3.875
100
Morris A Essex (Del Lack A Western)
60
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
60
4.00
77
60
4.60
30
35
Pittsburgh Bessemer A Lake Erie (U 8 Bteel)
37K
39
Par
nui
Atk
64m
66%
60
1.60
60
3.00
74
Pittsburgh Fort Wayne A Chicago (Pennsylvania)..100
7.00
140
Preferred
Preferred
-
-
150
100
151
156
6 82
43
48
100
100
Second preferred
7 00
100
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
6.00
125
130
3.00
60
65
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
100
6.00
126
100
10.00
214
220
Utlca Chenango A Susquehanna
(D L A W)
Valley (Delaware Lackawanna A Western)
100
100
6.00
40
45
6.00
50
'm
Vlcksburg Shreveport A Pacific (Illinois Central)
100
5.00
40
45
100
6.00
45
50
3.50
19
50
3.00
48
mmmrn mm mmmmmrn mmm.
>«.*•'
Warren RR of N J (Del Lack A
Western)
West Jersey A Seashore (Pennsylvania)
-"mm
50
-
24
52
Alabama Power 57
73
pref..*
pref *
Electric
Arkansas Pr A Lt 7%
Associated
Gas
A
75
5
106
120
67 k
69 K
21k
22K
Buffalo Niagara A Eastern—
25
Carolina Pr A Lt 57 pref—♦
51 60 preferred
8%
74
64 k
66 K
Central Maine Power—
72 k
74
100
62 K
64
Cent Pr A Lt 7% pref..100
ConBOl Eiec A Gas 56 pref. *
75 k
78 K
preferred
preferred
56
42
92
94
100
72
114
Bid
Ask
Derby Gas A El 57 pref._»
Essex
Atlantic Coast Line 4kb..
Baltimore A Ohio 4Kb—.
62.60
2.00
6.50
6.50
65.00
Boston A Maine 4Kb
67.60
67.50
6s
4.00
New on Tex A Max 4 Ka~
New York Central 4Kb.-.
55.50
500
preferred
Hudson
Gas
100
54.00
3.00
2.75
73 K
5.00
57
preferred
*
4.00
55.75
5.00
Gas A Eleo of Bergen._100
n y n H A Hartf 4Kb.
5s
60.00
5.00
Hudson County Gas...100
66.00
5.00
Idaho Power—
63.25
2.76
Northern Pacific 4Kb
62.25
1.50
Canadian Pacific 4Kb
63.10
2.50
Cent rr New Jersey 4Kb.
Chesapeake A Ohio—
4Kb
65.75
5.00
Pennsylvania RR 4Kb
62.60
1.50
Interstate Natural Gas—♦
22
61.75
1.10
Interstate Power 57 pref__»
V 4K
63.00
2.25
23
183
2.76
7%
62.76
2.00
4s series E
i.-—.........
61.75
1.00
Chicago A Nor West 4Kb.
67.00
6.00
Jan A July 1937-49
2kb series G non-call
67.00
6.00
67.00
6.00
6s
....
6s
Chic milw A St Paul 4kb.
5s.
67.00
Denver A r G West 4 Kb.
5s
83
66.00
85
Dec 1 1937-50
7%
Utilities—
Jer Cent P A L 7% pf..l00
Kan Gas A El 7% pref.100
63.25
2.50
7K%
60
preferred
2.00
94
95
5% conv partic pref..50
Memphis Pr A Lt 57 pref.*
62.50
St Louis-San Fran 4s
5.00
5.00
St Louis Southwestern 5s.
5 kb
65.50
4kb
65.50
4.75
preferred
Southern Pacific 4Kb--..
6b
63.75
92
Southern Ry 4kb
64.75
4.00
92
64.75
63.25
2.75
63.25
2.75
1.25
Hocking Valley 6s
61.76
1.00
Illinois Central 4Kb
5s
65.75
5.00
65.75
5.00
Internat Great Nor 4Kb.
Long Island 4Kb
65.76
5.00
64.25
3.25
64.25
3.25
Maine
61.75
Central 6s
1.10
61.75
1.10
64.50
Missouri Pacific 4Kb
5s
3.75
64.25
4fl..,
3.75
64.50
6 kb
a 50
65.50
4.75
65.50
4.75
65.50
6 kb
4Kb
Par
Shoe Stores
62.25
1.60
Bid
1.00
1.00
1963
debenture 4kb—1948
Associated Electric 5s.l961
Virginia Ry 4Kb
61.70
1.00
Assoc Gas A Elec
68
61.70
Wabash Ry 4Kb
5s
1.00
72
5 kb
83
72
........
83
72
83
72
6s
Western Maryland 4Kb.
Western Paclfio 58..—.
83
63.50
2.50
60.00
5.00
60.00
5 kb
Ask
3
6
7% preferred
100
B /G Foods Ino common..*
75
85
Blckfords Ino
9K
30
conv
*
pref
♦
Bo hack (H C) common... *
7% preferred
Diamond Shoe pref
Flshman (M H)
1
1
IK
10
35
2
100
10K
12K
100
92
98
Co Inc..*
6.00
6K
8
7%
preferred
Kress (8 H) 6% pref
Preferred
1
29
3k
4K
94
preferred C
100
Sioux City G A E 57 pf.100
6%
Southern
82
84 K
25
27
28
183
108 K
preferred
7%
95K
Calif Edison—
106 K
35 k
36K
31
*
1
South Jersey Gas A El. 100
61K
pf.100
100
28%
30
31
33
63 K
64 k
66 K
93%
Texas Pow A Lt 7% pf.lOOl
Toledo Edison 7% pf A. 100
95
United Gas A El (Conn)—
preferred
7%
25k
69k
25 K
71 K
Utah Pow A Lt 57 pref..»
Virginian
99% 101
62 K
100
Ry
100
-
35k
65K
37K
122
117
Bid
7
5
13 K
Ask
8K
Bid
64 %
82
84 K
44
Income deb 3kb...1978
Income deb 3 Kb.-.1978
45
Kan City Puo Serv 4s.l957
31 K
Missouri Pr A Lt 3 Ks.1966
51
Mtn States Pow 1st 6B.1938
.1973
52
54
Narragansett Elec 3 Kb "66
1973
8-year 8s with wnrr.1940
8s without warrants. 1940
60
63
Newport N A Ham 5s. 1944
N Y State Elec A Gas Corp
86
~mmm
86
...
24
4s
23
26
17
21
97
99
100
21K
5K-6K8—1986
Bellows Fails Hy Ei 5s 1958
Blaoketone V G A E 4s 1965
Cent Ark Pub Serv 6s. 1948
—
—
---
...
mm m
Ohio Pub Service 4s—1962
102
54
Parr Shoals Power 5s—1952
86
99
Income 5 Kb with stk '52
Power 5s
1953
28 k
Consol E A G 6s A...1962
6b series B
1902
106K 107K
61 %
105
Pub UtU Cons 5Kb...1948
66
109
63 %
St Joseph Ry Lt Heat APow
•
m
_
82
84
67
69
71
73 K
Sou Cities UtU 5s A...1958
104K 105 %
Tel Bond A Share 5s. .1958
1947
Sioux City G A E 4s..1960
4Kb
-
Texas Public Serv 5s. .1961
f2Vs
3H
105 K
Utica Gas A El Co 5s..1957
Western Mass Co 3 %b
46
47"
45
47
1946
Western Pub Serv 5 Kb '60
Wisconsin G A E 3 Ks.1906
Wis
2K
1961
1st lien 3-6s
Public Serv of Colo 68.1901
28
Central G A E 5Kb...1946
Colorado
Corp 1st 4s '05
56K
100"
Peoples Light A Power
101K 103 ~~
'
Central Public Utility-
Ask
102
92 K
Penn Telep
4KB-5K8—1986
104K
105K
102 K
Pennsylvania Elec 5s. 1902
Sink fund inc 5-6s..l986
104 K
100
105
27
8 f ino
88
92 K
100 K 101K
84
86
Old Dominion par 6s._1951
•
23
S f lnc
99
28% 30K
109K 110K
North Boston Ltg Prop's—
8ecured notes 3 Kb..1947
26
25
5
97%
62"
91
20
12
60 K
1965
Sink fund Inc 4s
1983
Sink fund lnc 4kb..1983
11K
3K
West Indies Sugar Corp__l
Sou UtU 5 Kb. —1950
51K
21
26%
Iowa
48 K
49 K
1973
1973
Sink fund lnc 4-5s..l986
Savannah Sug Ref com... 1
103 K
25K
75
Bid
104
103
1967
27 K
67
Par
102 %
Power 3Ks
25K
100
20%
100 % 100%
107K 108 %
30 K
Conv deb 4s
103%
Federated UtU5K8-..1957
Green Mountain Pr 5s. 1948
Kan Pow A Lt 1st 4Kb '65
Keystone Telep 5 Ks._1355
Conv deb 4kb
Conv deb 5s
Conv deb 5Ks
103
Cumberl'd Co PAL 3 Kb '66
Dallas Pow A Lt 3 Kb. 1907
24 K
15
♦
3Kb—-.1948
24 %
26 K
10
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
preferred
105 %
100M 100%
»
(I) Sons common
*
6K% preferred
100
Murphy (G C) $5 pref.100
Debenture
Idaho
105
Corp—
Income deb 4s
1978
Income deb 4Ks...l978
Ask
Consolidated Edison Co—
Ask
6
15
Utility Bonds
Atk
63%
Sink fund lnc 5s
1983
Sink fund inc 5 Kb..1983
Miller
$5
Bid
Sugar Stocks
Cuban Atlantic Sugar...10
Eastern Sugar Assoc
1
63
87K
100
Tenn Eleo Pow 6%
Assoc Gas A Elec Co—
Cons ref deb 4K8..1958
Par
Kobacker Stores....
1st mtge 4s
s f
1st lien coll trust 08.1946
Cent Maine Pr 4s ser G '60
Par
preferred
6%
Republic Natural Gag
78 K
Appaiachln Elec Power—
61.50
61.50
4.75
•
12.50
40 K
Public
Union Paclfio 4Kb.
6s
Chain Store Stocks
Borland
60
Rochester Gas A Eleo—
55
Bid
Texas Pacific 4s
5B
Minn 8t P A 8 8 M
88%
96
97%
98% 100%
...100
52
Amer Utility Serv 6s. 1964
Amer Wat Wk A El 5s '75
61.80
6s
6K
4.00
5s
2.16
Loulsv A Nash 4Kb
6b
99
87
2.50
62.80
6s
89%
97k
110M 111K
3.00
63.00
88
Northern 4Kb
92
92
88
6s
preferred
7%
87 k
♦
pref
4.75
88
4Kb
91%
76 k
100
88
........
23 K
Mass Utilities Associates—
92
5b
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf.100
90
—
39
Edison 56
6% pref series B
2.75
67%
♦
Penn Pow ALt 57 pref...1*
Queens Borough G A E—
Supply—
2.25
98 %
Okla O A E 7% pref—100
Pacific Pr A Lt 7% pf-.100
97K 100K
107K 109K
100
preferred
62 86
66.00
Erie rr 5 Kb
6s-_
100
63.75
Marquette 4kb
66.00
5 kb
•
preferred
Jamaica Water
7%
5.00
preferred.
Iowa Southern
Reading Co 4Kb
Trustees' otts 3 Kb.—-.
Great
V
Pere
due
6.00
Chicago r I A Pacific—
58
96k
65%
20 K
4.00
88
j
19
65.00
73 K
86
100
7% pref
(Minn) 6% pref
19K
65.00
6s
17 K
32
71%
*
18
63.25
6s.
preferred
57 preferred..
•
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf ..100
KVDWT 1936^944—
.
cum
Ohio
Canadian National 4Kb...
5s
New Orl Pub Serv 57 pf..*
New York Power A Light—
30 K
20 K
124
6s
16
*
116
26 k
.
cum
prior lien pref
7% cum preferred... 100
183
Corp—
56 cum preferred**
56.50 cum preferred
♦
55.75
N Y Chic A St L 4Kb
15K
108
30
Dt.*
Northern States Power—
Federal Water Serv
53.50
5s
23
124
100
New Eng G A E 5K%
(Del)
Dallas Pr A Lt 7% pref.100
Ask
106
56
Continental Gas A El—
7%
Bid
20 K
13
100
Nassau A Stir Ltg 7% pf 100
Nebraska Pow 7% pref.100
$7
8
6k
38
Consumers Power 55 pref. *
Equipment Bonds
24 K
New Eng Pub Serv Co—
100
7%
preferred
4%
22 K
Newark Consol Gas
72
*
preferred..
7%
57
4K
Pub Serv 7% pref
25
Mountain States Powdr—
123
67
55
104 K 107
6% pref.100
Missouri Kan Pipe Line..5
Monongahela
West
Penn
4k
58
64
preferred
Miss Rlv Pow
Consol Traction (N J). 100
Railroad
57
Ask
55
Mississippi Power 56 pref.»
Mississippi P A L 56 pref. ♦
2K
preferred..
*
56.50 preferred....
*
57 preferred
*
Atlantic City El 6% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec 57 pref. *
Original
Bid
Par
82
Oswego A Syracuse (Del Lack A Western)
3
99
95
...100
Delaware (Pennsylvania)
mm«
85
65
100K
.1946
50
U5%
80
.1947
5s_...—....i.......
2.00
5.00
54v:
51
.1941
.1947
60
Betterment stock
98 k
96
.1947
......
—...60
Canada Southern (New York Central)
112
97
•
.1948
New York Philadelphia A Norfolk 4s
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)...,...
Boston A Albany (New York Central)
......
3K
Mich
Pow 3Kb..1961
105%
68
101K 102 K
98 K
40 K
61
99K
41K
62 K
78 %
79 K
121K 122K
105
75
105K
'
78
104K 105
104K 105K
Por footnotes see page
3325.
■fib.
Volume
Chronicle
Financial
146
Quotations
Over-the-Counter Securities—Friday May 20—Continued
on
Industrial Stocks and Bonds
Water Bonds
Bid
Ashtabula Wat Wka 5s '58
Atlantic County Wat 5s '68
105
10024
100
Birmingham Water Wks—
5s series C
.-—-1957
Muncle Water Works 5s '65
New Jersey Water 5s 1950
9724
101
103 24
5s
series
Call! Water Service 4s 1961
103
Citizens Wat Co
5s
105
Ohio Water Service 5s.1958
9b
102
m
1941
101
m
mm
1950
1948
101
1948
Prior lien 5s
1948
Phila Suburb Wat 4s—1966
101
lBt consol 4s
10024
■
104 24
■
m mm
m
mm
65
---
1st mtge 5s
105
98
Scranton Gas A
E St L 5c Interurb Water
6s series B
10024 101
1942
-1942
6s series D
1960
5b series A
105
98
-1952
1952
6 24s series B
1958
1955
10324
mmm
Joplln W W Co 5s
1957
Kokomo W W Co 5S--1958
102?4 10124
W Va Water Serv 4s—1961
Long Island Wat 524s_1955
Middlesex Wat Co 6 24s '57
Monmouth Consol W 6s '56
Western N Y Water
5s series B
87
106~~
102
1950
Morgan town Water 5s 1965
'
104
l
96"
91
—
9324 10124
10024
1956
1960
1949
5s series B
6b series A
10424
W'msport Water 5s—1952
---
10.04
Fund Inc—12*
Amerex
10.68
3.50
Holding Corp—*
1824
Affiliated
Par
3.85
Investors Fund C
New common
2.88
—
mmm
Corp.
Amer Gen Equities Inc 25c
Am Insurance Stock Corp *
Assoc. Stand Oil Shares_-2
Bankers Nat Invest Corp ♦
Basic Industry Sharee-_10
Amer A Continental
6
Bid
Ask
Keystone Cust Fd Ino B-2
Series B-3
19.72
21.58
12.93
14.15
12.66
13.86
Series K-2
8.56
9.37
11.36
12.47
3.90
4.32
Series 8-2
*■
Series 8-4
70
76
3124
*
34 24
United Merch A Mfg com •
124
524
United Piece Dye Works.*
24
24
100
224
324
30
35"
424
5424
3H
50 24
*
Draper Corp
Preferred
Warren
224
624
(Northam)—
*
com..5
100
Pulp A Pap com.*
$3 conv preferred
Welch Grape Juice
Federal Bake Shops
Preferred
*
4
6
30
17
21
1624
2 24
1824
*
shares
Humor
Corp
124
224
34 24
1224
10424 105
1
*
45
16
19
1624
100
9124
9524
Weev Dairies Inc com v 1 c 1
3
3124
1124
General Foods $4.50 pf__*
40
10424
1424
124
West Va
*
Gen Fire Extinguisher...*
preferred
7%
*
Garlock Packing com
Preferred
1524
$3 cum preferred
124
17
White Rock Min Spring—
100
$7 1st preferred
75
6
7
Wilcox A Glbbs com
Spencer Steel..*
50
9
12
524
WJR The Goodwill Sta..5
20
22
100
47
52
100
624
324
3724
4024
Great Lakes SS Co com..*
2524
Great Northern Paper___25
2724
2924
Wiekwlre
524
27 24
Graton A Knight com
Preferred
Harrlsburg Steel Corp
6
5
Klldun Mining
Corp
King Seeley Corp com
724
24
24
1
Worcester Salt
York Ioe
Machinery
924
preferred
7%
10
48
5024
78
88
..100
100
100
preferred
Young (J S) Co com
123
---
524
424
1324
1524
Bonds—
200
100
150
100
100
100
American Tobacco 4s.1951
107
100
Am
Wire Fabrics 7s.-1942
95
98"
4
9124
94
80
83
1st 6%
2d 8%
preferred
preferred
Preferred
9.24
7
32
United ArtistsTheat com.*
4224
524
4624
20
22
—
8.66
3.19
724
224
30
Macfadden Pub common.*
mmm
105
100
Series K-l
20
*
pf.10
---
104
1
Shares—
Amer Business
624
*
Corp
124
*
preferred
100
11324
54c
60c
324
4
Major Shares Corp
524
Maryland Fund Inc.__ 10c
Mass Investors Trust
1
4.88
5.35
17.86
18,95
10
9.50
10.39
Wide Securities 25c
2.64
Casket
41
45
106
109
7 24
*
Nat Paper A Type com...*
1937
1938
Kelsey Hayes Wheel Co-
324
824
Martin
924
17
190
1946
Nat Radiator 5s
/1424
N Y
Shipbuilding 5s-1946
Scovlll Mfg 5248
1945
New Haven Clock—
7724
75
1939
22
1524
New Britain Machine
m
(Glenn L)—
Conv 68
5
/7524
/8
1948
Conv deb 6s
19
100
preferred
5%
1940
f 6s
Deep Rock Oil 7s
80
Preferred
s
Haytlan Corp 8s
90
7% preferred
100
Muskegon Piston Ring_2 24
National
Chicago Stock Yds 5s.1961
Cont'l Roll A Steel Fdylst conv
Mock Judson A Voehrlnger
Ask
524
1324
34
112
6%
AdmlnIsteredFund2ndinc*
Steel common
Tublze Chatillon cum
24
100
Lord A Taylor com
101
Investing Companies
Bid
4 24
1224
30
Merck A Co Inc common.1
Par
3024
Trico Products
109
—.100
Lawrence Portl Cement 100
5s series C
101
*
Tennessee Products
28 24
7%
91
*
25
Taylor Wharton Iron A
8
93
Wichita Water—
107
Monongahela Valley Water
6 Ha
preferred
Good
»
Westmoreland Water 5s '52
...
mmm
10124 10424
10124 104
1951
1960
1st mtge 524s
9424
105
101
Co—
1950
1st mtge 5s
10324
104
17
424
16
Dennlson Mfg class A...10
American
9024
Stromberg-Curlson Tel Mfg
124
324
22
43
3
mrnrn
105
103
...20
Screw
6
mmrn
101
Standard
14
*
Foundation Co For shs...*
1960
1960
1949
Texarkana Wat 1st 5s_1958
Union Water 8erv 5 24s '51
83
10
common
preferred
Fobs Oil Co
10124 10324
1958
5s
70
6b series A
Indianapolis Water—
1966
Indianapolis W W Secure—
74
103
Spring! City Wat 4s A '66
Terre Haute Water 5s B '56
104
1st mtge 324s
mrnrn
1st mtge 5s
105
Illinois Water Serv 5s A '52
99
South Pittsburgh Water—
104
103
224
77 24
5s series A
101
1962
6s--.
cum
Conv prior pref
74 24
110
1954
5
Preferred
238
233
Douglas (W L) Shoe—
101
1967
9924
1954
24
524
424
Columbia Baking com...*
Preferred
7724
5s series B
6s
624
Standard Coated Prod _10c
—
74 24
10624 10824
1977
Huntington Water—
6s series B
524
424
5324
38
Devoe A Raynolds B com *
99
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
101
9624
Hackensack Wat Co 6s_ '77
—
Water Co
424s---
10524
Greenwich Water A Gas—
5s series B
...
Scranton-Sprlng Brook
Water Service 5s. 1961
10024
53
Dixon (Jos) Crucible...100
A..'66
1st A ref 5s A
5s series A—
107
10424
96
94
424
Skenandoa Rayon Corp..*
4
2Va
1
common
Dictaphone Corp.
92
1958
1958
4 He--
Corp
Crowell Publishing com..*
101
Consol Water of Utlca—
Singer Mfg Ltd...
1824
224
purl A Qulncv ...100
Chilton Co
SI
10124
St Joseph Wat 4s Ber
70
100
6s series A
---
101
97
Roch A L Ont Wat 6s. 1938
1946
Connellsvllle Water 5s 1939
4624
Sylvan la Indus Corp
Chic
10624 10824
Pittsburgh 8ub Wat 5s '58
Plalnfleld Union Wat 5s '61
Richmond W W Co 5s.1957
67
Burdlnes Inc
-
-
104
103 24
'59
Pinellas Water Co 5248-
62
56
50
*
Beneficial Indus Loan pf_*
•
324
2024
4424
1624
5% pref. 100
Radio
224
Scovlll
95 24 10224
1st consol 5s
1946
B
4248—1966
Belmont
1224
7424
1924
1324
Art Metal Construction. 10
96
42*
1024
7324
1
Pilgrim Exploration
4% conv pf
Remington Arms com
21
112*
7924
9424
24
324
*
9324
192*
*
Bankers Indus Service A.*
1st A ref 5s
1967
Community Water Service
American Mfg
Ask
100
97
•
1
Manufacturing..25
Singer Manufacturing..100
88
25
100
Amer Maize Products
Andlan National Corp...*
State Water—
1st coll trust
City
1st 6s series C
...
pref
Conversion
Petroleum
Pure OH
99
Peoria Water Works Co—
m —
Water (Chattanooga)
5s series B
1954
---
7524
Ore-Wash Wat Serv 5s 1957
mmm
103
6 He series
8% cum pref
American Hardware
'mmm
series A
1951
City of New Castle Water
6s
9024
192
74
Pat he Film 7%
Petroleum Heat A Power.*
1951
Penna
5 He
1124
American Hard Rubber—
98
■
1124
6% conv pref
85
87 24
10324 10524
'58
(Wash)—
1951
Chester Wat Serv 424s
10
American Cynamld—
79
Newport Water Co 5s 1953
Ohio Cities Water 5 24s '53
Ohio Valley Water 5s. 1954
104 24
2624
81
New York Wat Serv 5s '51
mmm
104?4
324
22 H
75
104 24
104
24
*
2
Bid
Par
*
American Arch
mmm
1951
524s
---
10024
series A
1954
Butler Water Co 5s—1957
5 24 s
Ask
Bid
Alabama Mills Ino
mmm
New Rochelle Water—
5s series B
1954
B
mmm
Par
ASk
bid
Ask
9624
Alabama Wat Serv 5s_1987
3325
i
100
56
44
47
Wltherbee Sherman 6s 1963
3324
3524
Woodward Iron—
Ohio
Leather common...*
9
Ohio
Match Co.
724
10824
60
100
5
1724
86
107
Preferred 624%
2.74
5
Mutual Invest Fund
Northwestern
2
*
1.63
2.78
13.20
38c
21.06
22.52
1124
1224
National Investors Corp.l
4.58
4.88
3.45
3.80
New
1
10.59
Shares Trust — *
20.22
21.74
2.83
3.03
—
*
11.39
Commonwealth Invest—1
Yeast
Pharmacal
1962
1st 5s
11
824
2d conv Income 5s.-1962
3824
41
10024 10224
79
82
14.12
23c
Norwich
Fund Inc
Boston
Invest A — 1
Broad 8t Invest Co lnc_.5
Bullock Fund Ltd
1
Canadian Inv Fund Ltd-,1
British Type
Century
Continental Shares pf-100
1.98
Accumulative series—1
1.93
1
2.27
1
1.09
Voting jhares
England Fund
1.20
N Y Stocks Ino—
2.27
624
6.73
7.29
Bank stock
7.08
7.67
Building supplies.
524
Corporate Trust Shares. .1
Series A A
1
Nation
6.28
6.81
Agriculture.
—
-
m
6.33
7.03
7.48
5.33
6.25
1.92
1
2.29
1
2.25
Series 1958
1
equipment
—
6.86
10
20
8^, preferred-....—100
115
Crum A Forster com
Crum A Forster
Common
23
m
mm
m
insurance
10
26
100
B share
109
-—
7% preferred
Cumulative Trust Shares. *
Deposited Bank Shs ser A1
Deposited Insur Shs A—1
29
No Amer Tr Shares
3.96
1.34
m
m
m
2.66
mm
m
m
49
3324
24
28
5.25
Plymouth Fund Inc—10c
33c
38c
1.05
1.16
Quarterly
Inc 8hares__l0c
8.45
Eaton A Howard Manage¬
Fund series A-l._.
15.74
16.90
Eqult Inv Corp (Mass)_.5
Equity Corp 13 conv pref 1
Fidelity Fund Inc
25.00
26.60
24
*
5% deb series A
Representative TrustShslO
Republic Invest Fund.25c
Royalties Management-.1
Shares.224
Selected
Amer
16.17
17.41
Bank stock
2.33
2.58
Sovereign Investors
Insurance
series—10c
stk series. 10c
Shares A—10
3.00
3.34
Spencer Trask Fund
*
Standard Am Trust Shares
Selected Income Shares
Fiscal Fund Inc—
Fixed Trust
7.70
~
-
—
524
24
98
524
1
8.50
22c
20c
30c
50c
8.24
42
8.98
7324
13.98
1.80
2.10
lst 224-48
37
(w-s).
3824
Super Corp of Am Tr Shs A
2.69
44
4524
1.84
43
45
195(
Bldg
42
44
194?
55
4.25
...
B
mm'mm
51c
D
4.95
26.74
28.75
4.07
4.43
Supervised Shares
Agricultural shares—
94c
1.03
shares—
64c
71c
Building shares
1.09
1.10
Chemical
1.03
1.13
73c
81c
60c
82c
Lefcourt Manhattan
1st 4-5s extended to
Trustee Stand Invest Shs—
3
8.32
36
Hotel St George 4s
1.84
4.95
mmm
Lewis Morris Apt Bldg—
2.10
Series D
5.18
67c
Trusteed Amer Bank 8hs B
54c
60c
90c
Trusteed Industry Shares.
77c
86c
5524
1.06
1.16
(J 8 El Lt A Pr Shares A..
1224
12J4
6224
shares
93c
1.02
1.56
1.66
equipment shares—
59c
66c
94c
1.03
90c
99c
Petroleum
Steel
shares
Tobacco shares
Guardian Inv Trust com.*
24
24
1
46c
86c
Investors._*
15.22
16.37
1.00
1.11
1.16
1.28
Huron Holding Corp
Incorporated
Institutional Securities Ltd
Bank
Group shares..
Insurance Group
Shares
Insuranshares Corp
(Del)l
10
Invest Co. of Amer com.
24
27
124
31
B
_
90
91
3824
41
London Terrace Apts—
80c
88c
Un N Y Bank Trust C-3. *
2
(JnNYTr Shs serF
»
1
124
Wellington Fund
1
12.01
11
1st A gen 3s w-s
5
43
1957
1st 4a
Savoy Plaza Corp—
38 with stock
46
48
26
28
1966
1956
2s with stock
/2024
2224
60 Park Place (Newark)
1st fee A leasehold
1947
324s
1950
with stock
40
/27 24
32
1955
64
1st 48 (w 8)
...
Trinity Bldgs Corp—
1st 5248
1958
35
1939
52
2 Park Ave Bldg 1st is 1946
Ludwlg Bauman—
...
-
mm
34
mmm
5124
mmm
mmm
mmm
Walbrldge Bldg (Buffalo)—
3s with stock
1950
18
mmm
Wall A Beaver St Corp—
Majestic Apt Inc—
224
Voting shares
mmm
m
Textile Bldg—
5.79
Mining shares
55
1943
61
1
2.05
shares
1961
6248 stamped
1st 3s
1
Merchandise
Prudence Co—
Syracuse Hotel (Syracuse)
34
1
Investing shares
mmm
4324
61 Broadway Bldg—
Lincoln Building—
Series C__
Series B
...
19
/42
3 24
Trustee Stand Oil Shs A.l
shares
Food shares
45
165 Bway Bldg 1st 524a '51
618 Madison Av 1st 6 24s'38
9.04
Group Securities—
/6
Sherneth Corp—
60
72
2.82
BB
C
3.74
1951
Roxy Theatre—
6
3.70
AA
(The)—
Nov 15 1939
3324
15.21
Utilities
41
1 Park Avenue—
5s income
/5
3024
65c
13.28
502*
Realty Assoo Sec Corp—
34
3.56
59c
—-
1400 Broadway Bldg-
3.45
4.14
RR
40
__
14.08
Fundamental Tr Shares A2
Automobile
37
42 Bway 1st 6s
3124
/19
103 E 67th St 1st 68—1941
33
47C
Standard
_
July 7 1939
1st fis
2d mtge 6s
BJdg-
102
8.00
4624
19th A Walnut Sts (Phlla)
1st 6s
6824
Fundamental Invest Inc.2
Capital Corp—
General Investors Trust- *
3224
Inc.50c
6.62
General
52d A Madison Off
52*
/442*
/292*
/49
/382*
BK
5248 series C-2
524s series F-l
624s series Q
4624
31
3024
26
State Street Invest Corp.*
6.08
B
524
4124
7.19
10
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
B
mmm
29
9.25
21
mmm
25
424
/42*
N Y Title A Mtge Co—
4424
4.65
ment
35
45
1
-
—*
Class B
24
Corp—
stmp.-l956
5 24s series
Hotel units...
—25c
D
Dividend Shares
mmm
N Y Majestic
4s with stock
48
Oliver Cromwell
Glass A
3.10
mmm
46
1.99
Pacific Southern Inv pref.*
m
2s
63
m
.
61J*
22
N Y Athletic Club—
6024
1948
4-6s
Eastern Ambassador
2.44
60
1946
8 f deb 5s
Broadway Motors Bldg—
Dorset 1st A fixed 2s..
Deposited Insur 8hs ser B1
Diversified Trustee Shares
C
3.50
93
1945
Metropol Playhouses Inc—
32
'
Series ACC mod
Ask
90
1947
6s.
B'way A 41st Street-
6.77
5024
Electrical
Bid
Metropolitan Corp (Can)—
22
6.00
1953.*
/20
B'way Barclay lst2s_.
Certificates
Ask
30
1957
Alden 1st 3s
8.10
Railroad equipment-—
Steel
bid
7.61
No Amer Bond Trust ctfs.
m
Machinery
Series 1955
mm
8.42
Oils
mm
6.74
Metals
m
7.78
Series 1956..
AA mod
Series
m
6.22
Insurance stock
1.93
Real Estate Bonds and Title Co. Mortgage
4
88
6s.
5
91
1951
20
Weetlnghouae Bldg—
1st fee A leasehold 4a '48
65
1st 424b w-s
2124
—
13.25
Inveatm't Banking
Corps
Bancamerica-Blalr Corp.l
Central Nat Corp cl A...*
4
5
28
33
*
2
5
class B
First Boston Corp
10
1724
10c
124
No par value,
dlvldend.
v
a
Interchangeable.
t Now listed on New
224
6 Basis price,
n Nominal quotation,
to < When issued,
Now selling on New York Curb Exchange.
19
Schoelkopf, Hutton A
Pomeroy Inc 00m
*
/ Flat price
X Quotations per 100
d Coupon, e Ex-interest.
w-s With stock.
x Ei1 Ex-stock dividend
York Stock Exchange.
gold rouble bond, equivalent to 77.4234 grams of pure
gold.
Financial
3326
Quotations
Chronicle
May 21,
1938
Over-the-Counter Securities—Friday May 20—Concluded
on
Foreign Unlisted Dollar Bonds
Foreign Stocks* Bonds and Coupons
Bid
Inactive Exchanges
German scrip
1
11X
Coupons
Porto Alegre 7s
/27
3
112
/20
...
21X
720
70
/20X
/28
31
7
/22 M
24 X
8
Antloqula 8a
Bank of Colombia 7%
/2 2%
/16
f20X
24X
19
Cundlnamarca 634 b
1959
Dortmund Mun Utll 6s '48
22 X
Duesseldorf 7s to
1945
Dulsburg 7% to
1945
p5X
/13
/12
18 X
East Prussian Pow 6s. 1953
14
Electric Pr (Germ)
6
7a
Barranqullla 8s'35-40-
8
Bavaria
5
6X* to
Bavarian Palatinate Cons
Cities 7s to
5
7
88.
5
ollv
7
/4
4H
78.
8
78.
9
/4
/4
4%
6s.
/6
3
f20H
/ 17
20
flo
196 i
/23
/45
)
.
/117
Buenos Aires scrip
48
73^ s
flOX
ris
16X
f5X
flOH
/2
6X
l IX
11
(Brazil) 8s
11
J*
1948
Conversion
11
City Savings Bank
Budapest 78
Jan to June 1936.
/H
/35
11
67
37
July to Dec 1936
1948
8%
'-mm-*
■
1947
Santa Fe 7s stamped. 1942
/50
J24X
M Bk Warsaw 8s
Saxon Pub Works 7S..1945
mm
OX*
191
Water 7s
1951
Saxon State Mtge 6s__1947
Luneberg Power Light A
24
/22
Slem & Halske deb 6s_2930
State
8
14
10
...
/9
f56X
24
5s
1956
69
67
!20X
f20X
P1X
PX
J22X
f22X
/24
/405
iox
68 X
13
8X
24
23 X
•
■
m
'
m~
mi
Mtge Bk Jugoslavia
2d series 5s
1956
22 X
J21X
...
Coupons—
to
34 H
65
/64
/48
/22
April 1937
Stettin Pub Utll 7s... 1946
mm) m
65
/61
/61
Oct 1932 to April 1935
22X
Oct 1935
"f/:
.
mi
mi
'•
24
'
Stlnnes 7s unstamped-1936
98
/3o
Bank
'm
••
Certificates
m m
Panama
1936
(A A B)
/96
/96
Certificates
,-mmm
/63
1946
4s
/69
/57
1946
4s
7s unstamped
(CAD)
/51
m m—
--■mm,
mm
m
"rn'm
rn
'
•
-
'
-
—
Toho
-mm
Electric
1955
63 X
65 X
1947
7s
pox
11X
'
m
/38
/37
JZhX
/34
July to Dec 1935
18
/85
11
Colombia 4s
18
25
1957
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s-.1943
'_
.
/36
/39
/16
/22
/15
/13
/5
/24
/22
7%
8s ctfs of deposit-1948
/22
/36
Jan to June 1935
/25
23 X
24
Santa Catharlna (Brazil)
/22
Nat
Jan to June 1934
/16
7s assented
P
P2X
6V£s '46
•
mx
/93
July to Dec 1933
4
mmm
/22
60
/22
July to Dec 1934
Madgeburg 6s
..11
Chile Govt 6s assented..
Chilean Nitrate 6s
58
Land
German defaulted coupons:
Central German Power
1933
P1X
f21X
J21X
J20X
/27
/25
Welfare 7s '46
/22
1946
Int ctfs of dep July 1 '38
1941
Rhine Westph Elec 7% '36
6s
1941
8s
Coupons—
Office
Funding 3s
i
'
/45
bank 6 36 8
11
7
Cauca Valley
60
/46
/I 00
German
.
3
oeara
1940
1946
4s scrip
,
58
—
6s
8
(Ger¬
5s
Salvador
p7X
1967
German Atl Cable 7s. .1945
German Building <fc Land-
—
P
Rom Cath Church
:
Corp—
37
1908
7s ctls ol deposit-1957
■\mmm
/12
/H
22 X
f20X
French Nat Mall 88 6s '52
101 Xt 103 X
Gelsenklrchen Mln 6s_1934 /100
'mmm
6e
.1937 /100
18X
/18
28
T35
Prov Bk Westphalia 6s '33
R C Church
/14
change Bank 7s
/19
fV2
/19
/24
Rio de Janeiro 6%
...
10
Natl Mtge 7s.'63
Frankfurt 7s to
1945
♦•
fl7X
196 I
0^8
Income..
...
/62
1966
1966
1967
7s
19
Mortgage & In
7s
Hungarian Bank
7X*
24 X
24X
..1956
Saarbruecken M Bk 6s '47
19
Farmers
'
3
British
f22X
f22X
73$s
7Hs Income
7
5
Brown Coal Ind
63^8 '50
vestment
19
/33
23 X
l.1953
European
22X
'
17X
/22
...
/91
/22
/II
/II
22 X
22 X
1949
6X*
4H
3
Brandenburg Elec 6s..
Brazil funding 5«-.19
Brazil funding scrip
13
A»k
f!6%
/17
/17
/9
f22X
/20X
f20X
5s
20
*
>
-
1936-1937
Prov Bk Westphalia 6s '36
r
68.
Bid
f25
p4
-mm
r
many) 7s
113
s
Costa Rica funding 5e. '61
Costa Rica Pac Ry 73^8 '49
22X
1952
Poland 3s
13 X
*
22 H
f20X
City 6Xb
Panama 5% scrip
Protestant Church
Foreign Unlisted Dollar Bonds
Ask
J21X
-1945
to
pox
/13
Tel. HAnover 2-5422
Bid
Ask
1946
Panama
Great Britain & Ireland-
6
7s
8X
17X
German Young coupons:
& co., inc.
St., N. Y.
Oberplals Elec 7s
m
/16H
Apr 15 '35 to Apr 15 '38-
52 William
6X
Oldenburg-Free State
Dec 1934 stamped
braunl
Bid
Ask
PX
German Dawes coupons:
m
Tollma 7s
»-
—
■
/13
Jan to June 1937
/26
29
July to Dec 1937
/2fJ
■
Vesten Elec Ry 7s
■
mm
$86.59 91.19
23 X
/22
7% gold ruble
1943
Qntereibe Electric 6a__1953
—mm
m
/21
f20X
1947
1945
29
/24
Union of Soviet Soc Repub
"7;'
/II
/99
-mm
22 X
27
Jan to
May
1938
48.
50 X
Wurtemberg 7s to
22 X
f Flat price.
/58
General
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—For mechanical
reasons
However,
FILING
OF
REGISTRATION
SECURITIES
The
following:
it is
they
not
are
always possible to arrange companies in exact alphabetical order.
as
near alphabetical
position as possible.
always
STATEMENTS
UNDER
ACT
additional registration
statements
(Nos.
3693 to 3704, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is
approximately $142,778,479.
Commonwealth Edison Co.
(2-3693, Form A-2) of Chicago, 111., has
registration statement covering the issuance of $33,000,000 1st
mortgage 336% bonds serias I due June 1, 1968, and between $39,083,195
and $42,303,840 of convertible debentures.
The company also registered
between 7,816,639 and 8,460,768 subscription warrants
evidencing rights
filed
a
subscribe
to
for
the
debentures,
and
between
1,563,328
and
1,692,154
shares of $25 par value common stock to be reserved for conversion of the
debentures.
The amount of the convertible debentures, warrants and
common
are
stock will depend upon the extent to which certain exchange offers
accepted.
Filed May 12, 1938.
(For further details
see
"Chronicle" of
May 14, page 3179).
a
Maltine Co. (2-3701, Form F 1) New York, N. Y.
The voting trustees
a
registration statement covering voting trust certificates for
9,134 shares of common stock, $100 par.
Filed May 16, 1938.
have filed
St. Joseph Water Co. (2-3702, Form A-2) of St.
Joseph, Mo., has filed
registration statement covering 7,000 shares 6% cumulative preferred
stock, $100 par, presently owned by American Water Works & Electric
a
Co., Inc., parent company. W. C. Langley & Co. will be principal under¬
writer.
None of the proceeds will accrue to the company.
W. E. Sconey is
President of the company.
Filed May 17, 1938.
Gwyn Beardmore Gold Mines, Ltd. (2-3703, Form AO-1) of Toronto,
Ontario, has filed a registration statement covering 1,000,000 shares com¬
stock, $1 par, to be offered at 50 cents each.
Proceeds will be used for
exploration, development and plant.
No underwriter was named in the
registration.
George W. Prout is President of the company.
Filed May
mon
Washington Gas Light Co. (2-3694, Form A-2) of Washington, D. C.,
has filed
Brookline Oil Co. (2-3700, Form A-l) of Los Angeles, Calif., has filed a
registration statement covering 317,314 shares $1 par capital stock.
Of
the shares registered, 201,042 are issued and
outstanding and 116,272
shares are reserved for exercise of outstanding warrants at $1 each.
After
exercise of warrants these shares will be offered through underwriter at
$2.50 each.
Proceeds received by company will be used for development
expense.
Palmer Miller & Co. is principal underwriter.
James C. Miller is
President of the company.
Filed May 16, 1938.
registration statement covering 15,600 shares $4.50 cumulative
convertible preferred stock, no par value, and 46,800 shares common
stock,
no par value to be reserved for conversion of
the preferred.
17, 1938.
Of the preferred shares being
registered, 2,497 will be offered by holders
of presently outstanding no-par value common stock.
The balance will be
offered to the public through an underwriter.
Proceeds will be used to
A-2) has filed
reimburse the company's treasury for
capital expenditures.
and underwriter will be named by amendment
.
of the company.
Offering price
Marcy L. Sperry is President
Filed May 12, 1938.
Quarterly Income Shares, Inc.
N.
has filed
J.,
cents
chase
value
par
of
a
(2-3695, Form A-2) of Jersey City,
registration statement covering 2,608,186 shares of 10
stock together with 2,391,614 warrants for pur¬
Mountain
given
the
registration statements:
American Agents Plate Glass Ins. Co.
common stock
will
be
issued
to
common
and
will
stock at $100 per unit.
corporation.
of Washing¬
D. C., has filed a registration statement covering 10,000 shares $20
par value 7%
cumulative preferred stock and units of one share of the
preferred and one share of common at a price of $25 a unit. Proceeds will
be used for working capital.
Bankers Securities Co., Inc., will be under¬
ton,
Blake S. MacKenzie is President of the corporation.
1938.
Fund, Inc.
(2-3699,
Form A-l)
of Jersey City, N. J.f has
filed a registration statement covering 1,000,000 shares of common
stock,
$1 par.
Stock is to be offered initially at $10 a share up to 10,000 shares
with the balance offered at market.
Filed
May 14,
1938.
$10.
A
stock
covering 23,536 shares ($1 par) 35-cent
and 328,536 shares 12^-cent par value
Filed March 11, 1938.
Consolidated Oil Co.
par
(3622) covering 75,000 shares of
common
stock,
stock,
Filed March 14, 1938.
Dewey Portland Cement Co. (3543) covering 396,420 shares of
par $15.
Metropolitan
common
Filed Dec. 6, 1937.
New
York
Corp.
(3101)
covering
$1,000,000
of
5%
certificates of indebtedness maturing May 1, 1957 and 2,000 shares ($1 par)
common stock.
Filed March 23, 1937.
Proceeds will be used for investment.
(For further details
see
Stop order discontinued
withdrawn.
subsequent page).
and
registration
statement
Crude Oil Corp. of America (3618) covering crude oil bills of sale for
1,000,000 barrels of crude oil to be offered the public at market price.
Filed
March 11, 1938.
Filed May 13.
,
Apex Gold Mines, Ltd. (2-3698, Form A-l) of Vancouver, B. C.. has
filed a registration statement covering 625,000 shares of common
stock, $1
par to be offered at par.
Proceeds will be used for mill development and
working capital.
Underwriter to be named by amendment.
Harry E.
Miller is President of the company.
Filed May 14, 1938.
Chemical
convertible class
common stock.
(3620)
William A. Broadfoot is President of the
Filed May 13, 1938.
Bankers Credit & Acceptance Corp.
(2-3697, Form A-l)
writers.
cumul.
the
predecessor corporation in part payment for assets
be offered by predecessors through
liquidating com¬
mittee to its stockholders in units of $100 face value of bonds
and 20 shares of
purchased
(3674) covering 2,500 shares of
Filed April 29, 1938.
(par $100).
Barley Earhart Corp.
offered
Aspinook Corp. (2-3696, Form A-l) of Jewett City, Conn, has filed a
registration statement covering $150,000 of 1st mortgzge bonds and 30,000
shares no par value common stock.
Both the bonds and common stock
a
due
The SEC has announced that at the request of the appli¬
cants it has Consented to the withdrawal of the
following
common
common.
Of the shares being registered, 216,372 will be
publicly through the underwriter at market price.
The balance
will be reserved for exercise of warrants at
liquidating value.
Proceeds
will be used for investment.
Smith, Burris & Co. will be the underwriter.
Iioss Beason is President of the
company.
Filed May 13, 1938.
on
States
Telephone & Telegraph Co. (No. 2-3704, Form
registration statement covering $30,000,000 30-year 3X%
June 1,
1968.
Filed May 19,
1938.
(Further details
subsequent page.)
debentures
in
The last previous list of registration statements was given
our issue of
May 14, page 3169.
American
Agents
Plate Glass
Insurance Co.—Regis¬
tration Withdrawn—
See list given on first pages of this department .—V. 146
Air
,
p.
3000.
Associates, Inc.—Listing and Registration—
The New York Curb Exchange has admitted the common stock, $1 par, to
listing and registration.
.
Volume
Financial
146
6 Months Ended March 31—
Net sales
1937
1938
$1,029,194
V
.
$629,857
478,758
813,969
Cost of goods sold._;
Gross profit on sales
$151,100
3,819
9,041
$219,045
147,626
$160,140
122,368
$71,419
$37,772
,
now
need
in
3327
of
additional
facilities
which
the
other
For
supply.
can
example, Allegheny requires additional bar
rolling equipment and Ludlum
flat rolling facilities.
The combined companies will have suf
requires
ficient equipment for
$215,226
Commissions earned
Chronicle
rolling both oars and flat products without additional
investment and will be more
nearly self-contained because of the com¬
plementing facilities.
For this reason the merged companies should be
able
Total gross
profit—
Selling, administrative & general expenses
—
Operating profit
779
Interest, dividends & sundry income..
125
;v,
~
paid
617
Includes
amount
no
*
- „ « „ .
$31,768
V
provision for surtax on undistributed profits, the
tax being dependent upon the profits and
incidence
dividend
of such
c
Based
b Based on 99,884
82,921 shares
on
making available to the public a larger volume of the better steels.
two companies in the industry so
completely represent, with scarcely
duplication of importance, the complete range of alloy steel products as
do these two companies.
From corrosion-resisting wire as fine as threeany
thousandths of
inch in diameter,
an
Ludlum's products range through the
heat-, corrosion-, wear-, and shock-resisting fields, including alloy forgings V
and castings, up to bars 6" in diameter as well as slabs and billets.
Where
Ludlum leaves off with 9 bars mill, 14
forging hammers, and those heat-
treating and processing facilities so essential to its type of products Alle¬
gheny provides over 400,000 tons of melting capacity and modern finishing
equipment for the production of flat-rolled products from narrow strip up
plates, and provides in addition facilities for manufactur©
of substantial tonnages of tubular products both
Lapweld and Seamless,
and iron and steel castings.
Approximately
of melting capacity is devoted
tons
distributions of the full fiscal year which ends Sept. 30.
1938.
6,856
c$0.27
b$0.50
_ _
shares outstanding March 31,
thereby lowering operating
co?£vi-a
No
to wide sheets and
8,880
...
_. >
376
4,300
$59,980
profit for the period
Prov. for deprec. of bldgs., macy., &c., & for
amort, of leasehold improves., charged to mfg)
*■& other expense classifications
Earnings per share (after semi-annual pref. div.
requirements) .
564
9,500
a
Net
a
."W
301
Sundry deductions
Prov. for Fed. tax on income.—Est.
and
888
1,800
Provision for doubtful accounts.
Interest
$37,897
$72,198
p* Total incom©--—
to provide increased and more
steady employment than has been
the case when operating individually and
by the same token should make
efficient use of rolling and other facilities,
more
outstanding
Sept. 30, 1937 —V. 146, p. 2999.
to
steels and to the stainless alloys.
40% of Allegheny's 400 000
Allegheny's special quality silicon
This is noteworthy because in view of the
present relatively small volume of high quality flat rolled steel products it is
desirable that additional production of the so-called
ordinary steels be
available to carry the overhead of the expensive
manufacturing equipment
required for quality production.
To this end the electric steel capacity of
the two companies, amounting to about 138,000 tons, would be
supple¬
mented
by Allegheny's 300,000 tons of flat-rolled soft steel capacity.
research and development work of both
Allegheny and Ludlum
brought them recognition far in excass of the proportionate size of
either in the steel industry and the sales coverage of the different
products
of the two companies is today nationwide.
It is estimated that any present
duplication of overhead expense would be made profitably productive or
"The
Abitibi Power &
Paper Co.—Earninga—
Month—
Apr., 1938
$181,931
Earnings after expenses
x
Before depreciation,
x
have
Mar., 1938
$140,258
Apr., 1937
$362,653
146, p. 3169.
bond interest, and taxes.—V.
would be eliminated after the merger and that the consolidation of the two
managements, both of which have demonstrated their ability to adjust
themselves successfully to the changing conditions of the last few
years,
Advance Bag & Paper Co., Inc.—Earnings—
would most
(Not Including Southern' Advance Bag & Paper Co., Inc.)
1936
1937
Years Ended Dec. 31—
Net profit from
Other income
$65,351
S3,724
354,635
250,000
282,450
207,500
$669,986
$493,675
46,309
153,607
115,802
7,720
manufacturing
...........
Dividends received from subsidiary
Total income
Charges against income.
Depreciation
148,678
118,402
...
Interest and amortization on bonds
scrip.
Non-recurring income (red. of bonds)
—;
Interest on
i
.
loss
reflect
Does not
a
on
$436,012
——
"In
of these and
view
other considerations the two
Allis-Chalmers Manufacturing
a$170,235
Ohio plant which was
sale of Middletown,
Net sales.
depr.,
Co.—Earnings—
1937
;
v,
1936
1935
$6,697,646
16,092,844
10,723,741
6,678,143
$1,845,438
199,490
$1,695,551
194,346
$909,426
151,189
$19,502
149,650
$2,044,928
$1,889,897
$1,060,615
$169,153
160,447
11,040
191,395
_.
Years Ended Dec. 31
l/V/
Net profit
boards of directors'
$17,788,395 $11,633,167
;
r -v:.
develop., sell. & adm.
v ->
exps.
&
tax
(except
Federal income)
18,464,661
(Southern Advance Bag & Paper Co., Inc.)
Income Account for
1938
..$20,310,099
Cost of sales, incl.
charged directly to surplus.
■
tremendous increase in demand for their
adopted resolutions approving the proposed merger and the submission of
the plan to the stockholders of the respective companies for their
approval
at a special meeting of the stockholders of each
company called for August
10, 1938. notice of which meeting will be sent to the stockholders in due
course, together with a copy of the joint plan of agreement and merger."
—V. 146, p. 3170.
3 Mas. End. Mar. 31—
Balance..
a
In short, each company has facilities, equipment, pro-;
duction and personnel that the merged companies can use to
advantage for
the benefit of employees, the consuming public and the stockholders.
Cr74,837
41,733
Reserve for Federal income tax
effectively anticipate
special products.
1936
1937
$1,477,224
from manufacturing before deprec
Other income.
15,979
9,000
-
Dividend received from subsidiary..
$752,959
194,802
Other income____
_
Total
13,500
Deb. int. & amort, of dis¬
Total income..
Charges against income (cash
$1,502,203
;
...—
discount, &c.)__.—
Depreciation
316,516
Interest and amortization on bonds
246,308
Non-recurring income (red. of bonds)
Cr73,235
Reserve for Federal income tax... „188,548
—
$961,261
143,888
185,121
count &
Miscellaneous
Bal. avail. for divs. before
$824,067
Federal income tax—
1
$824,067
Balance—.
Net income
Shares common stock...
$490,851
266,628
$224,223
(Advance Bag & Paper Co. only)
1936
1937
Assets—■
JBfcoffices---.-.—
$100,652
73,862
(less
1,137
reserve)
.
12444
17,270
6,075
44.387
2,310
1,619,796
2,174,362
Prior lien 8% stock
1,731,990
664,720
1,827.200
1,827,200
524,035
?6
6,880
1,416
138,684
PIN. P. V
_
Common stock
preferred stock
per share
_____
Sink'g fund deposit
14,162
150,162
Inc., of Boston.
solidation.
106,623
board of directors.
fund
contingencies
a
2,897,057
48.877
Deferred charges..
reserve
Note—The
Stockholders
64,583
$6,890,411 56,992.451
Total..
After
3,042,554
for
Listing A
56,890,411 56,992,451
Total....
1936 and $1,628,959
This
company
is launching plans for an expansion program to cost at
according to an announcement issued for publication on
May 16 by John S Burke, President of the
Construction work will be completed by
1
a ;
(
major changes,
representing the start of the program, will be the the installation of two
banks of streamlined escalators, two Diesel engines to meet added power
requirements and the addition of 15,000 square feet of floor space to tne
sales departments on the upper floors.
Mr
Burke, in commenting on the store's program, expressed his belief
in the future of American business and declared now "is the time to showtangible proof of that belief."
Mr
Burke said the store also is preparing for the increase in traffic
which the World's Fair "will inevitably bring.'—V. 136, p. 4462.
store.
Allegheny Ludlum Steel Corp.-
held
May
Oct.
p.
in
the
Bernkopf and Nathan Sallinger to the
Transfer of assets will take
•
.
•
:
■
.
;;
.
p proved—
approved for listing 26,889 additional
par, upon official notice of issuance.—V. 146,
3172.
.'.-/'V
/-J"v.;
American Power &
Period End. Jan. 31—
OU# ih
is a
/Jf fifpi
"""
i
i
res.
1938—3 Mos.—1937
'*
i-
2,585,024
approps.--
Gross income.
Int. to
_
_
_.
—
;'
'
-
1938—12 Mos.—1937
.
;
$24,359,976 $98,550,714 $91,551,940
12,872,969 52,108,120 47,478,691
2,478,897
8,931,286
7,481,588
$9,287,996
73,304
Net oper. revenues.
Other income (net)
\.v
Light Co. (& Subs.)—Earnings—
Operating revenues. —.$25,320,821
Oper. exps., incl. taxes.. 13,447,801
Prop. retire. &
deplet.
The
-Proposed New Name-
increase
an
Both are directors of Ideal.
i
1.
approved
17
...
$9,008,110 $37,511,308 $36,591,661
203,693
224,015
62,166
$9,361,300
$9,070,276 $37,735,323 $36,795,354
public & other de-
ductions
Int. chgd. to
--
099,760
construct n
Balance.____-
Pref. divs. to
Portion
4,028,343
--— -
public--.-to min.
$5,432,717
1,792,914
4,031,500
097,018
15,984,663
0330,576
15,982,958
0106,552
$5,135,794 $22,081,236 $20,918,948
7,171,623
1,792,760
7,170,|885
applic.
19,383
interests
22,846
76,735
78.423
Allegheny Steel Co. below.
See
Steel Co.—Merger with Ludium Steel Co.
by Directors of Both Companies—Stockholders to
Aug. 10—
Allegheny
Approved
Vote
meeting
a
Stockholders of Ideal had previously approved the con¬
shares of common stock, no
is not consolidated and does not show
either the assets or liabilities of any subsidiary except as to certain inter¬
company accounts.—V. 144, p. 2813.
;
(B.) Altman & Co.—Expansion Program-—
bonds due June 1, 1938-
The New York Curb Exchange has
above balance sheet
least $1,000,000.
at
place in the near future.
depreciation of $1,491,184 in
rZi
Laundering, Inc.—Bonds Called
Stockholders also elected M. E.
,
Nil
authorized stock to be used in the acquisition of Ideal Financing Association,
for
...
Fixed assets
a
3,075
loss$22,242
1,344,479
cquisition—New Directors—
665,611
Special
$754,127
1,344,479
:$0.56
American Investment Co. of Illinois—Stock Increased—
A
2,639,152
958,928
$1,504,897
1,770,853
$0.85
American Institute of
810,199
Surplus
$1,403,649
1,773,962
$0.79
The entire issue ($191,500) of first mortgage 6%
2,557,184
36,816
Investments
135,000
1939 have been called for redemption on June 1 at 101.
Payment will be
made at the First National Bank of Joliet, Illinois.—V. 146, p. 2838.
Treasury securities
Due from affil.cos.
385,000
Billings for the quarter were $20,310,099 compared with $17,788,395 in
corresponding period of last year, an increase of $2,521,703 or 14%.
Orders booked for the quarter amounted to $19,314,557,. a decrease of
$4,891,007 or 20% from the $24,205,565 bookings in the same period of
1937.
Unfilled orders on March 31, 1938 totaled $20,248,025 compared
with $20,235,507 on March 31,1937, and $21,243,567 at the close of 1937.—
—V. 146, p.3170.
1,731,990
664,720
Res. for Fed. taxes
227,694
Notes receivable..
Inventories..
1936
Funded debt
81,583
life ins. policies-
385", 66o
the
525,383
25,179
Notes payable
Accrued Items....
Cash surr. value of
Accounts rec.
1937
531,245
LiabilitiesAccounts payable.
$208,821
-
_
141,401
Balance Sheet, Dec. 31
Cash in banks and
charges.
Prov. for Fed. inc. taxes.
Earnings
Dividends paid during year
256,279
expense.....
May 17 of the boards of directors of the Allegheny Steel Co.
Ludlum Steel Co., a joint plan and agreement of merger between
the two companies was approved.
This plan will now be submitted to the
stockholders of the two companies for their approval.
The announcement,
made jointly by the managements of both companies, says:
"The name of the new organization, if the merger becomes effective, will
be Allegheny Ludlum Steel Corp.
Its new board of directors will be drawn
from the boards of directors of the present companies approximately in
proportion to their respective assets.
Each stockholder of Allegheny Steel
Co or of Ludlum Steel Co. will be entitled to the same number of shares
in the Allegheny Ludlum Steel Corp. as he now holds in either Allegheny
At meetings
Net equity of A. P. &
L. Co. in income of
$3,620,420
Lt. Co.-—
Net equity of A. P &. L.
Co. in inc. of subs.-.. $3,620,420
subs.
•
$3,320,188 $14,832,878 $13,669,640
Amer. Pow. &
19,366
Other income....
$3,320,188 $14,832,878 $13,669,640
5,288
59,944
23,581
and of the
or
Ludlum or both.
two boards of directors believe that their action
,
"The
will contribute
continued progress, development and further success of both of these
manufacturing units in the field which they occupy in the industry.
It is
anticipated that important economies in operations will be effected but
because of the aosence of duplication no elimination of plants is contemplated
nor will melting capacity be increased by a single ton.
Each company is
to the
725,323
$3,325,476 $14,892,822 $13,693,221
93,275
398,617
454,132
724,679
2,910,842
2,908,138
$2,817,933
$2,507,522 $11,583,363 $10,330,951
$3,639,786
Total
96,530
Exps., incl. taxes-.--—
Int. & other deductions.
Bal
carried
to
consol.
earned surplus.-...
includes full revenues without consideration
possible revenue losses of one subsidiary involved in rate litigation for
which a reserve has been provided by appropriations from surplus.
For the
12-month periods ended Jan. 31. 1938 and 1937, such appropriations
Notes—The above statement
for
amounted to $611,850 and $667,865. respectively.
.
Provision by subsidiaries for Federal surtax on undistributed profits in
amount of $73,321 is included in the 3-month and 12-month periods
ended Jan
31, 1938, and in the amount of $4,930 in the 3-month and 12^
the
month periods
ended Jan. 31, 1937.
No provision has been made by Amer-
Financial
3328
Chronicle
lean Power & Light Co. and subs, thus far in 1938 for surtax on undistributed
profits.—V. 146, p. 3172.
American Safety Razor
1937
x$287,181
1936
$291,538
1935
$264,414
y524,400
y524,400
174,800
174,800
Shares of common stockEarnings per share
x
z
American Type
week
a year ago.
Gross output, including sales to
units for the current
Atlantic Oil Investment Corp.—Earnings—
2,326,044
—
1937
$7,882,785
4,897,826
2,374,263
$136,006
184,438
Cost of goods sold
Selling and general expenses
$610,696
172,217
profit
Net operating
Other income
x
Total income
$320,443
93,635
13,456
38,214
30,000
-
Discounts allowed
-
—
Interest
debentures-
on
Federal and foreign income tax—.
1938
$5,243
Net income
x
$782,912
1937
$6,467
After deductions for operating expenses, normal Federal income taxes
but before provision for Federal surtax
146, p. 2357.
and other charges
earnings.—V.
Automobile Finance
undistributed
on
Co.—Preferred Dividend Deferred—
of the dividend ordinarily due at this
the 7% cumulative preferred stock, par $25.
A regular quarterly
dividend of 43 % cents per share was paid on March 1, last.—V. 146, p. 2840.
Directors have deferred payment
time
Miscellaneous deductions
other utilities, amounted to 88,028,602
week.—V. 146, p. 3173.
3 Months Ended March 31—L
1938
—$7,564,458
5,102,408
-
-----
Co.—Weekly Output—
13, Associated Gas & Electric System reports
output of 81,817,332 units (kwh.).
This is 6,557,535 units
electric
7.4% below the total of 88,374,867 units reported for the comparable
or
Founders, Inc.—Earnings—
Years Ended March 31—
of this department.—V. 146, p. 1701.
page
For the week ended May
net
[Including Wholly-Owned Subsidiaries}
Net sales
first
Associated Gas & Electric
No provision has been made
Par $18.50.
y
$0.43
$0.55
$1.67
r
.$1.51
for Federal surtax on undistributed profits,
After deprec., reserves, Federal taxes, &c.—V. 146, p. 1865.
1938
21,
Aspinook Corp .—Registers with SEC—
See list given on
Corp. (& Subs.)-—Earnings—
1938
*$225,761
Quar. End. Mar. 31—
Net profit-
z
May
on
102,635
17,167
123,147
Baldwin Rubber
Co.—Earnings—
Earnings for the 9 Months Ended Sept. 10, 1937
25,000
Profit from operations
Net income..-
—
—
$145,139
$514,964
568,096
$0,26
-
stock (par $10) - s.
Earnings per share on capital stock-----
—
$1.04
Notes—The income account includes depreciation of $228,119 for 1938 and
been made for Federal surtax on undistributed profits.
No provision has
Consolidated Balance Sheet March 31
1937
1938
Assets—
$884,187
Inventories.--.--
2,691,675
Mtgs. rec. (less res)
381,075
c
113,056
ch'y, equip.,&c. 2,331,980
Equipment, Ac.
91,983
of sub. cos.
2,389,149
79,084
tax
supplies, Ac., de¬
-
89,327
99,189
ferred charges..
...
15-yr.
25,000
105,666
119,000
72.678
50,000
debs.
17,096
payable.-.-'
conv.
sink,
fund debs---..-
965,400
4,951,463
Earned surplus.
$9,612,1131
.-$9,625,506
on
..
Total
1,689,704
514,964
$9,625,506 $9,612,113
in 1938.
b After
to surplus
Adjustment of provision for Federal income and excess profits
taxes for the year 1936
Water Works & Electric Co., Inc.—Weekly
w
y
^,-:':vA: A.''• V'A'-
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended May 14, 1938, totaled 39,542,000
kilowatt hours, a decrease of 22.8% under the output of 51,191,200 kilowatt
hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1938
1937
1936
1935
1934
May 14—V. 146, p.
3172.
American
Earned surplus,
Sept. 30,1937
$1,118,073
the result of distributions made to stockholders, no profits
undistributed within the meaning of the Revenue Act in force
Note—As
remained
and the company
has, therefore, no liability for surtax
profits for the nine months ended Sept. 30, 1937.
Cost of goods
1938—3 Mos.—1937
12
fos. *38
$1,883,296
$3,764,689 $12,240,662
1,674,265
3,468,340
11,381,025
—
sold.
—
Gross profit on sales
_
—
Other income.
-
—
$209,031
23,146
.
------
Total income.
$232,177
89,569
5,230
112,500
12,100
Normal income taxes
Surtax on undistributed profits
Excess profits taxes
.—
Net profit—Provision
for surtax
on
$859,637
93,715
$306,804
104,999
1,174
96,000
11,825
----------—_—..
Adminis., selling & other expenses.
Interest expense, net
Prov. for deprec. & depletion
x
$296,349
10,455
—
$953,352
317,422
15,394
400,478
24,851
25,079
4,676
.
x$l3,053
x$92,531
on
undistributed
Balance Sheet Sept. 30, 1937
Liabilities—
Assets—
—
—
$514,323
—
—
Accts & trade acceptances rec.
x370,646
501,748
Inventories
molds and dies
—y1,004,274
16,226
Deferred charges
Other assets
y$105,452
undistributed profits has not been deducted,
Provision for surtax on undistributed profits for the three months ending
March 31,1938, has not been deducted.—V. 146, p. 2524.
payable—bank—unse¬
cured
(current)
$80,000
...
209,787
...
(incl.
accts.
pay. to officers &
bonus
employees,
$25,412)
Notes
185,915
payable—bank—unse¬
cured (not current)
26,263
—
—
Accounts payable
11,065
...
Plant property
Notes
Accrued
Receivable from customers for
Miscellaneous
320,000
113,061
reserves
Common stock
(par $1)......
Capital surplus (less excess of
cost of treasury shares
316,757
over
value thereof)
par
100,955
Earned surplus
$2,444,5471
Total
Zinc, Lead & Smelting Co. (& Subs.)—Earns
Period Ended March 31-—
Net sales—
8,600
$1,295,873
177,800
---38,148,000 50,000,000 45,251,000 38,874,000 35,224,000
38,313,000 50,513,000 45,791,000 37,100,000 35,957,000
—38,666,000 50,876,000 44,433,000 37,658,000 35,278,000
39,542,000 51,191,000 44,766,000 38,207,000 35,691,000
—
57,694
Gross surplus
Dividends paid
Cash
Apr. 23.
Apr. 30—
May
7
$401,828
827,751
Earned surplus, Jan. 1, 1937
Reserve for excessive carrying value of plant property restored
re¬
for depreciation of $641,818 in 1937 and $812,985 in 1938.
c Less
$365,340 for depreciation in 1937 and $405,258 in 1938.—V. 146, p. 3001.
Output—■'
5,024
74,435
6,291
profits tax
serve
American
4.500
disposal of fixed assets
1,641,200
5,680,963
1,671,741
660,102
After reserve of $225,248 in 1937 and $171,541
a
117,982
50,286
Cap. stk. ($10 par)
Capital surplus
-
Loss
Excess
inc.
(est.).on
3,483
Provision for bad debts
Net income
Contract payable.
Res. for Fed. inc.
116,250
—
Prepd. taxes & ins
Factory
A shlp'g
Total
$558,657
63,096
$485,704
124,006
for Fed.
Acer. int.
100,307
—
$295,331
Ac.--.
Res.
tax
92,875
1937
Acer .salaries .taxes,
377,189
Ty pographic liabr,,
real est. &c., inv
b Land, bldg., ma-
1938
Accounts payable-
$920,655
Accts.& notes rec 2.973,457
———
Gross income
Cash discounts on sales
Normal income tax
Liabilities—
2,696,647
2,809,532
a
Other income
Interest—
$199,153 for 1937.
Cash
$546,322
12,335
495,116
Shares of capital
1,118,073
Total
$2,444,547
Including officers and employees, $335, and sundry, $7,692, less re¬
serves
of $12,365.
y After
reserve
of $481,941 for depreciation.—V.
146, p. 3174.
x
Baltimore Transit
[Including
Period End. April 30—
Operating
Operating
Co.—Earnings—
Coach
Baltimore
Go.—Inter-company
1938—Month—1937
$1,036,065
849,439
845,137
$1,018,288
revenues
expenses
Net oper. revenues—
Taxes
$168,849
93,792
$190,928
106,738
$75,056
1,550
$84,189
1,312
Fixed charges..
$76,606
5,730
$85,501
8,481
Net income
$70,876
$77,020
Operating income
Non-operating income.
_
Gross income
items
eliminated]
1938—4 Mos.—1937
$3,906,125
$3,972,932
3,357,145
3,305,733
$548,980
354,425
$667,199
390,683
$194,555
$276,516
5,568
4,816
A
$199,371
22,290
$282,084
33,611
y
Anaconda Copper
Mining Co.
1938
3 Mos.End. Mar. 31—
(& Subs.)—Earnings—
1937
1936
Operating Income.$6,576,113 113,205,863
346,135
466,480
Total income
Interest, Ac
-----
Exps. of non-oper. prop.
Federal taxes
Lbss on bonds &
retired-....-.
1935
$6,925,859
384,800
897,261
480,960
56,184,375
1,037,986
460,729
395,000
126,278
98,861
1,931,174
7,255
56,922,248 $13,672,343
703,962
801,069
606,705
145,233
1,173,970
1,716,310
$5,869,463
314,912
$7,310,659
Other income.-
56,499
1,877,142
6.298
960,550
debs.
—
Disc't & prams. on bds.
..
Deprec., obsol. & depl.
Minority interest
x
71,301
1,938,841
41,953
Net inc. (before deplet.
of metal mines)
43,921
2,417,854
10,856
Note—No deduction is made for interest
$177,081
$248,473
series A 4%
and 5% deben¬
tures.
The approximate interest for the four months, at tne full stipulated
rates, is $313,660.—V. 146, p. 2840.
on
Bangor & Aroostook RR.—Collateral Deposited—4
The Old Colony Trust Co. of Boston as trustee under consolidated re¬
funding mortgage deed, dated July 1, 1901, securing Bangor & Aroostook
RR. Co. consolidated refunding mortgage 4% bonds has notified the New
York Stock Exchange that $1,000 par Bangor & Aroostook RR. Co.
Washburn extension 5% bonds, due Aug. 1, 1939, has been deposited as
additional collateral under said consolidated refunding mortgage deed.—
V. 146, p. 2677.
Bankers
&
Credit
Acceptance
Corp.—Registers
viith
SEC—
$2,385,516
of cap. stock (par
$50) outstanding—8,674,338
Earnings per share
$0.76
$8,537,100
$2,808,320
$2,350,721
8,674,338
8,674,338
$0.98
$0.32
8,674,342
$0.27
Shs.
Includes depletion of timber, coal and phosphate lands.
Note—No provision has been made in the above
See list given on first page of this department.
Barley Earhart Corp.—Registration Withdrawn—
See list given on
first
page
of this department.—Y. 146,
p.
1866.
x
income account for surtax,
if any, on
preliminary consolidated
undistributed profits.
The company's share of the estimated combined net loss for the three
months eritied March 31, 1938, of the principal unconsolidated
subsidiaries,
Anaconda Wire & Cable Co., Mountain City
Copper Co
and Walker
Mining Co., amounts to $206,993.
This loss is not included in this pre¬
liminary consolidated
Andes
income account.—V.
146,
2194.
p.
Copper Mining Co.—Earnings—
Basic Dolomite,
Inc.—Listing Approved—
The New York Curb Exchange has approved for listing 350,000 outstand¬
ing shares of
common
stock, $1 par.
Earnings for 3 Months Ended March 31, 1938
and other deductions..$43,668
Net operating loss of subsidiaries, noj taken up, for first quarter of 1938
were approximately $2,400.—Y. 145, p. 3647.
,
Net loss after taxes, depreciation, depletion
Beacon
Participations, Inc.—Balance Sheet March 31—
[Including Potrerillos Ry. Co.]
Preliminary Consolidated Income Account, 3 Months Ended March 31 1938
Operating income.
$1 0i6 166
Cash
Other income—Income from railroad and miscell.
Furniture & equip.
75
93
Notes receivable—
167,129
30,500
Due from brokers.
1,003
TnSSSr-"*""—-"
Interest on loans...,
income._~I
-
70[848
si ,087.014
United
States and Chilean income taxes, estimated"
Provision for depreciation and obsolescence.
Consolidated net income, without deduction for depletion
on 3,582,379 shares capital stock.
x
For the corresponding period last year net amounted to
Securities at cost.
_
$13,839
Reserve for taxes.
816,501
Reserve for losses
Apex Gold Mines, Ltd.-^-Registers with SEC—
See list given on first page of this department.—V. 145, p. 100.
1937
$12,195
litigation
15,252
34,433
160,000
14,988
4,116
3.387
CI.A partic. pref.
stock—
582,143
653.182
499,000
499,000
expense
x
6,697
6,891
yCl.B partic. pref.
stock
A
or
z
Total
$967,160
SS60.933
—
_
Common stock..
Deficit
17 cents per share.
tributed profits.—V. 146, p. 2195; V. 145, p. 3490.
for
$8,467
164,072
Suspense accountAccounts payable.
x$604 930
$0.17
$591,580
Res.
_
Notes payable
288,342
Note—All United States income taxes have been estimated on the basis
of the Revenue Act of 1936, with no provision for surtax, if any, on undis¬
1938
1937
$2,189
796,763
17 342
176 400
-----
Earnings per share
Liabilities—
1938
Assets-
Total
1,000
1,000
356.312
481.419
$967,160
$860,933
x
Represented by 30,547 (34,378 in 1937) no paer shares,
y Represented
by 25,000 no par shares,
z Represented by 25,000 no par shares.
The earnings for the three months ended March 31 was published in
V. 146.
t).
3174.
Volume
Financial
146
Light, Heat & Power Co.—Bonds
Beauharnois
Brooklyn & Queens Transit System —Earnings—
Called—
series A, due Jan.
The entire issue of first mortgage income bonds 5H %
1,
1973 have been called for redemption on July 1 at 102. Payment will be
made at the Bank of Montreal, Royal Bank of Canada or the Canadian
Bank of Commerce in the cities of Montreal, Toronto, Halifax, Quebec,
Per
End. April 30—
Tota
Net
rev.
Taxes
extra dividend of 25 cents per share
dividend of SI per share on the common
stock, both payable July 1, to holders of record June 10. Similar amounts
were paid in each of the six preceding quarters.
A special dividend of $1
per share was paid on Dec. 15, last.—V. 146, p. 2677.
The directors have declared an
in addition to the regular quarterly
Berghoff Brewing Corp.—To Pay 2o-Cent
Dividend—
share on the common
Directors have declared a dividend of 25 cents per
This will be the first
stock, payable June 15 to holders of record June 4.
—V.
Apr. 23,'37
Apr. 22,*38
Apr. 18/35
Apr. 24,'36
"
.
.YY
135,084
losses, &c. charges.__
:■■■■■■
$7,141
$38,167
146, p. 2032.
a
Lowered—
dividend of 25 cents per snare on
Bowman-Biltmore
Period End.
Profit..
Hotels
$42,811
After ordinary taxes, rental and interest, but
x
income taxes.—V.
146,
p.
Brown Co.
$127,673
before amortization and
$65,070
'
Boyd-Richardson Co.—Preferred Stock Called—
,7;
total of 122 shares of 8% cumulative first preferred stock has been
called for redemption on June 15 at $115 per share.
Payment will be made
at the Mississippi Valley Trust Co., St. Louis, Mo.—V. 139, p. 3474.
1934
1937
1936
1935
$13,254,964 $14,028,947 $11,933,680
(net).____
413,240
690,149
489,541
$7,511,281
...$13,668,204 $14,719,096 $12,423,221
1,258,140
..." 1,992,739 " 1.769,745
1,771,933
1,808,930
1,930,000
$7,984,110
1,626,646
961,171
Years~
Gross profit
Total income
Depreciation,
Federal taxes
Estimated Fed. surtax..
....
....
238,275
126,948
$9,390,743 $10,411,077
7,769,800
7,769,800
$9,266,200
5,835,600
$5,121,625
3,391,050
245,791
(Maine)—To Issue Trustees' Certificates—
hearing will be had at theU. S. Court House, Portland, Me., on May 27,
paid.
Such certificates will constitute a first lien and 1
charge upon all the property of company in the hands of the trustees.
—V. 145, p. 3491.
7-;-Y>
per annum until
Brown Paper Mi.l
A total of
and general expenses.
V. 144, p. 3830.
Buffalo Ankerite Gold
.$755,756
Adjustment of value of
1937
V
1936
8
12,793,323
Accounts payable. 2,246,924
6,767,119
machinery, &c..12,790,755 11,799,743
1,969,370
Cash
4,339,458
7,666,865 Accrued accounts. 1,077,406
Prov.
jig-
cap.
from
coll.
1,353,859
1,410,183
foreign affiliates 4,550,536
Co.'s cap. stock.
531,361
zl64,336
Dep. in closed bks.
Other
claims,
stock taxes. 2,346,693
2,456,662
3,007,886
3,007,882
Deferred credit...
4,550,536 Surplus
531,361
152,442
333,091
226,246
21,624,200 20,003,257
2,625
.
.
revenue
Mining costs
Milling costs..
.$753,131
215,179
72,189
50,548
45,593
39,470
Y,...
..
.
......
.........
.....
General expenses_
.
_
Development and exploration
Depreciation
expenses.
.
.
.$330,152
4,294
Net profit from operations.
Miscellaneous income.
.
Net profit for period.
Provision for income taxes.
.$334,446
Net profit-...
Cost (Jan. 1, 1938 to date) of sinking
.$296,479
42,525
37,967
.
shaft No. 5—written off.
$253,954
797,039
Balance carried to earned surplus...
Profit from sale of stock
.
554
i..
1937
Workmen's compensation credit re
Duty rebate
■
.
previous year_______
re
Total.
Ji
Dividends paid-.-.
-
.
_
.Y.'.Yii;*
.
2,777
1,441
1,055,765
175,420
i,.:.
»
.
-
...
— .
——$880,346
Balance at credit, Martih 31,1938
ASSCtS"***
'
' "
,V,'•
Cash In banks &
on
,
Liabilities—
V'"
"y1,
$397,436
hand..
408,424
Invests, at cost, plus accr. int.
Gold
bullion
transit
in
Accts. pay. &
$81,567
48,829
1,986
accrued llabs
Accrued payroll..
Unclaimed dividends
(incl.
99,262 Due trustee
94,954 Res. for Dom. & Prov. taxes..
576,252 Capital stock (par $1)
Bldgs., mach. & equipment
xl,028,767 Cap. surplus—Apprec. of fixed
assets due to appraisal, less
Mine development
1
discount on cap. stock..
Invest, in &advs. to subs.13,860
Prepaid insurance, &c._
26,859 Paid in surplus—Prem. on cap.
premium)
Stores, &e
Mining properties
stock
Earned surplus
107,501
107,501
Market'le secure..
4,674,915
Inventories
9,213,315
573,259
items...
x
8,281,978
12,277,321
445,926
1,640
180,917
701,679
328,473
420,379
880,346
After reserve for
.$2,645,815
Total...
$2,645,815
Total..
5,130,208
Acc'ts receivable..
Deferred
...
in¬
&c._
vestments,
for inc. and
Conting. reserves.
Inv. in & ad vs. to
a
8
Common stock..12,793,323
Cost
customers..
in solution
ore
'
Liabilities—
$
c
sets,
Mines, Ltd.—Earnings—
Balance Sheet March 31, 1938
1936
1937
dies,
III.—
Earnings for 3 Months Ended March 31, 1938
Bullion recovery
;
b Plant, buildings,
of
made
-
Consolidated Balance Sheet Dec. 31
Assets—
Co., Inc.—Bonds Called—
$47,500 first mortgage 6% bonds series B, due June 1, 1944
have been called for redemption on June 1 at 103.
Payment will be
at the Continental Illinois National Bank & Trust Co., Chicago,
Balance at credit, Jan. 1, 1938--
$2,641,277
$3,430,600 $1,730,575
1,942,450
1,942,450
1,940,250
$5.36
$4.77
$2.64
deducting manufacturing cost of sales and selling, administrative
After
$523,894
outstanding not to exceed $2,500,000, to be issued from time to time
and to be utilized for the purpose of continuing the operation of
the business of company, and to bear interest at a rate not exceeding 6%
200,066
Balance, surplus..... $1,620,943
Shs.com.stk.out.(nopar)
1,942,450
Earned per share
$4.83
x
$51,986 def$129,562
def$5,752
74~601
Prov.
Net income
Dividends
$1,807,494
1,283,600
472,829
370,000
230,000
for contingencies.
Other deductions
$1,230,219
1,359,781
time
Briggs Manufacturing Co. (& Subs.)—Earnings—
Other income
$182,725
130,739
2841.7,
A
Calendar
$1,631,092
176,402
upon pending petition of the trustees of company, for authority to issue
certificates of indebtedness to an aggregate principal amount at any one
Total
x
$1,079,113
151,106
Current inc. carried to
Corp.—Earnings—
1938—4 Mos.—1937
$11,927
__
$168,271
14,454
$128,761
134,513
surplus
—V. 146, p. 2678.
1938—Months-1937
Apr. 30—
$3,406,669
1,775,577
Y
Gross income
Total income deductions
the common
stock, par $25, payable May 14 to holders of record May 10.
Previously
regular quarterly dividends of 50 cents per share were distributed.
In
addition, and extra dividend of 25 cents was paid on Dec. 24. last, and an
extra of $1.25 per share was paid on Dec. 24, 1936.—V. 146, p. 101.
x
$3,055,229
1,976,116
for cash
Y.Y "V-T.'
■.•,•7
$54,741
Bloch Brothers Tobacco Co.—Dividend Rate
Directors have declared
$356,064
187,793
$114,058
14,703
Operating income
A
Foods, Inc.—Earnings—
Weeks Ended—
16
.-
$328,099
214,041
from oper
oper. props...
Net non-oper. income...
dividend of
payment made since Dec. 15, last, when a regular quarterly
25 cents per share was distributed.—V. 146, p. 1866.
Net profit after deprec.,
Federal
taxes,
food
$1,760,573
1,432,474
Co.—Extra Dividend—
Beech-Nut Packing
B-G
on
1938—10 Mos.—1937
$1,834,500 $17,233,707 $17,583,089
14,178,478
14,176,429
1,478,436
1938—Month-A 937
oper. revenues....
Total oper. expenses
3003.
Winnipeg, Regina, Calgary and Vancouver, Canada.—V. 146, p.
3329
Chronicle
depreciation of $343,843.—V. 146, p. 2842.
Buffalo Weaving
& Belting Co.—Bonds Called—
7% bonds due Jan. 1, 1939 have been
at 100 KPayment will be made at the
The entire issue of first mortgage
43,429,522 47,223,859
Total
43,429,522 47,223,859
Total
a Consists of $36,550 shares,
b After reserves of $26,215,669 la 1936 and
$28,003,636 in 1937.
c Represented by 1,979,000 shares (no par),
z Less
$100,000 reserve.—V. 146, p. 3175.
Brookline Oil
See list given on
Co.—Registers with SEC—
first page of this department.—V.
146, p. 1232.
Brooklyn-Manhattan Transit System—Earnings—
[Including Brooklyn & Queens Transit
Per. End.
April 30—
Total oper. revenues
Total oper. expenses
Net rev. from oper...
Taxes
on
oper. props...
$1,499,708 $12,029,155 $14,779,276
502,536
5,256,767
4,864,223
$610,740
72,023
Gross income
Total income deductions
$997,172
77,506
$682,763
686,640
Operating income
Net non-oper. income
$1,074,678
678,598
$6,772,388
804,314
$9,915,053
882,454
$7,576,702 $10,797,507
6,879,321
6,641.667
def$3,877
surplus
Accruing to min. int. of
B. & Q. T. Corp
Total oper. revenues
Total oper. expenses
Net
rev.
from oper
Taxes on oper. props—
Operating income
Net non-oper. income
Gross income
Total income deductions
$697,381
$4,155,840
211,589
$697,381
$3,914,251
Brooklyn & Queens Transit System)
def$3,877
(Excluding
April 30—
$396,080
23,973
Bal. toB.-M.T. Syst.
Per. End.
$372,107
1938—Month—1937
1938—10 Mos.—1937
$2,377,692
$2,614,022 $24,035,104 $25,722,942
1,510,835
1,460,492
14,968,360
14,252,770
$866,857
361,148
$1,153,530
314,744
$505,709
69,657
$838,786
75,392
$.575,366
573,491
$914,178
570,084
$9,066,744 $11,470,172
3,280,650
3,088,647
$5,786,094
776,832
$6,562,926
5,735,983
$8,381,525
$9,560,806
5,585,439
in
Collateral—
$344,094
$826,943
$3,975,367
,
Stock Exchange has been notified that the Brooklyn
Trust Co. as custodian trustee under trust indenture dated May 1, 1936,
has returned to this corporation 13 demand notes of the New York Rapid
Transit Corp., aggregating $2,861,250 which were held by it under the
trust indenture against the substitution of one demand note of the New
York Rapid Transit Corp., dated April 27, 1938, for a like amount.—V.
New
York
146, P. 3004.
•
Subs.)—Annual Report—
Consolidated Income Account for
commissions from distri¬
bution of publications of other pub¬
lishers
and interest on standing
credit balances (less provision for
magazine returns)
the Year Ended Dec. 31, 1937
A
B :;YY:'Y Total
Gross
$278,179
310,596
$2,542,754
1,425,694
$2,820,933
xl ,736,289
loss$32,417
Cost of sales and
$1,117,060
97,285
944,804
$1,084,643
1,042,088
$172,257
$42,555
payable and newsdealers' deposits foreign
less miscellaneous income ($14,030)
40,088
shipping expenses..
profit
and admin, expenses.
loss$129,702
Profit from operations
Interest
on
notes
income taxes, &c.,
for the year
Net profit
A Publication
other publishers.
1937
publishers
the May
other
and distribution of magazines of
magazine was effective with
issue.
Discontinuance of distribution of publications of
became effective June 1, 1937. B Sale of patterns, pattern
The sale of "Delineator"
PUx CMts^nd*expenses
include provision for depreciation of
Summary
Deficit, balance
oaio nf
----— - - - -
"Delineator" magazine (incl. amount of goodwill
'Delineator" magazine, as previously deter-
written off in connection with
"Delineator" magazine)
-
the year (as above)...
credit arising from adjustment of reserves
inventory
losses,
Credit arising from
increase of
"Progressive Grocer"
pf directors
Deficit, balance
1,645.959
------
and accruals, less
46,038
fixed assets as of Dec. 31,
126,130
applicable to prior years..
Credit arising from adjustment of
1937 (see accompanying report)
$250,479
,896,437
2,467
—
—
Net profit for
Net
$44,897.31.
of Consolidated Deficit Account
Dec. 31. 1936
appiicable to
mined by the board of directors,
the sale of
$2,467
—
of "Delineator" magazine
Total deficit
$1,875
surplus j
Change
^
2678.
Sales, incl.
1,179,281
Current inc. carried to
The
p.
Butterick Co., Inc. (&
Selling, general
Current inc. carried to
Y.—V. 128, p. 3191.
Bullard Co.—No Common Dividend—
Directors at their meeting held May 17 failed to take any action with
regard to payment of the dividend usually due at this time on the common
stock
A dividend of 25 cents was paid on March 31, last; one of $1.25 was
paid on Dec. 22, 1937; dividends of 25 cents per share were paid in each
of the three preceding quarters; and a dividend of $1.25 was paid on Dec. 22,
1936.
See V. 146, p. 1392 for detailed record of previous payments.—V.
146,
System]
1938—Month—1937
1938—10 Mos.—1937
$4,126,343
$4,435,089 $41,144,910 $43,175,880
2,940,414
2,935,381 29,115,755 28,396,604
$1,185,929
575,189
called for redemption on July 1
Marine Trust Co., Buffalo.
N.
goodwill value with respect to
magazine, as determined by the
Dec. 31. 1937
—
board
150,000
$1,571,803
$78,732
$109,266
264,826
office,
347,760
363,133
receivable.
Inventories.
Post
459.685
ing
Ins., exp.
advances, &c._.
16,152
16,639
Mlscell, investm'ts
1
1
discards,
240,455
229,552
12,811
42,576
holders."
j.
zine returns....
Newsdealers deps.
500,000
Reserves.
3,392
465.742
105,388
130,599
5% pref. stock....
1,689,717
1,689,806
Common stock..
44,880
44,880
250,479
c
Deficit._
After
...
.
_
.
.
.
.
-
......
1,571,803
of $27,010 in 1937 and $58,923 in 1936.
1937 and
A statement issued
Total.........$2,522,079 $4,449,977
..$2,622,079 $4,449,977
reserves
ciation of $288,748 in
$1,067,991
1936.
in
c
b After deprecRepresented by
85,552 76-100 no par shares.-—V. 144, p. 3167.
'
Butler's, Inc.—Sales—
Company reports sales for the month of April amounting to $163,297,
compared with $101,690 for the corresponding month in 1937, an increase
of
60.6%.—V.
146, P. 273.
California Art Tile
Corp.—Accumulated Dividend—
The directors have declared a dividend of 25 cents per share on account
class A stock, no par value,
payable June 1 to holders of record May 20.
Like amount was paid on
A dividend of $1.50 was paid on Sept. 1, last one of 50 cents
was paid on June 1,
1937; one of 25 cents was paid on March 1, 1937;
dividends of 50 cents per share were paid on Dec. 1 and on Sept. 1, 1936,
and|25 cents paid on June 1 and March 1, 1936, this latter being the first
distribution made since April 1, 1930, when a regular quarterly dividend of
43M cents per share was paid.—V. 146, p. 1063.
of accumulations
the $1.75 cum. conv.
on
March 1, last.
Canadian National
Ry.—Earnings—
Earnings of System for Week Ended May 14
1Q't7
1 Qg5i
Gross
$3,191,859
revenues
—V. 146, p. 3176.
Ilcrrcnse
$3,823,482
$631,623
•
Canadian Pacific
Ry,—Earnings-
Earnings for Week Ended May 14
$2,352,000
....
3176.
Decrease
1037
1938
Traffic earnings..
—V. 146, p.
$2,737,000
$385,000
—
Caterpillar Tractor Co.—Earnings—
1938
1937
1936
..$54,803,232 $60,986,254 $42,520,492
12 Months Ended April 30—
Net sales.....
Cost of sales, oper. exps., &c.,
less
—.
Interest paid.......
.
.
32,657,383
1,825,919
$8,675,203 $12,884,195
481,587
520,238
9,851
9,182
Balance
Interest earned.
46,112,808
1,989,250
$8,037,190
482,697
3,905
43,869,353
2,258,676
rSfemiscellaneous income
Depreciation
.........
.
Net profit before Federal taxes.
$9,146,940 $13,395,252
1,712,663'
2,393,076
3177.
$7,036,754
:
Chicago Flexible Shaft Co.—Earnings—
3 Months Ended March 31—
146,
x
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
1,479,228
Before deducting provision for any amount which may become
surtaxes on undistributed
earnings—V. 146,
p.
due for
Net profit
Earns, per sh.
Period End. April 30—
Railway oper. revenues.
Railway oper. expenses.
Net
from ry. oper
1938—4 Mos.—1937
$1,518,691
$2,241,149
1,543,418
1,860,405
def$24,727
104,902
$380,743
97,752
$3,134
40,797
$67,601 def$129.629
38,225
147,335
$282,991
153,929
def$37,663
1,462
$29,376 def$276,964
1,471
9,470
$129,062
8,704
Inc. avail, for fix. char def$36,201
Fixed charges..__.....
106,811
$30,847 def$267,494
107,774
427,316
$137,766
431,067
$76,927
$293,301
rev.
$28,745
25,611
Ry tax accruals........
Railway oper. income.
Hireof equip., rents, Ac.
Netry. oper. Inc..
Other income.
.........
Balance, deficit—....
$90,999
23,398
$143,012
Central Vermont Public Service
$694,810
Corp.—Earnings-
12 Months Ended March 31—
Operating
1938
revenues
—
Maintenance
Provision for retirements
';
_,
All taxes, including Federal income
Other operating expenses.
Net operating revenue
Gross
Other interest
a
Other
.■
—
.i
deductions.....
Net income
_
_._
_
.
.
..
Preferred dividend requirements.
—
—
—
-..
—
.
$734,135
269,153
1,528
71,103
$392,350
227,136
$142,032
—
3,710
Carleton
$165,214
The amount for last year includes $54,000, representing extraordinary
amortization of debt discount and expense to offset income tax savings for
as a
result of refunding operations.—V. 146, p. 2682.
Chemical
Fund, Inc.—Registers with SEC—
See list given on first page of this department.
Cherry-Burr ell Corp.—Earnings—
6 Mos. End. Apr. 30—
Net income-—
Shares com. stk. outst'g.
Earnings per share
1938
$199,389
y444,345
$0.36
1937
$612,257
zl48,115
$3.89
1936
1935
$450,768
zl35,918
$319,629
zl32,335
$2.81
$1.87
After interest, deprec., taxes, &c. but before any provision for Federal
surtax on undistributed profits,
y Par $5.
z No par shares.—V.
146,
x
p.
2682.
Chesapeake & Ohio Ry.Guaranty Trust Men—
;
-Board of
Directors Enlarged for
Three
The battle
of proxies for control of the company ended May 19 with
the re-election of the present directors, endorsed by Robert R. Young, and
enlargement of the board to include, three representatives of the Guar¬
anty Trust Co. of New York.
Earle Bailie, New York, was elected to fill a vacancy, and John B.
Hollister of Cincinnati and John L. Dickinson of Charleston, W. Va., were
named to fill two places created by increasing the directorate to 11 members.
Under the terms of the compromise announced by the C. & O. manage¬
ment proxy conmittee, which had Mr. Young's backing, and the Bailie
committee, supported by the Guaranty Trust Co., all the directors are
pledged to re-elect the management, headed by George D. Brooke, as
President at a meeting to be? held in Cleveland next May 24.
$0.17
$0.04
Capital—
President of this company, in letter to stockholders
Putnam,
that rate of compensation for air mail be increased three cents a mile for all
miles flown with mail effective May 28, 1937.
As no exceptions have been
filed by the Post Office Department he said it is expected that recommenda¬
will
tion
receive
ICC affirmation
which will
result in
an
additional pay¬
of
approximately $3,000 for each month since May 28, 1937, and
as long as present schedules are maintained.
Mr. Putnam said
that the favorable rate decision should mean a change from an uncertain to a
profitable basis of operations for the ocmpany.
To eliminate operating deficit company announced that special stock¬
holders' meeting has been called for May 23 to vote on a proposal to reduce
amount of capital represented by the 100,000 no par shares outstanding
common stock with stated value of $111,091 to 15 cents a share or $15,015,
a reduction of $96,076, thereby creating a capital surplus account.
If the proposal is approved the paid-in surplus account will be merged
into capital surplus created by the reduction and will eliminate the deficit.
As of June 30, 1937, end of company's fiscal year, deficit amounted to
$26,329.—V. 145, p. 2067.
hereafter
Chile
Copper Co. (& Subs.)—Earnings—
Income Statement
for Three Months Ended March 31,
Operating income.
Total income
Interest
a
1936
$1.31
stated that Interstate Commerce Commission Examiner had recommended
1938
$5,375,918
91,129
—
on
—
$5,467,047
168,758
_—
serial notes
915,500
U. S. & Chilean income taxes—estimated—
Provision for depreciation & obsolescence.
_
768,158
Consolidated net income, without deduction for depletion—~x$3.614,631
Earns, per share on 4,415,503 .shares capital stock.
$0.82
x
per
For
same
period last
year net
income amounting to $4,643,816 or $1.05
share.
Note—All U.
Balance
$0.12
..
$730,424
$369,166
227,134
...
1935
$165,423
Other income—interest & misc. income
$642,051
245,000
6,140
21,745
income
interest.
$2,044,782
105,064
222,101
202,549
784,643
$638,269
3,782
:
Non-operating income—net
Bond
1937
$2,175,463.
126,944
221,129
266,977
922,142
1936
$191,427
Chicago & Southern Air Lines, Inc.— To Raise Rates—
To Reduce
ment
-V. 146, p. 2681.
1937
$421,137
com¬
After ail charges except Federal surtax.—V. 146, p. 1706.
Inc.—Earnings—
1938—Month—1937
$396,582
$540,655
367,837
449,655
on
stock
mon
2681.
1938
$221,284
x
x
Central Vermont Ry.,
1937
$133,928
1665.
p.
3 Mos. End. Mar. 31—
Net profit.
1938
$380,647
Estimated net profit before Federal taxes....
$8,515,981
x$7,434,277x$11,002,175
—
by Mr. Young follows:
Our objective has been the preservation of the management of the Chesepeake & Ohio Railway.
The attainment of that objective is now secured
to the many thousands of stockholders of the Chesepeake & Ohio.
The
management proxy committee and the Bailie proxy committee have had
the full support of Alleghany Corp. during the negotiations just concluded.
Alleghany Corp. has viewed with increasing concern the prolongation of
the uncertainty surrounding the Chesepake & Ohio management ever since
Messrs. Bradley and Murphy and their backers, including George A. Ball
and Donaldson Brown, started their attempts to change that management
last December through
the trusteeship of Guaranty Trust Co.
The
management committee and the Bailie committee more recently have shared
this concern, making the welfare of this great property the first considera¬
tion.
Our unanimity of feeling on this score is borne out by the fact that
negotiations were initiated and completed in less than 24 hours once there
was a meeting of the principals.
Today's agreement, however, relates only to the board 6f the Chesapeake
& Ohio Ry.
It does not affect the litigation brought by Alleghany Corp.
against Guaranty Trust Co.
Alleghany regrets that it cannot report a
similarly constructive settlement of the protracted deadlock in the Chesa¬
peake Corp.
So long, however, as Mr. Potter feels himself hound to
follow the wishes of the Bradley-Murphy-Ball-Brown group, to which he
attributes his attitudes, no such constructive settlement is possible.
Future
attempts to change the management of the Chesapeake & Ohio, such as
Guaranty and its group have made since December, must be stopped.
Alleghany will continue to resist them.
The aggregate market value of tne securities which each stockholder of
Chesapeake Corp. would receive on distribution of the assets of that cor¬
poration has consistently been from 10% to 25% higher than the market
price which his Chesapeake Corp. stock commands on the New York Stock
Exchange.
Therefore, Guaranty Trust Co., by blocking the distribution
of the assets of Chesapeake Corp, to its stockholders, has kept down the
value of the collateral pledged under the Alleghany indentures.
For months it has clearly been in the interests of Alleghany bondholders
to distribute Chesapeake Corp.'s Chesapeake & Ohio stock.
The Guaranty
and its group have consistently blocked such action.
Our proceedings
against Guaranty Trust Co., therefore, must and will go on so long as
Guaranty allows its desire to control the Chesapeake & Ohio to override
consideration of the interests of the Alleghany bondholders.—V. 146, p.
—V.
Provision for Federal taxes..
the Chesapeake
Corp. and distribute its assets.
He charges that the blocking of that move
by the Guaranty Trust Co. has kept the market value of Chesapeake Corp.
securities 10 to 25% lower than the price stockholders would receive ou
distribution, and has kept down the value of collateral pledged under the
Alleghany indentures.
Mr. Young, who was re-elected a director of the C. & O. under the
agreement, declared after the meeting he would try to prevent a recurrence
of the proxy battle in 1939.
86,298
500,000
Deferred income..
3.384,203
1,534,203
rights, Ac
......
6% notes payable.
145,104
228,870
b Fixed assets....
a
voting right, under a
Mr. Young disputes the claim.
Also involved is Mr. Young's proposal to eliminate
of face value.
6,565
(contra)
Publications, copy¬
Total...
Appeals in Isew
for Alleghany bonds,
Guaranty clam sit-he
bond indenture, because the stock fell below 150%
lected for others
6,565
'
^
Litigation is pending in the Federal Circuit Court of
York over the right to vote stock pledged as collateral
for which the Guaranty Trust Co. is trustee.
The
Liabil.on funds col¬
held in trust
for others
}
100.210
pat¬
Reserve for maga¬
Prepaid
Cash
agents'
tern
11,288
5,628
...
55,045
expenses
Reserve for replac¬
<fcc.,
deposits
that under the compromise the
1936
Accounts payable.$1,442,195 $1,404,226
Accrued taxes and
Notes and aects.
a
1937
Liabilities—•
1936
1937
'v.-',!
1938
Mr. Young, who owns the controlling interest in Alleghany Corp, said
Guaranty Trust Co. won none of its original
objectives in the struggle for control.
He served notice, moreover, that
his battle with the bank over the Alleghany Corp. and the Chesapeake
Corp. would continue "so long as Guaranty allows its desire to control the
C. & O. to override consideration of the interests of the Alleghany bond¬
Consolidated Balance Sheet, Dec. 31
Assets—
Cash
May 21,
Chronicle
Financial
3330
S.
income taxes have been
Revenue Act of i936, with
profits.—V. 146, p. 2200.
no
estimated
on
the basis of the
provision for surtax, if any, on undistributed
Christiana Securities Co.— To
Pay $8.25 Dividend—-
The directors have declared a dividend of $8.2o per snare on the common
stock, payable June 15 to holders of record May 23.
A similar payment
was made on March 15, last, and compares with $39.30 paid on Dec. 15,
last; $28.50 paid on Sept. 16, last; $38.50 in June 1937; $13.50 paid March
15. 1937; $39.10 paid on Dec. 16, 1936, and $30.50 paid on Sept. 16, 1936.
See V. 142, p. 3668, for record of previous dividend distributions.—V. 146,
P. 1393.
Cincinnati Gas & Electric
Co.—Earnings—
Period End. Mar. 31—
1938—3 Mos.—1937
1938—12 Mos.—1937
Gross revenues
$6,767,292
1,097,832 $25,344,177 $23,497,323
Operation.
Net oper. revenue
Other income
...
income.
Preferred
dividends..
Balance....
11,568,072
1,884,982
3,161,642
3,064,773
10,831,212
2,176,595
2,756,924
2,633,657
$1,730,149
7,552
$932,611
$5,664,708
$5,098,934
294
30,032
10,562
$1,737,702
$932,905
282,040
$5,694,740
1,343,353
$5,109,496
1,431,710
500,000
$650,865
500,000
$4,351,387
2,000,000
$3,677,786
2,000,000
$898,072
$150,865
$2,351,387
$1,677,786
825,332
Gross corp. income.
Int. & amort, charges.
Net
3,170,726
613,136
735,622
645,737
3,007,362
417,811
786,636
Maintenance
Prov. for retirements
Taxes..
339,630
$1,398,072
Note—No provision has been made in respect to Federal taxes on un¬
distributed net income for that portion of the above periods falling within
Volume
the amount of such tax, if any, cannot
the calendar year, as
the undistributed net income for the years
ascertained.—Y. 146, p. 2683.
until
The
directors
on May 17 declared an extra dividend of $5 per
semi-annual dividend of $5 per share on the common
period of many years, in order to
be taken in these proceedings.
a
in the press about the two suits
brought against the corporation and others by the trustee in bankruptcy of
Inland Gas Corp. and Kentucky Fuel Gas Corp.
The plaintiff in the two
suits claims trebled damages aggregating $74,000,000, and asserts that
reasonable fees for his counsel in this litigation should be $750,000.
In
due course, adequate answers will be made denying the allegations in these
suits, which are believed to be without merit.—V. 146, p. 3179.
share
stock,
$100, both payable June 24 to holders of record June 3.
An extra
dividend of $22.50 was paid on Dec. 23, last; one of $2.50 was paid on June
24, 1937; one of $23 was paid on Dec. 26, 1936, and an extra of $2.50 per
share in addition to the $5 semi-annual dividend was paid on June 24. 1936.
Columbian Carbon Co. (&
semi-annual dividends of $4 per share were distributed.
of $3 per share were paid on Dec. 26, 1935,
1934.—V.
2845.,.
146, p.
v,
1938—Month—1937
Period Ended Apr. 30—
Net income
y
Earnings per share---'
After depreciation,
shares of capital stock,
x
Net
y
Profit
undistributed profits.—V, 146, p.
$705,235
operating profit
1,920
sale of securities
on
Net profit
Earned surplus, Jan. 1, 1938---
-1
-----
$707,155
5,970,141
-----
$6,677,296
537,134
Dividends paid—.
1937
$3,315,317
depreciation, depletion, interest,
tion, subsidiary preferred dividends paid and accrued,
$200,000 provision for contingencies, and reserve for
_$1,130,593
415,065
"
10,293
-
;
Total.
1938
$3,187,493
income
After Federal income taxes,
x
$0.20
On 475,239
Subs.)—Earnings—
31—
3 Months Ended March
Net
$94,584
interest, Federal income taxes, &c.
$50 par.—V. 146, p. 2685.
Cities Service Co. (&
x
$30,605
—
Ended March 31, 1938
and taxes
Depreciation and depletion
Minority interest in earnings
1938—4 Mos.—1937
$0.06
$31,063
$12,251
x
Net operating income after charges
Ry.—Earnings—
Cincinnati Street
Subs.)—Earnings—
Consolidated Income Account for 3 Months
In addition extra dividends
and
should
determine what further action
Shareholders may have seen statements
par
Previously, regular
the books
back over
engaged in making another extensive study of
its subsidiaries, which extend
are
and records of the corporation and
finally
Ry.—$5 Extra
oV-
V""
1
The officers
be determined
ended Dec. 31 is
Cincinnati New Orleans & Texas Pacific
Dividend—
in addition to a
3331
Financial Chronicle
146
12,395
Surplus adjustments—Net
amortiza¬
minority interests,
possible surtax on
Earned surplus—March 31,
Profit per share
-.-
—
-$6,127,767
$1.32
—
—
No provision has been
Non¬
3007.
1938
made for Federal surtax on
undistributed
profits.
Clarks Ferry
Bridge Co.—Bonds Called—
Consolidated Balance Sheet Mar. 31
first mortgage 6% bonds due Dec. 1, 1959 has been
called for redemption on June 1 at 101%.
Payment will be made at the
Commonwalth Trust Co., Harrisburg, Pa.—V. 127, p. 2961.
A total of $12,000
Colorado Central Power
Taxes-
x
-
Mar. 31 '38
1938—3 Mos—1937
$123,082
75,692
12,757
$501,506
326,085
$115,305
77,932
12,440
—
Market
1,762,103
1,464,945
x
Net income
3,081
——
$26,820
10,263
180
; $126,601
40,252
$24,109
-
Taxes assumed on bond interest;
y
$123,520
1,886
$34,272
9,982
180
Gross income.
Interest
$24,933
$16,377
$85,628
Excluding Federal income and undistributed profits
y Before provision for renewals, replacements,
taxes,
1,879,500
4,463.023.
other cos
130,276
nad State income
and retirements,
undistributed profits and State income taxes.
Note—It is the company's
policy to make an appropriation to the
reserve for renewals,
replacements and retirements at the end of each
calendar year; therefore, the above statement for the periods shown indi¬
cates results before deducting such appropriation.—V. 145, p. 3191.
(& Subs.)—Earnings-
Columbia Gas & Electric Corp
1938—3 Mos.—al937
1938—12 Mos.—al937
revenues-.-..-$28,003,649 $27,257,905 $99,555,987 $91,769,682
Period Ended
b Gross
March 31
17,715,270
17,295,457
64,323,378
&depl._
2,894,374
2,929,346
10,830,655
Net oper. revenue—..
$7,394,005
89,958
$7,033,102 $24,401,953 $22,177,392
i
73,934
388,707
263,283
$7,483,964
Other income
Gross corp. income—_
9,895,065
other fixed charges.—
917,884
823,004
3,592,071
620,705
633,630
2,458,590
applicable to
C. G. & El. Corp..
c
$5,945,374
$5,650,402 $18,739,999 $16,309,298
G. & E.
Net rev. of C.
Corp
V
-
—
Combined earns, appl.
to fixed
charges of
C. G. & E. Corp... $5,790,698
&c., of
C.G.&E.Corp
97,339
Drl54,676
236,245
Drl3,201
$5,747,741 $18,726,797 $16,545,543
Interest charges,
Bal.
1,313,717
1,300,901
5,256,057
5,097,534
$4,489,797
Commonwealth Edison Co.—Weekly Output—
of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended May 14, 1938 was 121,142,000
kilowatt-hours compared with 132,755,000 kilowatt-hours in the corres¬
ponding period last year, a decrease of 8.7%.
,
The electricity output
$7,169,598
$4,350,323
d Earnings
(on common shares out¬
respective periods).$0.59
$0.36
— -
-
share
per
standing at end of
re-stated in present form for comparative purposes,
b It
is the general practice of the corporation and its subsidiaries, when a rate
is being contested, to include as gross revenues only such portion of the
total amount billed as is represented by the lower of the disputed rates,
c No provision has as yet been made for the Federal tax on undistributed
net income any part of the calendar year 1938.
Provision for such tax for
calendar year 1937 amounted to $65,452, and for the calendar year 1936
amounted to $32,638, all of which was charged to expense in December of
Registers with SEC—
See list given on
first page of this
department.—V. 146, p. 3179.
-."b
income statements do not include American
Fuel & Power Co. or its subsidiaries.
The corporate charter of American
Fuel & Power CO. has been repealed and its former assets are held by a
trustee under Section 77-B of the Federal Bankruptcy Act.
Trustees in
bankruptcy have also been appointed for its principal subsidiaries, Inland
Gas Corp. and Kentucky Fuel Gas Corp.
Philip P. Gossler,
President, says in part:
$1.50 per share on the cumulative
Quarterly dividends of
6% preferred
stock, series A; $1.25 per share on the cumulative preferred stock, 5%
series; and $1.25 per share on the 5% cm ulative preference stock, were
declared payable in cash on May 15, to holders of record April 20.
No ac¬
with regard to the declaration of any dividends on the com¬
mon stock, payable at this time, for the reasons set forth below.
The regulations prorr ulgated by the Securities and Exchange Commission
under the Public Utility Holding Company Act of 1935 provide, among
other things, that a registered holding company n ust classify its surplus
as
between "earned surplus" and "capital surplus" and that it may not,
without the authority of the Commission, declare dividends out of "capital
or unearned surplus."
Corporation has been making the required distinction of "earned" surplus
beginning from Jan. 1, 1938, but, like many other corporations, had not
so classified its surplus prior to its registration on Jan. 13, 1938, and found
it impossible to do so retroactively.
The corporation, therefore, filed an.
application with the Commission seeking authority to pay, during the year
1938, the regular dividends on its preferred and preference stocks and
dividends not to exceed 50 cents per share on its common stock, out of its
revs.—sub. cos...
Oper.
income—sub. cos.
divs. and
of Community
Pow. & Light Co
Gross
1938—Month—1937
$357,176
$319,334
107,493
101,455
»
Bal. avail, for
surp.
_
"surplus at Dec. 31,
were declared out of
1938 earnings.
The commission denied the application for the payment of
any common dividend, and reserved jurisdiction for further consideration
19,714
provision for the Federal surtax on undistributed profits
1938, since any liability for such tax cannot be determined
year.—V. 146, p. 3180.
.yA"
made no
and preference
the declaration and payment of dividends on the preferred
stocks payable Aug. 15 and Nov. 15, 1938.
t
for the
until the
year
end of the
Community Water Service
Co. (& Subs.)—Earnings—
[Exclusive of New Rochelle Water
Gross income
-
- -
-
Interest,
2,896,90 /
370,471
X
12,517
io'rY-7
of Com-
y
$2,894,673
1,902,897
519,400
10,465
378,325
380,340
—
Adjusted.
419,149
---
- -
Service Co—
Net income
3,105,728
$2,739,782
1,797,754
,-
-
amortization of discount, &c.,
munity Water
;6,419,551
subs_ —
-
- —
amortization of discount, &c., of
Preferred dividends of subsidiaries ...
Interest,
Minority interest-
xl937
1938
$6,007,101
— —
Operating expenses, m aintenance and taxes — - - Reserved for retirements— — — —
y
Co.|
Ended March 31—
Gross earnings-
Includes *13.644 for dividends on
*28,478
SS3.S86
preferred stock of a
paid or earned.
s
_
. ,
Notes
(a) The above statement includes (1) the accounts of Greenwich
Gas Co (the common stock of which was sold in Feb., 1937) only up to
including Dec. 31, 1936—thereafter there is included only income on other
securities of that company owned by a subsidiary of Community Water
Service Co.; and (2) the accounts of Woodbridge Building Corp. (the com¬
mon stock of which was sold in April, 1938) only up to and including Dec.
31
1937
(b) The above income accounts include surtaxes on undis¬
subsidiary not
and
tributed profits as
1936 and
have been
computed and recorded at the close
1937.
For the year 1938 to
made.—V. 146, p. 2360.
of the calendar years
date no accruals for
such surtaxes
Compania Cubana—Obituary—
Consolidated Railroads of Cuba, below.—-V. 145, p. 1897.
See
Congoleum-Nairn,
Directors
at
Inc.—Dividend Omitted—
their recent meeting
decided to omit the dividend
which
.Tune 15.
of 50 cents
40 cents per share
ordinarily have been payable on the common shares on
A dividend of 25 cents was paid on March 15, last; dividends
were paid in each
quarter of 1937, and dividends of
would
previously distributed quarterly.
.
.
.
. ..
.
Company issued to the Securities and Exchange Commission the followIni?''statement regarding the omission of its dividend: "In the opinion or
f ho board
current profits and the immediate business outlook do not warrant
declaration of a dividend at this time and therefore the board has omitted
the dividend which
ordinarily would be paid on June 15, 1938.
ihis
action is in keeping with the company's changed dividend policy, announced
in the President's letter transmitting to stockholders the annual report
for
1937
which contemplates further disbursements during the year as
were
they
p.
are'made possible by income and prevailing
v
:'.-v.--' 'vC..
1394.
#
Connecticut Railway
conditions. —V. 146,
.
& Lighting Co.—Earnings—
3 Months
respect to the Feb. 15 dividends has been restored to
1937" out of 1938 earnings and the May 15 dividends
with respect to
-
,
16,205
670,281
408,522
Note—The parent company is of the opinion that it is not subject to the
Federal surtax on undistributed profits.
The subsidiary companies have
tion was taken
single unclassified "surplus at Dec. 31, 1937," of $13,261,609 which, under
the Delaware law, is available for the paym ent of dividends.
The Commission did not grant the corporation's application.
It did
authorize the corporation, in effect, to borrow against the "surplus at
Dec. 31, 1937" to pay the Feb. 15 and May 15 dividends on the preferred
and preference stocks, subject to the restoration, out of the first available
1938 earnings, of any amount so borrowed.
The amount so borrowed with
Co. (& Subs.)—Earnings
1938—12 Mas.--1937
$4,507,322 $4,116,467
1,523,183
1,356,344
Community Power & Light
d On common shares outstanding at end of respective
Note—These consolidated
8.7%
8.7%
10.7%
11.0%
132,755.000
131,383,000
132,267,000
134.446,000
121,142,000
119,973,000
119,314,000
119,646,000
— —
n Decrease
1937
1938
Week Ended—
May 14
May
7-----Apr. 30-- — —
Apr. 23
1937 figures
the respective years,
periods,"
for the last
following are the output and percentage comparisons
corresponding periods last year.
Kilowatt-Hour Output
The
four weeks and the
12 Months
Balance-
53,311,201 52,016,626
company
■
'
$4,434,024 $13,629,263 $11,289,486
*
6,459,665
6,939,164
E.;
Corp
Preferred dividends paid
300,000
5,680,375
b6, 144,008
Total
applic. to capital
stocks Of C. G. &
a
of invent, assoc.
Surplus..
1
382,611
x
Represented by 538,420 no par shares, including treasury shares.
Amounts to 1,009 shares,
z Market value $820,218.
a Represented by
537,406 no par shares after deducting 1,014 shares held in treasury, b $6,127,767 earned surplus and $16,242 earned surplus.—V. 146. p. 2037.
Period End. April 30—
Balance
21,301,452
203,245
.....53,311,201 52,016,626
Total
2,522,370
>
pletion reserves _23 004,521
110,000
Federal tax reserve
Reserves for value
y
3,609,006
Pref. divs. of subs, and
minority interests—..
392,304
1,169,858
and other cos...
Deferred charges..
public &
Int. of subs, to
1, 066,851
Depreciation & de¬
4,340,961
917,239
y80,720
1
454,167
marks, &c
$7,107,036 $24,790,660 $22,440,675
Prov. for retire.
a
572,736
interest-
Minority
1,187,645
1.620,720
trade¬
Goodwill,
59,697,224
Oper. exps. & taxes.-,
c
See
Treas. stk. at cost.
720
Federal income and
2,544,216
2,269,390
Invest, in assoc. &
51,901
$
Liabilities—
Capital stock — .a21 849,354x21,930,474
Accts. pay. &accr.
563,730
1,038,919
accounts
Federal inc. taxes.
zl,030,408
cost
Inventories...
Other assets
Income from operations
$34,633
Non-operating income (net)...—Dr361
s
at
secur.
1937
$
1938
1937
s
Fixed assets——42,126,777 38,673,123
Notes &accts.rec.
12 Mos.End
Period Ended March 31—
1938
;
Cash....
Co.—Earnings—
Operating revenue, electric
Operating expenses
'
1
Assets—
«8?631
*
Federal income taxes, interest, provision
sinking fund appropriations, &c.—V. 146,
After
ments,
12 Mos.End.
$6l!l44 ^$154,849
for renewals and replace¬
p. 3009.
Financial
3332
Power
River
Connecticut
Chronicle
Continental
Co.—Earnings—
1938—12 Mos.—1937
1938—3 Mos ,—1937
$992,248
$994,869
1,130
1,878
$4,089,164
10,987
Depreciation..
Fed.,8tate& munic .taxesi
$996,747
101,457
16,764
86,250
175,580
$993,379
97,328
20,685
75,000
178,703
$4,100,152
431.631
103,115
356,250
738,343
$4,027,004
408,252
197,645
300,000
510,034
Bal. before cap. chgs.
$616,695
funded debt.
186,665
$621,663
190,312
$2,470,812
753,369
$2,611,073
761,250
26,579
36,858
26,430
38,896
106,007
146,848
10,195
105,972
157,169
$366,591
18,000
$366,024
18,000
$1,454,393
72,000
$1,586,682
72,000
$348,591
$348,024
$1,382,393
$1,514,682
Total gross earnings..
Operating costs
Maintenance
Interest
on
10,573
Amortization of debt discount
and expense
Other interest charges.
_
Bal. before dividends
Bal. for
_
_
.
di vs. and
com.
surplus
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
being determinable
liability, if any,
146, P. 2532.
only
end
at
of calendar year.—V.
.J '
.
Consolidated Investment
Corp.—State Supreme Court
of S3,300,000/rom 91 Defendants—
An order by Federal Judge Robert P.
Patterson, filed in Federal Court
May 17, has authorized Arthur A. Ballantine, as trustee, to enter suit in
New York State Supreme Court for recovery of $3,300,000 from 91 defend¬
ants,
The trustee alleges that assets of Continental were diverted and
wasted because of the activities of the defendants.
Among the defendants named are Paine, Webber & Co.; Reynolds In¬
vesting Co., Inc.; Granberry & Co.; Prentice & Brady, formerly member of
the New York Stock Exchange; J. Henry Schroder Banking Corp.; Chase
National Bank; National City Bank of New York, and the Westinghouse
Electric International
Co.
_
The complaint alleges a conspiracy
by American and Canadian interests
to obtain control of investment trusts,
Oth. chgs. against inc..
Preferred dividends._
Securities
Action to Seek Recovery
$4,016,431
Period End. Mar. 31—
Gross oper. revenue---Other income
May 21, 1938
"all with the purpose and intent of
obtaining custody and control of the securities constituting the assets of
the treasuries and assets thereof." <
Judge Patterson's order gives the trustee the authority to institute similar
suits, if deemed necessary, in any Federal or State Court in this country and
in any Canadian court. '
such trusts and looting and wasting
CommeDting on the pending suit by the trustee of Conti¬
nental, Paine, Webber & Co. issued the following statement:
The firm was asked last October to make a loan against collateral con¬
sisting of marketable securities which we were advised were to be liquidated.
The securities were deli vered to our representative at a bank and our counsel
furnished with
was
a
of the corporation
vote
authorizing the sale of the
securities and the disposition of the proceeds.
The securities were liquidated and the proceeds were paid over in accor¬
dance with the terms or the vote and the direction of the parties named.
Trust—Special Dividend—
The trustees, on May 17, declared a quarterly dividend of 30 cents per
and a special dividend of 15 cents per share on the capital stock,
Paine, Webber & Co. received only the regular commission
on
the sales of
share
the securities and interest
$1, both payable June 15 to holders of record May 17.
A special divi¬
dend of 35 cents was paid on March 15, last; one of 50 cents was paid on
Dec. 15, last; 35 cents was paid on Sept. 15, last; one of 20 cents was paid
on June 15, 1937, and one of 50 cents in addition to the 30 cents
quarterly
was paid on March 15, 1937.
On Dec. 15, 1936, the Trust paid a semi¬
annual dividend of 60 cents per share and a special dividend of $1.15.
See also V. 143, p. 3463, for further dividend payments.—V. 146, p. 1236.
Referring to the suit commenced by Mr. Ballantine as
of the Continental Securities Corp., Clarence K.
Reynolds of Granberry & Co. and Richard S. Reynolds
made the following statement:
par
After
negotiations commencing about the middle of December of last
transaction was completed which resulted in the sale to a member
Exchange firm, and an associate, of the majority in¬
terest of members of the Reynolds family and their business associates in
the common stock of Reynolds Investing Co., Inc.
This sale was made in
good faith after an investigation of the purchasers.
The sellers were not
aware that any of the other
persons mentioned in Mr. Ballantine's suit
were interested in the transaction.—V. 146, p. 3009.
of
Consolidated Oil Co.—Registration Withdrawn—See list given on first page of this department.—V.
Consolidated Railroads of
William H.
146,
p.
1871.
Cuba—Obituary—
Baker, Secretary of the company, died
May 11 after
on
a
a
sudden heart attack.
At
the time of his death,
Mr. Baker was Secretary of this company.
Secretary and director of the Compania Cubana, Secretary and director of
Cuba Co. and Secretary and director of the Cuba Railroad Co.—V.
146,
p. 1707. w.-v:
Consolidated Water Co, of Utica, N.
3 Months Ended March 31—
Operation.
-
Maintenance.
Taxes
$155,133
35,357
4,690
31,131
17,395
-.
(other than Federal income tax)
Provision for depreciation
Net operating
-
revenue
$66,558
1937
$162,197
34,893
6,471
23,438
17.385
819
$80,009
1,249
$67,378
63,565
$81,258
63,827
188
170
4,250
9,144
Cr75
4,319
8,241
1,747
$9,694
prof $2,953
Other income (net)
Total income
Interest
on
funded debt
Interest
on
unfunded debt
Amortization of debt discount & expense.
Amortization of deferred charges.
Provision for Federal income tax
Loss
Notes—The operating revenues for both
periods are stated after deduct¬
ing $30,000 in respect of estimated reduction which will result if the rate
case decision of the Public Service Commission of the
State of New
adverse
to
Consolidated
Water
Co.,
of Utica,
N.
York,
Y., is finally upheld.
This decision has been affirmed by the
Appellate Division and the Court
of Appeals of the State of New York.
An appeal by the company to the
Supreme Court of the United States has been dismissed by that Court on
the ground that the company had a
remedy in equity in the State Courts.
The company has brought an action in
equity to restrain the Public Ser¬
vice Commission from enforcing said order.—V. 146,
p. 3180.
Continental-Diamond Fibre Co.
3 Mos. End. Mar. 31—
Sales, less returns, allow¬
1938
ances, &c_
(& Subs.)- -Earnings
1937
1936
1935
$984,528
931,939
232,047
$1,956,511
1,407,717
266,561
$1,532,222
1,162,157
234,416
$1,355,901
1,052,682
196,693
loss$179,458
4,596
$282,234
$135,649
4,379
$106,526
10,460
loss$174,861
$285,948
61,993
1,900
69,211
32,548
$140,028
76,869
7,440
$116,986
93,071
1,700
3,000
10,000
7,000
loss$238,755
Earns.per sh.on cap.stk.
Nil
—V. 146, p. 2533.
$181,188
$0.40
$45,719
$0.10
$15,215
Cost of sales
Sell.,admin. &
gen. exps.
Operating profit
Otherincome.net
Profit
Depreciation.
Prov. for foreign inc. tax
Res. for adv. to partially
3.714
owned sub
Net profit....
_
Nil
Continental Gas & Electric Corp. (&
Subs.)— —Earnings
12 Months Ended March 31—
oper. earns, of subs. cos.
Gross
1938
1937
(after eliminating
inter-company transfers)
General operating expenses
$37,762 578 $35,727,258
14 22.3 201
13,766,365
Maintenance
I...
1,859,266
1,812,837
Provision for retirement.
4 970,7,39
4,835,845
General taxes & estimated Federal income
taxes.2" 4,604,409
3,693,409
......
______
_
Net
earns,
from opers. of sub.
cos
$12 104 961
Non-oper. income of sub. cos........
Drl34,'051
Total income of sub.
companies.........
$11 970 910
Int., amort. & pref. divs. of sub. cos.......122122
_
.
4!668,455
___■
Proportion of earns., attributable
Equity of Continental Gas
to min.
comVstk.
$7 302 455
' 17,423
$12,170,678
4,830,392
$7,340,286
15,059
&
Electric Corp., in
earnings of sub. companies....^..
$7,285,031
Income of Continental Gas & Electric
Corp (exel
of income received from subs.
61099
Total
—V. 145, p.
1737.
Crocker-Wheeler
Electric
Mfg.
Co.—Settlement
Offer
Approved by Referee—
The offer of four directors of the company and the estate of Charles Hayden for the payment of $345,000 in settlement of a suit against them, claim¬
ing damages for breach of an underwriting contract, has been held to be
adequate and reasonable in a report to Supreme Court Justice Edward J.
McGoldrick by Eugene L. Garey, referee.
A stockholder had brought the
suit seeking to recover for the company the difference between the original
underwriting price of $40 a snare on an issue of common stock and $15 a
share, the price at which the issue was subsequently underwritten.
The
original underwriting agreement was signed on Oct. 22, 1929.
The stockholders have been notified of Mr. Garey's opinion and a hearing
be held on June 15 before Justice McGoldrick, at which opportunity
will
will be given for
the approval or rejection of the report.
Discussing the offer, Mr. Garey said; "If it were my function to do so,
I would hold that the action taken by the directors was done in absolute
f;ood faith, withoutexercise of judgment which
to avoid in personal
iability and in the any thought of personal gain ordemandedany the best
was
interests of the corporation and its stockholders."—V.
Crown Cork International
146, p. 1872.
Corp.—25-Cent Class A Div.
The directors have declared
of accumulations
a dividend of 25 cents per share on account
the $1 cum. class A stock, no par value, payable Juiy 1
on
to holders of record June 1.
Like amount was paid on Jan. 3, last; a divi¬
dend of 75 cents was paid on Oct. 1, last; dividends of 25 cents were paid in
each of the six preceding quarters; on Dec. 20, Aug. 30 and May 22, 1935,
and
on Dec. 21, 1934, and 50 cents paid on March 30, 1934, and Nov.
1,
1933.
The last regular quarterly dividend of 25 cents per share was paid
April 1, 1931.—V. 145, p. 3651.
on
Crude Oil Co. of
America—Registration Withdrawn—
See list given on first page of this department.—V. 146, p.
Cuba
See Consolidated Railroads of Cuba, above.—V.
Cuba
1872.
Company—Obituary—146, p. 2847.
RR.—Obituary—
See Consolidated Railroads of Cuba, above.—Y.
Cumberland
146, p. 1708.
Valley Telephone Co. of Pa.—Bonds Called
A total of $6,800 first mortgage 5% bonds due Jan. 1, 1966, has been
for redemption on July 1 at 100.
Payment will be made at the
Capitol Bank & Trust Co., Harrisburg, Pa.—V. 140, p. 3891.
called
Dakota Power Co.—Bonds Called—
The General Public Utilities,
Inc.
on
May 18 notified all known nolders
of first mortgage 6% bonds of the Dakota Power Co., due Sept. 1, 1938,
that it desires to acquire all of these bonds now outstanding in the
principal
amount of $257,250, and has made arrangements whereby it will cause to
be paid to the holders of such bonds the principal amount thereof and
accrued to the date of delivery.
All holders who desire to take
advantage of this offer should present their bonds to Continental Bank &
Trust Co., 30 Broad St., N. Y. City, with coupon due Sept. 1, 1938 at¬
tached.
Upon delivery of such bonds at said office the holders will receive
the principal amount thereof with interest accrued to the day of such
delivery of such bonds.
General Public Utilities, Inc., in its letter, stated that while it is expected
that funds will be provided at the maturity of said bonds on Sept. 1, 1938
sufficient ot pay off all bonds not theretofore acquired under the foregoing
offer, no positive assurance that such will be the fact can be given at this
time.
Moreover, the company reserves the right to discontinue the fore¬
going offer at any time without novice.—V. 145, p. 276.
interest
Dayton Power & Light Co.—Earnings—
Period End. Mar. 31—
1938—3 Mos.—1937
1938—12 Mos.—1937
$3,618,491
$3,640,055 $13,217,900 $12,374,990
1,667,031
1,659,713
6,374,753
5,924,475
Maintenance166,440
163,106
700,726
625,553
Provision for retirements
275,700
308,650
1,062,588
1,051,750
Taxes...
463,114
456,970
i 1,660,988
1,534,733
Expenses of Continental Gas & Electric Corp.....
Taxes of Continental Gas & Electric
Corp.
Balance
.
60,163
deductions:
5% debentures, due 1958
$7,385,389
$117,997
Amortization of deb. discount & expense.
on debenture interest..
Taxes
Balance transferred to consolidated surplus
on prior preference stock
Dividends
Balance...
Earnings per share
Net oper. revenue
Other income
$1,046,205
4,095
$1,051,615
10
$3,418,844
16,738
$3,238,480
Gross corp. income
Int. & amort, charges
$1,050,300
210,951
$1,051,626
180,252
$3,435,582
735,456
$3,238,585
752,249
$839,349
112,503
$871,374
112,503
$2,700,126
450,012
$2,486,336
$726,847
$758,871
$2,250,115
$2,011,827
105
$112 0K4.
15,223
4J88
$7,212,909
Netincome
Preferred dividends
$7,269,117
company
on
Operation
$7,325,227
$7,346,130
Interest
Cosgrove-Meehan Coal Corp.—Acts for Holders of Bonds
Grossrevenues
Balance
Holding
$11,618,801
551,877
a
New York Stock
A. W. Fiedler of the Express Exchange, 52 Wall St., New York, an¬
nounced May 14 that the company had engaged Katz & Sotnmerich, attor¬
neys, to protect the interests of independent bondholders of the corporation.
Y.—Earnings—
1938
the loan at the customary rate.
trustee
year,
/
on
Balance
474,509
2,594,419
163,766
41,403
2,600,000
164,172
34,605
$4,413,321
1,320,053
$4,470,341
1,320,053
finally ascertained.—V. 146, p. 1708.
$3,093,268
$3,150,288
$14.42
$14.69
Glen Caley, of New York, has been named Vice-President & General
Manager of this railroad.
Mr. Caley succeeds Col. J. T. Loree.—V.
146, p. 2847.
Note—No provision has been made in respect to Federal taxes on undis¬
tributed net income for that portion of the above periods falling within the
calendar year, as the amount of such tax, if any, cannot be determined
until the undistributed net income for the year ended Dec. 31, 1937 is
Delaware & Hudson RR.
Corp.—New Vice-President—
Volume
Deisel-Wemmer-Gilbert Corp.—Earnings—
After
x
$87,777
$59,523
197,092
$0.20
196,942
$0.35
depreciation, Federal taxes, &c.
made for Federal surtax on
x
Delaware Power &
$55,041,306 $54,443,579
,1,887,885
1,865,924
■
382,153
6,617
9,051
$57,323,402 $56,700,708
Net income
Utility
3193.
.i/v:; i;
x
due for the years 1936, 1937 or
1934
2,560
259,874
6,306,358
1611,357,000
1.065 cts.
Income Account for Calendar
Operating
Operating
Net
Miscellaneous
1934
$17,168,316
990,731
695,957
71,877
319,968
$20,936,609 $19,246,850
Operating Expenses—
„
2,259,508
4,309,195
2,491,669
4,861,413
4,015,100
6,503,865
4,757,721
7,785,324
Maint. of way & struc. Maint. of equipment-..
„
552,992
744,533
659,246
601,383
10,129,391
238,948
8,800,742
182,735
7,140,623
127,226
General
920,701
1,012,407
963,815
1,098,593
Transp. for invest.—C'r-
450,900
235,137
50,663
25,183
Traffic-.---.-
Transportation—..
Miscell. operations
$20,938,958 $16,135,468 $14,645,261
4,660,351
4,801,141
4,601,589
2,247,427
1,784,000
1,860,000
Total oper. expenses..$24,125,717
revenue from oper._
2,656,275
Net
2,179,586
Tax accruals
Uncollectible revenues..
6,364,088
86,072
4,048
...
$2,412,924
$476,688
Total oper. income
$3,017,142
$2,737,541
685,242
136,032
493,546
90,461
1,099
31,650
Non-Operating IncomeHire of frt. cars—rec'ts.
1,138,768
Rent from equipment
Joint facil. rent income-
186,260
515,885
89,530
935,948
179,909
503,168
88,395
861,661
103,635
496,977
89,161
213
427
751
84,579
78,664
50,640
4,418
166,503
1,352
5,668
165,146
1,607
7,591
Miscell. rent income
Misc. non-op. phys. prop
Income from funded sec.
Income
-
_
Dividend income
Miscellaneous income.
_
-
$1,958,934
4,371,858
$2,187,508
2,664,196
Total non-oper. inc
Gross income
$1,799,337
4,536,878
Deductions—
Rent for equipment
Joint facility rents
Rent for leased roads
58,683
739,364
247,434
1,216,362
28,091
496,344
180,933
473
353
5,362,290
5,394,589
1,263,392
1,580,946
117,553
1,617,341
167,753
815,843
247,437
Hire of frt. cars—paymts
763,636
247,440
355
Miscellaneous rents
3,505,617
bds., ctfs. & mtge
Int. on unfunded debt.. x2,254,037
Amort, of disc, on fund.
631
debt—
3,614,138
x2,093.489
1,126
755
Int.
on
Misc. income charges
Includes $1,652,190 interest on
x
•i
181,561
12,498
14,518
$2,975,872
underlying bonds matured unpaid.
$3,268,799
$4,046,440
$1,552,571
$1,963,299
323,121
281,896
854
$1,814,023
20,148
$1,640,021
19,782
$1,269,821
8,703
1,090
_
308
18,795
;
355
117
102
148
92
$1,711,621
$1,834,581
$1,660,043
440,809
499,816
15,714
25.196
132
485
287
225
178,964
177,547
170,218
165,131
$1,076,002
1,276
14,766
$1,131,537
2,157
10,187
$1,037,662
2,038
10,583
$731,070
1,881
12,607
1,294
1,712
1,435
1.254
57
57
53
""37
$1,051,771
$746,849
Hire of freight cars (debit
balance)
Rent for locomotives
Rent for work
equip't
Joint facility rents
Net ry. oper. income.
Misc. rent income
Inc. from funded sees.—
.
.V:
92
$1,289,062
429,257 :,V
22,619
-
v
•
376,135
16,502
unfunded
from
Income
securities & accounts.
Income from sinking and
other reserve funds
Miscellaneous income.—
$1,145,650
$1,093,395
Gross income
Miscell.
85
rents...
85
85
85
-
380
365
9Q7
471
funded debt.
120,000
120,083
122,087
unfunded debt—
1,144
Miscell. income charges.
823
120,000
3,444
638
$1,021,118
$930,665
900,000
$623,564
1,020,000
$28,882 sur$30,665
Sheet Dec. 31
$396,436
Miscell. tax accruals
Interest
Int.
un
on
$970,963
990,000
Net income
Dividends
-
1,050,000
$19,037
;
201
24
617
441
v
Comparative General Balance
1937
1936
1937
1936
$
S
Assets—
$
$
Liabilities—
3,000,000
stock..-- 3,000,000
Long-term debt— 3,000,000
Capital
Investm't in road,
3,000,000
&c_ 9,551,808
9,284,755
Cash
610,976
931,188
Grants
Time drafts & deps
135,000
4.878
66,217
135,000
84,777
5,921
Special deposits...
Traffic & car serv¬
423,124
631,464
145,473
237,897
payable.
Audited accts. and
payable..
171,379
155,873
50,924
116,876
Misc. accts. pay
37,652
8,864
60,200
1,999
351
32,379
33,744
equipment,
ice bal. recetv—
wages
Net bal. receivable
from agents
Misc. accts. receiv.
&
and
divi¬
3,613
Deferred assets—
4,574
29
170,349
Int. matured
debits
27,235
17,930
Addition
200,156
dends receivable
Other curr. assets.
Unadjusted
...
.
.
unpd
60,020
5,346
67
106,650 Deferred liabilities
Unadjusted credits 1,631,402
106,772
plies.
Interest
of
aid
Other curr. liabils.
sup-
Materials
in
construction
ice bal.
Traffic & car serv¬
vv
$5,945,944
Net deficit
366,079
$2,211,967
397,944
$1,701,711
income
oper.
Balance, deficit
$1,764,276
4,781,418
$2,084,421
*
382,710
Rent from work equip'tJoint facility rent inc.—
10,209
349,220
1,878
152,381
1,477
$3,967,609
1,755,642
157
Rent from locomotives,
unfunded
from
securities & accounts
from ry.oper.
;
1934
$2,952,066
1,399,495
$3,554,326
1.591,027
Uncollectible ry. rev
Years
Totaloper. revenues..$26,781,992 $25,599,309
rev.
Report—
1935
$3,815,007
1,730,586
revenues
expenses
Railway tax accruals
Ry.
1937
1936
1935
$23,845,818 $22,922,897 $18,464,273
1,596,035
1,469,462
31,02,369
756,160
695,403
734,935
173,509
133.089
99,832
410,470
378,458
335,199
-Annual
1936
1937
Calendar Years—
61,237,609
1.62 cts.
1938.—V. 146, p. 2689.
Detroit & Toledo Shore Line RR.-
'
Operating Revenues—
Freight.
Passenger
Mail, express, &c
Dining, hotel, &c.
appropria¬
Including all operating and maintenance charges, current
reserves and accruals for all taxes.
Note—The foregoing figures do not take into account any Federal surtax
on undistributed net income, as our estimates indicate no such tax will be
i
Average miles operated2,575
2,582
2,593
Passengers carried
409,014
382,434
337,537
Pass, carried one mile-„105,171,173
97,230,219
83,952,156
Rate per pass, per mile,_
1.518 cts.
1.51 cts.
1.55 cts.
Revenue freight (tons),_
9,786,614
8,911,933
7,179,025
Rev. frt. 1 mile (tons),,2346,615,000 2193,915.0001722,328,000
Rate per ton per mile
1.016 cts.
1.045 cts.
1.072 cts.
$7,972,665 $10,718,982
Net income—
tions to retirement
RR.—Annual Report—
Traffic, Statistics for Years Ended Dec. 31
1937
1936
1935
—$13,989,387 $16,836,200
5,746,906
5,856,955
269,815 >
260,262
Gross corporate income.
Interest on funded and unfunded debt
Amortization of debt discount and expense
v;
Denver & Rio Grande Western
$13,965,861 $16,704,553
23,526
131,646
—
Other miscellaneous income
$1,470, respectively, for year 1937, recorded in December, 1937, and surtax
on undistributed profits of $10,808 for year
1936 recorded in December,
1936. No provision has been made in current year's figures for such tax, as
the amount thereof is not determinable until the close of the year.—V
39,996,155
43,357,541
expenses
Balance, income from utility operations—
1938—12 Mos.—1937
$1,336,269
$1,350,620
x After provision for renewals and replacements,
Federal income taxes,
interest, amortization, &c.
Note—Included in figures for 12 months ended March 31 are provisions
for surtax on undistributed profits and excess profits tax of $9,690 and
-
—387,593 5
Light Co.—Earnings—
1938—3 Mos.—1937
$352,872
$387,358
Period End. March 31-
p.
i
1937
<
Miscellaneous.-
undistributed profits.
Note—No provision was
145,
^
'
1938
< :
,
Electric department
Steam heating department
Gas department
—V. 146, p. 3182.
x
Subs.)—Earnings—
12 Months Ended April 30—
:
Gross earnings from utility operations:
1935
Total.
share—
per
Detroit Edison Co. (&
f
1936
-
$88,078
196,942
$0.36
$42,066
196,142
$0.14
xNet profit—-—— —
Shs. com. stk. (par $10)_
Earnings
1937
1938
3 Mos. End. Mar. 31—
3333
Chronicle
Financial
146
OO 1
through
to
1,643,081
prop,
income
1,856
1,856
2,598,005
2,621,761
and surplus
Profit & loss credit
balance
General Balance Sheet Dec. 31
1937
1936
1937
1936
%
S
Liabilities—-
Assets—
62,457,539
62,457,539
equipment.212 ,867,499 211,635,295 Preferred stock. 16,432,800
Stock
liab.
for
Impt. on leased
Total..
Common stock
road
in
-
&
ry. property
—
conversion,
425.784
438,780
matured—
Cash
cos.
-
xSpeclal deposits
Loans & bills rec
and
Traffic
80,738,000
77,357,500
6,874,500
6,886,706
808,964
800,313
37,875
157,877
16 ,037,978
15,564,961
construction
1 ,386,679
property
Inv. lnaffil.
yl, 176,634
Traf. &car serv.
,784,740
92,130
y929,776
Grants in aid of
562,594
615,060
payable
2,672,610
2.394,715
Misc. accts. pay.
135.537
conductors—
112,847
643,614
Misc. accts. rec.
Fund,
from agents &
Mat'l & supplies
35,275
Int. & divs. rec.
363,702
7,325
4,383
8,784
1
3,460
3,200
on
Other
equipment
Add'ns to
11,559,521
9 ,181,548
Dome
Total
416,099
427,538
10,924,876
2,736,957
248,562,895 241.814,255
"D" and carriers
employers' tax under Railroad Retirement Act. 1 y Revised figures
—V. 146, p. 2847.
Corp.—Earnings—
[Including Craine-Schrage Steel Co.]
3 Months Ended March 31—
depreciation, taxes, &c_
Earnings per share on common stock
—V. 145, p. 3344.
Dewey Portland Cement
See list given on
first
page
1899154
$2.23
Production—
1938—Month—1937
$601,120
$599,265
Dominion Scottish
1938—4 Mos.——1937
$2,446,278 $2,500,878
Investments, Ltd.—Accum.
Div.—
of
payable
paid on
paid on
1937. Accruals
share.—V. 14b,
The directors have declared a dividend of $1 per share on account
accumulations on the 5% cum. red. preference stock, par $50,
June 1 to holders of record May 21.
Dividends of 50 cents were
March 1 last Dec. 1 and on Sept. 1, last; a dividend of $1.75 was
June 1, 1937, and one of 25 cents was paid on March 1,
after the current payment will amount to $5.87H
per
p.1238.
(E. I.) du Pont
mon
de Nemours & Co.,
Inc.—Interim Com¬
Dividend—
May 16 declared an interim
dividend of 50 cents per
stock, payable June 14 to holders of record May 23.
paid on March 14, last, and compares with $2 paid on
Dec. 14, last;
1.50 paid on Sept. 15, last; $2 paid on June 15, 1937; 75
cents per share paid oh March 15, 1937; a year-end dividend of $2 paid on
Dec
15 1936, and prior thereto regular quarterly dividends of 90 cents per
share were distributed.
In addition an extra dividend of 70 cents was paid
on Sent
15 and June 15, 1936, and an extra dividend of 35 cents was paid
on Sept. 14, 1935.-V. 146, p. 2690.
share on the common
consolidated 6% notes due Oct. I, 1943, have
been called for redemption on July 1 at 101.
Payment will be made at the
International Trust Co., Denver, Colo.—V. 146, p. 3010.
Net loss after
30—
production..--—V. 146, p. 3182.
The directors on
Tramway Corp.—Noies Called—
The entire issue of first
Detroit Steel
Mines, Ltd —Bullion
Period End. April
Bullion
and
Denver
Subs.)—Earnings—
Dobeckmun Co.—Dividend Passed—
decided to pass the dividend ordinarily due on the com¬
shares at this time.
A regular quarterly dividend of 35 cents per
share was paid on Jan. 15, last.—V. 146, p. 910.
4,628.961
5,955,915
241,814,255'
248,562,895
$71,169
mon
Includes balance of proceeds equipment trust series
x
®79i3Taq
before any provision for
Earnings for 12 Months Ended March 12, 1938
Net profit after depreciation, Federal income and undistributed
profits taxes, &c
------------,<
Earnings per share on 202,916 shares common stock.
—
—V. 146, P. 3183.
10,667,804
8,217,274
prop,
Profit & loss def.
unadjust¬
Total
1,672,756
surplus
57,117
-
1,894,493
through inc.&
funded
ed debits...
i
and Federal income taxes, but
undistributed profits.—V. 146, p. 3011.
Dixie-Vortex Co. (&
17,409
363,201
Other unadj .cred
debt
®\9o3L
$13,841
Ended April 30—
profit......
After charges
surtax on
96,015
25,789
366,548
Accrued deprec.,
paid in
advance
Disc,
1,047,107
108,353
Def'd liabilities.
insur.
&
1,085,072
Tax liability
8,027
131,656
i
Net
.
Directors have
Other curr. liabs
218,462
Other def. assets
prem.
12,966.372
45,317,500
,
Work, fund advs
Rents
18,468,199
46,143,000
debt ma¬
tured unpaid.
1,293,946 'TJnmat. int. accr
4,022.842 Unmatured rents
37,125
accrued..
1, 105,513
4, 653,204
Rents receivable
Other curr. assets
and
Int. mat'd unpd.
Net balances rec.
>
389,115
122,836
bals.rec.
accts.
wages
car
98,905
serv.
-
bals. payable.
Aud.
83,780
x
x
Loans & bills pay
37,875
157,877
erty sold
15,600
..10,903,101 11,156,725
Co.—Earnings—
6 Months
12,800
Funded debt un¬
Miscell. physical
Total
2847,
Divco-Twin Truck
pf
stock.-.—-—
Deposits in lieu
of mtgd. prop¬
——10,903,101 11,156,725
—V. 146, p.
16,430,000
Invest,
1938
1937
$48,806prof$211,149
Nil
$1.02
Similar amount was
Duro
Test Corp.—Sales—
Corporation announced gross
Co.—Registration Withdrawn—
of this department.—V. 145, p. 3815.
sales of $477,246 for the
first six months of
$470,315 for the
fiscal year beginning Nov. 1, 1937, as compared to
corresponding period of the previous year.
In reporting the successful position of the company
its
depressed business conditions,
depsite generally
Maxwell M. Bilofsky, President, stated
3334
Financial
Chronicle
that construction work is being rushed on an addition to the factory ne¬
cessitated
by increasing business.
He reported also that enthusiastic
1938
Gross operating revenue
1937
$22,711,889 $20,931,951
14,533.207
13,211,312
3.722,855
3,495,215
.
Operating expenses, maintenance & taxes
Depletion and depreciation
x
Mfg. Co.—Earnings—
1938
3 Mos. End. Mar. 31—
Profit after depreciation
1937
x$81,178
_
Before
Eastern Shore Public Service Co. (&
Provision for retirements
-
_
—
-
-
-
de-
-
-
-
-
-
-
-
-
-
-
— -
-
~
——-—v*-——
1,862,232
Cr97,994
1,326,911
$2,131,296
Empire Gas & Fuel Co.—Interest charges
$5,217,039
2,021,391
96,519
1,334,797
Subsidiary deductions:
Interest charges & amortization of discount
Earnings applicable to minority interests
Net income
979,101
162,649
212,310
289.257
47,893
229.903
$2,125,889
991,615
$754,380
20,466
Federal income taxes
Other taxes
—
—
x Includes
provision for normal Federal income tax and reserves 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. 3186.
38.404
219,755
-----
_
$5,584,004
—
$4,225,424
$2,366,601
$861,711
18,404
_
Gross income-—_—
1937
$2,588,043
1,039,801
i
119,477
————————
>.v---
After
1938
Total operating revenues
Operating expenses
y
$4,455,827
1,128,177
Other income, incl. income from affil. pipeline cos.
Subs.)—
—Earnings
12 Months Ended March 31—
Maintenance—
Net operating revenue
1936
yS.51,788 lossy$36,219
provision for deferred bond interest of $30,650.
ducting bond interest requirement.—V. 146, p. 1396.
x
1938
Empire Gas & Fuel Co. (& Subs.)—Earnings—
3 Months Ended Feb. 28—
the new Arc-Ray line of lamps for home use has created a sizable
back-log of orders.
He estimates newly installed equipment will enable
the company to fill these orders in about two weeks.—V. 146, p. 2690.
response to
Eastern
May 21,
'
Operating income.
-
Other income (net)
Gross income—
Interest
on
Interest
on
—
—
$880,115
—
lstmtge. bonds.
unfunded debt—
Amortization of debt discount & expenseInterest charged to construction
_
-
Balance of income.
Dividends
?
on
$774,846
436,422
436,395
17,984
51,020
——------
—
$60,379
Ebasco Services,
on
un¬
*
Decrease.—V.
146,
p.
1937
Amount
117,811,000 *17,355,000
51,839,000
*4,259,000
79,532,000
*7,357,000
x
"14.8
Public
Cash.
.
' $159,728
"3,23Ml7
$159,728
$334,586
$174,858
475,670
446,675
.
":/ .v.'.-
$28,995
1,186.139
Sales of merchandise, &c..u,
Cost of sales and expenses.
$702
$702
....
$279,410
208,201
169,189
43,619
$82,631
126,539
Royalties earned
Depletion of coal lands..
$28,995
1,186,139
906,728
-
$280,112
208,201
125,570
—
475,670
446,675
—
996,026
Operating revenue—
Operating expenses.
•$43,619
$39,012
126,539
35,749
'
'
;
35,749
$126,539
$35,749
$90,790
$518,277
Gross profit from other operations.
$80,069
$438,207
-
$343,418
199,790
126,545
$239,797
,5,154
1,334
$103,621
204,944
127,880
prof $17,083
68.941
$246,285
$229,203
68,941
75,464
70,854
___
I/.
_
expense
Operating loss
—...
_
—
__
T .
_
___
Other income..
Interest on funded debt
Other interest expense.
._
I.
«
75,464
70,854
_______
Amort, of leasehold equity and
optioni
to repurchase in excess of
!
amounts
■;
depletion,
c
*
-
——:
26,565
1,432
and
•.V1.
:
-
$75,887
109,444
8,440,885
58,791
$350,000
-
Compensation
due within
Funded
2d
awards
one
.$10,845,511
1935
1934
$1,511,914
745,764
$2,193,228
540,797
$563,011
$1,076,113
9,434
17,488
$766,150
26,459
12,649
13,726
$1,652,431
28,541
11,337
19,059
36,812
39,407
$609,257
16,694
29,936
$1. 133,008
15,423
$833,629
17,278
$1,722,200
36,876
53,518
43,556
50,188
109,000
14,194
28,687
44,138
20,079
22,479
tal assets, net
Miscellaneous..
Total
Interest
pref,
2,196,300
non-cum. stock
per
share—
non-cum.
Bad debts writ, off
Common stock.
40,023
_
sale & aban¬
on
donment of cap. assets
Prem. on debs, purch
Prov. for income taxes
_
7,765
58,579
56,410
10,675
29,903
138,825
46,000
112,152
5,242
214,115
$422,769
183,096
$737,071
366,189
$575,569
237,025
$1,323,841
122,098
$239,673
244,191
$1.73
$370,882
244,189
$338,544
244,196
$] ,201,743
$3.02
$2.36
$5.42
_
Provision for surtax.___
Net profit
Dividends
paid—_
—
—
_
Balance, surplus
Shs. outst'g (par $5).__.
Earnings
per
10,649
______
Miscell. deductions
share..___
6,460
244,196
$676,272 deducted for engineering and development expenses.
Consolidated Balance Sheet Dec. 31
Assets—
1937
Cash
Accts. & notes rec.
Inventories
Cash
sur.
Liabilities—
1936
$894,286 $1,711,062
723,631
878,650
1,089,498
770,515
value of
life insurance.—
on
1937
Accounts payableAccruals
1936
$218,856
$348,738
184,118
178,670
______
Notes payable
700,000
400,000
67,085
x232,681
Fed., State & for'n
119,204
107,003
timber
taxes
——
Long term
93,111
Common
Loan receivable
75,000
officers
Employees'
liabils.
stock
98,364
1,220,953
17,281
Adv.
to
for conting—
204,985
148.531
1,220,944
125,000
1,351,729
1,547,060
Earned surplus.
—
1,351,743
1,307,387
21,440
accts.
and advances...
to
Res.
Capital surplus—_
14,641
—
association
14.656
7,064
Evans.
79,772
uncon¬
Accts.in closed bks.
6,131
79~ 861
Miscel. other assets
z
Timber tracts.
y
Plant, buildings,
—
equipment, &c._
Patents & licenses.
774,529
456,441
1,593,669
1,146,261
1
1
——$5,593,151
Total
__________
Total.....
1,963,700
1,560,000
$5,313,695
Includes
z
After
long-term
reserve
Total
$5,593,151 $5,313,695
bank
loan.
y
After reserve for depreciation.
for revaluation and depletion.—V. 145, p. 4116.
2,766,800
Fairchild Aviation
426,883
$10,845,511
issued,
$115,079
$0.17
$0.27
1937
bonds due Dec. 1, 1942, have been
Payment will be made at the Fidel¬
ity-Philadelphia Trust Co., Philadelphia, Pa.—V. 115, p. 2385.
Corp.—Earnings—
3 Months Ended March 31—
x
y
Earnings
1938
per
1937
$38,432
Net profit—.
share
—
—
$1,642
$0.11
$0.04
After charges and Federal income taxes, but before surtax on undistributed
profits,
y On 337,032 shares of capital stock which were outstanding on
Dec. 31, 1937.—V. 146. p. 3186.
x
Fall River Electric
1938
$70,589
England Walton & Co., Inc.—Bonds Called—
(net).
Discounts allowed
stock
depreciation, interest, Federal income taxes, minority interest.
On 412,853 shares of capital stock.—V. 146, p. 2691.
The entire issue of first
mortgage 6%
called for redemption on June 1 at 101.
paid
Provision for conting's..
10,833
1,845,350
After
y
-—
Fire loss, standing timber
Adv. royalties chgd. off.
Net loss
2,781
11,864
_
84,346
63.204
4%
—
_
32,499
46,060
debt
4%
profit
—
6,669
Emporium Capwell Corp. (& Subs.)-—Earnings—
x
_
74,385
8,366
share, authorized, 500,000 shares;
3 Months Ended April 30—
Net profit.
Earnings
1936.—
35,237
120,000 shares issued to voting trustees, of which
voting trust certificates representing 60,000 shares are held
by corporationreserved for option granted to
officer, 10,000 shares, b After reserve.—V.'
146, p. 1240.
y
$7,289,420 in
1936
solidated sub—_
41,635
surplus.
Profit and loss deficit...____
&c.
and
$2,089,061
1,012,948
.....
year
Capital
x
$4,295,449 $4,794,265
1937
(& Subs.)—Earnings—
Deferred charges._
Investments
due
(par $100).
a
oio?nnte2 valu? °,f
Total
of $7,370,298 in
77.470
(par $100)—
312,000 shares, incl.
2,083,773
353,508
—
Acer. Int. on funded debt
Deferred liabilities
1st pref.
_______
1,627,970
Deposit with trade
Reserve
Total..
Surplus
Exp.,advs.&accts.,
Accrued taxes and payroll
19,000
Property, plant & equip, (net)
Deferred charges.__________
28,790
380,564
1937
Appliance Co.—
Notes payable.
Accounts payable..
1,093,018
b Officers' note receivable
Other notes & acc'ts rec
85,390
from sales.-x$l,458,328
Sell. & admin, exps., &c.
895,317
Advs.
812,827
I
90,494
Evans Products Co.
amortization,
235,658
b Receivables
b Stocks and bonds
76,536
58,130
Calendar Years—
Liabilities—
Inventorles—
Deferred credits._
Accounts payable.
$4,295,449 $4,794,2651
$426,883
—
$338,592
b Depreciation,
After deprec., depletion and amortization.
Assets—
i_
34,608
16,298
65,917
amortization
90,926
27,946
1,432
Balance Sheet Dec. 31, 1937
Cash
1936
$2,500,000
32,812
34,803
134,744
--
purch. contract.
90,926
1,381
$88,291
depletion, and amortization,
1937
$2,500,000
Capital stock
Taxes accrued.—
9,334
Gross profit
vv,
______
Net loss
depreciation,
$335,529
37,414
supplies..
—
After
Advs.
'
_____________
Before
i*
'v_i
"
charged to costs
faxes, &c., outlying lands..
Sundry charges
a
$2,735,705
V. 144, p. 3498.
x
Selling expense
Administrative
$2,083,773
Liabilities—
.$2,962,988 $3,166,071
1,116 165
1,136,625
Total
x
1936
Net profit from sales.
Royalties received.
$2,991,830
3,076,689
—,y
3,076^689
Income from other operations:
Purchased coal sales....
Cost of purchased coal
__
$219,213
554,742
Profit from sale of capi¬
_
mining oper___.
Gross profit
$651,932sur$2400,175
2,735,705
335,529
Interest received
Discounts earned
Income Account for the 10 Months Ended Dec. 31, 1937
Gross loss from
prof$57,494
76,707
200,000
200,000
146,
Income from mining operations:
—
200,000
_.
_.
$1,627,970
Accts. receivable..
Lifted—
Corp.—Earnings—
_
_
investments
Mat'l &
Utility Holding Company Act of 1935.—V.
—
307 J
$31,090prof$101,433
420,841 Cr2,498,742
$455,803
2,083,773
—.
Deferred debits
*9.2
3185.
Net coal sales.____
Cost of production.
215
$5,849
249,954
200,000
1937
Plant
Other
*8.2
,
Elk Horn Coal
—
-
$30,875prof$101,740
Balance Sgeet Dec. 31
holding companies.
;
Judge Mack's injunction, which was stayed pending an appeal to the
U. 8. Supreme Court, restrained the defendant companies from
engaging
in any form of interstate commerce until
they had registered with the
p.
1934
$1,452,881
1,279,319
141,571
$81,950 prof$31,990 [Comparable
51,075
69,750|
578
Surplus..-.-
utility
the
—
Assets—
after it had been shown that eight of the companies have registered with
the Securities and Exchange Commission and five have ceased to be
under
_.
Balance, deficit
The injunction imposed on the company and 12 of its affiliates
by Fed¬
eral Judge Julian W. Mack when the utilities lost their test action before
him last year was dismissed May 19 with the consent of the Government
SEC
$54,336
49,066
_.
Previous surplus.
3184.
Electric Bond & Share Co.—Writ
_
$5,270
Dividends
-Increase-
1938
_
_
Surplus adjustments.
of
Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1937, was as follows:
Opiating Subsidiaries of—
_
Total deficit——
Inc.— Weekly Input—
Amer. Power & Light Co—.100,456,000
Electric Power & Light Corp. 47,580,000
National Power & Light Co.- 72,175,000
_
Miscell. deductions.
For the week ended May 12, 1938 the kilowatt-hour system input
the operating companies which are subsidiaries of American Power &
■
_
Deficit
215,571
Note—No provisoin is made in this statement for Federal surtax
distributed profits, if any, for the year 1938.—V. 146, p. 1549.
1,178,995
145,482
1935
$1,271,553
1,217,155
136,348
Not
Operating deficit-_
Other income.
$275,950
$164,754
Balance....
„
1936
1937
$1,270,141
Taxes
14,245
$380,327
215,573
-—
—
preferred stock
Line Co.- -Earnings—
Oper. and general exps
51,252
CV3.023
Cr,5,610
-
Eureka Pipe
Calendar Years—
Gross operating income.
Light Co.—Bonds Offered—The First
Boston Corp. on May 16 offered at 104 and int. $2,000,000
1st mtge. bonds, series A, 3%%, due May 1, 1968.~
Dated May 1, 1938, due May 1, 1968.
Interest payable M. & N. Prin.
int. payable at office of B. M, C. Durfee Trust Co., trustee, Fall
River, Mass., or at option of holder at an agency of the company in Boston,
Mass.
Coupon bonds (not registerable) in denom. of $1,000, and fully
registered bonds, without coupons, in interchangeable denoms, of $1,000
and such multiples as may be authorized.
Red. as a whole at any time
(whether or not an int. date), or in part on any int. date, in all cases on at
least 30 days' prior published notice, at principal amount thereof, plus a
and
Volume
Fiat
before
decreased
premium of 6% of such principal amount if redemption date is on or
May 1, 1943 thereafter, at such principal amount, plus premium
after May 1, 1943, by ^ of 1% of such principal amount, for and
gen.
1,
$2,000,000.
The amount
interest is
$2,120,000.
' ^ ~
History & Business—Company is a Mass. corporation, incorp. March 7,
1883.
Company's business is principally that of the purchase and sale of
outstanding in the principal amount of
required for such redemption exclusive of accrued
.
resale and other purposes. Customers are
River, Somerset, Swansea, Dighton and
Westport, Mass., communities of an aggregate population of approximately
132,000 determined by the 1930 Federal census.
The business of the
company is conducted entirely within the Commonwealth of Massachusetts.
The major portion of electricity purchased by the company is obtained from
Montaup Electric Co., in which the company has a substantial interest,
and from New England Power Co., an affiliate. An aggregate of 139,679,218
kilowatt hours of electricity was purchased during 1937 of which 119,598,172
kwh. was obtained from Montaup Electric Co. and 19,920,000 kwh. was
obtained from New England Power Co.
In addition to sales to general
electricity for light, heat, power,
served with electricity in Fall
930,178
1,109,974
876,937
694,398
91,276
83,869
22,404
53,241
19,786
54,255
16,829
125,552
7,246
Cr4,035
66,633
106,273
7,250
73,027
6,698
Cr699
Cr652
882
58,411
27,862
38,028
55,708
968,267
39,119
914,427
25,239
41,311
933,109
24,522
1,049,214
998,942
953,559
all taxes
34.276
Gross income
on
Int.
funded debt
onflooting debt....
Other deductions.
Net prof, for the year.
Surp. at begin, of year.Other surplus credits
Together
Approp.for shareholders'
dividends, &c_
_
Surplus at end of year
30,675
20,450
20,378
968,267
933,109
914,427
solidated Balance Sheet Dec. 31
Total sales of
two
fenerating1913, respectively, andkva. rated machine capacity installed in
units each of 5,000 a third unit of 7,812 kva. rated machine
911 and
station, which is located at tidewater in
transportation for fuel and an adequate
supply of condensing water are available, has a capability of 14,250 kw.
Present operation of this plant is mainly for standby service.
For the three
calendar years 1935 to 1937, the net generation of this plant has been
273,700 kwh., 507,000 kwh. and 1,127,800 kwh., respectively.
The company's electric system also includes the Hathaway Street sub¬
station of 30,000 kva. capacity, the Hartwell Street substation of 15,000
kva. capacity, the Flint substation of 7,500 kva. capacity and the Globe
substation of 5,000 kva. capacity.
Spare transformer capacity of 5,000
kva. and 2,500 kva. is avail able for use at the Hathaway Street and Globe
substations, respectively.
The electric system further includes active line
transformers and customers' substations of 22,702 kva. aggregate capacity
and 12.72 circuit miles of transmission lines operated at 66,000 volts, con¬
nected to lines owned by Montaup Electric Co. over which the company
receives electric energy purchased from New England Power Co.
Of such
lines 11.70 circuit miles are on steel tower structures and 1.02 circuit miles
capacity installed in 1918.
This
Fall River, Mass., where ocean
wood (twin) poles.
distribution system
on
includes, with appurtenant
construction, 659 miles of service wire (564 miles overhead and 95 miles
underground), 16.9 miles of underground conduits containing 96.9 miles of
conductor, operated at 22,000 volts, from which manufacturing plants
located near the center of Fall River are supplied with electric energy;
1,938 miles of distribution wire, of which 310 miles is underground, and over
36.500 active customer meters serving customers located in Fall River,
Somerset, Swansea, Dighton and Westport, Mass.
Summary of Earnings for Calendar Years
1935
1936
1937
of the
The
Other
operating
Net
(In Thousands of Lire)
(marketable)
Notes & accts. receiv
:
Inventories
Investments
Advances to affil. cos
Def. chgs.
& other assetsi
sink. 7% debs,
(held in treasury)
20-year
Capital stock
Surplus
1,729,438
1,630,988
Cost
trative expenses
34,209,950
Other income
Net
Operating revenues
Gross income after
tirement accruals
1938—Month—1937
$76,393
$76,528
889,279
Total
Balance...
—
-
....
Merch. inventory-
$863,463
Sundry debtors...
-
Fixed assets.....
.
Deferred charges..
42,545
Total income
Depreciation
Interest on fund. debt..
42,887
53,285
$115,057
Other income
$262,313
61,465
59,287
$215,858
65,785
x
$52,754
Net profit
$50,449
def$ll,315
491,543
$44,388
486,943
$0.37
$0.30
$50,449
486,943
$0.07
49,154
Dividends
Surplus.
Shs. of cap. stk. outst'g.
Earnings per share
$3,600
491,543
$0.11
1936
y
Land, buildings,
equip.$l,141,288 $1,166,303
644,665
434,215
— — —
secur.
15,916
56,192
Notes & accts. rec.
356,478
296,649
1,756,294
1,567,274
37,828
10,000
71,577
Inventories
insur'ce policy
Fed'l income tax..
Surplus. _i.
val.
3,015
67,163
17,368
1,275,996
1,275,937
69,402
Other assets
.
-
33,104
5,000,000
5,000,000
4,495,181
1
Total......
..
.
16,829,697 17,345,025
value.—V. 146, p. 2535.
RR.—Earnings—
1938--—4 Mos
$155,906
$200,687
169,183
$2,078
16,906
$31,505
$4,066
def $14,828
$18,011
21
2,252
1,882
accruals.
Operating income....
def$2,161
153,829
13,494
766
$19,893
def$12,576
$4,087
Gross income
def$l ,395
55,927
56,141
13,902
Deduct, from gross inc.
13,889
$36,034
$9,815
$68,717
Net deficit
$15,284
p.2691.
x Includes interest accruals on outstanding funded debt.—V. 146,
Other income
x
Florida Public
Service Co.—Earnings—
31—
■
■'
19,38
12 Months Ended March
Total operating revenues
-
Maintenance...
Provision for
retirements.
-
Provision for taxes....------...
—
— —.
1937
$2,187,023
1,133,853
170,569
135,302
201,337
$1
,963,830
981,330
143,654
93.151
173,599
$545,962
21,929
$572,094
29,840
$567,891
240,000
x37,500
23,746
Crl,372
$601,934
240,000
Other income
Gross income
Interest
- -
4% mortgage bonds.
5% serial debentures...
unfunded debt
charged to construction. —
Balance
Total
pref.
stock (par $100)
Interest on
$4,162,793 $4,205,074
x After depreciation,
y Represented by 499,543 no par share,
z Repre
seated by 8,000 shares.—Y. 146, p. 440,
'
41,988
cum.
$7,466
3,400
Interest on
$4,162,793 $4,205,0741
possible
add. taxassessrn.
4%%
$2,085
4,247
Interest on
Truck
capital stk.
pay
.....
for
Res.
766,126
5,000,000
x Common stock..
5,000,000
Earned surplus... 4,219,235
354,681
.....16,829,697 17,345,025
No par
note
4 Yi%.
Operating income. —---------
insurance
& local taxes, &c
1,545,600
5,339.873
Mtge.
336,891
312,838
99,848
10,000
306,666
54,150
.297,927
Accrued
&c
35,423
23,000
Accts. pay.,
1,500,000
Operating expenses
1936
Liabilities—
1937
Capital stock...$2,497,715 $2,497,715
Sub. stock outst'g.
48,101
1,500,000
241,221
Net rev. from oper—
-
Consolidated Balance Sheet Dec. 31
1937
Assets—
56,399
$49,855
42,390
Tax
131
"5,777
404,671
607,405
creditors
502,514
$37,685
Operating expenses.35,600
$94,382
43,801
$144,297
99,909
liabilities...
Sundry creditors..
Fonda Johnstown & Gloversville
April 30— 1938—Month—-1937
29,469
15",545
Acer,
3,741,556
3,623,610
Period End.
$64,912
$185,302
196,617
1,729,156
Operating revenues
'
3,015
Income tax
1,399,230
3,711,727
3,374,221
121,804
1,651,766
5,315,334
254,964
&c
Total
$
$
pay.—trade
1.000,649
tradem'ks, trade
names,
1937
1938
Accts.
769,326
leases,
Goodwill,
exchanged or
Yt% preferred
31
liabilities—
$
United States, Stae
1934
1935
$172,971
$209,027
$4,495,181
1937
1938
Assets—
Other assets
1936
1937
$4,219,235
Consolidated Balance Sheet Jan.
—
$72,512
-
—
-
■
Fanny Farmer Candy Shops, Inc.—Earnings—
Period End. Apr. 30—
1938—Month—1937
1938—4 Mos.—1937
Sales
$759,743
$387,227 $2,183,027 $2,052,609
x Profit
122,455
18,088
238,767
245,297
x After depreciation, but before Federal income taxes.—V. 146, p. 2849.
Calendar Years—
29§'§iZ
75,875
950,000
45,123 shares of 6^% preferred stock purchased,
redemption,
b In connection with redemption of 6
stock and issue of new 4K% preferred stock.
11,825
118,252
124,652
Net income--10,912
105,393
113,533
Note—No provision has been made for the Federal surtax on undistri¬
buted profits for the year 1938, since any liability for such tax cannot be
determined until the end of the year.—V. 146, p. 2849.
. >
;;
Operating profit
237,500
750,000
------
-
On
Cash......
763,089
$6,199,289
451,230
—
stock
called for
10,620
9,651
Subs.)—Earnings—
$5,206,735
preferred stock
Dividends on 4% % preferred
Dividends on common stocks
.
4,371,694
—
Dividends on 6 ^ %
a
$1,064,505
—-—
Premium
a
b Expenses
re¬
Federal Motor Truck Co. (&
$711,554
4,495,181
-
Oust, accts. rec...
$889,994
136,000
Balance surplus of previous year2
Appropriated surplus, no longer needed
1938—12 Mos.—1937
69,191
406,011
207,904
7,000
751,470
undistributed profits
Net profit
Co.—Earnings-
,
$2,506,082
$2,222,555
72,022
413,699
-
Other taxes
and munic. sees.
Period End. Apr. 30—
$2,432,261
73,821
34,723
Provision for surtax on
$864,905
$833,062
Financing
Authorized
Outstanding
33,571,153
$2,187,832
Profit...
$930,807
$754,843
1937
$36,397,782 $36,003,415
leased departments)
of goods sold, selling, operating and adminis
$962,281
97,375
97,744
Subs.)— -Earnings1938
(Wm.) Filene's Sons Co. (&
Years Ended Jan. 31—
$877,979
123,136
.
,
charges....
914,427
Net sales (incl. sales of
$890,244
40,562
Fall River Gas Works
Total..
1,832,382
2,030,807,
14,723
65.873
278.
$938,206
24,074
A, 3H%, due May 1, '68- x$2,000,000
$2,000,000
Capital stock (par $25)
...
.210,000 shs. y210,000 shs.
Employees'stock (par $10)------5,000 shs.
z5,000 shs.
x Additional
bonds of series A or other series may be issued on the
conditions and subject to the limitations contained in the indenture,
y Of this class of stock, as of Feb. 28, 1938, New England Power Asso¬
ciation, Boston, Mass., was the record and beneficial owner of 118,161
shares representing 56.267% of the class and 56.133% of the total voting
power and Eastern Utilities Associates, Boston, Mass., was the record and
beneficial owner of 77,456 shares representing 36.883% of the class and
36.796% of the total voting power.
z Entitled
to one vote for each 10 shares and by a provision of Mass.
statute is entitled to a dividend pro rata to the amount of the dividend paid
on general stock.
Company is obligated to purchase at its par value any
such stock owned and offered to it by an employee or his executor, adminis¬
trator or legal representative.—V. 146, p. 3186.
Deferred charges
60,453
400,000
1,018,539
Total-—
lstmtge. bonds, series
Co.
75,041
400,000
968,267
Reserves
$862,145
—
Funded Debt—
Fed. Mot.
175,512
23,566
56,385
71,679
400,000
933,109
profit
Interest paid
Depreciation and amortization.
Provision for Federal income tax
784,826
Capitalization, Upon Completion of Present
z
244,699
25,254
91,998
1,085,910
Net earnings for year
Cash surrender
271,822
43,324
78,214
85,472
400,000
and
734,509
Total income
Marketable
1,832,382
405,258
.
,
1,088,157
Total interest and other
Cash....
38,780
1,630,988
748,146
._— _
operating income
mach'y &
V 34,720
expenses1,087,859
_
.
1,729,438
deposits on contracts.
Funded debt------
—Y. 145, p.
570,013
149,412
41,274
6,139
2,030,807
Total
Liabilities—
Accounts payable
Acer,
exp.,
wages
company
$2,698,151
566,586
129,744
89,067
4,292
,
54,530
41,164
$2,760,981
Other income.
x
563,525
150,461
142,617
5,017
Land, bldgs., mach. and
equipment
253,946
278,218
4,240
368,625
288,895
14,051
350,652
262,634
573,654
208,953
100,298
6,590
_
1934
415,126
5,429
199,447
205,368
1935
321,966
12,492
451,535
314,155
......
Securities
1396
1937
Assets—
Cash
$2,760,872
Total gross operating revenue
Purchased electric energy—; _
39
934.805
30,675
_
Narragansett Electric
known
24,166
910,600
V
13
1,018,539
-
_
71,084
8.008
:>
!
v..
1
profit after
oper.
Non-operating income.-
Int.
S'
'
selling and
taxes and
exp.,
Net
1945 of the company
to
748,653
:
1,193,843
1,706,585
Cost of mfg.,
be
estimated
company
1934
1935
1936
1937
1,797,861
Net sales
fixed for redemption in the call.
Purpose—The net proceeds in the estimated amount of $2,006,880 to
received by the company, after deducting expenses of the issue
at $35,120, together with other funds of the company on hand amounting
to approximately $113,120 will be devoted to the redemption on or before
July 1, 1938, of the first mortgage gold bonds, series A, 5%, due July
Co., an affiliate, and to Newport Electric Corp., for resale.
electricity in the year 1937 were 127,228,920 kilowatt hours.
Company owns and operates a steam electric generating station
as the Hatnawny Street Station operating at 60 cycles, which includes
<
:
Calendar Years
(In Thousands of Lire)
interest to the date
electricity is sold by the
(Turin, Italy) —Annual Report—
Consolidated Income Account for
during
each successive one-year period ending on May 1 to and incl. such period
ending on May 1, 1966; and thereafter, until maturity, at such principal
amount without premium; together in each case with accrued and unpaid
customers,
3335
Chronicle
Financial
146
x
$343,657
amount of
amount of 7%
income debs., &c_
$268,017
months' interest on $3,000,000 principal
avail. for int. on couv.
Represents three
debentures issued in
convertible income debentures
5% serial
20,165
Crl,888
...
exchange for a like principal
which have been canceled.
3336
Financial
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the year 1938.—V. 146, p. 1241.
Foster Wheeler
Chronicle
un¬
;
1936
$7,886,000
Unfilled orders
.$10,492,223
a Loss from manufaetur—
1935
ing and trading
prof.225,780
171,276
Other income
$6,073,400
Realized foreign exch
on sale of treasury
50,868
p
—_
Profit
______
$397,056
207,417
63,244
Depreciation
-
;>
Net loss
a
After
41,604
390,866
381,522
125,146
1,449,335
165,804
345,459
Total
a
$244,559
$541,545
reserve
of
549,249
75,000
112,500
10,000
15,000
26,720
24,700
Com. stk. (par $3)
Capital surplus-
2.400,000
2,400,000
1,174,371
1,174,371
Earned surplus—
1,361,219
1.006,076
Min,
Int.
In
sub.
consolidated
_
__
Total
..$6,565,170 $6,148,895
for doubtful accounts and notes of
$114,210 in 1937 and
b After reserve for depreciation of $108,607 in 1937 and
c After reserves for depreciation of
$776,467 in 1937 and
d After
Foundation
$537,128
deducting all costs, incl. operation and maintenance
343,176
(non-
pay.
current)
Mtge. payable....
.$6,565,170 $6,148,895
After
$97,027 in 1936.
$105,609 in 1936.
$769,346 in 1936.
1
,
456,997
345,459
—
__
______
$410,000
609,684
Notes
1,340,348
207,606
Goodwill
Co.
for amortization.—V. 146,
p. 2850.
reserve
(Foreign)—Earnings—
[Including Wholly Owned Subsidiaries]
plants,
erection and installation of apparatus, selling, general and
administration
expenses,
b Foreign taxes.
Calendar Years-
1937
Gross income
1936
$36,237
1935
$8,292
1937 (surplus), $32,336; consolidated net loss,
Gen. & admin. exps.___
Provision for taxes.
45,431
571
57,809
767
fear ended Dec. Ltd. 1937, $101,499;reasonon investment in
oster
31, (Canada) by loss of accumulated
Wheeler
4,213
Interest paid
Loss on sale of securities
3~358
"1*307
202,128
3,851
Balance Jan. 1,
profit and loss deficit
of reserve
and Loss
Deficit
Dec. 31, 1937, $345,970; less portion
for contingencies, previously set up out of
earnings
at
_
Consolidated Balance Sheet Dec. 31
Exchange loss
written
$273,478
1937
rec.
2,551,398
secur.
107,731
1,804,661
232,827
Marketable
Accrued Interest—
Inventories
Investments
Deposits
.....
with
surance
1,954
1,659,454
In¬
27,649
193,265
2,448,969
Fixed assets
2,727,099
24,358
17,734
39,634
102,337
1
Other assets
31,602
1
Deferred charges..
Patents purchased
Goodwill &
inc.
&
Cash
'•
Advs.
on
94,840
18,088
199,499
533,519
641,403
137,993
acc'ts receivable
Total
a
......
Gatineau Power Co. (&
4,890
1,386
2,271
1,781,800
Operating
2,581,800
1,672,132
2,554,550
Other income
1,863,860
—32,336
$8,951,017 $7,560,943
Total
.........$8,951,017
Profit
$7,560,943
After
depreciation of $3,005,041 in 1937 and $2,970,630
Represented by shares of $10 par.—V. 146, p. 2207.
y
Foundation
or
(net)
Loss
Other income
$68,969
41,435
$70,491
23,142
$27,534
24,494
$47,349
29,876
$52,028
132,642
$77,225
786,681
$184,670
$863,906
...
Bal.
Net loss
Interest and miscellaneous deductions..
Loss before extraordinary deductions.
Extraordinary charges and credits
Deficit for
Pi,;
year...
on
—
gen. exps
1937
Current assets
1936
$674,328
$442,434
So. Amer. acc'ts.
20,669
304,330
Mat'ls & supplies.
Oth. sec. invest'ts.
122,121
129,336
a
49,252
45,051
(not current)...
Secure, of affiliates
b Fixed assets
420,091
467,645
23,114
Other assets......
Indebt.
c
of
Liabilities—
x
1936
Notes & loans pay.
Customers' deps..
$515,397
$559,622
Accounts payable.
Due to off. &empl.
66*795
before
divs.
1,845
5.717
132,943
102,530
99,235
97,201
23,990
543,099
597,934
Llab. under tr. f'd.
17,229
9,950
Trust fund.....
13,112
16^566
8,030
6,649
16,566
Res. marine insur.
d Capital stock
29,739
Capital surplus
17,229
34,024
Deferred charges..
Earned deficit
..$1,913,878 $2,070,1401
Total
7,837
100,000
2,000,000
1,145,363
184,670
1.086,998
1,841,634
$1,913,878 $2,070,140
Cash accounts
receivable, marketable securities and materials in South
American countries in which there are
restrictions on exportation of cura
renJC3l^nd«?SuFitieS-„«b Af!er
and
$728,716 in
1937.
c
Reprinted by 100,000 $1
JL9oo.—V.
145, p.
reserve for depreciation of $825,543 in 1936
Cash
d
1098.
and
marketable securities
held
par in 1937 and 100,000 shares,
in
no
trust,
par,
in
General American
Transportation Corp. (& Subs.)—
Quar.End
Mar.Zl—
bNet profit-.
Shs. of. cap. stk.
outst'g
Earnings per share
V
1938
1937
a$845,372 a$1.120,000
1,022,095
1,017,603
$0.82
$1.10
ai46f°pe 1^76Fal SUrtax" b After deprec.,
Gar Wood
1936
848,003
$242,701
818,203
$0.36
$0.29
int. & Federal income taxes.—
Hydro-Electric
146, p.3013.
General Theatres
Industries, Inc. (& Subs )—Earnings—
1937
1934
$9,425,968
6,301,894
$6,979,018
6,689,762
4,822,403
$4,662,343
3,596,830
2,038,941
1,901,828
1,238,924
$584,431
65,535
$1,222,246
84,479
$917,690
33,758
$117,284
27,795
Total income
Income deductions
$649,966
63,334
x94,100
$1,306,725
104,260
x290,950
$951,448
113,041
154,100
$145,079
$492,532
200,000
$911,515
440,000
$684,307
$48,668
_
Net profit..
Dividends paid
x
Including $25,200 in 1937
profits.
86,681
9,730
...
and $88,950 in 1936 surtax
on
161,135
83,951
653,393
337,159
339,600
$356,556
440,433
$1,793,262
1,941,070
$1,039,961
1,361,595
for
the
full
undistributed
3,450,804
1,276,143
658,112
periods
indicated.—
Equipment Corp. (&Subs.)—Earns.
Year Ended June 1 '36 to
31 '37 Dec. 31 '36
$9,498,474
6,826,943
-
expenses
Net profit from trading
General and administrative expenses
$5,998,159
4,188,699
$2,671,531
1,268,257
-
$1,809,459
723,905
$1,403,274
608,633
Net profit from operations
Other income.
$1,085,554
416,242
"
$794,642
815,774
Total income
Other deductions
$1,610,416
278,701
119,400
12,900
—
Prov. for normal Federal income tax
(.est.)
Prov. for Fed. surtax on undist.
profits (est.)
$669,311
662,456
$1,331,768
199,475
114,233
58,550
Consolidated net profit
Dividends paid
$1,199,415
$959,509
715,140
xl,051,461
$356,070 charged to paid-in surplus, $695,391 charged to earned surplus*
Note—The provision for depreciation amounted to $100,646 in 1937 and
$80,537 in 1936.
x
Consolidated Balance Sheet Dec. 31
1937
Assets—
Cash
Notes & accts.
1937
Liabilities—
1,689,076
Accts.
Prov.
rec.
(net)
Int.
1936
$
2,070,730
—.
3,014,506
S
pay.(trade)
for
Federal taxes
assets
9,723
2,514,290
4,498
1,285,915
& accr. liabils
5.017,071
Investments
5,317,071
597,374
Obliga. to receiver
Def. cred. to Inc..
2
2
Inv.in&amts.due
subs, (not cons.)
249.138
33,327
Deferred charges..
79,694
55,029
Other
accts.
liab.
pay.
(reorg.)
a
—12,609,175
11,496,583
Capital stock
85,258
4,843
25,948
175^739
137,749
54,928
—
Reserves.—
Total
85.774
—
Earned surplus—
Total
318,546
Prov. for est. add'l
638,723
Goodwill
$
469,891
&
1,529,586
receivable...
1936
484,293
236,946
State
Paid-in surplus—
Net profit from oper—
Other income
Pro v. for income taxes.
56,764,621
Ltd.,
948,229
allowances & discounts $9,313,134
Oostofsales
Sell., gen. & admin, and
branch office expenses
Corp.,
Gross profit on sales
Selling
a
1935
$7,210,972
3,432,884
994,273
$508,051
508,051
Cost of sales
Capital
1936
1,773,061
861,815
309,592
Dec.
Inventories
Calendar Years—
Gross sales, less
returns,
$8,130,922
847,013
238,663
280,624
As adjusted to reflect the effect of
amalgamation of the company with
1935
$308,025
5,742,191
893,304
271,309
366,607
Period—
Net sales
1.983
Accrued liabilities.
$2,114,106
211,914
44,947
84,194
on
Canadian
V.
38,379
Other liabilities
Liabll as custodian
affll.
Total....
1937
$2,175,302
219,755
42,391
105,435
preferred stocks
Balance before divs.__
x
Balance Sheet Dec. 31
Assets-
$8,076,868
61,249
Dr7,195
Net income before int.,
deprec. and divs
$1,807,720
Int.—bonds & prior liens
857,241
Int.—debs, and other._
202,258
Deprec. & amortization
of storage works
157,739
Amortiz. of disct. & exp.
82,429
$103,563
174,053
expenses
loss
Oper.,admin.&
1936
$76,849
145,817
1938—12 Mos.—1937
$8,606,115
137,750
Drl,674
_____
Taxes, incl. income
1937
revenues
1938—3 Mos.—1937
$2,152,183
$2,100,995
24,547
13,027
exchange
Drl,429
Cr84
revenue
Maintenance
1936.
Co.—Earnings—
Calendar Years—
Operating
Operating
in
Subs.)—Earnings—
Period End. Mar. 31-
Total.
Total
z
50,917
184,751
$886,587 $1,213,836
Total.
$886,587 $1,213,836
Represented by 112,590 no-par shares in 1936 and 97,765 shares in
bAt market value.—V. 144, p. 3672.
1,672,800
.
4,750
1937.
Min. int. in subs..
surplus...
5,433
738,557
3
$7 preferred stock.
z Common stock..
Earned
14,808
512.191
3,995
Investments.
7,524
Capital surplus...
Res. for taxes and
Surplus..
For'n exch. adjust.
165,610
15,155
5,868
76,282
Deposits and def'd
60,459
.....
$387,694
adjustments.
contingencies
subject to
exch. restrictions
144,153
102,542
1936
$354,735
v:
4,853
127,201
_.
currency
assets
302,098
differences.....
$59,467
1937
a Capital stock
Accounts payable.
Res. for for'n exch.
11,079
Foreign
1936
Res. for conting's.
Res, for exchange
devel¬
patents...
$2
99,643
35,903
contracts
unshipped
$1
Inv. In contracts-
$641,390
501,086
...
37
$42,123
Liabilities—
156,332
—
b Market, secure
1936
Acc'ts receivable._
other
taxes....
1937
Furn. & fixtures..
273,478
.
on
billed contracts.
Acer.
cos
costs
1,749
$57,941
$216,672
Advance to officers
wages & exps...
Accrued
484,984
loss
Consolidated Balance Sheet Dec. 31
Acer, commissions,
574
2,481,057
287,765
stated value
Assets—
$804,616
1,400,000
Notes payable
1,420
over
1937
Accounts payable.
off
Net
;
Liabilities—
$499,668
Notes & accts.
oped
1936
$787,234
1,770
Excess of cost of cap. stk.
purchased for retirem't
[Including corporation and Foster Wheeler, Ltd. (England) and Societe
Anonym e Foster Wheeler (France)]
Assets—
748
Part of aec'ts rec. in Italy
capital surplus (excluding charges to capital surplus in 1935
in accordance with authorization of
stockholders, represent¬
ing write-down of Newburgh plant in the amount of $696,684,
and charge-off of patterns of $555,000; also
excluding depre¬
ciation of
Newburgh plant charged to capital surplus prior to
1935 of $386,307, but including a net credit of
$180,070 rep¬
resenting profit on sale of treasury stock from 1929 to 1936)
Cash
—
Deprec. of plant & equip.
considered applicable thereto, $141,655; profit and loss deficit
Dec. 31, 1937, before final adjustment
Transfer of "profit and loss deficit" os of Dec. 31,
1937, to
■>
1934
$28,068
1,252
71,947
2,645
11,690
$28,781
1,060
63,823
Consolidated Profit
y
1936
$565,000
payable.—
liabilities.—
Acer,
&
equipment
;
..
$101,499
297,851
d Pats. <fc licenses.
$76,286 def$232,814 def$256,619
289,338
285,893
274,920
b31,409
b22,838
b 5,589
74,394
f.
153,500
..
plant
cProp.,
24,604
98
Other deductions
Loss on sale of Cleveland
plant
65,087
expenses,
used In
operations
Other assets..
3.857
......
Minority dividends
.
1,330,776
1,746,778
—
...
Income taxes
1,403,178
2,009,936
———
1937
Notes payable
b Prop.not
stock.. —57,921
Adjust, of reserve for in- U
of prior years
Liabilities—
$629,655
Accts.
Inventories
Prepaid
Profit
come tax
1936
$437,653
Accts.¬esrec.
a
375,107
93,884
i
1937
Cash
(trade).
421,398
112,539
72,188
-
1936
$165,080
Consolidated Balance Sheet Dec. 31
$4,704,000
147,227
114,723
__
After charges
Assets—
1934
_
Patent infring. judgm't-
1938
1937
__loss$170,232
$195,540
but before Federal income taxes.
Net profit
x
Years
[Incl. Foster Wheeler, Ltd. (Eng.),and Soc. Anon. Foster Wheeler (France)]
1937
1938
Learnings for Quarter Ended March 31
x
Corp.—Earnings-
Consolidated Income Account for Calendar
Calendar Years—
May 21,
•
on
145,403
84,608
c6,010,920 b5,324,610
4,808,605
4,641,717
747,126
262,851
12,609.175
11,496.583
At prices approved by the court for investments
acquired in connection
reorganization of General Theatres Equipment, Inc., and at cost
with
for
subsequent acquisitions: Twentieth Century-Fox Film Corp.
stock,
.common
185,600 shs., $5,016,816 (quoted market value at Dec. 31, 1937,
$3,688,800); Broadway & Ninety-Sixth Street Realty Co., capital stock,
500 shs., *$100,000; Ninety-Seventh Street & Broadway
Realty Co.,
capital stock, 500 shs., *$100,000; Broadway Varieties Co., capital stock,
57shs., *$100,000; (* sold in February, 1937, for aggregate price of
$225,000 in cash); Fox Theatres Corp. tin receivership), class B common
stock, 100 shs. (no market value obtainable), $255.
Volume
Gordon-Pagel Co. of Delaware—Bonds Called—
reserved
b Authorized, 800,000 shs., no par, of which 78,248 shs. are
for exercise of subscription warrants (which warrants expire Oct.
1, 1037),
Equipment,
of Dec. 31, 1936, under plan of reorganiza¬
been called for
redemption on June 1 at 102.
Detroit Trust Co., Detroit, Mich, or at the
Inc., who have not deposited, as
tion; issuedr-532,461 shares.
c Authorized, 800,000 shs., no par value, of which 5,390 are reserved for
holders of debentures of General Theatres Equipment Inc., who have not
Bank & Trust Co., Chicago.
Great Atlantic &
deposited, as of Dec. 31, 1937, under plan of reorganization; issued or
irrevocably authorized to be issued, 601,092 shs., less in treasury, 200 shs.;
total, 600,892 shares. ;
■' •
Note—The above statements include the following subsidiary compa lies:
1938j
Total earnings
Projector Corp., National Theatre S ipply Co., Theatre
Equipment Contracts Corp., J. E. McAuley Mfg. Co., Hall & Connolly,
Inc., and the Stropg Electric Corp.; but excludes the following subsidiaries:
Cinema Building Corp., and J. M. Wall Machine Co., Inc., and Zephyr
Shaver Corp. in 1937.
No provision has been made in the balance sheet, or in the statements
of profit and loss and surplus, for the minority interest represeited by com¬
mon stock: of subsidiary companies in the hands of the public, consisting
of 1 20-100 (2 55-100 in 1936) shares of International Projector Corp. out
of a total of 10,000 shares of common stock outstanding, and 3 47-60
(4 11-60 in 1936) shares of National Theatre Supply Co. out of a total of
9,241 8-60 shares of common stock outstanding.
The cumulative unpaid
dividends on the preferred stocks of those companies, all of which is owned
by General Theatres Equipment Corp., aggregated S523.971 ($436,642 in
1936) and $245,000 ($385,000 in 1936), respectively, and the preference
of such preferred stocks on liquidation exceeded the net worth of those
companies at Dec. 31. 1937 and 1936.—V. 146, p. 2820.
Depreciation
Federal
—Week End.
1037
"■ •-.'.r■"i
.
16,708,674
16.430,454
41,687
Balance, surplus..... df4256,366
614,805
99,398,146
115,373
98,783,341
236,533
98,667,967
2,085,812
$3.50
2.086,748
$7.31
2,086,748
$7.08
2,086,748
$7.13
standing (no par)
Earn, per sh. on com
Year ended
y
Feb.
29.
Consolidated Balance Sheet Feb. 28
.
V
Liabilities—
l
70,021,073
82,794,099
40,498,615
Expenses and costs
Goodwill
Stocks
<fc
sees.
bonds.
$8,580,994
55,404
$4,478,829
Dr322,319
$2,956,383
598,638
4,877
$7,962,136
^
1,712,683
xl,016,893
.2,208,851
$8,525,590
1,632,083
xl,032,322
1,785,052
$4,156,510
1,693,479
1,245,698
Depreciation
;
•-
Interest
y Taxes
Federal tax.
Surtax
_
_
625,000
2ut)~,65o
ioolopo
225,000
225,000
_
undistr. profits
on
Includes
x
mortgage
expense,
3188.
Consolidated Income and Surplus Statement
.
.
(Including Domestic Subsidiary
Net sales
$347,586
y Other than taxes included in cost of
taxes,
z Certain figures revised but net
goods sold and Federal income
sales, and net profit remained unchanged.
&c.,
deprec.,
&
on
31,063,932
27,186.312
25,144.194
$1,647,603
$1,322,392
$1,679,934
1.032,345
.
Operating profit
32,248,775
$1,219,977
other expenses
Profit
958,382
679,393
concessions and
other special depts
Comparative Consolidated Surplus Jan. 31
Earned
Surplus—
Balance beginning of yr.
Net
profits for
year
above)
Total
......
on
Divs.
on
$6 pref........
7 % pref.
Trans, to stated value..
_
_ _
_
1935
$2,227,858
(as
2,278,709
3,226,132
67,679
.
21,9,(0
H,754,378
I,193,530
$6,908,488
1,205,126
$3,614,677
347,586
1,017,332
e.327,181
...
Miscellaneous credit...-
Divs.
1936
$2,575,444
1937
$3,614,677
1938
$2,148,489
.
a
other
non-oper.
z420,000
3,719
*475.000
4,683
275,000
73,661
234,000
$1,839,958
expenses
$2,097,731
$1,722,102
$1,372,273
37,037
1,307,342
50,830
1,121,753
61,497
692,017
*72,042
$495,579
4,310,025
jDrl0,280
Crl2,395
$925,147
3,224,011
$968,588
2,313,868
$1,300,232
1,013.635
Dr8,570
Dr563
/>4,765
cm,703
6,777
(net)
on
7% cum. pref.
stock.
1,609,000
y29~,534
Prov. for Federal tax.—
Divs.
...
Common stock divs
bl,464,685
Trans, to paid in sur
&
$3,560,848
$2,148,488
$3,614,677
$2,575,444
Surplus—
Balance beginning of yr.$13,558,815 $12,120,651 $12,116,154 $12,116,154
Excess of stated yah over
cost of $6 pref. stock
53,643
repurch
4,500
Pro v. for red. of pref. stk.
c2.413.590
Trans, to paid in sur.
1,464,685
Trans, to earned sur
Balance at end of year
Paid-in
$1,679,934
Crl4.413
_
$2,575,444
481,190
.
Losses due to floods
------
$2,001,785
$2,605,984
$2,252,322
Total profit
Extraordinary incomeInt.
Companies)
1936.
1935
$28,508,704 $26,824,128
1938
1937
$33,468,752 $32,711,535
Years End. Jan. 31—
$1,017,332
$3,226,132
$2,278,709
1937 and 2,085,812 shares
(H. L.) Green Co., Inc.—Earnings—-
Costs,
Net profit.
'
184,620,935 191,323,382
Total
...184,620,935 191,323,382
Represented by 2,086,748 no par shares in
a
457,554
3,306,182
6,700
99,398,146
95,141,780
Surplus
$3,555,021
1,616,949
1,390,486
520,000
Total income
Res. for Inc. tax
Other reserves.-
Total
156,608
25,561,652
613,846
1,837,277
Res. for self ins.
3,940,117
3,194,876
3,271,851
In 1938.—V. 146, p.
10,000
not owned
10,000
72,594
40,498,615 Notes & accept's
4,877 Acc'tspayable.. 24,603,138
4,939,139
$82,067,823 $77,155,345
77,588,994
74,198,962
$7,963,975
Drl,838
Operating profit
Other income (net)
Pref. stk. of sub.
1
Merchandise...
U. S. Govt.
1935
1936
1938
zl937
$100080,575 $95,683,562
92,116,600
87,102,568
Years End. Jan. 31—
Net sales
26,036,200
36,390,340
$
26,036,200
21,070,631
39,820,166 aCommonstock 36,306,100
20,922,547
44,962,832
Deferred charges
Inc. (& Subs.)—Earnings—
$
Preferred stock.
$
Accts. receivable
Gimbel Brothers,
1937
1938
1937
1938
AsSCtS—
$463,728
$348,619
16,593,252
16,430,448
47,431
Profit and loss..
95,141,780
Shs. common stock out¬
May 7—
to
17,084,622
16,430,448
39,369
9,119,114
13,296,816
78,664
Surplus adjustments
Cash.....
$20,025
$16,175
Operating revenues
—V. 146, p. 3187.
taxes.....
Plant & equip..
—Jan. 1
1938
May 7—
1937
1938
1935
yl936
,1937
842,015,871
24,217,051
4,953,377
2,555,000
Net profit....
Dividends paid.
Georgia & Florida RR.-—Earnings—
/
Pacific Tea Co.—Earnings-
881,703,076 907,370,991 872,244,368
14,878,682
24,515,795 23,734,041
3,925,568
4,136,173
4,516,789
1,834,000
3,295,000
2,624,000
Sales.
International
Continental Illinois National
111.—V. 120, p. 3321.
Years End. Feb.—
.
v
bonds series A due June 1, 1940-44 has
Payment will be made at the
A total of $59,000 1st mtge. 6%
reserved for creditors of General Theatres
and 10.060 shs. are
3337
Chronicle
Financial
146
Surplus for year
Earned surplus Jan. 31 —
Prem. on pref. stock red.
Prior
years' Fed. inc. tax
on serial 6% notes
Disct.
Dr65,381
retired——
Res. for conting. canceled
—
170",666
Earned surplus Jan. 31 $4,807,720
$4,310,025 $3,224,011 $2,313,868
Earns.persh.oncom.stk
$3-02
$3.45
$2.82 ,
*7.32
x 13 months,
y After deducting extraordinary income (net) of $52,242.
x Includes $74,000 in 1938 and $90,000 in 1937, provision for Federal surtax.
s
Balance..________..$13,612,458 $15,998,839 $12,120,654
Subsequent
trans,
to
stated value
d2,413,500
......
26,524
Exp. in exch. of pref
Property Surplus—
Balance beginning of yr. $8,152,472
Deprec. & amortiz. of invalues
."
$8,631,767
$8,461,532
.
-v
$8,758,858
in¬
170,235
166,556
182,001
Lag from prop, apprais.
Appreciation applic. to
property sold
127,090
shares of new no par $6 cum.
pref. stock of further amount (in addition to transfer from paid-in surplus)
required to increase its stated value to $100 per share,
b Transfer to paidin surplus of credit arising in prior years from repurchase of pref. stock at
less than par.
c Transfer of paid-in surplus of provision for premium on
redemption of old 7% cum. pref. stock not required as a result of exchange
of pref. stocks,
d Subsequent transfer to stated value of new no par $6
pref. stock of provision for redemption of old 7% pref. not required and
result of exchange of pref. stocks,
e $275,502 is excess of reserve for possible
assessment of taxes provided to Jan. 31, 1934, not required.
Note—The earned surplus is before an appropriation of $353,507 at Jan.
31, 1938 and $123,000 at Jan. 31, 1937, being the cost of preferred stock and
stated value of common stock repurchased.
Transfer to the stated value of 201,12.5
a
Assets—
Accts.
1938
1937
Liabilities—
s
$
Cash....
2,330,040
2,022,683
a
Reg. ret. terms 8,361,915
b
Def.pay.terms 3,857,046
320.364
13,857,994
$
Trade creditors
Ltd.
8,423,893
3,278,870
418,333
$
2,943,797
mdse. in transit,
471,978
655,296
492,353
524,664
2,398,784
600,000
14,581,328
rent & other exp.
in transit..
471,978
655,296
Mtge. & notes pay.
1,055,125
1,002,826
Land & bldgs...44,724,196
42,135,047
(current)
Mtge.
pay.
3,319,696
3,363,594
current).
g Leaseholds
254,990
260,331
102,661
106,815
Res.
(not
.25,783,772 22,191,400
Serial notes
h
..
equip.
Land & bldgs.
erations.......
Res.
3,045,547
2,772,693
745,910
682,892
ins., taxes, &c._
for
mtge. exp., &c._
113,596
50,346
Inventory of supp.
195,694
assess,
of
1
a
7% cum. pref. stk.
($100 par)
($1 par)
683,300
477,700
597,792
593,792
3,256,819
Earned surplus... 4,807,720
3,205,105
Com. stk.
Paid-in surplus...
.
276,712
1.147,521
576,635
— —
28,006
.
.
190,263
4,310,025
1,159,583
569,834
Total...
..11,585,776 11,548,849
of $687,583 in 1938 and $487,140 in 1937,
11,585,776 11,548.849
for depreciation
146, p. 3015.
Copper Co.- -Earnings r*
Operating income
.—
Dividends and miscellaneous income.
$348,717
3,023
—
Total income-.
80,021,1651
Consolidated aet income, without
Earnings per share on
x
deduction for depletion. —
500,000 shares capital stock.
period last year net income
^Note—All
U. S. income taxes have been estimated on
Revenue Act of 1936, with no provision for surtax, if any,
profits.—V. 146, p. 2209,
Gruen
4,857,000
Surplus
.25,143,776 23,859,775
to
$(LOi
Watch Co.—Plans to Seh
Slock—
the basis of the
on
undistributed
the directors
pref. s^ock: a.ii^
would be effective
stockholders will vote May 27 on a proposal to authorize
165,000 shares of common stock to retire the class A
increase the working capital.
Such authorization
The
4,886,500
x$256,074
amounted to $581,303 or $1.16
to sell
^Undei^the*plan'or reorganization adopted on June 25, 1935, the company
of its
dividends
pref. stock.
No
class A
Pr
Th enet income of^he company for the year ended on March 31 amounted
to $726,142 after taxes and charges.
In the preceding year the net was
$606 686, including $57,204 non-recurring profit from adjustment due to
75% of its earnings each year to the payment
until they have been paid in full and to payment of
preferred and thereafter to the retirement of class A
dividends may be paid on other classes of stock until all of the
required to apply
debentures
on
Total..
83,280,741 80,021,165
$13,195,918 in 1938 and $12,119,557 in 1937.
f After deprec. of $5,125,321
1938 and $5,042,765 in 1937.
g After amortization of $103,260 in 1938
$97,918 in 1937.
h After deprec. of $70,593 in 1938 and $53,940 in
1937.
i Represented by 977,300 (no par) shares in 1938 and 971,400
shares in 1937.—V. 146, p. 2693.
and
For same
347,289
of $427,836 in 1938 and $406,749 in 1937.
b After
$47^,965 in 1938 and $343,138 in 1937.
e After deprec. of
in
JO,b/»
bb,u»»
taxes—estimated
United States and Mexican income
Provision for depreciation and obsolescence
20,091,875
reserves
of
37,500
2,266,844
Greene Cananea
was
83,280,741
After
791,500
2,469,104
After reserve
2 49,079
1
...
Goodwill
Total
6,000
757,300
Deferred income
37,500
Total.
taxes
91,274
reserves
20,100
Mtge. payable.—
1
Deferred charges..
$6 pref. stock.....19,798,850
174,944
523,988
244,286
Leaseh'ld improve¬
ments.
within one year.
1
income tax
Green
Real estate...
possible
i Common stock..
charges,
1,250,000
203,459
for prior years..
expenses,
Deferred
1.000,000
for insurance
and pensions
not
used in store op¬
Prepaid
Mtge. paym't due
.
equipment
-Improvements
to
leased property.
2,455,781
927,182
on
Delivery
475,000
A.]
Sundry creditors..
int., taxes,
Mdse.
f Store fixtures.
.
Shops, Ltd
x
575,324
420,000
17,910
Furn., fixtures &
—V.
525,421
for Fed.
400,000
1937
Accrd.
Other assets......
e
in
and accrd,
expenses
Reserved
300,000
18,146
(Canada)
Invest,
x
pay.,
[Including the Cananea Consolidated Copper Co., S.
Income Statement for 3 Months Ended March 31, 1938
1,925,007
Mdse.
hand
taxes
5,502,722
$
908,802
694,919
Trade creditors for
receivable:
Sundry debtors
Other accts.
34,154
Met.
rec.
Stores, Ltd
Miscell. receivs. &
Comparative Consolidated Balance Sheet Jan. 31
1938
Trade accts. pay..
1,370,036
—
$
Liabilities—
Inv. in Met. Stores
$8,152,472
$8,461,532
$8,631,768
$23,859,775 $24,196,863 $23,323,366
Balance at end of year $7,970,471
Total surplus.
$25,143,776
$
1,873.268
Accts. receivable..
84,255
Mdse. inventories. 4,802,633
Cash
1937
1938
1937
$
Assets—
investments
142,504
.....
1938
'
,5
Notes
result-
31
Consolidated Balance Sheet Jan.
......
.
$13,558,815 $12,120,654 $12,116,154
Balance at end of year $13,612,458
creased
$12,116,154
class A
reduction in rate
of foreign
Gwyn Beardmore
See list given on
exchange.—V. 145, p. 280.
Gold Mines, Ltd.
first page of this
department.
Registers with SEC
3338
Financial
Greenwich Water & Gas
Calendar Years—
Chronicle
1937
1936
$1,318,076
348,114
Maintenance
47,942
Taxes—Federal income.
39,785
Other
165,320
Reserved for retirements
70,288
Operating expenses——
1935
1934
$1,631,869
583,682
Gross earnings
$1,603,390
569,360
61,272
38,074
159,070
94,344
$1,590,561
618,043
■
.
70,821
25,960
173,782
99,949
at
1938
21,
A total of $101,500 debentures have been called for redemption on June 1
102.
Payment will be made at company's office, 410 San Fernando
Road,
71,546
155,016
83,729
Los Angeles,
$646,625
$677,672
$681,267
$628,260
133,730
1,283
141,824
1,000
151,168
1,186
Calif.
Hewitt Rubber
33,964
The
have declared a dividend of 10 cents per share on the
$5, payable June 8 to holders of record May 28.
This
25 cents paid on March 9. last, and on Dec. 6, Sept. 8.
Feb. 27, 1937.—V, 146, p. 2537.
v ' ■■ ■"'
-
stock,
June 6 and on
144,727
1,238
,
Corp.—Smaller Dividend—
directors
common
compares with
Gross income
May
Hay ward Lumber & Investment Co.—Debentures Called
System, Inc. (& Subs.)-
par
Deductions—Subsid.:
Int.
funded debt—
on
Other interest charges
disct.
Heyden Chemical Corp.—Dividend Reduced—
Directors have declared
stock,
common
Amort, of debt
and expense
8,542
6,640
680
938
809
Miscell. deductions
Minority interest
V
4,553
4,278
731
12,628
9.423
10,317
8,972
$489,760
$517,844
$513,232
263,519
2,118
283,475
284,952
292,121
26,203
7,000
26,911
6,771
$195,076
$142,507
tributed.
last.
$468,311
33,238
Balance
par
Previously regular
In addition
funded debt.
on
'
Miscell. deductions
/ 6,436
35,160
6,455
Net income-.
$184,446
$192,753
12 Months Ended March 31—
Gross earnings..
_
_
1938
Reserved for retirements...
1937
$1,320,858
608,026
70,460
See also V. 145. p. 3974.
..
$672,837
149,319
10,392
Gross income.......
Int., amort, of discount, &c., of subs
Minority interest
Int., amortiz. of discount, &c., of Greenwich Water
& Gas System, Inc.
...
785,726
95,928
12,457
......
295,688
Co.—Earnings—
Federal income taxes and other
for Fed. surtax on undist. profits
exps.,
charges but before prov.
—V. 146, p. 2853.
Hinde & Dauch
$188,223
—
Operating profit
_
Net profit—
Common dividends...
ncluding Dec. 31, 1936—thereafter there is included only income on other
owned by a subsidiary of Community Water
Co.
(2) The above income accounts include surtaxes on undis¬
tributed orofits as computed and recorded at the close
of the calendar
years
1936 and 1937.
For the year 1938 to date no accruals
for such
securities of that company
Service
Sink,
by trustee,
&c
S
185,307
...
Funded debt
8,208,000
8,912,000
97,376
122,855
able, &c
Consumers' depos.
Divs. decl.
42,145
477,335
Cash..
stock
274,254
Cash in closed bks.
pay.
Dec. 31,
221,461
293,807
Mat'ls & supplies.
86,275
97,702
5,451
7,430
252
Prepayments
Unamort. debt dls.
and expense
543,325
644,995
Other def'd chgs..
Unamort. pref.stk.
11,984
9,226
& expense.
62,067
Other
354,551
238,194
4~9~963
1,279,759
1,562,290
69,657
14,265,185
Contrib. for ext'ns
179,814
Oth.l'g-term debt.
4,000
8,000
934,029
934,029
Reserve for general
486,218
69,629
Fixed assets
(net). 5,890,938
5,753,909
contingencies
10,000
Cum. pref. stock.. 3,590,000
Deferred charges..
147,443
Total
11,818,186 11,822.058
500,000
311,306
500,000
158,570
14,265,185
Period End. Mar. 31—
of $25 per share on Aug. 15, 1933 —V. 145,
3498.
Co.—Earnings-
Year Ended
Period—
29,176
2,278
7,094
$570,832
371,839
30,657
88,402
$564,206
352.945
24,157
82,909
$6,716
....
Net oper. revenues
$45,134
$6,585
$79,934
—
adver,,
admin,
...
general
78
Retire,
$104,240
$3,799
$3,668
180
$45,012
2,208
$69,240
181
accruals.
$80,012
35,000
$3,619
reserve
$6,585
2,916
$3,488
$42,804
44,226
$66,810
35.000
Interest charges
Net income
Dividends declared
2,430
—V. 146, p. 2695.
Calendar Years—
1937
$1,794,731
723,984
1936
$1,199,474
587,146
$976,117
293,920
$466,116
292,861
$1,809,439
47,566
102,935
x275,842
$1,270,037
94,818
88,212
171,500
$758,977
128,988
155,810
37,001
$1,383,096
374,407
532,996
$915,508
$437,178
_
$1,421,600
117,011
900,409
1934
$747,121
439,163
Consolidated Balance Sheet (Incl. Holland Credit Co.) Dec. 31
1937
1936
a
Inventories.
Operating income
$1,070,747
138,850
$612,328
76,241
$542,620
62,781
$307,958
87,015
Liabilities—
1, 298,132
6, 787,935
1, 429,334
in¬
501,141
surance cos
with
$
1,911,980
3,136,000
d Common
stock.
4,502,320
4,263,970
Accounts payable-
35,480
96,921
5,045
2,509
1,010,679
1,405,026
Accrued
Cash surr. value of
b Accts.
1936
$
Preferred stock...
Branch mgrs. deps
2,291,583
—
with life
1937
$
$
1,416,149
Accts. receivable 7,393,819
taxes,
496.022
salaries,
&c
Dividend payable.
249,620
308,797
Prov. for Fed. and
State inc. taxes.
40,000
208,098
em¬
ployees & stock¬
16,355
39,017
1,254,508
193,943
1
1
142,033
410,213
177,610
Capital surplus
434,486
Earned surplus
13,425,802
11,856,482
Property, plant &
Deferred charges
-
.
a
Res.
for
furnace
guaranty exps..
.
Other assets
Total
Other income
'
out¬
Patents.
1935
*
115,975
298,867
—
Assets—
equipment
$1,055,998
513,378
3,123,018
$1,458,777
350,662
'•
holders
Manufacturing profit...
Sell., gen. & admin, exp.
$7,043,641
standing (no par)....
450,216
426,397
426,397
426,397
$2.90
Earnings per share._.
$2.89
$2.01
$0.85
x Including
$138 provided for surtax on undistributed profits of sub¬
sidiary company.
58,968
Corp.—Earnings—
Year Ended
31, '35 Mar. 31, *35
$7,914,597
3.419,560
3,454,508
'
stock
com.
Dec.
3,518,919
$1,836,442
Net profit.
—
Preferred dividends....
c
Hercules Motors
9 Mos. Ended
5,484,205
life insurance...
^
Year Ended
$1,292,305
544,137
_____
Prov. for Fed. inc. tax.
Dep.
Gross income
Sub.)—Earnings—
5,590,599
.
45
$6,716
2,916
$3,021,559
93,117
&
Cash
Balance
$3,910,832
32,245
$12,290,769 $12,184,776
5,407,865
5,241,793
expenses.....
Total profit
Interest paid
Depreciation
$104,195
Non-oper. income, net..
1938—6 Afos.—1937
$1,517,447
28,870
Dec. 31, '37 Dec. 31, '36
Net sales.
Cost of sales......
Shares
$44,920
28,470
2,210
7,524
__
Taxes.
11,822,058
After all charges, including Federal income taxes.—V. 146, p. 2695.
x
Common dividends.....
1938—Month—1937P *1938—12 Mos.—1937
Operation.
Maintenance.
11,818,186
Total
$2,272,055
loss26,331
xNet profit
—
Apr. 30—
152.869
2,665,459
1938—3 Mos.—1937
Net sales.
15,181,771
1937,
revenues
3,600.000
3,195,180
—V. 146, p. 2853.
Operating profit
Haverhill Gas Light
112,418
Holland Furnace Co. (&
The directors have ueclared a partial
lared
liquidating dividend of $4 per share
<
7% pref. stock, payable May 26, to holders of record May 19.
This will bo the sixth distribution made, a dividend of $6
having been paid
oniDec. 7, last; one of $10 paid on July 22, 1937; one of $5 on Feb 8,
Period End.
3,607,900
Com. stk.(par $10) 3,602,500
Capital surplus. —
Earned surplus
213,284
onfthe
Operating
490.000
530,305
Other income (net).....
p.
..
54,119
490*000
1st mtge. 4%8—
15,238
in cap. stock
2,560,400
Harmony Mills- -Liquidating Dividend-
one
303,000
Fed. Income taxes.
-V. 145, p. 3009.
and'on Dec. 14. 1933, and
622,040
Div. payable
370,334
215,374
Minority interest.
6% cum. pref, stk.
($100 par)
2,560,400
Com.stk. (100,000
Total
60,608
(R.) Hoe & Co., Inc.—Earnings
62.067
15,181,771
Accrued liabilities.
1,972,081
38,406
—
shs„ no par)
Earned surplus
552,042
1,164,948
320,356
50,000
reserves
%
$
562,898
910,438
Sell.,
Total
Liabilities—
Accounts payable.
173,709
.
reserve
1936
1937
$
1,283,217
100,000
....—
Notes & accts. rec.
after
1936
Retirement
(less reserve)...
Acc'ts receivable..
U. S.Treas. bills..
pref.
on
108,000
...
75,255
Deferred credits.
$1,201,731
737,928
1936
$
1,289,264
155,425
50,000
Cash with trustees
1937
Assets—
of sub.notconsol
169,676
77,920
$1,246,543
273,851
612,000
183,215
Other assets
$
Notes payable
Accured liabilities.
sinking funds...
Cash held in escrow
$1,384,946
■
Cash
1936
'
Accounts payable.
Int. & dlvs. pay¬
fiecur. and cash in
com.
1937
Liabilities—
fund & cash
held
$1,526,043
216,500
63,000
Consolidated Balance Sheet Dec. 31
Inv.
1936
911,085
$1,751,783
235,000
a65,147
After deducting $2,853 excess provision for prior year.
a
Oth, current assets
Consolidated Balance Sheet Dec. 31
Miscell investm'ts.
$1,369,343
15,603
Inventory—..... 2,098,739
17,032
been made.
Property, plant &
equipment
.11 ,776,135 13,606,731
.....
$1,456,160
69,883
$1,451,636
173,022
720,375
Total income
Prov. for est. Federal income taxes..
Surtax on undistributed profits
Notes—(1) The above statement includes the accounts of Greenwich Gas
Co. (the common stock of which was sold in February, 1937) only up to and
1937
1935
1936
$14,039,236 $12,091,813
12,583,076
10,722,470
$1,622,955
128,827
Other income (net)
Preferred dividends
Net income
Assets—
$36,148
Paper Co. (& Subs.)—Earnings—
Calendar Years—
1937
Gross sales less discounts, &c
$15,827,355
Costs & expenses, inci. depreciation.. 14,204,400
324,902
$191,678
........
Net income after oper.
$1,554,491
$642,372
142,548
_
Oper. expenses, maint. & taxes...
surtaxes have
1 to holders of record May 25.
of 50 cents per share were dis¬
paid on Dec. 22,
extra dividend of 50 cents was
an
Earnings for 3 Months Ended March 31, 1938
_
Other interest charges
Amort, of debt disct.
and expense
_
interim dividend of 30 cents per share on the
Hilton-Davis Chemical
Deductions—Parent Co.:
Int.
an
$10, payable June
quarterly dividends
100,000
100,000
Res.forconting
385,000
275,000
Deferred Income..
770,769
660,217
Total
800,224
3,446,588
1,568,042
.....13,425,802 11,856,482
After deducting reserve for doubtful accounts, losses on replevins, and
$275,000 at Dec. 31, 1937 and $250,000 at Dec. 31, 1936.
costs of collection,
b After
Total income
$1,209,597
174,034
x250,925
63,415
Federal taxes
Other deductions
$688,569
152,876
83,953
19,044
$605,401
140,906
64,057
$394,973
151,873
$721,223
311,100
Depreciation.
$432,696
543,550
$400,439
248,080
$214,506
186,060
$410,123 def$110,854
311,100
310,600
$152,358
310,100
$28,446
310,100
$1.29
$0.69
28,594
deducting reserve,
c After
deducting reserve for deorec.
of
$1,144,252 at Dec. 31, 1937, and $1,099,948 at Dec. 31, 1936.
d Repre¬
sented by 450,216 shares and 16 shares of fractional scrip in 1937 and
426,397 shares in 1936 of no par valua with a stated value of $10 per share.
—V. 146, p. 3017.
'
'
Net income
Dividends
Balance
....
surplus
Shs.com.stk.out.(nopar)
Earns,
x
per share
Includes
provision for
$2.32
$70,108 surtax
prior
on
$1.39
undistributed
profits
and
$2,088 under-
years.
Balance Sheet Dec. 31
Assets—
1937
Cash
1936
$110,010
529,943
(cust.).. 1,057,225
Inventory2,291,430
815,803
1,611,047
x
Receiv.
Other assets
38,633
Land
105,912
Bldgs., machry.,
patterns, dies,Ac 1,271,341
Deferred charges..
63,670
29,832
104,548
y
Total....
.
*
1937
Unpaid payroll.—
Accrued taxes
Fed.inc.taxes(est.)
1936
$500,000
310,399
26,100
13,826
119,387
248,837
z Capital stock...
1,315,738
Profit & loss surp. 2,058,662
1,315~ 738
1,536,886
Homestake
1937
1936
1935
al934
Revenues
-..$19,497,717 $19,712,473 $19,661,643 $16,917,316
Oper. and gen. expense
insurance, &c_„
5,945,301
5,838,883
5,772,771
5,066,069
Taxes
2,710,962
2,558,598
2,156,504
1,665,255
Reserve for deprec
3,652,601
3,664,539
3,587,839
3,081,651
-
Net income
1937 and $310,600
Mining Co. (& Subs.)—Earnings—
Calendar Years—
41,982
$4,938,221 83,808,5111
A^ter
ino-7
1,175,354
Liabilities—
Notes payable
$1,000,000
Accounts payable.
301,158
Holyoke Water Power Co.—Stock Increase Approved—
Robert E. Barrett, President of company, announced on May 19 that
shareholders, at a special meeting held on May 18, authorized the com¬
pany to increase its outstanding capital stock from 24,000 shares to 240,000.
The par value of the stock was reduced from $100 to $10 and the authorized
capital was increased from $3,000,000 to $6,000,000.
The directors of the company also were authorized to issue additional
shares, notes and other evidences of indebtedness from time to time as
they may deem advisable.—V. 146, p. 110.
Total
$4,938,221
$3,808,511
Dividends
....
....
$7,188,854
9,041.760
$7,650,452
9,041,760
$8,144,528
14,064,960
$7,104,342
7,534,800
$5,920,432
$430,458
"
ln
no par
y After reserve for depreciation of $750,315
z Represented by 311,100 no par shares in
shares in 1936.—V. 146, p. 3188.
Balance, deficit
a
$1,852,906
Company only figures.
$1,391,308
'
Financial
146
Volume
3339
Chronicle
Balance Sheet Dec. 31
Consolidated Balance Sheet Dec. 31
Accounts
3,443,822
584,794 Federal taxes pay. 1,351,983
12,512
8,122,051 Unclaimed divs
3,081,907
27,753 Surplus..
141,599
773,009
3,872,391
762,030
9,157,056
Accrued int. rec...
27,819
Accts. receivable..
118,096
Inventories
774,664
Cash.
Bullion in transit..
Govt. & mkt. sees.
Total.
....
depreciation and depletion,
y Represented
(par $12.50) in 1937 and 251,160 shares (par $100) in
paid from depletion reserve (prior years).—V. 145, p.
xAfter
After depreciation,
x
-.. .
-
Earns, for
57,982
—
&c.—V. 146, p.
interest, Federal taxes,
Freight, refining and all
other sales & delivery
$8,527,919
34,059,327
—
1,318,305
1,278,208
...$15,166,400 $10,031,574
$9,175,457
x5,381,506
Crl7,716
96,871
4,033
Int.
-
—
Cr33,298
bds. & bk. loans.
on
Current debenture exps.
of debt discount
Amort.
639,633
1,150,000
See
1,085,572
Depreciation
489,901
See x
See
bonds.
.
296,301
1,486,301
.
2,749
11,692
3,835,467
a Metals
3,904,484
76,409
Accts. rec. (sundry)
99,360
1,419,323
Inventories
1,536,280
b Fixed assets....23,255,795 22,926,345
Deferred charges.
4,290,087 4,698,808
Acer, interest rec.
warrants.
The bonds will be issued in denoms. of $1,000 and multiple
They will be issued only upon exercise of a warrant or warrants
representing in the aggregate the right to subscribe to one or more full
bonds.—Y. 146, p. 2854.
v
thereof.
Indianapolis Water Co.—Earnings—
1938
1937
___________
$2,592,231
$2,653,274
Operation, maintenance and retirement or deprecAll Federal and local taxes.
813,210
595,642
888,888
406,120
$1,183,378
483,945
123,781
$1,358,266
666,556
116.046
$575,652
$575,664
Net income.
■
—
S
Balance available for dividends
443,200
301,774
202,648
payroll..
118,826
109,299
Miscell. accr. llab.
100,836
75,388
Accrued
Prov.
—V.
Ingersoll-Rand Co. (& Subs.)—Annual Report—
Total
c
Surplus
1,274,858
750,000
30,984,205 30,984,205
5,950,898 3,286,697
Total
c
Capital stock
$3,967,987
899,747
970,379
166,012
108,843
$7,652,657
186,075
264,061
$3,815,757
$2,997,608
270,287
386,112
38,013 prof 115,206
.$11,693,146
$7,574,672
$4,048,031
$11,635,977
Operating profit
Other income
exch_
Net profit
Cost of additional invest
$8,639,754 in 1936.
—V. 146, p. 3188.
31,921
Spanish subs.
in
Invest,
277,588
72,203
b966,980
37,383
493,134
Dr50,835
400,003
$6,402,306
$3,560,360
151,518
151,518
4,870,445
$3,048,088
151,518
3,652,851
$406,254def$1461,603
3,209,260
4,670,864
Dr73,497
def$756,281
4,939,837
0487,306
written off
9,124
1,975,858
Profit on secure, sold...
1937
1936
1935
Sales, less discounts & allowances..$17,873,847 $21,071,932 $19,784,099
Cost of mining, adminis. & selling— 17,053,216
17,813,488 17,553,599
$3,498,926
.
in controlled company
Co.-—Annual Report—
Hudson Coal
$4,715,504
709,896
Depreciation....
b After reserve for depreciation of $9,710,589
c Represented by 2,757,973 no par shares.
transit,
At refinery or in
$8,512,123
859,466
earnings.......$12,345,873
39,237,433 35,710,010
contingencies.._
1934
1935
1936
1937
Calendar Years—
&
for taxes
146, p. 916.
Net loss on foreign
a
April 30—1
revenues
Interest charges
Other deductions
364,609
39,237,433 35,710,010
in 1937 and
be entitled to sub¬
exercisable from May 24, 1938 to June 24, 1938, incl.
The warrants will
be in the form of transferable full warrants and transferable fractional
-
Total
Being Offered—•
bonds.
such
12 Months Ended
payable
.
.....
y Represented by 9,000,000 no par shares,
Includes 12,160 shares company's capital
Warrants to subscribe for $6.31 principal amount of such bonds per share
of stock held will be mailed to such stockholders.
The warrants will be
x
Accounts payable.
Contracts
Canada
of
Dom.
2,454,608
4,653,432
z
1936
$
Liabilities—•
$
*
.329,370,007 276,938,155
.
record date for determining the stockholders who shall
in 1935 and
1937
1936
1937
Assets—
stock,
146, p. 1878.
iLinois Zinc Co.—Bonds
,
Cash..
Total
554,912
554,912
Capital surplus.
Company proposes to offer $600,000 of 1st mtge. & coll. trust 6% conv.
5-year bonds, series A, pro rata to its stockholders, at par and interest.
The close of business on May 14, 1938 has been fixed by the directors as the
$1,549,612
$3,215,186
2,757,973
depreciation of $1,091,513 in 1936, $1,060,621
$1,713,715 in 1934.
■
Consolidated Balance Sheet Dec. 31
Includes
x
1,028,709
1,773,509
treasury
stock.—V.
Gross
$3,692,075
2,757,973
$7,490,653
4,826,453
Net profit
Dividends paid
-■.
x
3,612
Capital stock. 175 000,000 175,000,000
74,291,458
Earned surplus. 102 617,191
,^Aft^dedu~ctin& depreciation, &c., to the amount of $142,690,335 in
20,574
361,110
5,674
and expense—
Prov. for taxes & conting
235,736
5,000
1937 and $130,719,159 in 1936.
including
Cr43,747
244,840
2,954
Other revenue
x5,733,163
266,945
467,862
4,321,880
Deferred charges
$7,502,145
x5,366,803
5,719,603
Cr279.428
1
1,648,181
y
receivable
1,025,774
Balance
1,617,778
term debt....
4,690,386
Long-term notes
scribe for
expenses
100,000
4,333,882
Funded & long-
Inventories
„
_
100,000
4,333,882
payable
of annuity tr_
12,786,804 Deferred credits
24,722,717 Other reserves.,
242,032
,
,
Cost of sales
notes
Investments..
11,774,201
Subs.)—
Mining & Smelting Co., Ltd. (&
Years—
1937
1936
1935
$16,784,178 $11,349,879 $10,453,665
Cal.
Loan from trust.
381,296
16,957,193
5,194,417
Acceptances and
1,373,247
384,407
Total.......329,370,007 276,938,1551
1937
$1,567,840
40,413
187$.
^
Hudson Bay
Sales of metals-
5,641,199
notes receiv..
1936, less dividends
1421.
$1,869,469
-
Net income.
x
6,912,504
deposit in
escrow
z
$
40 ,445,742
Accrd. liabilities
4 ,197,236
Acceptances and
22,906,431 21,956,150
by 2,009,280 shares
1938
March 31—
Net sales..
269,905,258 226,310,687
Cash & call loans
Cash
1936
$
Liabilities—
Accts. payable..
equip.,
&c.
Material Co., Inc.—Earnings—
Houston Oil Field
3 Months Ended
2,046,025
Plant,
x
$
Accts. receivable
22,906,431 21,956,150
Total
1,419,628
13,169
59,083
45,953
Prepaid insurance.
!
Assets—
17,895,002
582,326
Capital stock-..17,895,002
payable565,027
y
8,804,038
8,148,421
Prop, and plants
x
$
1937
1936
1937
1936
$
Liabilities—
$
$
Assets—-
;
1937
1936
1937
J,
Calendar Years—
Federal taxes.
Operating profit before depletion,
depreciation, taxes, &c.~_
Common dividends
a
$820,630
$3,258,443
$3,993,088
$2,931,858
701,358
734,645
1,195,931
-
pref. stk. (6%).
on
.
Depletion of unmined coal
Deprec., plant, equipment & buildings
Interest on funded debt (net).
Interest on loans
Taxes.....
b Net
a
profit transf. to surpl.
Includes all coal sales to
„
1,512,573
105,483
1,191,160
$3,209,260 $4,670,864
974,130
974,130
$6.41
$3.50
$2.97
b No provision required for surtax on undistributed profits,
c Includes
proportion of profits of controlled manufacturing company amounting to
$798,004 in 1937, $471,322 in 1936, $284,285 in 1935 and $307,123 in 1934.
(no par)
$9.83
Profit & loss surplus.
def$666,221
Sh. ofcom.sto.
b According to the basis
-;vY:$
404.826
585,288
receivable...
44,400
82,762
Assets—
Cash
Bills
on
hand,
at
1,106,299
742,239
cost
Mat'ls
supplies
610,494
payable.
689,505
833,872
K 199,393
205,664
205,388
363,380
268,783
Accounts
2,017,043
loans to affil. &
.19,090,585 18,738,691
820,224
779,205
trustees 6,463,604
5,356,609
controlled cos.
Other assets
Accrued taxes
pay. on
497,940
Fire insur. fund.
203,123
a Property & plant 63,579,341
64,607,927
Deferred charges..
508,541
686';245
711,550
203,966
deposits.
Preferred stock...
4,984.441
95,915
Accounts payable-
1,879,706
2,098,810
Notes payable
45,000
90,000
Dividends payable
75,759
75,759
2,026,189
966,980
Due to affil. (curr.)
287,191
138,600
570,691
594,964
203,966
10,976,803
&
adv.
provision..
Capital surplus
1,473,572
1,473,571
Earned surplus
7,896,866
3,542,018
Total.....-...43,198,231 38,048,279
b Represented by 974,130 no par shares,—V.
•
.
Insuranshares Corp. of
by
Delaware—Earnings1937
Expenses
Taxes.
_._21,451,774 24,477,676
1935
$49,371
$27,022
66,993
852
Total income
gold bonds.--..35,000,000 35,000,000
Com.stk.(S50 par) 18,748,250 18,748,250
1936
$31,138
42,242
Calendar Years—
1st mtge. 5% s. f,
Surplus.
Federal Income tax
43,198,231 38,048,279
depreciation,
After
146, P. 2854.
203,123
Del. & Hud. Co.14,318,391
2,525,500
Common stock.27,275,640 27,275,640
2,525,500
..
Total
a
Fire insurance res.
b
Inventories
com¬
pensation res
Liabilities—
Bills receivable
12,041
239,294
175,056
Workmen's
.
Sundry accts. rec.
coal
sales.
Loans
W'kmen's compen¬
7,209,180
3.918,235
Accts.receivable..
5,800,000
524,683
Deferred liabilities
1,919,610
spare parts.....
sation
4,072,000
Adv.
&
Invest, in & adv. &
Sink. fund
-.>■
......
Int. accr. & pay..
3,579,484
2,189,727
Accounts receiv
Coal
$
$
Liabilities—
Bank loans.
8,537,164
4,187,055
5,341.173
128,996
Property account
Investments
Accrued pa> rolls-
$
$
13,160,869 11,057,158
508,420
662,030
6,973,712
U. S. Govt, securs. 6,982,425
68,937
Other securities—
35,750
2,912,683
Cash
4,145,292
165,987
Deferred charges
171,086
1936
1937
1936
$
1936
.$
a
1936
1
1937
1937
Assets—
Balance Sheet Dec. 31
1937
.
Consolidated Balance Sheet Dec. 31
in the preparation of its Federal tax returns no income
undistributed profits taxes are payable in respect of 1936 income.
used by the company
or
$3,542,018
974,130
$7,896,866
974,130
Earns, per share on com.
1,555,638
127,340
1,118,567
$335,040
acct-.df$1639,500
affiliated companies.
...
Miscellaneous
286,012
510,521
298,431
550,400
267,062
499,343
1,468,897
109,673
1,311,086
$3,730,359
3,542,018
0624,489
Surplus
Previous surplus
Total Income
5,844,534
$2,230,499
$2,016,561
Other income
*9,726,411
151,518
5,844,534
Net profit
Div.
831
....
38,396
835
—..
.....
302
Interest
96,678,614 98,240.619
Total
a
After reserve for
Humble Oil & Refining
Gross
income.213,266,233 155,694,147
—130,194,610 93,567,741
11,239,608
8,351,110
amortiz
4,520,680
4,146,683
operating
Dep., & lease
Deprec., retirements and
other amortization
$
47,899,823
Dr470,930
(net).
33,078,675
1,624,713
23,344,383 26,654,593
1,101,358 DrZ, 198,829
4,500
1,858
2,438
9,888
Accts. pay.
ree'le.
Suspense
Secur.
under
47,428,893
funded 1
debt. _.f
34,703,388
504,891
519,861
\
Int. and disc, on
and long-term
479,415]
(
J
Other interest
23,455,763
24,445,741
1,223,270
242,539
Net
profit
46,924,001
74,291,458
...
__
Transferred to cap. act..
Z)r622,588
Adjust. of earned surplus
34,183,527
53,026,962
CY562~,729
23,966,326
38.078,401
21,989,954
122,074,152
89,485,581
Dr39,094 Dr7,531,645
120,592,871
17,975,680
87,773,218
13,481,760
62.005,633
8,978,671
47,046,880
8,968,479
31-102,617,191
74,291,458
53,026,962
38,078,401
8,987,840
$3.80
8,985,662
$2.66
8,968,479
$2.45
Balance.
Dividends paid
stock out¬
standing (no par)
Earnings per share.
x
In addition to
8,987,840
$5.22
the amount of taxes shown
above, there was paid or
the sum of $4,635,510 in 1937,
$3,789,176 in 1936, $3,440,305 in 1935, ana $3,171,400 in 1934.
accrued)
for
State gasoline, &c., taxes,
~
'«•
~
—'
•
1,197
1.171
638,025
720,287
Earned deficit....
112,635
,
100,014
-"'V
1,000
$938,930
-
3,256
$917,313
Total
$938,930
stock (par $10) carried at $1,000 in the
balance sheet as of Dec. 31, 1936, was purchased at 20c. per share during
1937 and canceled,
b The authorized common stock was reduced from
The 250,000
shares of class B
1,000,000 shares to 300,000 shares during 1937.
The report for 1937 states in part:
■
■
.
.
.
In Juue,
1937, the stockholders' action against American Founders
Corp et al was settled by agreement and after fixing of legal fees and costs
bv Justice Valente of the New York Surpeme Court, the net to the corpora¬
tion
Earned surp. Dec.
Shares capital
.
1,492
_
Total..
a
Previous surplus
"
$917,313
Deferred charges.
30,705
103,774
Corn., Ltd...
Unclaimed divs
218,280
117,621
_
Manage, contract.
:.7|
1,748
26
Due North'n Fiscal
con¬
_ .
2,894
Paid-in surplus...
securities
tract for sale
al.OOO
■'
Due to brokers
642,968
754,471
22,005
Invests. at cost.j.
$284,032
;
&accr.
expenses.
13,792
Due from brokers-
_
'
Total income
Class B stock..
5,500
1,859
v
:
(long-term)
b$284,032
$1)
(current)
1936
1937
Common stock(par
Notes & accts. rec.
16,196,541
17.117,584
$42,385
Notes & accts .rec.
Int. & divs.
16,549,938
1936
$12,927
Cash
31
Liabilities—
1937
Assets—
.
129 ,296,467
77 ,464,225
5 ,583,310
3 ,397,799
132,250,917
80.424,997
6,734,950
4,629,003
19,411,511
operating income-
Non-oper. income
amounted to $230,371.
Balance Sheet Dec.
$
$
$
Years—
securities sold in 1937
on
$41,109
$11,957 prof$10,144
......
Note—Net loss
1934
1935
1936
Costs, oper. & gen. exp
x Taxes.....
Net
Net loss
Co.—jEarning8r
1937
Calendar
96,678,614 98,240 619
Total
depreciation and depletion.—V. 146, p. 2854.
was
approximately $302,000.
This money was
paying securities by the former board
Since Dec. 31, 1937, the bonds of Ernie &
stock of the Shenandoah Life Insurance Co.
items
were more or
less frozen assets as
invested in dividend
St. Lawrence Corp. and the
have been sold
These two
there was no ready market for them.
Dec. 21, 1937, control in the corpo'ation was acquired by
substantial block of the corporation's stock and a change in
ment took place.
On
of
a
purchase
manage¬
3340
for
Financial
Chronicle
board of directors which came into office Dec. 21, 1937, voted
investment in preferred stock of Northern Fiscal Corp., Ltd., of
The
Majr 21, 1938
Consolidated Balance Sheet. Dec. 31
new
an
a dividend payment thereon, at the rate
believing that the securities of that corporation
adverse conditions than the average domestic
Cash
97,178
RR.—Annual
Mail...
427.720
Express
268,499
454,072
263,048
28,913
Miscellaneous-...-....
Incidental
(net)...
1936
60.385
$9,960,992
925,269
414,087
230,059
414,578
172,576
23,587
3,363,367
1
<fcc
Securities owned..
Traffic
,919,850
,394,104
shares
General
$9,599,629
1,934,698
377,539
740
mmmmmm
16,718
62.224
56,914
860
54,246,707 $3,971.5461
Total
oper.
$1,557,159
International
Mercantile
Railway oper. incomeOther
$1,536,119
$1,330,118
Rent from pass. tr. cars.
Rent from work equip__
Joint facility rent income
92,791
135,780
18,805
85,771
$1,901,199
$1,693,263
$1,890,307
Prov.
debit balance
785,035
309,290
378,189
Net ry. oper. income..
Total non-oper. income.
sees, to approx.
601,262
255,212
312,342
10,845
181,142
181,987
41,332
$570,834
6,515
2,816,959
7,464
873
$2,579,823
1937
a
2,061
5,169
2,827,984
10,071
4,830
2,192
3,912
2,839,009
10,327
1937
Marketable
$2,285,860
domestic
S
of
ac¬
Capital stock..
in
aid
7,500,000
-
b
c
Traffic &
Nov. 30 '22—Cr, 12,492,370 12,492,932
46,585,259
Invest, in equip.. 9,854,498
Deposits In lieu of
Audited
9,882,843
251,407
unpaid
Unmat'd
1,024,385
277,926
1,037,063
Unmat'd
278,708
Investments
1,027,665
7,690
721,579
598,219
120,015
..
218,130
6,895,990
5,313,437
406,063
Other
8,036
current
stocks,
13,202,286
3,990,382
4,116,629
.
36,343
declared payable
Deferred liabilities
7,650,000
Adj. mtge. bd. int.
accrued but
254,327
4,063,818
326,401
125,538
131,144
354,829
615,737
1,876,918
616,789
12,246
Other def. assets—
Rents & ins. paid-
10,173
33,459
247,362
Other unadj. debs.
237,726
through
210,700
d30,499
25.500
and
37,852
d328,212
247,361
(contra)..d4,148,822
3.198.822
Co.
._
foreign
62,472,524 62,500.862
surplus
Appropriated
268,278
867,937
84,523
110,487
26,450,573 27,563,7441
Represented
Profit from operations.-
General and sales exp. &
miscellaneous taxes
x Special
expenses.
Shut-down expenses,.
Mat'ls & suppls. written
Total
1936
126,400
14,378,378
..62.472.524 62.500.862
off
1934
$220,483
$98,922
$102,660
57,245
50,829
33,906
43,520
50,723
7,384
58,482
36,054
53,957
4,821
Profit
Int. earned & sundry inc.
Profit
Provision for U.
$406,473
S.
$126,134
92,285
130,915
91.089
$0.31
$19,667
$0.03
and
Net income
per
$126,134
962
$407,435
foreign taxes
Depreciation-
Earns,
1935
$502,445
_
_.
sh.on cap.stk.
loss$17,666
$12,648
3,028
loss$17,666
$15,675
74,876
125,738
15,377
Caused
loss$92,543 loss$l 10,063
Nil
Nil
by registration requirements of the
Securities and Exchange
Commission and by reorganization
through dissolution of
-
and transfer of their assets to the
parent company.
311,250
(current)
50,000
50,000
253,031
258,902
4,085,000
,103,3.51
195,850
217,248
Res. for liabilities.
compens'n Ins
Puch. money obli¬
100,000
100,000
4,489,800
5,139,900
—
gations of subs.
_
6% gold bonds. 11,493,000 11 493,000
Real estate mtges.
210,000
Deferred
322,580
1,160,000
1
credits..
691,636
Contingent reserve
400,000
a Capital stock
26,329,798 25
by 631,252
400,000
607,296
24,524,929 23 376,396
Total
26,450,573
27,563,744
shares in 1937 and 613,959 no-par
depreciation of $7,029,029 in 1937
and $6,210,288 in 1936.
c After
depreciation reserve of $3,265,851 in
1937 and $3,496,668 in 1936.
d Reserve set up for items indicated
by d.
e Payable to affiliated
domestic company.—V. 146, p. 1402.
shares
in
b After
1936.
no-par
reserve
for
International Paper & Power Co. (&
3 Months Ended March 31—
1938
Gross sales-...
Cost,
expenses and
....
ordinary taxes
Provision for doubtful accounts
three subsidiaries
1937
Federal
income taxes
Preferred dividends of subsidiaries.
Net loss..
Accrued
1,257,158
1,236,199
199,678
214,958
18,478
not
being currently paid,
146, p. 2856.
Iowa Public Service
y
After returns,
on
$402,674
allowances,
1938
1937
$4,505,243
396,656
61,116
Net earnings
funded debt
unfunded debt
Amortization of bond discount and expense
Interest charged to construction
on
$2,491,536
1,241,433
1,174,024
167,893
131,165
179,695
$4,631,321
2,766,984
expenses
2,646,682
371,971
71,862
$1,406,566
835,054
7,603
38,859
Cr42,394
$1,414,727
809,031
6,145
38,810
Cr3,767
$567,444
$564,507
General taxes
Federal and State income taxes
Interest
Interest
229,804
Co.—Earnings-
12 Months Ended March 31—
Total gross earnings..-
Operating
$4,724,339
1,133,380
1,023,189
244,518
541,028
35,647
$332,241 pf$ 1,746,577
but
1936
$25,520,336
$22,870,323 $30,048,435 $25,750,140
20,123,931
25,172,546
23,101,789
152,162
151,550
156,815
Profit......................... $2,594,230
Interest and amortization
x
Subs.)—Earnings
-...$22,650,534 $29,783,149
219,789
265,286
Otherincome.net
x
Intercontinental Rubber Co. (&
Subs.)—Ann'l Report
1937
484~272
574,635
Depletion..
265,996
sur¬
plus not specific¬
ally invested...
25,000
Profit and loss def. 16.984,073
-V. 146, p. 2855.
Calendar Years—
stk. of
U.S. Lines Co—
Deficit
a
62,502
subscr.
pref.
1st mtge. & coll.tr.
d890,944
and discounts.—V.
Total
to
on
Res. for workmen's
Depreciation.-..
income
263,969
5,898
Payable
Mtge. of sub. due
2,075,000
d210,700
Total income..
Tax liability
Accrued deprec'n.
1,837,519
:
Co.
Total
not
Oth. unadj. credits
Additions to prop,
9,102
5,923
checks
Pay. to for. sub
&c._
In
456,773
and
domestic
pref.
Lines
650,100
e20,989
affil.
to
assoc.
650,100
Int. pay. & accr..
Deferred charges..
y
36,791
...
538
Work.fund advs—
14,733
d Res. agst. invest. Cr750,000
12,643
162,182
Agents' & conduc¬
Invest.
Pay.
Inc.,
Misceli.Invest....
9,841
12,643
48
curr. assets.
14,733
12,298,545
d3,068,622
and
31,294
(curr.).
& drafts payable
Co.
Lines,
Amer.
lia¬
123,963
car serv.
_
S.
(current)..
interest
6,630,000
55,154
389,604
3,784,991
bal. receivable—
Other
1,094,155
75,370
rent accr.
bilities
7,690
tors' balances.
Misceli. accts. rec.
Mat'ls & supplies.
440,866
accrued
Loans & bills rec—
Lines
com.
390,965
Funded debt mat'd
138,109
258,973
Inv. In affil. cos.—
Traffic &
U.
accounts
MLsc. accts. pay..
Int. mat'd unpaid.
206,997
Unpledged
S.
pref. stock
sub.
companies
car serv.
and wages
46,961,871
Special deposits.
432,971
92,117
557,238
Payable to foreign
Travelers'
Other assets
539,775
699
29,365
Real est. & equip
U.
subs,
50,151,497 50.255.884
balances
Cash
1936
7.500,000
188,035
Loans & bills pay.
of the co. issued
in reorganization
Other
Steamships
common
of
-
Funded debt
Pledged
21.951
first mortgage..
$
1,025,004
Pur. money oblig.
of subs.
Under
Roosevelt SS.
1937
construction
securities
499,981
342,192
cos
pledged
$1,417,024
Liabilities—
basis of par value
1,393,628
for sale of prop,
15,482
1,923
Commission clasification
1936
u
Unpledged
50,000
439,981
Cash & receivables
2,850,034
1936
Acc'ts payable and
sundry accruals.
455,690
_
Invent, of supplies
944
1,253
$2,658,914
Grants
mtgd. prop, sold
Misc. phys. prop.
c/:;
secur.
Acc'ts receivable.
credit of $94,580 covering adjustment of
59,078,191
1937
Liabilities—
stock
$
681,398
ties at cost
5,466
Consolidated Balance Sheet Dec. 31
of the
$1,370,825
1936
562,968
U. S. Govt, securi-
$1,370,144
to
A. 33CtS"'
139,901
$2,261,974
also,
Cash
1, 1936.
Investm't in road.59,454,241
1,179,683
$1,150,964
Due from affil. and
Interstate Commerce
To adjust value as
shown above to
60,000
Consolidated Balance Sheet Dec. 31
{Including Subsidiaries)
$1,456,825
General expenses include
to revised
quoted
sale of two
on
Assets—
charged to general expenses in 1934 account of contributions to
Federal Retirement Act.
y The provision of $186,204 made in 1936 under
tne Federal Retirement Act of 1935 has been credited to
income of 1937 as
a result of the repeal of that act in 19,37.
Note—The 1935 railway operating revenues have been
reclassified
counts effective Jan.
$748,899
1,221,814
129,970
were transferred
States Lines Co., a non-consolidated
subsidiary, about June 30.
changes were made during the year 1937 in the method of
recording income and expenses of certain operations.
86,681
$191,203
amounts
conform
$19,652
1,159,979
51,293
certain activities of International Mercantile Marine
Co.
815,867
$529,502
Int. on unfunded debt.
Misceli. income charges—
prof$717
1,073,117
9.891
4,172
$2,100,682
x The above statement
of profit and loss should not be considered as
comparable to the statement of profit and loss for the previous
year, as
281,168
16,564
197,684
$147,647
43,556
Inc.—Deduct, fr. GrossMiscellaneous rents.1,946
Netdeficit
$991,111
242,212
$70,376
1,016,416
Net loss for year
411,610
$253,935
funded debt
158,453
market value.
9,436
83,948
$197,218
56,717
Gross income
x
672,967
317,491
342,514
30,657
28,503
202,963
Joint facility rents
on
1,299,953
$178,105
to United
Rent for locomotives—
Int.
1,256,868
red. market, sec.
to
Book loss
1937;
tax accruals—_
960,658
$196,195
196.912
Prov. to reduce market,
,
Rent for pass, train cars
Rent for work equipment
Misceli.
1934
$9,325,401
9,016,559
$224,375
153,999
Total loss-—-—
Interest paid—
Sundry charges
$3,093,037
Operaling Income—
Hire
of
freight cars—
Subs.)—
1,000,611
Other income
85,187
137,492
Total oper. income-.
(&
1935
deprec. of
steamships.
97,506
165,007
14,188
86,444
Deductions from
for
Operating loss.-..-.
400,586
10,661
81,538
184,643
11,115
87,783
Co.
1936
$10,621,512 $11,195,315
10,244,203
9,857,049
10,116,552
steamers
Oper. Income—
Rent from locomotives..
Marine
xl937
oper. exps—.
Provision
14,611
Uncoil, railway revenues
...$4,246,707 $3,971,546
i^o^ono
Voyage &
$2,776,975
Net oper. revenue
Taxes...-—
Total
Gross voyage earnings &
other oper. income...$11,020.439
$9,387,108
3,188,222
expenses
Trans, for invest.—Cr_.
1,003,312
20*45.
P.
$12,141,148 $11,534,327 $12,575,330
expenses.$l 1,054,983 $10,190,578
2,016,973
1,950,570
y480.854
y620,452
expense
2,980,020
def76,172
108,742
a Authorized,
604,000 shares; issued to Dec. 31, 1937, 595,578 shares;
remaining to be issued to complete exchanges under 1926 reorganization
plan, 426 shares; total, 596,004 shares, stated at $5 per share.—V. 146.
1,618,501
2,082,787
328,626
4,635,869
124,828
611,109
Transportation expenses
Miscellaneous operations
2,980,020
"
—.
Total
16.457
1,675,711
2,356,005
347,534
4,605,997
182,813
X438.190
6,623
385,594
,648,867
189,786
532,766
> 15,984
ber Co
Capital surplus... 1,003.313
stated
at
value)
$9,579,909 $10,651,083
747,070
652,768
393,538
388,461
228,403
195,855
370,866
527,075
194,886
143,631
1,761,334
2,415,624
373,256
4,978,558
136,988
535,245
10,428
equipment-
Rub¬
1
28.738
deposits
Prepaid & def chgs
Treas, stock (172
Operating Expense—
Maint. of way & struc..
Maint. of
7.200
Intercont.
Advs., claims and
1934
19,6.54
22,445
7,200
_.
Cap.stk.(no par)
Earned surplus
Calendar Years—
Total oper. revenue..$13,071,957
103,299
reserves
Minority int.in sub
81,337
3,253,372
'
Report—
1935
'♦
$5,313
29,426
100.740
Materials & suppl.
Consolidated, Income Account for Calendar Years
Ooerating Revenue—
1937
Freight..:..- ——--$10,506,265
Passenger
1,123,440
243,283
Pat'ts, trade names
3336.
Northern
1936
36,468
a
Fixed assets (net).
investment portfolio
and the alleged payment of the proceeds to the Northern.
^Insuranshares also charged that the Northern bought 7(5,498 shares of
Insuranshares with funds belonging to Insuranshares and ask that the
Northern be ordered to assign to Insuranshares the 76,498 shares or that a
master be appointed to transfer the stock to Insuranshares.
V. 144, p.
1937
$7,665
Accounts payable-
Sundry
hand, <fcc
fraudulent the liquidation of certain securities in the
rev.
68.246
Shrub & rubber on
of the complainant
Joint facil.
$254,428
& notes recelv'le
International-Great
Liabilities—
Drafts payable
$528,857
Accts..trade accept
Northern Fiscal Cory.—
The Corporation has filed suit in Chancery Court, Delaware, against the
Northern Fiscal Corp., Ltd.
The plaintiff asks the Court to decree as
,
1936
hand and
on
demand deposit.
dividend paying securities.
Files Suit Against
1937
Assets—
Canada, with the expectancy of
of $5 per share, this board
would be less subject to
-
Net income.
,
Note—The company made no provision for Federal surtax on undistri¬
buted profits in the years ended Dec. 31, 1936 and 1937 as it is
believed
that there is no such tax payable.
No provision has been made for the
period Jan. 1,1938 to March 31, 1938 for this item inasmuch as the
amount,
if any, cannot be determined at this time.—V.
145, p. 2849.
(W. B.) Jarvis Co.—Dividend Passed—
Directors at their recent meeting decided to omit the dividend
ordinarily
payable about June 1. A dividend of 50 cents per share was paid on March
1,
last, and each three months previously. In addition, an extra dividend of
$1.12^ Per share was paid on Dec. 23, last, and an extra dividend of
$1.25 was paid on Dec. 15, 1936.—V. 145, p. 3975.
Volume
Financial
146
Jamaica Public Service Ltd.
$77,921
35,448
6,486
3,023
Operating revenues
Operation
Maintenance
Taxes
1938—12
$900,780
407,683
83,126
34,928
$75,188
34,444
7,412
2,312
$32,964
Mos.—1937
$868,658
835
$343,808
9,083
$33,908
7,500
_
Gross income.
Int. and amortization..
.
.
.
.
„
„
_
Net income
$383,579
90,000
$24,355
$15,849
$188,176
Laclede Gas Light
Operating
Operating
$159,861
31,479
21,993
75,939
i
21,993
-
78,751
City Southern Ry.—Earnings—
April 30—
Railway oper. revenues,
Railway oper. expenses-
1938—3 Mos—1937
$4,405,739
$4,545,797
2,841,950
3,006,302
1938—Month—1937
$1,050,683
$1,128,349
691,140
743,677
_
106,000
Railway oper. income.
Equipment rents (net)__
Joint facility rents (net).
$253,544
30,791
8,098
Net ry. oper. income..
$214,654
$227,911
charge for Federal tax on
[Including Wholly Owned Subsidiaries]
Years Ended—
Net earnings
Feb. 28 '38
...
120
Cr266
134
$3,572,289
$3,563,084
51,859
52,737
$4.25
$4.54
52,853
$4.17
53,830
$1.67
25,630
$888,443
undistributed profits.—V.146,
Adjustments
standing ($100 par)..
Earnings per share
x
After depreciation and taxes.
Comparative Balance Sheet
1934
1935
$2,169,102
1,212,063
$2,110,635
1,156,730
274,109
$2,319,990
1,264,847
286,940
Feb. 28 *38
J
Cash
277,581
$676,324
15,948
_
Feb. 28 '37
$1,027,747 $1,294,193
Notes & acc'ts
1,369,376
1,195,409
460,350
23,173
1,239,268
1,400,773
rec.
Inventories
Investments
459,350
$727,468
182,389
Miscell. int. deductions.
Cr 643
$771,348
266,667
4,602
$688,347
305,625
5,343
Deferred charges..
32,095
Fixed assets....
905,220
Rights, franch.,
3,873,200
pats. &impts_
320,000
6,940
Amortization of debt dis¬
104,683
Net inc. for the year..
56,164
45,512
47.740
$441,039
140,035
38,694
131,250
$443,916
140,035
38,694
131,250
$331,866
140,035
38,694
7 % pref.
stock dividends
6% pref. stock dividends
Common dividends
Total
Period End. Mar. 31—
..$8,937,652 $9,002.2091
Federal taxes
$637,483
374,531
$639,680
384,011
$2,488,337
1,412,301
$2,379,925
1,328,099
71,383
64.262
260,946
240,658
13,020
93,827
3,675
41,749
_
normal tax
Net oper. income....
Other income (net).
Gross income
on
1937
1936
1935
1934 /!
$16,156,094 $17,432,537 .$16,690,171 $16,495,584
15,558,929
15,300,739
14,924,502
14,633,933
Total
income
from
$597,165
1,092,480
74,036
— _
long-term debt..
See
a
304
293
1,090
$769,420
2,548
$170,756
48,125
$178,681
43,750
1,284
$718,678
186,764
Cr 1,199
$771,968
241,667
4,645
$717,588
$178,388
$170,452
729
General interest (net)
57,025
103,055
2,169
52,368
570
4,710
& expense
Crl.436
Pref. stock dividend-
_
_
_
$117,192
44,682
$76,052
44,682
$482,180
178,729
$420,432
178,729
$31,369
$303,451
Gross income
Interest payable
deduct'ns
Miscellaneous
Int.
on
funded debt (net)
Federal
accrual
Federal normal income tax in this
for
1937
§
Federal
1,024,827
827,673
86*6*535
169,416
34,261
916,753
&
State
222,133
1,255,220
270,091
1,178,955
1,820
262,623
...
113,803
Cash dep. with tr_
......
228,997
m
m m
1,700
funds...
3*34,002
278.892
Mat'Is <fe supplies.
120,163
79,685
6,718
9,273
of amort
377,765
436,679
Other def. charges
124
Prepayments
Bond disc't & exp.
Previous deficit
$4,584,207
1937
203,834
Cash
161,856
21,988
159,008
422,594
975,581
affiliated cos
5,522,905
5,000.000
Miscell. accts. rec..
310,457
347,772
539,845
taxes.—....—..
151,662
......
526,651
Inventories
Tot. sink.fd.assets
depos.
153,340
155,326
98*626
b Tot. other assets.
Misc. current liab.
5,141
15,041
13,337
a
Taxes accrued
34,965
108,856
64,760
44,682
44,682
Interest accrued..
17,787
4,045
34,330
1,108,101
1,08*5*562
Income taxes
Cust. adv. for cons
Acct.
for
payable.
Customers'
Accounts
.
Real est.,
structure,
487,760
525,551
1,185,343
1,343,623
eqpt.
leases,
71,511
85,101
Advanced royalties. 1,542,107
2,149,014
117,270
243,618
1938
$1,352,188
624,429
59,142
99,268
37,014
113,687
Operating expenses.
Maintenance
Provision for retirements-
Federal income taxes
...—
$418,647
Operating income—
Other income.
1937
32,606
—
$444,430
46,552
Interest on first mortgage
_
Balance of income—
....
-
$451,253
200,000
28,499
6,372
$285,044
33,429
$182,953
$251,615
Note—No provision is made in this statement for Federal surtax on un¬
distributed profits, if any, for the year 1938.—V. 146, p. 2857.
Langendorf United Bakeries, Inc.—Earnings—
—5
Feb. 26 '38 toFeb.26'38
3191.
$31,003
payable
172,472
open
109,898
88,574
93,836
403,267
454,632
200,065
acct.
225,902
1 500,000
1,500,000
4 911,243
4,984,525
542,170
545,400
194,500
and
with
parent company.
payable
.
194,000
14, 576,000 15.449,500
156,578
147,017
Mining reserve
Capital stock
9 ,465,000
9,465,000
Earned def
4 584,207
4,122,143
29,010,482 30,725,569
a After reserves
of $46,408,2.35 and surplus arising from revaluation of
$9 633.526 in-1937 and reserves of $45,831,234 and surplus arising from
revaluation of $9,621,836 in 1936.
b Includes $240,001 investments in
29,010,482 30,725,569
Total...
Total
BUNote—Under
trustees
were
the decree of U. S. District Court dated Nov. 7,
authorized to issue 1,212,160 certificates of interest
189 300 shares of capital stock then outstanding, all
is pledged under the Lehigh Valley RR. Co.'s general
maturing in
Products Corp. (& Subs.)—Earnings
Calendar Years■
Profit after expenses
Depreciation
Other.income.
Federal taxes —
Profit from
1923,
in the
of which capital stock
consolidated mortgage
2003.—V. 146, p. 3019.
foreign opers
Net
profit
Common dividends
Lysol, Inc., minor, int..
1937
Surplus.
Shs.com.stk.out."(par $5)
1936
1935
$828,946
87,610
$488,462
$560,344
47,399
$741,336
$396,111
57,429
47,513
$607,743
y97,000
z21,879
$798,766
y152,000
$443,624
x38,320
x81,625
$532,622
500,000
$685,086
600,000
$412,870
500,000
1,234
$647,098
86,754
Wks.— June 27 *37
$208,454
Earnings per share on 111,900 shares class B stock.
$0.91
x After
depreciation, interest, Federal income taxes, &c.—V. 146, p.
profit
12,339
164,918
16,883
com¬
Funded debt
Lehn & Fink
$490,983
200,000
4,943
6,372
Cr 5,377
$216,382
33,429
Gross income.
bonds
Interest on unfunded debt
Amortization of debt discount and expense.
Interest charged to construction
93,081
52,059
128,206
.
24,471
un-
pensation Ins
Notes
Mortgage
725,595
$1,345,777
563.431
64,567
State
Other liab. def
32,595
Subs.)—Earnings-
&
Coll. note payable-
charges
and unadj. items.
—11,906,921 11,144,093
Total
Fed.
Accr.s.f. obllga's—
24,031,210 24,075,975
—
def.
to
Federal taxes accr.
Workmen's
contracts,
&c
Total
payable
employm't tax
bldgs.,
Stripping expense—
848,527
ionths Ended March 31—
Period—
441,966
Acer. State & local
Funded debt
Keystone Public Service Co. ( &.
Net
315,427
payable, <fcc.
affl'd company..
Total operating revenues
x
363,569
Interest accrued on
132,216
644,900
recelv.
Accts.
Represented by 52,500 shares (no par),
y For payment of preferred
dividends, bond interest, &c.—V. 146, p. 3018.
-
677,594
610,156
435,498
fund, debt, notes
recelv. from
x
Balance
$
$
76,167
Surplus
Dividends on preferred stock
1936
1937
Accounts payable..
Wages payable
with coupon
paying agents...
Dep.
Accts.
31
Liabilities—
$
Assets—
$4,717,673 sur$2254454
Sheet Dec.
1936
coal—Customers.
construction
Other taxes.-—
$4,122,143
Consolidated Comparative Balance
$221,776
1,245,172
Common stock..
Contrib. in aid of
12
$589,724'
$455,351
05,806 Dr7,193,903 Dr4,406,396
4,122,143 def4,717,673 sur2,254,454sur6,205,499
year..def$1,092,517
adjust...
C'r630,453
1,245,172
x
Reserves
11,906,921 11,144,093
245,181
1,358,748
1,394,636
Deprec. & depletion
Profit and loss
94,098
229,665
coal lands
2,000,500
Pref. stk. divs .pay
75,551
Special deposits
Total...
287,961
...
7% cum. pref. stk. 2,000,500
6% Junior pf. stock
644,900
Def'd liabilities...
46,478
Cash on deposit.
Acc'ts receivable..
5
96,500
unem¬
ployment taxes
Carrying expenses on re¬
1936
$
Liabilities—
property.10,643,422 10,033,315
invest'ts.
1937
:v-V
1936
$
ASS€tS^m'
in proc.
$2,694,500
128,836
—
period has been
computed in accordance with the requirements of the Revenue Act of 1936.
No provision has been made for Federal undistributed profits tax.
Balance Sheet Dec. 31
'•>:
Working
$3,389,359
92,643
84,792
1,090,099
73,077
State income
&
Deficit
y
$1,763,681
64,880
96,435
782,621
&c. taxes
$241,703
Balance
Miscell.
$1,861,651
Net income for
$72,510
Net income
Plant &
$1,765,669
877,581
51,250
Other income..,
serve
Miscell. inc. deductions.
The
$2;i31,798
1,218,538
39,023
oper. property
Inc. from other prop
Amort, of bond discount
a
and
and
State income
Undistributed profs, tax
Int.
$8,937,652 $9,002,209
Total
(Including Wholly Owned Subsidiary)
Calendar Years—
Sales of coal
1938—12 Mos.—1937
1938—3 Mos.—1937
5,273,680
Lehigh Valley Coal Co.—Earnings—
38,692
a21,117
— _
Operating expenses
State, local & miscell.
$153,201
3,575,328
x After
deducting reserve for depreciation of $2,330,367 in 1938
$2,268,400 in 1937.
y After
amortization of $1,975,226 in 1938
$1,897,527 in 1937.—V. 144, p. 4182.
Cost of sales
Total oper. revenues.
$159,285
5,185,960
3,592,408
Capital stock
Surplus
3,862,249
—
$317,591
140,121
26,250
Feb. 28 '37
Feb. 28 '38
Liabilities—
Current liabilities.
797,458
y
$692,272
funded debt.
count and expense
3,690,822
$3,780,850
217,632
l
$3,575,328
$682,929
5,418
Gross income
3,563,084
$3,783,640
211,616
P. & L. surplus.
$3,592,408
Shares capital stock out¬
$768,203
3,145
Operating income
Non-operating income.
'
3,578,528
$1,099,494
186,850
24,201
$725,523
1,944
r
$90,028
——
$3,839,253
263,806
x
343,230
y
Feb. 28 *35
$220,556
$239,565
21,160
$3,801,431
209,024
$940,393
1936
$2,490,534
1,421,781
Feb. 29 '36
Feb. 28 '37
$220,374
5,657
73
3,575,328
Adj. applic. to prior yrs.
Foreign exch. adjust...
Previous surplus
Dividends
Co.—Earnings—
1937
^
;
Taxes
&
$39,238
$1,539,494
440,000
kat
Federal
$146,435
Monotype Machine Co.—Earnings—
Assets—
Kansas Electric Power
on
$2,174,562
2,135,324
$130,693
Lanston
p.3191.
Interest
$2,293,007
2,146,572
,
$1,147,789
181,766
$274,673
41,845
4,917
Ry. tax accruals
Calendar Years—"
Operating revenues
Operating expenses
$2,274,470
2,143,777
Net income
Total-
no
$1,747,580
426,982
351,591
$1,563,789
416,000
$384,674
110,000
$359,544
Net r ev. from ry.opers.
Includes
$1,928,533
1 364,474
$1,922,879
Total income
103,030
x
x
$6,983,253
3,940,495
497,808
797,370
Other income (net).
—V. 146, p. 2539.
x
$6,992,171
3,729,956
502,126
831,556
1,183,974
Profit
Interest, amortization, &c
J. P. S. Ltd.—Capital
Period End.
1936
1937
1938
$6,918,456
3,303,500
508,103
&c
expenses,
-V. 146, p. 2857.
Preference
Kansas
v;
revenues.
Provision for retirements
Federal income taxes, &c
90,000
J.P. S. Co., Ltd.:
-
Co.—Earnings—
12 Months Ended March 31—
Dividends declared—
Preference B.
as
$262,891
8,506
$293,579
105,403
31,479
_
$31,855
7,500
$17,801
.
_
L.
announced on May 16 the appointment of Edwin
Secretary and General Counsel.—V. 144, p. 3506.
' v
company
$352,891
$26,408
8,607
Balance
Retirement accruals
The
Harding
408,595
83,978
32,276
$375,043
8,536
$31,019
944
Net oper. revenues
Non-operating inc. (net)
Kellogg Co.—New Secretary—
;
Earnings—
(& Subs.)
1938—Month—1937
Period End. Mar. 31—
j
3341
Chronicle
92,351
112,379
1934
$891,342
102,014
$789,327
46,118
$835,445
138,404
50,577
$747,618
700,000
886
$32,622
$85,086
def$88,364
$46,732
402;°§§
402t°7?
4°«i°n2
40«i0ft7
$1.33
$i./i
$i.U3
$1.0/
x Profit from foreign operations, exclusive of $17,238 In 1936 and $18,917
in 1935 profits earned by foreign subsidiaries in countries subject to exEarnings per share.,
\
3342
Financial
Chronicle
change restrictions and credited to reserve for foreign exchange fluctuations,
y Including $2,000 in 1937 and $9,000 in 1936 for surtax on undistributed
profits,
z After deducting $13,933 representing foreign taxes on dividends
received from foreign subsidiaries during the current year which were de¬
Assets—
Cash in bank
Cash
Note—Foreign exchange adjustments of $47,923 in 1937 due to conversion
of balance sheets have been charged to reserve for contingencies.
1936
1937
Accounts
417,361
Fed. inc. tax pay.
Real estate mtge.,
Tradem'ks,
50,745
1,035,165
44,400
1,395,165
1,674,060
5J^%,
1
51,170
$4,849,901
$5,307,819
201,695
.
Earned surplus
Total.
359,636
2.000,000
2,000,000
2.162,201
2,265,944
funded
on
debt,
$5,557,087
$3,238,041
550,922
250,401
223,142
564,661
220,951
Loss from foreign exchange
Loss
on
disposal of fixed property, net
Miscellaneous charges
Appropriated to general
16,541
37,607
50,606
j
—
See
737,000
$3,941,267
McKesson &
$2,777,792
583,800
$4,502,315
583,800
437,870
1,643,490
$1.74
739,621
2,404,371
$0.89
$1.36
x
y
Earns,
x
of
Feb
1,987,041
105,530
428,565
.
Mar.
29, '36
1,964,617
142,666
1,445,835
88,978
Total assets
—$62,649,514 $56,741,670
stock
2,107,779
98,811
213,564
$54,223,942 $46,899,697
9,730,000
9,730,000
9,375,000
2,039,890
16,079,282
3,677,480
Total liabilities
9,687,000
1,952,483
11,401,217
4,627,480
3,623,527
z6,250,000
10,312,000
1,551,779
7,398,879
207,039
10,000,000
1,880,124
11,879,619
3.034,198
4,525,166
Earned surplus..
Capital surplus
3,130,480
$62,649,514 $56,741,670 $54,223,942 $46,899,697
x After
depreciation of $14,623,826 in 1937, $14,378,332 in 1936 and $14,354,903 in 1935, $15,096,552 in 1938.
y Represented by 2,460,385 no par
shares in 1938, 2,245,709 in 1937 and
2,081,360 in 1936.
z Par $10—V.
146, p. 3191.
Loomis-Sayles Mutual Funa, Inc.3 Mos. End. March 31—
Total income.
—-
-
1935
$0.12
y
1
Summary Statement of Income Jan.
(Not incl.
1 to Dec. 31, 1937
of McKessport Tin Plate Co. Jan. 1 to March
16, 1937)
earns,
Sales, less discounts, returns, and allowances
a b Cost of goods
sold, operating exps, and dep.
$16,666,098
14,179,213
Gross profit
$2,486,885
Selling, general,
and administrative expenses (includes extra
compensation of $19,185 to officers and employees)
Net earnings
Other income
Dividends paid.....
'
$5,266
11,670
$411,205
23,885
loss$6,403
$387,320
Liabilities—
703,079
23,885
Dividends recble..
2,538
1938
1937
Dividends payable
for Fed, &
$11,670
$23,885
12,942
1,876,423
17,697
2,269,519
9,600
$1,901,035 $2,311,1001
y
Capital stk.
eq..
.....$1,901,035 $2,311,100
Market value $1,538,314.
y Represented by 23,339 (23,880 in
shares.—V. 146, p. 1880.
par
1937)
Loomis-Sayles Second Fund, Inc.- -Earnings3 Mos. End. March 31—
Total income..
$33,339
17,989
$15,350
181,431
$196,781
48,193
def$64,701
III"'
$45,985
18,604
$3,335
68,036
—
1937
$27,382
loss24,047
Dividends paid.
$148,588
value per share (which was the same as
the liquidating
the basis of market quotations for the
$803,000.
Note—No provision was made for surtax
a
on
undistributed profits.
to Dec.
Additions by reason of merger, March 16, 1937—
b Adjustment to
paid-in surplus
Total..
31, 1937
Surp. Paid-in Surp
$2,448,479
$3,672,777
757,655
41,139
1,251
3,060,857
2,935,439
240,917
$6,309,383
_
$6,849,134
1,431
552
Loss on assets sold or sctapped
Adjustments of inventories resulting from revision
"normals" used in valuing
finished goods and goods in process
50,049
3,880
11,239
111,839
240,917
Flood loss.
Strike expense
Merger and proposed refinancing expense
b Adjustment to earned
surplus
Dividends, cash $1 per sh. on 63,792 sh. March 8,
1937, $1.50 per sh. on 727,584 shs from March 17
to Dec. 31, 1937—
Balance, Dec. 31, 1937.
1,155,168
$4,734,858
Earned surplus of McKeesport
$6 848,582
Tin Plate Co. transferred by
reason
of the merger of March 16, 1937 amounted to $3,060,857.
Paid-in surplus
was increased by reason of the
merger of March 16, 1937 in the amount
of $2,935,439, arrived at as follows:
Excess of stated value of capita- stock of McKeesport Tin Plate
Co. over par value of common stock of the corporation issued
in exchange therefor
$4,314,780
Excess of stated value over par value upon conversion of com.
corporation
securities
was
175,428
Transfer to the corporation of the paid-in surplus of McKeesport
Tin plate Co
Total
net asset
on
For Federal income tax purposes the amount to be claimed is
estimated
at
stk., without par value, into com. stk., par value $10, of the
1938
I
manu¬
a
management expenses as elements of cost of manufacture, and the in¬
ventories produced thereafter include an
applicable portion of such charges.
b The amount of
depreciation charged to operations was $425,142.
a
Total
can
reduction of
book inventories of finished goods and
goods in process as of that date in
the amount of $50,049, which the
company charged to earned surplus.
The cost methods employed at the tin
plate manufacturing division were
revised as of March 17, 1937 so as to include
depreciation and a portion of
—
Prov.
6,263
Accrued int. rec...
Total income.
normals at the
resulting in
of labor and expense
_
1937
11,670
Net profit.
$757,655
expense
and revised,
$6,019
405,187
State taxes...
Expenses
reviewed
Net profit for 1937.
Net excess res. for Fed. & State tax. for
prior years.
Miscellaneous credits
-
deposit for
div. pay
1937 labor and
were
$19,238
share, (which was the same as the liquidat¬
which the basis of n arket quotations for the securi¬
262,998
16,
Earn.
over expenses
Securities at cost.x$l,614,230
$1,577,874
Cash in bank
I
As of March
facturing division
$10,970
—_
—I.II!
1938
Net profit..
Balance, Jan. 1, 1937.
Balance Sheet March 31
Assets—
Provision for Federal normal income tax
1937
.......
Excess of income & realized
profits
& dividends paid for the
period.
Note—The net asset value per
ing value per share), on
ties was $77.15.
$907,895
$65,080
42,361
42,799
Interest on borrowed money
Other expenses
a
1,694,661
$792,223
115,672
$5,266
■
_
Nil
On 1,282,983 shares
department.
1938
Total income
$33.58.
1936
Co.—Registers with SEC—
Surplus Reconcilement Jan. 1
13,219
Net income
v.
Net profit on securities sold
share),
1937
$42,580,103 $35,782,206 $31,521,498
979,691
551,006
228,694
$0.03
$0.45
After Federal taxes, charges &
minority interest,
stock.—V. 146, p. 2541.
Earning s-
_
Note—The
undistributed profits.—
McKeesport Tin Plate Corp.—Earnings—
11,450",000
Notes & accts. pay., &c.
value per
$2.65
on
9,730,000
yl7,222,695 yl5,719,963 yl4,569,520
Funded debt
Reserves
x
$4.89
$1.77
626,573
common
2, '35
9,730,000
2d preferred stock
Common stock
Total..
$3,937,520
Total income
Liabilities—
no
1936
$5,894,469
1,156,271
per share
Maltine
to
2,147,588
219,801
349,891
488,547
8ee list given on first page of this
7% preferred stock
on
1937
$5,679,482
839,044
Robbins, Inc.—Earnings—
Net profit
taxes.
Goodwill
Cash
1938
3 Mos. End. Mar. 31—
1938
Sales
$41,259,617
$3,119,059
291,900
Land, bldgs. & equip.$18,355,744 $17,734,429 $17 ,406,883 $17,436,296
178,928
401,095
659,322
647,769
202,432
250,714
300,333
351,499
Deferred charges
315,904
134,917
459,120
716,884
Cash
3,090,754
2 ,130,028
2,533,249
1,857,890
Notes & accts.receivable
5,084,059
7,088,315
5 ,247,035
3,999,624
Inventories
32,704,410
26,077,817
24 .379,126
19,469,580
Growing crops and other
Expenses.
Co.—Earnings—
1,448,227
Investment
6% preferred
V. 146, p. 3192.
V.146, p.1881.
x
Prepaid insur. & interest
Electric
Net prof, after deprec., Fed. taxes, &c.
Earns, per share on capital stocks
Dr250,000
Bond disct. & expense..
Other assets
Co.-—Proposed Merger—
12 Months Ended March 31—
$1,920,832
Feb. 26, '38 Feb. 27, '37
applicable
$453,000
.
$0 15
Net sales..
Consolidated Balance Sheet
exps.
—
...
Allegheny Steel Co. above.
McGraw
106,806
378,731
Including taxes, other than Federal income
future packs
200
$534,900
81,900
Earnings per share
145, p. 3501.
561", 048
per share on common stock.
Assets—
.$534,700
—
.....
—V.
46", 058
reserve
In stock
a
lease rentals, taxes, leases aban, &c_ 262,200
Note—Before any provision for Federal surtax
Balance to surplus
Preferred dividends
Common dividends—In cash
Earnings
$796,900
exps.,
Net income
42,233
$2,777,792
Net income
Profit on sale of capital assets
Special profit and loss credit
$843,900
47,000
...
Depreciation and depletion
156", 000
48,509
23,707
432,208
Provision for income taxes.
——_
Total income
including
amortization of debt disct. & exp__
Other interest
in
Exploration Co.—Earnings—
Profit
$4,277,649
1,033,145
Ludlum Steel
Total income
Interest
(122,337
expenses
Geophysical & adminis.
$3,046,271
191,770
527,081
Other income
$5,427,342
129,745
$4,059,701
Balance
$7,608,787
1,064,522
923,139
156,000
37,784
$3,901,269
158,431
—
184,792
Profit
$6,543,038
1,156,719
1,290,018
156,000
39,031
Doubtful accounts written off
$7,102,368 $5,132,126
by
Corp. (& Subs.)—Earnings—
Net oil and gas income.
Other income
Taxes (other than Federal income)
Provision for pensions
Total
Earnings for the First Quarter Ended March 31, 1938
26, *38 Feb. 27, '37 Feb. 29, '36
$74,716,418 $74,391,928 $59,875,794
68,173,380
66,783,141 a55,598,145
...
18,014
5,065,919
675
$5,229,192.
y Represented
$10.—V. 146, p. 1880.
Louisiana Land &
—$4,849,901 $5,307,819
Feb.
profit
Provision for depreciation
13,650
7,061,566
Capital stock...
1938—3 Mos.—1937
1938—12 Mos. 1937
$2,284,384
$3,197,470
$5,907,702
$6,080,695
$0.38
$0.55
$0.97
$0.97
a
After depreciation, depletion, interest,
amortization, Federal income
taxes, minority interest, &c.
b On 5,533,747 shares of common stock.
—V. 146, p. 2858.
Libby, McNeill & Libby (& Subs.)—Earnings—
Gross
y
profit
Operating
Cost of goods, sold, &c
48,193
12,979
value
par
1937
$48,193
6c
b Earns per share
a Less
reserve for depreciation of $1,041,939 in
1937 and $967,111 in
1936.' b Investments in and advances to foreign operating companies.
—V. 146, p. 2697.
"
Years Ended—
Sales
Fed.
Period End. March 31—
Net
a
200,000
Capital stock
for
State taxes
27,153
9,775
24,556
Lone Star Gas
152"000
on
Reserves1
33,300
-
Total..
due
demand
trade¬
&C——
Deferred charges.
$330,239
97,000
58,785
Market
1938
$27,153
Dividend payable.
Prov.
$7,102,368 $5,132,1261
1937) shares,
100,000
44,400
b Investments
names,
Notes payable—
Liabilities—
$3,969,305
1,100,974
deposit for
Total
x
$289,005
395,771
1,144,095
Sundry debtors—
Dom. of Can. bds.
1936
payable,
taxes, &c
less reserve
Inventories
1937
accrued interest,
receivable,
Accts,
on
div. pay
Accrued int. rec..
Liabilities—
Capital assets- --$1,413,787 $1,492,390
Cash
564,116
343,005
1937
954,639
Dividends recvble.
Consolidated Balance Sheet Dec. 31
Assets—
1938
Securities at cost.x$6,086,246
ducted at the source.
a
May 21, 193S
Balance Sheet March 31
-
—
715,231
$5,205,439
Amount applicable to paid-in surplus upon cancellation in the
merger of the common stock of National Can Co. held by
McKessport Tin Plate Co
2,270,000
Netaddition
$2,935,439
b Adjustment of the earned surplus and paid-in surplus transferred from
McKeesport Tin Plate Co. to reflect the effect of certain adjustments
affecting McKeesport Tin Plate Co. applicable to periods prior to Jan. 1,
1928, resulting in the transfer of the net amount of $240,917 from earned
surplus to paid-in surplus.
Volume
Liabilities—
Inventories
Accrued liabilities-...
219,128
176,959
cost)
_
Other assets
Dividend
Unsecured notes pay.,
Property, plant & equip'mt 12,455,119
b
—
bank
9,202,013
$4,429,630
305,144
$3,233,652
272,417
$2,162,588
300,656
$4,734,774
1,414,218
445,196
382,182
44,166
Amort. of properties
>
57.187
Prov. for contingencies..
8,533
Idle plant exp. & misc.
49,442
Prov. for income taxes..
y437,024
Minority interest......
55,713
$3,506,070
1,345,530
449,952
277,017
44,166
57,187
25,000
72,225
225,643
54,327
$2,811,045
1,277,348
494,914
169,703
52,885
57,256
$2,463,244
1,335,449
$1,841,111
356,387
929,061 1
$955,020
348,409
$501,607
x49,968
$31,436
$555,663
$606,611
$451,639
$31,436
Other income..
59,105
pensation insurance
191,296
.....
Gross income....
Common stock (par $10).---
7,275,840
Depreciation
Earned surplus............
Deferred charges
4,734,858
6,848,582
Int. & taxes on fund. dt.
Other int. & cash disc't.
Amort. of def'd expenses
Paid-in
....$24,899,374
Total
Less
a
—V.
of
Total....
$24,899,374
.....
for doubtful notes and accounts and discounts and al¬
$135,978.
b After reserve for depreciation of $12,230,757.
146, p.
^
1716.
Mac Andrews & Forbes
Sales (net)....
a Cost of goods
1935
1934
$5,537,983
4,411,634
$5,368,331
4,232,619
$5,238,118
4,003,431
$1,071,854
130,900
$1,126,349
122,467
$1,135,712
$1,234,687
90,687
112,355
$1,202,754
170,472
146,000
sold....
profit
Net profit—
bl936
$5,644,868
4,573,013
...
.
Co.—Earnings—
bl937
$1,248,816
217,172
150,000
$1,226,399
$1,347,042
243,715
$881,644
$856,863
2,519,618
2,541,914
Years—
Calendar
Gross
surplus
reserve
lowances
......
Other income
_________
Divs.
on
Divs.
on common
pref. stock
stock
.
Surplus.
x
Last quarter of 1935.
Federal taxes.
$886,283
2,522,103
Net income
Prior earned surplus
Total surplus
Preferred
Common dividends
Profit & loss surplus..
Shares com. stock out-
$3,398,777
$3,573,020
119,424
759,735
119,424
911,682
$2,529,227
$2,522,103
$2,519,618
$2,541,914
303,894
303,894
$2.44
$2.94
1937, $67,203; 1936, $67,748; 1935, $112,040,
303,893
$2.51
303,894
$2.52
....
depreciation:
and 1934, $128,679.
b Consolidated figures.
Note—No provision made or believed to be
on undistributed profits.
1,876,621
2,166,272
73,755
231,414
35,547
208,001
4,816,489
Inventories
3,719,957
on
Income taxes
Funded
b $5.50
Pf. stk.
Accts. payable
13,423*,144
1,262,258
893,893
1,523,144
382,465
surplus.._
1,480,981
739,109
739,109
accrued expenses
Stocks and bonds.
201,463
201,197
Provision for Fed,
Notes & accts. rec.
409,175
491,164
Inventories......
3,033,536
2,355,928
.46,373,855 40,878,068
Total
...46,373,855 40,878,0681
Represented by 32,035 shs. of no par value at Dec. 25,1937, and 32,145
31,1936.
b Represented by 49,300 no par shs.
c Represented
by 619,374 shs. of no par value.—V. 146, p. 3022.
shs. at Dec.
and
U. S. Govt, oblig's
4,930,000
B
Common stock..13,423,144
Capital surplus...
a
$
2,471,791
225,643
7,240,151
12,577,872 11,498,145
1,022,989
Minority interests.
856,859
a $6 pf. stk. ser. A
3,314,500
3,203,500
687,500
173,326
687,500
136,571
proc. rights, &c.
Total
347,700
437,024
6,657,169
debt
Reserves
Deferred charges..
1936
1937
363,120
357,054
Accrued items....
934,276
Contr's, processes,
Dec. 31
94,740
400,860
1st mtge.
493,252
350,466
2,322,680
&c._
property.34,842,593 31,790,617
1,217,436
19,687
bonds (current).
Investments
224,886
1,310,141
purch. contr's
Sink. fd.
Deferred notes and
Plants &
44,392
instalm'ts
Current
Earned
Liabilities—
$
receivable
accts.
$
and
payable..
Accounts payable.
notes
Life insurance
•'■ VfV'.vy
..
$
Trade accept,
669,314
1,035,765
Customers' notes &
M iscell. receivables
134,913
85,693
44,135
Dec. 25 '37 Dec. 26 '36
c
'1936
$
<
,
Liabilities-
required, for Federal surtax
Consolidated Balance Sheet
1937
Sheet
Balance
$
$
Cash............
50.666
25,000
75,510
107,311
49,509
Dec. 25 '37 Dec. 26 '36
Assets—
accts. rec.,
,
Includes
Assets—
$1,003,327
2,569,693
$3,401,262
119,424
759,735
standing (par $10)...
a
100,000
$3,408,386
119,424
759,735
...
dividends..
Earned per share
221,535
148,000
512,767
136,618
132,233
Includes Federal surtax on undistributed profits.
y
Consolidated
Total income
Sell., admin. & gen. exp.
913,322
1,108,461
1,357,793
1,701,871
Operating profit
500,000
_ .
10,524,267
$2,497,391
313,654
19,612,210
_
Sell. &adm. expenses...
for workmen's com¬
Reserve
1
Patents
payable..
25 '37 Dec. 26 '36 Dec. 29 '35 Dec. 30 '34
$25,743,711 $19,413,529 $14,130,119 $12,277,923
Dec.
14,822,084
pf sales
195,378
28,180
363,792
payable
Misc. accounts
Cat
advances
&
Accounts
6,778,314
— ..
Investments
payable, trade
3,349,342
Notes & accounts rec. trade
Corp. (& Subs.)—Earnings
Years Ended—
Net sales.
Cost
$4,750,000
143,638
Notes payable, bank
$1,729,214
Cash
a
Mead
1937
Balance Sheet Dec. 31,
Assets-*-■
3343
Chronicle
Financial
146
Cash
333,750
compens'n
60,490
56,495
1,990,400
1,990,400
3,038,940
2,255,481
126,415
1,829,440
64,236
Goodwill, tr.-mks,
add'l
3,038,940
stock
Capital surplus... 1,664,616
Earned surplus...' 2,529,227
Common
1,662,122
2,522,103
10,334,417 10,224,569
Total
for depreciation of
After allowance
$2,965,313 in 1937 and $2,958,261
1936
1935
1934
,611,373
$6,857,243
60,633
$5,174,295
50,679
$2,495,618
61,342
$6,917,876
757,826
$5,224,974
619,829
386", 7 55
250,487
350,041
$2,544,814
426,603
21,169
228,698
236,746
72,205
1,903
331,873
896,377
124,292
3,896
1,246
20,853
1,846
18,397
1,846
428,864
763,838
58,000
881,132
258",644
$4,668,029
$4,266,964
53,114,527
$1,517,249
3,951,916
3,951*453
1,728,514
963^097
$716,113
$315,511
$1,386,013
$502,644
$4.67
$4.26
$3.11
$1.47
from
Profit
Exploration Corp. (& Subs.)— Earnings
Maracaibo Oil
on
Depletion & depreciation
Other deductions
541
10,647
19,150
4,533
26,739
2,040
14,381
12,066
409
Prov. for doubtful accts.
Depreciation.
.
.
369,249
_
$8,466
468,268
816,611
assets.
..........
.
inc. tax..
Prov. for Fed. inc. tax..
Prov. for Fed. surtax
profit for
year
$2,490,453
$2,476,650 $2,094,085
royalties, &c. of $21,358 in 1936 and
$2,497,396
profit on sale of oil
Includes
Balance, surplus
Earnings
common
v'z
.
7,101,375
Cash............ 3,501,292
rec.
under
$177 yprof$2,703
$412
Net loss.
general taxes, abandoned leases
1936
1937
3,752,695
2,628,365
7,318
Intangible assets..
77,324
Deferred charges..
4.231,525
1,813,210
and depletion,
y
Before Federal
Acer,
1937
Contingent asset-.
Capital stock
114,668
138*216
7,582
1,523
Deferred charges..
596
500
$410,375
$376,328
Total
x
Capital surplus $2,568,315, less
1,405,878
368,561
$330,000
588
59,112
$410,375
Surplus..........
Total
$376,328
earned deficit of $2,497,396.—V. 145,
a
Metropolitan New York
See list given on
and taxes
-
1937
$7,116,146
6,433,324
$7,42 J,780
6,250,223
$1,172,557
7,550
7,067
$690,373
$1,179,624
JO,000
500,000
$19d,373
449,^66
22,337
$679,6/4
478,<±72
24,326
3,9 A)
Other income
>.
(before i
-
O
Appropriation for retirement reserve._....
1
.
Interest charges
_2.2 ..
Amortiz. of cieot discount and expense
...
4,5.i6
Other income deductions. _:
Net income.....
......
loss$285,757
$172,925
,17,128,371
Period Ended May 7—
Subs.)—Earnings—
Co.]
192*.
$714,932
....
-—— —
—V. 146, P.
—V. 146
p.
—
694
668
2699.
Memphis Natural Gas Co.—Dividend Reduced—
dividend of 10 cents per share on the com¬
mon stock, no par value, payable May 25 to holders of record May 20.
This compares with 30 cents paia on Dec. 17, last; 20 cents paid on Sept. 10,
last; 10 cents paid on May 20, 1937; 30 cents paid on Dec. 29. 1936; 20
cents paid on May 11, 1936, and 10 cents paid on Feb. 15, 193o, and on
May 24. 1934; this latter payment was the first made since April 15, 1932,
when a regular quarterly dividend of 15 cents per share was distributed.
—V. 145, P. 3502.
The directors have declared a
Aa
$4o4,146
2050.
Minnesota Valley Canning Co.—Bonds Caded—
$12,500 first mortgage 6% bonds series A due Jan. 1,1941. have
for redemption on July 1 at 101
Payment will be made at
the First National Bank & Trust Co., Minneapolis, Minn.—V. 146, p. 2699.
A total of
been called
Middle States
]lncl
affil
Petroleum Corp.—Earnings—
consolidated, but excluding Louisiana & North
Years—
1937
1936
1935
cos.
Calendar
West RIt.]
1934
^
_
$1,265,007
$1,535,587
$1,325,635
$1,164,336
504,942
439,108
380,514
464,981
$1,030,645
12,363
a 122,044
$886,527
$783,822
5,838
2,746
28,265
16,121
$800,026
53,569
1,497
$1,165,052
109,938
2,846
Taxes
109,807
Administrative expenses
103,051
Depl. & amort, of leaseh.
240,498
Deprec. of phys. equip—
264,615
$895,111
$828,208
118,773
4,625
88,619
126,198
Gross income
from oper.
Operating expenses
...
Net inc. from oper...
Interest
and discount—
Miscellaneous
Interest on
1938—4 Weeks—1937
1938—20 Weeks—1937
$3,846,827
$3,055,173 $13,232,063 $13,921,251
Stores in operation
15,324,841
department.—V. 144, p. 3508.
Ontario Paper Co. (&
Ended March 31—•
Inc. from
Corp.—Sales-
Sales
Dr68,178
-V. 145, p. 613.
146, p. 3192.
Melville Shoe
Dr68,178
Corp.—Registration Withdrawn
first page of this
Net loss.
$682,822
*
... —
Gross income
287,714
4,656,496
stock...
Total
15,324,841
Represented by shares of $5 par.
3 Months
Co.]
1938
Year Ended March 31—
Net oper. rev. & other income
for retirement reserve)
361,984
(Excluding National Pole & Treating
[Including South San Francisco RR. & Power
-V.
17,128,371
Total
Ry.—Earnings—
Operating expenses, maintenance
1,464,427
1,446,787
5,592,609
Surplus..
1,628
x70,919
Accured accts
1,284,000
312,220
$315,000
8,266
1,190
Accounts payable.
Total gross revenues
uncompl. contr's
Treasury
Minnesota &
Street
excess
Excess pay. rec. on
(par
p.3350.
Market
inc.,
Other reserves
$1)
....
Accts. receivable..
Cash
987,991
Accrued gen. taxes
1936
1937
Liabilities—
$236,095
$285,973
1,555
290,145
51,290
■
Assets—
1,372,156
275,021
740,984
1,742,691
payable
profit & undist.
profits taxes....
Consolidated Balance Sheet Dec. 31
Prop., plant & eq.
5,000,000
8,086
income taxes..
1936
5,000,000
payable.
Dividends
100,000
_.
payrolls...
Accounts
Accr'd
60,000
rz
$
$
Common stock
a
6,027,811
3,092,920
Accts.
.
1936
1937
1936
•
Accts. receiv., &c.
March 31
1938
After
on
Liabilities—
Assets—
term contracts.
Earnings for Quarter Ended
x
...
share
stock
per
Inventories
$37,164 in 1937.
x
51 509
dividends
Common dividends
Permanent assets.
a
24,345
1937
218,908
......
......
_
Deficit, Dec.31
531,619
.2.
„
Balance Sheet Dec. 31
Apprec. from revaluation
of property in prior yrs
written off
*,
_
Rents..
581,833
8,669
...
305",819
_ .......
_
.
.
Prov. for Pa.
Net
$4,647
$4,647
2,094,085
2,094,085
$13,803
2,476,650
$6,944
2,490,453
tal
_
49,196
disposal of capi¬
Preferred
Property abandoned
Pre-oper. expenses writ¬
ten off
$21,331
796
24,070
8,348
45,097
expenses
Loss for year
Previous earned deficit.
1934
$12,361
a$29,898
a$71,368
foreign exchange
Administrative
1935
1936
1937
Total income
Loss
1937
after
Add—Other income
Loss on
Calendar Years-
oper.,
deducting maint. & re¬
pairs and royalties but
before deprec'n, &c
Taxes
2698.
in 1936.—V. 146, p.
Co.—Earnings-
Calendar Years—
Total income...
10,334,417 10,224,569
Total
payable
2,030,323
2,030,323
brands, &c
Machine
Mesta
$7,672,715
788,457
Gen., adm. & sell. exp._
Dividends
41,380
buildings,
mach'y & equip.
Prepaid expenses..
a
264,983
333,750
Preferred stock—
57,933
employees.....
Land,
355,776
284,056
Res. for employm't
Stock allotment to
a
432,937
taxes
:
all sources..
funded debt.
Other interest
95,969
277,467
218,475
Abandonments and other
leasehold expenses
Miscell.
73,744
93,252
263,378
267,442
50,854
.
27,191
38,062
.
24,503
20,282
charges
Net income-
-
$296,234
'
$40,329
^Minority^nt., oif cosl
prof38,787
prof20,031
Corporation (net)....
257,445
prof20,297
a
$855,091
131,601
1,514
17,953
75,319
321,647
223,214
456
Including
$111,515 net profit on sales
loss$23,454
profl4,580
loss38,034
of assets.
$39,056
loss 18,978
loss20,078
3344
Financial Chronicle
Consolidated Balance Sheet Dec. 31
[Excluding Louisiana & North West RR.]
Assets—
1937
Cash
Liabilities—
1936
1117,170
Accts.
$110,087
107,310
80,124
149,332
A accr.
rec.
Special deposits.--
2,432
111,800
-
Mat'ls A supplies.
Prepaid Items and
deferred
liabilities
John
$50,530
85,272
98,484
59,340
Fed. A State taxes
58,688
67,413
Mlscell.
31,903
1,745
1,656,400
391,362
1,739.400
7,407
2,099
7,841
208,025
3,191,393
Oil prop. A well. eq. 3,090,831
Misc. prop. A eq.61,300
allowed
51.770
139,094
liabilities-
Contingent
Missouri Pacific RR.—Annual
5,080
1937
Revenue
llabil's
Del. llab. A credits
Ac., In oil....--
60,245
------
Rev.
Minority ints.,
101,024
198.370
351,943
334,733
of dividends
Total...-
277,743
1,035,580
Net worth..—..
1
Total
1,258,940
1,176,310
931,602
920,084
0.877 cts.
mile
Avge. rec. from each pass
Avge. rec. per pass, mile
Avge. mileage operated.
0.919 cts.
0.945 cts.
0.929 cts.
1,032,333
*299,954 shares class A, no par, and 895,529 shares class B, no par,
outstanding (represented by voting trust certificates issued and to be issued).
145, p. 1591.
Operating Revenues—
Freight
Passenger.-
—
Express
Earnings for Four Months Ended April 30, 1938
Interest paid
•
$534,052
271,082
17,911
9,432
Joint facility
159,309
Total ry. oper. revs__
1935
$
$
63,697,038
4,183,218
2,525,048
62,848,601
3,932,744
2,586,244
1,187,211
1,800,682
962,120
117,989
1934
1,162,382
1,690,151
1,166,783
126,315
90,421,93 1
74,550,935
73,435,591
13,258,984
17,650,002
Traffic--.
2,979,852
Transport'n—Rail line— 34,039,798
Miscell. operations
773,256
General
3,077,747
Transp. for inv.—Cr
307,935
12,355,274
17,550,585
2,897,909
31,784,186
640,038
3,291,641
286,761
11,045,210
15,976,728
2,697,442
28.166,995
657,796
x2,525,573
10,249,825
15,433,570
2.567.174
26,280.201
499,546
68,232,872
22,189,059
y5,054,523
60,750,184
13,800,751
y4,169,731
16,777,262
17,134,536
10,150,877
11,268,552
583,014
706,813
468,482
690,544
312,336
539,430
479,215
520,001
ing equipment
Jt. facility rent income.
84,834
457,909
90,025
422,739
88,174
490,046
94,308
455,710
49,696
Total oper. income...
18,609,832
18,806,327
11,580,865
12,817,786
262,000
Hire of fgt. cars-deb. bal.
Rent for locomotives—
4,647,346
222,247
3,987,967
$2,005,419
Rent for pass, train cars
Rent for floating equip.-
3,473,131
202,195
602,168
29,736
117.737
1.925,313
Maint.
of way & struc
Maint. of equipment
..
$242,428
81,074
41,388
-
Net profit from operations
1-
Minnesota
Interest paid.
a Loss from
demolition.
1936
Total oper. income—
1935
$3,349,553
675,000
43,736
27,032
$2,667,114
350,000
5,667
$1,334,602
182,000
3,162
$3,419,578
$2,668,887
$1,149,440
5,272,031
b90,981
4,041,492
25,705
2,541,741
185,070
1,905,937
53,036
$8,782,591
2,159,392
24,020
$6,736,084
1,464,053
$4,732,231
690,739
$3,108,413
566,672
$6,599,179
$5,272,031
Miscellaneous credits
Dividends paid
Adjustments
Dec. 31
$2,541,742
Condensed Balance Sheet Dec. 31
1937
1936
Liabilities—
1937
$340,787
Accounts payable-
2,686,096
1,820,508
ac¬
taxes
A
1,274,008
3,169,981
Inventories
Other notes
945,549
2,629,351
.
y
88,377
633,038
75,947
value
3,174,906
of
sur-)
.-.^6,599,179
909,076
2,883,780
Dividend income
Inc. from funded securs.
Inc. from unfund. secur.
750,000
4,522,031
18,195
.
Total
$11,078,857 $9,755,040
^serves for depreciation of $1,474,448 in 1937 and $1,381,454
y Represented by 961,260 shares of no
par value,
z Includes
1,000 shares of treasury stock carried at cost of
$7,142.—V. 146, p. 1717.
,
1936.
Gross income
5,230,583
6.118,046
131,158
173,809
171,348
26,876
218,111
202,981
18,071
291.406
61,618
6,811
22,212
302,959
122,193
226,200
51,414
15,102
35,046
186,322
230,346
1,276,420
256,414
68,716
13,695
42,254
310,812
162,767
53,364
13,114,279
6,056,457
7,134,608
155.013
160,379
36,986
28,400
19,198
17,630,160
3,315,973
18,418
122,774
37,740
28,854
17,862,844
3,215,212
21,344
121,846
38,963
17,610
11,496
18,319,469
2,811704
15,337
8,095,236
15,241,695
14,201,818
701,218
Miscellaneous rents
Miscell. tax accruals
37,218
23,105
40,179
Int. on funded debt
17,625,031
Int. on unfunded debt—
3.339,605
Miscell. income charges.
32,371
oper. prop
8,778,894
conform to revised ICC classification of
1937
1936
1937
$789,686
...
$1,967,233
133,550
21,997
3,999
$789,686
105,933
x.$l,807,686
1,745,506
$677,834
629,705
Provision for Federal normal income tax
Prov. for surtax on undistributed
profits
1,920
4,000
i,*®?068 no^ delude $1,239,234
after deducting Federal stock transfer tax
$10,000 excess of amount received from sale
of 250,000 shares Tide
Water Associated Oil Co. common stock on
March 19, 1937 (at $14.30
per
®6^re) over the amount at which such shares were carried on the books
($9,303 per share).
of
Balance Sheet Dec. 31
1937
Assets'*""'
leased
on
660,676
Sinking funds..
Deposits in lieu
626
626
phys.prop
1937
$
LiabUities—
$43,148
Invest, in com.stk.
Accr.
9,192,184
10,495,000
3,663,522
3,493,450
Invest, in com.stk.
Invest, in com.stk.
Fed.
for
5,010
Corp....—
122,675
5,790
Prepaid exps., Ac.
497
Prov. for
es.
195,386
7,390,679
77,523,948
78,156,295
26,000
1,920
Fed¬
4,000
i.
13,993,450
1,313,159
11,745
bills
and
payable
Traffic A
24,741,112
24,811,074
car ser¬
1,169,970
1,434,417
4,915,204
4,743.983
Misc. accts. pay.
420,563
Int. mat'dunp'd 79,712,803
67,804.826
Audited accts. A
12.587,587
12,489,471
Other—pledged.
1,075,754
1,100,754
313,739
368,215
9,609,734
11,448,279
Special deposits-
2,036,572
4,052,342
171,808
6,315
unpaid..
Unmat. Int. accr.
1,296.248
1,349,322
Unmat. rents ac¬
Loans A bills
Traffic A
.
rec.
car ser¬
Net bal.
rec.
fr.
agts. Acond..
Mlsc. accts. rec.
Mat'ls A supp_.
Int. A dlvs. rec.
unpaid.
crued
44,085,220
43,558,720
206,462
206,462
5,824,624
5,808,268
350,228
406,443
325,237
283,484
269,612
253,681
2,101,434
3,340.806
95,275
88.640
Accrued deprec. 47,776.519
Oth. unadj. cred.
587,555
45,236,033
798,087
1,066,546
Other
Deferred llab
7,062.920
Tax
8,355,397
61,141
92.455
59,848
160,008
37,776
1,327,543
insur.
paid
in advance
164,451
166,631
4,125,678
4,532,469
Other
unadjust.
debits-.
1,346,597
ma¬
matured
3,643,128
31,392
A
tured
Dlvs.
952,664
1,163,424
Rents
Funded debt
3,241,790
curr. assets
premium
Capital stock...13,993,450
Earned surplus.-.
y Cap. stk. purch.
363,185,500 361,839,500
wages payable
Work, fund adv.
2,251
39,764
un¬
vice bal. pay.
Oth. def. assets.
-
141,114
Funded debt
Oth. inv. unpl'd
Cash
Oth.
eral surtax
x
5,000
Federal
tax on Income.
Furn. A fixtures._
$15,483
capital
stock tax
Prov.
$
$3,674
Fed. Inc. tax with¬
held on diva
of Pac. Western
1936
$
Accounts payable.
217.533
7,283,976
cos.
—unpledged
71,800,100
grants
Loans
cos.
—pledged
Preferred stock-
82,839,500
71,800,100
matured
of mtge. prop.
sold
Misc.
1936
$
82,839,500
Governmental
687,696
Inv. inaffil.
1937
Liabilities—
ry. property..
vice bal. rec..
1936
S
$2,029,275
1, 1936.
Common stock.
S
Inv. inaffil.
Net income.
Dividends paid
to
accounts, effective Jan.
1936
equipment...547,929,603 539,772,194
Impt.
$1,123,397
838,585
5,250
Expenses.
curr.
llab.
liability
Prem.
on
funded
debt
Ins.
A
casualty
reserves
Add'ns
to
1.465
prop,
through inc. A
1,535,493
surplus
1,512,630
Approp.surp.not
for retirement— Dr329,600
Represented
9.384
Balance Sheet Dec. 31
Invest, inroad A
Total income
Total
1,898,729
Includes a credit of $573,690 covering adjustment of amounts
charged
general expenses in 1934 account of contributions under Federal
Re¬
tirement Act.
y The provision of $1,225,855 made in
1936 under the
Federal Retirement Act of 1935 has been credited to the
income of 1937 as
a result of the
repeal of that act in 1937.
Note—The 1935 railway operating revenues have been reclassified
Assets—
Corp.—Earnings—
Calendar. Years—
Dividends received from:
Tide Water Associated Oil Co
Skelly Oil Co
Pacific Western Oil Corp
of Tide Water..
11,047,319
215,398
463,817
38,274
95,555
to
$11,078,857 $9,755,0401
of Skelly
11,003,379
.
x
Patents..--.
Cash in banks
_
Net deficit
sion fund policies
Mission
744,126
1,382
123,090
2,020,815
12,473,629
Misc. non-op.phys.prop.
life
expenses
■
4,524,449
222,045
712,048
1,189
136,797
2,009,926
Non.-Oper. Income—
Inc. from lease of road—
Separately
1
17,647
1,302,306
2,883,780
insurance A pen¬
Total....
Ttip
Rent for work equipment
Joint facility rents
$690,153
1
1
Otipt
2.950,063
1
/r
Deduc'ns fr. Gross Inc.
Rent for leased roads
Unapprop. surplus)
Plant property A
equipment
Common stock..
Appropriated
plus, Ac
Z04O.181
$293,592
res've
for taxes-.-.-—
ac¬
counts receiv'le.
Investments
and
58,380,450
15,055,141
3,753,580
33,009
3,649,874
1936
Accr'd wages, Int.,
counts receiv'le-
<?
Miscellaneous income..
$362,659
Trade notes A
Rent fr. pass. tr. in cars.
Rent from work & float¬
Miscell. rent income
a Old
buildings abandoned in connection with extension of
plant,
b Adjustment of
resjerves for depreciation.
secur.
locomotives,
Net ry. oper. income.
$4,041,492
71,471,705
20,946,993
Oper. Income—
HpiIii p171
Approp. and unapprop.
surplus, Jan. 1
Cash
Other
1934
Rent from
Inc
Marketable
Railway tax accruals
Uncoil, railway revs
Mining & Mfg. Co.—Earnings-
Other deductions
Loss on invest, in Baeder
Adamson Paper Mills,
Surplus,
Total ry. oper. exp.__
rev. from ry. oper._
Net
upon divi¬
dends, if any, paid during the year.—V. 146, p. 3193.
Calendar Years—
1937
Net inc. from oper. and
royalties, net invest,
inc. & other inc. credits $4,515,347
Prov. for Fed. taxes.
1,025,000
3,614,309
264,175
337,562
$119,966
Note—Provision for income taxes is for normal Federal and State
income
taxes; no provision has been made for surtax on undistributed net income
under the Revenue Act of 1936, liability for which will
depend
x
1936
$
Operating Expenses—
Profit
Oil
7,349.13
78,026,008
5,123,959
2,635,785
1,249,478
2,128,517
1,120,461
137,723
Miscellaneous.2,057,560
Incidental
1,342,616
$235,627
6,801
-
Provision for depreciation
Provision for normal income taxes (estimated)
In
$2.4682
1.91 cts.
7,232.68
92,418,698
Profit--Miscellaneous income—net—
Prepaid
$2.3416
2.06 cts.
for Calendar Year
$
79,229,616
5,664,295
2,730,010
1,235,292
Mail
Minneapolis Brewing Co.—Earnings—
Cash
$2.2824
1.92 cts.
7,219 93
1937
—V.
x
2,245,001
1,786,454
1,593,351
266,754,168 202,856,698 205,608,454
$2.4317
1.87 cts.
7,172.04
$3,727,209 $3,954,207
Gross profit from operations before providing for depreciation-Selling, delivery, administrative and general expenses
Doubtful accounts charged off and provided for
1934
mile
Income Account
$3,727,209 $3,954,2071
1935
received
amount
No. passengers carried..
2,329,376
No. pass, carried 1 mile.302,314,783
Res. for declaration
x
carried
tons
per ton
cap¬
ital and surplus.
1936
(tons). 32,757,807
32,060,303
26,147,473
25,384,802
inile.9029169,796 8492874,166 6737978,069 6761819,795
mile of road
per
Avge.
receiv. expenses.
freight
Rev. tons carried 1
Res. for contlng. A
assets,
Report—
Traffic Statistics—Years Ended Dec. 31
39,857
payable in oil—
110,731
Funded debt
charges
1938
21,
Two men retiring from the board of directors were replaced
by Arch
Hydbn and Edward Groth.
Reelected members included David 8. Hecht.
Hay Hopkins, Edward L. Shea, and Harold L. Rowland.—V. 146.
p. 2860.
1930
$53,833
Recelv'shlp claims
claims..
Contingent
1937
fund, debt.
on
Accts. pay. A accr.
58,843
Mlscell. assets and
Investments
Int.
May
New Directors—
by
14,031,5981
1,399,345
no
par
Total
shares,
15,013,944
y
Cost
of
16,400
shares.
Total
—V.
Stockholders at the
annual and special meetings held May 12 approved
proposals of directors with respect to capital
adjustment and broadening
of the scope of the company to permit it to assume
operating status when
and as determined by the board as desirable.
K The capital
changes authorized provide for retirement of treasury stock
as]proposed in the call for the special meeting and for a change from no
349,986
53,396.431
43.426,925
14,031,598
Capital Changes Approved—
to $10 par in capital shares.
206.000
Profit A loss def.
15,013,944
Invested
spec.
par
146,
.678,890,610 675.080,033
p.
Total
678.890,610 675,080,033
3193.
Monarch Machine Tool Co.—30-Cent Dividend—
Directors have declared
stock payable June
was
paid
on
March
25 cents per share
a dividend of 30 cents per share on the common
A dividend of 40 cents
1, last, and previously regular quarterly dividends of
1 to holders of record May 24.
were distributed.
In addition, an extra dividend of 65
paid on Dec. 1, last; and extras of 15 cents were paid on Sept. 1,
June 1, and March 1, 1937.—V. 146, p. 2542.
cents was
Volume
Financial
146
Monongahela West Penn Public Service Co. (& Subs.)
1938—3 Mos.—1937
1938—12 Mm.-1937
Netincome...
$277,257
$311,792
$1,212,198
$1,164,308
'
of
stabilizing their market price.
President.—Y. 146, p. 3194.
Period End. Mar. 31—
a
Mullins Mfg.
-
a
After
retirement
Federal income taxes,
Montour
interest,
replacement reserves,
&c.—V. 146, p. 2378.
and
3345
Chronicle
yl937
Grossprofit
Expeases
Depreciation
RR.—Earnings—1938
$87,119
12,115
1937
1936
$161,991
60,185
$173,559
$104,749
66.723
70,835
65,989
28,778
41,969
Gross from railway
Net from railway
435,204
90,260
Net after rents
130,500
712,869
273,342
269,493
640,172
236,347
240,039
557,259
217,490
235,946
Reid,
Denver,
of
Colorado,
is
1935
1936
"
1934
-_-a$1,958,667
1,124,054
219,836
$1,466,857
90,599
590,830
76,543
Other income
$614,776
50,295
$568,449
71,428
$520,500
18,442
$244,216
6,173
Total income
Deduc. from income
$665,071
12,060
$639,877
27,451
$538,942
71,572
$250,389
t
71,030
71,400
43,589
$1,187,873
807,809
$828,164
510,236
;
73,712
1935
23,387
H.
Corp.—Earnings—
Calendar Years—
amortization,
F.
April
Gross from railway
Net from railway
Net after rents.
From Jan.
1—
—V. 146, p. 3194.
Operating profit
Special adjustments
Estimated prov. for
Cr7,146
>
Fed-
eral income tax
Surtax
79,455
undistributed
on
profits.,..
Mother Lode Coalition Mines
1934
1935
1936
1937
Calendar Years—
Oper. rev. fr. metal sales $3,322,523
Oper.costs applic.to sales
1.313,835
$950,241
466,724
$328,948
205,411
$77,252
50,699
$2,008,688
$483,517
$123,532
596
178
177
Interest paid
Shut-down
expenses
....
$26,730
7,291
$123,710
18,043
$484,113
x80.580
$2,008,921
478.325
40
Total income
Taxes...
&
other charges
31,170
....
General expenses....
::::::
j,:'
15,029
......
loss$26,760
$105,666
$4,585 in 1937 and $643 in 1936 for Federal surtax on un¬
Includes
distributed profits.
Balance Sheet Dec. 31
$374,411
$131,170
b Capital
hand
323,378
209,901
34,831
Accts. receivable-
Materials
.
.
_
562
.
..
.
71,489
1,500
1,500
$1,979,401
$1,389,537
Deferred charges..
Total
a
p.
117,307
518
479,336
hand
on
v.
78,192
147,484
livery charges..
Accrued taxes....
Metals sold
38.861
Unpaid treatment,
refining and de¬
in
transit
Cash
35,938
478,488
Accounts payable .
667,080
&
'
After depletion,
$1,979,401 $1,389,537
Total
b Represented by 2,500,000 no par shares.—V.
2378.
Products
On class A and B shares,
x
1936
1934
1935
of class
B
common
157,582
$1,828,801
105,835
$663,195
102,579
$3,528,070
$2,642,893
$1,934,636
515,758
471,758
354,056
$765,775
327,449
208,664
231,660
11,250
218,221
55,000
1,516
140,000
60,000
y600,000
2,314
y425,000
210,000
$2,147,130
1,956,270
$1,372,160
880,321
;$1,079,640
$135,385
391,254
$3.51
.
Provision for taxes
Dividends paid..
Shs. cap. stk. outstand¬
ing (no par)__.
Earnings per share
250
1,468
195,627
Consolidated Balance Sheet, Dec. 31, 1937
on
Liabilities—
$520,118
502,893
hand & in banks
Notes & accts. receivable
Cash
on
$0.69
$429,927
$206,272
<fc other secur.__
2,514,339
Acer, bond int. rec
30,527
25,230
Note pay.to
3,149,649
banks
;
Accrued liabilities...
130,444
b Other
Res. for Federal taxes
145,489
notes,
loans & accts.
9,309
owned subs, co., not consol.
Accts.
rec.,
a
$241,637
..
1,605,758
Properties (net).. 2,469,943
Deferred charges..
80,004
2,478,083
Res've for Fed.
1,443,993
Can.
66,783
&
500,000
1936
$2,935,649
1,344,913
716,074
for
inc.
Fed.
zl87,000
x
$907,390
465,307
$1,430,352 def$798,363
$639,711
950,615
$442,083
930,615
$1,430,352 def$798,363
930,271
930,271
$0.92
$0.98
7,918
Dividends
..
Surplus
Res .for work.com p
62,000
Capital stock...
3,912,540
808,274
3,912,540
808,274
1,583,615
x
$10).
share
No provision
dated figures.
Assets^***r
$71,888
12 Mos.
$275,655
248,922
$9,130
$26,733
39
Balance
Income
15,350
Net loss
$6,180
t_;
Motor Wheel
The
10, last, and previously regular quarterly dividends of 40 cents per
share were distributed.
March
Harry F.
dividend
124,846
Notes pay. to bks.
500,000
Accounts payable.
1,172,879
167,338
Fed.
758,565
1,977,120
4,251,913
612,983
Accruals...
Cash
Notes & accts. rec.
Inventories
—
-—
x
States
Telephone & Telegraph Co.—To
Issue $30,000,000 Debentures—
The company on May 19*filed witbTthe Securities and Exchange Commis¬
187,000
100,250
175,403
772,719
262,006
Earned surplus.__
4,490,459
Capital surplus... 5,204,505
Total
Represented by $10 par shares .- V. 146,
.17,573,312
P.
2,479,124
75,689
5,001,112
17,448,891
3023.
(F. E.) Myers & Bro. Co.- -Earnings—
6 Mos. End. Apr.
30—
1938
1937
$1,014,740
426,167
42,391
$1,168,823
399,659
1936
1935
40,405
$723,920
348,743
38,860
$546,181
15,849
$728,7.59
16,303
$459,299
3,422
$326,317
13,959
$562,030
86,000
$745,062
$462,721
118,500
68.600
$340,276
51,000
$476,030
Depreciation
—
doubtful accts.
$840,942
342,639
39,004
$626,562
$394,121
350.606
350",000
200", 000
$289,276
7,500
160,000
$126,030
$276,562
$194,121
$121,776
10,000
Prov. for
Operating income
Int. earned on other inc.
Harper, President of the company, said the omission of the
due to the marked decline in automotive sales, resulting in a
net loss of $69,416 and to the fact that sales in the second
quarter are not showing "any great increase over the first quarter."—
V. 146, p. 3022.
Inc. taxes...
2,070,891
17,573.312 17,448.891
was
first quarter
Mountain
154,370
171,720
Expenses..
omit the dividend ordinarily due on the
A dividend of 20 cents per share was paid on
$
Res've for conting.
227,162
$32,504
Corp.—Common Dividend Omitted—
1936
9,306,150
243,595
312,372
$26,841
59,346
directors have voted to
shares on June 10.
$
9,506,150
327,977
—V. 146, p. 3194.
common
Consoli-
Common stock..
x
Prep. exp. & misc.
Dies & patterns...
108
$9,170
Balance
Liabilities—
S
9,708,337
1
Total
Income deductions.
1937
1936
v
9,701,768
Fixed assets...—
Other assets..----
Month
Nil
y
Includes $65,000 provision for surtax on undist. profits.
z
Comparative Balance Sheet Dec. 31
$7,760,997 $8,992,990
146, p. 2700.
$1.54
required for surtax on undistributed profits.
1,871,579
62,758
Expense.
15,512
&
Shs. com. stk. (par
-
10,000
$1,438,270 def$782,851
Mfg. Corp
Net profit.
(& Subs.)—Earnings—
Operating revenue
193,745
x67,573
$907,390
Goodwill
Motor Transit Co.
;
Pref. divs. of J. W. Mur¬
Earnings per
Period Ended April 30, 1938—
1,351,559
647,635
176,925
$877,365
--
245,000
46,290
Represented by 391,254 no par shares.—V.
1,228,649
656,983
122,388
$877,365
237,6.54
Net profit.
433,987
Total..
yl934
$1,403,268
tax
(estimated)
291,536
24,235
yl935
$3,640,035
707
1937
$7,760,997 $8,992,990
3022.
1,295,606
664,372
and taxes, &c
Interest
ray
183,310
1937
revenue...,
Depreciation
ex¬
Capital surplus...
Total
p.
Sell., gen. & adm. exps.
669,620
Earned surplus
1,253,910
$6,189,271
$3,125,352
Years—
Calendar
Gross
300,000
x
541,050
2,291,486
...
Total
Stated value $50 per share.- -V. 146,
e
profits taxes
cess
(par $1)...
Earned surplus..
for doubtful accounts of $42,923. b Less reserve, c After
$4,418,409. d After reserve for amortization of
reserve
Res. for conting's.
17,221
Dep. in closed bks
inc.
stock
1,438,750
for depreciation of
10,886.
$859,547
stock taxes...—
729,344
1,506,911
After
com.
Capital surplus
$6,189,271
Total
Reserve tor capital
trade
(net)
Inventories
d Patents.......
$7 preferred stock..i..-
Class B
3,739,256
70,820
35,788
ment, &c..
14,057
15,000
Deferred credit
Land, bldgs., mach., equip¬
Deferred charges.
1936
bank
&c._
insurance,
e
16,750
Reserve for royalties
5,325
Invest, in & advs. to a partially
Acer, payrolls, int.,
Munic.', Can.Govt.
67,334
Miscell. accts. payable.......
Prov.
1937
Accounts payable-
hand & in
$275,000
10,860
Inventories......1,294,902
Debit bals. in accts. payable..
195,627
*
Dec. 9, 1935, payable
share).
After giving
to $2.76 per share on
undistributed profits.
Liabilities—-
1936
Notes payable—Banks
Aocts. pay.—Trade
Murray Corp, of America- —Earnings—
Balance Sheet Dec. 31
1937
Assets—
dividend to
1936.
reserve
x$5.52
stock dividend declared
stated value of $10 per
effect to the stock dividend the net profit was equal
391,254 shares,
y Includes provision for surtax on
Before payment of 100%
Feb. 1, 1936 (195,627 shares
stock
Youngstown Pressed Steel Co., which was engaged in the manufacture of a
variety of drawn and stamped steel and porcelain enameled steel
products.
•
Net sales for 1937, exclusive of sales from the Warren, O., plant, which was
acquired from Youngstown Pressed Steel Co., were $8,306,493 about 26%
in excess of net sales for the year 1936, and in addition net sales from the
Warren, O., plant for the eight months from the time of its acquisition on
May 1, 1937, amounted to about $2,323,579.
Since early in November,
however, reflecting the decline which has taken place in business conditions
generally, company has experienced a severe decline in its sales, partic¬
ularly those to the automotive trade.
Prior to November, however,
shipments increased progressively over those in the previous year, and
for the 10 months ended Oct. 31,1937, net sales, exclusive of those from the
Warren, O., plant, were 39% in excess of net sales for the similar period in
782,508
x
100%
a
wide
209,813
45,000
22,377
25,500
391,254
$5.49
for contingencies
Interest paid.
Prov.
as
common stock, company issued to Youngstown Pressed
Steel Co., in payment for the assets acquired, 200,000 shares of class B
common stock.
Company continues to operate the plant acquired from
c
■
Total
stock
holders of class B
receivable
$2,485,311
Selling, adm. & gen. exps
Loss on sale of secur's. &c
Provision for deprec'n..
Nil
On class B stock,
z
held April 27, 1937, company acquired at May 1, 1937 the plant and net
assets of Youngstown Pressed Steel Co. of Warren, O., and after issuing
a
$3,365,493
162,577
Gross profit from oper.
Consolidated figures,
y
After deducting cost of sales amounting to $8,671,406.
In accordance with the plan of reorganization dated as of March 31, 1937,
which was approved by the stockholders of company at a special meeting
Cash
$20,172,055 $17,214,007 $13,758,0201 Unavailable
16,806,562
14,728,696
11,929,219/
Other income
$186,504
x$1.41
a
146,
Corp.—Earnings—
1937
Cost of sales
$423,781
x$1.96
Assets—
Calendar Years—
Net sales
$241,935
z$0.61
Surplus
-
Motor
$186,504
,
...$1,317,490 $1,155,176
583,409
489,851
Ore & concentrates
1936
stock &
surplus
Copper on hand..
on
,
1937
Liabilities—
1936
1937
Assets—
Mining property
a
$423,781
______
Earns, per sh. on class A
and B shares
170,525 shares
x
$403,533
$1,530,556
Net prof, before deple.
15,800
$525,225
201,425
81,866
$331,718
Net profit
Preferred dividends
CI A & B cap .stock divs.
$26,553
233
Income from sales.
Other income
40,413
$533,143
201,425
Co.—Earnings—
Prov. for Fed. tax
Preferred
Common
(est.)
dividends
dividends
.
,
Balance, surplus
"*
registration statement (No. 2-3704, Form A-2) under the Securities
Act of 1933 covering $30,000,000 of 30-year 3 M% debentures due June 1,
1968, of which $27,750,000 are to be publicly offered, and the balance by
private sale to Bankers Trust Company of New York, New York, as trustee
of the company's pension fund.
sion
a
*%The net proceeds, which are to be estimated in an amendment, are to
be used to repay in full the company's demand notes held by the pension
fund trustee, to be used to repay in full advances from American Tele¬
phone & Telegraph Co., the registrant's parent, and the balance will be
be devoted from time to time to plant and
added to the company's cash to
equipment.
determined.
The offering price of the new securities has not yet been
The underwriters,
who
are to
be named by amendment, have authorized
Morgan Stanley and Co., Inc. to buy and sell the debentures in the open
and otherwise, either for long or short account, for the purpose
market
Earns, per
sh. on 200,000
stk. (no par)
$1.97
$1.41
Note—No provision has been made for surtax on undistributed profits.—
shs. com.
V.
$2.38
$3.13
146, p. 1560.
Mountain States Power Co.—Reorganization Plan—
The Securities and Exchange Commission announced May 16 that a
protective committee for holders of first mortgage bonds has filed an
application (File 52-7) under the Holding Company Act for approval of a
plan of reorganization of the company.
The company is a subsidiary of
Standqrd Gas & Electric Co., a registered holding company.
The plan proposes that the existing first mortgage 5% and 6% bonds,
which matured on Jan. 1, 1938, be, in effect, extended, all at 6% interest,
to Jan. 1, 1948. The extended bonds would have the benefit of semi-annual
sinking fund payments and other protective clauses.
Unsecured open
Financial
3346
indebtedness owed to Standard Gas & Electric Co. would be con¬
account
5.2 shares of
verted into common stock on the basis of
thereon. The common stock is to receive nothing
plan.—V. 146, p. 1407.
and all accrued dividends
under the
3
-
depreciation, &c.
After taxes,
x
y
1938
$2,968,733
Interest on
1936
$116,153
Nil
1935
loss$22,602
$0.43
Nil
allowance for Federal taxes, &c.
Note—No provision has been made for Federal surtax.—V. 146, p. 1408.
National Department
x
Stores Corp. (& Subs.)—Harris.
$46,101,861
45,118,83 1
Net sales
Cost and expenses
$45,258,225
$769,581
$1,287,426
215,101
269,417
$984,682
159,623
103,231
57,657
—
$1,556,843
Other income
discharging the corporation from the 77-B proceedings.
order
Comparative Balance Sheet Dec. 31
1937
1936
$
$
Federal income taxes
Federal surtax
1,605/
Subsidiary preferred dividends.
Minority interest
Other deductions
193,414
149,896
43,383
2,368
12,010
6,181
;«
.
8,3991
Net profit
$654,167
$1,149,591
Including sales of leased departments.
for depreciation and amortization deductible in com¬
x
puting statutory taxable income from Federal income tax returns exceeds
foregoing statement by a substantial amount.
The foregoing statement does not include the operations of the
whollyowned real estate companies (not consolidated) the investments in whicn
are carried in the accompanying consolidated balance sheet at the nomin al
amount of $1; the operations of such companies for the year resulted in a loss
of $90,560, after provision for depreciation and amortization in the amount
of $119,452.
Consolidated
1938
Assets—
Balance
Sheet Jan.
31
1937
*
1938
Liabilities—
$
5
Land, bldgs.,eqpt.
1937
$
$
6% pref.stock....
&c
Lease improvem'ts
Stock of real estate
1,636,390
4,940,646
d287,009
4,899,681
401,812
a2,809,542
190,697
2,908,606
1
Sec'd notes pay...
2
2
5% notes pay. by
Goodwill
1
1
subs. cos....—
1,425,000
1,835,000
1,374,609
1,526.062
b50,100
Other sub. debt...
742,800
822,400
Minority interests.
9,442
24,002
Drafts & accts.pay
1,732,883
6,153,414
5,863,931
Accruals
740,138
2,822,995
928,281
175,433
37,753
6,475,216
45,000
45,000
Accts.
U. S. Govt, securs.
Notes & accts.
rec,
(net)
Due from subs, in
Res. for Inc. taxes.
liquidation.....
Inventories
Life
5,846,104
Current
in
(cash
insur.
value)
74,978
89,567
1.
105,674
328,923
318,611
reserves..
5,900
295,658
108,909
incompleted
struction
.
_..
684
2,540
3,436,900
3,428,350
Deferred
158,282
87,897
liability.
Reserves.
64,367
73,017
2,448,910
2,447,940
9,654,181
10,184,073
Common stock (par
$5).
1,429
813
Pats. & goodwill..
Unamort.
con¬
contr.
Term indebtedness
plants &
Prop.,
Capital surplus...
Earn, surpl.
portion
of bond disc, and
June 8,
(since
1936).. defl78,312
613,025
int.
insur.
prepaid
prern.,
26,109
76,094
&c
expenses,
Total...... —15,721,626
16,533,4681
Total.........15,721,626 16,533,468
After allowance for doubtful
items, &c., of $20,944 in 1936 and $21,452
After reserve for depreciation and depletion of $1,088,611 in
1936 and $1,319,841 in 1937.—V. 146. p. 115.
x
in
1937.
y
National Funding
Corp. (& Subs.)—Earnings—•
Consolidated Income Statement Year Ended Dec. 31, 1937
Interest, discount and other operating net income
...
Operating expenses
$648,538
598,100
accts
Net income from operations
on sale of capital assets
Other miscellaneous losses
481,097
431,081
79,018
75,159
2,355,122
2,321,992
Earned surplus
1.655,267
Stks held by subs.Drc98,864
1,001,100
Capital surplus...
125
lTo vision for Federal income and excess profits taxes and surtax
undistributed profits
on
Net
x5,428
profit
y$41,392
32,612
i
Provision has been made in tnis statement for Federal income tax, for
profits tax and for surtax on undistributed profits for the amounts
shown to be due by tax returns to be filed by the respective companies.
y This statement includes the operating results of Pacific Southwest Dis¬
count Corp. and S. A. Scherer, a corporation, from June 23, 1937, date of
acquisition, to Dec. 31, 1937,
excess
51,063
sec.
reserves
$50,438
3,494
Loss
x
or
Res. for claims..
Other
Consolidated Earnings for the
Dr96,656
Three Months Ended March 31, 1938
Interest, discount and other operating net income
Total... ......16,820,451
17.379,041
Total...^
16,820,451
17,379,041
After deducting depreciation of $399,861 accumulated since Jan, 31,
a
def2,660
134,670
121,235
expense.-..---.
Unexpired
Dividends
transit..
Initial
e
mdse.
pay.
Unearned
123,781
Deferred charges..
Otherassets
6,978
contr.
209,658
21,919
Cash
Advance bill'gs on
708,560
equipment.14,069,729 14,820,614
1,607,520
b Common stock..
221,358
in affiJ. cos..
Inv.
72,734
Accrued liabilities.
con¬
Other assets..
y
78,201
347,635
739,968
struction
$
327,474
202,800
Notes & accts.rec
Inventory
Incompleted
1936
$
128,799
208,351
deposit
Note—Provision
the amount deducted in the
1937
Liabilities—
Accounts payable.
Cash on hand & on
x
Total income
Interest.
$2,661
Including operating, selling, general and administrative expenses, but
including provisions for depreciation and depletion.
On Jan. 17, 1938 the corporation filed its petition for a final discharge
from the 77-B proceedings in the U, S, District Court for the Western
District of Pennsylvania.
On Jan. 31, 1938, the Court entered a final
Assets—
Operating profit
$175,651
Loss for the period.
a
not
43,776,204
194,595
213,450
Depreciation
$157,120
159,781
—
and depletion
5% cumul. conv. income debs
Provision for depreciation
After depreciation
x
$180,327
268,079
87,897
Profit.
Other income..—
3194.
p.
-Earnings—
1937
$10,857
1938
$153,653
$0.62
Quar. End.-Mar, 31—
x Net profit
Earns.persh.on com.stk.
$129,357
27,763
6 Mos.
Profit.—V. 146,
Subs.)-
$233,088
103,731
$123,562
56,765
____
JuneS,'36 to
Dec. 31,'36
$1,369,443
1,136,355
$338,912
215,350
Cost of sales and expenses...
a
Profit
National Candy Co. (&
Dec. 31,'37
$2,627,370
2,288,458
Other charges.
Months
1938
1937
$2,185,685 y$l,251,091
Period Ended March 31—
Net loss..
Year End.
Period—
Net sales.
Operating profit—
Subs.)—Earnings-
Nash-KLelvinator Corp. (&
May 21, 1938
,
National Fireproofing Corp.—Earnings-
common stock for
each $100 found to be due.
Holders of the 7% cumulative preferred stock
would receive four shares of common stock for each share of preferred stock
*
Chronicle
1936.
b Represented by 488,192 (485.578 in 1937) no par shares,
c Re¬
presented by 9,451 pref. shs. and 556 common shs.
d Due in semi-annual
30,
the
amount of $229,607 at 3Ui%.
e Set up at reorganization for payment
of disputed claims, &c.
f Improvements to leased premises at Jan. 31,
1936 at nominal value of $1 plus subsequent additions at cost less reserve
for amortization of $3,720.—V. 146, p. 2542.
instalments of $57,401 each on July 30, 1939 and $229,607 on Jan.
1940.
Interest is payable on the amount of $57,402 at 3% and on
Operating
$218,813
194,388
4,089
expenses
Provision for Federal and State taxes.
Net income
$20,336
34,609
Surplus Dec. 31, 1937
prior period.
65
Net adjustments
Gross surplus.
Preferred dividends paid and
$55,010
1,602
accrued.
$53,408
Surplus, March 31, 1938-
National Enameling & Stamping
Calendar Years—
1937
Sales billed to customers$
Cost of sales, incl. sell.,
publicity & adm.
1936
1935
1934
$9,941,687
10,181,126 $10,672,860
exps.
Consolidated
Co.—Earnings—
$8,766,298
Mar. 31 '38 Dec. 31 '37
Assets—
Cash
on
9,789,348
9,079.451
7,775,886
$27,423
$42,48i
2,444,521
2,461,455
...
Repairs,
renewals
maintenance..
Depreciation
Carrying charges
$883,513
108,204
84,684
$862,236
59,463
$949,251
on
$968,197
$921,699
42.000
47,341
undistributed
338,969
187,884
$1,038,465
60,816
57.001
331,107
185,111
44,103
25,331
57,024
48,767
gation..
...
35,563
9,902
17,592
9,284
98,249
106,025
103,750
333,810
333,810
55,690
55,690
Paid
in
surplus
of
amt.
received over par
$312,895
228,550
$372,592
$278,084
$114,681
$84,345
$201,180
114,775
114,775
114,775
$2.99
$2.72
$3.25
1937
1936
$754,265
disc'ts,
Stock
mat'ls
Acer,
821,336
1,170,103
mdse.,
&
and
1936
$516,634
tax
„
&
surtax
2,431,355
28,680
Real est., bldgs.,
8,875
5,058,790
insur..
25,530
5,065,785
24,372
Other def'd chgs..
10,813
25,331
Reserves
y
Total
,
$9,229,529
National Oats
4 Months Ended
x
y
$9,489,5321
Represented by 114,77o
54,010
Earnings
x
After
per
share.
depreciation and
2542.
y
and
State
of common
shares.
preference shares as shown by
these certificates in person or
2,338,541
723,837
674,303
by registered mail, to the City National Bank & Trust Co., Chicago, 111.,
and receive the liquidating payment of $5 per-share ordered paid by the
court.
The certificates will thereupon be stamped to indicate such pay¬
ment, and returned to the holder of record.
Certificates should be retained when they are returned from the City
National Bank & Trust Co., so that the holder may participate in further
distribution, if any, hereafter made.—V. 144, p. 618.
.$9,229,529 $9,489,532
in 1937 and $8,133,186 in
The
$53,536
income
taxes
holders
of cumulative convertible
National Transit Co.—Smaller Dividend—
The
$0.53
Federal
approximately $474,000.
In the order directing the above-mentioned dis¬
bursement, fees and administration expenses are allowed in the sum of
$57,152.
By further terms of the order, a reserve is being held for pending
and contingent claims.
\
The court found that no amount was available for distribution to holders
2,338.541
1938
_____
preference shares.
the records of the trust, should now present
shares.—V. 146, p. 1719.
April 30—
Estimated net profit..
convertible
After liquidation of the assets of the trust and completion of the settle¬
indicated in the annual report of Dec. 31, 1937, there is available
102,987
Co.-—Earnings—
surtax on undistributed profits,
p.
Total
no par
liquidating payment of $5 per share be made to all holders of record of
5,738,750
Earned surplus...
*JAlter reserve for depreciation of $8,219,835
y
1936,
Republic Investment Trust—Liquidating Div.
5,738,750
14.973
Unexpired
.$2,727,913 $2,754,633
93,778
Capital stock...
Capital surplus
plant & equip..
55,433
on
undlstr. profits.
„
2,838,936
28,680
Invest'ts (at cost),
51,754
30,085
secu¬
Prov. for Fed. inc.
in
transit
x
social
Total
ments
rity taxes
suppl.
hand
on
2,179
32,430
1938, an order was entered in the Circuit Court of Cook
111., in the proceedings of Klein vs. Burnham, directing that a
cumulative
cap.stk.taxes..
doubtful
of
1937
$227,454
Acer. State, local &
& allow..
2,179
51,229
May 6,
County,
payroll.
less provision for
.—$2,727,913 $2,754,633
National
On
Accts. payable and
$445,445
notes rec.
Total
...
—V. 146, p. 2053.
Liabilities—
Cash in banks and
accts.
A
stock).
114,775
$2.42
share.....
common
Earned surplus
171,412
Comparative Balance Sheet Dec. 31
&
16,382
Pref. stk. (par $25)
49,036
$343,231
228,550
ing (no par)
hand.
111,000
CI. A stk. (par $10)
54,460
46,250
5,243
Balance, surplus
Shs. cap. stock outstand¬
on
2,338
100,000
99,486
value of class
Accts.
5,833
Other liabilities—
(excess
profits.
Assets—
17,470
Accrued J labilities.
330,410
185,718
on
$278,084
per
13,353
Purch. money obli¬
CI. B stk. (par $10)
Net profit for year...
Common dividends
Earnings
1,497,693
Accounts payable.
104,354
47,000
able.
Federal
income taxes
Prov. for Fed'l surtax
164,387
1,509,232
Fed. Inc. taxes pay.
43,799
104,354
nance company.
Deferred income..
418,081
184,987
42,768
for
$308,759
137,370
fi¬
Goodwill........
disposal of pat'ts
Provision
$287,421
other
Other notes receiv¬
un¬
used plants
Loss
to
$990,413
48,053
and
on
Due
Deferred charges..
$841,047
Fixed assets
Total.
Mar. 31 '38 Dec. 31'37
Secured
Unsecured.....
Receivables—
Customers'....
Profit from operat'ns.
Income from investm'ts.
Liabilities—
Notes payable:
hand and
in banks
9,340,079
Balance Sheet
1937
$36,478
$0.36
but
befor
On 100,000 shares capital stock.—V
146
directors
have
declared
a
dividend of 35 cents
per
share
on
the
capital stock, par $12.50, payable June 15 to holders of record May 31,
This compares with 55 cents paid on Dec. 15, last; 45 cents paid on June 15.
1937- 35 cents paid on Dec. 15, 1936; 40 cents paid on June 15, 1936; 35
cents paid on Dec, 16, 1935: 40 cents paid on June 15, 1935: 35 cents on
Dec
15
1934- 40 cents on June 15, 1934, and Dec. 15, 1933: 35 cents on
June 15, 1933; 20 cents paid on Dec. 15 and Sept. 15, 1932, and quarterly
payments of 25 cents per
share previously.—V. 146, p. 1409.
Volume
Financial Chronicle
146
Inc.—Dividend Halved—
Neisner Brothers,
a dividend of 25 cents per share on the common
15 to holders of record May 31.
Previously regular
quarterly dividends of 50 cents per share were distributed.
Directors have declared
pft 188^'tf aDy' being defcerminable °nly at end of calendar year.—V.
New Bedford Gas & Edison
stock payable June
Calendar Years
Consolidated Income Account for
$22,420,935 $20,927,884 $18,625,732
20,972,330
19,218,511
17,415,615
Sales
Cost and expenses
Light Co.
$16,569,652
15,423,608
$1,146,044
$1,448,605
$1,709,373
$1,210,117
357,880
353,226
317,928
1938
1937
$4,232,204
1,843,650
$4,505,046
1,826,442
361,086
317,065
109,344
731,919
364,349
355,944
165,238
685,495
$2,062,599
273,755
$1,528,045
245,443
187,842
$1,423,994
$869,138
12,403
$1,107,577
Other Income (net)
Gross income..
Interest on unfunded debt
Interest charged to construction...
$881,542
43,537
Cr 1,740
$1,153,507
$839,745
$1,100,518
Operating
expenses
MaintenanceProvision for retirements..
Federal income taxes
Other taxes
277,950
Total income..
$1,806,485
Amort, and depreciation
283,543
Operating profit
Other income
—
Operating income
Interest
195,436
Provision for taxes
249,750
217,839
280,685
81,400
29,314
233,132
180,867
178,000
115,555
18,434
Prov..for Fed. surtax
Miscell. deductions
190,000
Balance of income
_
.
Common dividends.____
Surplus
$1,156,332
152,754
$904,760
152,404
409,864
305,715
$415,813
......
Shares
$593,714
$446,641
$451,860
204,932
203,933
$3.69
202,370
outstanding (no par)
per share
_
204,931
$4.05
_
$4.90
Retired; represents payment for period Nov. 1, 1936 to
Disbursements for period May 1, 1937 to Nov. 1, 1937.
x
V'v;.
1937
Assets—
Cash
1,868.524
d200,000
c215,214
60,659
35,276
adv.
Accts. receivable..
Life ins. cash val
54,371
■
—
Sr"f.
45,725
2,483,225
2,330,152
Other assets-
64,520
Deferred charges.
1936
2,600,000
2,459,000
debt
interest..
33,128
25,139
47,168
439,259
.
485,495
7%
cum.
pref,
stock, &c-——
deposits—
19,016
15,933
331,150
396,24
—
.—
2,182,200
of
properties.
„
100,000
100,000
stock.—
e204,931
a204,932
....—
4,860,766
4,795,749
Surplus
3,526,420
—
_
_
_
equip,
3,380,001
2,715,068
$983,597
196,210
17,838
170,649
$697,938
179,685
11,911
$597,330
195,009
11,494
8,287
158,954
47,454
200,505
30,200
.
-
4,949
8,486
226,950
;
b257,641
160,379
bl06,396
21,314
6,247
31,088
-
loss
oper.
affiliates
9,390
2,201,505
dis¬
_
distributed profits
Propor.
1934
,798,835
of
62,894
____
15,075
$500,746
6,263
$291,647
3,470
$153,875
7,743
Net profit——
Dividends—__________
$1,154,069
dl,038,694
a$507,009
311,608
a$295,117
a$161,619
Before
—
-..V;:-
reduction in investment in Armstrong-Newport
provision for
Co.
(50% interest) which was charged to deficit account,
b Includes
profits taxes,
c Provision for company's proportion of 1937 operat¬
ing loss of Armstrong-Newport Co. (50% interest),
d Includes dividends
paid on subordinated 5% notes ($744,425) and cash ($34,596) total $779,020.
e Includes results of operations of General Naval
Stores Co., Inc.,
wholly-owned sales subsidiary dissolved in 1937, the net assets and business
of which were taken over by Newport Industries, Inc.
excess
108",696
108,646
Llab. for pur. cost
Common
'
$1,930,326
Prov. for Fed. inc. tax..
Prov. for surtax on un¬
a
—
....
for
mantled-
cum.
Reserve
1935
$3,413,006
Net prof. bef. oth. inc.e$l,138,994
for taxes—
on un¬
Miscellaneous other inc.
17,379
convert.
preferred stock.
Serial pref. stock
2,500.000
7%
Charges
c
pd.in adv. &
lease
Prov.
1936
$4,363,598
Miscellaneous expenses.
44,000
Sept. 1, 1937—Liab. for retire, of
Rents
Crll5
selling &
Net profit before depr.
Provision for deprec'n
365,500
due on
pay.
1937
$5,456,746
______
sales,
general expenses
$
740,113
470,509
Mtge. payable
lessors
to
(not current)
Inventory
Funded
Accrued
Prepd. rents & cash
payable.
Accounts
of
_
$
Liabilities—
$
5,371,625
3,058,919
Calendar Years—
Sales—net
Cost
Interest—net1937
1936
$
5,922,894
53,104
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the year 1938.—V. 146, p. 3195.
$3.35
May 14, 1937.
Consolidated Balance Sheet Dec. 31
b Fixed assets
45,930
Newport Industries, Inc.—Earnings—
stock
common
Earnings
y
$831,995
380,135
$967,042
x83,613
y57,754
409,862
Net profit
7% preferred dividends.
4 % % pref. dividends.
;
146*
Earnings—
12 Months Ended March 31—
Total operating revenues
1934
1935
1936
1937
3347
Consolidated Balance Sheet Dec. 31
Total
..11,093,452
...
11,589,574
11,093,452 11,589,574
Total
Represented by 204,932 shares no par stock in 1936.
b After depre¬
ciation and amortization of $2,250,514 in 1937 and $1,990,977 in 1936.
c Cash advanced to landlord under lease agreement (repaid on Feb. 1,1937.)
d $100,000 current to be repaid by Oct. 1,1938.
ePar$l.—V. 146, p.3023.
a
Assets—
accts.,
the com¬
a
Period End. Mar. 31—
525,365
545,834
Miscell. reserves.,
5,000
5,000
b Res.for Fed.tax.
290,000
134,500
Miscell. liab
—
d32,000
liabs—
700,825
33,396
27,564
quisition of pref.
Investments,
(at cost)
money
nection with ac¬
other cur¬
& com. stock of
2,144,637
104,050
97,402
&c.
449,877
504.306
90,754
91,934
131,000
subsidiary
c
Long-term
for
Reserve
taxes
47,822
predecessor cos.
England Power Association (& Subs.)—Earnings
Gross oper. revenue
Other income—
Reserves—Taxes
obligat'n in con¬
Deferred charges
New
45,899
Purchase
787,820
Land, bldgs. and
machinery
2,418,046
Dec. 1 and on Sept. 1, last; dividends of 25 cents were paid on
June 1 and March 1, 1937, and on Dec. 1, 1936; a dividend of 50 cents
was paid on Sept. 1,
1936, and previously regular quarterly dividends of
25 cents per share had been distributed.—V. 146, p. 1249.
on
$234,674
38,983
587,292
Pat. & trade-mks.
paid
Purchase
1938—3 Mas.—1937
1938—12 Mos.—1937
$13,091,865 $13,777,377 $52,685,563 $53,097,385
310,335
355,184
1,610,892
1,436,907
oblig'n
money
6,000
current.
Cap. stk. (par $1).
519,347
519,347
(paid-in).
3,155,849
134,422
3,155,849
Surplus
Deficit
Total gross
249,797
earnings-$13^402^200
$14,132,562 $54,296,455 $54,534,293
4,598,696
a4,920,102 al9,380,951 al9,047,297
819,174
763,767
3,673,141
3,677,071
1,266,870
1,305,390
4,750,069
4,734,822
Operating costs
Maintenance.
1936
$216,073
476,651
stock, $5 par value, payable June 1 to holders of record May 13.
This
compares with 25 cents paid on March 1, last; dividends of 50 cents were
mon
1937
Accounts .payable.
Accrued liabilities.
1,151,641
reserve
rent assets.....
Cordage Corp .—Dividend Reduced—
The directors have declared a dividend of 15 cents per share on
less
Inventories
Sundry
New Bedford
$328,526
3631,252
Trade
Liabilities—
1936
1937
Cash
_.
Depreciation
b Federal, State & muni¬
cipal taxes
2,390,239
8,984,959
2,442,190
8,198,149
$5,349,020 $4,576,128
Total
of $1,981,685
undistributed
a After
depreciation
b Includes reserve for
.—$5,349,020 $4,576,128
Total
1937
in
profits
and
taxes,
$1,838,079 in 1936.
c Subject
to such
adjustment, if any, as may be required upon final determination of the
Federal and State tax liability of predecessor companies assumed by this
at its inception, the amount of which cannot at this time be
accurately forecast
d Estimated maximum amount of subordinated notes
company
Consol. balance before
capital charges
funded debt
Amort, of debt disct. &
Int.
on
,
$4,327,221
1,603,634
expense
Miscellaneous
interest—
Other charges against inc
Pref. divs. of sub. cos—
125,866
35,013
7,225
962,537
$4,701,111 $17,507,334 $18,876,953
1,607,370
6,454,927
6,777,628
533,207
139,927
144,367
3,850,658
133,837
36,896
6,000
962,786
to
be
in 1938 at
purchased
511,682
151,582
413,588
3,851.144
New York Dock
Co.—Earnings—
Consolidated Income Account for Calendar
256,610
979,155
294,390
1,049,757
Consol.bal.before divs $1,336,335
$1,659,831
$5,405,091
$6,121,571
Pref. divs. of N. E. Pow.
the
declared
Total
1935
$2,855,174
395,204
690,115
$2,814,568
360,090
270,154
833,950
686,633
268,451
797,344
704,403
281,434
863,307
718,912
$802,382
98,583
$663,740
110,632
$689,772
108,210
$690,809
136,150
$900,965
489,400
$774,372
489,400
241,625
$797,981
489,400
$826,959
489,400
265,293
286,418
267,914
1,014,798
Depreciation
expenses.
Taxes
662.925
3,646,063
994,379
-
$673,410
$665,451
$1,759,028
$2,475,517
Included in operating costs is $219,900 provision for a flowage equaliza"
tion reserve created during the three months ended March 31,1937, because o*
a
such period.
This amount
was
credited to operating costs in susequent months during 1937 and,
therefore, $219,900 is included as a credit to operating costs for the 12
months ended March 31, 1938.
b No provision has been made in this
statement for Federal tax on undistributed net income applicable to the 1938
"better than normal" water conditions during
Bond interest.
Serial
Int.
;.
gold not
5\i %
Bldg
New
48,081
140", 269
157",109
359,875
.prof. $48,105
Other
$96,922
$113,820
$108,734
deduct
Consolidated Balance Sheet Dec
1937
2,676
Total gross earnings..
$2,832,112
1,453,648
68,793
160,000
Operating costs
Maintenance-
Depreciation
1938—3 Mos.—1937
$2,829,436
Other income
...
1938—12 Mas.—1937
$3,119,980 $11,751,246 $11,938,658
20,525
3,075
37,231
$3,123,055 $11,771,771 $11,975,889
a6,313,506
a6,983,735
60,399
327,816
321,628
160,000
640,000
640,000
al ,806,813
Federal, State and muni¬
342,247
cipal taxes
cap'l chges.
funded debt.
Bal. before
Interest on
346,069
1,186,532
1,003,521
$807,423
81,733
$749,772
81,794
$3,303,916
327,116
$3,027,004
498,386
10,936
'4,922
1,531
10,939
7,186
43,936
21,377
1,531
28,335
21,943
13,305
$708,300
120,210
$649,853
$2,909,955
120,210
480,840
$2,465,033
480,850
Amortization of debt dis¬
count and expent
Other interest charges.
Other charges against
_
inc
Balance before divs..
dividends....
Balance for com. divs.
Preferred
and surplus
$529,643
$2,429,115
$1,984,193
for a flowage equaliza¬
months ended March 31, 1937 because
of "better than normal" water conditions during such period.
This amount
was
credited to operating costs in subsequent months during 1937 and,
therefore, $219,900 is included as. a credit to operating costs for the 12
months ended March 31. 1938.
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
a
Included in operating costs is $219,900 provision
tion reserve created during the three
30,183,226
5,288
1,473
Compen. ins. fund
3,080,478
71,249
4,116,354
42,589
Cash
1,260,638
1,353,457
374,338
with trustee
Temporary invest.
—
.
37,076
170,275
Other sec. & invest.
Accts. & notes rec.
1937
1936
$
$
10,000,000
Common stock— 7,000,000
7,000,000
Funded debt.....18,306,200 18,805,000
Vouch. & payrolls.
55,442
57,224
Accounts payable156,480
b44,681
Preferred stock—10,000,000
Acer.
Federal
and
23,288
Acer, bond interest
50,308
203,917
other taxes
179,974
203,917
Accrued serial note
accrued..
6,120
Special deposits. ._
Prepaid exps. and
deferred charges
19,497
2,618
32,765
5.461
19,497
114,860
132,478
258,718
270,235
269,856
300
300
Charges accrued
13,425
-.
40,550
Mat'ls & suppliesInterest
54,588
58,875
interest...
193,987
161,698
credits..
187,026
202,911
Reserves...274,830
294,088
interest
Acer,
other
gage
Deferred
mort¬
N. Y. Dock Ry.:
Current account
Property acc't..
Com. cap. stock
Corp.
a
274,334
1,032,435
deficit—.
36.345,741 36,988,718
Total
Total
—
36,345,741 36,988,71a
depreciation of $7,708,730 in 1937 and
accrued expenses.—V. 146, p. 3024.
After reserve for
1936.
$588,090
31
1936
Liabilities—
Capital assets—29,964,596
Cash • on
deposit
England Power Co.—Earnings—
222,336
93,043
a
Period End. Mar. 31—
,964,274
409,811
t""
on
cilities
periods, the amount of such liability, if any, being determinable only at
the end of the calendar year.
Neither has provision been included in 1938
accounts for increased Federal taxes if the Revenue Act of 1938 is enacted.
—V. 146, p. 3195.
Gross oper. revenue
!
3,646,053
)_
Consolidated balance.
1934
1936
$3,169,454
394,245
revenue
Other
during
period
Corp.]
1937
Maintenance
Assn.
Years
[Including New York Dock Trade Facilities
Min. int. in net earns, of
subsidiaries
prices not to exceed par value plus accrued
interest.—V. 146, p. 3197.
b Includes
New York &
Period End. April
Operating revenues
Richmond Gas Co.—Earnings—
1938—Month—1937
1938-—12 Mos.—1937
$99,440
$96,341 $1,174,815 $1,163,742
30—
GrZnSSalfserr!t!r.e:
NetfScome-
28.477
15,437
25.664
13,003
289.744
289,519
130,197
132,721
undistributed
been made for Federal surtax on
profits for the year 1938.—V. 146, p. 3024.
TVote
$7,466,511 in
No provision has
Financial
3348
New Orleans Texas & Mexico
Chronicle
New York State Electric & Gas
Ry.—Annual Report—
General Statistics for Calendar
The New York P.
Years
1935
1934
for
1,764
1,763
1,763
1,764
5,861,118
5,003,804
4,375,087
4,272,051
Rev, tons carried one m.956,485,358 731,884,086 597,491,636 608,230,681
Rev, per ton per mile
1.51 cts.
1.52 cts.
1.45 cts.
1.43 cts.
Passengers carried
477,330
420,660
324,903
308,528
Pass, carried one mile... 33,208,042
27,584,004
22,768,984
22.512,469
Rev. per pass, per mile..
1.69 cts.
1.65 cts.
1.72 cts.
1.81 cts.
Average
operated
miles
1936
1937
Railway Oper.Revenue$14,398,111 $11,109,418
Freight
562,414
Passenger
456,333
Mail
227,918
249,301
134,450
154,897
Express
Miscellaneous..
118,176
126,955
Incidental
68,032
118,966
Joint facility
128,380
149,122
Total
4% mortgage bonds
New York
$9,833,509
Net operating
Other income
1934
407,040
227,202
120,170
Railway Oper. Expenses—
of
33,551
$724,416
46,855
$1,066,454
313,884
$540,147
322,675
$771,271
323,026
39,363
389,970
43,780
314,730
83,793
28,384
3,343
pay'ts to1
stamped
,
bonds and debentures.
1,915,889
2,281,095
537,802
3,909,733
22,056
274,972
421,825
565,296
847,546
605,048
570,635
1,596,963
1,956,142
507,329
3,493,274
19,464
x467,657
31,210
11,945
6,680
29,946
$10,712,964
$9,225,266
$8,034,151
$7,400,450
$5,046,802
y597,713
$3,017,442
y768.446
$1,799,358
556,027
$2,433,674
-
Traffic expenses
Transportation expenses
Miscellaneous operations
General expenses
29,486
1,532,747
1,766,916
498,336
2,989,722
19,419
623,256
of investments..
AC* CUUC-
.
-
_
-
_.
Railway oper. income. $4,449,089
11,508
6,502
Prov. for Fed. surtax—
103
Portionlapplic. to minor¬
ity stockholders
305,368
103,082
28 J 62
263.327
98,572
28,188
9,773
295,305
87,199
36,500
15,863
1,695
949
949
992
$2,686,557
$1,644,140
1,029,107
220,682
799,499
144,691
110,638
4,404
390,352
10,057
324,183
64,545
13,473
329,869
829,410
187,813
88,131
7,503
311,645
$2,894,896
$991,889
$264,799
$900,076
30,953
79,850
31,504
66,454
58,217
6,701
2,546
CV668
$2,691
4,458,813
Cancellation
17,084
of liab.
12,035
z6,039
x5,l98
24,654
29,642
$4,019,285
77,305
$4,146,881
$4,091,219
$4,491,147
for
royalties & other exps.
18,194
accrued in prior years.
Credit adjustments
49.172
5,606
CV619
Cr414
3,962,322
bentures retired
$2,324,579
1,184,066
266,308
17,374
1,168
Profit
$1,888,720
31*930
Rent from pass.train cars5
Rent from
$1,243,331
273,422
128,581
.
$2,248,996
77,363
30,994
$168,397 loss$264,324
3,961,250
4,312,695
$33,840
Previous surplus—_
on bonds and de¬
"~8~, 385
14,264
25,901
■
Crl,046
Net income.
529,350
15,603
$4,884,717
Other Oper. Income—
Rent from locomotives.
320",492
12,214
Other deductions
Prov. for Fed. inc. tax..
—
X^ CI/
Railway tax accruals.
Uncollect, railway revs.
49,915
35,2.54
16,537
Reduction in book value
Transportation for inv.-
crecfit
property retired.
on
'
'
,
40,562
408,934
5,010
56,196
5,644
Prov. for deprec. & depl.
Prov. for doubtful accts.
Loss
1934
$506,596
48,809
Prov. for Fed.& State tax
Maint. or way & structs.
Maint. of equipment . .
1935
$1,017,644
$858,230
290,978
Gross income
$9,834,123
Calendar Years
1936
41,773
Interest charges—
holders
should provide a sufficient
$816,457
profit
Pro v. for add'l
203,895
89,990
82,840
68,995
101,076
security
Trap Rock Corp.—Earnings-
Consolidated Income Account for
$8,702,985
147,869
80,494
as
Electrification Administration.
collateral for the note.—V. 146, p. 3198.
as
1937
1935
...$15,759,766 $12,242,708
Rural
The Commission specified that the company
Dec. 31
$8,818,493
392,458
224,123
.
in that amount from the
loan
a
amount of
...
Ended
Corp.—RE A Loan—
S. Commission has authorized the company, to issue
The funds will be used to construct 210 miles of rural distribution lines.
Revenue tons carried
Consolidated Income Account, Years
1938
21,
20-year note for $2.50,000 payable t othe Federal Government
a
1936
1937
May
4,315
floating eqpt.
Rent from work eqpt
Joint facil. rent income.
Total surplus.
Dividends
Dividends
>xdj. of
prior
on
preferred.
yl27,694
44,985
on com
reserves set up
in
11,665
years
Loss on sale of treas. stk.
Distribution
from
11
treas.
in settlement of
Hire
of
frt.
unpaid
preferred dividends—
cars—debit
Rent for locomotives
Rent for pass, train cars.
Rent for work equipment
Joint facility rents
Net ry. oper. income.
171,954
JSion-Oper. Income—
Miscell. rent income.
Misc. non-oper. physical
19,567
22*996
24" 887
20,278
5,016
2,632
_
3.981
3,681
9,447
1.263
1,004
1,672
$1,124,790
$355,136
on
1,049
1,450
655
6,255
420
2,703,126
123,892
2,715,563
34,024
2,724,806
1,303
2,735,646
20,599
20,599
3,638
1,226
2",652
debt
Miscell. income charges.
12,354
prof$177,745
$1,650,505
$2,374,305
453
527
$1,760,845
Includes credit of $83,501
covering adjustment of amounts charged to
general expenses in 1934, account of contributions under Federal Retire¬
ment Act.
y The provision of $177,756 made in 1936 under the Federal
x
Retirement Act of 1935 has been credited to the income of
1937 as
of the repeal of the Act in 1937.
a
result
Note—The
1935 railway operating revenues have been reclassified to
conform
to
revised
Interstate Commerce Commission classification of
accounts, effective Jan. 1,1936.
Consolidated Balance Sheet Dec. 31
1937
$
g
Invest.in road and
equipment
Imps, on leased
ry.
31,652
—pledged
12,296
8,840
466,307
459,403
wages payable..
Miscell, accts. pay
1,361,298
28,454
1,232.641
194,276
8,351,074
7,815,586
16.340
16,340
82,396
918,227
575.063
515.758
555,584
1,193
Funded
from agents and
conductors
108,745
728,527
Other
1,214,679
3,638
Other curr. assets.
2,748
22,540
5,698,516
4,264
2,380
Miscell. physical
property.....
Other
unadjusted
credits
420,240
428,379
over
276,599
320,744
acq'n
cost thereof 5,803,872
Add.to
prop.thru.
inc. and surplus.
5,803,872
2,510,371
2,499,964
invested..
131,000
Deficit..
13,915,644
250,000
Approp. surp. not
34,808
104,713
spec,
13,927,765
125,312
unadjusted
417,483
Miscellaneous investments....—...
Securities deposited with Industrial
N. Y. State Department of Labor
f
common
Total
stock par $100.—V. 146,
p. 3196.
30uh.ad borrowed $10,000,000
of the $20,000,000
T^e loans, secured
s
as to principal and interest by collateral pledged with
raceiYe£ from five banking institutions. First National
r£
fry10? Trust Co. each loaned $2,500,000
«.250.00^^.-V^146fpm319«.i,£
_52,448
13,820,642
100,609
5324,68b
23,385
—
19,334
preferred stock
real estate
—18,000
liability for workmen's compensation
insurance claims
arising during corporation's
on
82,882
14,170,968
88,124
$290,842
43,180
62,544
18,000
4,750
27,543
101,503
66,815
5,129,000
14,304
terms as self-insurer
Liability
for additional payments
stamped bonds and debentures..
to
holders of
—
Funded debtReserves
4'92a'922
27,669
23,220
„
2,000,000
a Preferred stock
b Common stock
5,875,92o
Profit and loss surplus
c Preferred treasury stock at cost_.—.
e Common stock in treasury at cost
3,941,970
Dr819,894
Dr850
-
24,266
2,000,000
5,875,925
3,962,322
Dr819,979
Dr850
.-.$16,524,698 $16,693,912
Total.
Represented by 20,000 no par shares,
b Represented by 180,000 no
shares,
c 8,952 shares in
1937 and 8,953 shares in 1936.
d After
of $122,922 in 1937 and $118,733 in 1936.
e 110 shares,
f After
reserve for depreciation and depletion.—V. 146, p. 3198.
a
par
Niles-Bement-Pond
Co.—Earnings—
1935
1934
$3,747,014
1,599,232
$2,515,205
1,289,936
$1,715,963
$1,026,231
718,941
$2,147,782
$1,225,269
78,872
$682,637
63,029
$307,290
71,261
$2,219,043
215,473
$1,304,141
247,309
$745,666
251,845
$347,554
155.217
4,763
8,289
3,506
1937
Gross income
Selling &
gen. expenses.
Operating profit
Total income
Depreciation.
Addit.
res.
prov.
investments
Closed plant expenses—
Loss sale of fixed assets.
and J' P' M°rgan & C0- ,oaI,ed
1,033,326
40,264
100,000
83,744
5,035
"
6,545
5,073
8,930
105,171
Dividends paid
1,495
289,594
7,996
218,890
5,932
4 ,453
344
229,312
2,440
204",903
162.875
5,219
128
$1,290,884
y778,613
$699,360
xl,151,698
$266,193
$25,485
$512,271 def$452,338
undist. profs.
on
Devel. charges & exps..
Miscell. deductions
Surplus
Earnings
1936
for in¬
ventory shrinkage
Write-off
of
worthless
Net profit
n^j£i 7rcol]^^er.al for whlch was authorized recently by Interstate
showfT
Commission, a report to Securities and Exchange Commission
,
149
236,047
43,208
Estimated
Surtax
83,496,473 82,613,407
New York Central RR.—Bank
Loans—
Thenfa?n«W?
Si
S
12,879
..$16,524,698 $16,693,912
Federal and State taxes.
Adjust, of taxes prior yrs
569,998
83,496,473 82,613,4071
148,329 shares of
... .
-
Dividend payable on
62,544
1,660
322,124
Commissioner,
Liabilities—
Accounts and accrued liabilities
Federal income tax
x
,
Deferred debit items
Total
11,208
—»
Property, plant and equipment
Other income
of sec.of sub.cos.
14,045
fund.
Total
n'obo
Consolidated Income Account of Calendar Years
at dates of
35,220
debits
of dividend on
Inventory of repair parts and supplies.
341,063
Amount deposited with State insurance fund under
workmen's compensation insurance—24,878
Deposited with State Insurance Fund of N. Y
11,070
Unpaid instal. on sale of investment
oof
Cash in sinking funds
281
Company's bonds and debentures
—
262,403
5,359,200
Equipment
10,688
debt..
1.999
34,306
6,412
premium paid in
Other
38,172
316,365
other
funds
for payment
with agent
pref. stock
reserve
Excess of book val.
6,139
on
610,454
55,875
2,126
Discount
2,354,900
638,029
102,705
104,669
ad¬
vances
advance
2,354,100
lia¬
liabilities
1,091,252
194
rec.
Other def. assets..
Rents & insurance
current
Deferred
697.096
Materials & supls.
Int. & div. ree'le..
Insurance &
ma¬
Tax liability
Accrued deprec.—
ree'le
Working fund
debt
tured unpaid...
Unmat. int. accr'd
bilities
receiv.
„
293,2/6
and treasury pref. stock deposit
Lime Corp
338.268
Int. matur. unpaid
Divs.mat'd unp'd.
23,731
_
Miscell. accts.
327.992
1,953,695
246,916
21,041
Loans <fc bills rec.
Traffic & car serv.
Marketable securities (at cost)
Inventories....
1936
$345,611
1,066,430
6,767
254,516
Equity of minority stockholders of Carbonate of
17,151
...
service
balances payable
1,947.715
1,345,597
Special deposits...
balance
construction
car
12,892,897
of
3,383,195
...
Cash
balances
cos.13,411,860
aid
Audited accts. and
cos.—unpledged.
Other
investment
Net
debt
3,379,340
.....
Invest. In affiliated
—unpledged
in
Traffic
cos.
$
unmat.41,307,900 41,535,900
to affiliated
31,652
Grants
property sold...
Miscell.
physical
$
Liabilities—
1936
Capital stock...14,832,900 14,832,900
Fund, debt
Non-negot'le
Dep. in lieu of mtg.
property
Invest.in affil.
1937
x
72,600,385 71,674,057
property
J937
$638,221
908,220
-
Mortgage
1936
Assets—
"•ii'i.v
d Notes and accounts receivable
$984,960
565
Net loss
years of $788 and reduction in reserve for
insurance claims arising during corporations
taxes-prior
compensation
Trade notes receivable, not due within one year
1,137
funded debt.
unfunded debt..
Amort, of disc, on fund.
„
income
self-insurer of $5,251.
Assets—
Cash
273
Miscellaneous rents
Miscell. tax accruals
Int.
as
Cash
Deducts from Gross Inc.
Rent for leased roads
on
$4,312,695
tive preferred stock consisting of cash $65,894 and 618 shares of treasury
preferred stock at $100 per share, $61,800.
z Consists of adjustment of
term
900
$3,039,420
Interest
178,453
$3,961,250
$3,962,322
Comparative Consolidated Balance Sheet Dec. 31
property
Dividend income
Inc. from funded securs.
Inc. from unfunded sees.
_
$3,941,970
x Excess over cost
of treasury preferred stock to be used in payment of
dividend on preferred stock on Jan. 1, 1937.
y Dividends on 7% cumula¬
workmen's
equipment
Miscellaneous income.
Profit & loss surplus..
Federal
Inc. from lease of road &
129,970
"~z215
Other cnarges
$266,193
$25,485
$4.04
$1.55
$0.14
share on
stock (no par)
"
per
common
$7.46
cash and $978,673 paid in stock of General
Machinery Corp. 43,256 shares at $22,625.
f
y Includes $346,050 paid in cash and $432,563 paid in stock of ShepardNiles Crane & Hoist Corp. 17,302^ shares at $25.
x
Includes $173,025 paid in
Volume
Financial
146
Chronicle
Consolidated Balance Sheet Dec. 31
1937
Assets—
1936
Miscell. Invest
178,588
671,341
4,129,186
2,968,469
1,129,795
994,925
586,679
732,111
309,781
61,286
x
344,537
.
1936
1937
Liabilities—
Property account .$2,572,784 $2,411,548
$3 ,460,500
Common stock. .$3,460,500
Accounts
,
Accts. & notes rec.
Cash.
.
.
Marketable
sees.
.
Deferred charges.
Total
105,171
306,094
Capital surplus
271,339
1,826,572
2,384,474
,808,555
,872,202
.-.--$8,968,099
$8,183,569
Total
value.- -V. 145,
_
...
21,100
$50,173
12,741
450
106
3,000
18,101
233
$27,173
$26,443
$15,775
1938
Cash
$131,448
111
65
6,400
Marketable
14,760
Deferred credits
Ipases.
y
1,395,340
.....
1,273,795
357
__
$1,043,589
44,458
$18,955
$3,572,841
$3,036,430
$1,088,047
$18,955
2,982,058
2,531,304
1,457,418
189,460
istrative expenses....
Operating profit
$590,784
105,459
150,932
Idle plant
Interest expense
Loss on sale of investm'ts
Misc. deductions
Earned surplus
$325,613
40,351
Other income
—eral taxes
$365,963
inc. & undistributed
profits taxes.........
Net profit.
35,856
115,572
56,665
91,182
1937
Receivables
a
_
...81,463,306 $1,467,463
$1,135,057 in 1938 and
for depreciation of $7,682 in 1938 and
$1,075,241 in 1937.
y After reserve
$7,821 in 1937.—V. 145, p. 3353, 2701.
_
Inventory..
4,277,925
North Penn Gas Co.
Total gross earnings
Operating expenses.
21,500
Miscell. assets
4,041
undistrib. profits
marks....
185,625
Interest
on
163,007
unfunded debt
$535,152
202,750
.....
Res. for conting..
Notes pay. to Dis¬
12,473
preferred stocks:
$7 cumulative prior preferred
$7 cumulative preferred
Total
$7,319,0711
$7,821,617
After
a
44,712
92,120
45,197
92,120
$189,037
be determined at this time.—V. 145,
p.
1938
1937
...
$2,997
334,470
9.4 cts.
Revenue fare passengers carried
Average fare
8.6 cts.
16,399.125
518,315
Net profit from oper..
$2,911,035
146,137
$1,891,364
$3,057,172
494,408
380,000
$2,060,251
601,249
305,363
b$27,583 b$l,843,474
454,423
482,543
$2,182,763
stk.
$6.44
$1,153,639
c$482,006 c$7,383,896
Nil
Nil
Other income
Co.—Weekly Output—-
Stockholders have voted to change the name of the company to North¬
Steel & Wire Co.
James C. Foster
President, states that con¬
western
growth and expansion of the business, with increased facilities
and greater diversification of products were responsible for making the
change.—V. 146, p. 1723.
Northwestern Public Service Co.—Accum. Dividends—
meeting held May 12 declared dividends of $1.75 per share
on the 7% cum. pref. stock and $1.50 per share on the 6% cum
pref. stock
of the company, payable on June 1, to holders of record May 20.
Similar
payments were made in each of the four preceding quarters.
See also V. 143, p. 3157 and V. 143, p. 2855, for cletailed dividend record.
a
.
$732,767
Total oper. revenues
$711,402
436,154
$2,857,604
1,762,978
$2,788,562
1,678,545
72,621
67,464
277,943
255,256
15,892
15,160
48,790
Earns, per sh. on cap.
State
$192,040
2,339
$192,623
2,108
$767,892
8,837
$793,975
9,073
$194,379
$194,731
99,525
99,525
Undistributed profs, tax
3,025
$776,729
398,100
8,586
See
Liabilities—
$
7,517,038
7,124,051
Pat'ts, goodw., &c.
1
1
1,651,637
Accounts
4,627,661
4,942,175
Accrued
9,521,790
510,526
Gross income
Int.
on
long-term debt..
General interest (net)..
Amort, of bond discount
.
e
by
Deferred charges..
& expense.....—
6,225
2,144
6,225
2.123
24,901
7,724
24,992
4,973
$84,296
70,463
$83,832
70,463
$337,418
281,853
$366,610
281,853
Miscell. inc. deductions.
Net income
:
Pref. stock div. requires.
a
It
is
estimated
profits tax
on
that
the
has no liability fbr undistributed
its operations for this period.—V.146, p. 922; V.145, p. 2859.
company
Cities
Water
Corp.
Outlet
1938
$303,396
171,836
10,252
1938
Gross
profit
Other income
_
1937
1936
$7,832,790
5,182,057
$7,819,138
$7,221,229
4,787,990
$2,650,733
238,655
$2,675,724
255,819
$2,433,239
$2,889,388
$2,615,538
1,915,008
9,907
91,000
7,100
$2,931,543
2,037,421
124,907
7,618
113,700
2,500
$517,410
sales...
on
.
.
.
.
-
—
...
Gross
-
— — -
-
profit
- —
Expenses.... -.
-■ - - - - - - -- -Depreciation and amortization
,
_
Other deductions.-.-------
Federal income taxes.Surtax
on
—
$645,397
33,036
12,750
34,279
14,250
571,665
$191,927
47,068
15,750
223,695
$25,203
$205,414
2,158,813
105,158
---.
.
undistributed profits
:
preferred dividends.
—
dividends..--.-——
Operating expenses, maintenance and taxes
Reserved for retirements
1937
Earnings per share on
common
172,494
Gross income.
$119,097
91,136
92,292
839
32,032
&c., of Ohio Cities Water
A
y
Q
$2,850
$6,065
—V. 145, p. 3017.
12 Months Ended April 30—
Operating revenues
Gross income after retirement accruals
Net
income
per
sur tax on
a
common
Accts. receivable..
1938
$7,951,335
2,918,016
1,431,104
8,483
80,622
$4.32
payable.
200,000
1,888,980
325,536
Accrued accounts.
26,250
xCommon stock..
Accounts
Reserve for taxes.
Insurance
reserve.
Treasury stock
6,240,294
Total
x
6,265,980
y
$
489,700
225,000
1,888,980
274,604
67,424
155,257
23,117
1,102,021
2,039,877
Dr28,000
6,265,98fl
After depreciation and amorti¬
Total.....
Represented by 99.420 no par shares,
98,100
23,702
1,102,021
2,109,006
1937
6,240,294
zation.—V. 146, p. 286.
$1.86
$1.53
Without deduction for surtax of $40,000 on undistributed profits for
surplus.
29,007
57,616
144,540
1,519,172
1,301,256
19,511
56,189
1937
$7,868,077
2,823,098
1.247,434
$
494,700
6% 2d pref. stock,
Earned surplus
fisscal year ended Nov. 30, 1937 (none in fiscal year ended Nov. 30, 1936),
charged to
Other assets
115,672
1,551,974
1,273,335
3,225,311
Earnings—
share without deduction for
undistribu ted profits
Liabilities—
7% 1st pref. stock-
3,212,690
Capital surplus
Subs.)
$5.99
1938
1937
buildings,
fixtures, &c
Deferred charges..
Oklahoma Natural Gas Co. (&
$4.74
$
<.'pf C——-
Land,
Cash
-
■
119,498
Balance Sheet Jan. 31
Inventories
a
182,299
99 ,420 shares
stock (no par)
9,397
$121,307
989
32,032
Int., amort, of discount, &c., of subs..:
Preferred dividends of subsidiaries
$73,944
..........
1938
Earns,
5,343,414
397,680
Surplus
$300,990
4,000
3,077,807
671,634
c
(& Subs.)—Earnings—
12 Months Ended March 31—
Deficit
2,854,397
,
Co.—Earnings—
Gross sales, less discount..
Cost of goods sold..... ....
2nd preferred
Gross earnings
Int., amort, of disc.,
Corp
;
b After
1936.
Common dividends..
Ohio
;
4,000
3,077,951
reserve for losses of
Not used in operations;
after reserve for depreciation and reserve for reduction to estimated liqui¬
dating values,
d Represented by 339,196.37 no-par shares in 1937 and
272,074 no-par shares in 1936.
e Including $750,000 reserved for loss on
possible future abandonment on consolidation of properties—V. 145, p.3206.
1st
See Northwestern Barb Wire Co. above.
6,600,000
....27,660,616 24,829,007
Total
for depreciation,
1937 and $1,149,440 in
in
Net profit
Northwestern Steel & Wire Co.—New Name—
others.-
Paid-in surplus..
Earned surplus
27,660,616 24,829,007
After deducting reserves
a
$1,455,895
a
6,939
724,064
6,600,000
Sub. co's stk. held
996,118
82,707
rec.
Years End. Jan. 31—
Net oper. income
Other income (net)
882,470
due Nov. 30'38.
reserve...
Total
441,832
payrolls,
123,051
Unused property
acct.
payable.
taxes, &c
790,741
323,528
distributor-
after
10,882,959
2,190,163
678,379
Notes pay. to bks.
Accts. with foreign
Export
$
$
stock.13,799,966
Notes payable
3,285.657
b Receivables
Inventories
c
d Common
_.10,992,937
Cash
1936
1937
1936
1937
Assets—
Fixed assets....
$803,047
399,532
2,188
income
normal tax
$4,24
Consolidated Balance Sheet Dec. 31
60,785
Federal taxes
Federal &
1938—12 Mos.—1937
452,214
Operating expenses
State, local & miscell.
a5,057,879
....
Net profit
a
Change Name—
1938—3 Mos.—1937
b$260,254 b$2,228,585
232,671
385,111
168,887
<
,
tinuous
Period End. Mar. 31—
12,102,998
446,087
Special charges
States Power Co. for the week ended
1938 totaled 24,828,665 kwh., an increase of 4.1% compared
with the corresponding week last year.—V. 146, p. 3198.
Directors at
8,921,241
998,219
22,715,773
580,103
14,
Northwestern Barb Wire Co.— To
$7,690,875
general expenses, «fec..
Depreciation
Electric output of the Northern
May
1934
1935
1936
$18,808,804 $12,288,831
a Special
charges consist of $1,926,005 for receivables, $1,069,988 for
inventory, $1,190,343 adjustment of properties not used, and $871,543
accrued interest written off.
b Loss,
c Deficit.
—V. 145, p. 1268.
Northern States Power
1937
$26,206,911
Total income
$5,694
308,920
profit
b After depre¬
4356.
Cost of sales, selling and
Interest & other charges.
Prov. for Fed. inc. taxes
3 Months Ended March 31—
$7,821,617 $7,319 071
Total
Equipment Co. (& Subs.)—Earnings—
Net sales
2858.
Northampton Street Ry.—EarningsNet
550,000
748,600
2;915,225
381,988
of $30,501 in 1937 and $87,291 in 1936.
Represented by shares of $1 par.—V. 144, p.
c
Oliver Farm
$182,965
Note—No provision has been made for Federal surtax on undistributed
profits for the period Jan. 1, 1938 to March 31, 1938 as the amount thereof,
if any, cannot
_
reserve
ciation.
14,116
$320,282
on
Balance
800,000
3,141,680
121,244
Common stock.
Capital surplus
Oper. deficit
Calendar Years—
'
......
1,962
$325,869
.
110,000
18,921
138,747
1
143,680
Corp. of Amer._
$539,112
195,166
1,641
Amortiz. of bond discount and expense.
Dividends accrued
taxes
1
120,052
c
64,356
139,548
...
43,580
Res. for Fed. inc. &
$2,560,107
1,817,090
66,269
101,155
funded debt
1,065,793
53,166
tillers & Brewers
$2,638,279
1,935,702
.
on
576,276
400,099
Accrued taxes
Brands and trade¬
1937
1938
Federal & State income taxes...
1,223,911
cruals
741,595
21,500
24,831
(& Subs.)—Earnings—
General taxes
Interest
others
$1,663,076
Accts. pay. and ac¬
1,050,704
Goodwill
...
1936
1937
Liabilities—
Notes pay. to bks.$2,194,844
Notes
payable to
$228,172
1,795,925
4,200,359
Land, buildings,
Deferred charges..
12 Months Ended March 31—
......
$293,492 loss$512,677 loss$162,802
1936
$477,226
1,684,543
mach. & equip
Total
110,000
$247,963
Consolidated Balance Sheet Dec. 31
Assets—
Cash
b
for depreciation and depletion of
reserve
$339,347 loss$518,252 loss$198,471
<
64,144
5,575
35,669
$403,492 loss$512,677 loss$162,802
118,000
....
Mtge. receivable..
After
x
■
Net profit before Fed-
47,145
TotalU.....$1,463,306 $1,467,463
$505,126 loss$369,371 loss$170,505
39,480
35,127
21,134
75,913
18,722
2,858
61,743
50,386
33,289
3,974
8,786
Profit
1,350,000
Dr100.000
124
24.681
Furn. & fixtures
Deferred assets
$2,890,435
145,996
8,067
(par S5) 1,350,000
Treasury stock
Dr120,000
Capital surplus
117,934
Mineral rights &
$1,426,273
1,407,318
$1,302
17,170
5,501
Com. stk.
125
int. receiv..
$1,518
Accounts payableFederal taxes
secur.
(cost)
Acer.
1934
1935
$6,870,030
5,826,440
$3,394,159
178,683
1937
1938
Liabilities—
$36,417
Accounts rec
x
1937
1936
..$16,572,204 $13,236,487
13,178,045
10,346,052
Fed
Comparative Balance Sheet March 31
Assets—
1937
and
Gross profit on sales..
Other operating income.
$16,009
$26,443
Net income before Federal taxes..
$26,948
225
Net operating income
Interest and dividends on securities..
31—
Total income------
3,000
22,845
3,000
Dec
freight
Selling, general & admin¬
/
'
less
allowance &c
Cost of sales....—
1936
131
142
...
Sales,
2399.
$66,576
12.638
1,013
805
Legal and purchase expense
Depreciation
Taxes—Sundry
Depletion and properties charged off.
_
p.
1937
1938
$64,186
12,694
—_ _
Administrative and general expense._
...
Years End
in-
Co., Inc.- -Earnings—
3 Months Ended March 31—
Operating income
Fed.
Appraisal surplus.
no par
North Central Texas Oil
Oldetyme Distillers Corp. (& Subs.)—Earnings—
631,046
accruals
come tax.
...$8,968,099 $8,183,569
Represented by 173,025 shares
x
727,625
297,590
and
Prov. for
60,639
profits for the fiscal year beginning Dec. 1, 1937, since
any liability for such
tax cannot be determined until the end of
the fiscal year.—V. 146, p. 3026.
payable
Earned surplus
Inventories
3349
provision has been made for the Federal surtax on undistributed
Oneida, Ltd.—Smaller
Dividend—
declared a dividend of 12 lA cents per share on the common
$12.50, payable June 15 to holders of record May 31.
Regular
Directors have
stock, par
Financial
3350
dividends of 25 cents per share were paid in each of the five preceding quar¬
ters, and previously quarterly dividends of 12H cants per share were dis¬
tributed.
In addition, an extra dividend of 50 cents was paid on the com¬
mon shares on Jan. 15, 1937.—V. 145, p. 3354.
Otis Elevator
Chronicle
Pacific Gas & Electric Co.
$10,903,574
$8,103,070
$5,694,647
$3,581,538
7,726,255
6,167,850
5,483,905
5,523,354
$3,177,319
951,006
Total income. —$4,128,325
$210,7421oss$1941816
910,255
338,499
$1,935,220
$2,266,298
236,000
Net operating profit..
Other income (net)
...
331,078
536,000
Estimated Fed. in. tax—
$l,120,9971oss$1603317
10,000
$l,110,9971oss$1603317
4,597,334
7,790,495
$8,151,255
$6,148,783
$5,708,331
Preferred dividends—390,000
390,000
1,199,853
1,199,846
$6,187,178
390,000
1,199,844
$4,558,930
$4,118,485
Gross income
Bond & other int., disct. & other inc. deductions..
Provision for Federal income tax
Total surplus.
4,118,485
2,799,680
Common dividends
Ernd. surp. at end of yr. $4,961,575
Earns, per sh. on 2,000,000 shs. of com. stock,
no
390,000
$0.36
$0.82
Assets—
Due
For pensions
General reserve.
92,548
8,689,720 Pref.
233,729
Investments-—- 8,644,461
subs.(notconso .)
Property,
p ant
and equipment. 13,521,171 13,650,202
Pats., trade-mar ks,
goodwi. <fc other
lntangib e assets
1
1
Prepaid exps. and
deferred charges
159,768
134,497
z
%
732,878
838,495
234,098
284,079
65,175
536,000
236,000
1,817,724
513,087
on common
Balance....
$6,289,810
$4,278,575
-
Pacific Public Service Co.
(& Subs.)—Earnings—
6%
(.$100 par) 6,500,000
1938
1937
1936
1935
$1,452,922
Operating revenue
572,650
Operation
Maintenance & repairs..
47,360
166,941
Deprec. & amortization.
Taxes (other than Fed¬
eral income)
93,257
$1,411,093
549,237
41,552
173,578
$1,248,569
478,136
40,365
167,592
$1,111,936
437,406
30,522
150,152
84,637
70,840
84,573
$572,713
11,777
$562,090
9,775
$491,634
11,853
$409,281
12,383
$584,491
65,800
$571,864
70,300
$503,487
74,800
$421,665
125,262
3,228
3 Mas. End. Mar. 31—
6,500,000
Other income.
Common stock.-25,000,000
Earned surplus...
25,000,000
4,961.575
4,558,930
Total profit..
Interest on funded debt.
Amort. of debt discount
3,228
and expense
Other int. & deductions.
235
907
327
Prov. for Fed. inc. tax..
x89,500
x81,200
62,783
2,085
1,539
45,231
$425,727
$416,228
$362,348
$247,546
53,296
53,296
53,296
53,296
$372,431
$362,932
$309,051
$194,249
3,229
installa¬
tion In progress,
475,2/2
36/,505
cost less billings.
Divs.
on
pref.
of
stock
sub. company
40,410,518 39,849,0721
Total---
After
Total
40.410,518 39,849,072
Net profit
for doubtful notes and accounts of
$132,142 in 1937 and
$129,545 in 1936.
y After reserve for depreciation of $13,605,423 in 1937
and $13,073,047 in 1936.
z Represented by 2,000,000 no-par shares.
x
$24,509,605 $24,955,616
7,708,491
7,708,478
12,522,539
10,957,328
stock.
1,944,613
536,936
stock,
cum.
y
Contract
—
Remainder—applicable to Pac. G. & El. Co
on preferred stock—
Dividends
1936
%
3,683,664 Accounts payable.
6,500,000 Accrued liabilities49,198 Due to foreign subs
2,635,764 Federal Income tax
3,938,206 Reserves:
foreign
from
..
[Including Coast Counties Gas & Electric Co.]
Liabilities—
$
$
3,066,936
U. S. Govt, securs. 6,000,000
Interest accrued..
45,005
xNotes&accts.rec. 2,936,690
Inventories...... 5,435,252
—
Dividends
Nil
1937
1936
Cash
217,000
.$24,756,754 $25,202,035
Divs. of subs, on capital stocks held by public and
minority int. in undistrib. earns, for the period—
247,149
246,419
Consolidated Balance Sheet Dec. 31
1937
$24,756,754 $25,419,035
Net income to surplus
—V. 146, p. 2217.
$1.60
outstanding..
par,
$40,595,060 $41,799,337
12,217,497
14,468,237
3,620,809
1,912,065
Provision for gas revenue in dispute..
$4,597,334
yr.
—
Balance before dividends.
$2,030,298
beg. of
42,356,771
13,216,312
—
$3,592,325
4,558,930
Net income-..—
Ernd. surp. at
_
$40,373,763 $41,507,174
221,297
292,163
Net operating revenue
Miscellaneous income.
Selling, general and adm.
—...
1937^
$97,080,257
14,003,195
Provision for depreciation
—
expense-.—.
1938
operating revenue_ _ — _;
—
$100,864,803
Maintenance, operating and
administrative ex¬
penses, taxes (except Federal income tax) and
provision
for
insurance,
casualties
and
un¬
collectible accounts
46,487,845
Gross
[Including Domestic Subsidiaries]
Calendar Years—
1937
1936
1935
1934
Net sales completed.--,$27,821,886 $19,797,903 $15,459,018 $17,924,925
Cost of sales
15,209,943
10,359,470
8,628.150
13,172,955
Maintenance and repairs
886,748
588,659
423,795
433,426
Depreciation
821,621
746,704
712,426
737,006
Gross profit..
1938
21,
the South¬
(& Subs.)—Earnings—
fonths Ended March 31—
12
Co.—Earnings—
May
mortgage dated May 1, 1922, and has transferred such shares to
ern California Telephone Co.—V. 146, p. 3199.
reserve
x
— —-
Does not include any provision for surtaxes on undistributed profits.
-V. 146, p. 2381.
15-Cent Div.—New Director—
have declared a dividend of 15 cents per share on the
stock, no par value, payable June 20 to holders of record May 27.
was paid on March 21, last; 60 cents was paid on Dec. 20
last; 40 cents paid on Sept. 20 last; 25 cents paid on June 21, 1937 and pre¬
viously quarterly dividends of 15 cents per snare had been distributed.
Pacific Tin
The directors
common
Like amount
B. A. Tompkins, Vice-President of Bankers Trust Co. of New York
City, has been elected a director, of this company increasing the member¬
ship to 12 from 11.—V. 146, p. 3199.
Pacific Coast
1937
Net income from operations
Interest and discount on bonded debt
Other interest—net
Amort, of lease expense Pacific Coast
Cement Co.—
Pro v. for Federal income tax
-
$400,917
278,889
31,690
$164,386
289,080
27,572
3,393
x4,632
3,393
xlO.Oll
3,393
113,244
$2,286,319
1,706,285
304,215
111,433
$76,9351oss$155,660
8,216
Cr21,444
$152,810
$68,719 loss$134,216
provision made for Federal undistributed earnings tax—company
disclaiming liability.
3 Months Ended March 31—
Gross earnings
Operating
expenses
1938
$511,139
485,960
$771,705
663,525
$25,179
-,
1937
$38,904 prof$38,422
6,670
6,592
-
Net loss
-
$32,234 prof$31,831
-
Note—The figures do not include any provision for income
tributed profits tax.
State franchise
Assets—
a
1936
$
S
Capital assets.— 8,094,651
Intangible assets..
Investments
Notes
&
8,752,890
242,742
260,723
829,385
545,663
contracts
receivable
or
Net inc. for year applic. to
Liabilities—
?
Dividends
par)
67,231
reserves....
527,775
Min.
Mdse. inventory..
498,200
160,912
487,503
399,508
150,275
Bonds
hand and
Notes & accts.
$835,724
$761,608
are carried at cost at Dec. 31,
1937 whereas
beginning of the year they were carried at market price.
If such
inventories at the end of the year were carried at market price, as in the
prior year, net income applicable to Pacific Tin Corp. for 1937 would be
increased by approximately $117,000.
Note—No
warrants
...
deposit-.—.
Deferred charges
—
shs.
400,000
700,000
In
2,238
2,766
190
101,490
70
127,319
197,498
197,498
30,151
—at cost
19,692
Accounts receiv
Tin concentrates—
$49,725
173,340
170,354
Reserve for repairs
d Min. Int. In subs
78,564
343,170
304,039
e
109,669
Sundry lnvestm'ts
Deferred charges.
186,452
208,433
f Common stock.. 4,395,490
6 Surplus..
1,573,039
149,032
h Consol.
38,992
68,719
208,433
4,395,490
39,151
_
Construction
b Mining
Special stock...
249,280
52,680
at cost
52,680
1,573,039
earned
surplus
835,724
....
761,608
&
1,248,189
876,267
157,957
1,230,445
562,082
3,562,082
props.
Other assets
a
to
185,366
179,091
6,099,270
35,903
366,135
Current liabilities.
515,656
506,243
reduction of par
value of cap.stk.11,272,500
11,272,500
Cap. surplus thru
Capital deficit thru
thru
1938
$95,357
Liabilities—
U. S. Govt, securs.
700,000
6,015,383
Surplus
1937
Accounts payable.
Prov.for taxes accr
1936
1937
$1 ,056,618 $1,218,109
$7,703,118 $7,531,4071
Total
valuation of capltal assets
8,257,192
undistrib¬
400,000
Pac.
Coast Cem.Corp
on
Consolidated Balance Sheet Dec. 31
Assets—
Cash
c
no
par)
Com. (70,000 shs.
int.
provision has been made for United States surtax
uted profits because no such tax is believed to be payable.
(leaseholds)
Deferred liabilities
Sinking fund cash
on
152,500
$1,511,967
750,359
Unsold tin concentrates
x
equip—at cost.-
par$10).......
rec.
Supply inventories
County and city
(40,000
$1,586,083
750.359
—
Consolidated earned surplus
a
152,500
$601,466
910,500
at the
Second pref. stock
195,890
JfcTess
$
pref.
stock
(15,250 shs. no
$778,913
177,447
$824,475
761,608
Pacific Tin Corp.
Consolidated earned surplus, Dec.31, 1936
Mat'Is & supplies—
1936
302
6,614
145,529
91,804
$1,053,612
229,137
Net income for year.
Minority interest in income of subsidiaries
undis¬
First
46,132
on
in banks
11
153,873
73,052
-
at cost
1937
180,108
Cash
$1,274,253
79,913
171,178
78,387
172,116)
4,961/
sundry taxes..
u
Interest
Consolidated Balance Sheet Dec. 31
1937
$1,536,012
expenses
Sundry expenses
Depreciation
Depletion
69,757
Net income from operationsInterest and bond discount—Net.
Minority interest—P. C.CementCo
$1,256,195
18,058
—
$108,180
64,082
(inclu. deprec., deplet. & taxes)
Loss for period--
$2,132,859
876,664
Total
$157,242
4,432
-
Net income——
No
1935
$437,127
250,723
21,137
Income for the year
Min. int .—Pacific Coast Cement Co.
x
1936
929,638
x$l,515,378
20,634
admin, and corporate
United States t- xes
;
$2,759,999
1,921,425
324,413
1936
$2,445,015
Operating income
Non-operating income
Gen.
$2,904,088
1,971,515
335,468
159,977
Taxes
1937
Total income
Co.—Earnings-
Consolidated Income Account for Calendar Years
Gross earnings
Operating expenses
Depreciation and depletion
Corp. (& Subs.)-—Earnings—
Years Ended Dec. 31—
Operating revenue from sales of tin concentrates
Operating costs
8,257,192
ap-
After
depreciation,
Yukon
Gold
Co.
its
subsidiaires
depletion,
c Additional amount
stated in accounts of Pacific Tin
Gold
Co.
Total
.$7,703,118 $7,531,407
b Of Yukon Gold Co. and its subsidiaries—at cost
and
at
which
Corp. in
and its subsdiairies which
as
were
a
consolidated
stock
of Yukon
group—less
Gold
Co.
is
excess of book values of Yukon
determined to
be
applicable to
such stock at date of acquisition,
d Minority interest in subsdiaries—par
value of stock held by minority stockholders, less deficit allocable thereto,
e Autnorized
and issued—208,433 shares, no par value,
f Unissued but
authorized and reserved for exchange, share for share, against surrender of
special stock, 208,433 shares, no par value—at stated book value of right
of exchange,
g From revaluation of Yukon Gold Co. stock in the accounts
of Pacific Tin Corp.
h After deducting $1,500,718 distributed to Pacific
Tin Corp. stockholders as dividends.—V. 146, p. 2863.
prec. of limerock
deposits
Earned deficitTotal
After
—10.683,824
10,989,838
Total
828,440
1,164,731
1,257,149
...10,683,824
10,989,838
.
„.
828,440
for depletion and depreciation of $3,475,887 in 1937 and
$3,836,996 in 1936. and reserve for revaluation of $6,678,476 in 1937 and
a
reserve
$6,885,359 in 1936.—V. 145,
Pacific
p.
3206.
Telephone & Telegraph Go.—Change in Col¬
lateral—
This company has notified the New York Stock Exchange that it has
withdrawn 15 shares of Whitewater Mutual Water Co. and one share of
Crescenta Mutual Water Co. from the collateral held under the refunding
Park Utah Consolidated Mines
Co.—Earnings—
3 Monhs Ended March 31—
Income—Ore sales
Other income
Profit on sale of bonds
1937
$367,988
12,969
18,982
Total income.
$142,051
157,495
Expense...
Accrued taxes and fire, insurance
Estimated depreciation
Net loss for period
1938
$107,192
15,876
15,000
-
Note—No provision has been made for depletion.
$380,958
237,266
9,059
15,000
$39,502 prf.$128,692
Volume
Financial
146
Comparative Statement of Net Working Capital "v.
_
i"
^
\
Mar. 31 '38 Dec. 31 '37
$268,969
$96,076
3351
Chronicle
? ?—Funds in Bolivia include
deposited in a
1,000,000 bolivianos
special account, to be used for humanitarian purposes in
Bolivia, in con-
„
assets—Cash
Current
,
United States Government bonds
Municipal
84,849
403,656
246,250
69,648
403,656
246,250
Notes and accounts receivable
Federal Land Bank bonds
■*
bonds.
49,825
— _
239,779
•
$1,038,348
500,000.16 bolivianos is represented by sterling drafts on hand
£6,188.2.5, which have been obtained from the Bolivian
specific purpose, and for which reason, no conversion
of those funds has been made in the accounts.—V. 145, p. 3826.
sum
amounting
to
Government for that
Park &
$1,070,610
65,933
™*^ron *4th the special dividend declared therefor in December, 1936.
Uf this
Tilford, Inc.—Earnings—
78,039
Current liabilities.
Consolidated Income Account for Calendar
1Q37
Years
1Q34
1Q35
1Q3R
'
$992,571
$972,415
20,156
for Calendar Years
Net working capital
Decrease in working capital
Consolidated Income Account
1934
1937
1936
1935
$691,721
$131,588
$53,870
978,616
70,954
627,765
70,342
224,472
18,545
126,924
10,207
Operating, admmis. and
general expenses
Depreciation
Res. for losses
_
1937
Notes & accts.
45,399
rec.
Invests, in bonds.
^
889,685
cos
384,519
46,346
State taxes
55,203
•
x
Paid-in surplus..
Patino Mines &
15,395
$6,619,131
1937 and $570,911 in 1936.
y
Par
y
for the Year Ended Dec. 31,
1937
Earnings
Loss
a
1936 inventory exported in 1937---Production 1937-.
Dividends from other companies-
Sterling
25,844
Currency
inventory
82,709
1,155,088
*-.—--
—
30,381
12,975
—
52,016
Sundry profits, incuding interest and exchange—
Inventory of tin concentrates at Dec. 31, 1937:
1,138.180 long tons of fine tin exported, advised
as sold at about £190 per long ton
...
Notes & accts. rec.zl,715,308
2,683,862
1,959,492
38,484,743
1937—
excluding
1,029,225
40,992
depletion and depreciation
Shipping & smelting, incl. provision for unpaid
charges on unliquidated concentrates.
Selling, general and administrative expenses.
Taxes (other than income)
—
17,707,741
194,126
9,810,196
208,203
137,129
1,645
Balance
7,903,572
4,575,759
492,573
315,459
.....
_
308,939
Depletion and depreciation
1,845,559
Additional Bolivian inc. tax paid on 1937 profits..
Cost of examination of other mines and
208,713
Cr2,328
2,206,027
1,126,764
Dr51,138
185,962
loss3,671
3,281,653
Balance
Net profit on operation of railway
...
Net profit from operations
Prov. for inc. taxes for year
:.
ended Dec. 31, 1937.
Reserve, 5% of profits
;
2,000,000
68,513
2,000,000
64,428
Parmelee
182,852
40,000
9,142
Profit.-.-
492,011
x Proportion
of dividend of $2 U. S. per share paid December, 1937,
applicable to earned surplus, representing 20.67 cents U. S. per share.
y Balance of dividend of $2 U. S. per snare paid December, 1937, applied
to capital surplus, representing $1.7933 U. S. per share.
operations represent a joint
expenditure in Bolivian currency and sterling.
Since these costs cannot
be traced accurately through the stores records, which are carried in sterling,
for the preparation of the above statement the expenditure of Bolivian
currency during the period for materials has been prorated to operations
on the basis of the sterling value of materials issued.
The profits of subsidiary companies are not taken up until declared as
Note—All materials used in the company's
Bolivian
and
London
In
New
In
285,577
York...
Bolivia-
Drafts
...—
Acc'ts pay.
(trade)
c
Cash & dem'd dep.:
Accrued
Notes rec. (trade).
Acc'ts receivable.
3.627,856
3.948
7,979,982
1,063,001
Inventories
_
...
~~2,034
61,707
182,642
189,934
I Retentions
Treasury
y
.
by 6,285 shares
z
Includes trade
-Earnings-
$485,401
197,572
$325,205
128,318
loss$12,961
282,483
$627,052
176,322
28,558
$682,973
180,295
32,605
$453,523
182,761
19,326
$269,522
183,300
4,335
1,090
22,798
-
debentures
Federal taxes
Loss
on
disposition
capital assets.
$439,112
187,940
,
of
61,024
resale of treasury
bonds
7,625
—
9,805
155,052
"¥,482
$248,599
$342,170
$0.34
$0.47
Loss
on unoccupied prop.
Other int. & misc. chgs.
16,636
83,310
96,622
Earnings per share
capital stock
19,654
318,365
8,642
Minority interests—Cr..
$151,488 loss$308,514
on
Note—No provision has been made in 1936
distributed profits, since payment of dividends
Nil
$0.21
and 1937 for surtax on un¬
is prohibited by contract.
Consolidated Balance Sheet Dec. 31
9,476
136,506
Marketable sees.,
a
Accts. rec., &c._
48,719
Mat'ls & supplies.
1,671
Dep. in closed bks.
2,744,537
Investments
Equity in dep.
der
1937
1 936
$51,111
75,000
85.635
77,706
45,645
169,443
$107,500
12,500
142,186
61,347
44,940
125,656
& cap. stk. taxes
$488,481
Cash..
21,936
Sundry accrd.exps.
38,359
20,283
30,336
Liabilities—
1936
1937
Assets—
Notes pay. (see'd)
Notes pay. (see'd)
Note pay. (unsec.)
Note pay. (unsec.)
Trade accts. pay..
Trade accts. pay..
40,934 Accrued payrolls..
Accrued payrolls..
1,706 Accrd.int.on debs.
Accrd.int.on debs.
2,625,352 Local & State taxes
Local & State taxes
$572,227
4,652
112,397
Fed.
un¬
insur. agree¬
ments.
.
417,954
...
19,106
13,385
2,782,100
207,012
b Fixed assets
_
2,084,206
2,084,206
Intangible assets..
207.201
unemploym't
Res. for Federal In¬
3,891,230
Deposits on leases.
Deferred charges.
329,763
taxes.....
28,616
Other curr. liabiL.
7,091
41,411
5,643
Equipment notes &
accrued int
d 1,301,255
2,373,152
come
(not
80,278
Real est. mtges...
205,400
6% s. f. conv. debs 3,043,000
current).
342,866
for
Reserve
83,406
^.....
132,455
18,945
110,022
4,682,328
5,572,519
6,945,553
Earned deficit
110,526
211,800
4,682,328
surplus... 5,572,519
men's comp., <fcc
Common stock..
Paid-in
215,111
3,043,000
work¬
Res. for conting..
c
43,343
Chgs. on unliq.
Dr38,775
$9,764,860 $8,583,841
6,696,953
28,871
Prov. for unpaid
days sight & cur.
1,250,448
Z>r58,400
stock.
Total
1,244,170
and
guarantees..
218,722
3,512,213
1,394,809
Capital surplus
Earned surplus
1934
384,021
970,000
347,001
249,968
4,256,849
$50)
Common stock..
x
liabilities:
for taxes.
Prov.
90
Drafts
pay.
at
acc'ts in collec'n
Current
Loans
33,557
concentrates
14,760
202
Investments....
Property,
......
5,784
Oth, accr. chges.
74,381
12,589
1,826,768
..
2,702,555
Simon I. Patino,
6,525,289
2,290,622
Curr.
Oruro
plant
equipraent.
Uneia
Ry„
.
.
942,763
1,691
Dlv.
816,924
194,482
87,243
of
—
Unpaid divs
net
worth of invest
...
acc'ts
employees
Machacamarca—
Deferred charges-
56,517
_
N. Y. office..
Curr. acc'ts pay.:
6,600,000
payable
......
882,560
634,995
contingencies
b
146,
493.646
Capital stock—
Earned
surplus
132,757
124,155
......
2,760,632
...
2,997,356
26,199,694
Total....31,698,774 7,181,320
b Authorized, 2,500,000
shares; issued, 1,380,316 shares of a par value of U. S. $10 each aggregating
$13.803,160—converted at U. S. $5 per £1,
c Outstanding and in transit
against concentrates at mills, in transit and at smelter.
Total—.
a
------
.31,698,774
depreciation,
3260.
Pennsylvania-Central Airlines Corp.—Earnings—
3 Months Ended March 31—
1 £38
}Jg7
Net loss after deprec., taxes. &c
$50,577
$106,541
,
—V.
146, p. 2864.
Pennsylvania Glass Sand Corp.
7,181,320'
After reserve for depletion and
p.
119,658
for taxes and
Capital surplus
Penick & Ford, Ltd., Inc.—Larger Dividend—
directors have declared a dividend of 75 cents per share on the
stock, no par value, payable June 15 to holders of record June 1.
A dividend of 50 cents was paid on March 15, last; dividends of 25 cents
were
paid on Dec. 15, Sept. 15, and on June 15, 1937, and previously
regular quarterly dividends of 75 cents per share were distributed.
In
addition, an extra dividend of 75 cents was paid on Dec. 24, 1936.—V.
common
5% of prof, since
Res.
Total.....
$9,883,053
The
40.304
Statutory reserves:
Bal. Dec. 31 '28
Dec. 31'28...
$8,939,771 $9,883,053
a After reserve for doubtful accounts of $2,579 in 1937 and $2,717 in 1936.
b After reserve for depreciation of $2,468,761 in 1937 and $2,753,437 in 1936.
c Represented by 721,905 no-par shares,
d Payable to Checker Cab Mfg.
Corp. (secured by taxicabs), of which $1,085,892 current and $215,362
due subsequent to Dec. 31, 1938.—V. 146. p. 2704.
$8,939,771
Total
Drafts drawn on
guaranteed
by mortgages._.
and
69,408
of
acc'ts
workmen & empl
a
__
Payrolls payable
3,821,137
77,532
80,406
Reserve for taxes.
$9,182,345
7,910,949
1,284,357
Sterling
2,323,640
598*932
79,603
Accrued charges..
$8,744,249
7,369,785
1,049,258
Pounds
Currency
Liabilities—
141,956
Drafts payable
Notes payable
Bolivian
Sterling
Notes payable
Trade accepts, pay
$8,963,076
7,356,749
1,120,925
1937
Pounds
Currency
Assets—
,,
1936
$1,001,200
1,789,459
2,107,720
$9,981,723
8,298,441
dividends.
Balance Sheet Dec. 31,
'
1937
1935
————
Profit
1935
1936
Other income
133,710
56,717
— ._
Special dividend of $1.7933 per share in cash paia
December, 1937.y
-----
'-
1
1937
Operating revenue
Expenses
Deprec. & amortization.
on
-
$982,306
Transportation Co. (& Subs.)
Calendar Years—
Net profit
2,147,571
Results of operations carried to surplusDividend paid in cash.x
1
trade¬
Cr561
970,000
164,082
...
i;
1936
Accounts payable.
$9,764,860 $8,583,841
on
L'+t'mm
$42,187
$20,779
undistributed profits.
x Represented
by shares of $1 par,
y Represented
$1 par at cost in 1937 and 5,500 shares at cost in 1936.
acceptances.—V, 146, p. 2055.
Int.
^
i-'—
210,189
$1.01
210,189
$1.07
213,222
$2.26
843,821
833,310
1
& equlpm't
Total
Loss
proceeds
therefrom
Sundry transfers and adjustments
'''
■
6% pref. stk. (par
marks...
259,799
Total cost of 1936 concentrates rexported
concentrates,
36,111
buildings
1,140,344
'
1937
4,005
.....
Real estate, land &
Dr819,148
41,220,621
of
107,042
3,425,249
17,522
Other assets.
53,710
of sterling proceeds sold to Bolivian
Government, and Bolivian currency received in
cost
1,705,572
83,730
Inventories..
Deferred charges..
Proportion
Production
,
106,505
Liabilities—
$384,095
3,851,471
17,957
Adv. for mdse
216,624
$210,525
$225,251
$482,986
1936
1937
&
56,581
5,825
—
382,158
2,735,878
exchange therefore.
.
$3.59
$1,190,567
Investments
'
m
Consolidated Balance Sheet Dec. 31
„
~
«•:
"
$877,835
1,308
c383,520
243,683
.....
35,046
23,571
**
c Paid in cash,
d Includes
building not used for business disposed of during 1936.
on
Assets—
Mach.
-
Deductions—
163,936
10,158
8,548
sale of Park & Tilford, Inc., stock,
on
Cash
Goodwill
2,100.128 long tons of fine tin in transit at £185
and £180 per long ton
674.154 long tons of fine tin unexported, at cost
\
•
;
share
per
12,931
13,147
10,511
27,546
100,589
89,344
3 Mos. End. Mar. 31—
1938
1937
Net profit after charges.
x$129,720
x$165,304
x No
provision was made for Federal surtax as on
(Del*)
Pounds
Bolivian
v
Income from Operations—
on definite acc't sales of pre v. year's
Sales as per definite account sales of:
Prof,
10,511
25,819
equip.
Preferred dividends
4,472,712
Enterprises Consolidated (Inc.)
Income Statement
se-
Common dividends. —v,
Shs. com. stk. outst'g
14,595
4,433,546
.
$567,198
62,225
158,940
21,624
$487,407
60,151
159,461
$942,808
61,003
•*
1,996
37,526
Total......... $6,605,081
$6,619,131
After depreciation of $641,366 in
dl70,826
$2 ,091,501
$52,621 loss
Total.........$6,605,081
$1, 175,184
52,276
26,100
Federal income taxes
26,277
—
Unclaimed divs
value $1.—V. 145, p. 3355.
.
Excess profits tax
Other deductions.
Accrued Federal &
382,919
Deferred charges..
Invest.in other
$456,506
110,692
73,559
cancell. of lease.
re.
through sale of
curities
;
1936
1937
Capital stock—$2,091,501
Minority stock
1,996
Accounts payable.
37,167
y
49,824
51,355
869,954
3 9,450
„
$450,447
36,960
22,968
192,772
Prov. for Fed. surtax
Liabilities—
1936
Prop, and equip_$5,103,607 $5,162,990
Cash
46,885
96,076
x
$846,282
26,052
Nil
Nil
Nil
$956,360
_
leasehold oper_
Depreciation
Fixs., mach., &
expenditures.
Consolidated Balance Sheet Dec. 31
Ore in transit
(net)
Loss
pref$269,059
313,725
Earns, per sh. on 2,091,501 shs. capital stock
$0.13
(par $1)
$9,546,030
9,089,524
----------
income
on
Loss
$83,262
$119,429
$6,386
Net loss
Dividends
$8,547,183
8,096,736
Total income
Interest.
Loss
Non-oper. items (net)..
Assets—
$11,679,488 $10,720,757
10,723,128
9,874,475
Other nonrecurring inc..
8,000
ful notes & accounts
Balance..
Other
doubt¬
on
_U.
Costs and expenses
$1,318,628
Total income
Sales
3 Months
x
Net
x
Ended March 31
$70,913
profit
After
d\7V0ed
$175,264
and Federal income taxes, but
undistributed profits.—V. 146, p. 2382.
depreciation, depletion, interest
before surtax on
Earnings—
i?n8Qio
3352
Financial
Chronicle
Pennsylvania Coal & Coke Corp. (& Subs.)—Earnings
Consolidated Income Account for Calendar Years
«
12 Months Ended March 31—
\ 3,976,977
a.Cost and expenses
j
$3,643,295
$3,632,711
266,398
3,527,418
$3,220,251
b2,988,470
$333,682
122,943
$161,106
87,891
$21,620
79,127
loss$73,215
93,994
$57,507
79,081
Maintenance..;
......
413,085
128,137
469,355
Other taxes
Operating income
Net colliery loss
Miscell. colliery earnings
$2,230,021
36,989
Net loss
$288,971
C7rl9,561
$167,209
020,564
$21,574
022,360
$146,645
118,457
prof$786
76,223
$56,783
74,021
$2,267,010
1,265,250
13,662
85,781
Cr4,492
loss$198,442
$2,467,749
1,265,250
10,680
85,781
Cr 1,331
$906,808
Interest
on
1st mortgage bonds
Interest
on
unfunded debt-...—...
Amortiz. of debt discount and expense
Interest charged to construction
$75,232
018,449
$269,409
70,966
$2,378,295
89,454
$1,107,369
Other income (net)
Gross income
loss$28,188
ileal estate earnings
$5,546,006
1,623,684
512,660
453,934
119,409
458,024
Provision for retirements
$9,947
85,179
253,401
———————
1937
$5,705,063
1,910,937
553,528
Federal income taxes
$59,238
69,184
Total colliery profit—loss$210.739
Deprec. & deplet., &c—
78,232
Operating expenses
$2,906,152
195,524
2,769,866
.
Balance of income
Total oper. loss
Miscell. income (net)—
Total profit
$77,007
$17,238
a Includes
prepaid royalties,
b The lessor of a major portion of the
properties which the company operates has consented to a reduction of
$44,222 in the minimum royalty required under the lease for 1935. Costs
and expenses also includes prepaid royalty amounting to $112,935.
Assets—
a
Prop,
1937
Cash.
.......
Notes & accts. rec.
Accts.
1936
account..$2 011,525 $2,032,009
187,042
171,369
702,895
589,922
29,471
3,262
185,179
Securities...
71,830
Notes payable
Accounts payable.
Accrued
wages
&
taxes..
Sund.
276,480
counts
35,000
lia¬
37,288
Res. for ins. funds.
lease
285,419
126*369
276,480
1 074,958
Surplus..........
62,549
12,181
9,823
109,182
14,667
Sundry other assets
.
755
73
1
334,964
$242,588
_
379,810
$254,702
Note—The above income accounts include surtaxes on undistributed
profits as computed and recorded at the close of the calendar years 1936 and
1937,
For the year 1938 to date no accruals for such surtaxes have been
made.—V.
145, p. 3018.
Peoples Water & Gas Co.—Earnings—
1,100,103
12 Months Ended March 31—
1938
1937
$1,058,011
790,340
.
expenses & taxa3.
$987,237
730,808
176,956
9,273
$267,671
3,762
Other income.
10,170
security
on funded debt
Miscellaneous interest—net.
75,085
co—
.
$271,433
155,889
12,250
Interest
Funds deposited as
Adv. to affil.
$635,341
59
52,200
Deferred charges..
Investments
funds-
$578,901
1,289
Water Corp.
Operating
houses
1937
$1,239,610
546,947
57,322
9
176,9.56
285,419
Inventory—supply
Insurance
1938
Minority interest
7,638
>
....
109,182
Surplus of sub
un¬
$1,247,952
600,185
68,866
maintenance and taxes
101,592
ac¬
Inventories...
expenses,
Net income
123,626
35,000
reserve
curr.
Operating
648,880 $1,648,880
250,000
50,000
178,328
211,679
bilities
subs by virtue of
1936
122,716
—
Contingent
Int. in net assets of
Restricted bank
1937
on
Pennsylvania State Water Corp. (& Subs.)—Earns.—
12 Months Enfed March 31—
Gross earnings
Interest and other deductions of subsidiaries.
Liabilities—
b Capital stock...$1
35,845
5,467
allied
rec,
companies
Sundry assets....
Note—No provision is made in this statement for Federal surtax
distributed profits, if any, for the year 1938.—V. 146, p. 1563.
Reserved for retirements
Consolidated llalance Sheet Dec. 31
1938
21,
1938
Total operating revenues
(Including interest in net assets of companies allied by virtue of Clear¬
field Bituminous Coal Corp. lease.)
1937
1936
1935
1934
Mined tonnage sold (net)
1,746,273
1,806,859
1,573,071
1,526,160
Net sales
Sell. & shipping exp
May
Pennsylvania Edison Co. (& Subs.)—Earnings-
$256,429
6,829
$263,258
156,160
8,282
9,092
Net income
Total
a
.$3,732,832
After
reserves
$3,631,6631
for
depreciation
shares of $10 par.—V. 146, p. 2865.
Total
and
depletion.
b Represented
by
$103,293
$98,816
(1) Cumulative dividends on preferred stock to March 31, 1938,
declared and not reflected in the above balance sheet are $24,500 or
Notes:
$3,732,832 $3,631,663
not
$3.50 per share of which $3,500 represents accumulated dividends to
Sept.
(2) The operating results for the year ended March 31, 1938 are
comparable with those for the year ended March 31, 1937, as the com¬
pany sold its water property at Vancouver, Wash., as of June 1, 1937.
30,1937.
not
Pennsylvania Gas & Electric Co. (& Subs.)—Earnings
12 Months Ended March 31-—
Total gross earnings
Operating
1938
General taxes
Balance Sheet March 31
1937
$1,116,478
729,498
57,668
-
expenses
Federal & State income taxes
8,143
Net earnings
Int. & other charges of sub.
$321,168
$1,125,233
707,349
47,041
8,159
Assets—
1938
1937
Plant,prop.,rights,
Liabilities—
1st mtge.
franchises, &c_.$4,246,701
Special deposit.
160.561
55,163,606
Bay
Water
Co. 1st mtge. 6s
(Includ. divs.
13,119
855
165,442
177,541
5,897
Mat'ls & supplies.
Deferred chgs. and
83,297
5,898
109,360
prepaid accounts
29,655
36,888
receivable
-—_
$69,559
stock
105,000
Due to affil.
16,374
20,242
Deps. <£accr. int..
163,935
140,619
148,608
161,521
cos
1,104
648*739
700,134
350,000
691,500
42,500
460,000
237,035
37,100
Earned surplus
56,182
160,451
$4,835,609
$5,635,345
cum.
deduction for full
expenses
1887.
1938—12 Mos.—1937
$5,374,681
3,806,949
233,216
109,745
$5,258,113
3,365,438
201,051
285,437
$1,224,771
$1,406,187
933,320
50,783
86,649
$416,553
153,098
167,163
625,917
683.909
63,325
72,990
270,940
302,232
$101,930
$176,399
$327,913
$420,046
52,500
52,500
210,000
Total
a
$4,835,609 $5,635,3451
After
in 1937.
$123,899
$117,913
$210,046
of
r
Int.
& other charges of
Penn. Gas & El. Corp.
Net income
Divs. accrued on
pref.
stock of P. G. & E.
Corp
Balance
Provision has been made for Federal
surtax on
undistributed
8rofits for the period Jan. 1, 1938 to March 31, 146, p. 2545.
any, cannot be determined at this time.—V. 1938 as the amount thereof,
Philadelphia & Reading Coal & Iron Corp. (& Subs.)
income
Cost and expenses, incl.
deprec. and depletion.
1938
Period End. Mar. 31—
revenues
Oper. exps., incl. taxes..
Amortiz. of limited-term
investments
res.
approp.
Net oper. revenues...
Rent for lease of plant..
Operating income.
&
Light Co.
1,466
218,333
$1,125,728
$1,125,728
7,465
Other income (net)
Gross income
mtge. bonds.
$1,133,193
453,750
debentures.
Other int. & deductions.
50,000
15,872
on
_
Int. chgd. to construct'n
Cr 1,575
Earnings—
1935
38,850,011
Interest.
Other charges
Net loss
40,629,825
38,597,499
$1,536,177
144,254
$1,146,040
250,544
$263,980
314,534
$1,391,923
y3,007,701
811.692
$895,496 prof$50,554
3,122,357
3,170,130
841,713
731,937
$7,301,775
Total loss
40,732,245
,313,474
254,998
$3,058,476
y2,973,274
1,270,025
Loss from operations.
Other income
$5,211,316
$4,859,566 x$3,851,513
i
x Of this
net loss, $710,097 was assignable to the iron
manufacturing
activities of the corporation,
y Includes interest accrued but not paid of
$2,971,074 for 12 months ended March 31, 1938, and $1,326,328 for 12
months ended March 31, 1937.—V.
145, p. 3207.
Philadelphia Suburban Water
Co.—Earnings—
Earnings for the 12 Months Ended Feb. 28, 1938
Gross
revenues.
Operation (including maintenance)
•
Taxes (not including Federal income
tax)
—
Net earnings
$2,506,552
686,878
131,889
$1,687,785
676,450
-
..
25,023
121,698
Federal income tax
1938—12 Mos.—1937
$3,190,264 $38,443,783 $37,582,302
1,766,091
21,774,852
21,340,260
Retirement expenses
233,754
-
Balance available for dividends
$630,859
-V. 146, p. 118.
1,466
210,000
2,645,000
2,2~15,66d
$1,214,173 $14,022,465 $14,027,042
1.917
21,059
$1,212,256 $14,022,465 $14,005,983
20,074
185,465
254,706
$1,232,330 $14,207,930 $14,260,689
453,750
5,445,000
5,446,563
50,000
600,000
600,000
18,895
216,146
212,663
Cr1,099
Crl9,721
Orl4,299
Net income
$615,146
$710,784
Dividends applicable to preferred stocks for the
period, whether paid or unpaid..
Balance...
Note—No provision has been made for Federal
profits.—V. 146, p. 3200.
1936
Amortization and other deductions.
a>l9?£rMonth—1937
$3,188,216
1,842,689
1937
$35,536,537 $39,196,068 $39,483,785 $38,333,519
Interest charges
Pennsylvania Power
Total
reserve for uncollectible accounts of
$22,435 in 1938 and $19,592
b Represented by 42,500 no par shares.—V.
146, p. 1563.
12 Mos. End. Mar. 31—
Net
s3«1g8
3di(jL
other
210,000
$49,430
Net earnings
& other charges
sub. companies
Int.
959,870
59,826
44,201
$318,353
General taxes
Fed. & State inc. taxes..
on
50,067
pref. stock
b Common stock..
$35,441
Pennsylvania Gas & Electric Corp. (& Subs.)—Earns.
Interest
95,000
152,117
Reserves.
105,000
$37,603
_•
*
Period End. March 311938—3 Mos.—1937
Total gross earnings
$1,382,251
$1,487,306
Interest
90,000
3 A 724
$6
operating
Prop. retire,
Corp
Notes payable
Accounts payable.
Accrued Items
of Pennsylvania
if any, cannot be determined at this
time.—V. 146, p.
Operating
299,500
note
pay.
to
Fed. Water Ser.
Capital surplus
pref.
preferred stock dividend requirements at
the rate of 7% per annum.
Dividends were paid in full to Jan. 1, 1936.
8ince that time, the preferred dividends have been
paid in part and there
is now an accumulation of accrued
dividends, in arrears, of 6M% or $6.75
per share.
Note—No provision has been made for Federal surtax
on undistributed
profits for the period Jan. 1, 1938 to March 31, 1938 as the amount
thereof,
Operating
298.500
6%
Accts. and notes
18,211
$67,397
—
Deferred liabilities
on
Gas & Electric Co.
Reflects
$349,611
260,775
1,065
13,106
-
accrued
Balance, deficit
a
13,072
$308,049
226,690
Net income
Divs.
142,052
a
on
Balance
Interest on funded debt
Interest on unfunded debt
Amortization of bond discount and expense
a
144,054
Acer, unbilled rev.
cos.
pref. stocks heid by public)
i
working funds
1937
$2,758,000 52,758,000
Coos
Cash in banks and
$362,683.
1938
5% gold
bonds
Phillips-Jones Corp. (& Subs.)Calendar Years—
Net sales
Cost of sales, exp., &c_.
Depreciation
3,846,543
$4,119,959
surtax
on
$4,169,219
1934
$7,220,268
7,017,990
7,068,782
Shares
of
common
Earns,
86,416
78,612
$116,266
11,087
$123,666
4,595
$120,017
21,708
$127,353
23,046
$128,261
24,117
$98,309
82,145
$104,307
82,145
$104,144
82,355
def$10,051
Net income
76,697
$99,171
20,846
$71,866
81,917
Total income.
Interest
$16,164
$22,162
$21,789
85,000
85,000
85.000
85.000
$0.19
$0.26
$0.26
out¬
standing (no par)
undistributed
1935
$7,271,464
$96,994
25,128
Other income
$8,015,762
3,846,546
Earnings-—
1936
$7,564,708
x7,388,840
$75,234
21,760
Operating income
Preferred dividends
$7,966,505
1937
$8,610,166
8,455,922
79,009
per share on com.
Nil
After deducting credit of $98,896 represent
States Government for refund of
processing tax.
x
Volume
Financial Chronicle
146
Trade name, good¬
1
Cash
199,952
Accts. receivable.. 1,013,032
will, &c_......
Claim against U.S.
Government
7% pref.stock
Dividends payable
95,241
-
Rents rec., &c
Investments
25,000
10,000
2,142,578
1,841,298
622,225
Surplus...
638,781
182,473
and
notes
accts. receivable
Deterred charges
.
120,001
.
After deducting depreciation
& int.
on
Total income
129,930,403
Sell. & admin, expenses. 41,477,655
25,182,029
Interest & allowance... 11,826,969
Depreciation
16,014,729
Exc. charges for trials &
Net
Corp.—Annual Report—
'
^
-
1937
26,088,461
1937
Lire
Liabilities—
lire
equipment.
.233,290,389
109,728,388
59,519,716
92,298,670
3,058,807
.
Inventories
1,456,338
Cash
Securities
&
Acc'ts rec'ble
in
reserve.
Premium
Contingent
437,265,185 361,622,669
19,553,142
6,384,824
Res.
139,963,624
25,353,967
Debtors for guar
5,000,000
Interest earned
Depr. & renew'1
plant acct. 148,643,209
on
Prov.
1934
1935
$17,836
7,164
plant
re¬
32,808,678
$24,999
xl,133,084
$3,260
Dr56
51,923,569
discharge fund 56,509,634
$4,395
2,390
$3,316
$154,478
5,000,000
23,000,000
Empl. pension &
1936
Other income
41,477,439
credits^
on
Calendar Years
'O
1937
41,477,439
30,000,000
losses
for
valuation acct
Income Account for
19,553,142
lia¬
bility reserve.
Res. for taxes..
109.238,405
7,550,983
....._
reserve
shares
on
secur¬
ities....
stocked
Special
in¬
vestments....247,813,945 213,177,239
Notes receivable
9,683,380
6,493,555
Taken
Lire
200,000,000 200,000,000
14,967,208
Statutory res— 23,000,000
Extraord. res
80,000,000
130,732,336
Capital stock
machinery and
One of the principal assets
1936
Lire
1936
.
Land, buildings,
-
29,200,199
32,815,295
35,429,022
Baiance Sheet Dec. 31
2705.
of the company is 1,103,419.5 shares of stock
of Pierce Petroleum Corp. (approximately 44% of the entire stock of that
corporation).
On March 9, 1937, company received from and out of capital surplus
of Pierce Petroleum Corp. and in partial liquidation of that company, a
distribution of 220,683.9 shares of Consolidated Oil Corp. common stock
by virtue of company's ownership of 1,103,419.5 shares of stock of Pierce
Petroleum
Corp.
Simultaneously company borrowed from the bank
$1,000,000 on its negotiable promissory note, and paid off with interest its
collateral note in tne reduced principal amount of $1,000,000 held by
Pierce Petroleum Corp.
O. Dec. 31, 1937, the bank loan of $1,000,000 had been reduced to
$877,500, and was then collaterally secured by the pledge of 200,000 shares
of Consolidated Oil Corp. common stock.
79,471,135
30,008,040
8.545,061
7,987,057
6,842,516
12,000,000
income.
Assets—
Pierce Oil
64,427,172
12,019,275
3,024,688
97,209,864
32,691,362
14,985,515
10,069,014
10,263,774
123,098,118
36,379,561
18,220.587
12,392,524
11,290,151
Taxes
,
84,004,571
9,456,176
3,749,117
16,518,213
Sundry income
1934
1935
1936
103,456,464
15,549,685
4,544,940
4,091,969
securities-
of $1,100,017 in 1937 and $1,080,274 in
b Represented by 85,000 shares of no par value.—V. 146, p.
1936.
Div
..$5,962,644 $6,015,178
Total
Pirelli)—Earnings
[All Figures in Italian Lire] ""
Calendar Years—
1937
Gross profits on sales...108,867,251
reseraches
Total.........$5,962,644 $6,015,178
a
20,536
1,295,883
20,309
1,291,316
pref. stock..
on
20,316
Inventories..
1936
1937
,
$1,160,500 $1,173,500
b Common stock. 2,000,000
2,000,000
1
Notes payable
765,555
750,000
213,233 Accounts payable.
638,076
707,059
56,312
46,678
1,347,289 Royalties pay., Ac.
Accrued taxes....
30,574
21,522
$1,724,295 $1,782,104
Fixed assets
Sundry
Liabilities—
1936
1937
Assets—
a
3353
Pirelli Co. of Italy (Societa Italiana
Consolidated Balance Sheet Dec. 31
16,736,720
15,412,800
payable..301,246,535 240,981,417
Debentures
Acc'ts
Credit for taken-
Total
$154,478
Expenses
x68.065
—.
-
$6,786
106,178
in
securities..109,238,405
Credit for guar.
139,963,624
25,353,967
33,377,709
6,384,824
Surplus........ 36,456,321
$1,108,085
9,514,256
prof$3,260
9,517,516
$99,392
9.418,123
Deficit, Dec. 31- -----$10,535,929 $10,622,341
$9,514,256
$9,517,516
Net
l">ss
Deficit, Jan. 1
x
on
yprof$86,412
10,622,341
-
——
Expenses and other charges,
y
$17,700.
The directors have declared a dividend of 50 cents per share on
of accumulations on the $3.50 cum. pref. stock, no par value,
»
44,493
a Investments...b34,917,817
34,917,817
Deficit
10,535,929 10,622,341
44,493
Total
pa
Preferred
$
$
stock...15,000,000 1 5,000,000
29,622,831 29,622,831
Collat. note, Pierce
Petroleum Corp
cl,000,000
d Bank loan
877,500
Common stock
45,500,331 45,622,831
Total
1,103,419.5 shares of no-par capital stock of Pierce Petroleum Corp.
no-par-value common stock of
Consolidated Oil Corp., received from and out of capital surplus of Pierce
Petroleum Corp. in partial liquidation of that company, quoted marked
value approximately $1,950,000.
c Paid off March 9, 1937.
d Secured
by 200,000 shares of Consolidated Oil Corp. common stock pledged as
collateral.—V. 146, p. 2545.
b Also
includes
220,683.9
Pierce Petroleum
shares
of the
an
addition to capital surplus of $18,509,519.
March 9, 1937 company distributed 500,000
shares of Consolidated
Oil Corp. common stock held by it, from and out of capital surplus and in
partial liquidation in the proportion of one-fifth of a share of Consolidated
Oil Corp. common stock to each one share of Pierce Petroleum Corp.
By this distribution the book capital surplus was reduced by 115,009,172 to a
book capital surplus of $3,500,347.
In the year 1937, also, 12,334 shares of Consolidated Oil Corp. common
stock were sold, at an average price of approximately $16.43 per share,
On
book loss of $167,648.
At the close of 1937, company owned 125,000 shares of common stock
of Consolidated Oil Corpl and was suubstantially dependent for income upo
dividends received on its holdings of this stock.
On Feb. 15, 1937 (just prior to the distribution above-mentioned), com¬
pany received a dividend of $0.20 per share on 637,334 shares of Consolidated
Oil Corp. common stock in amount of $127,466; on May 15, 1937, a dividend
of $0.20 per share on the remaining 125,000
shares in amount of $25,000;
on Aug. 16, 1937, a dividend of $0.30 per share in amount of $37,500; and
on Nov.
15, 1937, a dividend of $0.20 per share in amount of $25,009—a
total of $214,967 in dividends during 1937.
In 1937 company also received other income from interest on collateral
note due from Pierce Oil Corp. in amount of $4,653, and from refund of
excess payments made in bahelf of Pierce Oil Corp. during 1936 of $2,951—
or a total income during 1937 of $222,571, including dividends.
At the present time, insofar as directors are aware, there are only two
matters of importance still undetermined:
viz. (a) the liability of Pierce
Petroleum Corp. under the agreement between the two companies dated
May 6, 1924 to pay to Pierce Oil Corp. the expenses to enable it to maintain
its corporate existence so long as it is in existence; (b) the liability of Pierce
Petroleum Corp. for alleged deficiencies in United States income taxes for
the years 1927-1930, incl., and interest and penalties thereon.
The latter matter is now the subject of negotiation between counsel for
corporation and the U. S. Bureau of Internal Revenue.
resulting in
a net
Earnings for Calendar Years
1936
1937
a
Total
$222,570
390,713
income
Exp. & other chges. paid
Net loss..
_
dl,272,964
Includes dividends
on
1934
$280,964
53,306
$679,758prof$ 124,355prof$227,657
411,029
286,673
59,015
def268,729
$411,029
Surplus, Dec. 31.....def$436,872 def$268,729
a
■■
1935
$171,677
47,322
$593,206
$168,143
_
Balance, surp. Jan. 1
to
The
directors
have
declared
stock,
like amount
Inv.
in shs. of
144,839
no
y
par
val.com. stk.
b
Consol,
$286,673
note
?
436,872
19,134,519
Pittsburgh United Corp.—Distribution—
Trust Co., trustee, has sent a letter to preferred
the end of 10 days the de¬
Pennsylvania Supreme Court will become effective and a new
decree will then be framed and distribution made, unless within the 10-day
Peoples-Pittsburgh
stockholders of the corporation, advising that at
cision of the
period a petition of any party
other legal steps taken.
Total
1,000,000
125,000
3,688,476
19,865,790
Total....
,
3,688,476
19.865,790
x
4fter expenses,
$175,000
$206,000
$220,000
99,000
Net profit
x
April, 1936 March. 1936
$172,000
Gross
96,000
136,000
150,000
but before deprec., depl. and taxes,—V. 146, p. 1724.
1934
$65,390
5,278
39,776
20,200
16,750
prof$l,267
$89,257
$63,879
$87,419
$89,257
$63,879
$87,419
Taxes
Net loss..
Loss
on
sales
of
S.
U.
Steel Corp. com.
------
80,347
stock
$79,080
Net loss
Balance Sheet Dec. 31
x
(at cost)--16,483,311
16,856,511
Bankioaus
987,147
1,265,000
State taxes
973
71,047
U. S. Steel Corp.
com.
$
5
LiabUities-
$
1936
1937
1936
1937
Assets—
Cash-.
———
36,900
Accrued
taxes
&
interest thereon.
Accounts payable.
Salaries
payable..
78.306
998
11,298
63,000
7% pref.stock....
5,821,200
5,82~1~266
Common
9,749,075
9,749,075
15,688
stock
155,668
Deficit-
16,554,358 16,857,484
Total
Total
.
.—16,554,358 16,857.484
x Market value Dec. 31, 1937, $53 ($78 in 1936) per share, or $5,618,106
($8,455,356 in 1936).—V. 146, p. 3201.
Pneumatic Scale Corp .—Dividend Halved— v
directors have declared a dividend of 30 cents per share on the
stock, payable June 1 to holders of record May 21. This compares
with 60 cents paid on Nov. 24, last; and 30 cents paid on Sept. 1, and on
Jan. 2. 1937, this latter being the first dividend paid since Sept. 25, 1935
when 30 cents per share was also distributed.—V. 146, p. 925.
The
common
Plymouth Oil Co.—Earnings—
Consolidatea Income Account for Calendar Years
Amort. of loan exp
1935
1934
$5,440,087
$3 ,811,225
$3,945,276
2,535,959
585,062
494,157
2,069,874
428,931
454,289
,712,939
99,885
13,110
Royalty, oper., admin,
and general expenses.
Depletion
Depreciation
1936
$7,687,053
77,745
13,515
1,741,238
401,876
424,267
71,650
400,060
213,292
423,366
425,930
66,066
2,097
Federal income tax
Net earnings
Earns, applic. to minor.
stk. of Big Lake Oil Co
Earnings applic. to
mouth Oil Co
5,502
48,467
159,372
prof5,746
219,183
97,720
2,052
76,338
29,919
3,239
83,419
2,256
71,386
77,544
20,371
127,706
$3,180,510
Intangible drilling costs.
surrendered
Loss on sale cap. assets.
$1,957,864
$990,608
$1,006,326
245,168
218,182
254,552
336,065
2,935,342
1,739,682
736,056
670,261
270,000
555,000
262,500
475,000
787,500
913,980
1,050,000
$0.64
Ply-
paid to minor, int.
by Big Lake Oil Co.--
Divs.
Columbia, Ltd.—Earns.
April. 1938 April. 1937
Month of—
1935
$38,142
5,536
General expense
shares
Pioneer Gold Mines of British
1936
$43,389
8,968
36,900
39,709
25,250
Interest expense
Leases
approximately $1,100,000.
quoted
market value,
b Resulting from reduction from $19,134,519 to $625,000 in stated value of
common stock, $18,599,519, less distribution, $15,009,171, from and out of
capital surplus and in partial liquidation of 590,000 shares of Consolidated
Oil Corp. stock, in the proportion of one-fifth of a share of said stock to each
one share of the stock of Pierce Petroleum Corp.—V. 145, p. 3207.
a
for Calendar Years
1937
$106,002
Total income
Cost of drilling non-prod.
and abandoned wells.
Pierce
Oil Corp.
interested is filed, asking for a rehearing, or
Income Statement
Interest
268,729
.a3,341,533 18,720,951
Corp.
Coll.
1936
1,000,000
Common stock..
625,000
Capital surplus. 3,500,347
Deficit
Oil
$
Notes payable..
of
share on the
1937
1937
Liabilities—
S
$
per
1, last; $2 paid on Aug. 20, last; $1.50 paid July
Gross earnings
1936
1937
346,942
_
cents
$25, payable July 1 to holders of record June 10.
paid on April 1, last, and compares with $1 paid on Dec.
par
was
and on Oct.
Consolidated Oil Corp. stock of $214,967 in 1937;
Balance Sheet Dec. 31
Assets—
dividend of 25
a
A
24
1 *37; $1 on
April 1,1937; $2 on Dec. 21, 1936; $1.50 paid on Oct. 1, 1936; 50 cents paid
in each of the six preceding quarters, and dividends of 40 cents per share
distributed quarterly prior thereto.
In addition, an extra dividend of $1
per share was paid on April 1, 1936, and on Aug. 15, 1935, and an extra
dividend of 10 cents per share was disbursed on April 2, 1934.—V. 146, p.
common
$513,467 in 1936; $161,459 in 1935; and $271,250 in 1934.
Cash In bank
payable
holders of record May 27.
2383.
Corp.—Annual Report—
On Feb. 15,
1937, company reduced its capital from $19,134,519 to
$625,000 by reducing the amount of capital represented by each of the
2,500,000 shares of stock from $7.6538 per share to $0.25 per share, resulting
in
account
This compares with $1 paid on
Oct. 29, and on Aug. 16, last; 50 cents paid on June 10, 1937; $1 paid on
Nov. 20, 1936 and dividends of 50 cents per share paid on Aug. 18, and
June 12,1936, Oct. 19, 1935, and on Oct. 20, 1934, this latter being the first
disbursement on the preferred stock since the third quarter of 1920, when
a regular quarterly dividend of 87 H
cents per share was paid.—V. 145,
p.3665.
11
Pittsburgh Plate Glass Co.—25-Cent Dividend—
45,622,8311
45,500,331
1936
Liabilities—
38,180
2,092
—
1937
$
$
Assets—
Cash
Treasury stock
June
1936
1937
1,156,463,323 899,88 ,778
Total
1,156,463,323 899,885.778
Pittsburgh Brewing Co.—Accumulated Dividend—
Before any provision for Federal surtax
undistributed profits, estimated at
Balance Sheet Dec. 31
■l
Total
Divs. pa. by Ply.
Stock dividend
Shares
Oil Co.
capital stock
Earnings per share
1,721,295
945,000
1,029.800
$2.85
1,050"666
$1.65
l
,050.666
$0.70
141
74,156
3354
Financial
Chronicle
Consolidated Balance Sheet
Dec. 31,'37 Jan.
Assets—
Dec. 31/37 Jan.
I, '37
Liabilities—
*
$
v
Cash
Accounts payable.
Marketable sec-,.
151,594
Other curr.
Notes & accts. rec.
649,695
.567,672
Long
Crude oil
Gasoline.....-.—
19,169
17,086
1,113
Mat'ls & supplies.
169,202
1,196
177,852
Other curr. assets.
28,376
50,660
I
388,716
233,904
Iiabll._al,3l2,341
term
1,154,236
notes
payable...
1,750,000
1,600.000
157,897
157,897
80,527
77,088
not held by
Plymouth Oil Co 1,000,000
Leases, develop.
<fc equipment—. 8,454,824
y
-
1, '37
$
895,132
1,414,045
151,594
1,000,000
for
Reserve
7,836,464
The Irving Trust
1940 to exhaust the sum of $21,278 at prices not exceeding 105 and accrued
i
1
1
Cap. stk. outs'g..
5,250,000
2,250,000
2,250,000
Donated surplus..
452,502
452,.502
Prudence Bonds
5,250,000
Excess par val..
Earned
in
thereto
458,080
458,080
Loring Oil Co. stk.
743,050
743,050
171,573
163.816
addition
stockholders of
sub.
notes & accts. rec
266,088
4,424,427
company
due
con¬
solidated
Co. stock
437,500
Angelo Nat'l
stock....
Bank
Oil
281,631
5,624,599
Treasury stock-. Dr364,476
Arnt.
Republic Oil Rel'g
Cosden
surplus:
Arnt. due minor,
Loring Oil Co.—
San
312,500
z
COS.
3,500
3,500
Corp.
bonds
Cosden Pet. Corp.
30,383
bonds & stocks.
4,500
4,500
947,132
916,430
Mortgage receiv..
charges.
36,225
Spec, reserve fund
Total...— 15,933,737
Includes long-term
a
14,616.1431
Total
notes payable
.....15,933,737
14,616,143
of $850,000 due within
one
year.
This amount added to the $1,750,000 makes $2,600,000 which was owed to
Guaranty Trust Co. as of Dec. 31, 1937.
Loan was reduced to $1,875,000
of March 1, 1938.
x Of Plymouth Oil Co.'s capital stock over the
par value of the capital
stock of Big Lake Co. and oil and gas leases for which such Plymouth stock
as
was issued,
y After reserves for depletion and depreciation of $10,026,799
in Dec. 31, 1937 and $9,187,947 on Jan. 1, 1937.
z 20,200 shares at cost.
—V.
146, p. 3201.
Potomac Edison Co. (&
Calendar Years—
1936
1935
1934
Operatina Revenues—
Electric lignt and power.
Other
Total oper. revenues..
Non-operating income..
Total earnings..
Operating expenses..
Maintenance..
$5,984,563
124,190
827,649
64,860
36,147
$5,467,981
130,538
803,762
$4,966,245
120,722
788,742
$4,536,190
66,844
66,.564
36,575
35,305
65,934
37,589
$7,037,411
55,452
$6,505,700
50,409
$5,977,578
32,236
$5,514,163
$7,092,863
2,692,150
Gas
$6,556,110
2,553,831
612,436
a767,227
\
757,772
$6,009,814
2,360,558
496,411
631,029
770,530
$5,538,655
2,193,893
460,479
559,370
565,283
,914,636
824,050
6,684
12,114
$1,864,843
824,050
8,645
8,801
$1,751,285
824,050
25,656
9,355
$1,759,630
825,276
187,995
187,995
69,272
65,026
28,738
13,068
29,805
14,157
27,948
13,068
$841,985
204,277
207,612
420,000
$791,390
204,277
207,612
420,000
$781,935
204,277
207,612
354,000
$787,521
187,254
190,311
348,000
& replace
Gross income........
Int.
funded debt..-.
on
Interest
on notes.
Interest—other
Amortiz.
of
.
_
debt
and expense
.
.
....
...
Pref. divs. ofsub..
Net
—
...
income
Divs.
on
Divs.
on
Divs.
on common
7%
cum. pf. stk
6% cum. pf. stk
stock.
Including $41,515 in
a
472,097
a915,210
1,098,770
1937 and
company had been organized under the
and had taken quarters in the Pershing
laws of the State of New York
Square Bldg., 100 East 42d St.,
City.
The reorganization proceedings of Prudence-Bonds Corp. have no con¬
nection with the reorganization proceedings before Judge Moscowitz of
The Prudence Co., Inc., which was the company guaranteeing payment of
plans, and A.M. Behrer, Homer L. Pence and Clinton T. Roe were named
by the court. The voting trustees are also directors of the new company.
The former company of the same name had outstanding 18 different
series of first mortgage collateral bonds of a principal amount of about
$56,400,000 when proceedihgs for its reorganization in 77-B were begun
in June, 1934.
Payments of principal in some of the series during the
reorganization have reduced the present outstanding bonds to approxi¬
mately $53,250,000.
There are over 37,000 individual holdings of these
bonds.
Payment of these outstanding bonds has been assumed by the new
corporation and their maturity extended until 1945, with provision for a
further extension of five years upon the consent of 51% in amount of the
$7,844
in
1936
for
VV-. "..-v.
V/-'
1937
$
of the old company are being asked to send in their
stamping and registration. Only bonds so
entitled to receive payments of interest or principal and voting
trust certificates representing shares of the capital stock of the new company.
The plan of reorganization provides that funds realized from reduction
in mortgages and the sales of properties shall go into a retirement fund.
From time to time the new company will ask for tenders of bonds to this
retirement fund and the lowest tenders will be accepted to the extent that
24,491
21,370
20,305
'
surtax
undis-
on
Holders of bonds
bonds to the new company for
stamped
funds
1937
35,475
37,159
Public Service Co. of Colorado (&
Calendar Years—
Net oper. revenue
value
121,550
Int.
$
Int.
217,800
180,414
Divs.
on
45,505
Divs.
on common
396,485
307,769
Interest accrued
298,446
1,363,364
1,205,255
Notes and acc'ts
156,158
68,648
68,648
Div.on pf.sub.co.
6,534
companies
Inventories
9,320
419,437
175,053
Other asstes
25,054
308,562
207,066
3,059,599
dep
247,802
Other def.liab.,&c
Reserves
20,558
7% cum. pf. stk.
3,000,000
c
6% cum. pf. stk.
4,821,405
3,500,000
3,625,450
3,000,000
3,500,000
3,625,450
Capital surplus...
Surplus approp.
x
...37,748,991
1,040,752
121,550
1,401,714
36,267,036
Total.....
|100 per share,
398
shares
of
37,748,991
120,000 no-par shares,
c
d To cover the acquisition of 817^ shares
6%
pref. stocks held
interest thereon.—V. 144, p. 2842.
in
treasury,
36,267,036
e
1937 and
Par
of 7%
Including
value
and
accrued
Porto Rican-American Tobacco Co.—Asks
Bondholders
T.
C.
a
bondholders deposit their
Breen, President,
member of the board of directors
bonds
under
if
directors that with
ments
beginning with the instalment due May 15, 1938, and
continuing to
Jan. 1, 1942, which is the maturity date of the bonds.
"In this connection the
company gave thought to requesting that bond¬
holders agree at this time to an extension of the
maturity of the bonds but
after
mature consideration the conclusion
was
reached that if business
conditions become normal by 1942—which is not an
unreasonable expec¬
tation—it ought not to be difficult for the company in such
circumstances
to take proper care of the bonds at their
maturity."
Most Bondholders Favorable—
In order to compensate bondholders for the trouble and
expense in trans¬
mitting their bonds to the depositary and for the purpose of
facilitating
an
early acceptance of the plan, the company will pay $5 per bond with respect
$1,000 principal amount of bonds deposited.
This offer is subject
to the following conditions: the
payment will be made with respect to the
first 50% in principal amount of outstanding bonds received
by the de¬
positary it will also extend to bonds placed in transit to it on or before
July 1, 1938, even though 50% of the outstanding bonds may have been
received prior thereto; payment will not be made unless and until bonds
to each
$2,654,414
669,506
1,664,000
2,265,652
669,512
1,664,000
on
on undistributed profits amounts to $875.
y No
undistributed profits made as it is anticipated that
payable for 1937.
leasehold.....
Disc't
on
and
Liabilities—-
87,821,407
276,038
276,038
1,954,045
1,953,991
3,055,002
Special cash deps.
25,639
Cash on deposit in
2,841,813
11,546
(at cost)
fund assets.
escrow
1,682,660
730,568
.....
687,951
20,800,000
debt....47,399,100
47,887,200
4,.500,000
Notes pay. (curr.)
Notes
2,927,384
13,172
payable to
others
43,700
43,700
Prop, purch. oblig
477,211
payable
582,109
505~425
Wages & sals, pay
151,647
133,044
29,309
1,891,133
1,703,315
Curr.
accts.
fiscal
and accts.
affiliated
375,000
Common stock. .20,800,000
Accounts
450,994
2,611,635
with
accts.
375,000
3 995,700
Notes pay. to bks. 4,500,000
204,568
on
exch.ol pref. stk.
a Notes
$
5,872,900
Funded
Invests,
Cash
1936
$
7% 1st pref. stock 5,872,800
6% 1st pref. stock 3,995,700
5% 1st pref. stock
194,943
pi. stock
prem.
1937
1P36
$
with
agent..
.
Accruals
Divs, pay. on pref
cos..
2,454
2,653
Prov. for Fed. tax
Interest accrued.
1,594
1,657
28,072
72,964
564,988
516,512
2,191,150
1,321,791
72,022
Due to Cities Serv.
mat'ls
Pow.
and
supplies (at cost) 1,064,793
886,420
Prepayments64,177
57,359
a
Bals.
in
banks
a
(personnel)
Total..
a
.
.
(not curr.)
21,535
51,760
579,729
486,500
Consumers' & line
Contra accounts.
36,000
67,030
8,601,092
7,746,520
Injury & damages
19,656
Contrib.for extens
reserves......
14,396
...
.
Co
36,622
28,271
curr.)
Deferred charges.
Contra accounts.
Lt.
Res. for replace'ts
255
______
....
Notes & accts.
(not
Accts.
&
extension deps.
closed
Notes & accts. rec.
says:
in 1937, it is the belief
the cooperation of bondholders
it will
be possible to continue the payment of interest on
the outstanding bonds
provided bondholders will agree to a waiver of the
sinking fund require¬
and
$3,182,325
669,501
1,924,000
properties.._ .-88,291,962
Grand Val. Hydro
rec.
the plan.
"Notwithstanding the deficit of $351,051 incurred
of officers
$3,297,821
669,521
2,288,000
Pub. util & other
Mdse.,
The company has sent a letter to holders of the
$3,445,000 outstanding
6% convertible bonds due in 1942 asking them to consent to waiver
sinking
fund requirements which now amount to
$585,000 annually. A representa¬
tive of City Bank Farmers Trust
Co., which is trustee for the bonds under
th!Lt,-ust Jnde"tu,r?' wi!1 become
will be
receivable...-.
Agree to Waiver of Sinking Fund—
sufficient
226,202
828,000
Consolidated Balance Sheet Dec. 31
Curr.
to
828,000
.
Assets—
1,040,752
121,550
1,446,183
After reserve for doubtful accounts and notes of
$47,87.5 in
b Represented by
312,232
17,976
Provision for surtax
none
Sink,
a
395,110
828,000
stocks
provision for surtax
246,357
24,004
4,808,327
c
d
•*o7,()79 in 1936.
$6,018,248
2,698,394
1937
Unapprop. surplus
Total..
$6,396,817
2,602,171
preferred stocks;
sec.
b Common stock..
2,799,646
Net income
17,600
Customers'
& constr.
$6,919,767
2,514,332
_
6,534
5,100
e
Due from affiliated
$6,000,272
&c_
for replacements.
300,821
Misc. curr. liabil..
379,936
Deferred charges..
Res.
28,128
44,156
156,114
$6,370,180
26,637
debt
unfunded
on
$6,634,733
285,034
440,370
988,000
funded debt
on
386,354
..
Div. on pref. stock
hand
$6,863,211
343,487
_
and amortization
Accounts payable.
121,550
Cash in banks and
;.
1936
17,050,000
cos..
1934
$7,206,698
2,480,507
Non-operating income.
69,000
Payrolls accrued
1935
$17,074,704 $15,625,669 $14,372,942 $13,360,129
Oper. exp., maint. & taxylO,211,493
x8,990,935
8,002,762
7,359,857
notes.
Promissory
Subs.)—Earnings—
1936
1937
Gross oper. revenue
217,800
138,000
Due to affil.
Edison Co.,
carried
at
par
mac
receivable
available.
new
Taxes accrued
cost)
a
are
securing the bonds is now centralized
company.
Previously this administration had been carried on
by the trustees in 77-B, with their counsel and staff, and by 11 corporate
trustees, with their counsel and staff, and by various servicing and manage¬
ment
organizations.
The new company has organized a wholly owned
subsidiary known as Series Management Corp., with its principal office at
100 East 42d St., for the purpose of managing and operating real estate
which forms part of the collateral.
Thomas W. Streeter, who has been elected President of the new corpora¬
tion, was formerly President of the Mortgage Certificate Loan Corp. and
special representative of the Banking Department in the liquidation of
the Bank of the United States.—V. 146, p. 1414.
$
Pref. stk. of sub.co
Pref. stock of Poto¬
on
are
The administration of the assets
in the
18,556,000
Liabilities—
Long-term debt
equipment
32,445,208 31,004,344
Miscell. invest, (at
each series.
Total income
1936
$
plant &
in
An initial distribution of interest is to be made at this time in 12 of the
18 series and interest will be paid thereafter on the first day of May and
Nov. of each year, beginning Nov. 1, 1938, to the extent that interest
has been earned on a particular series during the preceding six months*
Consolidated Balance Sheet Dec. 31
Assets—
York
New
period.
tributed profits.
Property,
.
124,087
cov¬
enants, paying agents,
fees & other bond exps
'
750,362
disct.
Payments under tax
'
It was formally announced May 17 by Thomas W. Streeter, President of
Prudence-Bonds Corp., that the plans of reorganization for this corpora¬
tion had been declared operative in orders signed by Robert A. Inch of
the U. S. District Court, Eastern District of New York, and that the new
26,421
13,709
....
Taxes
renew.
Operative—
bonds
Subs.)—Earnings—
1937
Electric railway
Bus
Res. for
,
CorpReorganization Plans Declared
principal and interest on the bonds.
The new company is entirely inde¬
pendent of and unaffiliated with the old company of the same name (Pru¬
dence-Bonds Corp., debtor), The Prudence Co., Inc., and New York
Investors (parent company of the old company).
The entire capital stock of the new company is held in the name of
seven voting trustees of whom Charles
W. Devoy, Harry Hall, William
F. MacDermott and Thomas W. Streeter were named in the reorganization
30,383
—
Deferred
M
co.
ried at norn val.
payments
144, p. 4358.
Interest.—V.
Cap. stock of sub,
Co., Inc. stk. car¬
Cash
Co., New York, will until 10 a. m. June 2, receive bids
6% 30-year gold bonds, due July 1,
for the sale to it of sufficient 1st mtge.
insur¬
ance---.--.—-
Reagan Co'ty Pur.
*
Prescott Gas & Electric Co .—Tenders—
Reserve for Federal
income tax
May 21, 1938
equal in principal amount to one-half of the outstanding issue shall have
been received by the depositary.
"If the impending default (in sinking fund) is not cured by the plan thus
presented, there is grave danger of foreclosure and receivership with im¬
mediate suspension of interest and heavy legal and other expenses," Mr.
Breen says.—V. 146, p. 3201.
1,861,204.
1,994,196
36,000
67,030
100,979.465
101,157,458
After reserves.—Y.
Prudence
Co.,
144,
p.
Misc.
reserves...
Earned surplus..
53,866
57,301
391,532
369,943
......
100,000
2,348,899
4,510,548
100,979,465
Total.
101,157,458
2671
Inc.—Decision
Reserved oh
Payments—
Trustee Resigns—
Judge Grover M. Moscowitz in Federal Court, Brooklyn, on May 13,
reserved until June 10 decision on an application by Ralph W. Croily,
representing the Brooklyn Trust Co., for an order directing the distribution
of $500,000 by the trustees in reorganization of the company.
On the same
day will be held a hearing on the plan of reorganization of the company
proposed by the Reconstruction Finance Corporation, which lent the
Prudence Co. $20,000,000.
William W. Palmer, attorney for the RFC. opposed the application for
He said the creditors of the company had waited three
the disbursement.
years and would have to wait
plan
for
only a few weeks more for the hearing on the
reorganization.
adjournment was announced former Supreme Court Justice
Stephen Callaghan, one of the trustees of the Prudence Co., tendered his
After
.
the
„
_
_
Volume
Chronicle
Financial
146
resignation to Judge Moscowitz, saying the press of other business made
continuance as trustee impossible.
Judge Moscowitz accepted the resigna-,,
tion.—V. 146, p. 2546.
New Director—
Manufacturing
V1*
.
on
record June
cents was paid on
extra
N.
McCarter
gave
Other
dividend of 20
the following statement
out
income
Net loss
.....
$171,448 prof$724504
__
_
50,000
contingencies
$171,448prof$674,504
7,842,536
7,029,284
_________
Surplus at beginning of period
Increased taxes in 1938 over 1937, estimated. $1,100,000.
Increased operating expenses both as to certain wages (including
shortening the hours of work) and the cost of materials this year over last
Dividends declared and paid.
year,
.
' 'i:v
...
Surpius a t end of period
Earns, per share on capital stock
___.
Reed
Period End. April SO—
1938—Month—1937
,
Reo Motor Car Co. (&
SMos. End. Mar. 31—
lMpt Iadc
91,672,695
85,760,294
7,580,876
Net inc. from oper___
Bal. for divs. & surplus.
$3,095,756
2.057.659
—V. 146, p. 2866.
7,434,745
$3,386,339 $35,550,202 $38,534,564
2,279,394
23,275,320
24,951,874
'
Public Service Co. of Oklahoma—Earnings—
1938—3 Mos.—1937
Period End. Mar. 31—
Operating expenses
State,
local & miscell.
_.
_
_
,
$1,449,345
$6,160,429
715,240
718,838
2,911,868
Other income (net)
196,934
177,935
766,742
270,450
13,181
75,073
$510,148
178,816
5.663
$2,286,442
27,786
1,020
110,324
$351,888
133,892
$296,862
$1,432,435
133,892
535.567
$1,339,269
535,567
$217,997
Gross income..
long-term debt_.
$162,970
$896,868
$803,702
p.
bond
.
.
__
Prior lien stock dividends1
...
__
Puget Sound Power & Light Co. (&
Operating revenues
Operation.
_
_
Maintenance
Taxes
Subs.)—Earnings
1938—Month—1937
1938—12 Mos.—1937
$1,263,366
$1,260,050 $16,483,025 $15,557,015
473,698
478,449
5,828,754
6,115,324
103,809
86,301
1,231,384
935,930
al83,226
162,967
a2,190,061
1,933,790
Balance
Int. & amortization
Balance
$7,232,825
13,297
Dr211,343
$482,001
320,535
$545,630
320,934
$7,021,482
3,852,439
$3,169,043
3,860,820
Prior preference dividend requirements
Preferred dividend requirements
1,492,257
$1,709,846
550,000
...
1,486,050
$1,682,993
____
Balance
108/.
$450,977
—
..
April
$424,124
[Revenues and Expenses of Car and Auxiliary Operations]
End. Mar. 31—
1938—Month—1937
1938—3 Mos.—1937
$389,051
revenue
$5,438,603 $15,408,181
$16,108,443
4,741,863
13,812,232
13,474,549
$696,739
$1,595,949
$2,633,894
Auxiliary operations:
$165,596
148,949
__
Total expenses.
Net
$165,531
138,924
$544,819
455,601
$557,579
430,099
$16,646
revenue
Total net revenue
Taxes accrued
are as
$26,607
$89,218
$127,479
$405,698
320,137
$723,346
339,855
$1,685,167
1,050,926
$2,761,373
1,130,353
$85,560
$383,491
$634,241
$1,631,020
Ritter
,
Radic-Keith-Orpheum Corp.—Amended Reorg. Plan—
to the proposed
plan of reorganization were submitted
the consideration of Federal Judge Bondy. After hearing a
orief argument the court referred them to Special Master Alger.
Hearings
on the amendments will begin May 24 before the special master.
The amendments weie submitted by Hamilton C. Rickaby, counsel for the
Atias Corp., proponent of the reorganization plan.—V. 146, p. 2039.
Amendments
May
16 for
$172,653
46,044
$548,895
13,400
95,261
$369,260
12,173
65,678
$218,698
38,252
26,396
$291,408
$154,049
and the amounts
which they have severally agreed to purchase,
x
— —
___$800,000
200,000
130,000
130,000
80,000
80,000
80,000
—
Dental Mfg. Co. (& Subs.)—Earnings—
31—
Net loss.
1938
1937
1936
$67,978 xprof$101,977 xprof$101,124
1935
$57,937
for depreciation of $27,876 ($25,675 in 1936), Federal
of $20,800 0$16,850 in 1936) and other charges,
y After taxes and
charges.—V. 146, p. 2059.
-
After provision
other
first page of this department.—V. 145, p. 2087.
$304,686
64,574
follows:
3 Mos. End. Mar.
taxes
Quarterly Income Shares, Inc.—Registers with SEC—See list given on
$2,594,467
2,263,299
158.514
Blyth & Co., Inc., San Francisco
Greenwood-Raggio & Co.. San Francisco
Elworthy & Co., San Francisco
Mitchum, Tully & Co., San Francisco._____
Brash, Slocuab & Co., San Francisco
— .
Win. Cavalier & Co., San Francisco.
Schwabacher & Co., San Francisco.
—V. 146, p. 2220.
y
Operating income
-V. 146, p. 2547.
2,681,495
193,783
Underwriters—The names of the several underwriters
v
Total
Australian inc. taxes
of the series A debentures
4,610.117
Net
from income
Net income
operations:
$4,999,168
$3,179,964
4,997,778
336,709
$440,233
____—;____.
Total income..
Prov. for Fed'l &
V
448,184
100,711
,
Other income
hence
3029.
'
1935
profit from operations
Net
v
1936
$5,782,671
goods sold
Operating expenses
Co.—Earnings—
revenues
tanks, and in the manufacture and
returns
and allowances.
1, 1937, the company adopted the new system of
Total expenses
Total
& O.
1937
Cost of
prescribed by the Federal Power Commission, which differs in
car
Interest payable A.
1948.
1,
Income Account Years Ended Dec. 31
discounts,
sales—less
Deductions
Period
1938; due April
1,
.
been made for any Federal surtax on undistributed
profits for 1938, since any liability for such tax cannot be determined until
certain respects from the system the company previously followed,
the above 12 months' figures are not exactly comparative.—V. 146, p.
taking action.
was paid on March 1, last, and dividends of 25
paid in each of the four quarters of 1937.—V. 146,
y-
and third quarter of the year before
were
-
No provision has
the end of the year.
Note—Effective Jan.
Common Dividend—
$91,342.
Gross
deficit
on
action on the payment of a
Directors decided to await
of 15 cents
share
550,000
1,583,970
1,583,970
no
utility products.
In the case of
in the assembly thereof, uses certain parts
manufactured by others.
The business of the company in Australia is
conducted by its wholly owned subsidiary, Rheem Manufacturing Co.
(Australia) Proprietary, Ltd.
J
Purpose—Net proceeds, exclusive of accrued interest, to be received by
the com pany from the sale of these $1,500,000 debentures, after deducting
the estimated expenses of the company in connection with such sale are
expected to approximate $1,411,342.
Company intends to use such net
proceeds as follows: To discharge bank loans, $1,250,000; to complete
purchase of Chicago plant, $70,000; to provide additional working capital,
$3,202,103
Appropriation for retirement reserve
meeting took
certain products the company,
$7,062,923
$224,695
recent
the common shares at this time.
steel, such as pails, barrels, drums and
sale of certain household and general
$6,571,971
490,952
$532,332
at their
1, 1943, unless previously redeemed, into shares of
stock, at $14 per share if converted on or prior
to April 1, 1939, at $17 per share of converted thereafter and on or prior
to April 1, 1941, and $20 per share if converted thereafter and on or prior
to April 1, 1943.
The conversion privilege is subject to adjustment and
conditions as provided in the indenture.
Beginning in 1943, payments to
sinking funds for the redemption of series A debentures are to be made
by the company, subject to the conditions provided in the indenture.
Such
payments (after adjustment for conversions, if any) are calculated to retire
a minimum of approximately 50% of the series A debentures before matur¬
ity.
Redeemable, at option of company, either as a whole on the irst day
of any month, or in lesser amounts on any interest payment date, upon at
least 30 days'prior notice.
Company—Company was incorp. in California, on Jan. 22, 1930.
Prin¬
cipal executive offices, Richmond, Calif.
Company is engaged principally
in the manufacture and sale of various metal products made from sheet
of 1936.
tax.—V.
$502,633
Z)r20,632
Answer
to
Convertible until April
period has been com¬
$161,465
Net oper. revenues
Non-oper. income (net).
Inc.—Ordered
Co.,
the company's common
2383.
Period End. Mar. SI—
per
Dated
113,348
5,020
9,522
The accrual for Federal normal income tax in this
Sleeping
".'V
,
Co., Richmond, Calif.—Bonds
Offered—Blyth & Co., Inc., and Green wood-Raggio & Co.,
San Francisco, on May 6 offered at 100 and int. $1,500,000
10-year sinking fund 5% debentures, series A.
$2,201,834
719,308
24,888
puted in accordance with the requirements of the Revenue Act
No provision has been made for Federal undistributed profits
Pullman
•'
■■
prof$10,620
Rheem Manufacturing
dis¬
count and expense....
Miscell. inc. deductions.
_
711,208
22,952
on
A dividend
cents
55,604
53,509
26,967
2,630
_
Investing
results of second
696,871
55,604
$563,783
176,791
5,505
_
General interest
accounts
1935
•
•"
Reynolds Metals Co.—r-No Action
Directors
dividend
$5,692,620
2,791,820
a66,273
16,384
.
_
normal tax
a
1936
$195,366
Judge Guy L. Fake at Newark, N. J., on May 18 ordered officers
of the company to show cause May 25 why a creditors' petition for reor- *
ganization of the company under the Federal Bankruptcy Act should not
be approved.
The petition, which also asked appointment of a trustee, listed the
company's liabilities at approximately $3,681,900, including a secured
loan of $235,000 from the National City Bank, New York, and $3,446,900
in 20-year 5% debentures due April l, 1948.—V. 146, p. 2706.
Federal and State income
Balance,
1937
$269,495
-
Federal
1938—12 Mos.—1937
$1,5*5,846
Total oper. revenues
p.
Subs.)—Earnings—
1938
rl o—
-to vpc
Creditors' Petition—
herein.]
[The accounts of the subsidiary companies have not been consol.
146,
First four
$178,911,
.
1938—12 Mos.—1937_
exps.,
Balance.
f
Reynolds
$124294,858
maint., de& taxes.__
a
9
preciation, &c_$512,538
—V. 146. p. 3029.
>
$10,676,632 $10,821,084 $127222,897
Gross earnings
Net income..
Drug Co.—Sales—
same
'
Earnings for April and 12 Months Ended April 30
of
the
against $158,176 in April, 1937, an increase of $20,735.
The company
has just opened a new store in Oshkosh, Wis., and prior to that one in
Sheboygan, Wis.
The Reed Chain now consists of 15 stores.—V. 146,
resigned from our board.
Their places have been filled at today s
meeting by the election of George Barker, Vice-President in Charge of Real
Estate and Purchases, and John L. O'Toole, Vice-President in Charge of
Amortiz.
$1.06
as
have
on
$7,466,089
Nil
period last year, an increase of $76,802 or 12%.
months' sales of 1936 were $528,412.
April sales this year were
of $2.15 per common share for 1938 as against $2.60
share similarly paid in 1937.
With the return of normal
Dusiness condition^, it is believed that the earnings will substantially in¬
crease and again permit a higher dividend.
Due to complications existing as a result of new Federal legislation affect¬
ing utilities, John E. Zimmerman, President of United Gas Improvement
Co. of Philadelphia, and Edward Hopkinson Jr., of Philadelphia, a director
and member of the Executive Committee of the Philadelphia Electric Co.,
Int.
$7,433,344
....
$7,703,789
237,700
Sales for the first four months this year were $697,912, as against $621,110
in
common
Federal taxes,
$7,671,087
237,743
—V. 146, p. 1888.
it will mean a payment
Public Relations.
_____
Total..
(4) The business depression which has seriously affected the subsidiaries,
especially the Electric and Transport departments.
There was paid in the month of March the first quarterly dividend for
the year 1938 at the former prevailing rate of 65 cents per common share.
The directors today have declared a dividend for the second quarter, pay¬
able June 30, of 50 cents per common share.
It is hoped that this rate
can be continued for the oalance of the year.
If so continued at this rate,
$120,226 prof$917974
38,854
52,230
12,369
141,239
______
I
_
...
...
Net loss
(2)
(3)
prec.
1,045,739
$151,097 prof$855192
30,871
62,782
_
Addition to reserve for
with the Commissioners effective
Electric rate decrease arranged
i...
Jan. 1 last, $1,250,000.
Oper.
$1,900,931
860,861
....
...
Provision for income taxes
the following:
per
$6,563,189
179,598
4,482,660
.........
Total loss
Other deductions
in
meeting held
on April
18, it has bee l found necessary to make some revision in the
amount of the dividend upon the common stock.
This situation is brought
about by a combination of circumstances among which the more prominent
p»(l)
expenses
Loss from operations
reference to the meeting of the directors held on May 17:
As forecast in my remarks to the stockholders at the annual
are
cost of sales
Selling, adminis. & general
quarterly dividends of 60
an
$3,595,454
99,969
2,785,721
Dec. 19, 1936.
Thomas
President
1937
1938
:
_
each of the
Dividends of 65 cents per share were paid in
five preceding quarters, and previously regular
cents per share were distributed.
In addition,
_
Gross profit
a
1.
.
$709,764
Discounts and allowances
meeting held May 17 declared a dividend of 50 cents per
the common stock, no par value, payable June 30 to holders of
Directors at
snare
Raybestos-Manhattan, Inc. (& Subs.)—Earnings—
3 Months Ended March 31—
Net sales....
Pay Smaller Dividend—
Public Service Corp. of N. J.—To
3355
_
(H. H.) Robertson Co .—Earnings-—
3 Months Ended
Earns, per
Joseph Water Co.
St.
See
142.
list
v.
given 011 first
2S43.
page
1937
1938
'■'
March 31—
profit after charges and taxes
sh. on 239.060 shs. cap. stk. (no
—V. 145, P. 4127.
Net
___
$74,474
$199,387
$0.31
$0.84
par).
Registers with SEC—
'
of this department
V.
144,
p.
4198;
V.
3356
Financial
Rutland
RR.—Earnings—
x$39,021
29,290
Net rev. from ry. oper.
.
Railway tax accruals
Equip. & jt. facil. rents-
1938—3 Mos.—1937
$664,826
$863,508
815,053
827,731
$8,976
19,368
Cr3,958
250
x$150,227
87,313
1,772
$35,777
53,148
Cr4,645
Sherritt Gordon
Mines, Ltd.—Earnings—
Statement of Operations
Ore milled
$68,561
Net ry. oper. deficit-Other income
Total deficit
$12,726
11,117
$64,198
$2,508
$1,609
1,181
102,463
Net amount realized from sales (7,137,562 lbs.)
33,909
34,139
$228,656
1,361
101,765
y$98,474
Misc. deduct, from inc..
$37,058
411
.
$105,253
y Net deficit, if based on 30% of bond interest as
bond plan: For the month of March—income available for
fixed charges, $64,565, deficit; fixed charges, $11,297; net deficit,
$75,862.
For the three months—income available for fixed charges, $230,018, deficitfixed charges, $33,891; net deficit, $263,909.
x
-
...
Rutland RR. Co.
New England Coal & Coke Co., a creditor, has applied in Federal Court
Net
1
■
Note—In the above figures no allowance has been made for taxes, de¬
preciation or deferred development.—V. 145, p. 621.
Rocky Mountain & Pacific Co. (& Subs.)—
1936
$1,551,419
$1,248,311
1,252,160
1,196,642
1,011,212
935,536
$354,777
147.187
$237,099
68,272
$266,184
134,266
$390,127
160,380
109,139
7,000
$501,964
$305,371
212,240
$113,608
sales
1937
$1,559,191
$307,031
83,096
Years—
$209,010
40,575
184,964
92,482
$1.82
1935
1934
$1,201,720
Cost of sales, operating &
general expenses, &c-_
G.—Earnings—
[In German Marks]
Years End. Sept. 30—
V*
Sales after deducting out¬
1937
XstUr.
1936
1935
1934
162,691,553
10,550,341
119,044,339
7,071,190
8,271,940
1,667,498
10,163,809
772,791
11,299,751
750,636
Total income
233 ,680,778 209,368,318
Wages,
sal.,
directors'
fees, bonuses to staff. .121 ,403,327 108,152,421
Social charges—Legal
7 ,668,394
6,786,121
Voluntary,262,303
5,858,158
Prov. for dwellings, &c_.
,000,000
Depr. of prop'y & plant
,719,710
1,967*271
Other depr. & write-offs.
,952,200
1,392,646
Interest on funded debt.
,793,817
5,184,743
Taxes on net worth & inc 15 ,867,479
8,089,965
Other taxes and charges.
4 ,370,860
3,306,518
All other expends, with
except, of outlays for
raw mat'l & supplies.
56,056,625
57,383,592
Allocation to special res.
(from German funds
184,178,494
138.165,915
91,856,878
6,156,048
5,178,353
70,542,484
4,734,847
4,498,577
2,155,618
6,473
4,886,044
7,629,336
2,808,959
1,360,479
2,716.186
5,082,183
4,384,178
2,162,491
52,745,734
35,820,923
material
for raw
and supplies
lays
Income from investm'ts.
of int.
Excess
amounts
212,338,365
13,078,716
rec.
paid on
187,374,605
12,054,273
over
curr.
/
liabilities—
Earnings Cal.
$164,674
Copper inventories are carried at the working costs of the current
x
quarter.
Siemens & Halske A.
for the appointment of an equity receiver for the company.
The company
is already in equity receivership in Vermont.—V. 146, P. 3030.
—
Realized operating profit
Obligations—
New York Stock Exchange invites attention to the fact that the
Rutland-Canadian RR. Co. 1st mtge. gold bonds 4%, due July 1, 1949
(stamped), and Ogdensburg & Lake Champlain Ry. Co. 1st mtge. gold
bonds 4%, due July 1, 1948 (stamped and unstamped) are obligations of the
-
Adjustment in value of copper inventories
x
The
St. Louis
-
Net cost after crediting precious metals
Indicates deficit,
provided in
produced—Copper
Gold
Silver
y$331,783
367
M-.v
-
7,932,422
331,274
Extraordinary income.-
__
Gross
revenue
Other income
—
_
Total income
Int. chgs. & other deduc.
Deprec. and depletion.
_
Provision for taxes
Net income..
Preferred dividends
91,620
$0.84
share
per
167,257
108,748
16,950
36,854
91,725
Common dividends..
Shares common stock
Earnings
148,683 tons
7,429,518 lbs.
1,506,762 ozs.
52,885.26 ozs.
—$684,107
30,240
489,194
———
$239,312
10,656
Total fixed charges
Net deficit
for Quartet Ending March 31, 1938
$6,434
3,926
Metals
4,363
—
$400,450
197,028
105,451
2,406
.
107,418
7,616
loss$21,903
$95,566
41,745
46,241
92,482
46*204
92,482
Nil
1938
21,
May
paid on March 15, last and compares with 50 cents per share paid on Dec. 15,
Sept. 15 and on June 15. 1937.
A stock dividend of 50% was paid on May 26, 1937.
A dividend of 75 cents per share was paid on the smaller amount of
shares previously outstanding on March 15, 1937.—V. 146, p. 3202.
;
1938—Month—1937
$241,823
$314,136
280,844
305,160
Period End. Mar. 31—
Railway oper. revenuesRailway oper. expenses-
Chronicle
_
released from America-
$0.58
Telefunken)
2,500,000
Consolidated Balance Sheet Dec. 31
1937
Assets—
1936
$
Cash.^...
240,954
,
securs.
Liabilities—
$
v
U. S. Govt,
1937
250,110
500,584
Other market, iny.
293,407
213,742
123,080
accrued
107,188
131,674
94,109
rec.
Int. accr.
9,777
Dividends
Taxes
12,449
65,112
and
44,820
Sinking fund de¬
for
1st
dernp. of bondsSundry notes and
652
429
60,646
72,098
equipment .....12 ,404,435
12,284,307
acc'ts
year
Total......—13,579,849
e8,025
103,821
Federal
41,294
5%
56,691
4,786
3,277
50-
gold bonds.
2,542,000
2,678,000
3,346,689
3,254,953
2,290,500
Preferred stock.
711,700
Capital surplus
4,195,932
Earned surplus...
313,996
2,312,050
762,100
y
Properties, plant &
y
65,500
20,211
payable
Reserves
receivable
13,771,1281
.....
Common stock..
Total.
.13,579,849
4,128,974
329,178
13,771,128
Par $25.—V. 146, p. 3202.
St.
Louis
Southwestern
Ry.—Depositary
Accepts De¬
posits of Underlying Bonds—
Guaranty Trust Co. of New York,
as depositary for the committee is
accepting for deposit Stephenville North & South Texas Ry. first
mortgage 5% gold bonds dated July 1, 1910, due July 1,1940, with coupon
due Jan. 1, 1936, and subsequent
coupons attached.
The Guaranty Trust Co. as
depositary for the committee is now accepting
for deposit Central Arkansas & Eastern RR.
first mortgage 5% 30-year
gold bonds dated July 1, 1910, with coupon due .an. 1, 1936, and subse¬
quent coupons attached.—V. 146, p. 2868.
now
San Diego Consolidated Gas & Electric
Years Ended March 31—
Operating
Operating
Co.—Earnings
1938
revenues
1937
$8,091,305
4,918,498
expenses, maintenance and taxes
11,246,877
3,418,561
8,255,050
3,366,337
6,863,563
2,764,419
14,665,438
11,621,387
9,627,982
Balance Sheet Sept. 30
accr.—local
mtge.
surplus
74,057
un-
Deferred income..
re-
—
11,586,061
3,521,433
15,107,494
—
1st M.
incl.
presented coups.
& coal on hand.
posited
Total
47,239
expense
on
bonds,
Materials, supplies
Prepaid expenses.
Investments.--
$
Acc'ts payable and
441,402
Notes & acc'ts
1936
1
$
Net profit
Previous surplus
$8,091,597
4,710,474
$3,172,807
1,973
$3,381,123
3,644
Assets^—
Land.
—
1937
1
New buildings..
1
Machinery
Net oper.
rev.
1.
~ ZZ
$3,174,781
1,300,000
$3,384,767
1,265,000
$1,874,781
$2,119,767
620,000
61,953
Cr40,194
1,850
620,000
Amort, of debt discount and expense
Other interest (net)
Other income deductions
Net income
Dividends on preferred stock
Dividends on common stock
..IIIIIIIII
JZZZZZ
1
office equip.
deb.
Concess'ns, pat.,
licenses, trade¬
similar rights.
1
Res.
153,393,336
40,115,075
Market, securs.
83,349,382
Share in treasury
7,062,540
7,062,540
Mtge. loans rec.
143,511
149,165
Acc'ts reeeivablel 12,431,063 108,391,041
Bills...
8,636,696
9,664,680
Checks
132,203
175,362
Cash
on
hand,
53,366,450
72,816,102
....
Taxes (other than Federal income
Provision for depreciation
Other income (net)
ZZZZ
tax)IIIIIIIII
funded debt
ZZZ
I HI 11
ZZZZ
Net income
145, p. 3210, 1752.
Sheller Mfg.
x
y
Earnings
per
$1,437,040
440,475
802,600
for
11. 118,434
65 499,879
8,391,150
111,184,408
54,248,824
1,496,689
1,496,689
adjust,
debt
98. 434,408
Acc'ts payable..
Dep. by pen'ns,
widows'
&
or¬
phans' fund for
fund for empl.
Dep. by pen'ns',
widows' &
or¬
phans' fund for
workmen
1,957,082
Cash with other
626,141
10,259,218
427,752
Accr. exp. & int.
511,754
4,393,475
1,858,930
Surplus
1,277,718
107,494
14,665,438
15,732,867
690,563
Total........474,656^108 464,053,068
Total
...474,656,108 464,053,068
a After
depreciation of 1,993,641 reichsmarks at Sept.
2,191,099 reichsmarks at Sept. 30, 1937.—V. 144, p. 3692.
1937
Total income
prior
and
1936
$587,584
1935
1934
$391,074
earned-
Int. & discount oa bonds1
Admin, exp. and taxes._
Additional
income
tax
for
1936,
Corp.—Earnings-
Calendar Years—
Interest
30,
$366,712
$394,067
9,837
$391,074
272,875
xl38,907
$587,584
357,398
xl04,919
$366,712
450,678
59,893
$403,905
518,989
73,777
Cr833
9,901
40,005
$19,876
years
Net loss for year
pf$115,365
$183,864
$188,861
76,745
8,164
194,775
329,831
Credit to
sur. in connec'n
with bonds retired
Adj. of bond disc. &
137,368
2,923
exp.
*
Net credit to surplus.
$120,415
$10,911
$200,274
x No Federal surtax on
undistributed income is deemed payaole
$140,970
by the
co.
Balance Sheet Dec. 31
1937
$37,240
11,438
1,154
3,034
3,150
11,970
1,237
3,204
3,149
$17,288
$18,462
36
23
$17,324
10,530
Assets—
$
Cash in bank..
Inv.
Liabilities—
$
250,958
494,435
Acc'ts receivable..
Invest,
1937
1936
348
(pledged).28 585,864 28,735,864
4 470,183
5,220,183
(not pledged)
Furn. & fixtures..
S
Accounts payable.
Fed. taxes accrued
1936
$
70,657
19,798
93,116
34,783
bonds
113,444
7% coll. tr. bonds.
4,309,000
150,500
5.345.000
12,000,000
Int.
accr. on
7% cum. pref. stk. 12,000,000
1,555
1,554
Bond disc. & exp__
84,563
143,226
x
Common stock..
1,000,000
1,000,000
7% coll. tr. bonds.
342,012
129,610
Capital surplus...
9,445,274
9,445,274
1
13
share
120
105
467
705
$6,205
$7,131
Earned
Total...
x
33,735,135 34,725,221
Represented by 200,000
Silver
1938
1937
$27,156
$0.13
$81,360
$0.38
Schiff Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents
per share on the
stock, payaole June lo to holders of record May 31.
Like
common
amount
was
deprec. but before depl
Earns, per sh. on 1,220,467 shs., par $5, com¬
mon
no-par
surplus...
Total
1,655,913
1,518,545
5,121,048
5.138.001
33,735,135 34,725,221
shares.—V. 146, p. 927.
King Coalition Mines Co.—Earnings-
3 Mos. End. Mar. 31—
Net profit after taxes &
operating expenses, normal Federal income taxes
charges but before provision for Federal surtax on
undistributed
y On 213,839 shares, present capitalization.—V.
146, p. 2060.
bonds retired...
$18,485
10,530
After deductions for
earnings,
4,412,145
30,472,008
of asset value.
&
Post Office...
1937
Corp.—Earnings-—
3 Months Ended March 31—
Net income
and other
4, 412,145
37 519,163
Surp. arising from
;
unfunded debt
Amortization of debt discount & expense.
Prov. for Federal income tax
(estd.)
x
223
i>(UU
ZZ.ZZZZZZZZZZZZZZZZZZZZZ
on
-V.
802,600
550
1938
Total income
on
75,840,000
and
res.
liabilities
Funded
Incl. cash with
61,953
«36 849
$36,849
revenue—water.
Operation
Maintenance
Interest
9,500,000
75, 840,000
rec. on
issues...
accr.
Inventories
banks
9,500,000
Welfare fund
Investments...-168,258,744
Deferred charges
10,500,000
on
issues..
Specific
marks & other
Reichsbank
rec.
Premium
1
_
12 ,500,000
res
reserve.
stock
Tools, factory &
Co.—Earnings—
3 Months Ended March 31—
Interest
Special
Premium
equip..
30 000,000
6,500,000
30,000,000
_
Sedalia Water
Operating
$1,231,171
440,475
'
—V. 146, p. 3202.
Statutory
831,934
1936
100,590,000
500,000
shares....
Miscellaneous income
& other income (before
approp.
Gross income.
Pref.
Plant, heating &
light,
1937
100 ,590,000
Coin. shares
14,377,157
28,162,877
Silesian-American
Other income (net)
Liabilities-
1936
14.233,678
25,361,415
249,014
.
Buildings....
a
stock
This includes
1938
1937
1936
1935
y$66,401
x$429,834
$206,367
$56,955
$0.05
$0.35
$0.16
$0.04
$58,196 additional market profit realized from sales of
1,722 tons of zinc concentrates produced and valued at cost during year
1935, representing 4.8 cents per outstanding share.
y Add $25,271 or 2.1 cents per share, representing difference between cost
and market value of 912 tons ores and concentrates produced in 1937 and
unsold Dec. 31, 1937, or total profit for quarter of $91,671 equal to 7.5
cents per share.
x
Volume
Financial
146
For the year ended March 31, 1938, the net income was $1,077,830,
equal to 88.3 cents per outstanding share.
;
i.
Due to dividend payments and depletion there was no surtax on un-<
distributed profits in prior years and no provision is being made for taxes
of this
nature.—V.
146, p.
Sioux City Gas &
1728.
,
General
expenses
386,019
102,210
342,337
$1,004,112
416,625
Net earnings
on funded debt
Interest
Net income
a
457,558
6,245
78,615
Crl,771
99,912
GY580
on
common
stock
$601,446
$482,129
Public
.
dividend
Includes
Service
6,743
6.026
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
.
of
Iowa
Co
foregoing statement of income representing principally premium paid on
retirement of, and unamortized discount and expense applicable to. certain
bond issues which were refunded during that year.
The company estimates
that no surtax on undistributed profits is payable for 1937, and no provision
April 30—
Operating
share on the common
Directors have declared a dividend of 37 H cents per
payable May 16 to holders of record May 9.
Like amounts were
paid on Feb. 15, last, and on May 15, 1937.—V. 146, p. 1090.
$1,386,112
573,112
$1,330,178
83,943
$108,133
107,959
$110,199
108,926
$813,000
769,875
$782,652
765,436
$174
Int., depr., amort. & div
$1,273
$43,125
Surplus
Southern Kraft
Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
Gross sales, less returns, allowances & discounts—
Customers—
.
-
50,716
40,984
$35,265
$69,491
56,196
2,626
60,589
2,830
def$23,557
$6,071
;
Interest to
4,379,718
1,772,581
1,212,395
65,003
279,980
-
-
public-
-
Interest to parent company
Amortization of debt discount and expense.
Depreciation..
Net earnings
on
-
-
funded debt
Amortization of bond discount and expense
Net income
Note—No provision has been
made for Federal surtax on
undistributed
49,893,647
1935
1934
96,386,571
33,042,873
90,844,630
31,705,770
76,644,402
26,491,484
27,000,000
25,000,000
24,000,000
Funded debt
devel.
42,865,111
29,119,079
5,754,302
681,217
Furniture and fittings
.
Subsidiary factories
dormitories, &c__
Shareholdings and interests in associated cos.,
&c., Italian and foreign.
92,520,095
Stocks of finished goods, raw materials & stores at
factories and depots
132,105,902
Customers and sundry debtors
73,858,368
32,526,126
y112239,917
2,010,136
70,313,992
42,809,180
...
Cash in hand and at banks
and foreign
62,132,785
5,090,261
85,543,335
31,029,432
5,254,181
8,404,331
19,099,619
deposited
18,108,205
-—-760,512,381 661,356,479
—
Reserves
.
-345,000,0.00 345,000,000
-
-
-
Res. for indem. to employees, payable on
Tied-upspecial reserve fund
Depreciation reserve
Supplies and sundry creditors
Accrued charges, &c
53,739,576
11,500,000
100,284,533
dismissal 11,500,000
7,022,689
7,022,688
172,000,000 142,000,000
32,642,278 29,132,618
21,408,837
17,024,754
;
49,893,647
Unpaid dividend
Depositors of securities
36,343,698
997,427
Profit and loss account
1,484,939
18,108,206
-
19,099,619
20 152,034 18,678.643
company
158,225
33,899
7 000,000
.2, 764,582
1 258,079
Capital stock
Earned surplus
a
2,764,582
7,000,000
703,997
-60,026,684 45,730,382
Total
depreciation of $8,697,474 in 1936 and $9,512,834 in
for doubtful accounts of $345,819 in 1936 and $619,Represented by 100,000 no par shares.—V. 146, p. 2549.
After reserve for
b After
1937.
reserve
c
Southern Pacific Co.—Vice-Chairman to Retire—
Paul Shoup, Vice-Chairman
since 1932 and President of the railroad from
company's service June 1 after 47 years of
1929 to 1932, will retire from the
service, it was announced by Hale Holden, Chairman
Mr. Shoup's retirement is at his own request.
of the Board.
Earnings of System
Period End. Apr. 30—
1938—Month—1937
Railway oper. revenues-$15,094,847 $18,176,905
Railway oper. expenses. 13,116,911
14,954,224
Net
4
*;
Pap. Co., parent
Total..60,026,684 45,730,382
7,022,689
7,022,689
Tied-up State bonds (special reserve)
Bills receivable
Internat.
to
Paid-in surplus
888 in 1937.
x
Total..
1,168,541
c
264,184,420 252,742,429
21,142,313
16.911,075
15,105,000
14,487,000
Producing factories-.
Liabilities
1,147,537
481,457
1, 461,026
Due
Reserves-v-------
1936
5,000,000
1
10,118,893
1937
5,000,000
1
10,086,486
Assets—
Freehold buildings
& debs., Italian
5,815,913
908". 122
1,567,427
30,000
Sink, fund paym'ts
vY:.
(In Italian Lire)
Current accounts
Inventories
897,824
2, 166,922
pay¬
Serial obllg.(curr't)
752,702
4,735,033
3,935,895
652,296
taxes,
rolls & other exps
4,784,439
1,234,692
3,110,310
Cash
148,925
Accounts payableAcer.
Woodl'ds.less stpge
Def'd assets & exps
26,152,918
34,138,859
$
14,043,711
Notes payable
costs and
Investments
36,343,698
$
23,,537,609
Liabilities—
Plants & props.,
credits
1936
1937
1936
Assets—
other intang
Balance Sheet Dec. 31
Capital stock
$5,657,470
4,814,661
$6,545,293
6,025,000
-
b Accts.& notesrec
securs.
88~0~,926
95,666
Net profit for the year
Dividends paid
-
a
1936
1937
on
merchandise,
divs. on stock, &c
121,661,992
Expenses, taxes, &c
41,768,244
Depreciation and various
amounts set aside
30,000,000
Workmen's houses,
1,633,919
Balance Sheet Dec. 31
Profits
Freehold land__
$9,404,613
304,922
1,701,958
71,196
788.141
Prov. for Federal normal and State income taxes—
•
(Ah figures given in Lire)
Profit
$11,257,585
•
598,558
1.231,473
147,126
.
955,158
50,391
Prov. for Federal undistributed profits tax
1937
Viscosa—Earnings—
Calendar Years—
-
...-
Depletion
profits.—V. 145, p. 2864.
Securities
262,909
5.2tl,885
delivery expenses
Balance
$496,462
385,985
$478,628
392,646
expenses
Taxes..-.
Govt,
38,811
;
Selling, general and administrative expenses
-
1936
'
$44,948,964 $34,217,266
26,366,933
19,155,536
_
Outward freight and
.
\
-
Total sales and other income.--
Cost of sales
1937
---.$42,981 653 $29,532,614
1,928,500
4,421,743
:
Affiliated companies..
193?
1938
12 Months Ended March 31—
Operating
Snia
$17,216,
City Service Co.—Earnings-—
Total gross earnings
Interest
547,526
-V. 146, p. 2709.
Provision for doubtful accounts.
Sioux
1938—7 Mos.—1937
79,084
expenses
Net earnings
Yards Co.—To Pay 37%-Cent Div.—
stock,
$0.74
-Earnings—
1938—Month—1937
$187,217
$194,142
Otherincome—net
146, p. 2385.
1937
$366,254
$0.42
Southern Canada Power Co., Ltd.
Period End.
Gross earnings
this item.
period Jan. 1, 1938 to March 31, 1938 for
1938
$246,724
income after all charges.
Earns per share on common stock
—V. 146,p. 3203.
normal
Sioux City Stock
.
2709.
p.
Soundview Pulp Co.—Earnings—
4 Months Ended April 30—
Note—The company made no provision for 1936 for either Federal
income tax, Federal surtax on undistributed profits or State income tax, on
the basis of claiming for tax purposes certain deductions not shown in the
—V.
$0.06
Net
$85,534
—
has been made for the
$289,056
_
After depreciation, Federal and provincial taxes.—V. 146,
x
$1,142,094
taxes
on
on common
1937 ^
$321,260
$0.07
1938
,
.
Earnings per share
_
-
Federal and State income taxes
Interest
SiscoeJGold^Mines^Ltd.—Earnings—
3 Mos. End. Mar. 31—
/
1938
1937
$3,044,932 a$2,998,795
1,552,690
1,507,620
3357
Net profit
x
Electric Co.-—Earnings—
12 Months Ended March 31—
Total gross earnings
Operating
w
1
f
,
Chronicle
rev.
$3,'582,680
"$7,640,478
1,411,670
848,844
72,804
$1,977,936
1,491,883
from ry. oper.
Railway tax accruals.__
Equipment rents (net) _ Joint facility rents (net).
5,995,479
3,203,128
269,919
781,682
75,509
$17,367,738
5,468,706
$1,249,360df$l,828,048
Net ry. oper. income_def$371,139
—V. 146, P. 2870.
Southern
1938—4 Mos.—1937
$59,786,771 $74,349,454
52,146,292 56,981,715
3,191,157
255,110
$8,452,763
Ry.—New Director—
Hugh Morrow has been
lected
a
director of this railroad, succeeding the
late Fairfax Harrison.
4
760,512,381 661,356,479
y
After reserve of 7,500,000
Snider Packing
Cost
—
1938
$6,045,706
—V. 146, p.
1937
1936
1935
$6,242,498
$5,559,100
4,058,665
4,662,701
4.004,874
— .
4,911,521
Profit from
31
operation.
647,483
644,098
640,003
$737,195
223,591
$585,939
167,090
$387,872
169,394
$39,696
$513,604
29,844
$418,849
32,769
$218,478
11,507
$46,278
182,567
6,180
$543,448
149,212
4,310
57,000
$451,618
136,013
8,825
$229,985
86,427
8,612
lossx$142,469
x$332,926
$306,780
$134,946
618,956
$486,702
24,114
$793,414
$939,793
x7o,875
21,740
$935,270
83,149
Operating profit—
come,
int. & deprec.
Other income (net)
6,582
Other income, net
Total income
Depreciation.
Profit before int. & de-
^
„
29,260
30.240
57,578
Depreciation
162,004
172,813
174,807
Prov..for Fed. inc. tax..
y44,418
y98,200
98,903
$1,018,419
137,431
185,972
103,388
$275,134
$563,036
315,000
$630,244
$591,627
$510,816
preciation
Interest..
—
Net profit for
period..
157,500
Dividends paid
$864,289
$48,698 non-recurring income,
y
distributed profits: 1937, $1,163; 1936, $5,052.
x
Includes
$961,533
Includes
surtax
on
un¬
Assets—
Cash
a
1937
$611,372
$905,519
841.947
641,964
8,526
4,258
1,264,313
;—
acceptances rec.
fr. farmers
for seeds, &e.
-
_
Inventories
c
1,214,089
equipment,
other expenses-for Federal
$48,738
$55,681
166,733
154.078
&c. 1,639,577
Funded debt
1,571,320
66,116
for
-
98,200
700,000
800,000
338,093
338,093
con¬
tingencies.
Sundry
69,755
78,669
income tax
Reserve
charges,
prepaym'ts, &c_
Accounts payable-
1937
Prov.
Real est., plants,
Deferred
1938
Liabilities—
Accrued interest &
Accts. and trade
b Due
Net profit
undistributed profits.—V. 145, p. 3211.
Before surtax on
Spiegel, Inc.—Sales—
Period End. April
1938—Month—1937
30—
$4,809,070 $4,609,042
Sales
reserves._
96,778
98,854
stock.-
1,094,967
^Standard Gas & Electric Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas and Electric Co. system for the week ended May 14, 1938 totaled
97,388,799 kilowatt-hours, a decrease of 7.4% compared with the cor¬
responding week last year.—V. 146, p. 3203.
Standard Investing Corp .—Earnings—
Earnings for 3 Months Ended March 31, 1938
Cash dividends
received.
Capital surplus.__
245,321
214,837
1,666,191
1,548,557
Interest
rVr\i
'A
1
received and accrued
Total...- — —$4,435,490 $4,403,267
doubtful accounts and allowances of $30,981 in 1938
and $24,474 in 1937.
b After reserves of $18,103 in 1938 and $19,431 in
1937.
c After reserves for depreciation.
&c. of $5,067,537 in 1938 and
$5,080,939 in 1937.
d Represented by 210,000 no par shares.—V. 146,
p.1259.
,
Y
a
After reserves for
4,347
jrifnmft
Interest on
— — -
— — -
$23,234
—
loamVaM debenYures
Taxes
paid or
D eficit
Balance, Dec.
40,623
-
General expenses-----------------------
...$4,435,490 $4,403,267
—
—
1,094,967
d Common
Earned surplus
Total..
1938—4 Mos.—1937
$13,175,257 $15,031,553
—V^146, P. 2387.
Consolidated Balance Sheet March 31
1938
Idle plant expense
Federal, income tax
X
1935
1936
1937
$216,490
176,794
..
Expenses
Profit before other in¬
Subs.)—Earnings—
1938
—
1 to May 7
1937
Jan.
1938
$2,448,461 $39,321,838 $48,769,416
$2,113,423
Spicer Mfg. Corp. (&
3 Mos. End. Mar.
before de¬
of sales
preciation
—
Sell., adver., adminis. &
general expenses--
(est.)
3203.
Gross earnings
$5,496,177
^
of May—
1937
1938
lire.—V. 146, p. 2709.
Corp. (& Subs.)—Earnings—
Years End. Mar. 31—
Net sales
Week
—First
---------------
accrued—other than Federal income and profits..
— -
-
-
-—
31, 1937
Income account
balance, March 31,
....
1938
0,004
978
f||
|
174,945
$149,994
Financial Chronicle
3358
Liabilities—
Asets—
payable
Accounts
$234,413
Cash In banks.
Oil Co.
*36,546
...
.
y394,331
Capital deficit..
Income account balance......
x
Total
.....$6,020,115
Represented by 55,006 no-par shares,
149,994
Represented by 394,331
y
I
sbur6B
629,183
r .
■
■■
portation of either crude or products requires more efficient methods and
equipment than ordinary transportation.
Manufacturing is a compli¬
technical process yielding numerous by-products of vastly different
character.
Finally, distribution must extend to manifold points of con¬
sumption where the demand is for frequent small deliveries.
In the two generations of its existence the Standard Oil Co. (N. J.) has
seen its important domestic sources
of crude supply move step by step
across the whole width of the American continent and recently swing back
no-
J-■
••
!'■
cated
Accumulated unpaid dividends on the preferred stock amounted to
$2,279,448, or $41.44 per share, on March 31, 1938.
■Here are 54,385 shares of common stock reserved against warrants
attached to preferred stock, and 116,425 shares reserved against conversion
of bVi% debentures. Included in the shares issued are 21 shares preferred
and 320 shares common issuable under certificates of deposit issued in
1930 against stock of American London & Empire Corp. (a former sub¬
sidiary; deposited for exchange.—V. 146, p. 768.
Subs.)—Ear nine 8—
Standard Oil Co. of Calif. (&
Calendar Years—
1937
Grossoper. income....$192,145,982
ord. taxes. 123,151,843
1936
1935
1934
$153252,545 $134772,110 $130985,836
106,470,788 93,480,780 94,798,487
Operating income—$68,994,139
Non-oper. income (net).
2,364,768
$46,781,757
Cost?&
2,590,997
$41,291,330 $36,187,350
1,547,802
749,631
Total net income. ...-$71,358,907 $49,372,754 $42,839,132 $36,936,981
Depr., depl. & amort— 20,264,012
18,835,764 18,301,080 16,937,174
Prospect. devel. & retire.
4,815,722
5,661,299
covered by reserves.
5,526,743
1,652,000
1,108,000
Income tax (est.)
a4,313,374 al,545,801
Divs. on pref. stock of
20,000
19,667
20,000
sub. company
....
—
$18,594,330 $18,327,807
211,733,009 213,630,217
_Gr3,000,000 Dr3,075,000 X)r4,859,276 Dr7,175,536
Net profit to surplus..$41,254,778 $23,310,224
Surplus begin, of year—217,070,827 212,453,308
Adjustments......
$255,325,605$232,688,532$225,468,062$224,782,488
Surplus.
every
fields demands specialized technical skill. With each new field the character
of the raw material and tne products manufactured from it change. Trans¬
.$6,020,115
—
(N. J ) has been obliged to extend its activities into nearly
United 8tates and in foreign countries.
It has fortified itself to withstand
the losses which follow when pioneering efforts of this character fail. It has
encouraged new inventions, and has undertaken extensive research in
chemistry, physics and geology.
;
Oil fields are short lived.
To find and develop constantly needed new
— — -——
Common stock....
-
193S
country on the globe.
It has of necessity maintained financial reserves to
enable it to undertake expensive exploration in remote places both in the
200,000
5,517,022 Reserve lor contingencies—..
617,127
Notes receiv. from affil. cos—
209,959 Note payable.
2,501,000
Accts. receiv.--securities sold.
48.306 Funded debt—
Accrued interest receivable...
9,815 Cumulative preferred stock...x2,750,300
Investments, at cost....——
Total
May 21,
Wherever transportation reaches or industrial enterprises arise, there is an
immediate demand for petroleum products.
To meet such calls, Standard
1938
Balance Sheet March 31,
again to the region of the Gulf coast.
To meet the requirements of its
foreign customers most efficiently it has been obliged to develop production
in countries as distantly separated as South America, the Near East and
the islands of the western Pacific.
It has witnessed equally sweeping
changes in the character of manufacturing processes, marketing practices
and the volume of demand for its principal products.
To comply fully
with its obligations to consumers it has had no choice but to search out and
develop its own sources of crude oil. manufacture its own products and
devise efficient systems of distribution.
Just as mass production in the automotive industry has put a car on the
road for every family of five, so the integration of all operations in the larger
units of the oil industry has made it possible to run these cars at the mini¬
mum outlay for fuel.
Complete integration on the part of the larger units
not only promotes efficiency
it stimulates successful operations in the
petroleum industry by individuals and small companies. There are thou¬
sands of small producers and refiners in the American petroleum industry
today. In Texas, whicn supplies 40% of the nation's crude oil, the 20 largest
companies produce only a little more than one-half of the total output.
The balance is produced by innumerable small enterprises.
Not only do
these small operators survive alongside their larger
benefits from the presence of the other.
competitors but each
Through its activities in other countries, the company not only con¬
tributes to international trade, but safeguards the American consumer
from the risk, however remote, that domestic reserves may become in¬
adequate. To this end also the company is in touch with industrial research
13,049,479
the world over, and has made available to the American
economy technical
advances that have commercial application.
As an example, it has de¬
Surplus end of year..$229,298,177$217.070,827$212,453,308$211,733,009
Shs. cap. stk. (no par).. 13,102,900
13,102,900
13,102,900
13,102,900
Earnings per share.
$3.15
$1.78
$1.42
$1.40
veloped and licensed generally to the industry patents acquired abroad
covering the art of hydrogenation.
The availability of tnis technique
guarantees this nation against any shortage of liquid hydrocarbons for an
indefinite period.
Parent
Includes $1,071 surtax on
a
15,617,705
26,027,428
cash div
co.
13,014,754
undistributed profits' of subsidiary companies.
Consolidated Balance Sheet Dec. 31
1937
1936
1037
1936
'
Notes
and
...
secure.
Investments
Inventory,
17,210,704
...
oils.
supplies
merchandise
30,116,104
6,393,110
1.508.856
1,448,662
d Fed. inc. taxes
5,114,322
21,982,345
3,298,429
57,639,034
4,006,000
1,253,000
Fed.
&
878,779
910,483
1,503,807
2,369,774
.
c
Standard
491,149
518,590
246,608
credits
494,991
Gen. ins. reserve
12,910,933
644,409
12,618,485
2,060,000
2,060,000
5,647.626
6,685,782
curr.
Long-term
llab.
note
5,000,000
payable
Deferred
field
4,004.773
3,704,107
Fixed assets..449,046,236
448,223,894
by subsidiary.
a
Other
Oil
Calif,
3,801
2,458,222
209,965
payable
Capital stk. of
of
e8,374
2,719,825
accr. taxes
Fed'l excise tax.
Long-term notes
Res.
for
empl's'
benefits
Prepaid & def'd
charges
4,227,529
4,201,119
-
Res. for conting,
b
Capital stock.327,572,500 327,572,500
Capital surplus. 167,947,621
Earned surplus
Total....
.
..596,334,441
586,103,421
Total.
.
61,350,555
167,947,621
49,123,205
.590,334,441 586,103,421
.
a After reserve for depreciation and depletion of $282,676,693 in 1937 and
$268,383,865 in 1936.
b 13,102,900 no par shares,
c Consists of 98,046
shares in 1937 and 88,146 shares in 1936 at cost,
d Estimated, e Excess
profits tax only.—V. 146, p. 3203.
Standard Tube
—V. 146, p.
holders mayTeceive a reasonable return
on their investment; and that the
may benefit by a, constructive utilization of an important natural
To these purposes the company brings an integrity which must
be judged by its performance, and an organization which can be appraised
on the basis of its capacity to fulfil its
obligations.
Domestic Taxes—The annual report for 1936 predicted a bad effect on
business from
the surtax
on
undistributed profits,
then in its first year.
The accuracy of this prediction is now manifest.
The experience with this
law has already demonstrated that it is a mistake to tax
corporate earnings
with both a direct income tax and a severe surtax on any earnings retained
in the business for the
purpose of paving debts, expanding plant or carrying
labor through depression periods.
The new
law, which drastically curtails
these provisions, should be helpful because it again takes note of the fact
that most corporate surpluses consist, not of hoarded cash, but of invest¬
ment in
plant and equipment.
:
Industry would welcome a still simpler law because it needs particularly
anticipate just what its tax burden is going to be, and to plan
intelligently to meet this item which has come to be one of the major ex¬
penditures in its annua] budget.
The consistent increase of taxes in the United States is emphasized by
comparing the total to the outstanding stock of the Jersey company.
It amounted on a per share basis to
$3.20 in 1935, $3.85 in 1936, and
to be able to
$4.39 in
1937.
The following figures indicate that your companies oDerated in 1937
primarily for the benefit of government, next for the benefit of employees,
and finally for the benefit of the stockholders whose invested funds bear
the risks of the business.'
Co.—Listing Approved—
The New York Curb Exchange has approved for listing
shares of class B
that the consumer may be served with ever increasing efficiency
both as to price and quality; that its employees may earn a continuing fair
compensation for their labor, and security in their old age; that its stock¬
resources
resource.
taxes of subs.
Other
(N. J.) of the inherent soundness
public
undist.prof.
prof.
excess
payable
_
•
payable.
Inventory, other
& accts. rec.
.
8,522,529
taxes
15,790,870
2,758,430
54,966,455
31,979,989
...
$
9,406,044
State motor fuel
Invent'y, mat'ls
&
$
payable.
Accts.
16,057,569
accts.
receivable
Mktabie
Liabilities—
$
$
Cash......—
So convinced is the Standard Oil Co.
of its position in the national economy that it invites the closest scrutiny
of its record, firm in the belief that it merits the
approval of the public.
It is dedicated to the objective of so
applying the full range of its skill and
common
46,500 additional
Companies in the Consolidation
stock, $1 par, upon official notice of issuance.
In the
Total Tncl.
United States
$60,380,858
54,669,826
Foreign
$100,337,072
106,547,645
$115,050,684
$206,884,717
.$110,226.299
(incL divs. to minority
stockholders in foreign and domestic subs.).
74,227,290
$193,668,679
2387.
Taxes
Standard Wholesale Phosphate &
Acid Works, Inc.—-
on
the business—Direct
Indirect (consumer sales)
Special Dividend—
Directors have declared
a
special dividend of 30 cents per share on the
stock, par $20, payable May 25 to holders of record May 20.
A
regular quarterly dividend of 30 cents per share was paid on April 15, last.
common
—V.
144,
p.
3519.—V.
143,
p.
1730.
Storkline Furniture Corp.—Dividend
Omitted—-
Directors have decided
to omit the dividend ordinarily payable on the
stock, par $10, at this time.
A dividend of 12M cents per share
paid on Feb. 28, last; 25 cents was paid on Nov. 27, last, and previously
quarterly dividends of 12K cents per share were distributed.—V. 146, p.768.
common
was
Standard Oil Co.
(New Jersey)—Annual Report—W. S.
Farish, President, and W. C. Teagle, Chairman, state in part:
The steadily increasing demand for the products of petroleum has grad¬
ually built the Standard Oil Co. (N. J.) to its present size.
Today it is
ranked among the largest corporations.
Its gross business amounts to
$1,309,000,000 annually.
Its operating companies over the world employ
137,000 workers. .Its tanker fleet comprises 200 ocean-going carriers.
The ownership of the parent company rests with 125,0)) individuals and
institutions. Nearly half of the domestic employees are stockholders, either
in the parent or affiliated companies.
Relative to the total volume of the world petroleum business, tnis com¬
pany's size is not impressive certainly nowhere does it hold such a pro¬
portion of the total business as to deprive the public of the benefits of
healthy competition.
For example;
in the United States, the units in
which it is interested produced last year sligntly more than 6% of the Na¬
tion's crude oil; they refined 12% of the oil charged to stills; and they
supplied only 8H % of the total domestic demand for gasoline.
The company's activities are sufficiently extensive to make possible the
cost-lowering advantages of large scale operations.
Resulting economies
have enabled it to sell products of constantly improved quality at prices
lower than those prevailing 10 years ago, despite a general advance in prices
of other commodities.
This same efficiency has permitted the company to
raise wages simultaneously with the reduction in costs.
The best measure
of the extent to wnich real wages in the company's operations have gone
up is the ability of the average employee to purchase the products of his
own labor.
In 1928 an employee in an eastern seaboard refinery could buy
four gallons of gasoline with his compensation for one hour's work, whereas
in 1937 an hour's work purchased eight gallons of gasoline, excluding the
sales tax in each
case.
While the aggregate of
the profits from all these operations is substantial,
large when set off against the actual investment or spread over the
volume of the business transacted.
The consolidated net profits for the
past 10 years nave averaged $66,000,000; an average return of approximately
6% on capital stock and consolidated surplus.
Tnis company has built up the value behind its investment in capital
assets through technical rather than financial processes, and has attained
its present size by internal growth paralleling the expansion of both the
automotive and petroleum industries.
Its debt is small in relation to its
assets.
It has engaged in relatively little public financing.
Its expansion
has been accomplished principally by plowing back earnings and utilizing
fully the capital generating forces of technical progress.
it is not
Total..
„
Salaries and wages
Dividends to public
100,374,469
Company Production—Gross production of domestic and foreign sub¬
sidiary and affiliated companies totaled 237,072,726 barrels in 1937, an
average of 649,514 barrels daily.
This figure includes total production of
the companies in which thers is a minority interest (except in Iraq where
only the company's share of production is given) and one-half of the oil
produced by the Standard-Vacuum Co. in the Far East.
It excludes crude
oil
produced for partners.
As compared with 1936, gross production in¬
Despite this greater volume of production the company
reserves in 1937, both domestic and foreign.
Domestic subsidiary and affiliated companies accounted for 80,855,342
barrels of the total gross production, an average of 221,521 barrels daily.
This was a gain of 18.34% over 1936, but was still much below the capacity
of the wells, due to proration restrictions.
Foreign production increased
13.49% over 1936 and amounted to 156,217,384 barrels, an average of
427,993 barrels daily.
There was a slight increase in the percentage of production obtained by
natural flow and a corresponding decrease in production by air and gas lift.
The figures for 1937 were: 66% of the total obtained by natural flow, 8%
by air and gas lift, and 26% by pumping. At the close of 1937, production
was being obtained from 14,975 wells, an increase of 1,302 over 1936.
Of
the total wells, 10,448 were in the United States.
At the close of 1937, the company's subsidiaries throughout the world
had total stocks of crude oil of 43,753,000 barrels, which can be considered
normal working quantities.
creased
15.10%.
increased its proved oil
Pipelines—Domestic subsidiary and affiliated companies operated ap¬
proximately 5,200 miles of trunk pipeline.
These systems delivered to
terminals
151,365,892 and to connecting carriers 70,586,670 barrels of
Crude oil movements through trunk lines increased 21% over
the preceding year and gasoline deliveries through the Tuscarora line
increased 24%.
The Ajax Pipeline Corp., an affiliated company, not included in the fore¬
going figures, operated 393 miles of trunk pipeline and transported ap¬
proximately 22,000.000 barrels of crude oil, this representing a decrease
of 6%.
Approximately 150 milts of trunk pipeline were laid in southern Louisiana
during the year by the Standard Oil Co. of Louisiana.
Marine Department—The gain in the world's consumption of petroleum
products was reflected in an increased demand for tanker tonnage.
Ad¬
vancing freight rates made profitable the operation of the less efficient and
older types of vessels.
By the middle of the year all serviceable tankers
were in operation and freight rates reached the highest level since
193 ).
The slackening of demand during the latter part of the year brought about
a
corresponding decline in freight rates.
To meet its requirements for
tonnage, the company time-chartered a total of 325,900 deadweight tons
crude oil.
for
a period of from one to four years.
Five new ocean-going and four new lake type tankers having a com¬
bined deadweight of 85,000 tons were delivered during the year. This brings
the company's fleet up to an aggregate of 2,105,0)0 deadweight tons or
about 14% of the world's total tanker tonnage.
There are still to be de-
Volume
livered
on
the company's vessel-building program nine
lake
four
and
Our usual comparative income statement
ocean-going tankers
type tankers.
States Maritime Commission
Inventory
cost or
commercial tankers, chiefly in
ol
(at
mdse.
less)
notes,
33,778,408
& def. accts. receivable
Sink. & special trust funds
I
e
construction for delivery
for 1937 by 8M%>
not
vessels.
Manufacturing<■—Our domestic refineries continued to run to capacity
throughout 1937.
They consumed approximately 145,000,000 barrels of
crude, a daily average of 397,252 barrels. This was an increase of 13%.
Foreign refineries ran 158,337,000 barrels of crude, a daily average of
433,800 barrels, an increase of 12%. Combined domastic and foreign crude
runs tataled 303,334,000 barrels, a daily average of 831,052, a
13% in¬
crease
in throughput over the previous year.
Foreign figures include
half of the total crude runs at the Standard-Vacuum refineries in the
...
Conting.
Cap. &
the
Huasteca
Petroleum
Co.,
a
June 15, 1939 (less
Government seized the proper¬
subsidiary of Standard Oil Co.
Masons
_
—
— -
Sullivan Machinery
2.05
-
.
The
Net
...
$379,163
37,315
33,923
163,588
l7,626
26,062
60,392
29,065
$858,844
$263,644
6,836
$74,451
was
made for surtax on
Sweets Co. of America,
After expenses,
undistributed profits.—
Inc.—Earnings—
1938
$35,144
Net profit
x
—.
$1,073,981
32,327
profit
provision
146, p. 2550.
Quar. End. Mar. 31—
x
159,050
$150,929
Note—No
V.
159,165
425,115
stock
income
Depreciation.
Federal and foreign income tax, &c
Minority interest..
the prices received
$220,113
$489,701
94,857
Profit sales of reacquired
Total
1936
1937
1938
$56,072
profit
Other income
1936^
1937
$29,040
deprec., &c., but before Federal
Tampa Electric
*935
n
$16,808
$8,358
taxes.—V. 146, Pi 1892.
Co.—Earnings—
1938—12 Mos.—1937
$4,602,271 $4,302,813
1938—Month—1937
$383,434
$382,201
Period End. April 30—
Operating revenues
Gross income after
re-
■
„
accruals..131,673
120,374
1,515,426
1,425,243
131,099 *
119,284
1,504,846
1,412,430
jVofe—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¬
mined until the end of the year.—V. 146, p. 2872.
tirement
Net income..
Tennessee
Public Service Co.— To Sell
for $7,900,000 to
Knoxville Units
TVA—
of National Power & Light Co. on May
Valley Authority-City of Knoxville's offer to
The directors
Tennessee
19 accepted the
purchase electric
thus
rties of the Tennessee Public Service Co. for a price of $7,900,000,
becoming the first large utility to succumb to pressure of TVA competition.
The offer as accepted represented an increase of $400,000 over the first
prop<
proposal made last week
Power subsidiary.
by Mayor Mynatt of Knoxville for
,
.
_
the National
....
the sale are Rmgsport-Waterville transmission lines,
certain current cash assets, and the company's traction lines.
The sale is to be worked out under terms and with machinery similar to
that contemplated by the agreement made in 1934. but not carried out.
The price agreed upon represents the present rate base for the utility s
electric properties plus net additions, plus 5%.
The offer of
Excluded
from
$7,500,000
represented only the rate base.
. \
..
, -r,
. T.
ut1
Following a three-hour meeting of directors of National Power & Light,
the company issued the following statement:
"At a meeting of the directors of the National Power & Light Co. held
this afternoon the board voted to recommend to stockholders the acceptance
of the joint proposal made by the city of Knoxville and the Tennessee Valley
Authority for the purchase of the physical electric property of the Tennessee
Public Service Co. at a price of $7,900,000, subject to minor adjustments.
The Waterville-Kingsport transmission line and the street railway system
are not included in this purchase.
„
"The sale is to be worked out under terms and with machinery similar
to that contemplated by the agreement made in 1934 but not carried out.
Immediately following the adjournment of the meeting Mr. P. B. Sawyer
notified Mayor W. W. Mynatt of Knoxville and Mr. David E. Lilienthal,
director of the
TVA, of this action."
J
private properties, it could not continue for those employees a scale so
higher than that maintained in the regular Government operations.
Shareholders—At the end of 1936 ownership of Standard Oil Co. (N. J.)
rested in 120,630 names. At the close of 1937 the total was 122,559. As of
The
Gas & Electric Co. for about $1,300,000.
nects the Carolina Power & Light Co., another
with Tennessee Public Service and hooks into
can
Dec.
'
,it
Tennessee. Publicsold to the Ameri¬
This transmission line con¬
NationaljPower subsidiary,,
the Appalachian Power &
Waterville-Kingsport transmission line of the
National Power officials announced, will be
Service Co.,
1938, it had increased to 124,760, a gain of 4,130 stockholders
31, 1936.
Of the owners as of April 9, 60,159 were men, 52,046 women, 8,971
estates and trustees and 3,584 banks, brokers, &c.
The average holding
April 9,
$31,825
,
3 Months Ended March 31-—
much
210 shares.
;
146,-p. 2549.
Operating
yielded only a very small return on its investment.
The constant agitation for higher wages was not a reflection of dissatis¬
faction on the part of workers.
It was generated by radicals fomenting
labor disturbances.
Early in 1936, when conditions had reached such a
stage that the leading industries in Mexico recognized that it would soon be
impossible to continue, and brought this fact to the attention of President
Cardenas, he answered in a speech at Monterey on Feb. 11, 1936:
"Industrialists who are weary of the social struggle can turn their indus¬
tries over to the Government."
The Mexican Labor Board held that wages and benefits should be limited
only by economic capacity of the oil companies to pay. To determine such
capacity it investigated petroleum earnings. It reported that during 1934,
1935 and 1936 the companies earned an average of 56,260,176 pesos per
annum.
The actual amount as determined by independent auditors was
22,889,637 pesos. Accepting its own "estimate," the Labor Board awarded
a general increase of 26,000,000 pesos a year.
As this increase alone was
more than the companies had been earning, they were left with no alterna¬
tive but to petition the Supreme Court to set aside the award.
This peti¬
tion the Court denied.
,
»
The companies then offered to try to find the additional funds if th
administrative features of this and previous awards were changed to permit
management to remain in control of operations.
The companies objected
to administrative features such as these:
(a) Executive positions not held by syndicate members were arbitrarily
reduced in number, and it was further provided that the occupants must
be discharged summarily if three complaints were lodged against them
by the syndicate.
(b) The syndicate could expel a member at any time for any motive,
and upon receipt of notice the employer had to discharge the expelled
worker regardless of his ability. This gave the syndicate leaders the power
of economic life and death over the worker, for once expelled, the worker
was blacklisted, and kept from re-employment elsewhere.
The conciliatory offer to make the wage concession demanded was re¬
fused, and almost immediately thereafter the properties of foreign oil
companies were seized.
Within a week following the seizure double pay for overtime was discon¬
tinued, many employees were laid off and benefits enjoyed under private
operation were curtailed. That such would be the effect might have been
foreseen.
The Mexican Government itself has been in the oil business for
15 years.
The wages and benefits it paid were much under those of the
foreign companies.
When the Government assumed management of the
was
$20,853
52,679
Superheater Co. (Del.)—Earnings—
[Including Affiliated Canadian Company]
4.00-8.40
by industry.
In recent years Mexico has consumed about 40% of the
petroleum it produced currently. Since 1934, the Government has set the
price at which gasoline had to be sold throughout the Republic. With the
price for its principal product fixed by Government, which in posed at the
same time heavy production and export taxes, the oil industry in Mexico
since
prof$49,086
_
Net loss.
2.26
2.74
2.05
1.98
1.13
and above the basic wage rates shown.
level of wages bears a definite relationship to
over
1936
$101,647
52,561
$157,040 prof$74,223
Provision for inc. taxes.
—V.
1935
1937
$154,494
72,771
7,500
before
_
4.80-6.00
Electricians
6.00-7.60
Stevedores
3.00
Blacksmiths
7.25
Unskilled labor
3.00-3.50
The petroleum wage scale tells only part of the story, because in addition
to the basic wages paid, the oil companies also furnished free many of the
necessities, such afe housing, fuel and light, education, transportation,
recreation facilities and medical and hospital care for the employee's entire
family. The payment of these and other benefits and allowances has been
equivalent to an additional 36% in the remuneration received by employees
__—
Co.—Earnings—
1938
provision V
for depreciation..
loss$86,364
Provision for deprec..*..
70,676
Profit
before
sheet,
e
3 Mos. End. Mar. 31—
—
Chauffeurs
1939, $25,000,000; balance of amount payable on or
$23,180,000; miscellaneous, $1,792,833; total, per balance
Includes loans payable.—V. 146, p. 3204.
Dec. 15, 1945,
$139,268,807.
the Annual Review of the Mexican Depart¬
Average Daily Wages
Average Daily Wages
in Republic (Pesos)
Oil Industry (Pesos
■
;
1.89
5.20-8.40
Carpenters
series B 1937, extended to
Alcohol Co., 10-year
$5,148,242 in treasury), $401,758; Standard
payable on Dec. 15,
repeatedly stated that it was necessary for Mexico to take
properties of the foreign oil companies because of their unwilling¬
ness to pay decent wages,
The petroleum industry has always paid wages in all countries as high as
—usually higher than—the scale of other industries.
In Mexico, an oil
worker's actual earnings, plus benefits, were considerably more than those
received by workers in other lines.
Here are the basic rates during 1935,
1936:
1,941,709,974
Incomplete
plant equipment,
easements,
Co., 3% serial notes, due March 1, 1939. to March 1, 1959, $3,294,900; Inter¬
Petroleum Co., Ltd.: Non-interest-bearing purchase obligation—amount
Oil
the
of Labor for
leases,
national
It has been
ment
Lands,
5% notes 1946 (held by subsidiary, $910,000), $490,000; Le Bitume Liquide, S. A. F.,
tax-free
debentures, redeemable before Jan. 1, 1959, $109,316; the Carter
developments.
taken from an official source,
capital assets:
000,000; Lycoming United Gas Corp., 5-year 6% notes
(N. J.).
The matter was promptly placed before the State Department
by the Huasteca and other American companies similarly concerned. A
brief was filed with the Department setting forth that the Mexican Govern¬
ment's action was not in accord with its own constitution nor its statute
relating to expropriation, and that the seizure was a violation of international
law.
The companies are keeping the State Department advised of current
over
Fixed
359,448,425
2,060,815,536 1,841,849,697 1,894,914,483
debtedness: Standard Oil
the
Mexico—On March 18, 1938, the Mexican
of
5,296,229
405,011,118
. :'■";7'"■■
-ii
344,310,428
80,225,617
15,978,550
352,858,039
11,017,020
334,834,355
81,268,000
7,411,517
,
$10,982,767 in 1935 and $9,401,444 in 1934.
d Funded and other long-term In¬
Co. (N. J.), 25-year 3% debs., due June 1, 1961, $85,-
gas,
previous year.
ties
14,503,057
249,326,787
80,786,008
5,964,461
476,355,535
of min. int.
construction, marine equipment and miscellaneous property, $2,458,462,588; less
reserves for depreciation, depletion and amortization, $1,294,562,213; balance as
above, $1,163,900,375.
b Stocks of corporations not consolidated herein (at cost):
c After
reserves
for amortization of $14,163,630 in 1937, $12,803,593 in 1936,
stock
has a 13.31% stock interest), each handled increased volumes of
being 5.44%, 10.51% and 7% respectively greater than
38,172,973
251,833,470
of
Total liabilities
13.5%.
sales
16,167,723
80,249,685
earns,
Unappropriated surplus..
a
3,946,480
76,367,812
31,091,217
17,583,138
3,579,789
26,130,701
representing
Capital surplus
interest), Mississippi River Fuel Corp. (in which company has a 22.39%
and Natural Gas Pipeline Co. of America (in which com¬
pany
surp.
2,788,685
80,858,389
32,341,798
17,603,282
4,229,350
17,806,357
19,979,870
2,193,716
Appropriated surplus
stock interest)
the
4,435,483
12,866,627
certain foreign subs...
1.
wholly owned distributing companies in Ohio, Pennsylvania and
West Virginia sold 99,603,221,000 cubic feet, an increase of 5.78%, this
inclusive of approximately 8,000,000,000 feet purchased from a partly
owned subsidiary.
The Lycoming United Gas Corp. group (in which company has 81.7%
stock interest) sold 28,123,366,000 cu. ft., an increase of 48%.
Interstate Natural Gas Co., Inc. (in which company has 53.97% stock
81,540,937
31,318,572
reserves
undistributed
Nov.
has a 42K%
res.
12,874,318
3,732,715
82,703,646
32,066,505
23,114,262
Res. forforeignexch. fluct.
The
sold 46,595,922,000 cu. ft., an increase of
Colorado Interstate Gas Co. (in which company
16,585,138
4,440,538
Insurance reserve.......
Miscellaneous
....
of
Reserve for annuities
Companies—The important natural gas subsidiaries showed
larger sales in spite of the sharp recession in industrial sales beginning
Interest)
trustees
annuity trusts...
Natural Gas
about
from
41,120,734
7
Deferred credits.
Loans
82,644,370
55,160,804
58,356,860
Accepts. & notes pay..
646,402,025
141,461,816
81,203,615
62,391,620
26,879,954
31,299,175
646,402,025
82,772,731
73,126,841
98,043,366
9,984,621
34,977,720
655,619,175
84,573,564
91,783,371
59,999,566
26,999,434
Owing to Stand. Vacuum
Oil Co
J<
East.
dl39,268,S07
payable
Purch. oblig. due (curr.).
Accrued liabilities
increase the average tonnage over that
allowing for withdrawals or scrapping of obsolete
Far
655,619,175
unded&long-term debt
Accounts
1,121,648
133,166,645
2,060,815,536 1,841,849,697 1,894,914,483 1,941,709,974
TotaJ assets.....
Liabilities—
Capital stock
year
will
1938
19,297,807
29,634,429
16,194,388
Pats., copyr't, fran., &c.
Prepaid & deferred chgs.
total of 273,800,000
in 1936.
World statistics indicate that new tankers under
in
125,941,845
c
transported a
barrels, exceeding by 16% the quantities transported
ocean-going vessels this
125,521,698
mtges.
b Other investments
national emergency.
and chartered
43,402,494
182,428,745
8,457,285
36,451,347
16,101,577
124,897.502
Long-term
normal times they will
owned
35,253,323
135,445,923
13,658,254
34,569,208
14,566,915
393,332
C&sh
of the fleet.
a
33,085,762
125,475,538
15,185,837
31,997,610
15,417,720
252,580,699
245,528
Loans to employees.....
Ownership of these tankers is vested in the company
be operated in the same manner as other
They will be subject to requisition, under the same
conditions governing the requisition of any other American flag vessel.
The Government's payment for defense features does not constitute a
subsidy and the company will receive no contribution toward the expense
of operation.
The company welcomed this opportunity of cooperating with
the Government in its program of making available tankers suitable to
262,144,771
112,196,237
134,942,646
266,264,657
119,208,363
859,262
160,825,348
317,706,790
141,642,632
Accounts receivable
vessels
Our
1934
1935
1936
j
§
<j
§
(capital) assets.._al, 163,900,375 1,009,423,565 1,019,950,833 1,045,928,816
sec. (at cost).
81,035,568
88,247,056
88,334,606
93,852,530
Acceptances & notes rec.
6,540,265
9,578,234
5,977,788
6,457,877
Marketable
and in
meet
for the calendar
3204.
Fixed
13 knots.
to
1937
,
respect
to speed and consequent increase in hull dimensions.
The agreement pro¬
vides that they must be capable of maintaining a sea speed of 163^ knots
loaded, whereas commercial tankers are designed to maintain a sea speed
of 12
p.
Consolidated Balance Sheet Dec. 31
.
Assets—
vessels have been so disposed of.
These tankers differ from regular
published in V. 146,
year was
asked American operators to
undertake the construction of tankers of approximately 16,000 deadweight
tons, which would embody special features for national defense.
Agree¬
ments with the U. S. Maritime Commission and contracts with shipyards
for the construction of 12 tankers were signed by this company on Jan. 3,
1938, the Commission paying the cost of the national defense features and
reserving the right to request the company to sell, during the period of
their construction, certain of these vessels to other owners.
Two of these
The United
3359
Chronicle
Financial
146
Light Co., an
American Gas & Electric
subsidiary.
Financial
3360
While
definite offer
no
National Power
to
1937
Calendar Years—
Taxes and rents (net)
Tennessee Electric Power Co. (&
1935
2,688,298
$6,264,174
2,526.835
$5,988,504
2,557,060
139,685
71,818
59.055
92,422
Cr55,869
1,260,000
81,636
044,373
1,260,000
85,379
041,773
1,260,000
024,425
1,260,000
$2,601,259
$2,300,391
1,550,866
212,500
$2,056,020
1,550,880
170,000
$1,889,156
1,551,786
212,500
$537,026
$335,140
$124,870
$6,664,669
Int.
on
-
Amort, of debt disct. and
*
expense.
Int. charged to constr._
Pro v. for depreciation..
Net income-..
Divs.
_
1,550,866
pref. stock
on
Common dividends
—
$1,0.50,393
Balance.---.;.-
Note—No
provision has
been made in 1936 and 1937 for the Federal
undistributed profits as it is estimated that
distributed during such years.
surtax on
has been
77,§06
all
$374,222
87,730
4,337
8,594
$235,424
74,756
10,246
9,249
$175,328
$100,447
$252,556
$273,561
15,000
$258,561
$133,672
applied to sink¬
1937
Inv. in rd. &
:r,
1936
1937
•
equip.53,416,123 $2,677,718
$
600
567.524
568.398
Misc. phys. prop..
18,000
18,000
197,125
wages
Fixed cap., incl.
Misc. accts. pay..
9,322
36.343
32,260
45.501
32,840
Funded
Net bal. rec. from
17,794,000
17,645
17,806
unpaid
Other curr.liabils.
10,473
76.586
74,101
Deferred liabilities
226,755
5,055
Material & suppl's
352,614
325,534
Tax
234.958
278,018
Other curr. assets.
168
122
liability-.—
Acer. depr. equip.
230.663
194,172
Acer. depr.
_
420
57.287
road..
324,950
260,491
Other unadj. cred.
187,436
152.127
2,965
2,515
22,469
15,000
1,706,076
1,562,558
325,335
.......84,804,351
$4,327,086
in
process
1,451,686
1„507,988
.
affil.
Cash_„.
Acer. int. &
492,753
624,881
2,798.665
3,101,388
from
964,174
221,386
37,839
7,078,012
35,254
705,232
pref.
Misc.
affil.
curr.
liab.
Reserves
7,311
cos
Mat. & supplies.
Subs.)—Earnings—
...
Contribs.
in
6,369,316
aid
12 Months Ended Mar. 31
1938
1937
$31,131,448 $30,701,360
10,275,341
9,311,838
3,286,997
2,903,001
568,573
1,689,989
1,494
3,923,884
3,820,863
12 Months Ended March .31—
Total operating revenues.
c
divs. payable.
receivable
Due
1,722,109
222,980
Accrued taxes..
Accts. & notes
a
109,856
1,873,164
2873.
Union Electric Co. of Missouri (&
176,107
50,872
cos
551,192
730,719
408,253
balance..
Total.
Operating1 expenses
___
Taxes, other than income taxes
a
Provision for income taxes
b Provision for surtax on undistributed income
Provision for depreciation
of const
14,812
Prero. on capital
10,900
10,900
Acquired surplus
1,250,221
Earned
6,298,824
5,933,895
Total...-.-.110.142,145
107,690,921
Net operating revenues
Non-operating revenues
..;
surplus.
...
Gross income
Interest on funded debt
-.110,142,145 107,690,921»
After
a
reserve
by 425,000
no
of $429,049 in 1937 and
par
shares.—V. 146,
p.
$364,402 in 1936.
2710.
b Represented
Amortization of bond discount and expense
Other interest charges.
on
Minority interests
Other deductions
Co.—Bonds Offered—Bioren
1938; due Jan. 1, 1958,
Int. payable J. «fe J.
Red. at
whole or in part on any int. date on 39 days' notice,
at 101 to and incl. Jan. 1, 1956; thereafter at par.
Denom. $1,099.
Fort
Worth National Bank, Fort Worth, Texas, trustee.
Purpose—The amount of the net proceeds, estimated at approximately
$146,000, to the extent necessary will be applied to the payment, redemption
or retirement of all
outstanding 1st mtge. bonds and unsecured notes of
the company.
The balance of the proceeds amounting to an estimated
$72,590, will be added to the cash working capital of the company.
1,
option of issuer
as a
1936 for the year 1936.
c Total operating expenses include maintenance
in the amount of $1,700,714 and $1,512,430 respectively, for the 12 months
5,000
in
operation since Oct. 14, 1937. - Business done by issuer is that of
supplying water to the public, principally for domestic purposes.
Issuer
is also engaged on a small scale, in supplying water for commercial and
industrial purposes.
Issuer owns and operates seven plants supplying
water to three growing communities located in
central and western Texas.
—V. 146, p. 2550.
-
Ralph McAllister Ingersoll, publisher of "Time," said negotiations for
underway since the "Literary Digest" suspended publica¬
tion early this year.
The name will be continued on "Time's" masthead
and the "Digest's" 250,000 subscribers will
get copies of the combined
magazine beginning with the issue of May 23.
Time, Inc., bought the 50-year old humorous
magazine "Life" in 1936
picture magazine, retaining the
After deductions
1938
1937
$27,498
$84,436
$0.14
$0.05
for operating expenses,
Net profit..
Shares com. stock
charges but before provision for Federal
earnings.—V. 146, p. 1417.
surtax on undistributed
Inc.—Earnings—
3 Months Ended March 31—
1938
Net loss
x
$590,079
After taxes, interest, depreciation,
v*
if}-
«•
v.SV*'
&c.—V.
146,
p.
2064.
'
1937
$359,933
1935
1936
$750,715
272,740
89,585
342
x$438,365
x$722,368
$567,831
$477,633
397,885
....
$967,026
309,610
397.885
$1.81
.397,885
394.327
$1.42
$1.21
out¬
$1.10
__
Before
x
Federal surtax
on
undistributed profits.
Consolidated Balance Sheet March 31
Assets-
Notes
1937
$
Cash
Liabilities—
1,460,485
&
Accounts
z457,177
798,281
1,042,254
Inventories
971,872
750,228
Other assets
1,904.751
1.536,043
23,845.325
Per m't assets
154,392
Res.
Deferred charges
..
y349,370
397,885
for deprec. &
12,925,329 11,899,787
depletion
Res've for possible
432,606
Res. for Fed. taxes
394,166
213,000
182,780
182,780
Deferred income..
45,000
45,000
222,933
284.172
Minority Interest-
309,032
Common stock.. 11,952,538
411,903
11,952,538
2,921,060
2,826,199
x
Surplus....29,834,905
Represented by 397,885
and State income taxes,
United
!
J
payable
losses & contlng.
Black Exp.,Inc.
x
a676,895^
397,885'
Federal taxes
Divs.
23,280,945
Cap. stk. ol Carb
Total
275,679
ties. &c-
408,449
Accts. receivable..
$
S
payable]
Acer.taxes, royal->
accepts
receivable
1937
1938
$
1,451,784
z
28,945.358
no par
200,000
Total .........29,834.905 28,945,358
shares,
y
Undistributed profits. Federal
Notes receivable only.—V.
146,
p.
3205.
Cigar-Whelan Stores Corp.—Tenders—
The Manufacturers Trust Co., New York, will until 12 o'clock noon
May 26, receive bids for the sale to it of sufficient 5% sinking fund bonds
offered.
due Oct. 1, 1952 to exhaust the sum of $300,000 at the lowest prices
—V. 146, p. 2225.
United Drug,
Inc. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
z
Net income.
a
Transcontinental & Western Air,
1937
$1,188,783
365,274
101,141
standing (no par).,..
Earnings per share
normal Federal income taxes
and other
x
1938
admin, expenses _$726,421
Deprec. and depletion..
356,516
Minority interest.
Oo8,459
name.
Brewing Co.—Earnings—
3 Months Ended March 31—
x Net incomeEarns per share
prof$46,000
Oper. profit after deduct.
mfg., sell., gen. and
Commenting
on the sale, Mr. Ingersoll said: "The 'Literary Digest' has
honored place in American
publishing for more than two genera¬
tions.
In our generation we
hope that 'Time' is the worthy journalistic
successor of these giants of an earlier
age."—V. 146, p. 1730.
1937
1938
$10,038
Co.—Earnings—
3 Mas. End. Mar. 31—
the sale had been
an
•
normal Federal income taxes
and other charges, but before provision for Federal surtax on undistributed
earnings.—V. 146, p. 2225.
tracts,
Literary Digest, Inc.
1895.
for operating expenses,
Trade marks, con¬
Time, Inc.—Buys "Literary Digest"—
P.
-
After deductions
1938
City Bank Farmers Trust Co,, as trustee, is inviting tenders for the
^ for retiremant of 1st mtge. 5% 50-year gold bonds dated July 1,
/1£87. in an amoui®Mtffficient to exhaust the sum of $350,000. Tenders
.should be made at fWwes not
exceeding $850 per bond, including accrued
Tnust
bej§resented not later than 12 o'clock, noon, on May 31,
f;i 1038. payment of $150 per $1,000 principal amount of bonds has previously
been made,—V. 146, p. 2872.
146,
Rope Corp.—Earnings—
Net loss
x
The
x
1938 and 1937.—V.
3 Months Ended March 31—
x
Third Avenue Ry.—Tenders—
Tivoli
31,
Union Wire
United Carbon
Company—Incorporated Oct. 14, 1937, in Texas.
The various plants now owned by
company have been in operation
than 20 years, but were not consolidated under one
management
and ownership until
1929, when issuer's predecessor, Texas Consumers
Water Co., was organized as a Delaware corporation.
The issuer has been
held
year
ended March
100,000
more
a
—
determined the company and its subsidiaries had no liability for surtax on
undistributed income for the year 1937; and no provision has been made
for the 3 months ended March 31, 1938.
The amount shown for the 12
months ended March 31, 1937 represents the provision made in December,
$175,000
___
and converted it into
—
$7,201,372
computing the provision for income taxes charged to income for
1937, redemption premium and unamortized bond discount and
applicable to bonds called for retirement in 1937 were applied as a
deduction in the determination of taxable income,
b So far as can be
Capitalization Outstanding After Proposed Financing
First mortgage bonds, 6%, series A
Preferred stock 6% non-cumulative ($20 per share)...
Commonstock ($1 par)..
The company has taken over the
$7,475,434
expense
& Co., Phila¬
delphia, on May 11 offered $175,000 1st mtge. bonds, 6%
series A, at 98 and interest.
.
47,814
...
In
a
Jan.
—
Net income...
the
Texas Consumers Water Co.—Successor—
See Texas Water Co. below.—V. 129. p. 3327.
Dated
...
Interest during construction
Feb. 2, last.
Water
$12,974,175
73,925
$13,097,330 $13,048,100
4,492,556
4,585,986
415,884
212,755
165,057
47,521
Crl43,636
021,099
641,353
1,018,425
2,867
3,138
of 1^%
interest was made on the 6% income debenture
No other interest payments have been made
since Aug. 2, 1928.—V. 144, p. 1455.
Texas
_
Preferred dividends of subsidiaries.
Tennessee RR.—Interest—
A payment
bonds of 1948
$13,076,651
20,679
1,250,220
stock....-
Total
7,500
loss—
Due to parent &
Defd. charges <fc
prepaid accts.
1,350,000
payable.
$4,327,086)
$4,804,351
Total
-V. 146, p.
wealth & Sou.
Accts.
of
and
credit
Due to Common¬
Debt disc.A exp.
income
and surplus
Sink. fund, res'ves
345.974
212,299
debt retired
Profit
49,592,300
333,367
10.680
Add'ns to property
thru, inc.&surp.
445
65,948
Deferred assets...
Unadjust. debits.
17,794,000
49,289,300
170,172
2,900
agents & cond'rs
24,129,600
Def. liabilities..
176,149
8. fd. Aspec.dep
amortization
24,129,600
b Common stock
100,697,420
in secur. of
various cos.;-
debt mat.
Misc. accts. receiv.
S
Funded debt...
Intangibles-.. 103,315.699
Inv.
payable..
Int. mat'd unpaid-
73,945
26,137
bals. receivable.
1936
$
88,710
178,416
Audited accts. and
35,160
Special deposits...
Traffic & car serv.
taxable income
1937
69,119
147,003
bals. payable
481,189
Inv. In affil. cos--.
Cash
85,000
1,485,000
Traffic & car serv.
through
Liabilities—
1st pref. stock-.
85.000
1,592,000
Capital stock
Funded dt. unmat.
Deposit in lieu of
mtgd. prop, sold
1936
1937
Liabilities—
Fund,
1936
$
$100,447
General Balance Sheet Dec. 31
"
'
Consolidated Balance Sheet Dec. 31
Assets—
60,000
11,893
2,988
7,500
$244,656
15.563
$141,173
7,900
Inc. transf. to P. & L.
unfunded debt &
miscellaneous charges
223.045
16,092
Net income
Assets—
$5,800,473
2,538,882
78,558
Net earnings
on funded debt.
_.T
1934
,..-$16,164,658 $14,972,954 $13,409,824 $12,409,568
& taxes.
9,499,989
8,708,780
7,421,320
6,609,094
Interest
_
$159,765
$216,961
18,463
ing & other res. funds.
<
Income
Gross earnings...
Oper. exps.
funded debt—._
Other deductions
Subs.)—Earnings—
1936
1937
on
Other interest.
438,218
$351,387
73,319
16,513
8,999
—
Gross income
Int.
$1,715,625
1,332,814
$358,130
Net ry. oper. income.
Other income
properties will serve to augment the figure.
The Tennessee Public Service Co. currently has outstanding $7,000,000
in 5% bonds; 50,000 shares of $0 preferred stock, and 1,000 shares of
common stock.
All of the common stock is held by National Power &
Light and also 42,342 shares, or 85.4% of the preferred stock.
On the
basis of the present price offered by the TVA and the City of Knoxville,
plus proceeds realized from the sale of the transmission line and other
salvage, there would be nothing available for the common stock.—V. 146.
p. 3204.'
$1,841,475
1,383,673
240,842
$2,424,294
1,627,946
$329,896
21,491
—
1934
1935
1936
$2,393,236
1,683.847
379,492
Operating revenues—
interests in operating the traction porperties.
With the announced price of $7,900,000, plus approximately $1,300,000
for the transmission line, the base figure for the company stands at $9,200,000.
In addition to this, National Power expects to realize up to $1,500,000
in current assets from its subsidiary.
Whatever is obtained for the railway
interests in Knoxville that are
Calendar Years—
-Annual Repon-
Toledo Peoria & Western RR.
made for the street railway system
understood that Mayor Mynatt
officials the names and bids of private
has been
of the Tennessee Public Service Co., it is
has submitted
May 21, 1938
Chronicle
Earns, per share
1938
loss$319.545
Nil
1937
y$580,640
$0.41
1936
x$392.153
$0.28
1935
$218,829
$0.16
x Exclusive
of a non-recurring profit of $837,002 from sale of Boots
Pure Drug Co. stock.
Including the extraordinary income, the total net
profit for the March quarter was $1,229,155, or 88 cents a share, y Before
surtax on
undistributed profits.
z After
all charges & Federal taxes,
a On 1,400,560 shs. cap. stock (par $5).—V, 146, p.
1895.
Volume
Financial
146
United Dyewood
1937
sales
Cost of sales—.
Depreciation
Sell., gen., &c.,
—
expenses
Directors have declared
1934
1935
1936
$5,890,417
4,249,391
$6,001,127
$6,007,173
3,844,879
4,040,983
70,789
68,620
1,518,534 : 1,468,686
$5,200,617
3,314,939
67,964
1,363,718
3361
United Molasses Co., Ltd.—Interim Common Dividend—
Corp. (& Subs.)—-Earnings-
Calendar Years—
Net
Chronicle
common
stock
an interim dividend of 7J^%, less tax, on the
against 6}i% paid a year previously.—V. 146, p. 123.
as
United Piece Dye Works (&
1,447*,813
:1
Operating profit
"$193,213
...
$569,094
103,030
$426,715
100,584
$642,264
__
Total income
Prov. for U. S.
inc. & for.
$453,997
188,267
$672,124
$527,299
$298,822
197,447
Other income...
131,551
102,917
59,205
105,609
normal
Portion of net income of
'
28,632
26,418
20,506
19,324
$416,185
206,510
208,500
$514,156
208,25)
208,5 )0
$403,875
212,082
Interest.
Idle plant expense
$1,185
$97,405
$191,793
Federal and local taxes..
Net loss
Net
income
7% pref. dividends.....
Common dividends
....
a
1937
Plant property.
$1,487
$).01
incur a
x
Ld.,
697,317
Notes
A
1,204.768
270,371
Securities
$937,431
317,770
c
receivable
$4,500,000
sub.
int.
_
1 .391,830
_
1.391,830
138.163
Common stock
Minority
a$226,658
$87,249
1,047,341
74,50,5
40,494
880,063
370,584
599,435
1936
86,974.703
y
Plant assets in pro¬
of liq'd
Common
Notes
(net)
$6,644,700 $6,644,700
1,125,000
1,125,000
__
stock
payable.
Accts.
1,584,660
—
payable
11,758
.
A
1
1
1936
1937
Liabilities—
Preferred stock
ma¬
accrued liabil—
484,751
366,154
Cash
1936
1937
Preferred stock...$4 .500,000
accts.
$1,870,516
1937
bldgs..
chinery A equip S3,419,623
cess
Dec. 31
Liabilities—
$974,112
.
Cash
b
1936
$2,348,791
a$202,821
413,886
Loss.
a
Goodwill.
Assets—
$1,852,303
$8,091
79,158
Consolidated Balance Sheet Dec. 31
Earn, per sh. on common
$1.51
$2.21
$1.38
Note—The corporation and its domestic subsidiaries did not
surtax on undistributed profits in 1936 or 1937.
Consolidated Balance Sheet
1935
a$292,006
65,348
....
Assets—
Surplus.....
886,788
314,788
910,424
191,071
$813,625
Profit
1936
a$245.681
42.860
$183,836
265,091
72,898
175,437
362,880
121,154
Operating profit.______
Other income
$220,293
218,806
__
1934
1937
$145,837
37,999
Depreciation
subs, applicable to mi¬
nority interest
">
Expenses
inc. & div.
taxes
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
145,542
in
cos..
196.881
640,902
Reserve for cont—
Accts. receivable-
406.368
272,352
1st mtge. loan
1,513",424
1,474,812
Inventories
307,511
366,938
Deficit.
3,322,639
1,031,330
Collateral accts.
.
215,446
_
Inv. A oth. assets.
660,948
930,442
Bank acceptances.
466.031
47,477
Letters of credit..
6.979
21.874
2,633,076
2,138,954
Bonuses & comm's
112,480
145,521
671,127
698.223
Taxes..—_
,150,140
102.570
Notes & accts. pay.
279,582
284,059
86,375
86,375
Royalties payable.
31,807
24.407
Goodwill, pats..&c 2,398,622
Prepaid insurance,
2,412,012
co....
47,088
97.829
Dividends payable
86,375
86,375
290.014
666.133
67.259
60,605
z294,392
338/220
32,111
24.572
Deferred charges..
;
221.107
59,668
38,352
...
Royalties receiv..
Inventories
Invest.
& advs...
Cash with div. dis¬
bursing
taxes,
agent..
Ac
Accts.
21,300
payable
allied
an
23,706
Capital surplus...
Earned surplus.._ 2 ,492,405
2.598,727
d Pref. treas.stk.Drl 583,000Drl,550.000
Com. treas. stk.
Drl ,830
Drl,830
$6,456,994 $8,617,689
a
$8,475,322 $8,794,7521
After
allowances
Total .........$8,475,323
for depreciation,
b
After
allowances
$8,794,752
doubtful
for
Total
$6,456,994 $8,617,689
—
in 1936.
losses of
United States Freight Co. (& Subs.)—Earnings—
Period End. Mar. 31—
Gross revenues
Expenses
1938—12 Mos.—1937
1938—3 Mos —1937
$7,277,423 $10,839,153 $36,265,099 $49,858,999
7,311,565
1 0,785,33 0
35,889,084
49,058,430
prof$53,823prof$376,015prof$800,569
2,020
3,530
3,235
78,284
258,320
243,294
57,655
62,627
268,406
217,233
Operating loss.
$34,142
Interest
447
Federal taxes, &c
Total
I
x After
depreciation of $4,316,067 in 1937 and $11,554,342
Represented by 900,000 no par shares,
z After reserve for
$27,204.—V.
144,, p. 4028.
''
: v,;
y
to
Reserves
e
Total
72,847
Depreciation
Investment adjustment
75,000
_
accounts and notes of
$48,406 in 1937 and $64,381 in 1936.
c Represented
shares,
d Represented by 15,500 shares in 1936 and 15,830
shares in 1937.
e Represented by 183 shares at par.—V.
146, p. 1262.
by $10
par
United Gas Improvement
Week Ending—
Net loss...
-V. 146, p. 2388.
United States Lines Co.
Co.—Weekly Output—1
May 14, '38
Electric output of system (kwh.)__
—V. 146, p. 3206.
1937
-
$3,382,720
869,177
$2,186,943
55,098
$4,251,898
d2,630,517
171,039
28,766
$2,242,041
765,008
192,975
12,871
$1,421,575
15,166
$1,271,188
14,421
$1,436,742
241,396
el ,314,665
$1,285,608
490,557
bl,628,140
$119,319
$833,089
Net profit from voyages...
Other operating income
(after eliminating inter-company transfers).
General operating expenses..
$89,743,729 $85,958,643
41,303,477
40,029,831
Maintenance
4,771,863
4,591,333
Provision for retirement
8,653,243
8,362,468
General taxes & estimated Federal income-taxes._ 10,915,464
9,681,772
Administration, advertising, &c
Lay-up and repair expenses—
—Amort, of leaseholds & deprec. of furn. & equip.
Net earnings from opers. of sub. companies....$24,099,681
Non-operating income of subsidiary companies.
1,808,811
Other income credits
Total income of subsidiary companies..
Interest, amortiz. & pref. divs. of subsidiary
cos.
$23,293,239
2,648,892
.
_
..$25,908,492 $25,942,131
16,006,500
15,876,051
_.
Total..
Profit from operations
Gross income.
Income charges.
-
Depreciation of steamers
Balance
............_
_
$9,901,992 $10,066,080
2,157,490
2,316,189
_
Proport. of earns., attribut. to minority
stock
com.
_
_
_
Including $2,258,312 commissions to International Mercantile Marine
b In addition to the depreciation shown, which was provided at the
Total.
$7,819,427
388,812
and
$7,579,938
2,492,197
funded debt, bond discount
&c. of holding company.
on
$7,780,436
200,498
$7,430,615
Balance...
pense,
2,529,398
ex¬
$4,938,418
$5,050,539
Income Statement {Company Only)
1938
Other deductioas
..
_
_
1937
$3,324,727
388,812
funded debt
2,450,581
41,615
$2,865,413
200,498
2,494,505
34,893
$443,719
_
.
......
.
__
expense on
__
...
Net income
---
—V. 146, p. 2874.
--------
United Light & Rys. Co. (&
12 Months Ended March 31—
Gross oper. earns, of subs. & controlled
1938
1937
(after
from opers. of subs. & controled
earas.
Total income of sub. & controlled companies.
Int., amort. & pref. divs. of sub. & controlled
_
earas., attribut. to
minority
com.
Claims
.$22,517,058 $22,661 503
13,351,950
13,235*749
stock
_
stock
agst. under-
receivable
assets.
curr.
—
$9,165,108
2,157,490
$9,425,754
2,319,803
-
c
t
A guar,
—
_
„
_
on
$7,861,184
$7,543,241
Balance transferred to consolidated surplus
Prior preferred stock dividends
—_
Balance.
—V..146,
244 601
73^341
deductions:
5H% debentures, due 1952
1,369,288
42,827
_
___________
1,375,000
19,868
14^829
P.
United
_:
_
„
_
$4,920,384
_
42 988
$6,143,362
1,222,978
V
_
1,062,347
600.152
l,o00,100
89,385
Due affil. cos
443,091
Long-term
127.273
62,772
obligs. 12,888,015
1,758,638
14,643.447
-
Deferred credits.
25,016
24,909
Res.
for
retire,
(contra),——
77,585
3,500,000
y
3,086*886
z
Common stock..
a
Capital surplus.
46,801
Deferred charges....
869.451
298,402
$6,110 423
1,232',950
TTTZr—T
$4,877,473
2712.
Paperboard Co.i& Subs.)—Earnings—
Operating
Agency assets(con-
—
.
_
—
87.500
87,500
2,679,263
deficit. 3,669,317
3,536,286
2,891,577
37,003
26,640,795 27,082,974
Total.... ... . .26,640.795 27.082,974
y Represented by 600,000 no
Represented by 1,200,000 no par shares, a Less total charges
in 1937. $1,221,643 in 1936, representing adjustments of the
Represented by 350,000 no par shares,
par shares,
z
of $1 433 957
SS.
37,003
1,000,000
Junior pref. stk. 3,086,886
Prof, stock..
129,395
971,275
-
16,896
1,824,935
3,500,000
x
b Subscription
—
16,896
1,761,937
136,522
Agency liabilities
84,892
cos.,
99,270
x
_
Miscell. oper. res.
75,000
tra)
1,542,191
of
recond'g loans.
Res. for conting—
current.—
not
.
..
license
deposits
193
—
Res. for other curr.
liabilities-----
182,220
Atlantic
Insur. claims pend.
755,233
$7,801,032
115,012
110,673
Amortization of debenture discount and expense
Tax on debenture interest...
to
Miscell. investm'ts
$7,105,951
$7,575,346
o
—
—
company
Interest
i_.
—
1,121,525
—
Due
term obligs.
Trans. Co.,Ltd.
For'n govt,
Total.
Balance
Holding
,
—
252,146
.19,917,126 21,975,599
Spec, funds A deps 2,100,375
— — -
Due fr. affil.
1,023,082
refundable_
-
Deps.
Steamers, i'seh'lds,
.
_
due within year.
375,000
Rosskai
to
G.m.b.H
1,659,119
Long
-
Due from I. M. M.
Co
2,117,710
accrued
Traffic, Ac., accts.
equip., Ac..
Equity of U. Lt. & Rys. Co. in earnings of subcontrolledcompanies.—.... $7,007,618
Income of L
Lt. & Rys. Co. (excl. of income re¬
ceived from subsidiaries)..
793,414
Total-------------Expenses of United Light & Railways Co...
Taxes of United Light & Railways Co
359,107
Accts. pay. Aexps.
149,338
62,968
writers
Inv.
_
cos.
Balance..
Propor. of
for pref.
Other
cos.$21,511,627 $20,733 397
1,005,431
1,928407
Non-oper. inc. of subs. & controlled companies..
1,269,685
$
S
Liabilities—
Wkg. fds. in Eur._
1936
1937
1936
917,735
Due fr. subscribers
$79,527,167 $75 973 742
36,492,714
35,147*427
4,296,910
4,107,564
7,582,431
7,449 309
& estimated Federal income taxes..
9,643,485
8,536^045
if computed on the basis
Consolidated Balance Sheet Dec. 31
1937
eliminating inter-company transfers)
Net
depreciation would have been for the same period
prior to June 25, 1937.
used by the company
Cash—
General operating expenses
Maintenance
Provision for retirement...
General taxes
The company's expenses of operating
the six months ended Defe. 31, 1937, exclusive of direct voyage
expenses, which are shown separately, are included above in administration,
advertising, &c. e The annual rate of depreciation on the SS. Manhattan
and SS, Washington was increased on June 25,1937 to 5%, therate specified
for subsidized vessels by the Merchant Marine Act, 1936.
This rate was
applied to the cost of the vessels, less hotel equipment, and the depreciation
so computed for the remainder of 1937 amounted to $136,525 more than the
Assets—
Subs.)—Earnings—
cos.
amounting to $1,513,134, are
commencing prior to July 1, 1937,
included above in voyage expenses.
$135,517
....
$360,821,
its ships for
Balance transferred to consolidated surplusj...
Expenses and taxes
Int., amortiz. of discount &
surplus was charged at Dec. 31, 1936, with
representing an adjustment of the reserve for depreciation of the SS. Levia¬
than.
c Voyage revenue includes an
estimated amount of $752,630 for
operating-differential subsidy covering voyages commencing subsequent to
June 30, 1937.
d As of Juiy 1, 1937 the company assumed the operations
of its ships, which were previously operated for it by International Mer¬
cantile Marine Co. as general agent.
Commissions paid to the agent on
voyages
...
12 Months Ended March 31—
Gross income
Co.
usual rates, capital
30,545
_
Expenses & taxes of U. Lt.A P. Co
Interest
$7,749,891
...
Loss for the year
a
Equity of U. L. & P. Co. in earas. of sub. cos.. $7,744,502
Income of United Light & Power Co. (exclusive of
income received from subsidiaries)
74,925
1936
_c$ 18,521,074 $ 15,976,315
a 15,138,354 a 13,789,372
voyages—Revenue
Expenses
(& Subs)1 —Earnings—
1938
1937
Year Ended Dec. 31—
Profit from
12 Months Ended March 31—
Gross operating earnings of subsidiary companies
(& Subs.)—Earnings—
(Excluding Rosskai G.m.b.H.)
May 7, '38 May 15, *37
81,950,431
$7,154',216
83,891,409
United Light & Power Co.
$229,241prof$336,807
$89,108
$165,091
b Fully paid subscription for an
preference stock.—V. 146, p. 611.
Leviathan,
shares of
United States Plywood
undetermined number of
Corp .—A cqicsWon—
This corporation has purchased the distributing units of the Algoma
Plywood and Veneer Co. located in the middle west, and has entered into
a contract for the marketing of all Algoma pre ducts
Lawrence Ottinger ,
President, announced.
The Algoma Plywood and Veneer Co.f has Leen
established for over 50 years and is the largest manufacture! of fine ply¬
woods in the United. States;
■
This transaction gives the United States Plywood Corp. lo warehouses
and sales offices at strategical points throughout the country, and with the
addition of two or three more which are contemplated the company will
ave complete nationwide distribution.
A national advertising campaign
.
3 Mos.End.
Period—
*Net profit
x
After taxes, depreciation
9
Months
Ended
Feb. 26, '38 Feb. 26. '38 Feb. 27,
loss$14,073
&c.—V. 146,
p.
2874.
$48,938
'37
$102,346
V
.
is in
Vadsco Sales
With its wholly owned and controlled plants the United
Corp. now ranks as the largest plywood operator in the
2551.
preparation.
States Plywood
Steel
States
Corp.—Asks
to
Have
and its subsidiaries—The American Bridge Co., Car¬
negie-Illinois Steel Corp., American Steel & Wire Co. and Tennessee Coal,
Iron & KK, Co.—on May 18 filed a petition to set aside the "Pittsburgh
Plus" order issued by the Federal Trade Commission in 1924.
filed with the United States Circuit Court of Appeals in
The petition
Philadelphia.
"Pittsburgh Plus" is the alleged practice prior to 1924 of selling products
at delivered prices which were equal to the price f.o.b. Pittsburgh, plus
the amount equal to the freight charges from Pittsburgh to destination
regardless of thepoint where such products were actually manufactured.
Although the Federal Trade Commission has never taken any court action
to enforce its order, the order has never been actually rescinded of record.
Under the provisions of a recent amendment to the Federal Trade Com¬
mission Act, such order would become "final" unless action was taken before
May 21 to have it set aside.
Among the reasons assigned in the petition for setting aside the order
the order was based on
practices and conditions
as
of
materials
raw
Miscellaneous
Provision for
510
$13,238
loss$79,854 loss$116,116
has been made in the above statement for loss of
in the amount of $51,668 in 1937, $60,411 in 1936
Depreciation provided on capital assets during 1937
in 1936 to $13,898 and in 1935, $16,374,
provision
Realty Corp.
and $81,831 in 1935.
amounted to $14,217,
$315,401
4,000,000
222,499
382,000
2,543,000
450,366
2,816
1936
Accrued payrolls &
Sundry taxes pay¬
b
Land, bldgs., ma¬
chinery & equip.
Goodwill, brands,
7% pref. stock..$2,135,400 $2,184,800
stock—cl,021,573
1,021,573
Common
Accounts payable.
180,347
Notes <fc accts. rec.
1,176,000
2,741,000
1937
1936
$300,061
trade-marks, &c. 4,000,000
a
435,368
Advs. to employees
'
.
Liabilities—
1937
87,694
62,143
26,542
expenses
27,366
able & accrued..
17,937
3.383,000
15,040
56,351
Inventories......
2,024
498,616
394,658
Contingent res've.
178,529
Miscell. securities.
income..
6,177
11,227
Min. int. in subs..
4,960
4,960
investments
1,355,252
1,356,670
Capital surplus
4,506,042
Deferred charges..
18,089
28,852
Deficit
1,182,742
4,465.722
1,055,464
Other
181,048,000 162.658,000 136.556,000
Inc. from sundry invest.
cos. the
10,628,000
9.724,000
59,472,000
6,447,000
830,000
Total
Settlement with
1
'
6,781,000
17,420,000
2,500,000
1,005,000
Virginia Public Service Co. (& Subs.)—Earnings—
20,877,000
1938
12 Months Ended March 31—
of reserve for renew, of
short lived plant
Extraord. inc. & credit.
..$6,795,935 $6,782,491
After depreciation of $643,857 in
a
sented
-
agree¬
ments (net)
Approp. of res. for int.
equalization..
Approp. of unsued port,
Total...
$6,795,935 $6,782,491
1937 and $629,745 in 1936.
b Repre¬
by shares of $100 par.
c Represented by 1,015,916 no par shares,
including stock to be issued for stocks of predecessor companies not pre
sented for exchange, amounting to 19,786 shares.—V. 145, p. 3362.
v
results of whose oper.
are taken over in ac-
31,401,000
28,512,000
31,785,000
Total...
..233,241,000 223,169,000 202,082,000 105,660,000
Wages and salaries
7,575,000
5,409,000
4,231,000
2,155,000
Social charges
2,889,000
604,000
518,000
241,000
Deprec. on fixed assets.131,234,000 117,531,000 127,519,000
52,968,000
Other depr. & write-offs
2,002,000
6,769,000
3,270,000
9,775,000
Int. pay. (less int. rec.). 12,836,000
18,422,000
21,424,000
11,720,000
Taxes payable.
19,700,000
14,921,000
10,243,000
7,382,000
Misc. outlays, relating to
.-.'-h:
current year...
7,941,000
5,963,000
3,133,000
2,563,000
Spec, charges & provs.. 22,048,000
30,694,000
10,498,000
9,980,000
27,016,000
22,856,000
21,246,000
8,876,000
3,030,855
417,021
649,036
113,811
745,79o
481,343
561,706
114,690
697,012
$3,008,590
67,850
$3,065,318
96,369
$3,076,440
1,740,172
217,494
Maintenance
Federal income taxes
Other taxes
Operating income..
Other income (net)--
Amortization of debt discount and expense
Interest charged to construction
171,245
Crl0,9l7
$3,161,688
1,699,002
223,621
71,946
169,316
Crl4,207
Balance of income
Dividends on preferred stock
$906,508
$1,012,009
Gross income
—-
Interest
on
Interest
on
1st mortgage bonds
sinking fund debentures
Interest
on
unfunded debt
....
51,937
?
Comparative Balance Sheet, Sept. 30
(In Reicnsmark—Approximated
to the nearest thousand
Assets—
Real estate...
-
Reichsmark)
1937
Buildings.......
Machinery and plant
Furniture and fixtures
Mining rights (coal and ores)
Patents, licenses, &c
Prepayments for capital construction
71,226,000
151,799,000
769,535.000
1,705,000
39,974,000
307,000
9,886,000
1,000
370,360,000
1,497,000
25,408,000
6,569,000
27,203,000
22,000
981,000
1,855,000
387,000
7,688,000
177,743,000
24,036,000
79,226,000
9,788,000
5,024,000
307,000
30,097,000
Tools and spare parts
Investments
1,000
567,333,000
Inventories
612,000
Bonds not yet redeemed
Payment to Konversionskasse..
Marketable securities
Company s shares in treasury
Prepayments for new plant and merchandise..
a Accounts
receivable...
Sundry deposits
b Claims against third
parties (per contra)...
Due by affiliated and associated cos
Sundry debtors
Notes receivable.
Cash on hand, in banks and checks
Prepaid interest and suspense debits
...
605,731
605,754
$300,776
$406*255
1936
73,550,000
144,312,000
875,048,000
1,967,000
39,962,000
$7,950,92o
3,184,793
Operating expenses
.
Balance, surplus
..A937
$8,119,047
Total operating revenues.
17,369,000
24,059.000
Provision for retirements
.
44,965
700
$22,723
M0te—No
6 Mos.End.
profits of cos.
operating United Steel
Wks. Corp. for latter's
with
20,397
Consolidated Balance Sheet Dec. 31
Year End.
•
991.448
"4",048
surtax....^
Vadsco
Sept. 30 *35 Sept. 30 '34
1,280,000
3,575,000
3,722
Profit for year
they
Balance of
cordance
3,666
ating properties
Prov. for normal inc. tax
Cash
and
accounts
9,689
959,895
Taxes paid on non-oper¬
over cost
supplies consumed
9.155
$1 ,110,470
1 ,103,823
38,629
39,169
Rent on lease & expenses
Assets—
Year End.
7,435
$936,041
Sell., gen. & adm. exps..
(In Reichsmark—Approximated to nearest.tnousand]Reichsmark) J?3
Year End.
16,792
$979,887
948,862
14,066
Int. & amortiz. on mtge.
Corp.-—Earnings—
Sept. 30'37 Sept. 30 '36
21,111
Prov. for bad debts.____
Comparative Income Account
Excess of sales
1,138,126
$1,101,315
$997,184
Total income
existed prior to 1924 and which are not applicable to present day conditions.
It is alleged that the enforcement of the order should not be made under
the facts and conditions as they exist today.—V. 146, p. 3207.
United Steel Works
S2.239.441
$928,606
$963,095
$976,073
Operating profit
Income from invest, and
miscell. earnings
was
the fact that
1934
NeVsSS
"Pittsburgh
This corporation
is
,
Corp.]
Calendar Years—
Plus" Order Set Aside—
27,779,000
6,451,000
27,270,000
21,000
913,000
1,662,000
267,000
7,428,000
142,093,000
40,090,000
27,134,000
49,774,000
3,104,000
Balance
Note—No provision is made in this statement for Federal surtax
undistributed profits, if any, for the year of 1938.—V. 146, p. 3207.
Vulcan Detinning
Co.—Earnings—
1935
1936
1937
Total surplus
$110,420
35,315
$67,934
22,587
$60,652
29,430
$145,734
35,266
$90,521
29,527
$90,082
23,891
$110,468
1,098,925
$60,994
958,998
$66,191
885,617
$935,340
Net profits.
Balance, surplus, Jan. 1.
$753,492
692,840
$44,132
891,208
Total income
Taxes, &c
$602,479
534,545
$134,197
90,064
Net income.
Other income....
$902,484
792,065
$138,580
Dt-4,383
Expenses, deprec., &c._
$1,209,393
$1,019,992
$951,808
Balance Sheet March 31
Assets—
1938
Plant and equip.
x
Liabilities—
1937
$945,817 $1,030,412
1937
1938
Preferred stock...$1,522,300
Common stock...
goodwill,
3,225,800
139,297
■"
-2,067,175,000 1.782.220,000
LiWlUih--.
--------
-
Reserves for adjustment of assets
values.....
Welfare and pension funds
1< unded
indebted.—Repay, in for'n
Repayable in Reichsmark
£
b
currency..
" " "—
Revalorized r—; " mtges.
loans &
(per contra)
—
S™JIJ10rfga^elpayabl-e----
Proceeds of sale by auction of
shares not exch'd
Unclaimed di vidends
Interest due (not yet
paid)
flv
Liability
i
props
to Gelsenkercheuer
Bergwerks A. G.
,e,d and associated companies....
rbJun?--
arising
drawing of
out
of the
acceptance
P
0rf-;
qS™Jin^est, taxes and
?^ZCredltS-""
7,688,000
484,000
536,000
618 000
-
wages
-
200,000,000
104,552,000
144,664,000
—
—
22,795,000
96,593,000
63,274,000
15,649,000
2,550,000
50,853,000
&c
„QTPr,fe<^irt;d,by mortgages,
loans
revalorized
—
V
.
x44,
and
p.
b Claims against
mortgages
payable
3858.
by
481 000
V
per share....
-
-
30,838,000
101,417,000
77,150,000
22,052,000
867,000
1,782.220,000
third parties in respect of
on their
behalf.
1937
Nil
$0.69
x
After
Corp.—Diredorate—
At the final session of the adjourned
1937 annual stockholders meeting
May 13, Morris E. Feiwell, Irwin T. Gilruth, Archibald L.
Jackson,
Frederick Z. Marx, Charles A.
McDonald, Phillips B. Shaw and Henry A.
Stix were elected directors
by unanimous vote of class B stockholders
represented.
Messrs. Gilruth and McDonald, trustees for Public Utilities
Securities Corp., and Mr.
Marx, trustee for Webster Securities Corp., re¬
place Harley L. Clarke, R. R. Monroe and
Harry M. Hope as class B direc¬
Election of above directors had
already been approved' by Federal
Judge William H. Holly.
On April 2 Harry Reid and George H. Knutson
were elected directors
by class A stockholders, and on April 15 Austin T.
Gardner and M. L. Sindeband were
elected directors to represent preferred
stockholders.—V. 146, p. 2713,
935,340
1,209,393
287,207
6,513
4,297
in general
Price equaliz. res.
SurplUS--
Total..
$6,154,085 $6,671,141
$6,154,085 $6,671,141
Total.
After deducting $2,026,149 reserve for depreciation and obsolescence
x
in 1938 and $1,903,713 in 1937.—V. 146, p.
1897.
Walker & Co.—Accumulated Dividend—
a
dividend of 25 cents per share on account
on the $2.50 cumulative class A convertible stock, no par
value, payable May 28 to holders of record May 20.
This compares with
50 cents paid on Feb. 17, last, Dec. 23, Sept. 30, July 26, April 26 and
Feb. 18, 1937; Nov. 30, Oct. 15, Aug. 31, July 1, April 25 and Feb. 15,
1936, and on Dec. 20, Nov. 15, Aug. 15, May 15 and Feb. 15, 1935.—
V. 146, p. 612.
Walworth Co. (&
Subs.)—Earnings
3 Mos. End. Mar. 31—
Int.
.
—•
.
on note3
Int.
on
_
and drafts.
mtge
bonds
1937
$827,850
2,527
1938
_loss$172,549
1,580
2,530
2,117
on
1935
$206,093
1,191
of
subs
int.
1936
$196,242
1,002
3,709
2,938
mtge.
bonds & debs, of Wal¬
worth Co. (accrued but
held
tors.
20,000
170,355
150,000
99,209
48,277,000
z$7,920 prof$345834
Utilities Power & Light
86,541
170,355
Res. for conting. &
The directors have declared
138,416,000
* Aft®1, charges and taxes,
y On 500,000 shares capital stock,
inventory write-down to market basis of $12,537.—V.
146, p. 2874.
,
68,632
paid expenses..
-
company
.
other Govt, chgs
of accumulations
1938
;
1,018,694
Def. charges & pre¬
381,000
-
Universal-Cyclops Steel Corp.—Earnings—
f!L1^8
Earnings
671,845
.....
Accts. receivable-.
Coupon
3 Months Ended March 31—
I
y
Dividends payable
Res. for taxes and
72,361
926,514
209,253
Profit.
.2,067,175,000
Accts. pay. & accr.
609,340
Co.'sown preferred
stock..
.
Total
2,794,677
663,359
........
Inventories...
Investments
3,225,800
226,831
79,921
1,013,412
2,544,677
Cash
$1,522,300
362,000
and
notes
Sn^JP^L'-;
Surplus...
118,721,000
324,000
7,428,000
532,000
411,000
460,000,000
76,259,000
180,923,000
301,861,000
6,691,000
103,357,000
224,180,000
29P000
on acct. of acquisition of
Liabilities
460,000,000
80,000,000
174,220,000
423,425,000
7,020,000
93,255,000
on
1938
$888,558
749,978
Quar. End. Mar. 31—
Sales
Patents,
Capital stock
Statutory reserve.
1938
Corp.—Earnings—
[Including Subsidiaries, but Excluding Vadsco Realty
1937
1936
1935
$1,955,048
$1,983,293
$1,971,239
Cost of goods sold
-978,975
1,020,198
1,042,633
world.—r-V. 146, p.
United
May 21,
Chronicle
Financial
3362
81,378
83,958
83,958
134,301
109.802
101.937
97,870
111,034
693
94,528
--_._loss$368,118
x$542,369
$10,475
ioss$44,142
not paid)
Deprec. taken
and
new
Reserve
on
plant
equipment.
for
_
Federal
in¬
come taxes
Net profit
Provision
for Walworth
Alabama company ac¬
crued unpaid pref. div.
......
—---
Consolidated net prof.loss$368,118
x Before
provision
146, p. 3208.
for
Federal
$542,369
surtax
on
3,937
______
$10,475
undistributed
loss$48,080
profits.—V.
(Sidney) Wanzer & Sons, Inc.—Bonds Called—
The entire issue of first mortgage 6%
and series B bonds dated June 1, 1927
June
1,
19L6 and series B
series A bonds, dated June 1, 1926
has been called for redemption on
1, 1927 has been called for
bonds dated June
Volume
Financial
146
redemption on June 1 at 100.
Payment will be made at the Northern
Trust Co., Chicago, 111.—V. 123, p. 911.
Western Union Telegraph Co., Inc.—Earnings—
m
3208.
1937
$183,295
Oper.
expenses,
taxes,
depreciation & deplet.
7,223,599
19.902,542
20,811,040
$1,091,550
31,495
$1,870,585
revenues._
Taxes assignable to opers
494,414
492,765
$1,874,752
87,109
1,468,299
$4,469,516
126,403
1,418,065
$565,641
190,491
$1,332,349
189,236
$1,319,344
386,371
$2,925,048
$756,131
592,659
$1,521,585
613,347
$705,715
1,785,459
$3,293,116
1,848,745
1934
1935
1936
$180,422
$181,361
$191,326
160,271
Dividends paid
149,144
129,584
$51,776
65,137
$47,427
136,195
Deficit
$24,347
23,686
$0.97
(par$25)
Earned per share
Operating income..
Non-operating income..
•
Gross income
Deducts, from gross inc.
$88,768
$13,361
23,686
$2.18
$17,033
23,686
$1.78
23,686
$2.00
Net income
—V.
Condensed Balance Sheet Dec. 31
■
AssetsProd.
1937
$480,262
$494,576
Compres. stations.
payable.
real est. <fc bldgs.
68,519
Other equip., <&rc._
Investment
73,947
Surplus..
4,716
Cash
&c
...
.
39,856
1,993
Bills & accts, receiv
Total.........
144, p.
Wells
Balance for
$701,349
1936
$29,292
property....
Equip., furn. &
$29,292
Div.
fixtures
Capital distribut'n
checks unpaid..
2,450
2,450
6,987
Other accts. pay..
6,698
6,751
Operating
21,000
9,573
9,573
20
After
reserve
$122,257
139,298
136,265
$119,172
Deficit.......
Total
.....
for depreciation of $545 in 1937 and
Total income.
$122,257
$3,437,424
2,505,523
$3,296,128
2.496,476
$3,168,364
2,472,179
57,725
10,669
277,029
527,491
69,682
15,188
341,866
486,587
$485 in 1936.- -V.144,
1938
$2,239,572,
2,001,913
165,824
....i,
26,329
Loss
on auto
action.
2,500
83,970
88,025
15,323
289,975
632,557
180,846
Sundry..
Depl. & deprec.
on costhotel trans¬
79,901
10,615
263,107
523,678
14,719
_
Net profit
Manufacturing Co .—Earnings—
6 Months Ended April 30—
Net sales
Cost of goods sold
expense.
Amortiz. of bond disct..
p.3698.
Wentworth
1934
$3,14z,035
Federal taxes
1,323
$119,172
suits & oth. items
17
201
rec
Total
1935
$3,244,670
51,458
Prop. & lease aban., &c.
Interest charges
7
Reserve for claims,
expenses.
Unmatured Int.
1936
$3,378,654
58,770
$3,409,043
2,394,126
728
21,000
cost
o'
accrued on funded debt
1937
$3,386,642
22,401
Other income
62,910
Inv. in stock of sub.
x
74
667
Cash.
Prepaid
$239,674
74
unpaididi
Operating earnings
62,711
5,281
Investments
$42,893
375,882
$0.12
,
(H. F.) Wilcox Oil & Gas Co.—Earnings—
$239,674
Capital stock
404,421
$0.17
share
Calendar Years—
1936
1937
Liabilities—
per
x After
providing for all interest due and
subsidiaries.—V. 146, p. 2713.
Fargo & Co.-—Balance Sheet Dec. 31-
Real
at
$726,567
$701,349
Total
$726,567
1937
$68,696
common
Shares common stock
3698.
Assets—
x
$65,572
22,679
Net profit
Earnings
—V.
$91,375
22,679
Income taxes
$124,497
44,531
14,394
Preferred dividends
Materials, merch.,
oil stock,
1937
1938
$160,099
48,666
20,058
...
55,000
846
87,148
...
3 Months Ended March 31—
Net operating profit
Depreciation
58,000
40,916
48,091
22,922
111,495
22,051
..
$1,444,372
$908.238def$l,079,744
$163,473
145, p. 3208.
3,192
58,000
secur.
x
accounts
and
368.068
(George) Weston, Ltd. (& Subs.)—Earnings—
$592,150
$592,150
Capital stock.....
Bills
1936
1937
Liabilities—
1936
& non-prod.
property.
45,471
132,996
$42,182
59,215
Uncoil, oper.
...
Shs .cap .stk .out.
$9,094,184 $21,777,294 $25,280,557
Net tel. & cable oper.
$23,025
47,372
Net income
1938—3 Mos.—1937
1938—Month—1937
$7,873,855
6,782,305
Washington Oil Co.—Earnings—
Calendar Years—
Gross income for year.-
Period End. Mar. 31—
Tel. & cable oper. revs..
Total tel. & cable
oper.
Washington Gas Light Co.—Registers with SEC—
See list given on first page of this department.—Y. 146, p.
3363
Chronicle
$18,579 loss$258,495 loss$416,164
$127,283
Note—No provision is considered necessary for Federal taxes for
1937
$2,427,172
2,089,756
174,381
1937.
Balance Sheet Dec. 31
Net
*
$71,835
operating income
$163,035
28,459
1937
1936
1937
1936
.........
$90,090
$79,910
Accounts payable.
$211,760
$153,633
Receivables......
Sell., gen. & admin, expenses
121,438
145,360
Accrued liabilities.
125,011
121,757
145,726
Prin.amt. of bonds
18,500
56,000
AssetsCash
Market,
securities
Liabilities—
Dr7,891
;
46*865
108,635
446,123
173,049
123,436
92,386
4,155,720
52,390
4,158,860
Investments.....
Other income, less other deductions
Prepaid & def. chgs
48,878
57,566
Special deposits...
Inventories
Net income
$63,944
8,610
v
Prov. for Federal normal income taxes.
Net income before Fed.
surtax on undist.
profits
Earned surplus balance, Oct. 31--
$191,494
a
Other assets
28,209
b
Capital
$55,335
501,690
$163,285
assets..
currently matur¬
ing...
Unexp.
proceeds
from sales of par¬
Current
amt.
17,594
$678,488
15,000
92,226
150
Preferred dividends
Common dividends.
7,341
i.
„
Other charges to surplus—net
Earned surplus—April 30
146,
p.
..
.
8539,371
_...
_
186
123
...
67,686
63,874
724,000
838,000
....
6% 1st mtge. bds.
Pur. money obligs.
18,360
Preferred stock...
137,300
630*156
Common stock..
2,429,638
149,208
2,141,939
18,578
1,145,977
1,024,928
c
Earned
—V.
due
affiliates
Reserves
Total
57,376
ticipating ints..
87,552
515,204
$563,921
surplus
Capital surplus...
1419.
West Penn Electric Co.
(& Sub.)—Earnings—
a
Period End. Mar. 31— 1938—3 Mos —1937
1938—12 Mos —1937
Gross......
$9,435,802 $10,474,065 $39,529,830 $39,595,637
Expenses & Fed. inc. tax
5,428,911
5,777,728
22,898,633
21,798,225
Retirement and replace832,153
935,943
3,543,565
3,090,032
b After deducting allowance for depletion
After allowance for losses,
and
Total.........$5,084,941 $5,049,047
$5,084,941 $5,049,047
Total.
depreciation,
c
Par value $5.—V.
146, p. 1898.
a
Operating income
$3,174,738
int., amort., pref.
dividends, &c
2,073,737
Interest, &c., W. P. E__
75,099
$3,760,394 $13,087,632
$14,707,380
Subs,
Net income...
7% and 6% pref. divs__
103,470
8,051,074
278,561
8,277,086
276,012
$1,658,308
566,803
103,006
$1,025,902
566,962
Class A dividends......
2,030,960
71,126
$4,757,997
2,267,370
412,491
$6,154,282
2,267,330
412,722
Willson Products,
Inc.—Earnings—
......
Federal
Earns, per sh. on com. stock outst'd'g
—V.
.....
$355,470
$988,499
$2,078,136
$3,474,230
Includes non-operating income.
a
Note—No
provision has been made for surtax on undistributed profits
year, except in the case of a few companies where it is
definitely known that a surtax for the year 1938 will be payable under
for
the
West Penn Power Co. (&
Wisconsin Gas & Electric Co.—Earnings-*12 Months Ended March 31—
3 Months Ended March 31—
Net income after Fed. income
1938
taxes,
retire,
1937
replacement reserve, int., amortization, &C.„_. $1,463,815
per share on 2,775,000 shs. com. stock,
no par..
$0.35
$1,944,723
$0.53
Note—No provision has been made for surtax on undistributed profits.—
146, p.
2713.
Western Auto
Taxes, other than income taxes
Provision for income taxes
613,069
66,982
703,651
212,116
.
income
Period Ended Apr.30—
1938—Month—1937
Sales.
$2,612,000
$2,774,000
—V. 146, p. 3208.
—
Western Public Service Co. (&
Operating
Operation
revenues
Maintenance
Taxes
1938—4 Mos.—1937
$8,484,000
$8,488,000
termined no provision for
1937 —V. 146, p. 3039.
$46,436
Dr4,681
$375
175
24.5
$2,157,696
1,122,713
132,401
198,613
Operating expenses
Profit
$813,910
Dr57,445
on
sale of invest't.
Prov. for income taxes..
loss$43,241
Net income.,
$703,968
Cr34,750
350,644
$388,074
231,200
1937
$322,358
Due on sale of sec.
$407,169
Accrd. int. & divs.
brokers..
on
Preferred dividend requirements.
$67,410
$37,423
31,942
2,161
5,188
8.634
1,289,567
2,386,412
......
No provision
profits for
has been made for the Federal surtax
on
undistributed
purchases
Demand bank loan
•
-
'mi
'm
for
inc.
Dividends
600,000
144,027
expenses.
Accounts payable.
Prov.
$33,463
-
"*5,855
2,316
and
payable
21,377
42,630
(less deprecia'n)
843
995
of predec'sor cos.
Deferred charges..
10,284
6,897
31,920
11,989
"
5^230
Prov. for retire, of
Due to st'kholders
pref. cap. stock.
411
2,200
7,059
524,467
530,772
Paid-in surplus...
566,284
591,229
Earned surplus...
452,950
855,580
Common stock
1,
3037.
on
1937
1938
Liabilities—
Due
scriptions (net).
& fixt's
1938, since any liability for such tax cannot be determined
1937, the companies adopted the new system
of accounts prescribed by the Federal Power Commission, which differs
in certain respects from the system the companies previously followed,
hence the above 12 months' figures are not exactly comparative.—V. 146,
$8,696
capital stk. taxes
Due on stock sub¬
until the end of the year.
Note—Effective Jan.
$15,353
6,656
$12,189
$363,199
Accrued
Furniture
Balance for common dividends and surplus
$18,633
6,444
$20,166
10,040
Cr443.073
90,000
of investments.
investments.
Investments
$156,874
119,451
,
'
895
12,821
Balance Sheet March 31
1938
$236,464
Cash..
$13,547
$186,861
119,452
$1,636
Interest and dividends on investments.
$738,718
220,307
$1,021
1,130
16,482
19,546
x
$9,464
7,340
Dr45,365
Total income
1938—12 Mos.—1937
$2,215,878
1,066,244
145,872
al89,852
See
_
and
1935
1936
1937
stock subscr..
on
$756,465
349,296
Balance
$912,753
Cr94
Co.—Earnings-—
1938
x$9,289
$41,755
28,208
Appropriations for retirement reserve
3,742
the surtax was required for the years 1936
3 Mos. End. Mar. 31—
Income—Int. on invests
$20,032
Balance
428,038
$844,630
Net income
$48,161
28,129
Interest & amortization.
416,506
Note—No provision has been made for Federal surtax on undistributed
the 3 months ended March 31, 1938.
So far as can be de¬
Assets—
Balance—
37,547
income for
x
Non-oper. income (net).
$1,344,438
•
Other deductions
Inc.
Subs.)—Earnings-
1938—Month—1937
$160,200
$166,283
85,755
83,875
12,023
12,493
al5,591
15,516
$54,794
Dr6,632
Net oper. revenues—
$1,306,891
Crl 1,754
1,868
Interest charges
Interest during construction
Dividends on stocks.
Period End. Mar. 31—
...
$1,244,263
6,988
$1,251,251
Net operating revenues after depreciation
Non-operating revenues
..
Wisconsin Investment
Supply Co.—Sales-—
r
p.
$6,065,554
4 >078,612
4,229,054
and
Earnings
a
1937
1938^
_
$6,389,085
Operating expenses
Gross
Subs.)—Earnings—
[Exclusive of Monongahela West Penn Public Service Co. & its subsidiaries]
r
$0.57
current
existing laws.—V. 146, p. 2390.
—V.
73,288
loss$14,363
Nil
146, p. 3208.
Total operating revenues
Surplus....
1936
$289,890
1937
$350,359
1938
3 Months Ended March 31—
Gross sales-....
Net profit before provision for
and State income taxes
Total......
...11,595,665 $2,770,086
-V. 146, p.1265.
Total
—$1,595,665 $2,770,086
Financial
Wisconsin Public Service
Corp.
1938
— — —
—
Net oper. rev. (before approp.
....
38,558
15,026
& other inc. (before
depreciation)
Appropriation for depreciation
oper.
rev.
appro,
:
$3,526,051
30,628
Dr55,265
$3,441,274
943,750
$3,501,414
923,750
$2,497,524
Gross income
Interest charges (net)_
$2,577,664
1,073,512
1,003,626
167,961
16,666
28,354
Amortization of debt discount and expense
Amortiz. of abandoned street railway property—
Other income deductions.....
120,940
...
...
24,755
$1,280,916
Net income
corporation for Federal income taxes or for surtax on undistributed
profits for 1936 or for State income taxes for 1936 or 1937 as the corporatioy
deduction in its income tax returns for 1936 the unamortized
71,744
928,603
Inventories
3,965,520
539,327
June 30,
p.
2878.
692,960
136,474
685,590
31.686
Plant prop,
sales contracts—
4,997
5,070
12,000
12,000
34*467
43,054
24,439
24,439
cos—.
for
com¬
55,920
84,922
mitment conting
3.689,842
Res. for serv. guar.
4,584
4,610
495,420
159,610
Common stock..
2,999,285
2.999,285
1,516.467
1.516,467
surplus... 3.352,856
2,462,226
11.996.899
8,084,921
x
55,452
25,850
11,996,899
Capital surplus
8,084.921
Earned
—
138,000
expense
Prov. for Fed. tax.
63,518
In¬
taxes.
&c
surance.
Total
by 599,857 no-par shares.—V. 146, p. 3208.
Represented
x
1.651
Def'd inc.. interest
(net). 4,668.843
Pat. license rights-
Total.
unfilled
Other 11 abs. (est.).
Reserve
Misc. inv, at cost.
Prepaid
on
Due to affil.
end.
April 7. '40. for
eng. & dev. serv.
Worcester Street Ry.
Co.—Bonds Called—
$226,500 1st mortgage 5% bonds, series A, due June 1, 1947
redemption on June 1 at 100.
Payment will be made
the State Street Trust Co., Boston, Mass.—V. 145, p. 2871.
A total of
has been called for
at
Yellow Truck &
Coach Mfg. Co.—Earnings—
Consolidated Income Account for Calendar Years
1937
1936
1935
1934
.—$73,451,555 $59,426,329 $35,856,799 $28,249,839
Net sales...
before prov
for'depr, & special ad j.
3,722,321
5.176,405
1,339,500
loss370,904
for depreciation—
1,025,075
922.600
909.022
912,830
013,682
0171,762
0993,633
0679,229
profit
Net
Prov.
in¬
arising from
vestment f und
Credit
-
C)o.'s propor. of net profi t
and propor. of sub. and
consol_C'r1,057,708
contr. cos. not
0397,266
Reversals of unused res.
the above statement, as it is estimated that no such surtax will be in¬
curred by the corporation or the subsidiary company for those years.—
146,
8,337
not current
in
V.
150,733
Trade acceptances,
income taxes in the consolidated income account for the year ended March
31, 1937, above, includes $4,000 representing provision made by the sub¬
sidiary company for Federal income taxes for the calendar year 1936,
which amount includes $1,230 for surtax on undistributed profits. No
provision for surtax on undistributed profits during 1937 or 1938 is included
158.605
Deps.
Res. for self-lnsur.
1936, the corporation made provision for Federal income taxes
which was reversed over the period from
July 1 to Dec. 31, 1936.
During the period from Jan. 1 to Aug. 31, 1936,
the corporation also made provision for State income taxes in the amount
of $50,000, which was reversed over the period from Sept. 1 to Dec. 31,
1936.
The amount included in operating expenses as provision for Federal
574.773
Accrued liabilities.
2,617,084
-
Rec. over per.
S
Notes pay .to affilated company.. 2,000.000
Accounts payable.
8,336
1,704,754
current..
debt discount and expense and redemption premium and expense on bonds
redeemed, in 1936 which resulted in no Federal or State income taxes for
that year or State income taxes for 1937.
During the period from Jan. 1 ,to
for 1936 in the amount of $20,100
$503,196
$930,643
—— -
Trade acceptances,
$1,358,457
the
a
—
1936
$
Liabilities—
Accts. receivable..
latory 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) No provision was made bn
as
hand
on
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937, are
shown in accordance with the classifications of accounts prescribed by regu¬
claimed
$
Cash in banks and
Due from afIII .cos.
for
1937
1936
$
A 88€t$~~~
$8,098,619
4,572,568
$3,387,689
for depree.)
1937
1937
$8,554,895
5,167,206
....
Interest, dividends, &c.
Merchandise and jobbing (net)
Net
Consolidated Balance Sheet Dec. 31
(& Suh.)—Earning8—
Years Ended March 31—
Operating revenues
.... Operating expenses, maintenance and taxes.-.
May 21, 1938
Chronicle
accruals or portions
<fe
in
provided
thereof
0586,957
prior years.
— —
Prov. for excess of cost
over
equity value of
capital stocks
Losses in connection with
sub.transportation cos.
0578,293
y
Woodward Iron
Co .—Earnings—
Calendar Years—
1937
Gross sales—less discts.,
&c
$9,237,623
Cost of sale.?
5,903,051
—
1935
1934
$7,531,456
4,960,619
689,743
100,172
$4,886,888
3,606,307
726,645
$3,081,300
697,326
99,114
61,329
2.341,845
946,145
38,727
535,730
405,224
268,115
196,320
$2,002,401
73,065
$1,375,698
101,770
_
Depreciation
Depletion........
Selling, general and ad¬
Operating profit...
..
Other income.
Gross income..__
Int.
on
$2,075,466
Net profit
$224,492 loss$441.737
37,282
44,280
[ ,477,468
650,103
—.
699.520
funded debt....
Other interest
-
17.464
30.593
30,593
31,639
28,569
1.472
Federal income taxes...
Other deductible.
common
x
——
5,039,300
xNet income for the period Jan. 1 to March 31—carried to earned
surplus prior to reorganization, $400,166; net income for the period April 1
to
Dec. 31—carried to earned surplus since reorganization, $777,346.
Total as above ,$1,177,512.
y The company having been in reorganization under Section 77-B of
the Federal Act, as amended, during the year, no provision has been made
for the surtax o i undistriouted profits, because of the
exemption provided
under Revenue Act of 1936.
Statement of Capital Surplus
for the Period from March 31 to Dec. 31,1937—
Balance of earned surplus transferred at date of reorganization, March
31,
1937, $116,911; add—difference between the par value of the preferred
stock (6% cumulative), class A preferred stock (7%
cumulative), and the
old common stock, ail of which had a par value of $100
per share, and the
par value of the new common stock, par value $10 per share, which was
exchanged for the old preferred and common shares upon reorganization,
$7,853,260; total $7,970,171; deduct—distribution of $2.81 per share on
3,856 shares of class A preferred stock (7% cumulative), made under the
plan of reorganization, $10,835; expenses of reorganization not applicable
to discount and expense of funded debt,
$93,558; balance, April 1, 1937,
after reorganization adjustments,
$7,865,778; add—credit arising upon
exercise of option to convert zd mtge. cumulative
5% income bonds into
new common stock on the basis of 40 shares for each
$1,000 principal amount
?L8.?cLb°"d8 «u^ndered for conversion, $1,190,205; balance, Dec. 31,
1937, $9,055,984.
$1.36
Nil
Nil
1946 for surtax
consolidated.
Consolidated Balance Sheet Dec. 31
1936
1937
1936
Liabilities—
S
Assets-
Land,
$
$
Preferred stock...14,398.000
buildings,
Investments.....
17",770
$633,927 def$487,581df$l ,157,185
$503,000 loss$886,468
■
$0.85
stock..
16,414,443
10,284,306
9,092,358
machinery, &c—17,441,737
17,118
$1,177,512
—..
$5,089,024
Including provision of $55,753 in 1937 and $21,000 in
undistributed profits,
y Of controlled companies not
b Class B stock
b Common stock.
14,398,000
2,199,985 b2,199,989
—.
800,000
.
b800,000
Notes payable——d4,000,000
165.855
196,893
1,337,777
8,250.599
Accounts payable.
65,875
89,581
Federal and Dom.
7,517,091
6,212,263
income taxes and
Inventories..... .20,839,914
Notes receivable—
Net income-....
$3,571,669
3,023,580
— —
1937
96,316
yl79,289
51,097
x750,3S0
dividends
$261,774 loss$397,457
699,520
699,520
...
x561,344
Earns, per share on com¬
bined class B stock and
on
Amortization of debt dis¬
count and expense....
733.457
45,011
sold, &c
Provision for taxes
Preferred
ministrative expenses.
208,897
—
1936
Cash
cos.—curr't
744.431
1,919,260
Accrued liabilities.
payment of dam¬
age
a
3,224,683
1,109,387
1,407,747
c479.295
771,438
10,365,174
9,664,240
503,168
740,384
Allied
Special deposit for
claims-...Accts. receivable
1,822,258
15,338,344
Federal surtax..
Sight drafts, &c...
9,085
26,586
Res. for employees'
Prepaid expenses._
Deferred charges—
41,439
235,976
1,998,461
2,016,397
1
1
Patents, Ac
119.319
saving fund
Reserve for depre¬
ciation, &c
Sundry
reserves..
Res. for unrealized
profits
in
inter¬
300,000
company sales..
Res.
for
possible
loss under repur¬
736,542
933,169
surplus...21,645,488 21,645,488
597.813
49,724
chase agreement
Paid-in
Earned surplus...
59,701,544 57,873,443
Totala
59,701.544 57,873,443
Total.
c Federal taxes
d These loans had been completely liquidated as of March 29, 1938.
After
only,
—V.
b Represented by shares of $1 each,
reserves,
146, p. 3039.
Yukon Gold Co.—Earnings—
Balance Sheet Dec. 31,1937
Assets—
Liabilities—
Cash..
$1,120,267
Notes and accounts.......
1,327,997
b
Mines, bldgs. and equipm't
5,858,252
c
Land and mineral reserves-
Accounts payable..
572,0R0
Inventories...........
Investments and other assets
15,494,020
a
The company
Unpaid
wages
—
$180,846
—
and
income and other taxes have been estimated, for the current quarter, on
286,857
basis of the 1936 Revenue Act.
No deduction has been made on account
of the surtax on undistributed profits since it is not anticipated that Yukon
Gold Co. will incur such surtax.
1st mtge. 5%
——
7.052,500
inc. bds.
4,263,800
.......
141,356
bonds....
Common stock (par $10)
2,670,380
Capital surplus...
surplus
......
......
Lass Reserve of $44,067.
reserve
for
Total
777,346
b After
$24,772.093
—
reserve for depreciation of $13,158,amount of $2,499,299.—V. 146
depletion deducted in
p. 2553.
Wolverine Tube
Co—Preferred Dividend Deferred—
Directors have decided to defer action
this time
on
the
7%
on
the dividend ordinarily due at
cumul. pref. stock, par $100.
A regular quarterly
dividend of $1.75 per share was paid on March
1, last.—V. 145, p. 2411.
Wright Aeronautical Corp. (& Subs.)—Earnings—
Calendar Years—
Net sales
—
.
—
1937
—
Expenses
Depreciation
•
Net income
$2,5bl,643
—
Prov. for Fed. inc. taxes.
Fed. excess profits tax..
Prov. for Fed. surtax
1934
$9,339,851
8.146,226
373,242
$327,646
$820,383
88.526
95,649
xl85,713
$2,610,292
43,520
336,323
44,661
\£1,226,687
$423,295
Net income.
.
—
95,595
Net income
9,978
146,610
$173,000
Shs.cap.stk.out. (nopar)
1,199,562
599,857
1.48
Includes royalties received under
*
$170,000
4.9 cents
4.9 cents
—
...
While the results obtained in the first quarter of the present year com¬
pare
favorably with those obtained in the first quarter of 1937, this favorable
comparison is to be accounted for by two factors: (1) The net
first quarter of 1937 was reduced by $107,000, as the result
income for the
of a. change in
accounting methods introduced in that quarter.
(2) The net income for
the first quarter of 1938 was increased by an estimated $55,000, as the
result of buying quotas (additional to your company's own quota) from
other operators.
Since opportunities to make such purchases are few, this
item must be considered an unusual addition to the results of this quarter.
Without these two items, the net income for the first quarter of the
present year would have been approximately 40% of the net income for the
corresponding quarter of 1937.
'
In the first quarter of 1938 production amounted to l,17o,000 pounds
of tin (as compared with 1,065,000 pounds in the first quarter of 1937).
This production exceeded company's export quota for the quarter by some
300,000 pounds, such excess being added to inventory.^ Production will
not be continued at this rate.
Under the International Restriction Agree¬
inventory cannot be substantially increased above its present level.
Quotas have been sharply reduced; company's exports and sales during the
will be limited to approximately 670,000 pounds
reduce production to about this level.—V. 14b,
p. 1737.
ment
second quarter of this year
of tin: and it is planned to
Zonite Products Corp.
39,942
(& Subs.)
1938
Quar. End. Mar. 31
Operating profit
—
$100,956
Earnings—
1937
$110,432
Interest
13,000
17.390
Depreciation
Federal taxes
$1,057,098
Earned per share..
1937
$224,000
54,000
$1,0^6,096
on
profits.
Dividends paid
pi 251 lz,14o.
S£1,138,161
1935
$7,757,461
7,052.697
377,118
108,649
Total income.
Other deductions
undistributed
1936
—$16,654,393 $ 1,377,466
13,695,591
9,822,295
457,158
417,010
Other income.
fx
Depreciation and depletion.
Per share Yukon Gold Co. stock
$24,772,093
1938
■
$218,000
45,000
3 Mos. End. March 31—
Net income, before depreciation and depletion.
9,055,983
Earned
...
the
129.834
213,190
2d mtge. cumu. 5%
376,431
Total
of the results obtained in the first
Taxes—Accrued and withheld
on
Reserves
aoa
reports a summary
quarter of 1938 (including company's share in the profits of its subsidiaries),
together with the results in the corresponding period of 1937.
In each case
the estimated profit is calculated after all known charges.
United States
funded debt..
commissions
Int. accrued
23,045
Deferred charges
salaries,
—
$423,295
$966,153
599,857
$1-76
599.857
$0.70
599",857
$1.61
cross license agreement, less expenses
—
—
Prov. for future adv
16,835
5.466
50,000
13,811
40,000
-y,—-
Reserve for contingencies
---—
Net profit—
y$28,100
y$39,786
x Provision
for reserve for contingencies to occur
936.
y
Before surtax on undistributed
1936
1935
$84,480 loss$167,335
1,766
4,229
16,878
18,575
6,936
5,000
------
x35,000
$23,900 loss$195,139
in second quarter of
profits.—V. 146, p. 2067.
Volume
Financial
146
Chronicle
3365
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY
with previous finals.
The market ruled
of the session, with transactions
COMMERCIAL EPITOME
Friday Night,May 20, 1938.
#
Coffee—On the 14th inst. futures closed 1 to 4 points net
higher in the Santos contract, with sales registering 37 lots.
The Rio contract closed
unchanged to 2 points lower, with
transactions totaling 9 lots.
There was very little feature
to the market.
The buying was largely week-end short
covering.
For the week Santos contracts were 10 to 15
points lower and Rio contracts were 1 to 7 points lower.
Havre on Saturday finished irregular at V± franc higher to
I yi francs lower.
On the 16th inst. futures closed 2 to 5 points off in the
Santos contract, with sales
totaling 28 lots.
The Rio con¬
tract closed 5 to 2 points off, with sales
totaling 12 lots.
Most of the activity represented switching, with May ex¬
changed for December at 16 points and for July at 11 points.
Straddles of the May "D" and "A" positions were effected
at 144
points.
Clearances from Brazil last week were 293,000
bags, of which 171,000 were for the United States, 96,000
for Europe and 26,000 for all other destinations.
In Brazil
the spot price of Rio 7s was marked
up 200 reis to 11.000
milreis per 10 kilos, but prices otherwise were unchanged.
The Havre market closed 134 to 1% francs higher.
On the 17th inst. futures closed 1 point higher to 1 point
lower in the Santos contract, with sales totaling 17 lots.
The Rio contract closed 2 points higher to 1 point lower.
In
restricted trading the market finished not far removed from
previous closing prices, except in the May Rio position,
which was up 7 points on short covering.
The Sao Paulo
Coffee Institute reported to the exchange that coffee stocks
in Sao Paulo interior warehouses and at raihvays on April
30th amounted to 6,619,000 bags, of which 234,000 are of the
1935-36 crop, 2,452,000 bags of the 1936-37 crop and 3,933,000 bags of the 1937-38 crop.
Brazilian offerings were not
much changed, but buyers were showing no inclination to
reach for new supplies, with visibles afloat and in stock
amounting to 1,070,959 bags.
That figure compares with
780,000 bags on hand at this time a year ago and 903,000
bags two
years ago.
On the 18th inst. futures closed 6 to 10
points
up
in the
Santos contract, with sales totaling 41 contracts.
The Rio
contract, closed 3 to 7 points net higher, with sales
totaling
II
contracts.
Trading was mixed, but on light buying
gains were registered.
News that Brazil had agreed
on a
30% sacrifice quota for the new crop was somewhat
offset by the estimate of 24,000,000 bags as the
yield, about
2,000,000 above the latest guesses from private sources.
On the other hand further activity in milds at higher
prices
was noted.
Cost and freight offers from Brazil were about
unchanged, with good Santos 4s at from 6.70c. to 6.90c.
About 25,000 bags of Colombian coffees were
reported
bought by a large roaster for prompt and June shipment,
with 1034c. mentioned as a price on the Medilian
variety.
Havre futures were 24 to 234 francs higher.
On the 19th inst. futures closed 5 to 6 points net lower in
the Santos contract, with sales totaling 37 contracts.
The
Rio contract closed unchanged to 2
points up, with sales
totaling 6 contracts.
The market on the whole was ex¬
tremely quiet, reflecting the tone of the actual market.
small
Santos contracts
opened 2 to 4 points lower, and showed
tendency to rally from these levels.
Rio contracts
started 2 points lower to unchanged.
Cost and freight
offers from Brazil were light and little changed.
Santos 4s
were at from
6.70 to 6.75c. on the offering cables of one
shipper.
Santos 24s for shipment in even monthly install¬
ments over the 12 months starting
September, were offered
at 6.75c.
Milds held steady, with the "in sight"
supplies
small, but the movement of the middle crop is expected to
gain momentum soon, having been delayed by heavy rains.
Havre was % franc higher to
franc lower.
Today futures
closed 2 to 6 points lower in the Santos contract.
The Rio
contract closed virtually unchanged from the
previous day's
finals.
Up to one o'clock over 100 lots, or 25,000 bags,
had been traded in the Santos contract.
Cost and freight
offers from Brazil were unchanged, with Santos 4s at from
6.65 to 6.75c. generally.
Business was light.
Medium
little
color 4s
were
offered
as
lowr
as
6.15c.
Milds
GOODS—WOOL—ETC.
were
steady
and unchanged.
heavy during most
totaling 259 lots, or 3,471
London outside prices were unchanged to 3d. higher,
with futures on the Terminal Cocoa Market
4346. higher to
6d. lower, with 540 tons
trading. Selling in the local market
came
largely from tired longs. Buying came largely from
shorts covering.
Local closing: May, 4.44; July, 4.51; Sept.,
4.62; Dec., 4.72; Jan., 4.82; May, 5.02.
On the 17th inst. futures closed 9 to 11 points net lower.
The opening range was 9 to 4
points under the previous
finals, while the closing bell found values very little changed
from the
opening. A total of 262 lots or 3,511 tons changed
hands.
London outside prices ran 434d. to 3d. lower, while
futures lost 3d. to 734d. on the Terminal Cocoa Market,
with 630 tons trading.
Local closing: May, 4.35; July, 4.43;
Oct., 4.58; Dec., 4.68; Jan., 4.73.
On the 18th inst. futures closed 8 to 3
points net lower.
Transactions totaled 358 contracts.
The market sank into
tons.
new low
ground when nine transferable May notices were
issued, starting renewed liquidation. They revealed that a
stubborn long interest still exists in the spot month despite
the prolonged fall in
prices. By early afternoon 275 lots were
traded.
At that time prices were 5 to 10 points lower, with
May at 4.25c., off 10 points.
Hedge pressure and liquida¬
tion together with lack of new
buying account for the fall.
Warehouse stocks decreased 2,200 bags.
They now total
682,647 bags.
Local closing: May, 4.27; July, 4.38; Sept.,
4.49; Oct., 4.54; Dec., 4.65; Jan., 4.70; March, 4.79.
On the 19th inst. futures closed 6 to 7 points net lower.
New low prices for the season were established in the cocoa
as a result of scattered
hedge selling, further liquida¬
tion and dealer selling.
Buying was attributed to covering
market
of shorts.
Reports of increased offerings of actual cocoa,
mainly Accras, were an influence.
In the early afternoon
prices were 10 to 11 points lower, with July at 4.27c., off
11.
Trading was fairly heavy, with sales totaling 393
contracts.
Manufacturers were buying on the scale down.
Warehouse stocks decreased 1,000 bags.
The total now is
681,635 bags.
Arrivals since May 1 have totaled 52,178
bags, against 198,952 bags in the comparable period of last
year.
Local closing: May, 4.21; July, 4.32; Sept., 4.42;
Oct., 4.47; Dee., 4.59; Jan., 4.64; March, 4.73; May, 4.82.
Today futures closed 1 to 8 points off.
Transactions
totaled 320 contracts.
The market drifted down into new
low ground under further
liquidation of the May and July
positions.
In the early afternoon May stood at 4.19c., off
2 points, while July was 4.27, off 5 points.
Trading was
active, with a total of 275 lots to that time.
Manufacturers
continued
their
policy
of
buying only
a
on
scale down.
Warehouse stocks decreased 1,000 bags.
The total now is
680,614 bags.
Local closing: May, 4.20; July, 4.26; Sept.,
4.36; Oct., 4.41; Dec., 4.52; Jan., 4.53; March, 4.67; May,
4.77.
Brazil to Continue to
York
New
Coffee
Destroy Surplus Coffee Reports
and
Sugar Exchange—Quota of
30% Fixed for 1938-39 Crop
Brazil will continue
to
"confiscate" and
destroy surplus
May 18 when a cablegram to the
New York Coffee & Sugar Exchange stated that the Financial
State Secretaries of the coffee producing States of Brazil
completed their meeting which started on May 9 and agreed
coffee, it
was
learned
on
should be fixed for the 1938-39 crop, the
paid for at the rate of two milreis (about lie.)
per bag of 132 pounds.
The new crop (1938-39) is estimated
at 24,000,000 bags, 30% of which would be 7,200,000 bags,
presumably to be destroyed as acquired by the Government,
leaving 16,800,000 bags free for export.
However, to pro¬
mote the production of better grades, it was also agreed that
"washed coffees" and certain fine grades of "unwashed
coffees" would bear a sacrifice quota of but 15%, the Ex¬
change said, adding:
that
a
quota of 30%
coffees to be
As Brazil's exports to
and about
the world this year will run close to 15,000,000 bags
1,000,000 are consumed annually in large Brazilian cities, the
17,000,000 bags from the new crop are nearly
available supplies of about
balanced with prospective demand.
at about
The current (1937-38) crop, estimated
26,000,000 bags, bore a sacrifice quota of 70%
free to move into
the export trade.
,
leaving onlyj30%
The 70% quota on the current crop was
acquired—30% at five milreis per bag and 40% at 65 milreis per bag.
In Havre futures were 2 francs higher to
134 francs lower, with premium now existing on the near
cording to latest estimates,
months.
carryover
June 30 will
Ac¬
Brazil in the coffee crop year which will end on
bags. The
have reduced surplus stocks by about 4,000,000
will have been reduced by June 30 to about 22,000,000 bags of
against the 1930-40 coffee loan and, therefore,
which 8,628,749 are pledged
Rio coffee
prices closed
May.
July-..-..-.
September.
_.
Santos coffee prices
May
July
September
as follows:
.4.29 December
.4.29
off the market.
__
March.
closed
follows:
5.701 December
.5.74 [March
5.83
Cuban National
Coffee Conference to be Held in June—
Coffee Growers
to
be Discussed
5.89
5.92
|
The opening range was 4 to 2 points off
4.19
Creation of National Association of
as
Cocoa—On the 16th inst. futures closed 3 to 8
lower.
4.19
.4.24
points net
compared
The second National
Coffee Conference of Cuba composed
only of the members of the coffee industry of Cuba will be
held in Santa Clara during June, according to an announce¬
ment
made public in Cuba
and reported to the Department
Financial
3366
by the office of the American Commercial
The Conference is promoted by the
Commerce
of
Havana.
Attache at
of Agriculture and the Cuban Institute
Coffee as well as other interests, and
an organizing commission has already been appointed, the
report stated.
The Commerce Department on May 5
Cuban Department
for the Stabilization of
further stated:
Among the questions to
of
a
be taken up at the conference will be the creation
and the'discussion of plans for a
national association of coffee growers,
campaign to promote the sale of
Cuban coffee in world markets. The im¬
warehouses in Cuba and means of im¬
the production of coffee will also be dis¬
provement of the system of bonded
proving agricultural methods in
cussed.
The Cuban
Department of Agriculture will
compile statistical data for
the conference, according to the report.
'
Sugar—On the I4th inst. futures closed unchanged to 1
point higher with sales totaling 52 lots. Sustained covering
in the July and September positions, believed to be hedge
lifting for Puerto Riean producing account, kept the domestic
sugar futures market steady today (Saturday).
For the
week the market was unchanged to 1 point higher, January
showing the 1 point advance. Sales for the week were 45,400
tons against 32,650 the previous week.
The only change in
the raw market today was the offering of 1,000 tons of
Philippines for June-July shipment at 2.85c., which compares
with an offering price in the previous session of 2.90c.
The
world sugar contract closed H to 1 point higher, with transac¬
tions totaling only 7 lots.
The London market ruled quiet
and unchanged, Raws were held at 5s. %d., equal to .92 He.
f.o.b.
Cuba with freight at 17s. 6d.
On the 16th inst.
futures closed 1 point lower to 1 point higher.
Transactions
totaled 116 lots or 5,800 tons.
Short covering and new
buying in the domestic sugar contract absorbed hedging and
new selling, with the market ruling steady.
Interest was
mainly confined to the September position in which 76 lots
were traded outright at 1.96c., and in switches in and out of
that month.
Five lots of September for March were ex¬
changed at 4 points and 10 lots of July for September at 4
points.
In the market for raws an operator bought 1,500
tons of Philippines, due May 27, at 2.76c. delivered, 1 point
better than the last sale for the same position.
Refiners,
however, were not interested at better than 2.75c. for May,
but would pay more for later arrivals.
The world sugar
contract closed 2 to 3 points net higher, with transactions
totaling 229 lots.
The London market was steady.
Small
offerings were held at 5s. Hd., equal to .92He. f.o.b. Cuba,
with freight at 17s. 6d.
Futures there were %&. to Hd.
higher.
On the 17th inst. futures closed 3 to 5 points net
lower.
The downward trend of the
raw
market had its effect
the futures, prices for the latter dropping to new seasonal
lows for the life of the contracts.^
Transactions totaled
on
12,200 tons. The raw sugar market developed an easier tone
yesterday as sellers turned anxious with the appearance of
additional offerings of Philippines.
One seller of a Puerto
Rican parcel was offering 10,000 bags in nearby arrival
position at the close at 2.71c., but there were no takers. The
market weakened when it was learned that a big cargo of
Philippines, 8,000 tons, was due to arrive on June 2, whereas
the general impression was that it was due in second-half
June.
This brought out the cheaper Puerto Rican offerings
and caused buyers to withdraw.
The world sugar contract
closed H to 3 points lower, with transactions totaling 23 lots.
London futures closed Hd. to %&. lower and raws there were
offered at 5s. lHd., equal to .94c. f.o.b. Cuba with freight
unchanged at 17s. 6d. On the 18th inst. futures closed 3 to 4
points off in the domestic contract, with sales totaling 450
lots.
Domestic sugar futures were again subject to a deluge
selling orders, a good part of which represented hedging
against actuals. All months were at new seasonal lows.
In
of
the
raw market American
bought 12,000 bags of Puerto
Ricos, due to arrive at the end of May, at 2.70c., setting the
spot price at that level.
The new spot price equals the low
price set for duty free sugar in 1934, established last on
April 20,1934. So far only the 3 or 4 Southern refiners have
announced that the $4.50 price would
apply in all territories.
However, for all practical purposes, plenty of sugar is
available
at
that
level.
World
sugar
contracts,
partially
reflecting London and also in sympathy with the declines in
domestic values, again touched new seasonal lows in all
sxecpt the nearest month, July.
World contract prices
closed 2 to 4H points net lower, with sales totaling 266
contracts.
.
On the 19th inst. futures closed 1 point
up
to unchanged
the domestic contract, with sales
Rather aggressive trade
m
totaling 353 contracts.
covering in the Sep. and March
deliveries resulted in gains of 2 to 3
points by early afternoon.
In the raw market one further sale was
reported at 2.70c.,
the sale covering 500 tons of
Philippines, due May 31, to
American Sugar Refining Co.
A further interest in certain
arrival positions was reported at 2.68 to
2.70c., while offers
ranged from 2.72 to 2.75c.
The AAA figures on deliveries
for
the first
four
sugar contracts
months
were
about
a
standoff.
World
reflecting the steadier tone in London and
the improvement in the domestic market, worked 2 to 3
points higher in quiet trading, and finally ended 2 points to
H point net higher, with sales totaling 74 contracts. London
futures were unchanged to Hd. lower, while raws there were
offered at 5s. per cwt.
London prices opened higher than
due on the basis of New York prices.
Today futures closed
3 to 4 point off in the domestic contract, with sales totaling
489 lots.
1938
21,
May
Chronicle
The world sugar contract closed
1H to 3 points
sales totaling 155 lots. Domestic sugar futures
broke to new low grqund when heavy selling appeared, prin¬
cipally from Cuban sources.
Stop orders were uncovered
on the way down.
Buying was generally short covering.
Sept., in early afternoon was selling at 1.86, off 3 points.
In the raw market most buyers withdrew bids.
A sale of
8.000 tons of Philippines, June-July shipment, was made at
2.75c., equivalent to 2.70c. or even less for spot.
World
sugar contracts opened H point higher, easing off as the
down, with
progressed and closing at about the lows of the day.
farthing either way, with transactions
totaling 15,000 tons.
Raws there were still offered at 5
shillings per cwt., equal to about .92c. per pound f. o. b.
session
London futures were a
Cub^.
Prices were as follows:
May...» . . July.
September.- -
-1.75
January (new)
March (new)
—1.86
—
—1.89
-1.85
- ...
Sugar Consumption in 14 European Countries During
First Seven
Months of Current Crop Year Re¬
ported 36,046 Tons Below Last
Year
Consumption of sugar in the 14 principal European coun¬
tries during the first seven months of the current crop year,
September, 1937 through March,
1938, totaled 4,379,902
long tons, raw sugar value, as compared with 4,415,948 tons
consumed during the similar period last season, a decrease
of 36,046 tons, or
Lam born & Co.,
approximately 0.8 of 1%, according to
The firm's announcement
New York.
further stated:
Sugar stocks on hand for these
countries on April 1, 1938 amounted to
3,968,600 tons on the same date in 1937, an in¬
approximately 13% .
beet sowings for the current season for the fourteen'prin-
4,482,700 tons as against
crease
of 514,100 tons, or
The estimated
cipal European countries,
according to'advices received from P. O.
the European sugar
authority, is placed at 3,973,000 acres, as
with 3,763,000 acres
in
5.6%
.
the'previous
season, an
Licht,
compared
increase of 210,000.acres, or
of sugar last season.
Austria, Belgium, Bulgaria,
These countries produced 6,467,000 long tons
The 14 countries included in the survey are
Czechoslovakia,
France/ Germany, Holland,
Italy, Poland, Roumania, Sweden, and
Lard—On the
Hungary, Irish
Free State,
the^United Kingdom.
14th inst. futures closed unchanged to 5
points lower. Trading was relatively light, with prices mov¬
ing within a narrow range. Opening quotations were about
unchanged, but later scattered commission house buying in
the September and October deliveries lifted values 2 to 7
points in the deferred deliveries.
Packing interest supplied
the bulk of the offerings.
The early gains were canceledibefore the close as a result of the selling referred to.
Export
clearances of lard from the Port of New York today (Satur¬
day) were 476,000 pounds, destined for Bristol and Cardiff.
Liverpool lard futures were 6d. to Is. higher. Demand for
hogs at Chicago was reported as slow. Scattered sales were
made at $8.25 per 100 pounds.
Total hog receipts at the
leading Western packing centers amounted to 12,400 head
against 7,800 head for the same day a year ago.
On the 16th inst. futures closed 5 to 10 points net lower.
The market was a more or less dull affair, with trading light
and fluctuations narrow.
The Chicago lard stocks report
issued after the close of the market shovred that supplies at
the leading mid-West packing center increased 2,644,146
pounds during the first half of May. The figure was slightly
more than trade expectations.
Total stocks on May 14th
at
Chicago were 66,785,854 pounds against 66,141,708
pounds on April 30th, and 124,277,790 pounds on May 15th,
1937.
Liverpool lard futures were 6d. lovrer to 3d. higher.
Lard shipments from the Port of New York over the past
week-end totaled 373,680 pounds destined for Liverpool,
Southampton, Glasgow and Hamburg.
Hog prices at
Chicago vrere 5 to 10c. higher. Sales ranged from $7.85 to
$8.45. Total receipts at the principal Western markets were
58,000 head against 45,600 head for the same day a year ago.
On the 17th inst. futures closed 10 points net higher on all
deliveries excepting May, wdiich was 5 points off at the close.
Trading was relatively light, with the tone steady. Export
clearances of lard from the Port of New York today were
361,082 pounds, destined for London, Liverpool and Man¬
chester.
Liverpool lard futures were easy following the de¬
cline in American
prices on Monday, with the range 3 to 9d.
Hog prices at Chicago closed 10 to 20c. higher. Sales
ranged from $8 to $8.55.
Receipts at the leading WTestern
markets totaled 49,000 head against 38,200 head for the
same day last year.
On the 18th inst. futures closed 5 to 10 points net higher.
lower.
Strength in hogs and the steadier tone in grains stimulated
speculative buying in lard futures.
Prices at one time
showed a maximum rise of 15 to 17 points, x^art of these
gains being subsequently lost.
Lard exports from the Port
of New York were heavy today, totaling 691,675 x>ounds,
destined for London, Hull, Aberdeen and New Castle.
Liverpool lard futures were 3 to 6d. higher.
Chicago hog
prices were 15 to 25c. higher.
Receipts of hogs at the west¬
ern
packing centers totaled 44,300 head against 35,300 head
same day a year ago.
Hog sales ranged from $8.25
for the
to $8.75.
LC;-"--
On the 19th inst. futures closed 10 to
17 points net lower.
Wednesday's gains were erased in lard futures today.
Opening prices were 7 to 12 points off.
The nearby May
delivery was the weakest month, and the price on this option
declined 17 points.
There were no export shipments of lard
All of
Volume
Financial
146
reported today. Liverpool lard
higher.
Hog receipts at Chicago
Hog prices at Chicago declined 10 to
from the Port of New York
futures closed 3d. to 6d.
totaled 16,000 head.
20c. owing to the heavier
Hog
marketings than anticipated.
ranged from $8.10 to $8.60.
Total receipts at the
leading western packing centers amounted to 54.400 head
against 34,600 head for the same day last year.
Today
futures closed 2 points up to unchanged.
Trading was light
in this commodity today, wdth the undertone steady.
sales
n#Trv
™
CLOSING
DAILY
t>t> rnua
^
T
pRflCES ^^LARD^UTU^^
8.30
-.1
8.20
s&mbe?:::::::::::: I:?0
lies
i:fs
8.80
8.72
May
October
.
■
Pork—(Export),
mess,
$26,874
per
barrel
barrel (200
/
„
spot hide situation
(per
200
$24.87^ (40-50 pieces to barrel), nominal,
Be6fhFport)-st®ad?4 .W (export), |28 per
Cut Meats:
pounds), nominal.
Pic
quiet.
13c.; 8 to 10 lbs., 12/^c.
Skinned, Loose, c.a.f.
14 t
6
lbs., 18c ; 18 to 20 lbs. 17 4c
Belhes: Clear f o.b New
York
6 to 8 lbs., 18c., 8 to 10 lbs., 1/c., 10 to 1- l"8** *
'
Bellies:
Clear,
Dry Salted, Boxed, N
.^Y.—16 to 18
s.,
12/±c.; 18 to 20 lbs., 124c.; 20 to 25 lbs., 114c.; 25 to 30
lbs., 114c.
Butter:
Creamery, Firsts to Higher than
Extra
Held
and^Premium Marks: 244 toto 214c. Cheese: Mixed
264c
State
37,194
Eggs.
36, 22 to 24c., Held
Colors:
Checks to Special Packs:
19 to 2-4°.
.r
...
Oil sales, including
Crude, S. E., 64c.
Ju?e
-y
switches, 67 contracts,
Prices closed as follows:
7»87
o1!* )Pctober--
—
iugiisu:::::::::::::: fill
jjanuary
7.79® 7.80
Rubber—On the 14th inst. futures closed 18 to 21
net
lower.
The opening
range
was
previous final quotations.
Transactions totaled 1,290
The bearish figures on consumption of rubber were
more
or
less
discounted/and the futures market ruled
lower largely because of lower cables and easier stock market.
Spot in the trade also followed the lower trend, closing at
114c, off 3-16.
April reclaimed rubber consumption is
estimated at 7,480 long tons; production 6,399 long tons;
stocks on Spril 30, 23,339 long tons.
Local closing: May,
11.83; July, 11.91; Sept., 12.04; Oct., 12.10; Dec., 12.23;
tons.
19 98-
A4arnh
19
To
On the 16th inst. futures closed 11 to 13
points net lower.
Transactions totaled only 940 tons.
Spot No. 1 standard
ribs in the trade declined 4c. to 124c.
Continued commission house liquidation and trade covering, with some
scattered factory buying made up the bulk of the activity
today.
Rubber stocks in London for the week ended May
15 showed an increase of 831 tons over the week previous.
Local closing: May, 11.72; July, 11.78; Sept., 11.91; Oct.,
11.97; Dec., 12.10; March, 12.27.
On the 17th inst. futures closed 8 to 12 points net higher.
The higher stock market in the afternoon prompted commission houses with factory accounts to buy rubber at the
lower levels-, moving the market up for net gains of 8 to 12
points.
Transactions totaled 1,920 tons.
Spot No. 1
standard ribs advanced 4c. m the trade to 114c.
After
opening 2 to 10 points easier on the lower stock market and
weaker cables, the market moved in a narrow range until
the buying in the afternoon began to move quotations up.
Local closing: May, 11.80; July, 11.86; Sept., 12.00; Dec.,
12.20.
On the 18th inst; futures closed 9 to 6 points net
Transactions totaled 44 contracts.
higher.
Firm cables caused the
in rubber futures to continue.
Opening 4 to 10
points higher, the market this afternoon stood at 6 to 10
points higher, with July at 11.96c. and Sept., at 12.10c.,
both up 10 points.
It was reported that shipment rubber
offers were high, and that was a factor in the market.
The
London market closed l-16d. to 4d. higher and steady.
Singapore also was higher.
Local closing: July, 11.94;
Sept., 12.09; Dec., 12.26; Jan., 12.33; March, 12.45.
On the 19th inst. futures closed 35 to 40 points net lower.
The market reversed its trend and dropped severely today,
registering substantial losses at the close.
It was largely a
professional market in sympathy with London declines,
Sales to early afternoon totaled 1,290 tons.
Traders generally are awaiting the quota meeting to be held in London
May 31.
London closed easy at declines of 1-16 to 3-32d.
Singapore also was lower.
Local closing: July, 11.57; Sept.,
11.72; Oct., 11.78; Dec., 11.91; Jan., 11.95; March, 12.05.
Today futures closed 23 to 20 points net lower. Transactions
totaled 287 contracts.
Lower London prices and news of
fresh labor disturbances in Akron caused pessimism in the
local rubber trade.
Futures opened 7 to 24 points lowrer.
Trading was fairly active, with some recovery from the
recovery
The domestic
total of 768,281 hides.
a
was quiet
9.05; Sept., 9.38; Dec
9 70
today.
Local closing: June,
,
0n the 16th inst futures cloged 17
inig net lowen lhe
opening range was 7 to 15 points off from the previous finals.
The market continued to ease off under scattered selling apparently encouraged by the weakness in the securities market.
When the last bell sounded, the active months were at the
lowg of the day>
Iransactions totaled 3,840,000 pounds.
The certificated stocks of hides in warehouses licensed by the
exchange increased by 5,078 hides to
Local
closing:
a
total of 773,359 hides.
June, 8.88; Sept., 9.21; Dec., 9.53; March,
v
9 34
* 0n ty 17fch inst> futureg
elosed 12 to 13 points net higher.
The market ruled easy at the start and
initial prices were
with previous finals. The
buying power showed considerable improvement during the
later dealings and offerings on the other hand were less
numerous, with tne result that prices worked higher within
a comparatively short time. The better tone m the securities
market p ayed considerable part in the improved action of the
mde market. Transactions totaled 5,160,000 pounds. Local
closing: June* 9.01; Sept., 9.33; Dec., 9.66.
On the 18th inst. futures closed 4 to 5 points net higher.
Transactions totaled 124 contracts. The market ruled steady
t
a
in moderate trading, holding in sympathy with the stock
market. In early afternoon prices were 4 to 5 points higher,
with June at 9.06c. and September at 9.38c. on sale of 2,-
Certificated stocks in licensed warehouses
480,000 pounds.
They now total 777,619 pieces.
June, 9.05; Sept., 9.38; Dec., 9.71; March,
Local closing:
points
14 to 22 points below
the
Tan
Certificated stocks
7.79lincreased 4,260 hides.
n
7.95® 7.96
September
by 2,923 hides to
from 1 to 18 points off compared
Oils—Linseed oil in tank cars is quoted 8.6 to 8.8c. per lb.
Quotations: China Wood: tanks, 10.5c.; Drums, 11H to
114c. Coconut: Crude, tanks, .034c.; Pacific Coast, .03c.
Corn:
Crude, West, tanks, nearby, .074.
Olive: Denatured, spot drums, 85 to 95c. Soy Bean: Crude, Tanks,
West, forward, .054 to .06; L. C. L., N. Y.—.08. Edible:
Coconut:
76 degrees, 94c.
Lard:
Prime, Ex. winter
strained, 84c. Cod: Crude, Norwegian, light filtered, 31c.
Turpentine: 29 to 31c. Rosins: $4.85 to $7.70.
Cottonseed
.
.
at
onn
Picmc, Loose, c.a.f.—4 to 6 lbs., 13,4c.; 6 to>8Yks.,
Hams:
^
Transactions totaled 2,280,000 pounds.
pounds); family
F
.
1
' futures closed 5 points net lower
The opening range was 6 to 12 points below
Friday's finals, the list moving higher on scattered buying.
?i ^V
on all deliveries.
of hides in warehouses licensed by the exchange increased
8.77
8.77
,
,
11.36; Sept., 11.49; Dec., 11.69; Jan., 11.72; March, 11.85.
8.12
1:70
1:18
extreme lows. By the early afternoon the market was off
13 to 15 points, with July at $11.44, Sept. at $11.57 and
Dec. at $11.76. Sales to that time totaled 2,160 tons.
London closed 3d* to 7-32d. lower. It was estimated that
United Kingdom stocks had increased 1,600 tons this week,
Singapore also closed lower. Local closing: May, 11.30; July,
8(70
---
8.87
8.82
Fri.
Thurs.
8.27
o-./
,
„
rHirArn
TXT
ri,, m ttdt?q
\
3367
Chronicle
1ft,,
.
,
«
,
,
1104.14
•
±
t
the 19th inst. futures closed 13 to 14 points net lower,
Transactions totaled 165 contracts. The market was weak
in spite of reported better inquiry for actual hides. On sales
Sot
'S^n^0ll-n<JS to early aftwnoon June sold down to
? nCK*A L A,*301?
Sept. to 9.17, off 21 points, and Dec.
;
21 points. Towards the close there was a fairly
substantial rally. Certificated stocks of hides m licensed
warehouses increased 2 941 hides. The total n?w is 780,560
P.ieces- .was reported that sales of spot hides in the domesmarket totaled 10,000 Some 6 000 heavy native cows
u
Jan.—Feb.-March takeoff, sold at 84c.
/ufne'
—^eon'i ^00
Local closing:
March, 9.88.
Today
Stares closed 20 to 23 points off from the previous closing
Prices* Transactions totaled 144 contracts. This market
followed the downward trend of most of the other commodity
markets, Apathy in the spot hide market contributed to the
decline. In the early afternoon the market was 13 to ^ 17
R°f!?nSrSn
ver,m active trading, which to that time totaled
3,960,000 pounds Certificated stocks increased 9,125 hides
to a total of 782 685 pieces
Local closing: June, 8.72;
Sept., 9.05, Dec., 9.3o, March, 9.65.
,
charters the past week
Charters included: Grain booked:
pour loads Baltimore to Rotterdam, May, 14c.
Ten loads,
Ocean Freights—The market for
was
rcdatively
quiet.
Albany to Antwerp, May, 14c.
Five loads, Albany to
Antwerp, May, 14c.
Grain: Gulf to Antwerp or Rotterdam,
june iq_28, cancelling, 2s. 9d., option picked port United
St. Lawrence to four ports,
Gulf to Antwerp
or
Rotterdam, June 20-July 11 cancelling basis, 2s. 9d.
(incomplete on Wednesday).
Sugar: Cuba to United
Kingdom, Continent', prompt, 17s. 3d.
Cuba to United
Kingdom-Continent, June, 17s.; Santo Domingo, 16s.
Cuba to Casablanca, June, about 16s. 6d.
San Domingo
to United Kingdom-Continent, June 1-15, cancelling, lbs.
Charters: Gulf to Havre, early June, 13s. 6d.
Gulf to
Antwerp or Rotterdam, June 20-July 11, cancelling, 2s. 9d.;
option picked ports United Kingdom at 3s., Belfast, 3s. 14d.
Gulf to Antwerp or Rotterdam, June-July, 2s. 9d.
Kingdom 3s., Belfast, 3s. 14d.
Bergen, Stockholm range, June-July, 18c.
Coal—It is reported that demand for anthracite coal in the
rather disappointing. Consumers on the line
are not taking any coal.
Storage of coal in the hands of
dealers and ultimate users are believed to be small. Several
of the wholesale anthracite coal companies here announce
that on June 1 there will be an advance of 25c. per ton on
all anthracite coal wholesale quotations for both on the line
and at Tidewater. One of the terms of the sale is that the
date of delivery governs the price.
Several of the interests
here state that activity may show some improvement before
the increase becomes effective on the first of June.
This
advance is the beginning of the monthly increases which
will take place at the first of every succeeding month until
prices are set for the winter.
According to figures furnished
by the Association of American Railroads, the shipments of
East has been
Financial Chronicle
3368
anthracite into eastern New York
week ended April
and New England for the
80, have amounted to 1,149 cars, as com¬
pared with 2,868 cars during the same week in 1987, showing
a
decrease of 1,219 cars, or
Metals—The report
of
approximately 60,950 tons.
Copper, Tin, Lead, Zinc, Steel
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.
and Pig
articles
Wool—Prices
are
said to be holding fairly well, with the
It is pointed out that raw
cost to permit of any
major decline, and as domestic growers have the support of
the Administration, a very stable to slightly rising market
may be anticipated when manufacturing moves out of the
doldrums, and how soon that will be, there is no clear indica¬
tion
Raw wool prices on spot material in Boston have been
practically without change for the month, but they are fully
firm, it is said. Apart from lack of mill demand there seems
nothing particularly disturbing on the horizon, although in
some manufacturing quarters stress is laid on the delay of the
trade pact with Great Britain.
This is not much of a factor,
however, in the wool market.
Lack of sizable demand is
having no detrimental influence on prices, which are now at
the top of the slight rebound from the low of the year.
There
is reported to be no large supply of spot wool pressing for
sale.
Prices on original bag territory wool are firm even on
clean-up lots.
Good French combing original bag bring
64~65c., while the graded French combing is quoted around
66c.
Less desirable wool in original bags is available at 6268c., and occasionally down to 60c. in the lowest bracket
class 8 wool. Texas wools are firm to strong, the choice wool
65-68c., with some of the average wool, 61-64c.
situation
1,547
Houston
254
166
292
closed
lower to.^e.
The market ruled quiet, with the volume amounting
to 240 bales.
After opening ^c. easier, the market moved
in a narrow range, with trade switching as the principal
feature.
The average quotation of crack double extra
remained unchanged at $1.61.
Yokohoma came through 2
yen lower to 3 yen higher, while Kobe was reported un¬
changed to 4 yen better.
Grade D remained the same in
both centers at 700 yen.
Spot sales for the two primary
markets totaled 850 bales, and futures transactions totaled
1,975 bales.
Local closing: May, 1.543^; July, 1.403^;
Aug., 1.49; Oct., 1.483^; Nov., 1.49; Dec., 1.49.
On the 17th inst. futures closed 3^c. lower to 13^c higher.
The market opened off */£c. and moved within a very nar¬
row range during the session.
The lack of interest on the
exchange restricted activity to only 230 bales.
Trade
switching and some commission house liquidation made up
the small volume on the Commodity
Exchange.
The
quotation of crack double extra declined Ac. to
$1,603^.
Yokohoma reported a loss of 2 to 4 yen, while
Kobe was 1 yen higher to 6 yen lower.
Grade D dropped
2lA yen in both centers to 697 3^ yen.
Spot sales for both
markets amounted to 775 bales and futures transactions
totaled 2,000 bales.
Local closing: May, 1.553^; July,
1.51; Aug., 1.50A; Sept., 1.49; Oct., 1.49K; Dec., 1.49.
average
higher.
Transactions totaled 53 contracts.
Japanese interests were
credited with buying silk futures, which after opening un¬
changed to 2c. higher, stood lc. to 2c. higher in the early
afternoon .The price of crack double
extra
silk in the
New York spot market advanced lc. to $1.63 a pound.
The Yokohoma Bourse closed 4 to 10 yen higher, while the
price of Grade D silk in the outside market advanced 2
yen to 700 yen a bale.
Local closing: May, 1.563^; July,
1.53; Sept., 1.51; Oct., 1.51; Nov., 1.51; Dec., 1.51.
On the 19th inst. futures closed 1 to 2lAc. net lower. The
market held fairly steady in the early trading, but later
developed marked weakness in certain deliveries and closed
at the lows of the day.
The price of crack double extra silk
in the New York spot market advanced lc. to $1.64 a pound.
Yokohama Bourse prices closed unchanged to lc. higher.
Outside grade D silk advanced 5 yen to 705 yen a bale.
Local closing: May, 1.553d?; June, 1.53; Sept., 1.49H; Oct.,
1.49; Nov., 1.49; Dec., IA&AToday futures closed un¬
changed to 3^c. up.
Sales totaled 46 contracts.
Mixed
trade operations in silk held the markets steady after opening
unchanged to 13^c. lower. In early afternoon May stood at
$1.55K, unchanged, and Nov. at $1.48^, off Ac- Sales to
early afternoon totaled 140 bales. The price of crack double
extra silk in the New York spot market declined lc. to $1.63
a pound.
On the Yokohama Bourse prices closed 1 to 4 yen
lower, while grade D silk was 5 yen lower at 700 yen a bale.
Local closing: May, 1.553^; Nov., 1.493^; Dec., 1.49.
On the
18th inst. futures closed lc. to 23^c. net
Friday Night, May 20, 1938.
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 17,042
bales, against 16,918 bales last week and 24,610 bales the
previous week, making the total receipts since Aug. 1, 1937,
6,944,405 bales, against 6,116,047 bales for the same period
of 1936-37, showing an increase since Aug. 1, 1937, of
828,358 bales.
Movement
of
the
mm
m
2,302
2,669
20
m
813
2,394
449
994
1,484
20
28
357
169
363
300
148
7,778
1,085
Charleston
Lake Charles.
134
1,595
68
652
m.
~
m
m
m.
m.
m
___
',Nm
Norfolk
Baltimore
—
-
mm
—
-
4
4
1
1
1
2
17
34
156
92
167
29
478
442
442
2,859
4,076
1,330
2,255
3,889
17,042
-.mm.
----
----
2,633
Totals this week.
—
—
1
11
Wilmington
189
395
■
m
184
132
250
595
Savannah
table shows the week's total receipts, the
The following
1937, and the stocks tonight, compared
total since Aug. 1,
with last year:
1936-37
1937-38
Receipts to
May 20
Stock
This
This
Since Aug
Week
Galveston
Since Aug
1, 1937
Week
1, 1936
...
Houston
Corpus Christi...
Beaumont
New Orleans.
—
_
Mobile
—
Pensacola, &c.—
Jacksonville. ^
.
Savannah
Charleston
Lake Charles
Wilmington
Norfolk
•
2,302 1,871,503
2,669 1,792,702
20
399,004
11,522
7",778 2,076,771
209,084
1,085
76,818
3,615
127,316
1,595
652
191,298
4
78,876
17
27,512
478
54,750
1938
702,747
749,345
47,061
16,761
743,061
49,695
383,211
289,386
28,679
15,170
394,500
52,483
93,744
4,033
8,499
2,574
145,797
138,459
41,680
17,024
24,549
28,623
25,852
5,476
15,414
24,343
"147
1,531
985
133,144
165,485
"68
55,997
25,398
755
39,018
1,960
60",99i
4,390
1,865
100
200
3,620
Boston.
"442
Baltimore
Totals
23,634
17,042 6,944,405
..
4,299
1,325
1,025
28,231 6,116,047 2,582,161 1,385,052
be made with other
In order that comparison may
we
1937
2,201 1,691,286
1,297 1,278,391
30
283,869
23,046
14",078 1.964,834
5,179
296,811
New York
years,
give below the totals at leading ports for six seasons:
1.595
"""652
"""985
Orleans.
Mobile
Savannah
18,292
9,535
4,919
3,836
5,614
1,167
10,316
1932-33
1933-34
1934-35
14,425
2,201
1,297
14,078
5,179
1,531
2,302
2,669
7,778
1,085
Houston..—
New
1935-36
1936-37
1937-38
Receipts at—
Galveston
18,905
5,457
12,743
4,325
2,537
947
741
24,365
6,660
2,131
"""913
""874
"""378
"4",242
14,130
1,783
Brunswick
Charleston
Wilmington.
Norfolk
17
68
7
6
3
154
478
755
246
159
322
433
.
—
Newport News
"
"""466
"2,137
~1,125
l",i05
"""982
4,475
17,042
All others
28,231
45,482
18,627
34,486
79,657
Total thiswk.
Since Aug. 1__ 6,944,405 6,116,047 6,465,873 3,917,829 7,031,272 8,090,810
the week ending this evening reach a total
43,463 bales, of which 4,633 were to Great Britain, 4,793
to France, 12,006 to Germany, 2,364 to Italy, 8,689 to Japan,
800 to China and 10,178 to other destinations.
In the cor¬
The exports for
of
total exports were 94,298 bales.
exports have been 5,245,460
bales, against 5,038,336 bales in the same period of the pre¬
vious season.
Below are the exports for the week:
responding week last
For the
season
year
to date aggregate
Exported to—
Week Ended
May 20, 1938
Ger¬
Great
Exports from—
France
Britain
Galveston
2*640
New Orleans
Savannah
2,030
11,494
1,009
1,364
480
5,013
15,039
2,362
6,387
373
2,274
435
"66
"94
66
259
165
307
L012
4,633
4,793
3",058
2,364
12,006
"166
8,689
800
3,067
Angeles....
7,544
"400
400
10,178
43,463
San Francisco
Total
Total
220
"915
...
Norfolk........
Los
Other
3,832
950
986
Mobile
China
1,289
2,954
4,905
2,268
Houston
Japan
Italy
many
563
606
...
Total
1937
12,726
3,185
6,921
10,327
51,597
500
9,042
94,298
Total
1936
30.201
997
18,395
2,149
25,486
967
10,168
88,363
'
Exported to—
From
Aug. 1, 1937 to
Ger¬
May 20, 1938
Great
Exports from—
Britain
Japan
China
Galveston....
286,115 185,696
258,113 166,831
238,996 149,781
177,720 122,904
186,065
43,542 254,463 1344,658
28,085 206,642 1085,354
92,349
74,840
123
52,979
57,261
3,725
138,571 140,040
2,613
3,125
14,513
43,272
32,926
4,250
Houston
Corpus Christi
Beaumont
New
...
451,610 250.293
6,805
24,335
Orleans.
Lake Charles.
Mobile
France
98,426
......
Jacksonville..
53,281
Charleston...
Wilmington..
•
101,064
m
m
-
—
-
'
34,220
200
60
200
"5", 955
4,369
7,194
5,341
2,337
980
York...
..
158,774
1,000
1,200
my-im
1,621
34,873
mmS'-rn
2,235
16,927
7,861
13,282
"
..
_■
mm
mm
m-*
420
1,160
934
10
27
300
...
93,986
7,041
100
•
2,157
Boston
53,432
'rnmmmm.m
22,508
Gulf port.....
1,742
329
5,771
mmmm."-
714
Norfolk......
New
-
mm
-
50,569
m
58,285 372,469
500
8,598
4,143 202,557 1232,780
''mm
61,699
24,821
50
193,631
18,391
-
»
45,566
357
m
Total
Other
3,829
'
-
-
11,510
177
—
125,059
•
'mm
Italy
139
41,059
Savannah....
18,779
many
1,543
Pensacola, &c.
286
250
mm
mm
mm
m
7,031
7,894
'
2
485
2,127
3,481
'
85
Baltimore
Philadelphia
.
271
"561
322
200
102,410
25,252
21,897
28,398
1,163
100
10,863
mm'
m
•
Francisco
Seattle
142,034
6,557
78,294
380,753
66,258
3,435
73,484
179,392
50
Los Angeles._
San
398
""
50
.
.....
1555,949 736,792
Total
1936-37 1112,863 692,417
Total
The
1,511
'■'tdi-m-m
—
1,644
New Orleans
Mobile
Total
COTTON
Christi__
Corpus
mom mm
67
310
136
20
Total
120
110
349
Fri.
Thurs.
Wed.
109
.
higher.
Tues.
Man.
Sat.
Receipts at—
Galveston
apparently healthy.
material is too close to production
Silk—On the 16th inst. futures
May 21, im
1935-36 1270,337 656,899
NOTE—Exports to
598,788
89,641 952,565 5245,460
694,729 352,132 1502,902
803,515 349,981 1455,572
22,678 660,615 5038,336
37,482 873.936 5447,722
824,743 486,982
Canada—It has never been our
above table reports of cotton
all the cotton destined to the Dominion comes
returns
districts
concerning the same from
on
practice to include in the
the reason being that virtually
overland and it Is impossible to give
shipments to Canada,
week to week, while reports from
the Canadian border are always very
the customs
In view,
slow in coming to hand.
receiving regarding the matter, we will
say 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
the exports were 15,020 bales.
For the eight months ended March 31, 1938, there
were 183,831 bales exported, as against 206,942 bales for the eight months of 1936-37.
however, of the numerous inquiries we are
Volume
Financial
146
In addition to above exports, our telegrams
give us the following amounts of cotton
cleared, at the ports named:
On
on
tonight also
shipboard, not
Shipboard Not Clean d for—
Leaving
Ger¬
France
Britain
Galveston
Other
Foreign
New
wise
2,163
"700
16,900
8,420
11,532
884
2,527
800
100
Charleston
"150
5,593
13,528
9,731
"212
""22
""40
2,521
5,425
Mobile
Norfolk
Other
ports
Total 1938..
1937.
Total
_
Total 1936..
*
9,247
5,488
685,847
740,925
731,529
144,997
41,680
49,483
28,623
121,213
Speculation in cotton for future delivery during the past
only moderately active,
was
with
of prices were the unsatisfactory action
unfavorable
South, which
ditions
as
so
business
far
concerns
new
of the stock market
also weather
conditions;
reflects
the
undertone of
the
Factors in the easier tendency
the market generally heavy.
and
a
in the
particularly adverse con¬
no
Liquidation of Bombay
crop.
hedges against Brazilian and other out¬
accounts,
side growths, were factors also that operated
against values.
On
the_14th inst. prices closed 1 to 4 points net lower.
Tr ad i ng|wasjver y~ light in volume, with'the movement of
However,
responded but little to the marked heaviness that
prices withinja
the market
very narrow range
of 4 to 5 points.
prevailed abroad, where Liverpool
was
10 to 11 American
points net lower, having failed to follow the advance here on
Friday.
The action of the foreign markets resulted in a nar¬
erate
York-Bombay spread
wider.
was
This resulted in
a
and Bombay selling, and dur¬
ing the day there was also some hedging against foreign
growths.
Contracts generally
were
not plentiful.
Offers
from the South continued
tion
was
light, and the domestic spot posi¬
dominated by the government loan.
The official
i>rices closed 10 to 5 points net lower.
improved trend during the past two ses¬
an
volume
of
business.
connections
in
the
York-Bombay
July
also sold.
October options as the New
and
differences
The
widened.
There
were
few
a
Continent, local professionals and
liquidation and general declines in other commodities, were
responsible for the downward course of prices today.
The
market started off with declines of 4 to 7 points.
Liverpool
and Bombay were both lower and there was considerable
early selling from both of these centers as well as further
hedging against foreign growths. When the foreign markets
closed, the market held steady for a time with slight rallies
on trade
buying and covering.
Late weakness in outside
markets
resulted
in
renewed
dropped to lows for the day.
on
narrower
final
pressure
when
The foreign selling
was
prices
based
differences, especially between here and Liver¬
pool, with July differences down to 98 points, which com¬
pared with 126 a month ago and 157 two months ago. This
gradual shrinkage between the two markets is attributed to
large stocks held in Great Britain and the sustaining in¬
fluence of the governmental loan on domestic markets.
Southern spot markets, as officially reported, were un¬
changed to 14 points lower. Average price of middling at the
ten designated spot markets was 8.66c.
On the 17th inst. prices closed 1 to 4 points net higher.
The market was quiet, with the undertone steady.
A feeling
of apathy appears to pervade trading circles, with nothing in
the
news
to
serve as a
real incentive for action
on
either side.
negligible, and the market de¬
pended largely on foreign selling for contracts. There was a
fair amount of early Liverpool selling on differences and
some Bombay selling of near positions.
At the same time,
Bombay firms were buying late months.
Some foreign
hedges appeared. Volume of offers, however, was not large,
and while new buying was lacking, there was enough price
fixing to give the market a steady undertone. Southern spot
markets, as officially reported were unchanged to 5 points
higher.
Average price of middling at the ten designated
Offers from the South were
spot markets was 8.67c.
On the 18th inst. prices closed 1 to 3 points net higher.
The steady tone in the cotton market which has featured
the dealings of the past two days, was continued today in a
limited volume of transactions. A short time before the close
registered gains of 2 to 5 points
closing levels of the preceding day.
The market
of business active months
from the
opened steady and quiet, with prices 2 points net higher.
Foreign selling was light. Brokers with Bombay affiliations
and spot houses sold moderately in the July and October
options.
The buying power was supplied by the lifting of
hedges and price fixing. Some spot houses were buyers of the
July position. The weekly weather report from Washington
did
The
of
most
buying.
Locals bought on reports of rain in the Carolinas, Oklahoma and Texas.
Futures on the Liverpool Ex¬
change declined 1 to 3 points.
the easiness at
Prices
against outside growths.
Today prices closed 7 to 4 points off.
lower in
of
moderately active session.
a
influenced
were
by
Bombay and foreign liquidation and hedging
Cotton again sold
A fairly heavy volume
sales marked the opening, with prices falling 4 to 6
points from last night's final quotations. These losses were
chiefly attributed to the weakness in Bombay and Liverpool.
Brokers
with
Bombay affiliations
tracts, particularly the near
price-fixing
New
York
aged
the
the
on
and
belt
scale down.
The
There
straddles.
of
influenced
Reports
heavy
was
differences
Bombay widened out again.
undoing
Western
sold all the active con¬
deliveries.
This
of
between
encour¬
rain
in
the
buying
by local professionals.
There was also some foreign hedging.
The Liverpool market
lost 3 to 5 points, declining in sympathy with lower over¬
markets
and foreign hedge selling.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 14 to May 20—
Sat.
8.72
Middling upland
Mon.
Tues.
Wed.
8.62
8.63
8.65
Thurs.
Fri.
8.53
8.58
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
and staple premiums represent 60% of
over
inch cotton at the 10 markets
average
spot
the
officially reported, were unchanged
price of middling cotton at
the ten designated spot markets was 8.75c.
On the 16th inst. prices closed 10 to 13 points net lower.
The market ruled heavy throughout most of the session.
Lower markets abroad and foreign selling combined with
The
points lower.
trade
the
for deliveries
to 5
South" and
foreign hedges.
report showed that 15,609 bales of cotton were placed in the
loan during the week, bringing the total to 5,355,803 bales*,
which included 156,905 bales repossessed by original owners.
Southern spot markets as
mod¬
a
Shortly before the end of the
3 to 7 points below yesterday's
trading iieriod the list was
closing levels.
The market opened moderately active, with
futures 1 to 3 points under the last quotations of the pre¬
ceding day.
Some selling was done by brokers with Bombay
seas
moderate amount of Liverpool
lDtli inst.
sions, cotton prices turned slightly lower today in
rowing of the New York—Liverpool differences, while the
New
the
After showing
^
straddle
market.
narrow
houses
Estimated.
week
in
In
37,864 2,544,297
51,138 1,333,914
48,209 1,624.987
5,411
2,485
1,206
17,876
20,453
23,105
6,463
8,769
mostly light to moderate, except for rather heavy falls
and temperatures were
generally below normal, especially in the northern districts.
At Liverpool futures closed 2 points lower to 1 point higher
Total
2,000
11,000
2,843
4,011
2,000
1,532
2,831
118
Orleans..
Savannah
Stock
Coast¬
many
200
1,700
3,043
Houston
showed that in the central and eastern cotton belt rainfall
was
in the northeast and central north,
May 20 at—
Great
3369
Chronicle
on
Premiums and
contract on
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
7A
15-16
Inch
Inch
1 In.
the
average
on
May 19.
premiums
1 In
15-16
tfc
Inch
Longer
Yhile—
Inch
db
Longer
Spotted—
Mid. Fair
.64
on
.89 on 1 .11
on
Good Mid
St. Good Mid..
.58
on
,83
on
on
St. Mid
.06 off
.14 on
.35
Good Mid.....
.51
on
,76
on
.98 on
Mid
.66 off
.46 off
.25 off
St. Mid
.34
on
.61 on
.82
on
•St. Low Mid.. 1.48 off 1.40 off 1.33 off
.46
on
Mid
1 .05
Baals
.26
.61 off
.36 off,
St. Low Mid...
1.40 off
Low Mid
on
•Low Mid
.17
•Good
Extra
.31
.53 on
on
on
2.29 off 2.24 off 2.19 oft
.48 off
St. Mid
off|2 .12 off
•St
.15 off
.58 off
.42 off
1.54 off 1.44 off 1.36 off
♦Mid
While—
.32 off
.75 oil
Good Mid
.77 off 2 .76 off
2.80 off
Ord
on
Tinged—
.18 off
.30 off 1 .24 off
•St. Good Ord. 2.22 off
.10
Low Mid.. 2.32 off,2.27 off 2.21 off
2.91 off 2.86 off 2.83 off
.51
on
,76 on
St. Mid
.34
on
.61
on
.82
Mid
Even
,26
on
.46 on
Good Mid
.61 off
.36 off
.18 off
•St. Mid
1.71 off 1.65 off 1.67 off
•Mid
2.42 off 2.36 off 2.31 Off
Good Mid
St. Low Mid...
1.40 off
Low Mid
♦Low Mid
.98 on
Yel.
on
.30 off 1.24 off
♦8t. Good Ord. 2.22 off
17 off 2.12 off
•
77
2.80 off
Good Ord
off,2.76 off
Stained—
1.19 off 1.05 off
Gray—
.57 off
.38 off
.19 off
.81 off
Good Mid
St. Mid
.60 off
.43 off
1.41 off 1.30 off 1.22 off
•Mid
*
.91 off
Not deliverable on future contract.
Futures—The
lowest and closing prices
week have been as follows:
highest,
New York for the past
Saturday
May 14
Monday
Tuesday
May 16
May 17
Wednesday
May 18
Thursday
May 19
at
Friday
May 20
Junei 1938)
Range
_.
Closing
.
8.50?i
8.5971
8.6071
8.6271
8.5571
8.61- 8.69
8.63- 8.68
8.64- 8.70
8.56- 8.65
8.50- 8.57
8.72- 8.73
8.62
8.63
8.65
8.58
8.53-
8.74 n
8.6377
8.65TI
8.6771
8.6071
8.69w
July—
Range
..
Closing
.
8.72-
8.76
—
—
-
-
8.54
Aug.—
Range
..
Closing
-
8.5571
Sept.—
Range.
.
Closing.
8.76 n
8.6471
8.6771
8.6971
8.6271
8.57 ?i
8.77- 8.82
8.66- 8.75
8.66- 8.74
8.70- 8.76
8.63- 8.71
8.58- 8.63
8.78
8.66
8.70
8.71
8.65
8.60- 8.61
Oct.—
Range
..
Closing
.
—
—
-
-
—
Nov.—
Range..
8.79 n
8.6771
8.7171
8.7271
8.6671
8.6071
Range--
8.80- 8.85
8.69- 8.77
8.70- 8.76
8.73- 8.79
8.65- 8.73
8.60-
Closing.
8.81ra
8.69- 8.70
8.7271
8.74
8.68
8.61
Range..
8.82- 8.83
8.69-8.78
8.72- 8.76
8.75- 8.78
8.65- 8.72
8.61- 8.64
Closing
8.82 n
8.69- 8.70
8.7371
8.7571
8.6971
8.6371
Closing.
Dec.—
—
—
8.65
Jan.iVm)
.
Feb.—
Range
..
8.86 n
8.7371
8.76n
8.7871
8.72n
8.66W
Range-.
8.88- 8.92
8.76- 8.85
8.78- 8.85
8.80- 8.85
8.74- 8.80
8.67-
Closing.
8.90- 8.91
8.77
8.80
8.81
8.7571
8.70
Closing
.
Mar.—
—
8.73
April—
Range.8.91W
8.78n
8.81 n
8.8371
9.77ti
8.7271
Range..
8.94- 8.94
8.83- 8.87
8.82- 8.87
8.85- 8.89
8.80- 8.85
8.75- 8.79
Closing
8.93n
8.8071
8.8371
8.86
8.8071
8.7571
Closing
.
May—
rt
.
Nominal.
Financial
3370
Range for future prices at New York for week ending
May 20, 1938, and since trading began on each option:
9.63
June 1938.-
1938-
July
"8*50
8.70 May 44
May 20
8.90
Sept. 1938-.
"8.58
1938—
02 May
May 20
Aug.
corresponding period of the previous year—is set out in
detail below:.
Movement to May 20,
27 1937 11.36
July
11.36
July
Mar)
Week
4 1937
9.48
23 1938
Feb.
1938—
8.6*0 Mayr20 X8~5~May"i4 "8*55 Mar? 231938 "9.50" Feb." 23" 1938
Jan.
1939.-
8.61
Feb.
1939—
8.83
8.57 Apr.
May 14
9.51
7 1938
1939—
May* 1939-
Feb.
52,505
1,095
7
152
268
Apr."
29 1938
166
100,996
500
Volume of Sales for Future
~Miay"
8)94 May" 14*
20 1938
65,885
201
33,843
24,209
24,212
30,513
5
54,554
19,607
88
39,675
2,731
6,588
5,420
8,124
817
190,312
2,191
40,243
87
89,664
21,402
27,904
332
632
66,286
413
140,608
1,125
17,009
274
31,578
16,575
46,184
112
10,638
168,043
32,495
'■kC
166
60,361
100
200
327
68
1,580
31,127
18
29,360
1,530
19,585
2,768
178.885
2,081
11,052
147,750
170,847
856
134,442
2,075
353,879
197,200
3,627
84,398
119
Ga., Albany..
Athens
7,886
36,557
1,886
1,114
346
36
Atlanta-
30
1,423
64
36,524
Walnut Rge
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following, table.
The
':-)j '
145,344
46,324
186,080
62,126
17,515
45,339
229,886
198
for future
)"'
12
Newport—
Pine Bluff-
Exchange Administration of the United States Department
O
2,694
85
Rock
Little
Delivery—The Commodity
Agriculture makes public each day the volume of sales
delivery and open contracts on the New York
""26
Hope———
Jonesboro—
1938
9,284
52,253
55,323
26,454
——
City
Forest
Helena
8 ,~75
14
21
80,301
173
33,557
8,153
50,393
58,793
2,008
24,991
923
91,287
47
69,140
170,895
60,369
12,059
Selma
23 1938
"
8"75 May" 20 "8?94May
May
Week
Season
Week
*128
Montgom 'y
Ark., Blythev.
8*67 May" 20 *8.92" May" 14 X<}2 Max". 23" 1938 "9.20
Mar. 1939—
Apr.
Slocks
ments
20
65,507
Eufaula..—
Dec.
May 20
1937
Ship¬
May
Week
Season
387
Ala., Birrn'am
Nov. 1938-
of
1
May 21,
"U3"9" "Feb ."*18" 1938
12 1938
7.85 Nov.
14
Towns
Receipts
Slocks
Receipts
27 1937
8 1937
Movement to
1938
Ship¬
ments
27 1937
7.65 Oct.
Aug. 1938—
Oct.
May 21, 1938
Range Since Beginning of Option
Range for Week
Option for—
Chronicle
8
—
278
0,474
83
13,440
14,452
—
1,275
2,151
Columbus..
600
30,950
500
34,600
300
17,625
400
36,003
Macon
131
46,741
588
33,133
196
45,354
643
50
16,822
21,969
40
550
24,657
24,207
Augusta
figures are given in bales of 500 lb. gross weight.
—-
La., Shrevep't
Open
Contracts
May 13 May 14 May 16 May 17 May 18 May 19
New York
22
147,232
711
59,746
13
21,198
100,171
17
3,538
Miss., Ciarksd
229
164,076
877
478
51,745
30,050
132
132
259,190
40,307
975
Columbus..
31
831
5,846
23,170
364
300,514
1,451
61,590
164
38,815
260,842
18
65,578
82
25,237
432
Rome
Greenwood.
May 19
Jackson——
Natchez —
11,500
(1938)
May
35,900
^
October----...December
15)300
2L900
13)606 20)566 36)800
887)666
Vlcksburg..
23,200
July--
7,200
9,600
19,000
12,900
15,500
18,100
628,400
Yazoo
9,300
6,900
17,900
—
21,800
10,700
May
-
-
52
1,618
140,071
2,333
22,721
2,232
222,756
1,144
3,612
59,717
82,646
583,329
10,978 2515,995
25,544
356,131
324
1,925
14,657 2600,804
Tenn., Mem's
5
45,986
17
13,961
114,214
93,400
15,661
7,639
—
153
DallasParis
May 17
2
Robstown—
—
San Antonio V) 'X-Xw
3,800
1,850
14,850
4,400
1,150
8,900
1,350
(1938)
50
300
,---
July
October
--------
December
January (1939)
1,400
Texarkana.
1,700
2,900
3,050
117,950
Waco.-..—
1,350
3,800
2,100
4,650
3
7,545
21
2,347
34,191
22,858
1,463
429
431
2
:
-
-
-
38,914
16,244
.
349
-
202
82,608
840
213
71,656
203
13,701
3
41
55
8,952
35,154
98
2,572
32
79,570
65
669
687
M.
-'X..'i;
"70
■
-WW
V
6,405
-
19,028
1,315
5,197
,
730
57,800
8,650
1,400
200
50
4,550
1,400
1,100
650
25,900
40,150
5,950
10,450
12,400
353,400
2,550
Total,56 towns
*
^
_
i-
41,906
90,827
153
127
49
13,675
25,713 5943.064
46,8.5512216,336
25,953 6490,579
69.693 1162,626
Includes the combined totals of 15 towns In Oklahoma.
months.-.
New York
Total all futures—
10,000
—
3,550
1938
8.53c.
1930
.—13.36c.
1929
...11.72c.
...
The Visible Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
are
1936
—
1935
.-.12.40c.
1927
--.
..-11.65c.
1934
1933
...
1932
1926
8.25c.
1925
5.90c.
1924
9.30c.
1923
.—
...
-1931—
...
-
Quotations for 32 Years
-
—
..
__
—
—
--16.40c.
1922
-_.19.90c.
1921
-..21.60c.
1928
-
1937
figures
;;-v. -1
145,800
50
250
All Inactive
1,450
6",750
100
March
350
88,249
18,026
8
Austin
79,800 2,270,000
Contracts
1,000
3,370
3,040
10,161
Open
250
3,591
176,482
8. C„ Gr'vllle
100
311,474
92
Brenham
May
3,665
250
100
May 11 May 12 May 13 May 14 May 16 May 17
4,009
3,773
—
New Orleans
3,098
144,794
Texas, Abilene
}
186,468
57
5,100
54,000
2,117
1,328
238,900
2,100
46,200
30
8,454
1,300
7,100
3,200
68,800
51,392
521,577
4,500
1,300
40,700
5
76
900
6,200
1,000
utures— 104,300
27,340
166
2,600
11,400
700
Inactive months—
Total all
183
N.C., Gr'boro
Oklahoma—
15 towns *.
800
7,100
September (1938)
1,814
1,246
76,061
-
130,300
4,500
800
92
13,316
3,098
11,300
——
39,161
138
Mo., St. Louis
—
March
7,711
16
380,200
-----
January (1939)
11,481
1,068
20,680
52,019
1
City
1,643
62,570
10,802
18,830
-
1920
--.16.20c.
1919
___18.75c.
.--23.80c.
1917
—31.85c.
1916
—27.00c.
1915
1918
Market and Sales
--21.45c.
1914
,12.6.5c.
1913
—43.00c.
—
—
1912
—
-
-
_..31.75c.
.-.13.60c.
-
—
-
__
1911
--.26.25c.
1909
-.-13.20c.
1908
-
—
9.75c.
1907
._-15.2.5c.
1910
-_-21.10c.
--
--
at
12.00c.
.-.11.50c.
..-16.10c.
-
—11.80c.
—10.90c.
.--12.15c.
-
New York
only.
1938
May 20—
—bales.1,049,000
175.000
Stock at Liverpool
Stock at Manchester
Total Continental
25,000
12,000
8,000
592,000
487,000
-
Stocks—..
Total European stocks
India cotton afloat for Europe...
American cotton afloat for Europe
135,000
128,000
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports today
Con r*ct
Spot
1)160
Barely steady..
Steady.
Steady
Steady
Steady
1,700
Havre stock
Other Continental stock
Since Aug. 1
U. S. exports today
500
250
1,900
2,150
200
200
Overland Movement for the Week and Since Aug. 1—
reports Friday night.
Aug. 1 in the last two
The results for the week and since
follows:
years are as
1936-37—
1937-38
May 20—
Shipped—
Week
Via St. Louis
Since
Aug. 1
Since
Week
Aug. 1
3,591
Via Mounds, &c
Total American--.
East Indian, Brazil, &c.—
100
5,532
16,711
5,672
154,863
852,593
4,960
21,213
Via Louisville
62,000
156,000
188,000
26,000
150,000
40,000
167,000
135,000
91,000
202,000
40,000
163,000
101,000
106,000
203,000
Via Virginia points
Via other routes, &c_
56,000
43,000
24,000
33,000
58,000
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Bombay, India
Total East India, &c
Total American
454,000
72,000
56,000
28,000
33,000
121,000
342,000
.65,000
39,000
25,000
69,000
137,000
422,000
35,000
52,000
16,000
72,000
96,000
128,000
134,000
125,000
396,000
200,000
1,227,000 1,148,000
249,000
873,000
233,000
812,000
135,000
—
Stock in Alexandria, Egypt
.2,346,000 2,240,000 1,933,000 1,863,000
6,230,800 3,489,128 4,230,888 3,857,968
supply
Middling uplands, Li verpooi
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair. L'pool
C.P.Oomra No. 1 staple,s'fine
8,576,800 5,729,128 6,163,888 5,720,968
4.68d.
7.29d.
6.57d.
7.01d.
8.53c.
13.25c.
11.69c.
12.35c.
8.74d.
12.10d.
9.22d.
8.80d.
Liv
3.98d.
5.78d.
4.05d.
6.14d.
5.22d.
6.03d.
8.84d.
6.04d.
Continental imports for past week have been 76,000
bales.
figures for 1938 show a decrease over last
week of 37,632 bales, a gain of 2,847,672 over 1937, an
increase of
2,412,912
bales over 1936, and a gain of
2,855,832 bales over 1935.
Towns
the
movement—that
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
-
-27,507 1,323,289
Deduct Shipments—
Overland to N. Y., Boston, &C-Between interior towns
23,422
181
31,795 1,351,919
1,960
60,991
12,670
444,575
192
9,006
324
3,810
266,664
7,291
-
4,444
299,092
9,575
518,236
Leaving total net overland *
23,063 1,024,197
*
Including movement by rail to Canada.
22,220
833,683
Total to be deducted
•
442
.
1,750
310,386
151,092
5,144
9,182
204,421
671,694
-
Inland, &c., from South
-
1937-38
In
Sight and Spinners'
Takings
Week
Receipts at ports to May 20
17,042
Net overland to May 20
23,063
Southern consumption to May 20- 85,000
Total marketed
Interior stocks in
Excess
over
Since
Aug. 1
6,944,051
1,024,197
4,405,000
125,105 12,373,602
.*20,962
excess
of Southern mill takings
consumption to May 1
Came into sight during week
Total in sight, May 20
1,465,005
-1936-37Since
Week
Aug. I
28,231
22,220
6,116,047
833,683
5,745.000
130.000
180,451 12,694,730
*43,980
*21,437
998.658
454,025
136,471
104,203
13,671.951
14,292,632
North. spinnV takings to May 20*
above
3,491
204,000
6,230,800 3,489,128 4,230,888 3,857,968
—-
Interior
185,064
121,606
491
258,000
374,000
Manchester stock
Bremen stock
Havre stock
3,098
1,675
341,000
.
Liverpool stock
1,700
200
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
and other descriptions are as follows:
137,000
2,582,161 1,385,052 1,673,196 1,707,182
2,216.336 1,162,626 1,651,649 1,328,412
9,303
18,450
13,043
5,374
l)i00
*300
750
5,650
4,900
46,378 152,200 198,578
119,000
187,000
252,000
53,000
American afloat for Europe
U. S. port stock-.U. S. interior stock
Total
Steady
Total week.
675,000
bales.
Bremen stock
the
Quiet, 4 pts. dec
M onday
Quiet, 10 pts. dec.—
Tuesday
Steady, 1 pfc. adv.__
Wednesday- Steady, 2 pts. adv__
Thursday
Steady, 7 pts. dec..
Steady, 5 Pts. dec..
Friday
Saturday
1
Liverpool stockManchester stock
At
Closed
Via Rock Island
Of the above, totals of American
Total visible
Market
Closed
8,576,800 5,729,128 6,163,888 5,720,968
Total visible supply
The
125,000
134,000
396,000
200,000
249,000
233,000
1,227,000 1,148,000
873,000
812,000
2,582,161 1,385,052 1,673,196 1,707,182
2,216,336 1,162,626 1,651,649 1,328,412
9,303
18,450
13,043
5,374
Stock in Alexandria, Egypt
Spot Market
510,000
1,816,000 1,416,000 1,231,000 1,211,000
58,000
121,000
137,000
96,000
137,000
150,000
202,000
203,000
Egypt, Brazil,&c.,afl't for Europe
JK TYlCfiCClTl'—*
701,000
215,000
117,000
21,000
71,000
55,000
23,000
8,000
526,000
...
.
626,000
75,000
929,000
212,000
217,000
13,000
SALES
Futures
1935
600,000
105.000
53,000
14,000
11,000
Stock at Havre
Stock at Rotterdam
Stock at Barcelona—
Stock at Trieste
1936
705,000
206,000
160,000
13,000
70,000
62,000
10,000
5,000
1,224,000
229,000
276,000
9,000
Total Great Britain
Stock at Bremen
Stock at Genoa.....
Stock at Venice and Mestre
1937
795,000
134,000
17,066
1,115,324
1,570,576
8,895
Decrease.
Movement into sight in previous years:
Week—
-
1936—May 21
1935—May 24
1934—May 25--
•
Bales
138,003
106,662
122,509
Bales
Since Aug. 11935
1934
1933
.12,722,634
8,581,414
.12,223,842
.
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
Volume
Financial
146
1937.
Closing Quotations jor Middling Cotton on—
Week Ended
Saturday Monday
May 20
Friday
Wed'day Thursday
Tuesday
3371
Chronicle
It will be
seen
that there is
1938,
total lint and
The following
decrease in April,
a
when compared with the previous year, in the
linters combined, of 320,446 bales, or 40.4%.
is the statement:
Galveston
8.57
8.47
8.48
8.50
New Orleans
8.91
8.77
8.77
8.83
8.74
8.62
8.52
8.53
8.55
8.87
8.78
8.81
8.38
8.70
8.43
8.43
8.48
8.73
Mobile
Savannah
Norfolk
9.00
8.77
8.90
Montgomery
Augusta
Memphis
8.75
8.65
8.65
9.02
8.92
8.93
;
_
APRIL
REPORT
AND
8.69
8.90
8.70
8.85
8.80
8.65
8.95
8.90
.
8.88
8.60
8.83
8.80
8.70
8.75
8.75
8.65
8.55
8.58
8.60
8.70
8.55
Little Rock
8.55
8.55
8.60
8.60
8.55
8.50
Dallas
8.37
8.27
8.28
8.30
8.18
Fort Worth....
8.37
8.27
8.28
8.30
8.23
8.23
April 30
During
Nine
8.18
In Con¬
Months
Year
suming
Ended
New Orleans Contract Market—The
May(1938)
Monday
May 16
878b- 881a
Tuesday
May 17
Wednesday
May 18
Friday
Thursday
May 19
May 20
8.86
{bales)
{Number)
1938
16,428,336
4,105,737 17,761,004
77,390 4,757,946
99,745 6,218,736
295,895
219,707
50,258
546,183
99,447
809,805
1938
12,200
23,853
119,318
60,147
9,217
1937
192,941
60,319
9,343
1938
3,965
45,755
27,633
8,281
1937
8,078
5,669
58,434
31,306
1938
65,864
18,368
14,967
33,462
1937
8.67
8.71
8.80
8,576
8.93
8.81
8.83
8.86
8.77
8.95- 8.96
8.84
8.85
8.88
8.79
8.76
Jan.
8.97
8.84
8.86
8.89
8.80
8.77
8.86
Egyptian cotton..
8.73
December.
8.83
.
(1939)
Other foreign cotton
9.02
8.91
8.95
8.93
—
.....
Steady.
Barely stdy
Steady.
Quiet.
Steady.
Steady.
1,923
57,852
533,945
270,821
92,981
1937
73,715
608,346
294,580
74,816
Imports of Foreign Cotton {500-lb. Bales)
Steady
Steady.
Steady.
5,785
Steady
Steady.
Quiet.
4,885
16,316
1938
-{
8.875 8.90a
Tone—
Spot
Options
4,751
1,684
Not Included Above—
Linters
8.91
22,658
359
1937
April
May
9 Mos. End. April
April
Loans
Cotton
of
CCC
Through May 12 Aggregated.
$233,961,278 on 5,355,803 Bales—Announcement was made
May 13 by the Commodity Credit Corporation that
"Advices of Cotton Loans" received by it through May 12,
1938, showed loans disbursed by the Corporation and
lending agencies of $233,961,278.03 on 5,355,803 bales of
cotton.
This includes loans of $6,578,647.55 on 156*905
on
1938
Missouri
565,070
North
California
67,528
993
Florida
South Carolina
Georgia..
440,674
Tennessee
Louisiana
291,662
Texas
Mississippi
585,937
278,043
Virginia
Cotton Ginned from the
;
1,633,178
9.627
Crop of 1937—The Bureau of
bulletin
the ginnings by States and by
of 1934 to 1937.
It will also show
the ginnings to specified dates throughout the season, by
States and by counties, for the crop of 1937.
These detailed
figures are of local interest, and permit of a closer analysis
counties for
will
the
show
The
following tabular Statement presents the final figures
ginned by States for the last three crops.
The
quantities are given in both running bales, counting round
as half bales, and in equivalent 500-lb. bales.
cotton
GINNED FROM
COTTON
THE
CROPS OF
1937,
(Linters Are Not Included)
(<Counting Round
20,904
...
Georgia
Kentucky
Louisiana
Mississippi
Missouri
Mew Mexico..
as
Half Bales)
1936
1935
1,566,602
310,199
1,135,027
1,033,457
187,771
131,541
1,808,840
723,036
35,363
1,473,984
15,409
1,050,629
1,265,622
436,322
841,518
2,561,778
390,219
1,862,515
301,267
104,999
541,360
1,226,295
182,823
70,178
27,654
1,086,458
10,445
742,565
232,725
26,653
1,052,662
6,606
1,636,363
312,908
1,915,206
738,700
34,605
1,505,946
15,471
1,103,622
2,692,427
397,226
153,812
780,594
606,681
579,313
781,483
289,740
763,403
996,175
633,335
4,952,378
40,215
3,089
804,232
422,197
2,825,420
30,543
1,918
562,704
738,744
315,602
2,849,750
27,619
Texas
—
Virginia
All oth. States*
796
156,409
1,023,319
660,394
5,163,895
40,373
3,272
279
Belgium
11,743
6~819
170 *760
139,068
51,105
41,156
610 ,319
436,448
554 ,984
,354,681
120,996
8.345
112,217
550
18 ,814
13,000
Canada
13,929
16,510
197 ,127
223,862
All other
16.870
7,265
262 ,637
48,927
377,250
373,158
5,034,129
4,762.357
_
Total.
25,448 bales during April In
April 30
in 1938 and 204,954 bales In 1937.
The distribution for April, 1938, follows:
United Kingdom, 1,277;.Netherlands, 359; Belgium, 421; France, 5,875; Germany,
12,782; Italy, 2,608; Czechoslovakia, 213; Yugoslavia, 174; Canada, 1,279; Hon¬
duras, 2; Paname, 5; British West Indies, 1; Japan, 452.
not included above,
Note—Linters exported,
were
1938 and 27,983 bales in 1937, 224,924 bales for the nine months ended
Returns
by Telegraph—Reports to us by telegraph this
evening indicate that the Oklahoma cotton crop was injured
by hail which fell in seven counties.
Arkansas reports that
the weather has been favorable in most sections.
In Texas
only fair progress is being made, with the exception of the
southern and the western sections.
In the remainder of the
State the crop
is from
one
to two weeks late.
frequent.
Rain
1936, AND 1935
1936
1,148,524
189,963
1,302,992
442,444
26,789
1,090,085
10,170
761,149
1,910,661
303,252
107,380
599,746
286,370
815,788
432,757
2,938,479
30,296
2,028
760
12,398,882 10,638,391
Includes Illinois and Kansas.
Census Report on Cotton Consumed and on Hand,
&c., in April—Under date of May 14, 1938, the Cen,sus
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of April, 1938
and 1937,
Cotton consumed amounted to 414,392 bales of
lint and 57,852 bales of linters, compared with 510,941 bales
of lint and 60,443 bales of linters in March, 1938, and
3
3
2
2
2
-
0.13
0.98
1.23
1.02
72
77
52
68
60
64
69
77
76
77
78
88
68
86
74
0.84
1.38
86
96
94
88
64
62
54
60
4
2
0.70
1.38
88
88
84
54
68
60
1
3
0.42
1.22
2.23
86
86
86
62
58
68
74
72
77
1
dry
Paso..
0.30
1
2
Henrietta
Kerrville
dry
Lampasas
Luling...
Nacogdoches
—
Palestine
Paris
Antonio
-
71
78
72
2
San
Mean
Low
86
86
92
90
0.28
1
Dallas...
El
Thermometer
High
82
4
Brownsville
80
.
75
79
74
74
2
0.28
90
62
76
Weather ford
Oklahoma—Oklahoma City—
Arkansas—Eldorado
Fort Smith
Little Hock
Pine Bluff
4
3
3
3
3
3
2
84
88
89
90
88
86
89
88
4
3
3
0.34
2.59
1.05
0.97
58
58
56
68
58
52
63
54
66
71
73
73
74
73
69
Louisiana—Alexandria--
1.20
0.85
0.68
1.11
1.46
2.89
0.42
0.86
60
54
58
1
1
0.05
0.14
90
87
90
80
73
74
75
1
0.18
94
58
76 ;
0.18
0.24
92
84
82
62
70
66
77
77
74
80
I
Taylor....
-
2
2
•_
New Orleans
Shreveport
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Birmingham
-
Montgomery
dry
Florida—Jacksonville
Miami
Pensacola
-
1
1
dry
Macon
_
—
56
76
94
54
74
0.48
86
90
60
54
73
72
0.59
90
54
72
2.18
1.79
3
1
3
73
66
1
Nashville...
60
56
54
0.14
Tennessee—Memphis
Chattanooga..
89
92
76
72
77
94
1
Augusta
90
96
dry
Tain pa
Georgia—Atlanta—
—
718,975 bales of lint and 73,715 bales of linters in April,
Rainfall
Inches
1.40
1.76
Days
2
..
Abilene..
1935
1.061,314
134,335
857,156
239,848
26,632
1,062,526
6,342
556,288
1,259,482
173,979
71,835
574,201
564,982
744,182
316,509
2,960,774
27,246
Nights have
been too cool and rain has been too
Amite
United States 18,252,075 12,141,376 10,420,346 18,945,022
*
313,302
573,795
615 ,156
Other Europe—
Equivalent 500-Lb. Bales
1937
756,419
Tennessee
,026,547
632,448
~
Austin
Oklahoma
Carolina
438 ,063
Spain
1
North Carolina
South
1937
693 ,610
38,415
73,865
25,845
Corpus Christie
Florida
11,955
28,973
Brenham
1937
California
End. April 30
1938
1,472 ,659
Italy
Germany
State
Arkansas
amounted to
64,406
France
Running Bales
Arizona
9 Mos.
1937
78,540
Amarillo
.
1938,
31,
April
United Kingdom.
Texas—Galveston
Alabama.....
27,735
March
crops
of the statistics.
of
167,137
months ended
1938
China
March 21.
98,746
19,142
imported during
Japan
compiled from the individual returns
collected from 12,838 active ginneries located in 920 counties
in 18 States.
The final figures of cotton ginned are 18,252,075 running bales, counting round as half bales, equivalent
to 18,945,022 bales of 500 pounds each. The total is 10,349
running bales in excess of the preliminary figure issued on
27,391
44,669
3,783
Country to Which Exported
The
were
347
30,004
1,964
35,191
Exports of Domestic Cotton, Excluding Linters
{.Running Bales—See Note for Linters)
the Census will shortly issue the annual bulletin on Cotton
Production in the United States from the crop of 1937.
statistics
21,640
4,375
133
eight
10,679 equivalent 500-lb. bales.
117,015
84,613
252,110
Carolina..
Oklahoma...
30.392
8,993
All other
48,612
Arkansas
59.391
1,511
2,268
Mexico
British India....
76,778
New Mexico
677
9,270
11,171
....
Bales
State—
Bales
778,810
125,153
295
5,491
~
China
Linters
Stale—
8,234
2~341
Peru
Total.
Arizona.
1937
1938
1937
3,229
Egypt...
bales which have
been paid and the cotton released.
The
8.39 cents per pound.
Figures showing the number of bales on which loans have
been made by States are given below:
30
Country of Production
loans average
Alabama.....
12,938
5,015
71,691
1938
Amer.-Egyptian cotton.
.
March
The
599,772
747,306
Included Above—
November
February
{bales)
1937
8.75
8.74
September
.
April
{bales)
1937 595,675 5,014,136 1,630,480
August--October
presses
1938 351,934 3,772,658 1,417,131 10399273
Cotton-growing States.
All other States
June
July
Active
During
Establish¬ & at Com¬
1938 414,392 4,438,159 1,703,045 10485880 21,786,054
1937 718,975 6,016,882 1,986,694 4,214,825 24,727.016
H
New England States..
865&- 868a
; Cotton
Spindles
Public
Storage
ments
(ibales)
United States
In
April 30
April
for
Saturday
May 14
In
Cotton on Hand
Cotton Consumed
8.50
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
IMPORTED
ACTIVE COTTON SPINDLES
AND
8.65
Houston
ON HAND,
CONSUMED,
COTTON
OF
EXPORTED,
(Cotton in running bales, counting round as half bales, except foreign, which is
500-pound bales.)
96
75
3372
Financial
The
following statement lias also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a.m. of the datss given:
May 20, 1938
Feet
New Orleans
Above
zero
of gauge-
Memphis
Above
zero
of
Nashville
Above
zero
Shreveport
Vicksburg
May 21, 1937
Feet
,
9.9
12.8
11.2
received by cable to¬
night from Manchester states the market in both yarns and
steady.
Merchants are not willing to pay present
prices.
We give prices today below and leave those for pre¬
in cloths is
',';7
14.3
Above
zero
of gauge-
13.5
zero
of
18.5
36.9
1937
.
10.7
-.-.-.-Above
1938
gauge-
814
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
ings, Common
Mlddl'g
32* Cop
to Finest
Upl'ds
Twist
d
d.
s.
d
B.
Lbs.
8H
Twist
The
Southern
Cotton
Shirt¬
Lbs.
32* Cop
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
for comparison:
29.8
of gauge-
May 21, 1938
Market—Our report
Manchester
vious weeks of this and last year
13.0
gauge-
Chronicle
d.;'K
18—
iotfSiifc
25-
10
9 10H @10
d.
d.
9
4
@
9
6
@10
@10
2
1937
1938
1936
.
1937
@10
3
5.21
12%@18%
10
@10
3
5.13
13
10
@10
3
5.06
@14H 10
10
13^@15
10
@10
3
5.10
14
@15K
@10
3
4.97
14
@15K
4.91
14K@15K
\4X@15X 10
14M@15H 10
9
@11
9
@11
6
@10
7 22
7.41
10H@11H
25- 10
@11X
10
*
7.70
7.94
10
4^@10
7X
7H@10 10X
7H@10 10^
10
7H@10 10X
7.97
10
7.88
7.95
t.\v
Apr.
1938
1936
10
4-
A
1938
d.
0
0
9
Mar.
Receipts from Plantations
End.
Upl'ds
d.
8.
12H@13H
5.16
IX
18-
Stocks at Interior Towns
Receipt* at Forts
Mlddl'g
Feb.
11— 10X<a,llX
Week
Cotton
Shirt¬
ings, Common
to Finest
1937
1936
9
@10
4.79
15-
9H@nx
9Ji@ll X
VA@lWs
9
9
@10
4.89
22..
9V%@\\ k
9
9
@10
4.94
i8-
Feb
86,337 "66,019
66,534 2570,224 1926.804 2124,667
64,035 25 43.3 10 1880.455 2103.575
59,413
19.670
42,943
82.658
64,149
48,205 2500.009 1810,771 2057,037
39,957
Nil
1,607
11.
92.663
67,964
2,043
Nil
67.994
54,793
49,009
Nil
1,713
25.
47,032
61.190
38.439 2479,799 1744,860 2012,824
47,370 2100.874 1685,484 1967,167
48,797 2431,771 1622,611 1940.895
71,853
18.
17,929
Nil
9
9
@10
9
7.87
7.47
22.525
18
101,785
25.
82,257
90,794
56,513
22,543
Mar.
4.
9^@10 X
9
9
@10
4.80
6
@10
9
7.22
9X@10X
9
6/
@
9
9
4.69
14X@15X 10
6
@10
9
7.45
9
6
@
9
9
4.77
@10
9
7.12
9
4H@
9
7X
4.68
14 ^@15 ys 10
14^@15 X 10
6
9>4@10t<
29.
14ks@15& 10
14
10
@15
6
@10
9
7.29
9
7.49
May
6-
13.
20—
Apr.
59,42
35.770 2397,991 1569.244 1902,472
10.815
8.
51,480
50.142
Nil
4,017
26,976
42,828
3,173
Nil
Nil
22.
30,687
45,944
40,673
44,904
35.607 2362,621 1503,310 1871,482
34.922 2338,818 1440,172 1833,913
34.771 2322.171 1387.245 1814,475
16,110
15.
14,040
13,710
Nil
15,333
20,044 2289,937 1322,016 1779,076
Nil
40,825
31,296
39,157 2263,791 1255,379 1732,379
40,509 2237,238 1206,606 1693,071
Nil
Nil
Nil
13.
24,010
16,918
Nil
Nil
1.201
20.
17.042
28,231
45.482 2216.336 1162.626 1651.649
Nil
Nil
Shipping
4,060
1.
P."
44,595
29.
6,06
Nil
Nil
May
6.
News—As
shown
on
previous
a
the
page,
exports of cotton from the United States the past week have
reached 43,463 bales.
The shipments in detail, as made
from mail and telegraphic reports,
up
follows:
are as
Bales
GALVESTON—To Liverpool—May 17—West Cobalt, 519
519
-
-
To Manchester—May 17—West Cobalt, 87
To Bremen—May 17—Kelkheim, 2,954
87
2,954
To
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
for the last two
from all
seasons
obtainable; also the
sight for the like period:
takings
are
Cotton
sources
and since Aug. 1
from which statistics
amounts
or
1937-38
Takings,
of
out
gone
1936-37
,
Week and Season
Week
Week
Season
Season
Rotterdam—May 17—Kolkheim, 12
To Japan—May 16—Kuisima Maru, 3,832To China—May 16—Kuisima Maru, 220
To Ghent—May 14—Michigan, 101
To Copenhagen—May 14—Tana, 355; Georgia, 441
To Havre—May 14'—Michigan, 30To Dunkirk—May 14—Michigan, 533
To Venice—May 14—Ida, 255--.--.To Trieste—May 14—Ida, 1,034
To Gdynia—May 14—Tana, 460; Georgia, 408To Gothenburg—May 14—Tana, 253..
HOUSTON—To
Ghent—May
18—Vreedijk,
65- _-May
13—
Waban, 500--.May 14—Michigan, 124
To Copenhagen—May 18—Vasaholm, 528—May 16—Georgia,
12
3,832
220
—
101
796
„
—.
30
533
255
1,034
868
253
689
159
Visible supply,
Visible supply,
8,614,432
May 13
Aug. 1
American in sight to May 20Bombay receipts to May 19—
Other India ship'ts to May 19
Alexandria receipts to May 18
Other supply to May 18 * 5
-
5,949,094
To
4,339",022
_
104", 203
—
54,000
13,000
40,000
13,000
Total supply.
Deduct—
4,899",258
136",471
14,292,632
2,190,000
520,000
1,926,200
430,000
59,000
7,000
34,000
12,000
To
13,671,951
2,808,000
979,000
1,852,000
Vigilant, 1,822
May 16—Georgia, 192
Gothenburg—May 18—Vasaholm, 126
Japan—May 16—Kirisima Maru, 1,364
To China—May 16—Kirisima Maru, 480
To Genoa—May 16—Montello, 1,009
To Havre—May
13—Waban,
1,025
May
1,076
5,729,128
To
8,576,800
_
*
a
.
_
261,835 15,121,054
186,835 10,479,254
75,000
4,641,800
_
468,437 18,975,081
266,437 13,274,081
202,000 5,701,000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,405,000 bales in 1937-38 and 5,745,000 bales in 1936-37—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 10,716,054 bales in 1937-38 and 13,230,081 bales in
1936-37, of which 6,074,254 bales and 7,529,081 bales American.
b Estimated.
■'S
India Cotton
Movement from All
Ports—The receipts
of Indian cotton at
Bombay and the shipments from all India
as cabled,
have been as follows:
ports for the week and for the season from Aug. 1
for three years,
126
480
1937-38
1935-36
1936-37
Since
Receipts—
Week
Since
Since
Week
Aug. 1
54.000 2,190,OOf
59,000
For the Week
Week
Aug. 1
2,808,000
Aug. 1
51,000 2,638,000
Since Aug.
1
Exports
Great
Conti¬
Jap'n&
Britain
from—
nent
China
Great
Conti¬
nent
China
Bremen—May 14—American Press,
1,303.-.May
13—
Kelkheim, 2,492
—
i
Hamburg—May 14—American Press, 75—May 13—Kelk¬
3,795
1,110
1,035-.
,
----------
_
-------.
Total
13,000
11,000
21,000
39,000
213,000
5~()0()
28,000
31,000
64,000
73,000
15,000
39,000
55,000
45
------
-
150
50
1,317
362
1,574
704
800
950
-
-
435
571
415
162
600
...
98,000
4,000
9,000
13,000
179,000
341,000
7.000
7,000
380,000
599,000
979,000
5", 000
5,000
10,000
316,000
516,000
832,000
4,000
22,000
638,000 1410,000
890,000
To
'
—
-
Havre——Santiago, 1,012Hamburg—May 12—Oakland, 100.
Liverpool——Lochgail, 242-
315
211
66
94
16.5
400
2,967
1,012
-----
—--------- —
—
100
——
242
-
To Manchester——Sofie Bakke, 65—
To Japan——Kimikawa Maru, 425; Taigo
65
—
Other India:
Arvodaian Maru,
Maru,
1,433;
1,200
To China——Arvodaian Maru, 100
520,000
—
3,058
—
100
-
Total
43,463
all—
1937-38—
11,000
37,000
218,000
554,000
1936-37-
5,000
35,000
31.000
71,000
453,000
942,000 1240,000 2635,000
1935-36-
6.000
20.000
39,000
65,000
414,000
869,000 1135,000 2418,000
Alexandria
ceive weekly
dria, Egypt.
a
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
past week and for the corresponding week of the
previous two years:
for
38
167
—
353,000 1135,000 1586,000
Total
150
555
—
343,000 1240,000 1656,000
1,000
1935-36-
231
—
82
1935-36-
1936-37..
-
-
To
1936-37-
1937-38-
—
Rotterdam—May 13—Waban, 23
May 14—American
Press, 70_.-May 13—Kelkheim, 138
To Lisbon—May 14—American Press, 150
To Oporto—May 14—American Press, 555
To Riga—May 14—American Press, 38
To Dunkirk'—May 12—Michigan, 167
NEW ORLEANS—To Valparaiso—May 14—Alua, 45
To Antwerp—May
13—Beemsterdijk,
100
May 17—Wa¬
ban, 50
To Rotterdam—May 13—Beemsterdijk, 50
To Gdynia—May 14—Vigilant, 1,189
Apr. 4—Ivar, 128
To Hull—May
12—Duquesne, 362.
To Liverpool—May 14—West Cobalt, 1,574
To Manchester—May 14—West Cobalt, 704
To Ghent—May 14—Waban, 800
To Havre—May 17—Waban, 950-To Japan—May 17—Friesland, 435-__.
MOBILE—To Liverpool—May 15—Wacosta, 571
To Manchester—May 15—Wacosta, 415
;
To Antwerp—May 12—Desoto, 162
To Bremen—May 12—Desoto, 600
To Hamburg—May 12—Desoto, 315
To Gdynia—May 9—Tona, 211._
SAVANNAH—To Genoa—May 14—Mongioia, 66
NORFOLK—To Manchester—May 17—Artigas, 94
To Hamburg—May 20—City of Baltimore, 165
SAN FRANCISCO—To Australia—.. ?.., 400
LOS ANGELES—To Bremen—May 12—Oakland, 2,885; Floridian,
To
638,000
—
To
Bombay—
1937-38—
2,101
-
------
Japan &
Britain
Total
1,009
—
12—Michigan,
-
May 19
1,364
-
heim
5,729,128
To
Total takings to May 20 a
Of which American
Of which other.
2,337
To
6,197,565 24,704,209
8,576,800
Visible supply May 20
200
To
494,000
8,838,635 23,697,854
687
Enschede—May 18—Breedijk, 200——
Gdynia—May 18—Vasaholm, 323
May 17—Morto S. S.
the
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
April 29
May 6
May 13
May 20
54,000
53,000
43,000
36,000
1,255,000 1,215,000 1,196,000 1,197,000
828,000
819,000
800,000
794,000
73,000
28,000
27,000
39,000
32,000
13,000
3,000
12,000
99,000
116,000
127,000
111,000
33,000
39,000
43,000
33,000
Forwarded
Total stocks
Of which American.:
Total imports
_
Of which American.__
Amount afloat
Of which American
The tone of the
Alexandria, Egypt,
May 18
1937-38
1936-37
1935-36
200,000
9,695,041
170,000
8,948,242
40,000
8,170,749
each
•
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been
as
follows:
Receipts (centals)—
This week
Since Aug.
1__
This
Exports (.Bales)—
To Liverpool
To Manchester, &c
To Continent & India
To America
Total exports.
Week
Aug.
This
1
6,000 166,419
153,008
6",66o 631,906
24,872
12,000 976,205
Week
Since
Aug.
This
1
2,000 179,455
4,000 190,712
9,000 662,295
39,962
Week
cantars
Since
Aug.
Monday
Tuesday
Quiet
Quiet
Quiet
Market
Thursday
Friday
Quiet
Quiet
Quiet
[
Mid. upl'ds
Futures
Wednesday
to
3
pts.
advance
to
1
pt,
decline
4.76d.
4.73d.
4.77d.
4.78d.
St'y, uncb. Quiet, unch
4.72d.
4.68d.
Steady at
Quiet .stdy.
Steady at
4 to 5 pts.
unch.
to
1
3 to 4 pts.
4 to 5 pts.
decline
pt.
adv.
decline
decline
sty.
Steady at
Quiet, st'y,
dec.
1 to 3 pts.
3 to 4 pts.
decline
decline
Quiet
at
18,000 952,100
ending May 18 were
and the foreign shipments 12,000 bales.
"P. M.
opened
15,000 1072424
Saturday
f
12:15
1
5,000 187,665
6,000 144,895
7,000 585,258
34,282
Note—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week
200,000
Spot
Market,
Since
Market,
4
P. M.
Barely sty.
2
points
decline
Quiet at
1 to 2 pts.
decline
St'y,
1
dec. to
pt.
pt. Quiet,
2 pts.
1
adv.
to 1
pt.adv.
,
Volume
Financial
146
Prices of futures at
Liverpool for each day
are
given below:
3373
Chronicle
Netherlands, it was stated, had also been authorized.
handicap, however, was that exporters said trails-Atlantic
buying overnight amounted to little.
Contributing to price
upturns were reports from the domestic Southwest stress¬
the
A
May 14
Tues.
Mon.
Sat.
Fri.
Thurs.
Wed.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
May 20
ing muggy weather conducive to rust.
New Contract
May 1938
4.63
d.
d.
d.
d.
...
4.61
4.62
d.
d.
4.68
4.67
4.66
4.64
4.67
4.66
4.78
4.77
4.77
4.74
4.77
4.77
4.77
December
4.82
Jan.1939
4.84
4.83
4.83
4.80
4.83
4.83
4.83
March
4.88
4.87
4.87
4.84
4.87
4.87
4.88
May
4.93
-
-
July
-
October
-
_
4.96
5.00
-
4.95
~
-
_
_
_
*
'
•
^—
4.99
—
4.96
—
..
4.72
4.71
-
-
-
-
-
-
-
-
-
«,
-
-
rallying power developed in the Chicago wheat
4.76
today
4.78
failed
4.82
4.82
-
-
only
4.86
4.90
4.93
ber,
a
firm
4.97
....
4.90
4.93
'
Although
market
after prices had dropped about lc., the recoveries
to hold well.
Scarcity of offerings on declines had
transient uplifting effect.
May wheat was relatively
Today prices closed unchanged to %c. net lower.
some
4.78
4.79
-
-
-
5.00
4.75
4.86
«.
-
4.92
4.95
_
-
4.91
4.99
4.92
-
4.81
_
4.60
4.60
4.82
-
'
4.81
4.81
4.54
4.57
-
4.66
October
•
4.53
4.64
4.60
July
d.
d.
d.
d.
d.
4.61
4.62
4.58
in
ments, there is little or
of
flour
encouraging to
nothing
hand-to-mouth
a
on
only.
poses
no
Offices
consumers.
cast
wheat
leading
the
of
mills
Business remains
report.
basis,
bearish
with
orders
Co.
issued
a
have
entirely
for filling-in
Shipping instructions give signs of
pur¬
improving,
rust
development would
per
be
not
considerable
was
or
figure,
inst.
prices closed unchanged
to
today
abnormally
large.
reported.
bushels.
was
interest
,'yy
Open
„
CLOSING
PRICES
trading session.
The general disposition appeared
waiting attitude pending crop and export trade
developments.
In the absence of outside interest, the
market was quiet and dull.
Many feel that with a recordbreaking acreage standing for harvest, a big winter wheat
crop is in orospect, and this more than counters the influence
of rust, moisture and freeze complaints coming from different
sections.
As far as export conditions were concerned recent
declines of almost 6c. in Argentine prices were believed to
have brought that wheat nearer to a competitive basis, but
in
a
the
a
Buenos
Aires
market
advanced
J^c. to iy$c. today.
Chicago May wheat contracts, on which delivery can be
strengthened at times by gains of as much
as 1%g. in Winnipeg May.
On the 16th inst. prices closed 134c. to 2c. net lower.
These final prices were about the lows of the day, and the
made now, were
levels
lowest
touched in four years.
July and September
both dropped
in the Texas
Panhandle, reported as likely to prove of immense value,
were an
outstanding factor.
In addition to favorable do¬
mestic crop reports, scantiness of European demand served
to pull values down.
A decrease of more than two and one-
contracts, representing the new domestic crop,
below bottom quotations.
Drenching rains
half
million
bushels
in
the
United
States
visible
supply
ignored.
Aside from a few loads, no export busi¬
ness,
either United States or Canadian, was indicated.
Considerable attention was given to cables saying drought
in Great Britain, that has had no equal since 1785, was
total
was
virtually ended last night.
Selling pressure here received
impetus also from stress put on Federal plans for a wheat
loan rate corresponding to world prices.
On the 17th inst. prices closed J^c. to l^c. net lower.
Breaking again and again four year low price records, wheat
tumbled 124c. a bushel at Chicago today and 234c. at
Winnipeg.
Increased likelihood of bumper yields both in
the United States and Canada did much to pull prices down.
PRICES
Widespread beneficial rains fell in the Southwest and North¬
indicated further downpours.
The
lower quotations brought some enlargement of export de¬
Season's
purchased 700,000
bushels today from North America and that 265,000 bushels
of Kansas and Oklahoma wheat would be loaded out of
Houston this week, the first export shipment from Houston
in six years.
Considerable notice was taken of statements
by Canadian officials that no serious damage had been done
by recent dust storms in prairie provinces.
On the other
hand, there were some complaints of too much moisture in
Oklahoma and in eastern Kansas and Nebraska.
On the 18th inst. prices closed 34c. to %c. net higher.
About a cent a bushel advance in Chicago wheat values took
Late estimates were that Europe
mand.
place late today owing largely to reported purchasing of
1,500,000 bushels for Italy.
One version was that Italy's
purchases consisted chiefly of wheat from Bulgaria and
Argentina.
The price bulge did not develop until Chicago
May delivery had recorded a new low for the season, 77
Aiding upturns of values here were early Liverpool quota¬
tions, higher than due, together with reports that Italy,
facing the poorest crop prospects in years, had given official
recognition to breadstuff shortage.
Talk also was current
that the immediate effect of a Federal wheat loan in this
country would be to halt setbacks of prices.
It was further
contended wheat intrinsically should bring more than world
markets
crop
On
were
shoving, and that the estimated billion bushel
in the United States was yet far from secure.
the 19th inst.
Chicago wheat prices closed unchanged
Despite a temporary setback of l%c. to new
low price records, wheat rallied late today and
virtually
overcame > losses.
North American export purchases of
34c. lower.
300,000 bushels
helped
bring about the late rally.
Some
told of fear of damage from rust and mold
because of excessive moisture.
Predictions were heard that
Kansas reports
sooner
or
countries
later Italy this season would purchase from other
75,000,000
bushels.
Big
imports
by
France
or
Hioh
*
Based
132%
and
*122%
,.105%
92%
WHEAT
OF
on
■,>
Mori.
Ti/es.
94%
96%
NEW YORK
Wed. Thurs.
Fri.
IN
93%
93%
93%
93%
FUTURES IN CHICAGO
Man.
Tues.
Wed.
Thurs. Fri.
78%
76%
77%
78%
75%
76%
80
76%
77%
May
May
May
77%
75%
76%
78%
75%
76%
78%
76%
77%
When
and
Low
Season's
July 29, 1937 May
Sept. 28, 1937 July.
Feb.
9,1938 September
29: sold as
transactions since official opening, July
In unofficial
68,944,000
WHEAT
OF
Made
When
was
.
81%
„„78%
79%
May
July
September
wheat
in
Sat.
May
July...
September.
Made
18, 1938
17, 1938
17,1938
high ai
trading prior to July 29.
DAILY CLOSING PRICES OF BONDED WHEAT IN
Sat.
Mon.
-117%
105%
87%
May.
July-.--.
October
115
104%
86%
Tues.
WINNIPEG
Wed.
113%
102%
84%
114%
102
84%
Thurs.
Fri.
114% 115%
102% 103
84%
84
Corn—On the 14th inst. prices closed 34 up to 34c. off.
Heavy receipts of corn met with good demand, particularly
from interests filling huge export orders.
Grain moving by
lake was setting no records for volume at this time of year.
On the 16th inst. prices closed %c. net lower.
Lacking the
recent export interest, corn drifted down with wheat.
Pri¬
mary receipts totaled 1,065,000 bushels, against 1,165,000
bushels the week before, while primary shipments continue
heavy at 2,334,000 bushels as against 1,487,000 bushels the
week previous.
On the 17th inst. prices closed 34 to 34c. lower.
New
export purchases of corn totaled 250,000 bushels, but it had
little appreciable effect on the futures market.
The first
trade in December corn was made today at 2c. lower than
September.
On the 18th inst. prices closed 34 to 24c. net higher.
Trading was light and devoid of particular feature. Primary
receipts of corn yesterday were 843,000 bushels.
Co
primary shipments remain heavy, reaching 2,195,000 bushels,
against 577,000 bushels the week previous.
On the 19th inst. prices closed 34 to %c. net higher.
This
market was relatively firm, though trading was very light.
Trading was light
Open interest in corn
Today futures closed Ysc. off to %c. up.
and without
totaled
any
particular feature.
44,718,000 bushels.
DAILY
west, and the forecast
to
+
CLOSING
slow
be
to
No. 2red_
DAILY
final outcome by a
the acreage destined for harvest
No export demand worth while
as
Sat.
14th
the
The market moved fractionally lower
serious factor.
It was
loss of a few bushels in
a
could easily affect the
acre
DAILY
Wheat—On
harvest
would
prevail and that black
assumed normal weather would
emphasized that the addition
yield
however.
%c. lower.
Kansas
that
forecast
207,508,000 bushels this season as against latest
official estimate of 193.000,000 bushels.
The Robinson fore¬
develop¬
change in the waiting attitude
generally
Septem¬
The Robinson
months, July and
crop
probably
Friday Night, May 20, 1938.
the
to
new
buying volume was disappointing.
Elevator
BREADSTUFFS
Flour—Owing
with
contrast
but
CLOSING
PRICES
OF CORN
Sat.
No. 2 yellow
DAILY
CLOSING PRICES
Season's
58%
59%
60%
High and
*74
66%
63%
71%
IN
NEW YORK
Tues.
71%
Wed.
72%
Thurs.
73%
Fri.
73
OF CORN FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
May
July
September..
May
July
September
Mon.
72%
57%
58%
59%
57%
58%
59%
57%
58%
59%
When Made
Season's Low and
July 29, 1937 May
55%
8ept. 30. 1937 July
56%
Mar. 26, 1938 September
58%
♦Based on transactions since official
57%
59
60
57%
59%
59%
When Made
Nov. 30. 1937
Nov. 30. 1937
May 3, 1938
opening, July 29; sold as
high as
81 in unofficial trading prior to July 29.
Oats-—On the 14th inst.
prices closed unchanged to 34c.
little to report concerning this grain,
the market being very quiet.
On the 16th inst. prices closed 34c. higher to 34c. lower.
The market ruled heavy in Sympathy with the downward
down.
There
was very
trend of wheat and
corn.
On the 17th inst.
was
prices closed 34c. off to 34c. up. Trading
light, with switching from the near to the distant de¬
liveries the feature.
prices closed 34c. lower to unchanged.
a routine character.
On the 19th inst. prices closed 34 to %c. net higher.
This
market was slightly more active and firmer, apparently in
sympathy with the firmness of corn.
Today prices closed
Ys to 34c. lower.
There was no real selling pressure, this
market easing in sympathy with the lowering trend
of
On the 18th inst.
Trading light and of
other markets.
DAILY
CLOSING
PRICES
OF
OATS
Sat.
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
Mon.
29%
29%
29%
26%
26%
26%
26%
26%
26%
Season's High and When Made
I
Season's Low and When Made
May
*33%
July 29, 19371 May
26
Apr. 5,1938
July
32%
Oct. 2, 19371July
25%
Apr. 5. 1938
September
30%
Jan. 10. 19381September
26%
Apr. 5. 1938
*
Based on transactions since official opening, July 29; sold as high as
42% in unofficial trading prior to July 29.
May
July
September.
29
27%
27%
29%
27
26%
29%
26%
26%
Financial
3374
Mon.
Sat.
May
July._
49%
4634
-
October
Tues.
W<d.
48%
4534
38%
....
45%
38%
Thun>.
48%
4534
37%
Fri.
50%
45%
38
38%
Rye—On the 14th inst. prices closed %(s. off to ^c. up.
quiet, though there were rumors of
export business in rye.
On the 16th inst. prices closed 1H to 1 Ho. net lower.
some
drop in rye prices and
full
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from,—
50%
4634
This market was also
New
83,000
20,000
180,000
—
308,000
Texas—-
59.000
523,000
47,000
-
Orleans.
Galveston
120*666
1,581*666
2,000
1,449,000
Sorel..
15*666
448,000
—
Quebec
was a severe
a
response to
147,000
387,000
77.000
313.000
25.000
79,056
108,125
678,000
Same week
1937—
4,029,000
—
week and since
The destination of these exports for the
July 1, 1937, is as below:
reports.
inst. prices closed unchanged to %c. up.
light and featureless.
On the 19th inst. prices closed 94c. up to unchanged. Trad¬
ing was light and without special feature.
Today prices
closed 1 to Vi point net lower.
The action of wheat, to¬
gether with some selling as a result of bearish weather and
crop reports, contribute to the downward course of rye
On
87,000
3,000
2,687,000 4,245,000
1938—
Total week
This grain appears to be influenced largely by the reactionary
trend of wheat and of course the bearish weather and crop
26L060
sYooo
563,000
590*666
Rivers
Three
1471666
1*5*666
10,000
Montreal
Halifax
sharp downward trend of wheat values and the bearish re¬
ports coming in from different sources.
On the 17th inst. prices closed unchanged to 1 %g. off.
39,056
332,000
Pt. Arthur,
New
69,000
York..--
Albany
Texas City
the
This
1938
21,
May
Chronicle
OATS FUTURES IN WINNIPEG
DAILY CLOSING PRICES OF
18th
the
Trading
was
values.
DAILY CLOSING PRICES
RYE FUTURES IN CHICAGO
OF
Mon. Tuts,
5834
58%
5834
57%
56%
5734
5554
54%
Sat.
i
May......
..
July
September.
Season's
..
When
High and
DAILY
May
July...
-
Aug. 10. 1937
9. 1938
9, 1938
84
May
July
Feb.
72%
69%
September
Made
Feb.
I
Season's
Fri.
58%
56%
54%
Since
Week
Since
Week
Since
May 14
July1
May 14
July 1
1938
July 1 to—
1937
1938
1937
May 14
1938
July 1
1937
Bushels
Bushels
Bushels
Barrels
Barrels
United
.
2,075,061
2,233.000
62,376,000 1,141,000 28,941,000
11,536
468,502
443,000
46,494,000 3,104,000 29,811,000
...
—
Bushels
21,520
Kingdom.
Continent
17, 1938
17, 1938
10.500
546,000
9.000
West Indies....
33,500
1,296,500
2,000
-
-
Other countries
------
79,056
2,687,000 111,732,000 4,245,000 58,938,000
4,029,000 103,576,000
7,000
4,810,100
supply of grain, comprising the stocks in
and
at principal points of accumulation at lake
seaboard ports Saturday, May 14, were as follows:
granary
GRAIN STOCKS
----
Corn
United States—
■
Oats
Bushels
Wheat
Bushels
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs.
Fri.
60%
5834
——r
58%
58
53%
58
56%
53%
59
57%
54%
May
July
53%
58%
57%
57%
56%
53%
53%
Spring oats, high protein .5.65 15.95
Spring patents
5.00 >5.45
Clears, first spring
..4.65 >4.95
Soft winter straights
4.15 >4.40
Hard winter straights
-4.95 >5.35
>5.50
Hard winter patents.....5.10
Hard winter clears
4.35@4.50
.
.
Barley
Bushels
33,000
83,000
3,000
239,000
55,000
26,000
13,000
3,000
237,000
38,000
12,000
33,000
1,000
38,OCX)
351,000
10,000
2,000
New Orleans....
-
i-
-
—
843,000
'"I..
...
Galveston.....
901,000
150,000
—
-
'
^
2,000
Y'Yw-Y'"
4,000
27,000
4,000
177,000
Hutchinson
Rye flour patents.
Seminola, bbl., Nos.1-3.
Oats, good
Rye .;M
Bushels
■
...
Philadelphia..
Wichita
FLOUR
;-;v
Baltimore.
New York
Fort Worth.....
Closing quotations were as follows:
i-'
Bushels
1,000
Boston
October...
8,000
5,000
1,000
4,646,136
108,125
visible
The
172,000
i.eis'ooo
238,073
2,000
...
Total 1938--—.
Total 1937
1,178,000
66,000
22,000
Brit. No. Am. Col.
Made
6. 1938
May
May
57%
5534
54%
When
Apr.
CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat, Mon. Tues.
Wed.
Thurs. Fri.
57%
57%
57%
60%
58%
58%
58
57%
56%
56%
57
57%
.
October
and
Low
May
July
September...
Wed. Thurs.
5834
59%
56%
5634
55%
55%
Corn
Week
and Since
So. & Cent. Amer.
:
1
Wheat
Flour
Exports for Week
4,000
6,000
808,000
......
8,000
79,000
3,000
6,074,000
704,000
280,000
224,000
17,000
1,277,000
4.45( >4.55
6.65 (
81,000
51,000
57,000
325,000
1,180,000
St.'Joseph...—....—.
.
:
Corn, New York—
No. 2 yellow, all rail
73
.
59,000
3,000
21,000
1,043,000
1,162,000
39,000
4,000
11.000
Indianapolis.
300,000
1,150,000
Peoria......
7,000
57,000
202,000
4,000
7,266,000 13,890,000
Wheat, New Y ork—
No. 2 red, c.i.f., domestic— 93%
Manitoba No. l.f.o.b. N.Y._124%
143,000
St. Louis—
1,260,000
480,000
360,000
2.35
Sioux
Corn flour
1.70
4.00
Barley goods—
Coarse
Fancy pearl.Nos.2.4&7 5.00(§>5.25
GRAIN
City..
2,382,000
358,000
"
.
Oats, New York—
No. 2 white
442,000
afloat
Lakes
-
256,000
192,000
1,024,000
204,000
...
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
7,000
516,000
3,901,000
Barley
Rye
bush 56 lbs bush 48 lbs
100,000
211,000
280,000
Minneapolis
548,000
376,000
68,000
71,000
415,000
Duluth
1,154,000
186,000
178,000
293,000
ie'ooo
492,000
161.000
1,000
333,000
Chicago
...
4,000
62,000
108,000
60,000
Indianapolis
10,000
251,000
72,000
1,069,000
6,762,000
2,103,000
584,000
1,110,000
1,000
3,000
2,000
100,000
2,794,000
443,000
243,000
123,000
60,000
1,001,000
433,000
On
1,998,000
4,938,000
Canal.
127,000
78,000
2,000
75*666
37,000
25,000
655,000
31,000
1,000
1,107,000
166,000
126,000
36,000
41,000
44,000
26,000
32,000
18,000
-r
«
-
-
«
56,000
34,710,000 34,365,000 11,849,000
Total May 14,1938...
31,000 bushels; on
in 1937.
Wheat—
New York, 58.000 bushels; Buffalo, 116,000; on Lakes, 2,357,000; Erie, 342,000;
total, 2,873,000 bushels, against 11,159,000 bushels In 1937.
Note—Bonded
grain
not
included
above: Barley—Duluth,
Lakes, 547,000: total, 578,000 bushels, against 1,625,000 bushels
Wheat
Corn
Oats
Bushels
Bushels
Bushels
■
Barley
Rye
Bushels
Bushels
1,441,000
564,000
12,000
12,213,000
373,000
849,000
1,257,000
13,395,000
5,584,000
241,000
4,515,000
9,852,000
Lake, bay, river & seabd.
Ft. William & Pt. Arthur
Other Can. & other elev.
35,460,000
6,521,000
1,102,000
7,213,000
11,849,000
6,521,000
1,998,000
4,938,000
7,213,000
Total May 14,1938---.
Summary—
••
American....
34,710,000 34,365,000
35,460,000
42,000
9,000
.
"Y660
151,000
390,000
2,733,000
7,081,000
Canadian
388,000
Toledo
..
3,490,000
?
Flour
.
142,000
Canadian-—
bbls.lOOlbs
.
4,474,000
Detroit.
of the last three years:
Receipts at—
..
.
18,000
326,000
afloat.
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
•
3.215,000
40%
76%
Rye, No. 2. f.o.b. bond N. Y._
Barley, New York—
4734 lbs. malting
60%
Chicago, cash-.-.—
41-50
......
657,000
1,664,000
On
Milwaukee.
St.
9*5*666
Louis..
Peoria
Kansas City
Omaha
St.
Joseph.
Wichita
Sioux
4,000
m
Tot. wk. '38
-
-
W
„
*9*666
1,961,000
"i~66o
*2*666
1,419,000
-
1,102,000
3,100,000 12,251,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
289,000
...
"~2"66O
547,000
City.
Buffalo
70,170,000 34,365,000 18,370,000
Total May 14,1938--
43,000
265,000
May 13 and since July 1, 1937, and July 1, 1936, are
ended
shown in the following:
1,303,000
Same wk '37
306,000
2,259,000
9,129,000
2,697,000
1,399,000
673,000
1,117,000
Same wk '36
358,000
7,549,000
4,377,000
1,794,000
1.15S.000
1,977,000
.
368,000
4,740,000
Since Aug. 1
1937
15,680,000 256,446,000 262,799,000
1936
1,662,000
July
May 13,
1,
July
May 13,
1,
Since
Since
Week
Since
July
July 1,
1,
1938
1938
1937
1936
Bushels
Bushels
Bushels
1937
1936
Bushels
Bushels
Bushels
96,227,000 24,332,000 87,765,000
16,968,000 188,820,000 135,198,000
69,166,000 15,632,000 76,048,000
15,278,000 287,398,000 155,397,000 117,665,000 21,576,000 83,113,000
1935
Corn
Wheat
Since
Week
Exports
North Am.
Black Sea.
Total
receipts of flour and grain at the seaboard ports for
the week ended Saturday, May 14, 1938, follow:
Argentina.
Australia
.
India
3,691,000 161,028,000 168,651,000
416,000
76,412,000 58,392,000
58,266,000 154,294,000
1,018,000
5,252,000 107,357,000 85,578,000
8,864,000
13,216,000
120,000
7,000
59,360,000
7,515,000
24,542,000
1,083,000 180,542,000 345,939,000
4,255,000
1,337,000
Other
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
York.
Rye
133,000
59,000
149,000
22,000
16,000
*1*666
22,000
New Orl's. *
24,000
99,000
5,000
15,000
290,000
120,000
countries
Total
..
23,418,000
27,232,000
10,617,000 439,697,000 503,011,000
240,000
18,171,000
74,813,000
6,915,000 322,230,000 388,659,000
13,000
Baltimore..
Barley
bush 56 lbs bush 48 lbs
Phlladel'ia
.
Galveston..
16,000
Corn
"2Y006
21,000
*15*666
448,000
Sorel
563" 000
59,000
Montreal..
1.589,000
1*4*666
Boston
Quebec
Halifax....
8*4*666
147*666
261*666
126,000
~
2ioo6
1,000
590,000
ib'ooo
"3"; 000
678",000
Three Rlv's
Total wk'38
234,000
1,589,000
3,880,000
161,000
175,000
387,000
5,243,000
30,085,000
20,739,000
1,378,000
1,369,000
3,083,000
289,000
2,739,000
265,000
106,000
327,000
25,000
5,340,000
16,649,000
14,596,000
1.068,000
703,000
274,000
Since Jan. 1
1938
Since Jan. 1
1937
CCC
j-wvciyto
Aivi/
vxu
liictuuc
giam
tuiougu
V^rieailS
IOr
IOreigU
POrtS
through bills of lading.
The exports
ended
from the several seaboard ports for the week
Saturday, May 14, 1938, are shown in the annexed
statement:
-
Aggregated $20,558,197
thus far has been
on
42,-
0.4841 cents.
Figures showing the number of bushels on
have been made by States are given below:
Bushels
State—
*
on
of
12—The Commodity Credit
Corporation announced on May 13 that "Advices of Corn
Loans" received by it through May 12, 1938, showed loans
disbursed by the Corporation and held by lending agencies
on
42,464,491 bushels of corn.
Such loans aggregated
$20,558,197.48, based on a loan rate of 50 cents per bushel,
of 2^ cubic feet of ear corn testing up to 143^% moisture;
the average amount loaned per bushel determined in this
manner
Week 1937.
Loans
464,491 Bushels Through May
923,000
Colorado
IllinoisIndiana
Iowa..--...
Kansas
Minnesota
....♦—
2,22Z
7,248,398
1,016,181
-.-.24,596,198
25,377
3,582,494
which loans
State—
Missouri....
Nebraska
—
.......
92,080
1,162,842
Ohio
South Dakota
Wisconsin
Bushels
1,383,520
—3,350,865
...
4,203
Volume
3375
Chronicle
Financial
146
good generally; chopping continues in extreme west and tasseling begin¬
ning in southwest.
Winter wheat and minor grains mostly fair to good;
some excellent in northwest; some deterioration and rust damage in cen¬
tral, but winter wheat heading and filling out nicely in that section generally.
to
Weather
18—The
of the weather bulletin issued by the
Report for the
Week Ended May
general summary
Department of Agriculture, indicating the influence
weather for the week ended May 18, follows:
of the
beginning of the week fair, cool weather prevailed over
southern and southwestern sections, while scattered showers occurred
At
the
New England
westward to the Pacific coast.
Oats ripening; nearly ready for harvest in central;
Cotton planting continues slow advance,
west.
most
from
By the 12th a "low" had
de¬
Fruit mostly fair; early peaches
slowly nortneast¬
the latter date,
f
Widespread rains over Eastern States resulted from the passage of this
depression and temperatures moderated slightly, but the extreme Southeast,
including the Florida Peninsula, was without appreciable precipitation.
Rather general rains fell over the Great Plains on the 13th and local
showers occurred on the 16th, but most of the country west of the Plains
was without appreciable precipitation, except in isolated localities.
At the
veloped over western Texas and this disturbance moved
ward on the 12-16th, reaching the New England coast on
week, however. light to locally neavy
close of the
the
The lowest
temperature
Arkansas—Little
especially heavy in southern
New England and eastern New
Tennessee,—Nashville:
1
from
were
York, where
1
during the week retarded growth of
germination of recently planted crops, writh exten¬
sive frost damage over large areas.
The greatest damage from frost and
freezing temperatures was reported from New York, the western half or
Pennsylvania, West Virginia, Ohio and the Lake Region.
There was con¬
siderable harm to tender truck crops and to fruit in some sections, the
latter especially in West Virginia; also some damage to grain crops in the
low
temperatures
vegetation and delayed
Ohio Valley
eastern
unfavorable in the eastern area, droughty
While low temperatures were
temporarily relieved rather generally from the Ohio Valley
weastward and northeastward.
Most places received sufficient moisture for
present needs, but in general additional rain is needed rather generally.
With warmer weather, vegetation will show considerable revival.
How¬
ever, in the Southeast, from South Carolina southward, there was very
little rain and moisture is still needed, especially in southern Florida
where citrus fruit continue to suffer badly.
Over the Great Plains the week was fairly favorable, with moderate
conditions were
temperatures and substantial rainfall
north had but little moisture,
of the
in many localities, although parts
with duststorms and considerable
North Dakota and northeastern Montana. Duststorms occurred in parts of the southern Plains, especially in southwestern
Kansas and the Panhandle of Oklahoma.
Rain is still needed in the
southern portion of the western half of the country, especially in most of
New Mexico and Arizona, but elsewhere the outlook is unusually favorable,
with the prevailing high temperatures and mostly ample moisture pro¬
moting rapid growth of grain, cultivated crops, and ranges.
Small Grains—Low temperatures in most eastern sections of the Wheat
Belt were somewhat unfavorable; growth was slowed; some frost damage
was reported to rye, oats and winter wheat in portions of the Lake region.
Progress and condition of winter wheat range from rather poor in the
eastern Lake region to mostly good or excellent from Kentucky eastward.
Good to excellent progress and condition are found in most central sec¬
tions from the middle Mississippi Valley northward, though there are
some reports of too-rank growth in portions of Missouri and Iowa
The week was not so favorable in the Great Plains area; negligible pre¬
cipitation and unusual wind movement resulted in duststorms in southwest¬
ern Kansas, western Oklahoma aud central and western North Dakota.
Considerable black stem-rust is appearing in central and southeastern
Kansas, with leaf rust prevalent in the eastern two-thirds of that State;
rust damage in Oklahoma is indeterminate.
From the Great Plains west¬
ward warmer weather was favorable and winter wheat made mostly ex¬
cellent progress; it is jointing northward to Montana.
Ample subsoil
moinsture for present needs is reported in the Northwest where apparently
little damage was done to grains by recent cold.
Rye and oats made fair to very good progress in most States from the
Plains eastward, although in portions of the Ohio Valley progress has
been rather slow and some stands are poor. 1 Small-grain harvest is under
way in the Southeast.
soil drifting in western
furnished the following resume of
States:
North Carolina—Raleigh:
Good soaking rain 13-14th, though rather
light in parts of south, followed by strong, drying winds.
Crops improved.
Good progress transplanting tobacco and sweet potatoes.
Progress of
cotton fair to good; nights cool and some complaints of poor stands, mainly
in Piedmont.
Wheat heading to upper Piedmont.
Parts of oat and hay
The
Weather Bureau
conditions in the different
crops
cut; some damage
South
by rain.
Carolina—Columbia:
Cold and only light rains
retarded crop
growth, especially cotton.
Germination of late-planted cotton poor; irreg¬
ular stands.
Field work active; cotton chopping good progress at lower
elevations.
Oat and wheat harvests begun in north; maturing rapidly.
Wind last few days generally detrimental.
Rain and normal warmth
needed.
Georgia—Atalnta: Cotton mostly
good stands where up; planting made
well along in
middle, but
good advance in north where rapidly nearing end; chopping
south; finished many localities.
Planting corn in north and
much first-time plowing done.
Too dry for transplanting sweet
and for most crop
for
growth in south: more satisfactory
oats and peaches.
in north.
potatoes
Favorable
harvesting wheat,
southeast,
good in north;
good progress;
good in north,
south account drought.
Citrus continued to suffer
in north, but poor in south.
Tobacco good growth.
Florida—Jacksonville: Moderate rains
in north and extreme
otherwise droughty.
Condition and progress of cotton
stands irregular; fields are clean and chopping making very
condition deteriorating in central.
Progress of corn very
but
fair
badly.
to
poor
in
Truck good
Watermellon shipments begun.
V
rather cool; rains
continues; stands
mostly good; chopping extending well to north.
Corn, truck, pastures
and miscellaneous crops mostly good.
Harvesting oats in south; crop
Normal warmth, but nights
and beneficial.
Planting cotton
Alabama—Montgomery:
middle of week timely
'
Mississippi—Vicksburg: Cold nights generally unfavorable for cotton
corn
germination and growth.
Rain needed locally, especially in
delta counties.
Chopping made good progress where cotton stand obtained.
Cultivation of corn and cotton mostly very good.
Oats nearly ready for
harvest in central.
Progress of gardens, pastures and truck mostly fair.
generally good.
Farm
work
delayed
by frequent
rains;
vegeta¬
helped.
Condition and progress of winter wheat mostly very good;
developed.
Progress of corn poor; much damage by cutworms;
condition generally fair; considerable to be planted.
Cotton planting slow;
early germinating poorly; condition and progress poor.
Potatoes, gardens
and hay crops good to excellent; considerable cut hay damaged by rains.
Setting tobacco good progress.
Illllll
THE DRY GOODS TRADE
New York,
Louisiana—New Orleans: Cold and only light local rains.
Progress of
rather poor due to coolness; chopping good advance; condition fairly
good, except locally poor in northeast; planting continues
areas.
cotton
in few
Progress of corn fair to locally poor; condition mostly average and well
worked, but needs rain.
Good progress digging potatoes and setting sweet
potatoes.
Cane, rice and truck fair to good.
Rain needed most sections.
Teias—Houston: Warm in northwest and extreme west; normal or
slightly below elsewhere.
Mostly good rains except none at few stations,
mostly in west.
Farm work delayed due to rain and wet soil.
Corn fair
Friday Night May 20, 1938
Unseasonally cool temperatures and the continued low
level of general industrial activities again served to retard
retail trade.
While the lack of buying interest affected
particularly the summer apparel division, home furnishings,
too, were in little demand by consumers.
Agricultural
sections, which up to recently were able to make a fairly
satisfactory showing, are now reported to fare little better
than the industrial regions.
Department store sales, during
the week ended May 7, were 13% below the corresponding
week of 1937, according to the survey of the Federal Reserve
Board.
For the same week, sales of department stores in
the metropolitan area declined 9.6%, as reported by the
Federal Reserve Bank of New York, while in Newark the
decline in sales reached
13.9%.
Trading in the wholesale dry goods markets continued
although a fair volume of reorders on wash
again received.
While retail merchants appeared
to show somewhat increased interest in offerings, actual
purchases involved only immediate requirements, whereas
little or nothing was done on future needs.
A feature of
the week was the reduction of He. on standard white
chambrays and covert cloths, which, it was hoped, will
result in greater buying activities on the part of work and
sport clothing manufacturers.
Business in silk goods con¬
tinued fairly active, and prices remained steady, reflecting
the sound spot position in this field.
Trading in rayon
yarns continued quiet, although it was said that the current
demand for yarns is sufficient to absorb the curtailed output,
and that no further increase in surplus yarn stocks is taking
rather spotty,
goods
was
place at the present time.
Domestic
Cotton
Goods—Trading in the
gray
cloths
under review, continued
its good showing.
Later, however, business slowed down
considerably, although numerous inquiries continued to
come into
the market.
Retarding factors were the con¬
flicting reports about the movement of finished goods in
distributive channels, the mild recession in the raw cotton
market, and the easier trend in security prices.
Notwith¬
standing the decline in sales, however, sentiment remained
rather confident, reflecting the steadily improving statistical
position, due to the drastic curtailment measures of the
mills, as well as reports that Government relief agencies will
soon
reenter the market for more purchases of goods.
Business in fine goods continued dull, although prices re¬
mained firm.
Voiles again sold in fair volume at steady
quotations. Closing prices in print cloths were as follows:
39-inch 80s, 6 He.; 39-inch 72-76s, 6He.; 39-inch 68-72s,
5He.; 38H-ineh 64-60s, 4Hs.; 38H-inch 60-48s, 3 He.
Woolen Goods—Trading in men's wear fabrics remained
quiet.
While many manufacturers are said to be un¬
covered on their fall requirements, little .forward buying is
undertaken at present, pending an improvement in the
general outlook for business.
A further substantial amount
of spot orders on tropical worsteds and gabardines was
received, reflecting the improved demand for garments made
of these materials.
Reports from retail clothing centers
made a fairly good showing although adverse weather con¬
ditions tended to hold down the total volume of sales.
Business in women's wear goods continued to be restricted
to sample orders on the new fall collections. An early pickup
in this division is anticipated, however, as the season
advances and a clearer idea of the trade's reaction to the
markets, early during the period
new
and
first of week due to
tion
W. Va., on
generally too light to measure.
poor
some rust
generally
Unseasonably
of cotton
lent progress and condition,
they were generally in excess of 2 inches
Moderate to heavy amounts
were reported also from parts of southern Texas, the lower Missouri Valley
and portions of the western Ohio Valley
Weekly precipitation was very
light in most of the Southeast, the upper Lake Region, and quite
from the southern Rocky Mountains westward; in the latter area the totals
were
Progress
cold,
the 13th.
Precipitation for the week was moderate to heavy in many sections
the eastern Ohio Valley eastward and northeastward.
The amounts
Livestock good.
Rock;
dry soil; much seed not germinated; progress fairly good to very
good rest of week due to normal warmth and rains, except in extreme
south where still too dry.
Planting small amounts of cotton in many
localities; cultivating early in most portions.
Progress of corn fair to good;
cultivating most portions; still planting.
All other crops good to excel¬
eastward,
westward.
12
relatively coolest weather centered in
reported was 28 degrees at Elkins,
Rice fair progress.
hail
satisfactory advance.
rains were reported from
parts of the Mississippi and Missouri Valleys and the Southwest.
Temperatures were mostly below normal from the Great Plains
while they were generally above the seasonal average to the
The minus departures from normal ranged from 3 degrees to as much as
the eastern portion, where 3 stations re¬
ported mean temperatures 12 degrees below normal.
Temperatures were
slightly above the seasonal average in the Florida Peninsula and locally on
the southern New England coast.
It was generally warmer than normal from the Rocky Mountains west¬
ward, except for local areas in eastern Montana, western Washington,
and along the south Pacific coast
The relatively warmest weather was
centered in the western Great Basin and in the interior valleys of California, where the week was 8 degrees to 9 degrees warmer than normal.
Minimum temperatures were low for the season in tne Ohio Valley, the
Lake region, and adjoining sections, but subfreezing weather at firstorder stations was confined to local areas in the Northeast, the central
Appalachians, the upper Lake region, and some higher portions of the West.
ripening in central.
light to heavy rains; some
damage; heavy duststorms in panhandle on May 13th.
Pro¬
gress and condition of corn fair, but crop needs sunshine; much replant¬
ing necessary.
Oats fair to good; heading; slight rust damage.
Only
fair progress planting cotton and that up making rather poor progress.
Condition and progress of winter wheat fair to very good; much red rust
in central; much
wheat heading.
Pastures very good.
Minor crops
Oklahoma—Oklahoma City: Normal warmth;
local
many
degrees in most of the East, with
the Ohio Valley, particularly in
cutting begun in south¬
with bulk planted, ex¬
northwest and scattered wet areas; chopping continues in south
and west; stands of early planted mostly fair; general condition fair to
good.
Truck fair to good.
Ranges good to excellent; cattle mostly good.
cept in
lines is
Foreign
its
to
obtained.
Dry
Goods—Tradings in linens remained in
previous desultory fashion, with transactions confined
occasional spot lots of household items and dress goods.
Operations of importers
continued to be restricted by the
uncertainty surrounding the Anglo-American trade negotia¬
tions.
Business in burlap remained inactive, as traders
awaited further news on the proposed production agreement
of the Indian jute mills.
Domestically lightweights were
again quoted at 3.45c.,
heavies at 4.75c.
3376
Financial
Chronicle
May 21, 1938
payable debts under authority of their States, if
a majority of the bond¬
the Federal District Court approve.
About 20 states have
permitting this method of debt adjustment, which is now valid until
holders and
laws
Specialists in
1940.
City and other local government debt is on the down-trend in general,
thanks to several factors, according to Carl H. Chatters, executive director
of the Municipal Finance Officers' Association.
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO.,
105 W. Adams St.
CHICAGO
314 N.
DIRECT
WIRE
ST.
"Benefiting from their bitter experiences during the lean years of de¬
pression, municipalities in general seem to be improving the calibre of
their debt administration," Mr. Chatters said.
"Growing interest in cash
basis operations, in planned maturity schedules, and in the use of callable
bonds under certain circumstances, reflects an appreciation of the need for
planning with respect to debt and municipal finance in general.
Improved
reporting practices, coupled with more careful analysis on the part
of
dealers and investors, are producing greater discrimination between good
and poor municipal credits and thus giving due recognition to sound ad¬
Inc.
Broadway
ministration."
LOUIS
Districts
Propose to Purchase Local
Companies—A proposal has been presented by three
large power and irrigation districts in Nebraska to the Federal
Emergency Administrator of Public Works which the dis¬
tricts say will "eliminate years of wasteful and bitter com¬
petition with the jirivate companies."
Nebraska—Power
Power
News Items
Arkansas—Governor
Proposes Debt Refinancing Loan by
meeting in Arkansas between Governor
Carl E. Bailey and Jesse H. Jones, Chairman of the Recon¬
struction Finance Corporation, the Governor proposed that
the Corporation extend a loan of $145, (XX) ,000 at a rate of
RFC—At
Presented by the local public bodies as a plan that will enlist private
capital to enter the publicly-owned power filed to make possible a State¬
wide generating and distribution system through purchase by the three
districts of 10 of the 13 Nebraska power corporations, the districts ask
they
"be informed whether or not Public Works Administration is in accord with
pronciples" set forth in a lengthy letter.
The proposal is that the:
Platte Valley Public Power and Irrigation District
The Central Nebraska Public Power and Irrigation District
The Loup River Public Power District
recent
a
33^%
now
to the State, in order to refinance its highway debt,
carrying an average rate of 5%, according to Little Rock
advices.
Purchase the:
Bailey, in a recent statement, said negotiation of a 3 XA% loan
release of $8,000,000 for highway construction, including
Act II
of 1934, by which the debt was refunded, pledges all highway revenue, after
maintenance charges, to debt service and bond tenders.
Granting of the loan by the HFC would in effect mean transference to
the Federal agency of the State's entire outstanding obligations.
Governor
would
Northwestern Public Service Co.
Central Power Co.
of
Associated
an
Involved
C., casting doubt upon
extend funds for this purpose:
give herewith the
dispatch from Washington,
the authority of the RFC to
before any
New
Chairman Jesse H. Jones of the RFC, studied today the possibility of
RFC granting a request of Gov. Carl E. Bailey of Arkansas for a
$145,000,000 loan to refinance Arkansas highway bonds.
An RFC spokesman said Jones, back from Arkansas where he dismissed
the refinancing proposal
with Governor Bailey, wished to investigate
whether the RFC had authority to make the loan.
He said that Jones,
the
■
Tax
Receipts
Show
Gains—Growing
Wide
Nebraska Utilities Co.
by the
districts to sell
additional
bonds
to
additional obligations be issued.
England
supplement to the booklet they issued in March giving
munciplaities.
As in
of the previous information,
the new material
supplied, dated as of Jan. 1,1938, presents figures on assessed
valuations, bonded debts, tax collection, population, &c.
Copies can be secured upon request.
as
a
the financial data for Massachusetts
the
e
Gas
proposition
a
Municipal Finance Data Compiled—
Newton, Abbe & Co., .60 Federal St., Boston, has prepared
a
leaflet on financial statistics of the larger New England
cities and towns outside of Massachusetts, intended for use
Sending outcome of the investigation had no comment to add to a statement
made in Arkansas that he doubted whether the authority existed.
im¬
portance of State gasoline taxes as a source of State, city,
and county revenue was reported by Prof. Finla G. Craw-
is
Erivate investors. Existingloans requirefor bonds of the the Administrator
indentures the approval of districts acquired
y PWA as security for its
Press
D.
Gage County Electric Co.
Cornhusker Electric Co.
Gothenburg Light & Power Co.
Southern Nebraska Power Co.
In connection with the above report we
text
Nebraska Light & Power Co.
Elkhorn Valley Power Co.
Western Public Service Co.
mean
Federal aid grants for which qualifying funds would l>e available.
case
New
?
Jersey—New
Municipal Finance Laws Outlined—
Harry Moore recently signed four measures,
the Princeton Survey bills, which deal with more
ford of Syracuse University in an article just published in the
1938 "Public Works Engineers' Yearbook," by the American
Governor A.
Public Works Association.
efficient State control of the
Although the tax made its first appearance on the statute books of Oregon
only 20 years ago, the yield has increased from $1,000,000 in 1919 to more
that $700,000,000 in 1937, and produces more than 25% of all State tax
revenue.
States now share an increasing amount of the revenue with cities
and counties.
Proceeds of the tax have also been widely used for general
mental units.
fund purposes,
Although
relief and education in many States, the study shows.
funds received 42.3% or $289,214,000 from
State highway
gasoline tax revenue in 1936. the percentage so used dropped from 70.7
in 1927.
Meanwhile State and county bonds took an increasing share of
the tax yield.
In 1927 State and county bonds received 3.8 or $10,086,456
as compared to 15.4% totaling $104,713,000 in 1936, while city street funds
garnered $28,770,000 as compared to $3,619,388 in 1927.
Use of the gasoline tax receipts for other than highway purposes began
before 1927, but gained further impetus as hard-pressed States and cities
sought new sources of revenue for immediate expenditure during the de¬
pression, the study shows.
In 1936 nearly half of the revenue was spent for
purposes other than highways.
The amount of gasoline tax revenue spent for general fund purposes,
relief, and education continued at about the same figures in 1937 as in 1936,
but the amount represented a smaller percentage of the total receipts.
Several States, including Colorado, Kansas, Maine and Minnesota, pro¬
hibit by constitutional amendment the use of gasoline taxes for other than
road purposes.
Similar amendments were introduced in 20 States last
year, and received affirmative action in Alabama, Colorado, Indiana and
Nevada.
Statutes prohibiting the use of gasoline tax receipts for any
purposes except highway improvements passed in Alabama, Indiana, and
North Dakota, while South Dakota rescinded previous legislation per¬
mitting such distribution.
The gasoline tax rate varies from one cent per gallon in Missouri to seven
cents in Florida, Tennessee and Louisiana.
Indiana-— United States
Bond Interest—In
on
the
a
Supreme Court Upholds Stale 7yax
decision which dealt primarily with
imposition of the Indiana
receipts tax to sales in
delivered
by Justice Roberts, held that the State could apply the levy
to interest received from obligation issued by municipalities
of the State, according to Washington advices.
gross
interstate commerce, the ruling of the high court,
The
J.
Adams
D.
Manufacturing
Co.
of
Indianapolis,
winner in
the
State Supreme Court, contended that application of the tax to income from
interest on tax-exempt securities was a violation of the sanctity of contracts
clause
of
the
Federal
Constitution
because
bonds
carried
a
tax-exempt
clause.
But Justice Roberts supported Indiana's contention that the State laws
did not create a contract, and even if they did, this did not cover interest
on
the bonds, but merely ad valorem taxation.
known
as
These
bills numbered
introduced
Bankruptcy
Act
to
be
Invoked
by
Few
Cities—Comparatively few cities will be forced to take ad¬
vantage of the 1937 Municipal Bankruptcy Act which was
recently upheld by a decision of the United States Supreme
Court, the Municipal Finance Officers' Association has
stated.
Whereas
-
a
Chapter 158 creates a new State Department of Local
Government, which administrative agency is headed by
Walter R. Darby, State Auditor.
Through the courtesy of
Mr. Darby we are able to present herewith his memorandum
on
these new laws, presenting an outline of their more im¬
portant features:
Memorandum.
Committee
Substitutes
for
Assembly
This
obligations otherwise.
the second Supreme Court appearance of the Municipal Bank-
Bills
189,
190,
191
and 192.
The Committee Substitutes for Assembly Bills
189, 190, 191 and 192 are,
in subject matter, a single unit of legislation for the purpose of providing a
more adequate State agency for the administration of State laws affecting
local finances and for the improvement and extension of such laws.
A. 189
provides a new State administrative agency; A. 192 is a supplement to the
local budget act (P.L. [1936] ch. 211, as amended; Rev. Stat. 40:2-1 through
40:2-55); A. 191 relates to local fiscal administration; and A. 190 piaces
restraints upon municipalities in unsound condition.
In general, these
bills have the following specific purposes:
\
1. To provide a single, specialized State agency to handle State regula¬
tion pertaining to local fiscal affairs.
The agency should have no contingent
functions or responsibilities as is now the case with the State Auditor.
It
should, moreover, be equipped to render more extensive consultation and
guidance to local units; to engage in the study of local requirements for
budgeting; accounting, and comptroLing methods; and to anticipate the
development of new problems and unsound conditions so that remedial and
preventative treatment can be applied before unnecessary financial diffi¬
culties have occurred.
.
,
,
.
To ease and assist the transition to the "cash basis 'that is provided
by the new Local Budget Act.
.Without some additional statutory
provision and State assistance this transition will cause needless confusion
and, in some instances, burdensome tax rates.
The seriousness of this
problem is reflected in the postponement of mandatory provisions contained
in the present Local Budget Act for the liquidation of present floating debt.
3
To fortify the present methods of local budgeting, local accounting,
and lodal expenditure control so as to assist counties and municipalities to
maintain themselves in sound financial condition, and to avoid the financial
2.
for
deferred charges.
burdens of recurring deficits and appropriations for
4. To set definite standards of unsound financial
condition that indicate
for specialized preventative treatment in a munici¬
pality—to forestall the development of such conditions as have placed a
number of New Jersey municipalities under the supervision of the "Munici¬
pal Finance Commission."
In the preparation, consideration and subsequent amendment of these
bills, the effort has been to restrict regulatory treatment to the fiscal
metnods and administrative procedures used in local finance and to leave
unimpaired the right of the local governing body to determine how much
shall be appropriated in the local budget, and for what purposes.
So long
as sound financial conditions are maintained, no restraint is put upon the
the immediate necessity
of local policy determination.
In greater detail, the four bills contain
power
few years ago, many cities would have invoked provisions of
to be able to settle their
Assembly
192, and since approval
they are designated in that order as Chapters 158, 127, 159
and 128, Laws of 1938.
;
the Act, today only about 3,100 local governments
(including hundreds of
small special districts) or 1.8% of the governmental units in the United
States are listed as debt-defaulting.
Most of these, however, are believed
as
189, 190, 191 and
.
,
Municipal
of local govern¬
fiscal affairs
measures were
A.
,
1.
a
A "State
.
^
„
.
..
the following provisions:
189
Department of Local Government" is created, headed by
Government."
The Commissioner is appointed
"Commissioner of Local
by the Governor with the advice and consent of the Senate for a term of
years.
He receives an annual saiary of $10,000.
Walter R. Darby,
seven
niptcy Act, which Congress passed originally in 1934 as the Sumners-Wilcox
Act.
Two years ago, in May, 1936, this Act was held unconstitutional.
The decision in the current case upon the revised Act, gives local govern¬
present State Auditor, is named as the first Commissioner (sections 4-9).
The Commissioner is the chief executive of the department (section 14).
2. The "Local Government Board" is created, consisting of the Com¬
missioner as Chairman and four members.
At least one member shall
ments, including special districts, the right to settle their presumably un¬
have had experience as
was
_
the chief executive or member of the governing
body
Volume
Financial
146
municipality and at lesst one other member shall have had experience
body of a county.
Not more than two of tne
Each member receives
a salary of $4,500 per annum.
The board advises the Commissioner with
respect to the work of the department, exercises all rule-making powers,
and hears appeals from determinations made by the Commissioner (sec¬
tions 10 tbrougn 13 and section 15).
3- The present powrers of the State Auditor relating to local government
are transferred to the new department and the Commissioner succeeds to
the membership of the State Auditor upon the Municipal Finance Commis¬
sion and Funding Commission.
The Municipal Finance Commission and
Funding Commission, in the bill as passed by the Assembly, are left outside
of the new department.
Because these agencies are temporary, it was
deemed best to continue their present membership and work.
4. Provision is made for the transfer to the department of employees in
the office of the State Auditor engaged in local government work.
Books,
of
a
member of the governing
as a
members shall belong to the same political party.
files, papers, equipment and other property similarly used are also trans¬
ferred (sections 20 and 22).
5. Provision is made: For appeals from determinations of the Commis¬
sioner to the State Board; for the issuance and enforcement of compulsory
before
process for the production of necessary records in any proceeding
the Commissioner or board; for the issuance and enforcement of necessary
by the Commissioner; and for the judicial review of orders
the Commissioner (sections 23 -29).
orders
A.
issued by
classification
standard
budgets.
The purpose is to obtain
municipalities having substantially the same
of itemization in local
itemization
in
budgetary requirements, and the use of detailed supporting
schedules by
local governing bodies in determining the amount of their appropriations.
2. Section 40:2-22 is amended to define the "cash basis"; to provide
that a municipality snail begin operation upon the cash basis as soon as
appropriations for the payment of floating debt are not required; and to
permit a gradual and planned transfer to the cash basis in case a burden¬
some increase in local taxes would result from an unplanned transition.
3. Section 40:2-31, relating to emergency appropriations, is redrafted
to avoid the use of such appropriations for purely deficit financing; to
limit emergency financing to actual emergencies; and to place further re¬
strictions upon emergency appropriations in excess of 3% of current oper¬
ating appropriations.
In its present form this section permits local gov¬
erning bodies to make emergency appropriations up to 3% of current
operating appropriations.
This percentage and the use of current oper¬
ating appropriations as the base of computation were recommended by
Air. Daroy.
In case requirements for emergency purposes exceed 3% of
the total of current operating appropriations, the local governing body
may petition the Commissioner ana with his prior approval make an excess
emergency appropriation.
v
4. A new section is added to the Budget Act providing for capital budgets.
Authority is given to the Local Government Board to develop different
types of capital budgets to meet varying local situations.
The essential
purpose is to place capital expenditures upon a planned basis; to show the
relation of proposed capital expenditures to current requirements for debt
service and the maintenance of the new improvement; and to integrate new
capital outlays with financial requirements for other local activities.
The
use of the capital budget does not grant to the State any additional control
over
borrowing for capital improvements.
set out the fiscal implications of capital im¬
the amounts or purposes of local
Its purpose and
effect
is to
provement programs and to encourage a better planning of new outlays.
5. Enforcement procedures under the Budget Act are strengthened by
a
redraft of sections 40:2-52 through 40:2-55.
Local governing bodies
required to follo w the certification of the Commissioner with respect to
requirements of law in the final adoption of their budgets, but the right
of judicial review to test the Commissioner's determination is preserved.
are
the
A.
1.
over
191
In general, this bill replaces the present powers of the State Auditor
accounting, reporting and auditing (P. L. [1917J, ch. 154; 52:24-11
in consequence, the provisions of section 3 through 11 carry
substance of the 1917 Act as amended.
The only important
in this connection is in the power of the State Board to install ade¬
quate methods of sinking fund accounting in case the local sinking fund
commission fails or refuses to use proper methods.
2. Sections 12 through 15 relate to uniform accounting systems.
The
board is instructed to prepare uniform accounting systems with necessary
variations to accommodate different types of accounting requirements in the
various types of municipalities.
The use of tne accounting system is man¬
datory, and the Commissioner is empowered to install the system in a
county or municipality if the governing body fails or refuses to conform to
the uniform system.
Section 15 applies to uniform systems of financial administration for
counties and municipalities.
This includes the procedures used for the
receipt, custody and disbursement of public funds; the item control of
expenditure by the proper local officers; and the performance of specific
duties by the various local officials engaged in fiscal administration.
The
purpose is to permit the development of uniform systems of fiscal adminis¬
tration that will greatly assist local governing bodies in maintaining ade¬
et
seq.).
over
the
change
quate and stabilized financial methods.
3. The present method of local auditing
trative agency or
by the staff of the State adminis¬
by registered municipal accountants is maintained.
Some
additional authority over the method of auditing, tne content of the audit
rejection of unsatisfactory or incomplete reports is added
(sections 19 through 21).
4. Authority is given to the Commissioner to make regular inspections
of the methods of fiscal administration used by counties and municipalities
to determine whether accounting is in proper form, records are up to date
and local officers are performing their proper duties (section 22).
report and the
A.
190
The purpose
governing body (section 9).
■"
5. When none of the conditions listed in section 3 exist, the municipality
is no longer subject to the Act (section 11).
Jersey—Bill Amending Savings Bank Legal Invest¬
Approved—A news dispatch from Trenton to the
Newark "Evening News" of May 13 reported as follows:
New
ments
a
It
"Savings banks and trust officers prepared today to adapt investment to
new State law which broadens the legal list of the bonds they may buy.
permits purchase of high-grade industrials and private water company
It is the first time in 50 years that a change has been made in the
bonds.
jaw
governing use of these funds.
of
Union.
■
"Similar legislation already has
passed in New York, Connecticut and
Rhode Island and is being considered in other States."
New
Edition of Muncipal Hand Book Prepared—Due to
ability to obtain statements of the year-end financial
conditions of New Jersey municipalities at a considerably
earlier date this year, Ira Haupt & Co. announce publication
of the 6th edition of their statistical hand book for New Jersey
municipal bonds five months in advance of the customery
publication date.
The 26-page booklet contains an analysis
of revised debt statements of over 200 New Jersey munici¬
palities, together with a listing of tax collections from 1934
through 1937 and a complete picture of taxes outstanding as
an
31,
1937.
Session to Consider Broadening of Legal
special session of the State Legislature,
which convened on May 16, will be asked to consider meas¬
ures looking toward
a relaxation of the present legal restric¬
tion on debt incurrence, according to news advices.
The
objective of the plan is reported to be a lowering of the re¬
quired 65% majority vote necessary for the approval of new
bond offerings to a margin of 50% to 55% of the ballots.
Ohio—Special
Restriction—The
States—Taxation
United
Shows Wide
of Intangible Property by States
Variation—The 48 States show little agreement
in either laws
practice upon the taxation of intangibles—
which consists of bank deposits, mortgages,
bonds, stocks and 'the like—the National Association of
Assessing Officers showed in a survey released on May 18.
or
that property
Such differences in tax policies frequently result in the concentration of
owners
of intangibles in
the more lenient
States.
Recently, for example,
several public utility holding companies announced their intention of moving
from Cnicago back to Wilmington, Delaware, their place of incorporation,
the tax on intangibles levied by Cook County.
this kind of property at all,
preference to intangibles, the
study shows.
Utah, Washington and Wisconsin levy neither general nor
special property taxes on intangibles.
Close to complete exemption are
California, Delaware, and New York, which levy low-rate property taxes
on a highly restricted group ol'intangibles; and Idaho, Mississippi and North
Dakota, which tax a limited amount of intangible property at general prop¬
to escape
With
several arguments advanced taxing
States have granted some form of tax
most
erty rates.
Between
States and a number that exempt practically no
These the N. A. A.O.
follows:
12 States taxing intangibjes under the general property tax; Arizona,
Arkansas, Illinois, Maine, Michigan, Missouri, Nevada, New Jersey,
New Mexico, South Carolina, Texas, Wyoming.
16 States and the District of Columbia taxing intangibles on capital or
market value at a flat rate lower than the general property rate:
Con¬
necticut, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Maryland,
Minnesota, Nebraska, North Carolina, Oklahoma, Pennsylvania, Rhode
Island, South Dakota. Virginia.
Three States taxing intangibles on their capital value, but a rate varying
with the tax rate on other property: Louisiana, Montana, West Virginia.
Seven States taxing income from intangibles, exempting or taxing less
heavily income from tangibles and from personal services: Colorado,
Massachusetts, New Hampshire, Ohio, Oregon, Tennessee, Vermont.
Alabama, levying flat-rate recording taxes on capital value of intangibles,
which are non-recurring rather than annual taxes.
(Six other States apply
such a tax but restrict its application largely to mortgages on domestic
these
intangibles lies
survey
a
classifies
nine
great variety of exemption patterns.
as
„
real estate.)
Bond
Proposals and Negotiations
ALABAMA
ANNISTON, Ala.—110ND OFFERING—It is stated by Mayor W. S.
that the city will offer for sale at public auction on May 26, at
7:30 p. m., a $98,000 issue of 4y2% coupon improvement bonds, series of
Jan. 1, 1938.
Denoin. $1,000.
Dated Jan. 1, 1938.
Due on Jan. 1 as
follows: $10,000, 1939 to 1946, and $9,000 in 1947 and 1948.
Tritt. and
int. (J. & J.) payable at the Chase National Bank, N. Y. City.
Legality
will be approved by Storey, Thorndike, Palmer & Dodge of Boston.
A
certified check for $1,000 must be deposited with the City Treasurer by
Colman
the bidder.
BIRMINGHAM, Ala.—BOND OFFERING—It is stated by
'
of this bill is to impose special restraints upon munici¬
palities in or approaching unsound financial condition.
Section 3 sets up
five conditions.
These are: (1) Default upon bonded or bond anticipation
obligations; (2) payments to other jurisdictions more than two years in
arrears; (3) in cash basis municipalities, a cash deficit of preceding year,
for two years in succession, in excess of 5% of the total amount of taxes
levied in the municipality; (4) tax collections less than 50% during the year
of levy for the last two years and more than 25% of the first year's taxes are
outstanding at the end of the second dear; (5) liquidation of floating debt
under the Local Budget Act requires an appropriation of more than 25%
of the total of all other items of the preceding year's budget.
If any of the
foregoing conditions exist in a municipality, the provisions of this Act
apply.
But if arrearages to other jurisdictions or floating debt are the only
conditions existing, the municipality may avoid the restraints of this Act
by complying with the Local Budget Act, (sections 3 and 4).
2. When a municipality is subject to this Act, no new obligations may
be issued by the municipality, the school district, or any special district
within the municipality except for current financing, refunding, compul¬
sory capital outlays, and with the approval of the State Board, for work
relief projects (section 5).
The amount to be raised by taxation by the municipality, the school
district or any special district shall not exceed by more than 5% the amount
for that purpose for the last year before this Act takes effect in that mu¬
nicipality (section 6).
3. The State Board may authorize the liquidation of floating debt in
accordance with a special plan which may extend liquidation after 1944
if necessary.
After the adoption of the plan of liquidation, the limitations
upon debt and taxes do not apply (section 8).
4. The State Board is authorized to make a special analysis of the fiscal
conditions of any municipality subject to the Act and to recommend reme¬
dies to be taken.
The use of these remedies, however, is left to the local
1.
"Governor Aloore signed the investment bill yesterday in the presence of
Frederick W. Shelly, President of the New Jersey Savings Banks Association;
Willard W. Aliller, President of the Bloomfield Savings Bank, and John W.
Kress, Assistant Secretary of the Howard Savings Institution of Newark.
The law sponsored by the State Savings Bank Association, and was the
result of two years' work.
It was introduced by Assemblyman Kerner
of* Dec.
192
Section 40:2-21 of the present Local Budget Act is amended to grant
to the Local Government Board tne authority to prescribe the method and
1.
3377
Chronicle
C. E. Arm¬
Comptroller, that he will receive sealed bids until June 14, for
of two issues of bonds aggregating $350,000, divided as follows:
$250,000 capital improvement funding bonds.
Due as follows: $15,000 in
1941; $20,000, 1942 to 1944; $23,000, 1945 to 1947; $25,000, 1948
and 1949, and $28,000 in 1950 and 1951.
100,000 fire equipment bonds.
Due $10,000 from 1940 to 1949 incl.
Bidders to name the lowest rate of interest for which they will purchase
the bonds at not less than par.
Dated July 1, 1938.
strong, City
the purchase
to
TEMPORARY LOANS AUTHORIZED—The City Commission is said
have authorized the temporary borrowing of $390,000 at 2% to meet
general running expenses, to mature on
loan for
1938.
Jan. 8, 1939. Another temporary
and to mature July 5,
$25J,000 was also authorized, to bear 2%
'
MOBILE, A1 a.—BONDS PURCHASED—It is stated
by II. G. Ziegler,
City Comptroller, that he has purchased for the account of the city's interst
sinking funds, a total of $314,000 refunding bonds for the sum of
$243,000.
and
Ala.—BOND OFFER¬
CONTEMPLATED—We are informed by the Clerk of the Board
circulated in New York recently, the
has no intentions whatever of issuing $230,000 in road improvement
MONTGOMERY COUNTY (P. O. Montgomery),
ING NOT
of Revenue that contrary to reports
county
refunding bonds.
MORGAN COUNTY (P. O. Decatur),
Ala.—BOND SALE—The $230,-
public road improvement bonds offered for sale on
146, p. 3223—was awarded at public auction to Watkins,
Morrow & Co., Inc. of Birmingham, as 3s, paying a price of 100.11, a basis
of about 2.98%.
Dated July 1, 1938.
Due $23,000 from July 1, 1939 to
000 issue of refunding
May
16—V.
194g
'
The
Co.
second best bid was an offer of 100.10 on 3s,
of Birmingham.
connection with the above report we are
submitted by Marx &
,
.
.
informed by the Chairman
of the Board of Revenue that Kalman & Co. of St. Paul, Seasongood &
Mayer of Cincinnati, and the First National Bank of St. Paul, were associ¬
ated with the above named firm in the purchase.
In
ARIZONA
PHOENIX, Ariz.—BOND SALE—The three issues of refunding bonds
aggregating $203,000, offered for sale on May 17—V. 146, p. 2726—were
awarded jointly to Mackey, Dunn & Co., Inc. of New York, and Chace,
Whiteside & Co., Inc. of Boston, as 3'As, paying a price of 100.15, a net
Interest cost of about 3.23%.
The issue are divided as follows:
Financial
3378
refunding bonds.
Due from July 1, 1942 to 1960 incl.
43,000 water (Verde) refunding bonds.
Due from July 1,1942 to 19o0 incl.
100,000 water refunding bonds.
Due from July 1, 1942 to 1948 incl.
The second best bid was an offer by Kirbv L. Vidrine & Co. of Phoenix,
$60,000
sewer
first $143,000 bonds at 3M%. the remainder
of $235.48 premium for the
at 3
M %.
ARKANSAS
ARKANSAS, (State of)—.MATURITY—It is now reported by G. C.
Director of .School Law and Finance, that the $200,000 4% semiann. school bonds purchased jointly
by Walton, Sullivan & Co., T. J.
Raney & Sons, and the Southern Securities Co., all of Little Rock, at par
as noted here recently— V. 146, p. 3053—are due on March 1 as follows:
$10,000 in 1939: $11,000, 1940 and 1941; $12,000, 1942: $14,000, 1943 and
1944; $15,000, 1945; $16,000, 1946; $17,000, 1947; $18,000, 1948; $19,000,
1949; $21,000 in 1950, and $22,000 in 1951.
Floyd
GREENE COUNTY SCHOOL DISTRICT NO. 7 (P. O. Delaplaine)
Ark.—APPEAL TO BE TAKEN ON BOND DECISION—An appeal will
Court by the district from a decision of Cir¬
be taken to the State Supreme
cuit Judge J. S. Utley. declining to issue a writ of mandamus to compel the
State Board of Education to approve a bond issue of $10,500.
The petition
asserted that authority to issue 6% bonds was voted April 1, by the Board
of Education.
After the issue was sold May 3, the petition continued, the
but promised approval if the issue could
Board refused to approve the sale,
be sold at a lower interest rate.
LAMAR
DISTRICT
SCHOOL
OFFERING—G.
P.
(P.
O.
Clarksville),
Chronicle
on
1938
21,
SAN
JOAQUIN
SCHOOL BOND
COUNTY
(P.
O.
Calif.—ATHEARN
Stockton),
OFFERING—Sealed bids will be received until
10
a.
m.
May 31, by Eugene D. Graham, County Clerk, for the purchase of a
$15,000 issue of Athearn School District bonds.
Interest rate is not to
exceed 5%, payable J. & J.
Denom. $1,000.
Dated Jan. 1, 1939.
Due
$1,000 from Jan. 1, 1940 to 1954 incl.
Prin.and int. payable at the office
of the County Treasurer.
The bonds will be sold at not less than par and
accrued interest to date of delivery.
A certified check for $750, payable to
the order of the Chairman of the Board of Supervisors,!must:accompany
on
bid.
the
■"w
-
:v.,vvq...•-v
Calif .—AUDITORIUM
BONDS" UNDER CON
SIDERATION—City is said to be'considering the construction of a $200,000
civic auditorium to be financed by a bond issue.
SANTA
CRUZ,
VENTURA
Ark.—BOND
Harris. Secretary of the district, will receive bids
May 23 for $5,000 school district not to exceed 6% bonds, according to
May
Crowell, Weedon & Co.; B. B. Robinson & Co. and Howell, Douglass &
Co.—par and a premium of $501, bonds to bear interest at the rate of
2M% per annum.
You were heretofore notified that the bonds were awarded to the SecurityFirst National Bank of Los Angeles for par, accrued interest to date of
delivery and a premium of $79.
The bid of Crowell, Weedon & Co.; B. B. Robinson & Co.; Howell,
Douglass & Co., was not accepted by the Board of Supervisors for the
reason that the bid was not in strict compliance with the Notice of Sale,
in that said bid does not state that the bidder will pay "accrued interest
to date of delivery."
COUNTY
(P.
O.
Ventura),
Calif.—SANTA
PAULA
SCHOOL DISTRICT BONDS DEFEATED—At a recent election voters
defeated the proposed issuance of $115,000 school improvement bonds.
report.
CALIFORNIA
COLORADO
Calif.—PANAMA SCHOOL
F. E. Smith, County Clerk, that he
will receive sealed bids until 11 a. m. on June 6, for the purchase of a
$55,000 issue of 5% coupon Panama School District bonds.
Denom.
$1,000.
Dated May 2, 1938. Due as follows: $5.000,1939 to 1943; $6,000,
1944 to 1948, all incl.
Bids will be received for one or any number of the
bonds.
Bids for the bonds at a lower rate of interest will also be considered.
Prin. and int. payable in lawful money at the County Treasurer's office.
All bids must be equal in amount to the par value of the bonds and accrued
interest to date of delivery.
A certified check for 10%, payable to the
Clerk of the Board of Supervisors, must accompany the bid.
(This notice supplements the offering report given in our issue of May 14—
v. 146, p. 3223.)
"v y;-.COUNTY
KERN
(P.
O.
Bakersfield),
BOND OFFERING—It is stated by
COUNTY
KERN
(P.
Bakersfield),
O.
Calif.—DELANO JOINT
UNION HIGH SCHOOL DISTRICT BOND ELECTION—At an election
to be held on June 3, voters will be asked to approve the isspance of $50,000
school site, construction and improvement bonds.
at
Bonds will bear interest
5% and be in denominations of $1,000.
would solve the
problem in which case an election on
of $20,000 school construction bonds will be held.
the proposed issuance
ANGELES, Calif:—BOND SALE—The $2,150,000 issue of water
revenue, Department of Water and Power, first issue of 1938 bonds
LOS
offered for sale on May 17—V. 146, p. 3053—was awarded to a syndicate
composed of Lehman Bros., Phelps, Fenn & Co., both of New York, Schwabacker & Co. of San Francisco, Eastman, Dillon & Co., Hemphill, Noyes
& Co., E. H. Rollins & Sons. B, J. Van Ingen & Co., B. B. Robinson & Co.,
Morse Bros. & Co., all of New York, Brush, Slocomb & Co. of San Fran¬
cisco, and Crowell, Weedon & Co. of Los Angeles, paying a price of 100.04,
an net interest cost of 2.465%, on the bonds divided as follows: $430,000
as 2Ks, maturing $215,000 in
1942 and 1943; the remaining $1,720,000
as 2 J^s, maturing from 1939 to 1941, and from 1944 to 1948 incl.
Bonds
are redeemable at par on Nov. 1, 1939, and on any interest
payment date
th6^6^ft6r
The second
'
.»
'
:
1
*'
BONDS
OFFERED
FOR
INVESTMENT—The
successful
bidders
re-
public subscription; the 2M% bonds priced at
2Ms at a price of 100.75.
from 102.00 to 100.00, and the
Proceeds from the sale of the present issue are to be used for the purpose
of acquiring, constructing, reconstructing, repairing, extending, improving
and
by
our
Denver
FREMONT
COUNTY
SCHOOL
DISTRICT NO. 1 (P. O. Canon
an election to be held on May 25,
the issuance of $250,000 refunding bonds.
City), Colo.—BOND ELECTION—At
voters will be asked to approve
KIOWA COUNTY SCHOOL DISTRICT NO. 1 (P. O.
of Denver.
by Oswald F. Benwell
Denom. $1,000.
Dated March 15,
1938.
Due on Sept. 15 as follows: $1,000, 1940 to 1943, and $2,000 1944,
to 1951.
Prin. and int. (M. & S. 15) payable at the office of the County
v
'
r LINCOLN COUNTY SCHOOL DISTRICT NO. 13 (P. O. Genoa),
Colo.—BONDS SOLD—It is reported that the $10,900 4% semi-ann.
school building bonds approved by the voters on May 2, have been pur¬
chased by Oswald F. Benwell of Denver.
Dated May 1, 1938.
Due
on Nov. 1 as follows: $400 in 1941; $500, 1942 to 1945; $1,000, 1946 to
1949,
and $1,500, 1950 to 19o2; the bo ids maturing from 1948 to 1952 being sub¬
ject to redemption on and after May 1, 1940.
WELD
COUNTY
SCHOOL
DISTRICT
Colo.—BOND SALE DETAILS—It is
now
Nov. 1
on
and
as
1949.
office in
separate revenue funds which are required by law to be kept separate and
distinct.
In the case of the Water Bureau, the fund is designated as the
Water Revenue Fund.
The present issue of bonds is payable solely from the
Water Revenue Fund into which is required to be deposited all money re¬
ceived from the sale or use of water or from any other source in connection
with the operation of water works of the city.
Cal.—INGLEWOOD
SCHOOL DISTRICT BOND ELECTION—At an election to be held in the
near future voters will be asked to approve the issuance of
$350,000 school
construction bonds.
Salinas), California—SAN
SCHOOL
DISTRICT BONDS VOTED—At a recent election
proved the issuance of $50,000 school construction bonds.
NEVADA COUNTY
voters
ap¬
(P. O. Nevada City), Calif.—GRASS VALLEY
DISTRICT
BOND ELECTION—At an election to be held on
be asked to approve the issuance of $125,000 school
addition and construction bonds, to bear interest at
5% and be redeemable
in 25 years.
10
voters
will
(P. O. Sacramento), Calif.—SAN JUAN
UNION HIGH
to be held
on
O. Pine Orchard), Conn.—BOND SALE— The
$146,000 series of 1937 coupon or registered improvement bonds offered
May 17—V. 146, p. 3224—were awarded to Day, Stoddard & Williams,
Inc., New Haven, and Cooley & Co. of Hartford, jointly, as 2s, at par.
Dated June 1, 1938 and due June 1 as follows: $8,000 from 1940 to 1955
incl. and $9,000 in 1956 and 1957.
The bankers re-offered the bonds to
yieid from 0.75% to 2.10%, according to maturity.
Other bids were as
follows: .• ;
'
; - v'\"v
,-,v
v
(P.
.
Bidder—
Int. Rate
Day & Co
1 M%
2%
2%
2%
2 M %
2M%
-----
Coburn & Middlebrook
Putman&Co
Estabrook & Co
—
Bancamerica-BIair Corp
SCHOOL DISTRICT BOND ELECTION—At an election
June 15 voters will be asked to approve the issuance of $125,000
par.
.
.
Financial Statement
as
Clerk:
County Special District refunding bond sale—V. 146, p. 3054
following letter was sent to us on May 10 by J. B. McLees, County
.
.
The following is a complete report on all bids submitted to the Board of
Supervisors on May 2, 1938, for the purchase of $300,000 par value County
Special District Refunding Bonds of 1936:
Harris
Trust
&
Savings Bank and Anglo California National Bank of
to date of delivery, plus a premium
of $1,260, bonds to bear interest at the rate of
2%% per annum.
Bankamerica Company, American Trust Co. and Weeden &
Co.—par,
accrued interest to date of
delivery, plus a premium of $4,559, bonds to
bear interest at the rate of
2M % per annum.
Halsey, Stuart & Co., Inc.—par, accrued interest to date of delivery,
Plus a premium of $5, bonds to bear interest at the rate of 2
M % per annum.
H. Rollins & Sons, Inc.; Banks, Huntly & Co. and Union Bank &
Co.—-Par, accrued interest to date of delivery, plus a premium of
$1,325, bonds to bear interest at the rate of 2 M % per annum.
R. H. Moulton & Co.—par, accrued interest to date of
delivery, plus a
premium of $1,632, bonds to bear interest at the rate of 2
M % Per annum.
Brown, Harriman & Co., Inc. and Kaiser & Co.—par, accrued interest
to date of delivery, plus a
premium of $4,140, bonds to bear interest at the
rate of 2 M % per annum.
Blyth & Co., Inc., William R. Staats Co. and Redfield & Co.—par,
accrued interest to date of
delivery, plus a premium of $2,052.88, bonds
to bear interest at the rate of
2M % per annum.
Dean Witter & Co. and
Heller, Bruce & Co.—par, accrued interest to
da,te of
ofdelivery, plus a premium of $152, bonds to bear interest at the
rate
2M% per annum.
San
Francisco—par, accrued interest
_
xl00.76
xl00.157
xl00.08
Par
of May 2, 1938
Assessed valuation grand list current year__.
Tax exempt
$12,548,487.00
2,780,175.00
Grand total
$15,328,662.00
Bonded debt (a) road refunding
114,000.00
160,000.00
(b) high school
Total
$274,000.00
105,180.89
-
Less sinking fund
-
—-
Net
Pine Orachard Association bonds
Less sinking fund
—
Net
$195,769.41
125,000.00
$320,769.41
146,000.00
Add this issue
Grand total
Cash
on
$168,819.11
42,000.00
15,049.70
$26,950.30
All bonds net
Tax anticipation notes
In connection
the $300,000
xl01.169
.")
Total debt
SAN DIEGO COUNTY (P. O. San
Diego), Calif.—LIST OF BIDS—
with the detailed report given in these columns recently of
Rale Bid
xl00.04
x None of these bids was considered as
they did not conform to the re¬
quirements set forth in the call for offers, according to M. J. Warner, Town
Treasurer.
In this connection, it was pointed out that the provisions re¬
quired a bid price of not less or in excess of par.
The official offering notice
stated in part as follows:
"Bids should be made for the entire issue at
school construction bonds.
—the
Mead),
Legal approval by Myles.P. Tallmadge ot Denver.
.
SACRAMENTO COUNTY
O.
CONNECTICUT
ARDO
school site, construction and improvement bonds will be submitted to the
voters at an election to be held on May 20.
June
(P.
follows: $500, 1942 to 1946; $1,000, 1947, and $2,000 in 1948
and int. (M. & N.) payable at the County Treasurer's
BRANFORD
MONTEREY COUNTY (P. O. Salinas), Calif.—SAN LUCAS UNION
SCHOOL DISTRICT BOND ELECTION—The proposed Issuance of $45,000
SCHOOL
117
Prin.
Greeley.
R. L.
O.
NO.
reported that the $7,500 3%
school building bonds purchased jointly by Oswald F. Benwell, and Amos
C. Sudler & Co., both of Denver, at a price of 98.46, as noted in these
columns recently—V. 146, p. 2727—are dated May 1, 1938, and mature
The Department of Water and Power of The City of Los Angeles, which
operates both water works and electric works, comprises two bureaus—
the Bureau of Water Works and Supply and the Bureau of Power and Light.
All revenues received by the two bureaus are required to be deposited in
(P.
Eads), Colo.—
BONDS SOLD—A $20,000 issue of 3M% building bonds has been purchased
water.
COUNTY
a
appeal
a
Kean, Taylor & Co
MONTEREY
that
ruling of the District Court upholding the city's right to refund all
of the outstanding Special Improvement District obligations into one
large
district issue amounting to about $3,750,000 in bonds, bearing coupons of
3,
M and 3M, maturing on or before 15 years from dtae.—V. 146,
operating the works for supplying the City and its inhabitants with
LOS ANGELES COUNTY (P. O. Los Angeles),
correspondent
decision of the State Supreme Court was expected to May 16, on the
from
'•
highest bid was submitted by a syndicate headed by the
Security-First National Bank of Los Angeles, giving a net interest cost
of 2.4934%.
offered the above bonds for
informed
are
Treasurer.
KINGS
COUNTY
(P.
O.
Hanford),
Ca 1.—CORCORAN UNION
SCHOOL DISTRICT BONDS DEFEATED—At, a recent election
voters defeated the proposed issuance of $185,000 high school construction
bonds.
The Board of Trustees may decide that a temporary building
HIGH
works
DENVER, Colo.—DECISION ON LEGALITY OF BOND REFUNDING
EXPECTED—We
hand
Add—taxes collected but not yet turned over to treasurer
$466,769.41
47,683.65
12,114.71
5% of grand list—$627,424.35.
Tax rate for current year 20 mills.
The following boroughs or associations are included within the boundaries
of the
Town of Branford.
No one of same, except The Pine Orchard
Association reported above, has any bonded debt and the running accounts
stated below
are
currently taken care of:
Bonded Debt
Borough of Branford
-
Civic Association of Short Beach—
Eastern Indian Neck Assn
Granite Bay Assn.
Pine Orachard Assn
$42,000.00
Floating Debt
$300,000
500,000
—
.
Sinking Fund
-
-
.
$15,049.70
Stony Creek Assn
Tax Collections
Collected to
Levy
Collectible In
1936
1935
1937
1936
Amount
$244,180.22
251,008.81
1934
1935
248,185.27
x
April 30, 1938
$207,466.25
233,528.46
240,687.91
Uncollected
x$36,713.97
xl7,480.35
x7,497.36
This subject to decrease by certain abatements.
BRIDGEPORT, Conn .—NOTE SALE—The issue of $800,000
offered
May 16—V. 146,
p.
notes
3224—was awarded to the Bridgeport City
Trust Co. and the First National Bank & Trust Co. of Bridgeport, jointly,
at
0.395% interest, plus $8 premium.
16, 1939.
Dated May 16, 1938 and due May
Volume
Financial
146
Premium
Int. Bate
*
Halsey, Stuart & Co., Inc.; G. M.-P. Murphy & Co.;
R. F. Griggs Co. and Goodwin, Beach & Co
Bros.; Kean, Taylor & Co.; R. W. Pressprich & Co. and the Bridgeport City Co
Harris Trust & Savings Bank and Shields & Co
R. L. Day & Co. and Day Trust Co
Henry C. Robinson & Co., Inc
Leavitt
Co
&
0.49%
$11.00
0.50%
40.00
27.00
Trust
Manufacturers
0.50%
0.52%
0.56%
0.57%
12.00
158.40
Co.0.70%
75.00
Co
Paine, Webber & Co. and Eastman, Dillon &
issue of $26,000 road improvement
bonds.
.
111.—BONDS AUTHORIZED—The City Council has
ordinance authorizing the issuance of $515,000 water works
ROCK ISLAND,
Par
80.00
11.00
O. North Henderson), III.
of Davenport has purchased an
NORTH HENDERSON TOWNSHIP (P.
BONDS SOLD—The White-Phillips Corp.
0.59%
0.60%
.
annual
mature.
Lehman
P. S. Moseley & Co
$149,000 judgment funding bonds, and providing for a direct
levy sufficient to pay the principal and interest on the bonds as they
of
ance
Other bids—
Bidder—
3379
Chronicle
passed an
improvement bonds.
t
ROCK ISLAND, 111.—BOND SALE—Stifel, Nicoiaus & Co. of St.
water works system bonds, due
Interest payable semi-annuahy.
Louis purchased $515,000 3M%
on June 1 from 1940 to 1964 inci.
serially
ROODHOUSE, 111.—BOND OFFERING—F. L. Thompson. City Clerk,
June 6 for the purchase of $3,500
improvement bonds, dated May 30, 1938 and due May 30, 1939.
will receive sealed bids until 7:30 p. m. on
street
BONDS
FLORIDA
Denom.
$500.
SUNBURY
Clyde C. Pierce Corporation
Barnett National Bank Building
FLORIDA
JACKSONVILLE
Branch Office:
First
Bank
National
Building
TAMPA
T. 8. Pierce, Resident Manager
TOWNSHIP
1940 to
1968.,
HILLSBOROUGH
INDIANA
-r;
COUNTY
DEMPTION NOTICE—Chairman,
(P.
O.
Tampa), Fla.—BOND RE¬
Board of County Commissioners, T. N.
Henderson, states that the county, in pursuance of the terms of the refund¬
ing plan, dated Dec. 7, 1932, between the county and Chase, Harris, Forbes
Co., and Stranahan, Harris & Co., Inc., for refunding series 35-year re¬
funding bonds dated Jan. 1, 1933, and maturing Jan. 1, 1963, and in pur¬
suance of the terms and provisions of said bonds, had drawn by lot for re¬
demption on July 1, 135 of said series 35-year refunding Donds in the
denomination of $1,000 each.
Said bonds will become due and payable and will be retired and paid on
July 1, 1938, at the principal amount thereof together with accrued interest
date at the office of the Chase National Bank of
New York City, upon surrender of said bonds with all coupons thereunto
appertaining maturing on or after said redemption date.
Interest ceases
thereon to said redemption
on
Balckstone), III.—BONDS SOLD—
WHITE HALL, III.—BONDS VOTED—At a recent election voters ap¬
proved the issuance of $40,000 road improvement bonds.
FLORIDA
FLORIDA, State of—CERTIFICATES SOLD TO PWA—It is stated
by J. T. Diamond, Secretary of the Board of Control, that $202,000 4%
semi-ann. A. & M. College for Negroes dormitory construction revenue
certificates have been purchased at par by the Public Works Administration.
Due from
O.
(P.
Bartlett, Knight & Co. of Chicago, purchased $40,000 4% road bonds.
Dated May 1, 1938.
Denom. $1,000. Due Nov. 1 as follows: $3,000, 1941
to 1943, inch; $4,000 from 1944 to 1947, incl. and $5,000 from 1948 to 1950,
inch
The bonds, according to counsel, are direct obligations of the township,
payable from unlimited ad valorem taxes to be levied against all of its taxable
property.
Principal and interest (M. & N.) payable at the Northern Trust
Co., Chicago.
Legality to be approved by Chapman & Cutler of Chicago.
date called.
P JACKSONVILLE, Fla .—REFUNDING APPROVED—The City Com¬
missioners recently concurred in a resolution adopted by the City Council
approving the refunding of $275,000 of bonds during the remainder of the
year.
It is proposed to aid in the reduction of an impending deficit of
about $300,000.
COUNTY (P. O. Stuart), Fla.—BOND TENDERS IArVITED—It is stated by R. L. Wall, Clerk of the Board of County Com¬
missioners, that he will, on June 7, at 10 a. m.t open nad consider sealed
offerings of bonds of the following issues:
Road and bridge refunding bonds, dated July 1, 1936, and county-wide
and Special Road and Bridge Districts, as follows: Nos. 12 and 16.
The amount of bonds to be purchased will be determined by the Com¬
missioners.
Offerings must be firm for at least 10 days in order to be con¬
MARTIN
sidered.
RIVER
BLUE
TOWNSHIP
SCHOOL
(P.
O.
Mooreland),
until 2 p.
m.
on
Bank of Mooreland.
CARLISLE
SCHOOL TOWN (P. O. Carlisle), Ind.—BOND SALE—
building bonds offered May 14—V. 146, p. 3055—were
2Hs, at par.
Dated
The $6,000 school
awarded to the Sullivan State Bank of Sullivan, as
April 1, 1938 and due $500 on Jan. 1 from
1940 to 1951, inch
(P. O. Stringtown), Ind.—BOND
trustee,' will receive sealed bids until 7 p. m.
(Central Standard Time) on May 26 for the purchase of $43,000 not to
exceed 4% interest school building bonds.
Dated July 1, 1938.
Denom.
$500.
Due as follows: $1,500. July 1,1939; $1,500, Jan. 1 and July 1 from
1940 to 1952 inch; $1,500, Jan. 1 and $1,000, July 1, 1953.
Int. payable
J. & J.
Bidder to name a single rate of interest.
The bonds are direct
obligations of the school township, payable out of unlimited ad valorem
taxes to be levied and collected on all of its taxable property within the
limits prescribed by law. No conditional bids will be considered.
Town¬
ship will furnish at its own expense the approving legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis.
Payment and delivery of bonds
CENTER SCHOOL TOWNSHIP
OFFERING—John
to be made on
Fridy,
July 1.
DELAWARE
(P.
COUNTY
O.
Muncie), Ind.—BOND SALE—The
$100,000 poor relief bonds offered May 16—V. 146, p. 2892—were awarded
to Smith, Barney & Co. of Chicago, as 1 J^s, at a price of 100.46, a basis of
about 1.10%.
Dated May 20, 1938 and due $10,000 on June 1 and Dec. 1
from 1939 to 1943 inch
The Harris Trust & Savings Bank of Chicago,
offered to pay 100.519 for l^s.
second high bidder,
Other bids—
"
ST.
INLET DISTRICT AND PORT AUTHORITY (P. O.
Fla.—BOND TENDERS INVITED—It is stated by J
R.
Secretary of the Board of Commissioners, that on June 7, at
m., he will open and consider sealed offerings of refunding bonds,
July 1, 1936.
The amount of bonds to be purchased will be de¬
LUCIE
Stuart),
Pomeroy,
10. a.
dated
termined by the Commissioners.
days in order to be
Offerings must be firm for at
least 10
considered.
1H%
1H%
GEORGIA
(P. O. Decatur), Ga .—BOND
June 2 voters will be asked to
school construction bonds.
DRUID HILLS SCHOOL DISTRICT
ELECTION—At an election to be held on
HAMPTON MILLS
CONSOLIDATED SCHOOL
Dexter), Ga .—BOND ELECTION—At an
will be asked to approve the issuance
and equipment 4% bonds, to mature $1,250
1967, inch
voteres
DISTRICT (P. O.
election to be held on June 4
of $35,000 school construction
annually on March 1, 1940 to
PORTAL, Ga.—BONDS SOLD TO P WA—It is stated
Parrish that $8,000 4% semi-ann. water works system
purchased at par by the Public Works Administration.
by Mayor Rupert
bonds have been
McNurlen & Huncilman
—
payable to the Township Advisory
Board in the full amount of the bid.
follows:
$12,000 series A bonds.
Due $800 each July 1 from 1940 to 1954 inch
12,000 series B bonds.
Due $800 each July 1 from 1941 to 1955 inch
All of the bonds will be dated July 1, 1938.
Denom. $800. Principal
and interest (J. & J.) payable at the First National Bank of Fremont.
HANCOCK COUNTY (P. O.
Greenfield), Ind.—BOND SALE—The
$5,442.02 6% ditch bonds offered May 12—V. 146, p. 2728—were sold to
the Willow Branch State Bank of Willow Branch, at par.
Dated Oct. 9,
1937 and due Nov. 15 as follows: $544.20 in 1938, and $544.22 from 1939
to 1947 incl.
HENRY COUNTY (P.
O. Castle), Ind.
awarded
to
by the County Auditor, May 16,
this issue
Population, 1930 United States census—35,238.
The above financial statement does not include the
subdivisions having power to
Co. of
~LATAH~COUNTY INDEPENDENT SCHOOL DISTRICT NO. 2
(P. O. Moscow), Idaho—BOND ELECTION—At an election to be held
on May 21 voters will be asked to approve the issuance of $28,000 school
construction and equipment negotiable coupon bonds.
Interest rate is not
6%.
IRRIGATION DISTRICT (P. O. Council), Idaho—BONDS
SOLD—It is reported that $30,000 irrigation bonds were sold recently.
MESA
ILLINOIS
■
that an issue of
approved by a vote of
the School Board,
DECATUR, 111.—BONDS VOTED—Vie are advised
$125,000 school auditorium-gymnasium bonds was
7 to 1 at the May 3 election.
Lindley Huff, President of
is handling the matter.
PARK DISTRICT (P. O. Kankakee), 111.—BONDS
DEFEATED—Joseph J. Tolson, District Secretary, informs us that the
proposal to issue $50,000 swimming pool construction bonds was defeated
by a vote of 1,309 to 161.
NORTH CHICAGO, 111.—FUNDING BONDS AUTHORIZED—The
Board of Aldermen recently passed a new ordinance authorizing the issu¬
^KANKAKEE
1936
$724,661
(curr. & delinquent) 748,985
—
Percentage
— — -
103.4%
INDIANAPOLIS, Ind .—BOND SALE—The
May 19—V. 146, p. 3055, 3225—were awarded as
$967,149
967,241
100.0%
1937
$928,028
925,795
99.8%
$295,000 bonds offered
follows:
First
$225,000 relief sewer bonds of 1938, first issue, were purchased by the
National Bank of Chicago, as 2s, for a premium of $2,880, equal
to 101.28%.
Dated May 20, 1938 and due as follows: $11,000
July 1, 1943; $11,000 Jan. 1 and July 1 from 1944 to 1952 inch;
$11,000 Jan. 1 and $5,000 July 1, 1953.
Re-offering was made
at prices to yield from 1.30% to 2.05%, according to maturity.
All of the bonds, with the exception of the 1945 maturity, had
V
been re-sold prior to the close of business last night.
Harri-
70.000 municipal airport development bonds were sold to Brown
man & Co., Inc., New York, as lj^s, at a price of 100.4599, a
basis of about 1.40%.
Dated May 20, 1938 and due $10,000
on July 1 from 1940 to 1946 incl.
The
III.—BONDS
school
BREESE SCHOOL DISTRICT NO. 24 (P. O. Breese),
VOTED—At a recent election voters approved the issuance of $3U,000
addition bonds by a majority of 75 votes.
Record
1935
-
-
debt of other political
within this county.
levy taxes on property
Tax Collection
Total collections in year
1938)
$41,083,960
304,965
1937
bonded debt, including
Tax levy—
FRANKLIN
COUNTY
(P. O.
Preston), Idaho—REFUNDING
COMPLETED—The county recently consummated the refunding of $39,847.50 of county bonds, due 1938, through the Edward L. Burton
Salt Lake City, thereby saving $4,441.25.
BOND SALE—The $55,000
John Nueveen
(As officially reported
being considered.
—
bonds of 1938 offered May 16-—V. 146, p. 3225—were
& Co. of Chicago, as 2Ms.
They are being
re-offered by the bankers to yield from 1 % to 2.10%, according to maturity.
Dated June 1, 1938.
Due $3,000 on June 1 and $2,500 on Dec. 1 from 1939
to 1948 incl.
Financial Statement
advancement fund
for this
exceed
100.021
CIVIL TOWNSHIP (P.
O. Fremont), Ind.—BOND
OFFERING—Arthur Boore, Trustee, will receive sealed bids until 10 a. m.
on June 14 for the purchase of $20,240 3% school building bonds.
Dated
July 1, 1938.
One bond for $240, others $800 each.
Due as follows:
$800 July 1, 1940: $800 Jan. 1 and July 1 from 1941 to 1952 inch and $240
Jan. 1. 1953.
Principal and interest (J. & J.) payable at the First National
Bank of Fremont.
Each bid must be accompanied by a certified check
Tota
BOISE, Idaho—BOND ISSUANCE NOT SCHEDULED—We are in¬
formed by the City Clerk that the city is not contemplating the issuance
of bonds for the construction of a sewage disposal plant, correcting the
report given here recently that the issuance of $250,000 in bonds
to
100.18
100.106
%
FREMONT
Assessed valuation,
IDAHO
purpose was
100.19
l%%
2%
as
UNION SCHOOL DISTRICT (P. O. Metter),
Ga.—BOND ELECTION—At an election to be held on May 21 voters will
be asked to approve the issuance of $2,000 schoolhouse construction bonds.
the issuance of $25,000
1
Fletcher Trust Co,------
FREMONT SCHOOL TOWNSHIP (P. O. Fremont), Ind.—BOND
OFFERING—Arthur Boore, Trustee, wid receive sealed bids until 10 a. m.
on June 14 for the purchase of $24,000 3% school building bonds, dividend
CHANDLER COUNTY
approve
luO.428
100.399
1 y2 %
Bartlett, Knight & Co
Brown Harrlman& Co
John Nuveen & Co
MILTON, Fla.—BONDS
Rale Bid
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc
AUTHORIZED—At a recent meeting of the
Town Council an ordinance was passed which authorizes the issuance of
$30,000 city library building and warehouse building revenue bonds.
P*
Ind.—
Conway, trustee, will receive sealed bids
June 4 for the purchase of $18,000 not to exceed 4% in¬
terest school building bonds.
Dated May 2, 1938.
Denom. $5O0
Due
$1,000, July 1, 1939; $1,000, Jan. 1 and July 1 from 1940 to 1947
inch;
$1,000, Jan. 1, 1948.
Prin. and int. (J. & J.) payable at the Farmers State
BOND OFFERING—William E.
following
other bids were
Bidder—
Lazard Freres & Co
Harris Trust & Savings
reported for the $225,000 sewer loan:
Inf. Rate
Premium
Bank
Blyth & Co., Inc.
and First of Micnigan
2%
2%
*1.580.50
1,257.77
2%
2%
2%
2%
2%
2%
2%
rt,?%
2/i %
---2H %
§X
181.50
128.25
60.75
3,669.00
2,727.00
-------
Campbell, Phelps & Co. and Charles Clark &
First Boston Corp
Phelps, Fenn & Co
Smith, Barney & Co. — _
Brown Harriman & Co., Inc—
John Nuveen & Co—Halsey, Stuart & Co., Inc
—Mercantile Commerce Bank & Trust CoBancamerica-Blair Corp
Indianapolis Bank & Trust Co—
Co-
Corp—-2M%
1,154.00
899.78
729.00
402.75
2,482.42
Financial
3380
KENDALLVILLE, Ind.—BOND SALE—The $35,000
Chronicle
sewage treatment
works bonds offered May 17—V. 146. p. 2728—were awarded to Bartlett,
less
SCHOOL TOWNSHIP (P. O. North Liberty), Ind.—
$22,000 school oond issue offered May 10—V. 146.
2728—was awarded to the Central Securities Corp. of Fort Wayne, as
3s, for a premium of $12.50, equal to 100.056, a basis of about 2.99%.
Dated May 15. 1938 and due $1,000 on June 30 and Dec. 30 from 1941 to
1951' incl. F. C. Pearse of North Liberty, only other bidder, offered par
LIBERTY
BOND SALE—The
HAYS, Kan.—BOND ELECTION—At an election to be held in the near
future voters will be asked to approve the issuance of $102,000 high school
construction bonds.
p.
4s. :
MELVERN, Kan.—BOND ELECTION—At an election to be held in the
future voters will be asked to approve the issuance of $50,000 city
:
near
MARION SCHOOL CITY (P. O. Marion), Ind.—SCHOOL BONDS
AUTHORIZED—The Board of School Trustees recently authorized the
issuance of $100,000 school construction not to exceed 4% bonds, to mature
in not more than 15 years.
■
■
waterwroks construction
CITY,
Kan .—BONDS
AUTHORIZED—'The
City
Council
recently authorized the issuance of $48,500 in bonds to refund citv's out¬
standing bonded indebtedness.
KENTUCKY
PADUCAH.KY.—BOND OFFERING—Sealed bids will be received until
10
IOWA
(P. O. Corning), Iowa—BOND ELECTION—At an
election to be held on June 6 voters will be asked to approve the issuance
of $80,000 court house construction bonds.
Federal aid to the extent of
$65,000 is expected.
BUCHANAN COUNTY (P. O. Independence), Iowa—BOND ELEC¬
TION—At an election to be held in the near future voters will be asked to
tne issuance of $110,000 courtnoa-,e construction bonds.
COON RAPIDS, Iowa—BOND SALE—The $8,000 issue of water plant
bonds offered for sate on May 17—V. 146, p. 3225—was purchased
by the Carleton D. Beh Co. of De. Moines, as 4^s, paying a premium of
$12.00, equal to 100.15, according to the Secretary of the Board of Trustees.
revenue
FORT
MADISON,
Iowa—BONDS TO BE OFFERED—It is reported
sell $26,038 of special assessment refunding
a. m.
May 28, by L. V. Bean, City Manager, for the purchase
on
of
a
$200,000 issue of sea wall right-of-way acquisition bonds.
Interest rate is
not to exceed 5%, payable semi-annually.
Bids are to be for at least par
and accrued interest.
Due as follows: $5,000, 1939; $3,000, 1940; $1,000.
1941; $15,000, 1942; $10,000, 1943 to 1945; $1,000. 1946; $3,000, 1947;
$1.000,1948 to 1950; $15,000,1951 to 1953; $14,000,1954 and 1955; $1,000
1956; $25,000, 1957. and $40,000 in 1958.
Prin. and int. payable at the
office of the City Treasurer.
The successful bidder will be required to fur¬
nish the printed bonds and coupons; the city will furnish all required
legal
evidence of the validity of the bonds.
A certified check for $4,000, payable
to the City Treasurer, must be enclosed.
Bidders will also be required to make an alternative biu for said bonds
to be issued in blocks of $50,000, at six (6) month intervals,
dating from
date of first bonds issued, and will bear interest from date of issue, and
ADAMS COUNTY
BONAPARTE, Iowa—BOND SALE—The $3,000 issue of 4% semi-ann.
town hall bonds offered for sale on April 30—V. 146,p. 2892—was purchased
by the Farmers State Bank of Keosauqua, at a price of 103.00, according
to the Town Clerk.
Due from iviay 1. 1940 to 1958, incl.
bonds.
NESS
WAYNE SCHOOL TOWNSHIP (P. O. Indianapolis), Ind.—BOND
OFFERING—Heroert H. McClelland. Trustee, will receive sealed oids
until 10 a. m. on June 8 for the purchase of either one of the following issues
of school building bonds:
$70,000 bonds due $5,000 annually on July 1 from 1939 to 1952 incl.
63,000 bonds due $4,500 annually on July from 1939 to 1952 incl.
The bonds will be dated June 8, 1938 and bear interest at a rate of not
more than AlA%.
Denoms. of not less than $500 or more than $1,000, as
requested by the successful bidder.
The right is reserved to issue and sell
either of the foregoing amounts.
Interest payable J. & J. No conditional
bids will be considered.
Township will furnish the successful bidder at
its own expense with the approving legal opinion of Matson, Ross, McCord
& Clifford of Indianapolis.
approve
1938
time required by purchaser for the legal approval.
Bids shall be at not
than par and accrued interest.
The bonds will be offered for sale
subject to rejection by the State School Fund Commission.
A certified
check for 2% of the total amount of the bid is required.
Knight & Co. of Chicago.
Dated June 1, 1938 and due Jan. 1 as follows:
$2,000, 1940: $3,000 in 1941, and $5,000 from 1942 to 1947 incl.
for
May 21,
10 years, nor more than 20 years.
Bidders shall state the interest
rate and length of maturities desired within the above stated limits, also
than
the bid
made will be
so
an
alternative bid to be considered
by the Board
of Commissioners in
considering the sale of said bonds.
If the Board of
Commissioners accept a bid for the sale of the whole $200,000, the bonds
will all bear the same date and be issued and delivered at the same time.
If the Board of Commissioners accept a bid for the sale of the bonds in
blocks of $50,000 to be issued at six (6)montn succeeding intervals, the bonds
will be issued $50,000 at a time and bear date of the date of issue, but
shall all mature within twenty (20) years from the date of the first issue
of such bonds.
.
■
.
VANCEBURG, Ky.—BOND OFFERING NOT SCHEDULED—We
are
informed
by J. A. Hallsted, City Clerk, that the $148,000 5% municipal
light, heat and power plant purchase bonds approved recently by the City
Council, as noted here—V. 146, p. 3056—cannot be issued until the court
has approved their validity.
They are now in the hands of the attorneys,
preparing for such action.
that the City Council will
bonds in the near future.
HARRISON COUNTY (P. O. Logan), Iowa-BONDS SOLD—It is
reported that the $24,000 2M% semi-ann. poor funding bonds mentioned
in these columns recently, have been purchased by Vieth, Duncan & Wood
of Davenport.
Due on Nov. 1, 1949.
Louisiana
Bought and Sold
IOWA, State of—GOVERNOR PROPOSES REVISION OF STATE
FINANCIAL SYSTEM—A step toward enuing State property taxes in
Iowa is proposed by Governor N. G. JKraschel. He would eliminate the
$2,000,000 annual State relief allotment as one step in overhauling the
Iowa State Government financial system.
The Governor's suggested discontinuance of emergency relief aid to coun¬
ties is one item in a large program in which the State administration would
do away with the State property tax and at the same time continue intact
the distribution of sales and income tax surpluses among Iowans living In
their own homes.
Iowa is operating on a general fund budget of $14,500,000 a year, of
which $6,800,000 is raised through a property tax and the rest through
indirect levies such as cigarette tax, insurance premium tax, and inheritance
The $2,000,000 relief appropriation,
which comes out of sales and
income tax receipts, and an expected $1,000,000 annual homestead tax
surplus, both could be diverted into the general fund to help bridge the gap
caused by elimination of the State levy, Governor Kraschel says.
The Governor said he would recommend that "all relief authority and
responsibility do returned to county governments, where they belong."
If a need develops later for a small and more flexible general relief fund,
the State social welfare board could handle allotments through locally
organized county units, now handing old age pensions and aid to the blind,
tax.
State law board officials last year had more than
$1,000,000 left after all eligible homestead tax relief benefits had been paid.
A similar homestead excess is expected each year, according to the Governor,
although State income tax payments have been reduced as a result of an
increase in final deductions.
The Governor said he believed much of the $3,800,000 spread between
the present State levy and the total of relief and homestead surplus money
could be eliminated by administrative economies through consolidations and
appropriations.
Governor KrascneJ said.
LEEDS, Iowa—BONDS VOTED—At the election- held on May 16 the
voters approved the issuance of the $153,000 in high school building bonds
by a count of 3,091 to 1,742, according to the City Clerk.
of $50,000
Iowa—BOND ELECTION—The proposed issu¬
dormitory construction bonds will be submitted to the
be held on June 6.
Whitney National Bank
of
New
Orleans
LOUISIANA
DUBBERLY
DISTRICT NO. 27 (P. O. Minden), La.—
BOND OFFERING—Sealed bids will be received until June 7, by J. E.
Pitcher, Secretary-Treasurer of the Webster Parish School Board, for the
purchase of an $8,000 issue of construction and equipment bonds.
Interest
rate is not to exceed 6%, payable semi-annually.
Bonds will not be sold for
less than par.
Due over a period of 10 years.
These bonds were approved
by the voters at an election held on April 4.
A certified check for 5% of
the bid is required.
SCHOOL
EUNICE, La.—BOND OFFERING—Sealed bids wiU be received until
11 a. m. on June 14, by W. H. Kessler, Town Clerk, for the purchase of a
$75,000 issue of street improvement bonds.
Interest rate is not to exceed
6%, payable J. & D. Denom. $1,000.
Dated June 1 1938.
Due from
June 1, 1940 to 1958.
These bonds were approved by the voters at the
election held on May 10, 1938.
The approving opinion of B. A. Campbell
of New Orleans, and a copy of the transcript of record, will be furnished the
purchaser.
A certified check for $1,500, payable to the Mayor, must ac¬
company the bid.
IBERIA PARISH
(P. O. New Iberia), La.—BOND SALE—The $50,bonds offered for sale on May 17—V. 146,
000 issue of bridge and highway
3221—was awarded to the Ernest M. Loeb Co. of New Orleans, as 3 lis,
paying a premium of $15,00, equal to 100.03, a basis of about 3.24%.
Dated May 1, 1938.
Due from 1939 to 1948 incl.
p.
PARISH SCHOOL DISTRICTS (P.
LIVINGSTON
MARSHALLTOWN,
ance
Municipal Bonds
La.—BONDS NOT
O. Springville),
SOLD—It is reported by E. Easterly, Secretary of the
6% semi-ann.
Offered without success on March 11, as noted
unsold: $30,000 School District No. 24, and
$30,000 School District No. 26 bonds.
Due from March 1, 1940 to 1958,
voters at an election to
Parish School Board, that the following issues of not to exceed
NEWELL, Iowa—BONDS DEFEATED—At a recent election voters
defeated the proposed issuance of $40,000 school construction bonds.
here at the time, still remain
ORANGE
Iowa—BONDS DEFEATED—At a recent election
proposed issuance of $30,000 city bonds for the second
time, by a vote of 424 to 460.
It is stated that a third election will not be
CITY,
bonds aggregating $60,000,
incl.
voters defeated the
asked."'
>
;V
v
June 1
an election to be held
the issuance of $53,000 school
bonds.
voters will be asked to approve
gymnasium building
POLK COUNTY (P. O. Des Moines), Iowa—FUNDING PROPOSED—
Supervisors will meet on May 25 to take action on
The County Board of
the
proposed issuance of $345,000 bonds to fund existing indebtednass
in part by a judgment rendered against the country on Mar.
28,1938, part by warrants drawn on the Pauper Fund* and part by warrants
drawn on the Court Expense Fund.
evidenced
SHELL
ROCK, Iowa .—BOND OFFERING—Lloyd L. Gibson, Town
on May 23 at 2 p. m. for $5,000 improvement
SHERIDAN
DISTRICT
NO.
14
;V
(P.
a. m. on
O.
La .—BOND
June 7, by E. A. Lee, Sceretary
Treasurer of the Parish
of the holder, at
The School Board will furnish
School Board, or, at the option
the Chase National Bank in N. Y. City.
opinion of Charles & Trauernicht of St. Louis, Mo., and will pay
for printing of the bonds.
Delivery will be made on or before July 15.
A certified check for $1,250, payable to the District, must accompany the
bid.
OAK GROVE, La.—BOND
SALE—Tne $20,000 issue of registered sewer
May 9—V. 146, p. 2570
was pur¬
New Orleans, as 5/<£s, at par.
Dated
1939 to 1958 incl.
construction bonds offered for sale on
SCHOOL DISTRICT
tP. O. Sheridan), Iowa .—BOND
OFFERING—David J. Ciapp, Secretary of the District Board of Directors,
chased by Couturier & Derbes of
June 1, 1938.
Due fr.om June 1,
will receive sealed bids
on .Tune 2 at 8 p. m. at tne Central Trust and Savings
Bank, Eldridge, Iowa, for $10,000 school building 2A% semi-ann. bonds.
Bonds will be dated July 1, 1938 and will mature $2,000 annually on Jan. 2,
1940 to 1944, incl.
Purchaser must furnisn bonds and approve opinion.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT
SCHOOL
the legal
Clerk, will receive sealed bids
fund bonds and $3,000 grading fund bonds.
PARISH
OFFERING—Seal ed bids wiil be received
of the Parish School Board,
for the purchase of a $25,000 issue of school bonds.
Denom. $500.
Dated
June 1, 1938.
Interest rate is not to exceed 5%, stated in a multiple of
M of 1 %.
Bids are to be for not less than par and accrued interest.
Due
on June 1 as follows:
$1,000, 1939; $1,500 from 1940 to 1947, and $2,000
from 1948 to 1953.
Prin. and int. (J. & D.) payable at the office of the
Natchitoches),
until 11
OSKALOOSA, Iowa—BOND ELECTION—At
on
auditorium and
''
:<
NATCHITOCHES
(P.
O. Sioux
City), Iowa—BONDS VOTED—At a recent election voters approved the
issuance of $150,000 school construction bonds by a vote of 3091 to 1742.
ST. BERNARD PARISH (P. O.
—An election is scneduled for June
St. Bernard), La .—BOND ELECTION
14 in order to have the voters pass on the
of $500,000 in not to exceed 4% semi-ann. courthouse
and jail construction and improvement bonds.
Bonds are to mature over a
40-year period
Upon approval of the proposal* the parish is reported to
expect a loan of $240,000 from the Federal Government.
proposed issuance
VERNON PARISH (P. O. Leesville), La.
BOND SALE DETAILS—
are informed by V. O. Craft, Secretary-Treasurer of the Parish Police
Jury, that the $16,500 debt funding bonds purchased by the Guaranty
Bank & Trust Co. of Alexandria, as 5s at par, as notedhwe recently
V. 146, p. 3226—are dated Feb. 15, 1938, and mature from Feb. 15. 1940
to 1943Coupon and registered bonds in $500 denominations.
Interest
payable on Fen. 15.
•
We
KANSAS
BAXTER
SPRINGS, Kan.—BQND OFFERING—It is reported that
bids wih be received until 7:30 p. m. on May 23, by the Clerk of the Board
of Education, for the purchase of a $35,000 issue of 2 A % semi-ann. high
school auditorium and gymnasium bonds.
Due $3,000 from 1939 to 1943,
and $4,000 from 1944 to 1948.
These bonds were approved by the voters
at an election held in April, as noted in these columns—V. 146.
p. 2729.
BUTLER COUNTY (P. O.
Allison), Kan.—BONDS TO BE ISSUED—
It Is reported that within the next few weeks tne county will issue $30,000
of work relief bonds.
HAYS, Kan.—BOND OFFERING—It is stated by Emily C. Johnson,
City Clerk, that she will receive sealed bids until 7:30 p. m on May 27,
purchase of a $30,000 issue of water works improvement bonds.
Interest rate is not to exceed 5%, payable semi-annuaJy.
Dated on or
about June 1, 1938.
Denominations $1,000 and $500.
Due in not less
for the
SEVEN SCHOOL DISTRICT (P. O.
OFFERING—It is reported that sealed bids will
Secretary of the Parish School Board,
for the purchase of a $20,000 issue of school bonds.
WEST
CARROLL PARISH
SCHOOL DISTRICTS (P. O. Oak
Grow? Lai.-Maturities—It is now reported by the Superintendent
of the Parish School Board that the $20,000 Cimsolidated Schwl
D^rict
No. 1 bonds purchased by the Ernest M. Loeb Co. of New Orleare, y 5s,
VERNON
Leerville)
,
PARISH
La
-^ND
WARD
be received until June 14, by the
at.
a
nrirfi of
May 2
as
100 125
as
noted here recently—V.
follows; $500,1939 to
1954 to 1958, giving a basis
146, p. 305b—are clue on
1943; $1,000,1944 to 1953, and $1,500 from
of about 4.99%.
Volume
Financial
146
SALEM, Mass.—NOTE SALE—The Merchants
purchased on May 18 an issue of $200,000 notes at
May 18, 1938 and due Nov. 3, 1938.
School District No. 1 bonds purchased
noted at the same time in these columns
3056—are due on May 2 as follows: $100 from 1939 to 1946;
1947 to 1955, and $300 in 1956 to 1963.
It is stated that the $5,000 Epps
by
local investor as 6s at par,
a
—V. 146, p.
$200,
3381
Chronicle
National Bank of Boston
0.17% discount.
Dated
SPRINGFIELD, Mass.—BONDS APPROVED—The State Emergency
approved the $60,000 water main construction
pavement bonds which had been passed by
Finance Commission recently
bonds and $100,000 highway
MAINE
the board of Aldermen.
STONEHAM, Mass.—NOTE SALE— The $200,000 notes offered May 16
146, p. 3227—were awarded to R. L. Day & Co. of Boston, at 0.27%
Due Nov. 7, 1938.
The Merchants National Bank of Boston,
second high bidder, named a rate of 0.28%.
BRUNSWICK, Me.—NOTE SALE—The issue of $20,000 revenue an¬
ticipation notes offered May 19 was awarded to the National Rockland
Bank of Boston, at 0.42% discount.
Dated May 20, 1938 and due on
Nov. 15, 1938.
The Merchants National Bank of Boston, second high
bidder, named a rate of 0.43%.
—V.
discount.
<
Other
bids—
,
1
Other bids:
Bidder—
—0.46%
•—0.63%
——
Co—
—
offered the same day were sold to the First
May 25, 1938 and due Dec. 20,
Bank of Boston 0.48%; First
National Bank of Boston 0.49%; Bancamerica-Blair Corp. 0.589%.
WATERTOWN,
0.27%
discount offer of
COUNTY (P. O. Barnstable), Mass.—NOTE OF¬
Treasurer will receive sealed bids until noon on
May 24 for the purchase at discount of $60,000 notes, dated June 1, 1938
due
and
Other
County
15,
Dec.
CAMBRIDGE, Mass .—STREET BONDS PASS
City Council recently passed to second reading an
the issuance of $200,000 street construction bonds.
The
Discount
0.18%
0.21%
0.30%
Whiting, Weeks & Knowles
WESTFIELD, Mass.—NOTE SALE—The $150,000 revenue anticipation
offered May 18 were awarded to the Merchants National Bank of
Dated May 19, 1938 and due Dec. 15, 1938.
The Day Trust Co. of Boston, second high bidder, named a rate of 0.27%.
Other bids:
./ %%
,
<
Bidder—
Discount
notes
Boston, at 0.24% discount.
First Boston Corp
FIRST READING—
ordinance authorizing
bids:
0.328%
xO.34%
,
First National Bank of Boston
--..---w_-_--.-v-_-0.35%
New England Trust Co
Leavitt & Co
—
Second National Bank of Boston
DEDHAM, Mass.—NOTE SALE— The issue of $100,000 notes offered
on May 18—was awarded to the Second National Bank of Boston, at 0.19%.
discount, plus premium of $13.75.
Dated May 19 1938 and due on Dec.
30, 1938.
The New England Trust Co. of Boston, second high bidder,
named a rate of 0.18%, plus $7.
x
Plus
-
---0.369%
0.38%
$1 premium.
WINTHROP, Mass.—NOTE SALE—The issue of $100,000 notes
May 13 was awarded to the New England Trust Co. of Boston, at
discount, plus $1 premium.
Due May 20, 1939.
Other bids:
_.
Co
Merchants National Bank of Boston
Day Trust Co.
First National Bank of Boston..__ —
Co
F. W. Horne& Co
R. L. Day &
------
Merchants National Bank
MICHIGAN MUNICIPALS
— —
— — —
Rate Bid
100.51
Int. Rate
llA%
1 lA%
Bank of Boston. —— — — _
Banacamerica-Blair Corp.
0.389%
0.447%
—
WORCESTER, Mass.-r-NOTE SALE—The $500,000 revenue notes
offered May 19 were awarded to the Worcester County Trust Co. at 0.165%
discount.
Dated May 20, 1938 and due Dec. 21, 1938.
Next high bid,
a rate of 0.18%, was made by the Second National Bank of Boston.
'
Merchants National
0.37%
& Co
First National Bank of Boston
Second National Bank of Boston
Plus $3.
•
of Boston
R. L. Day
EASTHAMPTON, Mass.—NOTE SALE—The $13,000 coupon per¬
manent pavement improvement notes offered May 17 were awarded to
Tyler & Co. of Boston, as 1 As, at a price of 100.59, a basis of about 1.30%
Dated June 1, 1938 and due June 1 as follows: $3,000 in 1939, and $2,500
from 1940 to 1943 incl.
Other bids:
offered
0.30%
Discount
0.34%
Bidder—
7>i6roun£
x0.18%
0.19%
0.21 %_
0.267%
-0,27%
—0.37%
Bidder—
Norfolk County Trust
Bidder—
The notes mature Dec. 28, 1938.
<
-
The issue will include $250,000 of 45-year term
bonds, with the remainder of the serial variety.
Mayor Tobin previously
had announced that an early sale would be made of the $7,000,000 funding
bonds authorized in an Act approved by the Legislature.
x
0.16% for the loan.
were:
Newton, Abbe& Co
Second National Bank of Boston.
1938.
and other purposes.
Other
bids
Bidder—
BOSTON, Mass.—TO SELL OVER $11,000,000 BONDS—It is understood
that the city has decided to enter the long-term capital market on June 1
with an offering of $11,744,000 bonds for welfare, funding, courthouse,
sewer
Mass.—NOTE SALE—Award of the $200,000 notes
offered May 18 was divided between the National Shawmut Bank of Boston
and the Merchants National Bank of Boston, each having made the same
BARNSTABLE
FERING—The
*
Note Sale-The $40,000 notes
0.285%
—
0.29%
-0.38%
-
Boston Corp. at 0.437% discount.
Dated
1938.
Other bids were: Second National
0.239%
—
R. L. Day &
;.
%•%'%%:%:-'>vDiscount
0.289 %
Bank, both of Boston, each bid par.
Discount
'
of Boston
•%;%''
WARREN, Mass.—BONDS AND NOTES SOLD—The $5,000 coupon
emergency relief bonds offered May 19 were awarded to the BancamericaBlair Corp., New York, as 2 Ms, at a price of 100.28, a basis of about 2.70%.
Dated June 1, 1938 and due $500 annually.
Other bids, all for 2Ms,
were: Tyler & Co. 100.03; First National Bank and the Second National
Other bids:
Co
First National Bank of Boston.
•
__
First National Bank of Boston-
MASSACHUSETTS
Bidder—
f:';V
■
Day Trust Co
ATTLEBORO, Mass.—NOTE SALE— The issue of $100,000 notes
offered May 17 was awarded to the Boston Safe Deposit & Trust Co., of
Bostonat 0.20% discount, plus a premium of $7.
Dated May 17, 1938,
and due Nov. 29, 1938.
The First National Bank of Attleboro was the
next best bidder, naming a rate of 0.23%.
Second National Bank
■
Second National Bank of Boston
-
'
E. H. Rollins & Sons. Inc..
Mansfield &
Bidder—
_.
100.019
Cray, McFawn fit Petter
HOLYOKE, Mass.—NOTE SALE—The $300,000 revenue anticipation
notes offered May 17—V. 146, p. 3226—were awarded to Leavitt & Co. of
New York, at 0.30% discount.
Dated May 17, 1938 and due Dec. 8, 1938.
R. L. Day & Co. of Boston, second high bidder, named a rate of 0.34%,
Olus $1 premium.
GRAND RAPIDS
DETROIT
Telephone Cherry 6828
Telephone 9-8255
A.T.T. Tel. DET 540-541
A.T.T. Tel. Grps. 7
Other bids:
Bidder—
Discount
0.34%
.
National Shawmut
First Boston Corp
Bank
-
MICHIGAN
0.367%
—
Whiting, Weeks & Knowles
First National Bank of Boston.„
E. H. Rollins & Sons, Inc
0.37%
-----0.39%
0.43%
-
—
—
COUNTY (P. O. Alpena), Mich.—HOSPITAL BONDS
ELECTION—At an election to be held in September voters will be asked
to approve the issuance of $200,000 county hospital construction bonds.
ALPENA
—
MALDEN, Mass.—NOTE SALE—The $400,000 revenue anticipation
offered May 17—V. 146, p. 3226—were awarded to the Merchants
BENTON
Clerk,
notes
Dated May 18, 1938 and
due as follows: $200,000 April 21, 1939, and $200,000 May 17, 1939.
The
Second National Bank of Boston was the next best bidder naming a rate
National Bank of Boston,
at 0.46% discount.
of 0.47%.
Other bids:
Discount
Bidder—
First Boston
Corp..
0.474%
0.48%
0.485%
0.49%
0.49%
0.585%
-----
Maiden Trust Co
—-— — —
National Bank of Boston
—
National Shawmut Bank
First National Bank of Maiden..— —
Leavitt & Co—
—
First
,-
— —
-----
DETROIT, Mich.—LOANS APPROVED—Two note issues proposed by
have been approved by the Public Debt Commissiion and Loan
The approval empowers the city to borrow $1,424,720
SALE—The $40,000 coupon water mains
awarded to Frederick M.
a basis of about 1.97%.
Dated May 1, 1938 and due $4,000 on May 1, from 1939 to 1948 incl.
Kennedy, Spence & Co. of Boston, second high bidder, offered to pay
100.03 for 2s.
bids:
-
COUNTY
(P.
O.
East
A "
2H%
—
of Boston
National Bank of Boston.
& Co
Bancamerica-Blair Corp
——
2%%
2lA%
2A%
Merchants
Kidder, Peabody
■.
2X %
— ——
National Shawmut Bank
MIDDLESEX
,
„
Int. Rate
Bidder—
Cambridge),
Rate Bid
100.59
100.53
100.50
100.139
100.733
Mass.—NOTE
OFFERING—<Charles E. Hatfield, County Treasurer, will receive bids
until 11 a. m. (Daylight Saving Time) on May 26 for the purchase at dis¬
count of a temporary
loan in the amount of $5,000,
issued under Chapter
1, 1938 and payable June 1, 1939. One
This note is exempt from taxation in Mass¬
achusetts and will be engraved under the supervision of and authenticated
as to genuineness by The First National Bank of Boston, and its legality
will be approved by Messrs. Ropes, Gray, Boyden & Perkins, of Boston,
whose opinion will be furnished the purchaser.
The original opinion and
complete transcript of proceedings covering all details required in the proper
issuance of the note will be filed with The First National Bank of Boston,
where they may be inspected.
The note will be delivered on or about
June 1, 1938, at The First National Bank of Boston, 17 Court Street Office,
Boston, against payment in Boston funds, and will be payable at maturity
at The First National Bank of Boston, Boston.,.
433, Acts of 1936, dated June
note will be issued for $5,000.
NEWBURYPORT, Mass.—BOND SALE—The issue of $40,000 coupon
municipal relief bonds offered May 19 was awarded to R. L. Day & Co. of
Boston, as 1 Ms, at a price of 100.11. a basis of about 1.73%.
Dated May 1,
1938 and due $4,000 on May 1 from 1939 to 1948 incl.
Tyler & Co. of
Boston, second high bidder, offered 100.14 for 2s.
bids:
Bidder—
Otner
_
Int. Rale
National Bank of Newburyport
2%
Chace, Whiteside & Co.------———2M%
First & Ocean
Rate Bid
100.16
101.03
2M%
100.363
2H %
100-062
PALMER, Mass.—NOTE OFFERING—The Town Treasurer will receive
sealed oids until noon on May 24 for the purchase of $100,000 notes, due
Estabrook & Co
Institution For Savings,
Dec. 9,
Newburyport
1938.
$5,000 in
Board of Michigan.
MEDFORD, Mass.—BOND
Other
emergency
April 1 as
1939, and $10,000 in 1940and 1941.
Prin. and int.
(A. & O.) payable at the City Treasurers' office.
The bonds will be a direct
full faith and credit obligation of the city.
Transcript of proceedings will
be firnished by the city; successful bidder to provide legal opinion and pay
cost of printing the bonds.
A certified check for $5,000 is required.
Bids
to be for not less than par and accrued interest.
follows:
the city
bonds offered May 17—V. 146, p. 3226—were
Swan & Co. of Boston, as 2s, at a price of 100.15,
Tyler & Co
HARBOR, Mich.—BOND OFFERING—John F. Null, City
sealed bids until 4 p. m. (Eastern Standard Time) on
will receive
May 31 for the purchase of $25,000 not to exceed 5% interest
relief bonds.
Dated April 1, 1938.
Denom. $1,000.
Due
against uncollected 1937 taxes.
The notes are to mature Aug. 10, 1938.
Under the second approval, the city school district is authorized to borrow
1937 taxes, the notes to mature Aug. 10,1938
O. Grosse lie), Mich.—BOND OFFER¬
ING—Edgar Fitzgerald, Township Secretary, will receive sealed bids until
8 p. m. on May 23 for the purchase of $4,500 4% water supply system
junior revenue bonds.
Dated Sept. 15, 19.36 and due Sept. 15 as follows:
$500 in 1950; $1,000, 1951 and 1952, and $2,000 in 1953. redeemable on the
15th day of any month.
Prin. and int. (M. & S.) payable at the Wyandotte
Savings Bank, Wyandotte.
The bonds are not a general obligation of the
township, being payable solely from revenues of the water system and are a
lien on said revenues, sub jet to payment of operating expenses and the
prior lien for payment of $11.5,000 revenue bonds, dated March 15, 1936.
They are part of an authorized issue of $40,000, of which $9,700 have
previously been sold, with the remainder being reserved for award at various
intervals.
Printed bonds and approving legal opinion of Miller, Canfield,
Paddock & Stone of Detroit will be furnished by the Board of Water Com¬
$1,207,200 against uncollected
GROSSE ILE TOWNSHIP (P.
missioners.
I RON WOOD,
Mich.—NOTE
SALE—The $60,000 tax anticipation
Gogebic National Bank and the
jointly, at 4% interest.
Dated
notes offered May 6 were awarded to the
National Metals Bank, both of Ironwood,
April 1, 1938
and due Aug. 15, 1938.
IRONWOOD, Mich.—REFUNDING APPROVED—The State Public
Commission recently approved the refunding of $.865,000 of the
city's bonds.
Interest on 6% issues will be reduced to 5% and interest
on 5% issues will be reduced to 4%.
Trust
LAKE
Shores),
TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O. St. Clair
Mich.—TENDERS ACCEPTED—The call for tenders on May 3
certificates of indebtedness, 1937 refunding bonds series A, B and
O, dated July 1, 1937, resulted in the purchase of a principal amount of
$1,630 for a price of $1,644.28, according to Arthur Beveridge, District
of 1937
Secretary.
MIDLAND, Mich.—BOND ELECTION—At an election to be held on
will be asked to approve the issuance of $30,000 school en¬
June 13 voters
largement and
improvement bonds.
NILES, Mich.—BOND ELECTION—At an election to be jeld in the near
future voters will be asked to aprove the issuance of $125,000 school con¬
struction bonds.
ROYAL
OAK TOWNSHIP
SCHOOL DISTRICT NO. 7, Mich.—
of the call for tenders of
by Matthew Carey, 2149
RESULT OF TENDERS—The following result
certificates of interest on May 9 was compiled
Union Guardian Bldg., Detroit:
Financial
3382
Chronicle
Par Value
Detroit Trust Co...
— —
do
do
do
-
do
do
do
do
do
— -
-
.-
--
.......
do
do
...
do
do
--
do
do
do
do
do
do
do
---
—
....
do
do
Price
do
....
—
—
Amount
46
47
48
49
'
500.00
500.00
500.00
500.00
1,000.00
1,000.00
1,000.00
2,000.00
2,000.00
~
do
do
$500.00
500.00
500.00
500.00
—
$230.00
235.00
240.00
245.00
250.00
255.00
260.00
265.00
540.00
50
51
52
53
54
55
56
57
58
$11,000.00
550.00
560.00
1.140.00
1,160.00
53.9
2.000.00
58.73
$5,930.00
1,174.60
—-.—--$13,000.00
54.65
$7,104.60
Cray, McFawn & Petter
Total....
Other Tenders
$5,139.00
2.411.68
Detroit Trust Co...-
—
—
Braun, Bosworth&Co
59
—
John Wittbold & Co
3,326.70
;-.i„
59.59
6,584.00
60
1,427.80
63.02
900.00
16,908.24
Watling. Lerchen & Hayes
71.95
12,165.48
...
-
W.Goodenough
1,419.27
1,180.00
981.38
1,962.75
1,546.80
1,624.76
4,999.50
3,950.40
59.75
59.75
5,000.00
Hood. Truettner & Thisted
Mrs. Leo liush
$3,018.13
59
2,588.79
2,719.26
—
-
Watling, Lerchen & Hayes
Watling, Lerchen & Hayes
Luman
59
1,663.35
—
58.73
58.85
2.000.00
Cray, McFawn & Petter
H, V. Sattley & Co
...
781.68
GrossePointeFark
80
$50,550.50
68.0
$34,373.81
65.27
—$63,550.50
Total tenders——
625.34
$41,478.41
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 8 (P. O. Hazel
Park
Mich.—TENDERS'
Oak),
Royal
WANTED—Ralph
Valom,District Secretary, will receive sealed tenders of interest refunding
certificates until 7 p. m. (eastern standard time) on June 4.
Station,
ROYAL
SCHOOL
TOWNSHIP
OAK
DISTRICT
NO.
8,
Mich.—
RESULT OF GALL FOR TENDERS—The following result of the call for
May 7 was compiled by Matthew Carey, refunding agent, 2149
Union Guardian Bldg., Detroit:
tenders
on
Par Value
A
Series
bonds
(payable
Co.):
Detroit Trust
$10,000.00 56.97 & int.
5,000.00 59.43 & int.
Trust
Co
30,000.00 62.00 & int.
WHEATON SCHOOL DISTRICT NO. 32 (P. O. Wheaton), Minn.—
be held on May 30 voters will be
BOND ELECTION—At an election to
MISSISSIPPI
LEAKESVILLE
10,000.00 80.00 & int.
Prescott, Coulter & Baxter....
$64,000.00 67.81
84,000.00 65.80
Total tenders
voters
5,000.00
NOXUBEE COUNTY SEPARATE ROAD DISTRICT NO. 1 (P. O.
Macon), Miss.—BOND OFFERING—Sealed bids will be received until
C. V. Adams, Chancery Clerk, for the purchase of a
$50,000 issue of refunding bonds.
Interest rate is not to exceed 6%,
payable F. & A. Denom. $1,000.
Dated Aug. 1, 1938.
Due on Aug. 1
as follows: $2,000 in
1939 to 1948, and $3,000, 1949 to 1958.
Prin. and
int. to be payable at a place to be agreed on with purchaser.
The Board
of Supervisors will obtain the opinion of the State Bond Attorney as to the
validity of the said bonds and have them validated in the Chancery Court
of said county.
Further legal opinion as to the validity of said bonds must
be obtained at the purchaser's expense, and the bonds are to be engraved at
the expense of and by the purchaser.
A $500 certified check must ac¬
company the bid.
2 p. m. on June 6, by
VICKSBURG, Miss.—BOND SALE DETAILS—We are now informed
by Mrs. Margaret Clack, City Clerk, that the $67,000 issue of 3% refunding
purchased at par by the City Waterworks System, as noted here
recently—V. 146, p. 3058—are dated April 1, 1938, and are due as follows:
$1,000, 1939 to 1943; $2,000, 1944 to 1948; $4,000, 1949 to 1953; $7,000,
1954 to 1957, and $4,000 in 195$.
Coupon bonds, registerable as to prin¬
cipal only.
Denom. $1,000.
Interest payable A. & O.
bonds
MISSOURI
100
Markets in all State, County & Town Issues
8,000.00
&
Crouse & Co
44.89
599.25 flat
450.00
630.00
100 & int.
630.00
1,425.00
-..--
100 & int.
1,425.00
TRAVERSE CITY, Mich.—BOND ELECTION—At an election to be
held within the next 30 days voters will be asked to approve the issuance
of $40,000 waterfront and street improvement bonds, proceeds of which
Works Progress Administration grant of between
$90,000 and $100,000.
TOWNSHIP
No.
SCHOOL
DISTRICT
Mich.—TENDERS
2),
Treasurer, will receive sealed tneders of
NO.
1
(P. O.
WANTED—Leon E. Hill,
up to $10,000 bonds until
8 p. m. on May 28.
MISSOURI
(P. O. Webster Groves), Mo.—BONDS SOLD—It is re¬
ported that $10,000 3% semi-ann. public improvement bonds were purchased
recently by Francis Bro. & Co. of St. Louis.
Dated May 2, 1938.
Legal
approval by Charles & Trauernicht of St. Louis.
SCHOOL
JOPLIN
May 10.
on
(P.
O.
a
recent election voters
VOTED—At
Montevideo), Minn.—
sewer
AUTHORIZED—At
resolution
was
a
recent meeting of the County Commissioners a
adopted which authorizes the issuance of $40,000 ditch
1943, to 1956, incl.
construction refunding bonds, due annually July 1,
CLEVELAND, Minn.—BOND SALE—The $15,000 issue of village bonds
offered for sale
on May 16—V. 146, p. 2894—was sold as follows:
$12,000 to Mr. Harry Kluntz of Cleveland, as 2%s.
3,000 to the Peoples State Bank of Cleveland, as 2%s.
CROSBY IRONTON SCHOOL DISTRICT NO. 51 (P. O. Brainerd),
Minn.—BONDS DEFEATED—At a recent election voters defeated the
proposed issuance of $125,000 gymnasium-auditorium construction bonds.
Vote
was
572 to 334.
coupon general
obligation bonds offered for sale on May 13—V. 146, p. 2894—was purchased
by local investors, as 2s, according to the Village Clerk.
Dated June 1,
1938.
Due $1,000 from July 1,1940 to 1953 incl.; redeemable at the option
of the Village, upon 30 days' notice.
Minn.—BONDS
VOTED—At
election voters
approved the issuance of $55,000 bonds of which $45,000 are for municipal
steam heat plant, $5,000 are for water
system extension and improvement,
and $5,000 are for village sewer improvement.
a
recent
LITTLE
FALLS, Minn.—BOND SALE—The $10,000 issue of storm
bonds offered for sale on May 16—V. 146, p. 2895—was awarded to
Thrall, West & Co. of Minneapolis, as 2>is, paying a premium of $36.00,
equal to 100.36, a basis of about 2.19%.
Dated June 1, 1938.
Due
$1,000 from June 1, 1940 to 1949 incl.
sewer
MOORHEAD, Minn.—WARRANT OFFERING—It is reported that
B. G. Price, City Clerk, will receive sealed and auction bids until May 27,
at 8 p.
m., for the purchase of $50,000 3% Paving
warrants.
Denom. $1,000.
Dated June 1, 1938.
Improvement No. 25
Due on June 1 as
follows: $5,000 from 1940 to 1943, and
$6,000, 1944 to 1948.
The city
reserves the right to take all or
any part of the issue at the price bid.
Prin.
and int. (J. & D.) payable at the First National
Bank, Moorhead. The city
will furnish the executed bonds and the
legal opinion of Junell, Fletcher,
Dorsey, Barker & Colman of Minneapolis. A certified check for $500, pay¬
able to the city, must accompany the bid.
MILACA, Minn.—BONDS VOTED—At a recent election voters approved
the issuance of $45,000 school construction bonds
by a vote of 291 to 152.
MINNEAPOLIS,
We are informed
Minn.—BOND OFFERING NOT SCHEDULED—
by George M. Link, Secretary of tne Board of Estimate
offering of $500,000
and Taxation, that no definite date has been set for the
street repaying bonds.
RAYMOND, Minn .—PROPOSED BOND
be held in the near
^
ELECTION—At
an
election to
RED LAKE COUNTY (P. O. Red Lake Falls),
is
reported
that
Arthur
Prenevost,
Minn.—BOND OF¬
County Auditor, will
receive sealed bids until 1:30 p m.. on June
1, for the purchase of an $18,000
Issue of refunding bonds.
Interest rate is not to exceed 3%, payable J. & J.
Denom
Si,000.
1958 incl.
Dated July 1, 1938.
Due $1,000 from July 1, 1941 to
A certified check for 2% of the bonds bid
for, is required.
recent
DISTRICT
(P.
O.
St.
Louis),
Mo.—BONDS
election voters approved the issuance of $123,000
A Works Progress Administration grant of
bonds.
$135,000 will be requested.
ST. LOUIS, Mo.—BOND ELECTION—At an election to be held on
Aug. 2 voters will be asked to approve the issuance of $750,000 fire station
and fire equipment purchase bonds.
SARCOXIE CONSOLIDATED SCHOOL DISTRICT NO. 110 (P. O.
Sarcoxie), Mo.—BOND SALE—The $15,000 issue of 4% registered con¬
146, p. 3227—was awarded
to the First National Bank of Sarcoxie, at a price of 105.515, a basis of
about 3.285%.
Due $1,000 from 1940 to 1954 incl.
The second highest bid was an offer of 101.87, submitted by Bennett,
struction bonds offered for sale on May 14r—V.
It is stated by
F. S. Parks, District Clerk, that the bonds will not be
issued until the project is approved
by the Federal Government.
MONTANA
BAKER, Mont.—BONDS NOT SOLD—The $120,000 issue of not to
6% semi-ann. sewerage refunding bonds offered on May 3—V. 146,
2895—was not sold as no bids were received, according to report.
exceed
p.
COUNTY HIGH SCHOOL DISTRICT NO. 1 (P. O.
Mont.—BOND SALE—The $30,000 issue of school building
18—V. 146, p. 2732—was awarded to the
Board, as 3Ktbs, according to the District Clerk.
CHOUTEAU
Fort Benton),
bonds offered for sale on May
State Land
CLYDE
PARK, Mont.—BOND OFFERING—It is stated that sealed
June 6, by J. M. L. Payne, Town
bids will be received until 7:30 p. m. on
Clerk, for the purchase of a $10,000 issue of refunding water bonds. Interest
rate is not to exceed 6%, payable J. & J.
,
Dated Jan. 1,1938.
Amortization bonds will be the first choice and serial
bonds will be the second choice of the Council
If amortization bonds are
.
.
divided
of sale;
payable in semi-annual instalments during
a period of 10 years from the date of issue.
If serial bonds are issued ana
sold, they will be In the amount of $1,000 each.
The sum of $1,000 of said
serial bonds will become due and payable on Jan. 1,1939, and a like amount
on the same day each year thereafter until all such bonds are paid.
The
bonds, whether amortization or serial, whl be redeem able on any interest
paying date at par and accrued interest.
The bonds will be sold at not
less than their par value with accrued Interest to date of delivery.
Enclose
a certified check for $500, payable to the Town Clerk.
sold and issued,
the entire issue may be put into one single bond or
Council may determine upon at the time
into several bonds, as the
both principal and interest to be
DEER LODGE
COUNTY SCHOOL DISTRICT NO. 10 (P. O. Ana¬
conda), Mont.—BOND SALE
future voters will be asked to approve the issuance of
„
SEWER
a
construction
trict Clerk that the
$64,000 school addition construction bonds.
FERING—It
(P. O. Pineville), Mo.—BONDS VOTED—
approved the issuance of $48,500 warrant judg¬
bonds.
Piersol & Co. of Kansas City, Mo.
HOKAH, Minn.—BOND SALE—The $14,000 issue of
KEEWATIN,
COUNTY
McDONALD
MELROSE
MINNESOTA
(P. O. JopHn), Mo.—BOND OFFER¬
A. Elliott, Superintendent of Schools, that he will
$100,000 school bonds.
Interest rate is not to exceed 3 % %, payable J. & D.
Denom. $1,000.
Dated June 1, 1938.
Due on June 1, 1958.
Any or all
of the bonds may be callable on June 1, 1948, or any interest payment date
thereafter.
These bonds were approved by the voters at an election held
At
COUNTY
DISTRICT
ING—It is stated by E.
receive sealed bids until 5 p. m. on May 31, for the purchase of an issue of
ment payment
CHIPPEWA
ST. LOUIS, MO.
GLENDALE
$3,275.97 $49.35
$3,292.50
BUILDING,
$126.83
—
a
SCHERCK, RICHTER COMPANY
5,000.00 $18.65
int.
45.00 99.75 & int.
600.00
450.00
100 & int.
Michigan Trust Co-.
BONDS
$43,400J)0
55,268.50
$142.50 89.00 & int.
W.W. Mills..
Route
election.
at an
LANDRETH
Matthew Carey & Co_
Estate of Roy Chapin
WATERFORD
DISTRICT
MISSISSIPPI, State oi—SPECIAL SESSION TO CONSIDER HOME¬
STEAD EXEMPTION—Mississippi Legislature at a special session June 20
will receive recommendations by Governor Hugh L. White for tax exemp¬
tion (except special taxes for bond retirement) on homes up to $2,500
valuation and farms up to 80 acres.
Preliminary estimates indicate exemp¬
tion of this nature would reduce revenue $9,000,000 to $10,000,000.
Such
losses would be offset, according to Governor White's plan, by increased
sales tax rate, extension of maturities on State bond issues and estimated
$4,500,000 treasury surplus to be available at end of the biennium.
Recess
committee of the legislature will develop the plan for submission on June 20.
Series B bonds:
Irving Trust Co.—Interest refunding certificates
(payable at Manufacturers
National Bank of Detroit):
Pontiac.
SCHOOL
LEFLORE COUNTY
(P. O. Greenwood), Miss.—BONDS TO BE
ISSUED—The County Board of Supervisors has filed notice of its intention
to issue $150,000 of road surfacing bonds on June 6, unless 20% of the
qualified voters protest in which case the proposal will be submitted to the
2.800.00
8,000.00
10,000.00 80.00 & int.
Continental-Illinois Bank
School
SPECIAL CONSOLIDATED
(P. O. Leake8ville), Miss.—BONDS SOLD—It is reported that $20,000
414% semi-ann. school bonds have been purchased recently by Walton &
Jones of Jackson.
Dated March 1, 1938.
18.600.00
4,000.00 70.00 & int.
Manley
will be combined with
to
asked to approve the issuance of $30,000.
$11,868.50 $86.60
10,000.00 60.00 & int.
8,000.00
Babbitt-Vogel & Co
—
on
$20,000.00 59.34
accepted.
M. A. Manley
1938
21,
3,000.00
Union Guardian Trust Co
Union Guardian
Int.
$5,897.00
2,971.50
5,000.00 60.00 & int.
Sattley & Co
H. V. Sattley & Co
M. A.
Amount
at
H. V.
Tenders
Tendered
May
TRUMAN, Minn.—BOND ELECTION—At an election to be held
May 23 voters will be asked to approve the Issuance of $50,000 not
exceed 4% power house site and power house construction bonds.
Tenders Accepted
DETAILS—It is now reported by the Dis¬
$113,177.52 issue of refunding
bondspurchas^ jointly
by the Wells-Dickey Co. of Minneapolis, and Richanfci &: Bluna of Spokane,
as noted here recently—V. 146, p. 3058
was sold as 2/^s, at a price of
100.309, and matures on July 1, 1937.
Mont.—BOOT ELECTION
will be asked to approve the
construction bonds.
SANDERS COUNTY HIGH SCHOOL DISTRICT NO. 1 (P. O.
Plains), Mont.—BOND SALE DETAILS—It is stated by the District
GLACIER COUNTY (P. O. Cut Bank),
an election to be held on July 19, voters
—At
issuance
of $110,000
court house
Volume
Clerk
that the
3383
Financial Chronicle
146
the First National
146, p. 3058—were
320,000 building bonds purchased by
2Mths, as noted here recently—V.
20 years.
Bank of Plains, as
MacKinney, Township Clerk, reports the purchase
64.875; $5,000 at 65.875, and $1,000 at 64.50.
SANDERS COUNTY HIGH
SCHOOL DISTRICT No. 2 (P. O.
Thompson Falls), Mont.—BONDS NOT SOLD—We are informed Dy the
District Clerk that all the bids received up to May 9 for the purchase of the
3100,000 school construction and improvement bonds, offered at that time,
which bids were taken under consideration up to May 14, as noted here—
V. 146, p. 3228—were rejected.
He states that these bonds will be disposed
of at private sale.
V
NEBRASKA
Ave. in West Orange, and
$93,300 County Park Commission
city obligations.
SCHOOL DISTRICT
(P. O. Gerine), Neb.—BONDS
Charles P. Geil, Secretary of the Board fo Education,
refunding bonds authorized by the Board of Educa¬
tion early in March, as noted here at the time, have been sold.
GERING
SOLD—It is stated by
that the $30,000 3% %
PLANNED—The City is con¬
bonds to pay $22,000 4M%
inclusive, issued Feb. 1,11929,
of refunding 4%% bonds, dated June 1, 1928.
HADDONFIELD, N. J.—BOND SALE—O.
Dougherty, Corkran & Co., both of Philadelphia,
SCOTTSBLUFF, Neb.—SCHOOL BONDS PETITIONED—A petition
presented to the Board of Education calling for an election in the
near future on the proposed issuance of $250,000 school constructicn bonds.
has been
The
following is
a
list of the other bids
submitted at the offering:
NEVADA
proposed issuance of about $75,000 courthouse construction
bonds, following announcement of the granting of a $52,507 Federal loan.
sideration the
Nev.—BONDS SOLD—It is stated by M. P.
Rowan, Town Clerk, that $19,000 water addition and extension bonds were
purchased by local investors.
LAS VEGAS,
Rate
Bid
Bid for
Rate
250
3M%
100.269
250
3M%
100.141
249
3K%
Blyta & Co., Inc. and Bioren & Co
E. H. Rollins & Sons, Inc., Suplee, Yeatman &
Co. and Charles Clark & Co
Brown Harriman & Co. and Graham, Parsons
& Co
O. Freehold), N. J.—BONDS
Commission has approved an issue of
'/"V
MONMOUTH COUNTY (P.
State Funding
funding bonds.
Nev—COURT HOUSE
said to have under con¬
Int.
No. Bonds
Bidder—
—The
CHURCHILL COUNTY
(P. O. Fallon),
BONDS PROPOSED—County Commissioners are
O. Collings & Co. and
jointly, were the success¬
$250,000.couponl or registered refunding bonds offered
May 17.—V. 146, p. 3228.
Bankers took $248,000 bonds, named an in¬
terest rate of 3M% and paidfa price of $250,117.96, equal to 100.85%, a
basis of about 3.33%.
Dated Junejl, 1938 and due June 1 as follows:
$25,000 from 1939 to 1947 incl. and|$23,000 in 1948.
The First National
Bank & Trust Co. of Paulsboro submitted the next-best bid, offering to pay
$250,006 for a total of $248,000 bonds as 3 Ms.
ful bidders for the
PLATTSMOUTH, Neb —REFUNDING
sidering the issuance of $28,000 refunding
bonds of Paving Districts Numbered 11-33,
NORTH
bonds.
N. J.—BOND SALE— The issue
registered school bonds offered May 17—V. 146, p.
3058—was awarded to the Fairlawn-Radburn Trust Co. of Fairlawn, as
3Ms, at 100.11, a basis of about 3.48%.
Dated May 1, 1938 and due
May 1 as follows; $4,000 in 1940 and 1941, and $5,000 from 1942 to 1948
SCHOOL DISTRICT,
FAIRLAWN
of $43,000 coupon or
incl.
BRIDGEPORT, Neb.—BOND OFFERING—It is stated by R. D.
Milhollin, City Clerk, that he will receive sealed bids until 8 p. m. on June 2,
for the purchase of a $4,000 issue of 4% semi-ann. swimming pool bonds.
Due in 20 years; optional in 10 years.
These bonds are said to be direct
and to pay $6,000
of $6,500 at a price of
(P. O. Newark), N. J.—PARK AND ROAD BONDS
AUTHORIZED—The County Board of Freeholders recently authorized
the issuance of $163,000 paving bonds for the improvement of Northfield
ESSEX COUNTY
sold at par, and mature in
100.52
APPROVED
$272,000 re¬
NETCONG, N. J.—REFINANCING PROPOSED—At a meeting to be
on May 24 the Borough
Council will consider for first reading an
the issuance of $59,500 not to exceed 5% refunding
held
ordinance authorizing
bonds.
NEWARK, N. J .—BORROWING CAPACITY—A supplementary debt
filed May 11 by Finance Director Murpny with City Clerk
Auditor Darby puts Newark's gross debt at $118,472,354 and the net debt at $80,769,153, according to the Newark "News"
statement
Reichenstein and State
of the following day.
HAMPSHIRE
NEW
City's present borrowing
H.—ROAD BONDS APPROVED—'Tne Finance
issuance of $125,000 street resurfacing
highway construction bonds.
N.
MANCHESTER,
Commission recently approved the
and
JERSEY
NEW
SALE—Blyth & Co., Inc.. New York,
CHATHAM, N. J.—BOND
of Newark, jointly were the
and
successful bidders for the
$179,000 coupon or registered bonds offered May 16—V. 146, p. 2895.
The bankers named an interest rate of 2% % and bid for a total of $178,000
bonds, paying a price of $179,175.39, equal to 100.66, a basis of about
2.695%.
The offering was made up of $135,000 refunding bonds, due
annual instalments from 1939 to 1965, incl., and $44,000 sewer bonds, due
in annual instalments from 1939 to 1960, incl.
The bonds are dated May
in
maturities of both series, with payments
1,1938, and the combined
due May
follows: $9,000, 1939; $6,000 from 1940 to 1951, incl.;
$7,000 from 1952 to 1964, incl., and $6,000 in 1965.
B. J. Van Ingen & Co., Inc., of New York, second high bidder, named
an interest rate of 2M% and bid for the entire $179,000 bonds, naming a
price of par plus a premium of $340.10, equal to 100.19.
The following is a complete list of the unsuccessful bids:
1 of each year, are as
Int.
No. of
Bonds
Amount
Rate
3
Bid for
176
$179,579.00
'
-
Bidder—
'
-
Adams & Mueller
A. C. Allyn
& Co., Inc. and
179,157.00
Statement
179
179
179,284.61
179,340.10
following is a complete list of the
offered May 11.
The award, as previously
made to J. S. Rippel & Co. of Newark and associates,
178
179,593.10
Mar. 31 '38 x Mar.
38,750.00
None
None
None
None
44,696.12
5,250.00
23,142.98
$336,200.82
31 '38
$369,000.00
$190,000.00
.15,650.00
$301,839.10
$369,000.00
School District of Chatham
V
Dec. 31 '36
Dec. 31 '37
Mar. 31 '38
4,213.69
$360,000.00
4,715.88
$356,000.00
4,715.88
$361,286.31
$355,284.12
$351,284.12
$365,500.00
bonds
Less sinking fund
Schedule
1939
i
of Debt Payment (Giving Effect to
(Exclusive of School Debt)
1940
1941-1951
this Financing)
1952-1965
$14,000
$13,000
11,000
,
Financial Information
Assessed Valuations and Tax Rates
230,000
$5,514,735
245,425
$5,574,903
$4.68
Total
Tax rates
$5,436,680
$4.55
$5,524,580
■
$4.92
$5,760,160
*$4.84
1937
1938
180,648.89
x47,801.35
Estimated rate.
collections
levy
Tax Collections
1936
1935
$255,749.72 $243,892.51
Total current levy
161,660.04
year
Per cent
Estimated levy,
x
161,657.68
63%
66%
67%
23,954.39
........
39,636.50
70,179.34
Collections to and including
Delinquent Tax and Tax
1935
Year—
collections
$220,206.11 $199,858.71
Jan.
Cash
89,854.08
x25,843.54
5,947.31
6,252.17
49,921.74
108,279.82
43%
of
1
collections
37%
5,689.60
as
74,731.34
49%
.
liens
during
107.33
year
x
1938
$206,538.06 $168,265.07
during
year
Per cent.
Total tax title
March 31, 1938.
Title Lien Collections
1936
1937
taxes
Total
delinquent
as of Jan. 1...
Cash
$270,920.44*$272,001.22
during
Delinquent Mar. 31 1938
Collections to and
about
N. J .—OTHER BIDS—'The
unsuccessful bids for the $302,000 bonds
noted in v. 146, p. 3228. was
which bid for $300,000
of 2M% and paid a price of 100.877, a basis
(P. O. Paterson),
an-interest rate
2.36%:
bonds naming
of
__
_
_
No. Bonds
Bid For
Kan, Taylor & Co.; Minsch. Monell & Co.,
and Van Deventer, Spear & Co
300
H.B. Boland & Co
301
A. C. Allyn & Co.; E. H. Rollins & Sons,
Bidder—
Int. Rate
2M %
2M%
301
302
Miller & Co
Bank of Paterson
and MacBride,
First National
3%
_
2M%
302
Adams & Mueller.
Co.; C. A. Preim & Co.,
and Schalter, Noyes & Gardner, Inc
302
B. J. Van Ingen & Co., Inc.
301
Biyth & Co., and H. L. Allen & Co
301
Campbell, Phelps & Co., and Charles Clark
2%%
2M%
--301
Halsey, Stuart & Co
Premium
OQ
$2,196.88
1,126.30
181.20
593.00
Aoc ™
o§§'9£
1 >268.40
*
2%%
3%
-301
& Co
1,600.00
1,157.10
1,165.00
Rochelle Park), N. J.—
funding and refunding
awarded
H.B. Boland
equal to 100.25, a
ROCHELLE PARK TOWNSHIP (P. O.
BOND SALE—The $20,000 4% coupon or registered
bonds offered May 16—V. 146, p. 3059—were
to
& Co. of New York City, at par plus a premium of $50,
basis of about 3.95%.
Dated May 1, 1938 and due $2,000 on
1939 to 1948, incl.
Second high bid was made by
which offered a premium of $25.
Dec. 1 from
RUTHERFORD, N. J.—BOND
893.50
William E.
17—V. 146, p. 3228—Ms, at a price of
and due $4,000 on
H. B. Boland &
York, the offer being
100.045 for 1M»-
RIVER, N. J —BOND SALE— The $15,000 coupon
gistered bonds, comprising $7,500 municipal bldg., series 2
provement, offered May 17—V. 146, p. 3229—were
Boland & Co. of New York, as 3 Ms, at a price of 100.778, a basis
3.14%.
Dated June 1, 1938 and due $1,000 on June 1 from
SADDLE
or re¬
and $7.500 im¬
awarded to II. B.
of about
1939 to 1953
inCBid<Sr—V bldS;
Int. Rate *
Rate Bid
B. J. Van Ingen & Co., Inc
inn'on9
P.B. RouraCo_
§M%
100.20
Outwater & Wells
3M%
iRioa
Mac Bride, Miller & Co
3M%
101.06
Rogers, Gordon & Co
4%
100.17
SADDLE RIVER TOWNSHIP (P. O. Saddle River). N. J. BOND
OFFERING—Josenh Gardiner, Township Clerk, will receive sealed bids
until 8 p. m. (Daylight Saving Time) on May 27 for the purchase of $21,600
not to exceed 6% interest coupon or registered bonds, divided as follows:
$18 800 street improvement bonds.
One bond for $800, others $1,000 each.
Due June
CHESTER TOWNSHIP (P. O. Maple Shade), N. J .—TENDERS
ACCEPTED—In connection with the call for tenders on May 2 of general
refunding bonds, dated Dec. 1, 1936 and due Dec. 1, 1975,
SALE—The issue of $20,000 coupon or
registered municipal building bonds offered May
was awarded to VanDeventer, Spear & Co. of Newark, as 1
100.142, a basis of about 1.45%.
Dated May 1, 1938
May 1 from 1939 to 1943 incl.
Second high bidder was
including March 31, 1938.
COUNTY
PASSAIC
Co. of New
Current
Year
*
1938
$5,211,330
225,350
$5,294,580
332,475
$5,242,428
property
APPROVED—BONDS TO BE
recently that a sewer
by the Public Works
made. The munnici-
the Rochelle Park Bank,
1937
1936
1935
Year—
Personal property
'■ V.;.'
end."
PASSAIC,
C. P. Dunning &
financing.
Giving effect to this
year
of Debt
37,900.48
Cash
$121,282
and
getic efforts are being made by Mayor Cullum to dispose of property, title
to which has already been acquired by the Township", the report states.
"Should the progress recorded thus far in 1938 continue during the balance
of the year, another substantial reduction in the outstanding debt, through
the operation of the Revolving Fund, can be confidently expected at the
179
87,650.34
*
first four
outstanding
against §708,690
N. J.—SEWER PROJECT
ISSUED—The Township Committee was informed
project for the Stirling District has been approved
Administration and that a grant of $47,000 will be
paiity will issue $58,300 sewer bonds.
Emergency notes
Local school district taxes payable-
Real
period
Collections of tax
179,499.41
179,370.60
179,275.00
179,933.20
'
179,250.42
Tax notes
$14,000
in
with
according to
holders of
179,071.20
$195,000.00
anticipation notes
position to
leavingthe
NORTH BERGEN TOWNSHIP, N. J .—TAX COLLECTIONS SHOW
INCREASE—Evidencing the continued financial progress being made in
the Township of North Bergen. N. J., cash collections of current taxes
the first four months of this year amounted to $402,748 compared
$347,642 in the same period last year, an increase of 15%,
a
special report issued by Josiah M. Hewitt, 100 Broadway, to
some $5,000,000 of the Township's bonds represented by him.
The report shows that total tax collections in the four month
were
$875,437 against $823,949 in the like period last year.
and assessment liens totaled $228,436 against $227,169.
Delinquent taxes
collected decreased from $117,418 last year to $104,668 in the
months this year, due largely to the reduction in the amount of
delinquent taxes, which as of Jan. 1, 1938 was $622,160
on Jan.
1, 1937.
Miscellaneous revenue collected amounted to
against $105,653.
,
'
,
.
"Foreclosure of liens is now progressing at a satisfactory rate
ener¬
179
178
179
178
Dec. 31 '36
Serial bonds
capacity of
operations.
retired since
$132,723,954.99 to $118,-
178
3
B. J. Vaningen & Co., Inc
_2M
Dougherty, Cochran & Co.; Minsch, Monell &
Co., Inc.;Van Deventer, Spear & Co
____3
School
reduced from
178
& Co., Inc
x
1935.
time gross debt was
Since'that
3
McBride, Miller &
_3
H. L. Allen & Co
3M
Milliken & Pell
..3
M. M. Freeman & Co., Inc
,_3M
Campbell, Phelps & Co., Inc. and Charles Clark
& Co_
_•
3
Phelps, Fenn & Co., Inc. and Colyer, Robinson
Schlater, Noyes & Gardner;
Co. Inc—
Comparative
its percentage
the legal limit
372,354.62.
Of the $14,251,600.37 paid off, Newark was in a
borrow $8,550,960.22.
The city has borrowed $5,295,803,
borrowing capacity at the $3,265,157.22 figure.
.,3X
Sons, Inc
H. B. Boland & Co_
Bond
Bid
E. H. Rollins &
capacity Is given as $3,265.157 and
4.15 points above the legal limit.
percentage of bonded debt is given as 11.15, as against
of 7%.
The debt percentage was 11.16 Dec. 31, 1936.
The Murphy statement showed tne city has a borrowing
$3,265,157.22 under Chapter 60, which controls the city's
Under the Act, it can borrow up to 60% of the amount of bonds
The
Feb. 28
BAYONNE, N. J.—BONDS APPROVED—The State Funding Com¬
mission approved a proposal of the city under which it plans to issue $1,800,000 general funding bonds.
J. S. Rippel & Co.
of bonded debt is placed at
2 800
1 as follows:
$2,800 in 1939, and
municipal equipment bonds.
Due June 1 as follows: $800
incl.
.
$4,000 from 1940 to
One bond for $800, others $500 each.
in 1939, and $500 from 1940 to 1943
3384
Financial
All of ttie bonds
are
dated June 1, 1938.
Bidder to
name a
r
SECAUCUS, N. J.—TAX ANTICIPATION NOTE AUTHORIZED—
a recent meeting of the Town
Council, issuance of a $.50,000 tax an¬
ticipation note was authorized.
Note will be dated May 16, 1938, will
mature on Nov. 16, 1938 and will bear interest at not to exceed
6%.
At
TRENTON, N. J.—BOND SALE—The $86,000 coupon water bonds
offered May 20—V. 146, p. 3059, 3228—were awarded to Adams & Mueller
of Newark, as 2Ms, at a price of 100.89, a basis of about
2.64%.
Dated
May 15, 1938 and due May 15 as follows: $6,000 in 1939, and $5,000 from
1940 to 1955 incl.
Second high bidder was Graham, Parsons & Co., New
was
100.54 for 2 Ms.
9 p. m. (Daylight Saving Time) on May 25 for the purchase of $550,000 not
6% interest coupon or registered general funding bonds.
Dated
April 1, 1938.
Denom. $1,000.
Due $50,000 on April 1 from 1941 to 1951
incl.
Redeemable at township's option on April 1, 1940, or on
any April 1
and Oct. 1 subsequent thereto and before maturity, at par and accrued in¬
terest upon notice published one or more times at least 30
days before the
date fixed for redemption in a newspaper or financial journal
published in
N. Y. City.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of % ot\%.
To secure the payment of the bonds the township has
established a reserve fund which can be used solely for the purpose of
pay¬
ing the principal of and interest on the bonds and which is to consist of all
moneys recei ved after the issuance of the bonds and representing collections
of taxes levied for any fiscal year prior to the fiscal
year 1938 on real estate
used for railroad and canal purposes in the township and
separately valued
to exceed
and assessed under the provisions of Subdivision XI of Section
54:22-1 of the
Revised Statutes, and commonly known
as
"Second Class Railroad Taxes."
Prin. and int. payable in lawful money at the Merchants Trust
City.
The bonds will be sold to the bidder or bidders
Co., Union
submitting a legally
acceptable proposal and offering to pay for the bonds the price which, as
compared with the prices named in all other proposals submitted, will yield
to the purchaser the lowest rate of income to the
maturity dates of the bonds,
computed in the manner or mode of procedure prescribed by the Acme
tables of bond value, published by tne Financial
Publishing Co.,
The price offered must not in any event be less than
Boston.
$539,000.
The pur¬
chaser will be furnished with the opinion of Reed,
Hoyt, Washburn & Clay,
of New York, that the bonds are valid and
legally binding obligations of the
township.
A certified check for $11,000, payable to the order of the town¬
ship, is required.
.
NEW
receive sealed
street
N.
MEXICO
MEXICO, State of—BOND SALE
POSTPONED—It is reported
by the State Highway Department tnat the sale of the $2,500,000 issue of
not to exceed 4% semi-ann. State
Highway Debentures, which had been
scheduled for May 24—V. 146,
p. 3059:—has been postponed.
Dated
June 1, 1938.
Due on June and Dec. 1, from June 1, 1943 to June
1. 1951.
NEW BOND OFFERING—It is now announced
by the State Board of
Finance that sealed bids will be received in the
Governor's office until
June 7. at 2 p. m., for the purchase of the above
$2,500,000 issue of State
Highway debentures.
Interest rate is not to exceed 4%,
payable J. & D.
Dated June 1, 1938.
Due as follows: $125,000 on June and Dec.
1, 1943:
$250,000, Dec;. 1,1944: $125,000, June and Dec. 1, 1945 and
1946: $500,000,
$125,000. Dec. 1, 1947: $500,000, June 1, 1948:
$250,000, June 1,
1949, and $125,000 on June 1, 1951.
Bids for all or one series will
June and
be con¬
No bid at less than par and accrued interest
will be considered.
Prin. and int. payable at the State
Treasurer's office, or at the
Guaranty
Trust Co., New York.
Denom. $1,000 or multiples
thereof, at the option
°C
Purchaser,
The debentures are issued to anticipate the collection
of the five-cent gasoline excise
taxes, the motor vehicle registration fees
and the property tax provided
by law for the State Road Fund.
The ap¬
proving opinion of Thomson, Wood & Hoffman of New
York, and the
printed debentures will be furnished to tne
purchaser,
a certified check for
2% of the amount of the bid, payable to the State
Treasurer, is required.
sidered.
bids until 4 p.
BRONXVILLE,
N.
is given
Y.—FINANCIAL STATEMENT—'The following
interest
Financial Statement
Assed valuations, real
property including special franchises....
$32,547,149
Total bonded debt, including this issue
1 162 290
(The above statement of bonded debt does not include the
coterminous
of'the
debt
school
district
levy taxes upon any
the village.)
or
or
of any other subdivision
having power to
all of the property subject to the
taxing power of
Population, 1930 Federal census—6,387.
Year—
1934
1935
Amount of last four pre1H f
f U Y
1936
1937
lotnAc"
Village
$292,819
$293,195
$329,897
$327,073
ndiftriictV---J---,
Uncollected
at
end
of
-$352,000
$352,000
$375,000
$399,300
village fiscal year
as of May
1,'38.
$72,959
1,051
$49,390
_
Coterminous
school
tt™
Uncol.
$38,301
1,285
1,279
Fiscal year 1937-38 does not end
until May 31,
a
CEDARHURST,
N.
Y.—BOND
SALE—The
gistered park improvement bonds offered
t0K
basis
a
1,882
1938.
$38,000
coupon
May 19—V. 146,
p.
or
re¬
3228—were
Ailyn & $l°->
V
Inc., New York, as 2.80s, at a price of
of about 2.78%.
Dated May 1, 1938 and due Mav 1 as
follows: S2 000 from 1939 to
1956 Incl. and SUOOO li, 1957 and
deemable at par on May 1, 1948 or on
any subsequent interest date.
The
bankers re-ofTered the 1939 to
1949 bonds on a yield basis of from
100.168,
•
a
1958.y R?
to
2.70%, and priced the remaining
Other bids:
Bidder-
J, i.Rate
_
3or
100
-IXI"Z.Hl3!20%
R.D. White & Co
Rate Bid
inn
3 20%
_
Roosevelt & Weigold, Inc
1.20%
bonds at par.
George B. Gibbons & Co., Inc___
Peninsula National Bank
38
100.26
100.065
3.20%
COMMACK FIRE DISTRICT (P. O.
Commack), N. Y.—BOND SALE
Bank of Huntington purchased on
May 11 an issue of $7,800 fire
as
3Ms, at par.
One bond for $800, others $1,000 each.
Due
Jan. 15 as follows: $800 in
1940, and $1,000 from 1941 to 1947 incl.
—The
bonds
ENDICOTT, N. Y.—BOND OFFERING—George H.
Nichols, Village
Clerk, will receive sealed bids until 12:30
p. m. (Eastern Standard Time) on
June 15 for the purchase of
$50,000 not to exceed 5% interest coupon or
registered North Street improvement bonds of
1938.
Dated July 1, 1938.
Denom. $1,000.
Due $10,000 on July 1 from 1939 to
1943 incl.
Bidder
to name a single rate of
interest, expressed in a multiple of M or l-10th of
1%
Principal and interest (J. & J.) payable at the Endicott Trust
Co.,
Enditott, with New York Exchange.
The bonds are direct general obliga.
k\°™of the vilIaBe, payable from unlimited
taxes.
A certified check for
$1,000, payable to the order of the village, must
accompany each proposal.
The approving legal opinion of
Clay, Dillon & Vandewater of New York
City will be furnished the successful bidder.
FAYETTEVILLE, N. Y.—BOND
SALE—The $25,000 coupon or reg¬
istered village hall bonds offered
May 16—V. 146, p. 3059—were awarded
to the Lincoln National Bank &
Trust Co. of Syracuse, as 2.10s, at par
plus a premium of $42, equal to 100.168, a basis of about
May 1, 1938 and due May 1
$3,000 from 1944
FORT
20 voters
to
2.07%.
as
follows:
were
Dated
$2,000 from 1939 to 1943 incl. and
1948 incl.
PLAIN, N. Y.—BOND ELECTION—At
construction
an election held on May
asked to approve the issuance of
$112,000 school addition
A Progress Works Administation
grant of $88,101
bonds.
has been obtained.
on
$10,000, 1940 to 1947 incl.: $12,000 in 1948. and $15,000 from 1949 to 1968
Among other bids was an offer of 100.124 for 2.80s made by an ac¬
composed of George B. Gibbons & Co., Inc., Adams, McEntee & Co.,
Inc. and Sherwood & Reichard, all of New York.
•
The successful banking group re-offered the bonds for public investment
at prices to yield from 1% to 2.75%, according to maturity.
incl.
count
bids:
Other
,
:•
Bidder—
>
.
<
.
Rate Bid
Int. Hate
2.70%
100.066
Weigold, Inc. and Kidder, Peabody
& Co., jointly2.75%
Lehman Bros., Manufacturers & Traders Trust
Co. and Kean, Taylor & Co., jointly
2.75%
100.319
_______
Rooseveit &
100.40
___
Bacon, Stevenson & Co. and A. M. Kidder & Co.,
jointly
IOO.60
2.90%
R.D. White & Co. and Equitable Securities
Corp.,
jointly
100.573
__2.90%
*
LARCHMONT, N. Y.—BOND SALE— The $23,500 coupon or registered
bonds offered May 19 were awarded to A. C. Allyn & Co., Inc., New York,
as 2.40s, at a price of 100.20, a basis of about
2.35%.
The sale consisted of:
$10,000 public works bonds.
Due $1,000 on June 1 from 1939 to 1948 incl.
13,500 general equipment bonds.
Due June 1 as follows: $2,500, 1939;
$2,000 in 1940. and $3,000 from 1941 to 1943 incl.
All of the bonds will be dated June 1, 1938.
Bidder—
Other bids were:
Rate Bid
Int. Rate
'
Ira Haupt & Co
George B. Gibbons & po., Inc.
R. D. White & Co
100.09
.2.60%
2M%
3.20%
3H%
Roosevelt & Weigold, Inc
100.18
100.05
100.23
MARINE
PARKWAY AUTHORITY,
N. Y.—BOND CALI^-lt is
officially announced that all of the 4M % sinking fund bonds, series A, due
Dec. 1, 1960, issued and presently outstanding have been called for re¬
demption on June 1, 1938, at a price of 104 and accrued interest at the
Marine Midland Trust Co., 120 Broadway, New York.
Int. will cease to
accrue after June 1.
Int. due on coupon bonds on June 1,1938, will be paid
only upon presentation and surrender of the said coupons.
Where coupon
bonds are surrendered for redemption, all coupons subsequent to June 1,
1938 must be attached.
Registered bonds and coupon bonds registered
as to principal must be in satisfactory form for transfer.
MASSENA, N. Y.—OTHER BIDS—'The $30,000 public works bonds
Noyes & Gardner, Inc. of New York, as 1.90s, at a
price of 100.13, a basis of about 1.875%, as previously reported in V. 146,
p. 3229. were also bid for as follows:
awarded to Schlater,
Bidder—-
Premium
Int. Rate
J. & W. Seligman & Co
Bancamerica-Blair Corp
2%
___________2%
E. H. Rollins & Sons, Inc.
2.10%
R. D. White & Co_.._—
2.10%
Arthur B. Trexnan & Co
_.2.10%
Marine Trust Co
2.20%
Manufacturers & Traders Trust Co___
—2.30%
_
'
_________
$36.00
15.00
43.80
39.30
Par
35.60
29.70
MECHANICVILLE, N. Y.—BOND SALE— The $70,000 coupon or
registered general city bonds offered May 20—V. 46, p. 3060—were awarded
to the Manufacturers & Traders Trust Co. of Buffalo, as 2s, at a price of
100.319, a basis of about 1.945%.
Dated May 1, 1938 and due $7,000 on
May 1 from 1939 to 1948 incl. A. C. Allyn & Co., Inc., New York, second
high bidder, offered 100.156 for 2s.
MONROE COUNTY (P. O.
Rochester), N. Y.—CERTIFICATESALE
—Clarence A. Smith, Director of
Finance, reports that
an
issue of $350,000
certificates of indebtedness, due Nov. 16, 1938, was sold to a local investor.
Loan was negotiated in anticipation of sale of an equal amount of bonds in
the fall.
The bond issue, as previously noted here, was authorized by the
YORK,
May 3.
N.
Y.—OFFERING OF SERIAL BONDS AND COR¬
D. McGoldrick, City Comptroller, will receive
sealed bids until noon (Daylight Saving Time) on May 24 for the purchase
of the whole or any part of $50,000,000 not to excekl 4% interest serial
bonds and corporate stock, divided as follows:
PORATE STOCK—Joseph
in connection with the May 24
offering of $36,000 not to exceed
general improvement bonds,
previously described in these
columns.—V. 146, p. 3228:
6%
Village Clerk wil
May 27 for the purchase of $29,000
ISLIP UNION FREE SCHOOL DISTRICT NO. 4 (P. O. West Sayville), N. Y.—BOND SALE—The $392,000 coupon or registered school
building bonds offered May 20—V. 146, p. 3060—were awarded to a group
composed of A, C. Allyn & Co., Inc., E. H. Rollins & Sons, Inc. and B. J.
Van Ingen & Co., Inc., all of New York, as 2.70s, at a price of 100.6891,
a basis of about 2.65%.
Dated June 1, 1938 and due June 1 as follows:
NEW
YORK
m.
1938
OFFERING—The
improvement bonds.
Board of Supervisors on
NEW
Y.—BOND
Haisey, Stuart & Co., Inc
WEEHAWKEN TOWNSHIP (P. O.
Weehawken), N. J .—BOND
OFFERING«—Leo P. Carroll, Township Clerk, will receive sealed bids until
NEW
May 21,
HEMPSTEAD,
single rate of
interest, expressed in multiples of M of 1%.
The price of wnich the bonds
may be sold cannot exceed $22,600.
Principal and interest (J. & D.)
payable at the liochelle Park Bank, Rochelle Park.
A certified check for
$432, payable to the order of the township, must accompany each proposal.
The approving legal opinion of Reed, Hoyt, Washburn &
Clay of JSTew
York City will be furnished the successful bidder,
York, whose offer
Chronicle
__
____
$10,000,000 corporate stock to provide for the supply of water. ""Due
June 1, 1978.
12,800,000 serial bonds incl. $10,000,000 for rapid transit construction.
$1,600,000 for dock iniprovements and $1,200,000 for various
municipal purposes.
Due $320,000 annually on Aug. 1 from
1939 to 1978 incl.
11,550,000 serial bonds including $7,350,000 for construction of schools
and $4,200,000 for various municipal purposes.
Due $330,000
annually on Aug. 1 from 1939 to 1973 incl.
6,600,000 serial bonds including $3,000,000 for construction of schools
and $3,600,000 for various municipal purposes.
Due $220,000
annually on Aug. 1 from 1939 to 1968 incl.
3,000,000 serial bonds including $1,500,000 each for school construction
and various municipal purposes.
Due $120,000 annually on
Aug. 1 from 1939 to 1963 incl.
1,500,000 serial bonds for various municipal purposes.
Due $100,000
annually on Aug. 1 from 1939 to 1953 incl.
2,400,000 serial bonds including $1,650,000 for school construction and
$750,000 for various municipal purposes.
Due $240,000 an¬
nually on Aug. 1 from 1939 to 1948 incl.
1,650,000 serial bonds for various municipal purposes.
Due $330,000
annually on Aug. 1 from 1939 to 1943 into.
500,000 serial bonds for construction of rapid transit railroads.
Due
$125,000 annually on Aug. 1 from 1939 to 1942 inc..
The entire offering of $50,000,000 will be dated June 1, 1938.
The
$10,000,000 of corporate stock will be issued in coupon form in denoms.
of $1,000 or in fully registered form in denoms. of $1,000 or
multiples thereof;
the
coupon
bonds and registered bonds being interchangeable.
The
$40,000,000 of serial bonds will be issued in coupon form in denoms. of
$1,000, or in fully registered form in denoms. of $1,000 or multiples thereof.
Coupon serial bonds may be exchanged for registered bonds, but are not
intercnangeable.
Interest on the corporate stock is payable Dec. 1, 1938,
and semi-annually on June 1 and Dec. 1 thereafter; on the serial bonds
interest is payable Aug. 1,1938, and
semi-annually thereafter on Feb. 1 and
Aug. 1
Purpose of the financing is to provide cash for the payment of
contract liabilities and for awards for lands
acquired for the separate pur¬
poses indicated above.
The sale will not increase the city's debt within
the Constitutional
10% limitation.
Conditions
of Sale
(Pursuant to
Sections 93E and 242 of the New York City Charter and
Section 241-1.0 of the Administrative Code of the
City of New York)
1. No proposal will be
accepted for less than the par value of the amount
bid for.
2.
Every bidder,
as a condition
precedent to the reception
or
consideration
of his proposal, shall deposit with the
Comptroller in cash, or by a certified
check drawn to the order of the Comptroller upon a trust
company or a State
bank incorporated and doing business under the laws of the State of New
or upon a National Bank,
2%. of the par value of the bonds bid for
such proposal.
No interest will be allowed upon any of such legally
required deposits
York
in
No proposal will be received
or considered which is not accompanied
by
deposit
such deposits shall be returned by the Comptroller to the
persons
making the same within three days after the decision has been rendered
as to who is or are the
highest bidder or bidders, except the deposit made
bj' the highest bidder or bidders.
3. If said highest bidder or bidders shall refuse or
neglect, within five
days after service of written notice of the award to him or them, to pay to
the City Treasurer, provided the
validity of such bonds shall have been
approved by Counsel acceptable to the bidders, the amount of the bonds
such
All
awarded to him
or them at
tfye par value thereof, together with the premium
thereon less the amount deposited by him or them, the amount or amounts
of deposit thus made shall
bje forfeited to and retained by said City as liqui-
Volume
4.
5.
Bids
on
series at one rate of interest
maturities will not be accepted.
in multiples of one quarter of
separate yearly
for sale
'
-
Bidders for the entire issue of
350,000,000 of corporate stock and
serial
entire issue may also
$50,000,000 of bonds
for sale, which bid must state a single rate of interest for the
of corporate stock and a single rate of interest for the $40,000,-
bonds offering to purchase "all or any part" of such
submit a bid for "all or none" of the entire issue of
now
offered
$10,000,000
000 of serial bonds.
Upon the payment into the City Treasury by the persons whose bids
accepted of the amounts due for the bonds awarded to them including
1938, temporary bonds shall be delivered eo
them in bearer form, of the denomination of $1,000, each, exchangeable
for definitive coupon bonds of like denomination when ready for delivery.
8. It is required by the Administrative Code of the City (Chapter 10,
Section 241-1.0) that in making proposals "every bidder may be required
to accept a portion of the whole amount of such bonds or corporate stock
for which he has bid, at the same rate for such portion as may be specified
in his bid for the full amount.
Any bid which conflicts with this condition
shall be rejected.
Any bidder offering to purchase all or any part of the
bonds or corporate stock offered for sale at a price at par or higher may also
offer to purchase all or none of such bonds or corporate stock at a different
price, and if the Comptroller deems it to be in the interest of the City he
may award the bonds or corporate stock to the bidder offering the highest
price for all or none of said bonds or corporate stock.
If the Comptroller
deems it to be in the interest of the City he may reject all bids."
The "highest price" will be determined by the bid which indicates the
lowest net interest cost of the City, i. e., the total interest over the entire
period, less premiums bid, if any.
9. Proposals containing conditions other than those herein set forth wilt
not be received or considered; provided, however, that bidders may con¬
dition their proposals upon opinion of recognized Municipal Bond Attorney
as to validity of issuance.
10. The proposals, together with the security deposits, should be in¬
closed in a sealed envelope, indorsed "Proposal for Corporate Stock and
Serial Bonds" and such envelope inclosed in another sealed envelope, ad¬
dressed to tne "Comptroller of The City of New York."
(No special form
of proposal is required, therefore no blanks are furnished.)
7.
are
accrued interest from June 1,
General
as
follows:
Denom.
debt
burden
Due $466 on May 1
the
to
All of the bonds
w
interest
Livingston County
Total approximate
overlapping indebtedness—
?
NO.
1
(P.
O.
Wynants-
ville), N. Y.—BONDS APPROVED—At the May 4 election the voters
approved a $25,000 fire house construction bond issue by a vote of 218 to
106.
They will mature $1,000 annually.
PEEKSKILL, N. Y.—BOND SALE— The $10,000 coupon municipal
building bonds offered May 17—V. 146, p. 3229—were awarded to the
Marine Trust of Buffalo, as 1.90s, for a premium of $9.50, equal to 100.095,
a basis of about 1.88%.
Dated May 15, 1938 and due $1,000 on May 15
from 1939 to 1948 incl.
A. C. Allyn & Co., Inc., New York City, second
high bidder, named
an
interest rate of 2.40% and offered to pay 100.044.
(P. O. R. F. D. No. 3, Peekskill), N. Y.—BOND
coupon or registered highway bonds offered
May 13 was awarded to the Marine Trust Co. of Buffalo, as 1.90s, at par
plus a premium of $11.25, equal to 100.118, a basis of about 1.86%.
Dated
May 1, 1938 and due May 1 as follows: $1,500 in 1939, and $2,000 from
PUTNAM VALLEY
SALE—The issue of $9,500
1940
to
Other
1943
incl.
bids:
_
-
-
-
—
Sherwood & Reichard
MahopacBank___
A. C. Allyn & Co., Inc
—_
-
-
—
Int. Rate
2.20 %
Premium
$65.55
_
2.70%
— _2.90%
—-3%
19.00
47.50
11.25
O. Saratoga Springs), N. Y.—BOND
SALE—The $100,000 coupon or registered highway bonds offered May 18
—V. 146, p. 3229—were awarded jointly to the Marine Trust Co. of Buffalo
and R. D. White & Co. of New York, as 1.60s, at par plus a premium of
COUNTY
(P.
100.315%, a basis of about 1.54%.
Dated May 1, 1938
May 1 from 1939 to 1948 incl.
The bankers re-offered
prices to yield from 0.40% to 1.65%,
according to maturity.
Second high bidder was the Harris Trust & Savings
Bank of New York, which named a rate of .70% and premium of $147.
$315, equal to
and due $10,000 on
the bonds for public investment at
Other bids:
Mocksville
CAROLINA
9*3
ctt
O.
(P.
t
•
DREXEL, N. C.—BOND SALE—-The $16,000 issue of public improve¬
offered for sale on May 17—V. 146, p. 3230—was awarded to
Lewis & Ilall of Greensboro, as 5s, paying a premium of $51.51, equal to
100.3219, a basis of about 4.95%.
Dated June 1, 1938. Due from June 1,
ment bonds
1940 to
1952 incl.
The second best
_
^
$16.75 premium on 5%s,
Co. of Winston-Salem.
bid was an offer of
by the Wm. B. Greene
Statistical Statement, April 22,
28?
Rate per
-
-
--
-- -- -- -- - — -
Amount
*
Percentage collected
--t
—
collected
As of last
audit, June 30, 1937.
The Town of
Drexel has no outstanding debt and has never issued any
incorporated by an Act of the State Legislature at
The town was
of 1913, and is located on
the Town of Morganton, the
Session
between
the Southern Railway, half-way
County Seat, and the Town of
70 by a concrete high-
connected with LT. S. Highway No.
Valdese, and is
^
Amendments
of the North Carolina Constitution of interest to bond¬
adopted at the tast General Election.
One amendment pro¬
and municipalities from contracting debts during any fiscal
year to an amount exceeding two-tnirds of the amount by which the out¬
standing indebtedness of tne particular county or municipality shall have
been reduced during the next preceding fiscal year, unless the subject be
submitted to a vote of the people of tne particular county or municipality,
and be approved by a majority of those voting thereon.
Under another
amendment the General Assembly may exempt from taxation not exceed¬
ing $1 000 in value of property held and used as the place of residence of
the owner.
At its 1937 session the General Assembly did not pass any
holders
were
hibits counties
Act to exempt property
from taxation.
(P. O. Greensboro), N. C.—LIST
GUILFORD COUNTY
received for the $150,000 road
noted in detail in our issue of May
100.011
on
May 11, as
100.285
as
follows:
1.90%
100.199
Saratoga National Bank, Saratoga Springs-2%
Par
— —
SAUGERTIES,
N.
Y.—BOND
OFFERING—William
F.
Keenan,
Village Clerk, will receive sealed bids until 2 p.m. (Eastern Standard Time)
on June 1 for the purchase of $65,000 not to exceed 6% interest coupon or
CLIFF, N. Y,—BONDS SOLD—An issue of $15,500 bonds was sold
sometime ago to the State Bank of Sea Cliff, as 3s, at par.
Dated Nov. ]
1937 and due Nov. 1 as follows:
$3,500 in 1938, and $3,000 from 1939 to
1942 incl.
SYRACUSE, N. Y.—CERTIFICATES SOLD—'The National City Bank
of New York was the successful bidder on May 20 for an issue of $16 ),'),)()
tax anticipation certificates of indebtedness,
naming an interest rate of
0.275%, at par
.Dated May 24 1938 and due Nov. 25, 193L
Legality
approved by Caldwell & Raymond of New York City.
Other bids were:
—Bidder
<
Int. Rale
Premium
R,
W.
Pressprich & Co. and Manufacturers &
Traders Trust Co., jointly-- ——--ii—.. 0 30%
$1 11
Salomon Bros. & Hutzler
0.31%
Halsey, Stuart & Co.. Inc
•
— I--0.35%
18.00
Horner & Mason;
1st $90,000-
For the
District Clerk, will receive sealed bids until 3 p. m. (Eastern
Standard Time) on May 27 for the purchase of $220,000 not to exceed 6%
interest coupon or registered school building bonds.
Dated May 1, 1938.
Denom. $1,000.
Due May 1 as follows: $9,000, 1939 to 1942 inc!.: $10,000,
1943 to 1946 incl.; $11,000, 1947 to 1950 incl.; $12,000, 1951 to 1954 incl.;
and $13,000 from 1955 to 1958 incl.
Bidder to name a single rate of in¬
terest, expressed in a multiple of 34 or l-10th of 1%.
Prin. and int. (M
& N.) payable at the Genesee Valley National Bank & Trust Co., Genesee
with New York exchange.
The bonds are direct obligations of the district,
payable from unlimited taxes.
A certified check for $5,000, payable to
the order of Eugene Webster, District Treasurer, must accompany each
Whitney,
— —
& Co.; First of Michigan
Harris & Co., Inc:
For the 1st $75,000
-
Trust Co.; Lewis &
John Nuveen &
Co.; Oscar Burnett &
Equitable Securities Corp.;
F. W. Craigie & Co.:
For the
1st
- -
—
Co
— —
— — — —
— —
Bosworth k Co.; Ryan, Sutherland & Co..Middendorf & Co.; Chas. A. Hinsch & Co.:
Braun
For the
1st $90,000
For the balance—*
The
—
150.196.50
150,115.50
„
—
„,,„y
—
—
Weil, Roth & Irving Co.;
For the 1st $135,000—
For the balance
150,151.00
334%
Wheelock & Cummins;
$120,000----
For the balance
334%
334 Zo
Hall, Inc.:
1st $75,000—
For the balance—-
_fi
150,084.52
3/4%
3 34/e<
334 %
Branch Banking & Trust
Co
For the
Io0.012.oo
Corp.;
For the balance
Kirchofer & Arnold, inc.;
$150,297.00
150,471.00
;
334%
334%
—
S. Dickson
Stranahan,
—
YORK, LEICESTER AND CALEDONIA CENTRAL SCHOOL DIS¬
TRICT NO.
1
(P.
O. RETSOK;, N. Y.—BOND OFFERING—F. S.
Welsh & Green:
— — —
For the balance—
Wachovia Bank &
3%
334%
334%
334%
For the balance——
R.
Pri e
Rale
-
F. Cnilds & Co—
Co., for the 1st $130,000- — .-
Wm. B. Green
multiple of 34 or 1-10th of 1%.
Principal and interest (J. & J.) payable
at the Saugerties Bank, Saugerties, with New York Exchange, or at the
Chase National Bank, New York City, at holder's option.
The bonds are
SEA
,
Halsey, Stuart & Co
Paine Webber & Co.; C.
Scott
OF BIDS—
refunding bonds awarded
14, are officially reported
Bidder—
*
registered sewer improvement bonds.
Dated July 1, 1938.
Denom. $1,000
Due July 1 as follows: $4,000 from 1939 to 1948 incl. and $5,000 from 1949
to
1953 incl.
Bidder to name a single rate of inter&st, expressed in a
general obligations of the village, payable from unlimited taxes.
A certified
check for $1,300, payable to the order of the village, must accompany each
proposal.
The approving legal opinion of Dillon, Vandewater & Moore
of New York City will be furnished the successful bidder.
?'nn§"n}
1,096.94
40%
0
Amount levied
*
The bids that were
Campbell, Phelps&Co., Inc
$911,877.00
1,414.94
84.4%
-
-
$100--
*
*
1936-37
1935-36
$559,043.00
Taxes—
Assessed valuation-
100.069
Manufacturers & Traders Trust Co
1938
.—
-—-1930 U. S. Census
781
Estimated Present----^,--------------------.------1450
-1.70%
1.70%
1.90%
—
.
submitted
Population—1920 U, S. Census
Rale Bid
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc
State Bank of Albany
Rich. Va. 83
Mocksville), N. C.—NOTES SOLD—It is
reported that $6,550 notes have been purchased by the Bank of Davie, of
tne
Manufacturers & Traders Trust Co
SARATOGA
NORTH
COUNTY
DAVIE
bonds.
Bidder-—
A. T. T. Tel.
3-9137
Bidder to name a single rate
DISTRICT
Va.
Richmond,
$466.
bidder.
FIRE
and interest
COMPANY
F. W. CRAIGIE &
$242.
-$54,974
School Bldg. 5%s
1955-56 at 95
October
Due
—---
_ — - _ _—
$20,000
RUTHERFORD CO., N. C.
Vandewater & Moore of New York City will be furnished the
GREENBUSH
—
-
—-
-
expressed in a multiple of 34 or l-10rh of 1%.
(M. & N.) payable at the Schenectady Trust Co.,
NORTH
$19,440
.
from 1939 to 1957 incl.
ill be dated May 1, 1938.
District)
—
_
-None
Town of Leicester
303
Town of Caledonia
——
231
School District No. 7----- 35,000
,
of Dillon,
successful
$165,000.
be
■Town of York-
Principal and
Schenectady,
with New York exchange.
A certified check for $320, payable to the order
of the Town, must accompany each proposal.
The approving legal opinion
of interest
will
District
Denom. $110.
Denom.
,;
Approximate Overlapping Bonded Indebtedness
Phone
1938.
;
,
(Proportion of indebtednass applicable to the
Due $242 on
Due $110 on May 1 from 1939 to 1957 incl.
Water district No. 5, extension bonds of
\;
merger of 11 former school
The school will be located at
:
district No. 1, extension bonds of 1938.
May 1 from 1939 to 1957 incl.
2,090 Water district No. 3. extension bonds of 1938.
$4,598 Sewer
8,854
Injormalion
District, comprising 64 square miles, was formed on Dec. 23, 1937
districts.
Greigsville, which is practically the center
of the District.
The total cost of the project is to be $400,000, of which
$180,000 is to be received as a grant from the Public Works Administration.
Under the Education Law, the State reimburses Central School Districts
to the extent of 25% of the principal and" interest of the funded debt in¬
curred for the cost of constructing a school.
Therefore, the approximate
This
by
NISKAYUNA, N. Y.—BOND OFFERING—Hoy E. Whamer, Town
Supervisor, will receive sealed bids at the offices of Roy W. Peters, 514
State St., Schenectady, until 10 a. m. (Eastern Standard Time) on May 24
for the purchase of $15,542 not to exceed 6% interest fully registered
bonds, divided
the
full
$4,231,824.
The total bonded debt of said
District, including the above mentioned bonds, is $220,000.
The present
population of said District is approximately 2,500.
The bonded debt above
stated does not include the debt of any other subdivision having power to
levy taxes upon any or alt of the property subject to the taxing power of tne
District.
The school year commences July 1 and ends June 30 next.
Said District was duly organized on Dec. 23, 1937, pursuanc to Article
6-B of the Education Law of the State of New York. The first taxes for the
purposes of said District will be levied for tne fiscal year commencing
July 1, 1938.
Uncollected taxes will be reported to the County Treasurer
by the Board of Education and snail be paid by said County Treasurer to
the Treasurer of the Scnool District.
A detailed report of essential facts
will be submitted to any interested bidder.
valuation of the real property is
interest
will not be considered.
6
The assessed valuation of the property subject to the taxing power of
District according to the 1936-37 assessment roll, is $3,606,982, and the
Bidders shall name the rate of interest
1%, not exceeding four (4)%, which the bonds of each issue offered
are to bear.
Bids stating a net yield but not stating a rate of
Tax Data
Financial Statement and
Bids for serial bonds will be accepted in
for each series.
of
The approving legal opinion of Clay, Dillon & Vandewater
New York City will be furnished the successful bidder.
proposal.
thereafter be paid into
dated damages for such neglect or refusal, and shall
the General Fund for the Reduction of Taxation.
3385
Chronicle
Financial
146
334%
334%
150,039.00
Mo?
334%
334 %
150,240.00
150,541.00
_
i-n
om
no
;„1>(W
3A%
„
334%
150,07o.8o
awarded Halsey, Stuart & Co. in accordance
$150,000 bonds were
of the bid submitted.
with the terms
OUTLINED-The
PLYMOUTH, N. C.—BOND REFLNDING PLAN
North Carolina Municipal Council, Inc., 1011 Raleigh Bldg., Raleigh, is
furnishing the holders of bonds of the town with a detailed report on a
refunding program for its debt.
.
•
,
„
The plan provides for the refunding of $288,000 outstanding
general refunding bonds dated April 1, 1938, and maturing
The town wilt also issue approximately $21,200, 3% interest funding
dated April 1, 1938 and maturing April 1, 1944.
As of April 1,
bonds for
April 1, 1968.
bonds
1938, all
matured coupons and accrued interest will be reduced to 4% interest basis
and converted into interest funding bonds.
Refunding bonds will bear
interest at 3% from April 1, 1938 to 1948, 4% from April 1. 1948 to 1958.
and 5% from April 1, 1958 to 1968.
The bonds will be callable on April 1
3386
Financial
Chronicle
of any year in whole or in part.
Bonds will be approved by Storey. Thorndike, Palmer & Dodge, of Boston, and a copy of their approving opinion
will be furnished the bondholders.
May
1938
21,
BEDFORD CITY SCHOOL DISTRICT, Ohio—BOND
OFFERING—
Leo J. Kucera. Secretary-Treasurer of the Board of
Education, will receive
sealed bids until noon on June 3 for the purchase of $39,000
At this time the town is in default on
4M% series
$13,000 of principal and $31,690 of interest.
S funding bonds.
Dated March 1, 1938.
Denom. $1,000.
Due Nov. 1 as
follows: $3,000 in 1938 and $4,000 from 1939 to 1947, incl.
Interest pay¬
able semi-annually.
Bidder may name an interest rate other than
RUTHERFORD COUNTY (P. O. RutherfordtonL N. C.—NOTES
SOLD—The American Trust Co. of Charlotte is reported to have
purchased
$50,000 notes at 2 %.
4M %,
although if a fractional rate is bid such fraction must be in multiples of
M of 1 %.
A certified check for $3,900, payable to the order of the Board
of Education, must accompany each proposal.
SAMPSON COUNTY (P. O. Clinton), N. C.—BONDS AUTHORIZED
—The Board of County Commissioners has authorized the issuance of
$99,000 bonds to refund a like amount of road improvement bonds, dated
CANTON, Ohio—BONDS PROPOSED—The
issuance of $300,000 special
improvement bonds has been proposed by the City Fi¬
Chairman, Cnas. Hexamer, who is of the belief that enough
leeway is
available beyond the total bonded debt to permit the issue.
assessment street
July 1, 1918 and payable July 1, 1938.
nance
SOUTHERN
PINES, N. C.—NOTES SOLD—It is reported that $7,500
purchased by the Citizens Bank & Trust Co. of Southern
Pines, at 3.99%.
notes have been
SPRING
HILL,
CLARK
C.—BOND REFUNDING PLAN PREPARED—k
N.
The North Carolina Municipal Council, Inc., at Raleigh, at the
request of
the town and numerous bonuowners has investigated the financial condition
may name an
of the town and has examined its records of operation, tax levies and collec¬
tions during recent years.
After this study a plan, dated May 1, 1938,
of the
Local
Government
Commission.
The
town
has
been
in
at maturity.
recent
a
meeting the County Commissioners appro ved the issuance of $267,000
refunding bonds.
;
Commissioners,
must accompany eacn proposal.
HEIGHTS,
BOND
SALE
Ohio—COURT ASKED
STATUTE—In
connection
TO
with
INTERPRET
the
previous
report in these columns of an action brought by a local taxpayer seeking to
restrain the city from selling privately an issue of $5,000
park improvement
bonds, H. M. Kimpel, Director of Finance, reports that a
temporary in¬
junction has been issued and the case is scheduled for an early
hearing.
Sole purpose of the action, he says, is to obtain a
judicial interpretation of
an act of the Ohio Legislature, effective June
8, 1936, and in particular the
section now known as General Code, Section 2293-29a.
"The policy of tne State of Ohio for many decades has been to
require all
public bonds to be sold at public sale.
These statutes were enacted years
ago and have never been repealed and they have been carried into
our
Uniform Bond Act.
However, in the summer of 1936 the
Legislature
enacted the law above referred to apparently as an
emergency act and to
give relief to certain political subsdivisions as to the matter of their credit.
"The section of the General Code above quoted is
subject to two interpre¬
One interpretation would restrict its use and
application to cases
•
tations.
where notes have been issued
by the political subdivision prior to June 8,
1936, tne effective date of said act.
The other interpretation would make
the section available to all cases where notes have been
issued whether
issued prior to or subsequent to the date of said act."
:"
,
Springfield), Ohio—BOND OFFERING—
interast rate other than 4% provided that where a fractional
multiples of M of 1%.
Interest payable
A certified check for $500 payable, to the order of the Board
CLEVELAND
PRIVATE
on
WAKE COUNTY (P. O. Raleigh), N. C.—BONDS APPROVED—At
school
of County
default
VANCE COUNTY (P. O. Henderson), N. C»—NOTES SOLD—The
First National Bank of Henderson is reported to have purchased on
May
11 an issue of $26,000 bond anticipation notes at
3%, plus a premium of
$1.00.
Dated May 19, 1938.
Due on Aug. 19,1938.
(P. O.
rate is named such fraction is in
providing for the excnange of outstanding indebtedness was prepared.
The
plan provides for the issuance of $8,500 interest funding bonds to be given
in exchange par for par for accrued interest and past due
coupons as of
May 1, 1938.
These bonds will be dated May 1, 1938, and will mature
May 1, 1943.
The interest will be 4%.
The town will also issue $60,000
refunding bonds to be exchanged par for par bearing 4% Interest from May
1, 1938 to 1948, 5% from 1948 to 1958 and 6% from 1958 to 1964.
Bonds
will be dated
May 1, 1938 and will mature serially from 1943 to 1964.
All
outstanding bonds with unpaid coupons arrached should be forwarded at
once to Charles M. Johnson, State Treasurer, Raleigh, N.
C., who will act
as depository under the
plan.
Exchange of deposited bonds for new re¬
funding bonds and interest funding bonds will not be made until the plan
has been declared operative by the Board of Commissioners with the
approval
constantly since the early part of 1933.
The town is now in default
$14,500 principal and approximately $8,445 past due interest.
COUNTY
Harold M. Fross, County Auditor, will receive sealed bids until noon on
June 2 for the purchase of $16,600 4% poor relief notes.
Dated June 9,
1938 and due April 1 as follows: $4,527 in 1939 and $13,073 in 1940.
Bidder
COLUMBUS, Ohio—PLANS SALE OF $820,000 UTILITY
With
the city preparing to advertise for
bids next
Tuesday
BONDS—
on
$820,000
bonds to finance the construction of a
municipal light plant extension, the
Columbus & Southern Ohio Electric Co. will be accorded a
hearing, Mon¬
day in Common Pleas Court on its appliaction for an injunction restraining
the city's move.
City council by unanimous vote, has authorized the Finance Committee
to receive bids for the project, and only recently, council was advised
by
L. A. Boulay, State Administrator of Public Works
Administration in
Ohio, that the Federal Government is ready to proceed with the
project,
by the electorate in November, 1933.
Approximately $300,000 in PWA funds has been earmarked for the
which was approved
planned
improvement.
CRESTLINE, Ohio—BONDS SOLD—The Sinking Fund Trustees
OHIO
■•ASHLAND
CITY
SCHOOL
DISTRICT
(P. O. Ashland), Ohio—
$85,000 school building construction bonds offered
May 14—V. 146, p. 2898—were awarded to Hayden, Miller & Co. of Cleve¬
land, as 2Ms, at par plus a premium of $182.25, equal to 100.214, a basis
of about 2.235%.
Dated Dec. 1, 1937, and due Sept. 1 as follows: $3,000
from 1939 to 1953, inc
and $4,000 from 1954 to 1963, inc
Paine, Webber
& Co. of Cleveland, second high
bidder, named an interest rate of 2M%
and offered a premium of $1,631.07.
BOND
SALE—The
.
Other bids:
Bidder—
Braun Bosworth & Co., Toledo..
BancOhio Securities Co., Columbus
First Cleveland Corp., Cleveland
\
*
'
from 1939 to 1942 incl.
Treasurer's office.
Premium
Rate
.....$293.00
725.00
733.00
100.00
.....
First National Bank, Ashland
2M%
2%■%
2%%
2M%
Ryan Sutherland & Co., Toledo......
876.00
Stranahan, Harris & Co., Toledo
^
1068.85
Paine, Webber & Co., Cleveland
1631.07
Halsey. Stuart & Co., Chicago
382.50
E. H. Rollins & Sons, Philadelphia
195.50
Assel, Goetz & Morelein, Cincinnati-435.20
VanLahr, Doll and lsphording, Cincinnati923.10
Fox Einhorn & Co.,
Cincinnati_.......:
367.89
Seufferle & Kountz, Cincinnati
257.55
Charles A. Hinsch & Co., Cincinnati.....
■;
646.66
Mitchell, Herrick & Co,, Cleveland.....
536.50
Johnson, lyase & Co., Cleveland..
136.00
Field. Richards & Shepard, Cleveland153.30
Merrill, Turben & Co., Cleveland
875.50
Seasongood & Mayer, Cincinnati..
119.,.85
Prudden & Co., Toledo...
93.75
Saunders, Stiver & Co., Cleveland
661.10
2%%
2% %
2M%
2M%
2%%
2%%
2%%
214%
....
......
an
NILES, Ohio—BONDS SOLD—The Sinking Fund Trustees purchased
issue of $13,000 refunding bonds, according to Homer
Thomas,
City
Auditor.
ST. BERNARD (P. O.
Cincinnati), Ohio—BOND SALE DETAILS—
The $9,000 park improvement bonds purchased
by the Sinking Fund
Trustees, at par. as previously reported in these columns—V. 146, p. 3230—
bear 3 % interest and will mature
annually on Sept. 15 from 1939 to 1948 incl.
Denom.
$900.
SILVER
Interest M. &
(P. O. Akron), Ohio—BOND SALE—The $10,000
general bonds offered May 14—V. 146, p. 2898—were awarded to Nelson,
Browning & Co. of Cincinnati, as 5Hs, at par and accrued interest, Dated
May 1, 1938 and due $500 on Nov. 1 from 1939 to 1958 incl.
R. J. EDWARDS,
Cincinnati
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
turing July 1,
1958. subject to call prior to
maturity.
(Southern Railway) refunding bonds.
Dated
Denom. $1,000.
Due July 1, 1958.
The bonds are being
issued for the purpose of retiring
Cincinnati Southern Railway bonds ma¬
AT&T
Ok
Cy
19
Notice of the call
of these latter bonds has
already appeared in these columns.
The bonds
offered are a general obligation of the
city and are payable from taxes
which are unlimited as to amount or
rate, but are also payable from the
revenues of tne Cincinnati Southern
Railway insofar as the same are suf¬
ficient to meet the requirements as to
principal and interest.
Bidder may
interest rate other than
2M%. but such fractional rate of interest
shall be h of 1% or
multiples thereof.
Both principal and semi-annual
interest (J. & J.) are payable at
the
name an
Irving Trust Co., New York City.
owner, coupon bonds may be exchanged for bonds
as to
principal and interest.
Bids must be on forms available
application to the City Auditor.
A certified check for
$8,000, pay¬
able to the order of the
City Auditor, must accompany each proposal.
Ap¬
proving opinion of the City Solicitor will be
furnished without charge.
Any other opinion must be secured at bidder's cost.
BEAVER, Okla.—BOND SALE—-The $30,000 issue of sanitary
bonds offered for sale
Financial Statistics (May 15, 1938)
Population, 473,421.
Date of Incorporation, March
1, 1819.
Bonds outstanding.
$80,109,914.50
*
Notes issued in anticipation of the
levy and collection of
...
special
...
assessments
56,300.00
...
1941
$80,166,214.50
600,000.00
.
^
Bonds to be sold June 7, 1938.._._.^_
Total indebtedness
_
-
^Special
Assessment bonds
cluded in the above
and
notes
Water works bonds & notes incl. in above
Cincinnati South. Ry. bonds incl. in above.
Par value of Water Works Sinking Fund...
Par value of Cin. South. Ry. Sink. Fund..
Par value of all sinking funds.
Assessed valuation real property.
Assassed valuation public utilities...
Personal property tax duplicate
-
$2,977,704.01
8,519,400.00
21,918,239.41
7.
...
(estimated)
These
bonds
and
notes
are
paid
by special
property benefited by the improvements.
The Water Works and Cincinnati
Southern
COAL
(P.
O.
The
City of Cincinnati has
interest.
5}4s, the remaining $27,000, maturing $1,500 from
UNION
SCHOOL
DISTRICT
that
NO.
sealed
1
bids
Calloway, District Clerk,
bonds.
The bonds will
be sold to the bidder offering the lowest rate of interest at not less than
par
Denom. $1,000.
Due $1,000 from 1941 to 1948 incl.
2% of the amount of the bid is required.
ENID, Okla.—BOND SALE—We are informed by Clint O. Thrasher,
City Clerk, that the $21,937.08 issue of special assessment re¬
tirement bonds offered for sale on May 12—V. 146, p. 3231—was awarded
Assistant
Edgar Honnold of Oklahoma City, taking the first $10,000 bonds
as
3 Ms, the remainder at 4%.
FAY
JOINT CONSOLIDATED
SCHOOL
DISTRICT NO. 9
Fay), Okla.—BOND SALE DETAILS—It is stated by
(P.
O.
the District Clerk
that the $6,000 school bonds purchased on May 10 by the
J. E. Piersol
Bond Co. of Oklahoma City, as noted in tnese columns—V. 146, p. 3231—
were sold as folloAvs: $1,000 as 2 Ms, maturing in 1941, and $5,000 as
3s,
due $1,000from 1942 to 1946 incl.
The second best bid
HARPER
$642,360,040.00
90,317,510.00
75,000,000.00
(P.
O.
as
was offered by R. J. Edwards, Inc. of Oklahoma City,
3Ms, the remaining $2,000 as 2Ms.
;
COUNTY
CONSOLIDATED SCHOOL DISTRICT
Clerk,
for
name
1956.
the
the rate of interest.
A certified check for
21.78
assessments
levied
bonds
are
upon
self-
defaulted payment of its bonds, notes
NO.
2
Okla.—BOND OFFERING—It is reported that sealed
1 p. m. on May 24, by F. H. Bowers, District
purchase of a $7,900 issue of building bonds.
Bidders
Rosston),
bids will be received until
to
$807,677,550.00
Railway
GRADED
Okla.—BOND OFFERING—It is said
and accrued interest.
A certified check for
Due $500 from
1941 to 1955, and $400 in
2% of tne bid is required.
MIAMI, Okla.—BOND ELECTION—At an election to be held on May 24
will be asked to approve the issuance of $85,000 high school build¬
voters
ing construction bonds.
SENTINAL
never
as
COUNTY
Tupelo),
asking for $4,000
supporting.
or
1942,
will be received until 2 p. m. on May 24, by R. E.
for the purchase of an $8,000 issue of building
4,596,067.76
9,326,989.05
24,846,216.92
Total valuation of taxable
property Dec., 1937
Tax rate.
*
$80,766,214.50
in¬
and
1943 to 1960, as 5Ms, according to O. M. Stephens, Town Clerk.
The second highest bidder was W. B. Askew of Oklahoma
City, asking
for $1,500 at 5M%, the remaining 28,500 at 5M%.
to C.
^
sewer
on May
17—V. 146, p. 3231—was awarded to C.
Edgar Honnold of Oklahoma City, taking the first $3,000, maturing $1,500
in
registered
upon
Long Distance 787
OKLAHOMA
now
of the
Inc.
June 7 for the purchase ot $600,000
214% coupon
July 1, 1938.
the request
S.
LAKE
CINCINNATI, Ohio—BOND OFFERING—Henry Urner, City Auditor,
will
At
>
MILFORD, Ohio—BOND SALE— The $1,000 4% fire department bonds
offered May 10—V. 146, p. 2735—were awarded to the Milford
National
Bank at par.
Dated April 5, 1938 and due $200 on Oct. 5 from 1939 to
1943 incl
3%
2%%
2H%
2%%
2%%
2M%
2M%
2%%
...
on
(M. & N.) payable at the
'nJv
2%%
....
noon
Prin. and int.
$1,000
Village
KENTON, Ohio—BONDS APPROVED—Tne State Tax Commission
recently authorized the city to issue $30,000 tax anticipation bonds.
'
f
receive sealed bids until
pur¬
chased the $4,000 3% street improvement bond issue authorized
by Village
Council on April 18.
Dated April 15, 1938.
Denom. $500.
Due
SCHOOL
DISTRICT
(P.
O.
Sentinel),
Okla.—BOND
SALE DETAILS—It is stated by the District Clerk that the $16,000 build¬
ing bonds purchased by the Treasurer of Washita County, as 2 Ms and 3s,
Volume
3387
Financial Chronicle
146
noted here recently—V. 146, p. 3231—were sold as follows: $6,000 as
2^s, maturing $1,500 from 1941 to 1944: the remaining $10,000 as 3s,
maturing as follows: $1,500 from 1945 to 1949, and $2,500 in 1950.
as
BETHLEHEM,
Pa .—OTHER
$140,000 refunding bonds
lVs, at a price of
previously reported in these columns,
BIDS—The
awarded to Barclay, Moore & Co. of Philadelphia, as
100.314,
basis of about 1.40%,
a
also bid for
were
as
follows:
as
Portland), Ore.—
BOND SALE—The $11,000 issue of coupon general obligation bonds offered
for saie on May 7, was awarded to Tripp &McClearey of Portland, as 3s,
paying par, less legal expenses.
Dated Jan. 1, 1938.
Due from Jan. 1,
CAPITOL HIGHWAY WATER DISTRICT (P. O.
1943
1948.
to
follows:
_
Warrens, Bosch & Floan
Baker, Fordyce Co
Baker, FordvceCo
E. H. Rollins & Sons.
CROOK COUNTY SCHOOL DISTRICT (P. O.
BOND OFFERING—Sealed bids wilt be received until
SH%
1 3K%
2 p. m. on June
LEXINGTON, Ore.—BOND OFFERING—Sealed bids will be received
May 21, by Arnold W. Sprauer, Town Recorder, for the
purchase of a $7,000 issue of municipal water system bonds.
Int. rate is
not to exceed 5%, payable M. & N.
Dated May 15, 1938.
Due $1,000
from May 15, 1943 to 1949 incl.
These bonds were approved by the voters
until 7:30 p. m. on
election.
(State
OFFERING—It is reported
of)—BOND
that sealed
bids will be received by the State Highway Commission until 11 a. m. on
June 15, for the purchase of a $750,000 issue of highway bonds.
Denom.
Dated July 1, 1938.
$10,000.
tion
on
must
Due
on
March 1, 1939: subject to
and after Jan. 1, on 30 days notice.
redemp¬
A certified check for $10,000
bid.
accompany, toe
SOLD
;
(a) Assessment liens outstanding
—
Teletype
$160,015.33
1938475
(d)
Current revenue applicable within the
reduction of debt
Net debt
639,645.75
1,904,915.35
3.08%
«.
Net debt ratio
Tax
anticipation
bank loans or
notes,
other evidences of
Bonds authorized but unissued—this issue
None
140,000.00
Interest
to
1,904,915.35
3.08||
Tax rate (mills) 1938
Poll tax (females)
$1.00
Amount of tax duplicate (levy)
Debt Service Charge (1938)—
758,167.70
1938
.-$131,405.85
214,013.30
(a) Interest and State tax
(b) Principal
345,419.15
997.83
Assessed value per capita
Population 1930 census—57,892; 1938
Debt burden:
estimate—62,000.
Ratio to
Ratio to
Assessed Value
Actual Value
Per Capita
3.08%
$30.72
3.87%
1.75%
2.12%
6.95%
3.87%
$66.35
School—bonded debt, $3,204,000; sinking fund,
real estate taxes,
35.63
$794,929.97; 75%
$199,978.38.
school debt 21% of Northampton
County's net
$1,329,752.64 falls upon that portion of Bethlehem in Northampton
County's net debt or $214,852.28 falls upon
that part of Bethlehem in Lehigh County.
or
County, and 5.9% of Lehigh
Tax Collections
Liened and
Unliened
'/;-Y
Taxes
Outstanding
Collected
•*•.
Levy
Levy Year
Mar. 1, 1938
$857,690.09
$594,295.82
*$249,973.93
822,229.18
591,569.45
70,399.03
822,995.74
663,799.43
68,683.04
1936—
824,120.54
670,920.31
97,985.62
752,303.01
611,086.08
130,629.59
758,167.70
*
Includes 1933 and prior
x Tax rate in
each year has been 12 mills.
years,
z In process of collection.
Year—
x
Bonds due February 16,
«...
Net debt after issuance of this proposed issue
Net debt ratio after issuance of this proposed issue.
debt,
City of Philadelphia
&
214,013.30
year to
(a)
Philadelphia
110.973
11,175.54
254,441.58
taxes
of outstanding
Phila. 22
—
1528 Walnut St.
4%
of
Delinquent
water
rents
outstanding
(75% of actual)
(c) Certain outstanding liened and unliened
Total
AND QUOTED
YARNALL & CO.
Price:
(75%
actual)
_
In addition to the above
A.T.T.
521,838.90
2,544,561.10
Net funded and floating debt
Deductions—
Net debt burden, school
BONDS
—
3,066,400.00
None
3,066,400.00
Floating debt
Net direct debt burden.
CITY OF PHILADELPHIA
BOUGHT
$61,865,437.00
Assessed valuation, 1938 (55% of actual)
Gross bonded debt
(b)
100.385
101.21
1, 1938)
current indebtedness
f
MARSHFILED, Ore.—BOND SALE—The $85,000 issue of 3 V % semiann. refunding, series 1938-A bonds offered for sale on May 17—V.
146,
p. 3231—was awarded to the First National Bank of Portland, paying a
premium of $1,419.50, equal to 101.67, a basis of about 2.90%.
Dated
June 1, 1938.
Due from June 1, 1939 to 1952; redeemable on or after
five years from date of issue.
OREGON
Financial Statement (as of March
6,
by Bessie Gettings, District Clerk, for the purchase of a $65,000 issue of
Interest rate is not to exceed 5%, payable J. & D.
Dated June 1, 1938.
Due on June 1 as follows: $5,000, 1940 to 1943;
$6,000, 1944 to 1947, and $7,000, 1948 to 1950.
Prin. and int. payable in
Prineville.
A certified check for 5% must accompany the bid.
recent
1H %
1H%
234%
-
Sinking fund
4%
Prineville), Ore.—
construction bonds.
a
W. H. Newbold's Son & Co
Francis I. DuPont & Co
Gross debt
3%
100.215
100.185
100.11
100.038
100.579
1H%
1V%
1V%
1A%
-
Blyth & Co., Inc
Halsey, Stuart & Co., Inc
,
Interest Rate
Price Bid
100.28
—.100.11
100.05
98.52
.100.53
Bidder—
E. M. Adams & Co
at
First Boston Corp
Bancamerica-Blair Corp
M. M. Freeman & Co
The other bidders and their bids, were as
Rate Bid
int. Rate
Bidder—
OREGON
1955
Net 3.15%
-
-
*
Moncure Biddle & Co.
1520 Locust St
.
BUTLER TOWNSHIP
BOND SALE—The $7,000
Philadelphia
p.
as
to
rln+n
PENNSYLVANIA
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa.—ZJ
OFFERING
—Robert G. Woodside, County Controller, will receive sealed bids until
10 a. m. (Eastern Standard Time) on June 7 for the purchase of $5,000,000
coupon,
registerable
$2,480,000
1,020,000
750,000
300,000
450,000
principal only, bonds as follows:
as to
road bonds, series 44,
bridge bonds, series 26.
park bonds, series 7.
tunnel improvement bonds, series 5.
bridge bonds, series 19-H.
of the
bonds
be
will
1955 to
dated
June
1,
as
SCHOOL
DISTRICT
(P.
ARCHBALD SCHOOL
5%
coupon
at a
DISTRICT, Pa.—BOND SALE—The $75,000
bonds offered May 16—V. 146, p. 3231—
Retirement Board, the only bidder,
Due $7,005 annually from 1939 to 1918 incl.
operating
awarded
were
revenue
the State Teachers'
to
price of par.
BARNESBORO
SCHOOL
DISTRICT,
Pa .—BONDS
SOLD—'The
$17,000 3A% operating expense bonds unsuccessfully offered April 9 have
as follows:
$12,000 to the First National Bank of Barnesboro and $5,000 to the Hope Fire Co. of Barnesboro.
Dated March 1, 1938
since been sold
and due March 1
1947.
Callable
as
on
follows:
any
$2,000 from 1939 to 1946 incl. and
1,000 in
interest date.
BELLEVUE, Pa.—BOND OFFERING—Philip S. Strain, Borough Secre¬
tary, will receive sealed bids until 7 p. m. (Eastern Standard
for the purchase of $25,000 coupon bonds.
Dated June 1,
Time) on June 7
1938.
Denom.
$1,000.
Due June 1, 1948.
Bidder to name a single rate of interest,
expressed in a multiple of % of 1 %.
Sale of bonds is subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs.
A
certified check for $1,000, payable to the order of the Borough, must ac¬
company each proposal.
The approving legal opinion of Burgwin, Scully
& Cnurehill of Pittsburgh will be furnished the successful bidder.
Borough
will provide the bonds.
BLADWIN,
primary election.
BL\KELY SCHOOL
issue of $300,000 school
authorized by the voters at the May 17
V.
146, p.
as
4s.
in
1943.
Int. Rate Premium
3%
'$88.00
3M%
3M%
75.00
3M%
^51.00
-SA%
133.00
CENTRE HALL, Pa.—NOTE SALE—The issue of $5,000 notes offered
May 2—V
146, p. 2899—was sold to local investors, as 4s, at a price of
105, a basis of about 3.25%.
Due $500 annually from 1941 to 1950 incl.
CHELTENHAM, Pa.—BONDS DEFEATED— At the May 17 election
the voters refused to approve issuance of $350,000 bonds, as follows:
$250,000 trunk line sewer construction issue was defeated Dy a vote of
Inc
*
Co
Moore, Leona.d & Lynch
-S nger, Dean© <Sr bcribner
Johnson & McLean, Inc.---------- ——
100,000
_
fxicinerator
plant bonds were rejected
by vote of 3,737 to 2,457.
CHESTER CITY SCHOOL DISTRICT, Pa .—BONDS DEFEATED—
At the May 17 primary election the voters defeated tne proposed issuance
of $700,000 school building bonds.
BOIS, Pa.—BONDS VOTED—On May 17 an issue of $50,000 sewer,
paving and recreation park nonds carried by a vote of 1,047 to 493.
DU
street
EAST
r
PITTSBURGH SCHOOL DISTRICT, Pa .—BID UNOPENED
Yeaney, District Secretary, reporting on result of offering of
school bonds on May 13—V. 146, p. 2736, states that the
Bruce
$75 000 coupon
one'bid received
rate
was
returned unopened.
Bidder was asked to name the
June 1 as follows: $3,000
Dated June 1, 1938 and due
1953, incl. and $4,000 from 1954 to
of interest.
from 1941 to
1962, incl.
TOWNSHIP SCHOOL DISTRICT (P. O. Loganton), Pa.
BOND OFFERING—W. C. Wolfe, District Secretary, will receive sealed
bids until 7 P
m. (Eastern Standard Time) on May 31 for the purchase of
$15 000 2Vs, 2%, 3, 3V, 3M, 3%, 4, 4V or 4j^% coupon, registerable
as to principal only, Sugar Valley Joint Vocational School Addition bonds.
Dated May 1, 1938.
Denom. $500.
Due xMay 1 as follows: $500 from
1940 to 1957 incl. and $1,000 from 1958 to 1963 incl
Bidder to name a
si'ntrle rate of interest, payable semi-annually M. & N. 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 & Munson of Philadelpha.
HATBORO, Pa.—BONDS VOTED—An issue of $40,000 school con¬
struction bonds was approved at the May 17 election.
GREEN
Pa—BONDS AUTHOHIZEI)—'The proposal to issue
building bonds met with approval of the voters on May 17.
KINGSTON TOWNSHIP SCHOOL DISTRICT (P. O. Trucksville),
Pa —BOND SALE—The $18,000 school bond issue offered May 14—
V *146
d
2899—was awarded as 4s to the Luzerne National Bank of
Luzerne
'Dated May 15, 1938 and due $2,000 annually from 1940 to
1948 incl.
Callable in whole or in part at any interest date.
HOMESTEAD,
$250,000 scnool
LOGAN TOWNSHIP
BOND
AS
1
to
SCHOOL DISTRICT (P. O.
OFFERING—Allen C. Sheats,
until 7 p.m. (Eastern Standard
sealed bids
•
Pa.—BOND SALE—The $40,000
registerable as to principal omy. school bonds offered May 16—
2899—were awarded to the First National Bank of PecKVille,
Only one bid was received.
Dated June 1, 1938 and due June 1 as
follows: $20,000, 1939 and 1940: $30,000 in 1941 and 1942, and $40,000
coupon,
previously reported in V. 146, p. 3231,
K. Cunningham &
of
.
DISTRICT,
SCHOOL DISTRICT (P. O. Washington), Pa.
$20,000 refunding bonds awarded to Glover &
3s, for a premium of $142.75, equal to
MacGregor, Inc. of Pittsburgh, as
100.71, a basis of about 2.85%, as
were also bid for as follows:
Pa.—BONDS APPROVED—An
building construction bonds was
1 Q4-0
BIDS—The
—OTHER
S.
1962 incl.; and $160,000 from
TOWNSHIP
1 fi
Mnv
E. H. Rollins & Sons,
O. Greensburg), Pa.—BOND OFFERING—Sealed bids will be received at the office
of R. F. Marsh, Solicitor, Irwin Gas Coal Co. Bldg., Greensburg, until
4 p. m. on May 26 for the purchase of $24,000 3j^s, 3%, 4, 4V or 43^%
school bonds.
Interest payable M. & N. ,30.
Due $2,000 annually.
A
certified checjf for $500, payable to the order of the First National Bank
of Leechburg, District Treasurer, is required.
ALLEGHENY
aftftv
CECIL TOWNSHIP
Bidder—
1938.
Denom. $1,000.
The
follows: $170,000, 1939 to 1954
1963 to 1968 incl.
Bidder to name the rate of interest in a multiple of
of 1%, and shall not
specify more than a single rate of interest for all bonds of all issues.
In¬
terest payable semi annually.
The county will pay or refund any tax
which may be legally levied or assessed upon the bonds or upon the debt
secured thereby under any present or future law of the Commonwealth of
Pennsylvania.
Proposals must be unconditional and for the entire $5,000,000 bonds and accompanied by a certified check for 2% of the amount
offered.
The bids will be opened at 11 a. m. (Eastern Standard Time) on
June 7 in the meeting room of the County Commissioners.
Blank bidding
forms will be furnished upon application to the County Controller.
Sale
of the bonds is subject to approval of proceedings by the Pennsylvania
Department
of Internal Affairs.
The opinion of Burgwin, Scully &
Churchill of Pittsburgh approving the legality of the bonds will be furnished
to the successful bidder without cost.'
All
bonds will mature annually on June 1
incl.; $165,000,
SCHOOL DISTRICT (P. O. Drums), Pa.—
operating revenue bonds offered May 14—V. 146,
2899—were awarded to the Citizens Bank of Freeland, the only bidder,
5s, at par.
Dated May 16, 1938 and due $1,000 on May 16 from 1939
1945 incl.; redeemable at par and accrued interest on any interest payment
nnn 2V,
ririnciixd
2V
only'
Loganton), Pa.
District Secretary, will receive
Time) on May 31 for the purchase
registerable
bonds.
3 3J*,3H.3?i,4,4Ji'or4^% coupon,
Sugar Valley Joint Vocational School Addition
Due WOO on May 1 from,1941 to
1962 incl
Bidder to name a single rate of interest, payable M. & N.
A
certified check for 2%, payable to the order of the District Treasurer, must
accompany each proposal.
The bonds win be issued subject to approwng
legal opinion of Townsend, Elliott & Munson of I hiladelphia.
IZated Mayl,
1938.
Denom. »»0.
3388
Financial
Chronicle
LOGANTOWN
SCHOOL
DISTRICT,
Pa.—BOND OFFERING—
Grace W. Wren. District Secretary, will receive sealed bidsuntil 7
p. m.
(Eastern Standard Time) on May 31 for the purchase of 32,000
\
y.
uv,
?>V*.
4
414 or
Sugar Valley Joint Vocational School Ad¬
dition coupon bonds, registerable as to principal only.
Dated May 1,1938.
Denom
$500
Due $500 on May 1 from 1941 to 1944 incl.
Bidder to
PHILADELPHIA
company each
proposal.
Bonds will be issued subject to approving legal
opinion of Townsend, Elliott & Munson of Philadelphia,
CITY
Pa.—BONDS
DEFEATED—1The
was
tax
or
MILTON SCHOOL
the District.
on June 15, at 11 a. m.
(Eastern Standard Time).
If necessarv,
pending the preparation of definitive bonds, negotiable interim certificates
of the Philadelphia National Bank, fiscal
agent of the
livered at the time of settlement in denoms. of
District, will be de¬
$1,000, $10,000 or $100,000,
be requested by the successful bidder or bidders.
Enclose a cer¬
tified check for $60,000, payable to the District.
as
May 12—V. 146,
PITTSBURGH,
Clair
anticipation notes, to be opened
(Eastern Standard Time) on June 1.
Each bid must be accompained by a certified check or certificate of
deposit drawn to the order of
the Commonwealth of
Pennsylvania, for an amount at least equal to onehalf of 1% of the
principal of the notes bid for.
Settlement for the notes awarded must
be made with The
Philadelphia
National Bank, Loan and
Transfer Agent, at
Philadelphia, Pennsylvania;
$15,000,000 par value of
at noon
notes
be settled
must
1938, an additional $15,000,000
par value of notes
before July 1, 1938, and the
remaining
be settled
for
on
or
before
June 8,
must be settled for on or
$30,000,000
value of notes must
1938; accrued interest from June 1,
for
par
on or before
Aug. 1,
1938, to the date of settlement will
be added at the
coupon rate.
Settlement
$60,000,000 may be made on or before June
8, 1938.
As provided
by law, the Department of
Revenue has irrevocably allocated
out of the current
revenues accruing to the
General Fund of the State Trea¬
for the entire
sury during the present
biennium, the following sums for the
the principal of said
payment of
notes in the amounts
and at the times hereinafter
stated,
together with sufficient
additional sums for the
payment of the interest
on said notes
when and as the same
becomes due, and such allocation has
been approved
by Governor George H.
Earle; State Treasurer F. Clair
Ross and Auditor
General Warren R. Roberts:
Sinking Fund Payments
March 15,1939
March 31, 1939
April 28, 1939
to Provide
$5,000,000
15,000,000
20,000,000 *
In the opinion of
the Attorney
General, allocations
Genial Fund made
by the Department of Revenue to
10,000,000
,i
accounts,
Fund—Commonwealth of Pennsylvania Tax
Anticipation Notes Special
Sinking Fund Account"; and shall be maintained
until the
maturity of said notes either in cash, or
used only for the purchase
of said Tax
Anticipation Notes, at a
price not in excess of the principal
amount thereof and
accrued interest thereon
to maturity.
statement setting forth the
foregoing Sinking Fund allocations will
aPPear in full
upon the face of the
notes.
a
M^o^e e£cept*on
April 18,
of $129,942,000
1919, the Act of March
for the
payment of which
6,
of bonds issued
under the Act of
the Act of May 1, 1933,
has been deposited in the
Sinking
1925, and
$17,231,377.75
{2i
Commonwealth is free of all bonded indebtedness not now fully
for by
moneys in the Sinking Fund.
...ae successful bidder will be
furnished, at the cost of the Commonwealth,
City
of Messrs. Thomson, Wood and Hoffman, New York
_
opinion
PENNSYLVANIA (State
of)—LOCAL ISSUES APPROVED—The
is a list of local
fol¬
bond issues approved
by the Pennsylvania Depart¬
ment of Internal
Affairs.
Information includes name of the
amount and
municipality,
purpose of issue and date
approved:
Olyphant Borough Sen.
Dist., Lackawanna County,
$50,000; paying
operating expenses; May 9.
lowing
Mahanoy City Boro. Sch,
operating expenses; May 9.
Archbold
Borough,
Dist.,
Lackawanna
Schuykill County.
$40,000;
PORTAGE
RADNOR
—NO
Charleroi Borough Sch.
Dist., Washington County, $30,000;
paying
operating expenses; May 12.
Mt. Pleasant Twp. Sch.
Dist., Westmoreland County, $11,000;
paying
operating expenses; May 12.
Archbold Borough Sch. Dist.,
Lackawanna County, $75,000;
paying
operating expenses; May 12.
Latrobe Borough School
District, Westmoreland County, $50,000; pay¬
ing operating expenses; May 12.
Farrell City Sch. Dist., Mercer
expenses; May 13.
$80,000;
paying
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Wayne),
Pa.
VOTE ON BONDS—District Clerk states that
report of election on
May 17
issue of $120,000 gymnasium bonds
on an
ROSCOE,
was erroneous.
Pa .—BOND ISSUE ABANDONED—The borough dropped
its original plan to 0ubmit a $27,000 street
improvement bond issue to the
voters at the May 17 election.
SCHUYLKILL
Haven),
offered
HAVEN
Pa.—BOND
SCHOOL
SALE—The
May 13—V. 146,
DISTRICT
issue
of
(P.
$10,000
O.
3%
Haven
Schuylkill
school
bonds
p. 3063—was awarded to Mrs. Mark C. Hartman
of Pottsville, at a price of 100.56, a basis of about
2.85% .
1938 and due $2,000 on May 16 from 1940 to 1944 incl.
Trust Co., second high bidder, offered to
pay
Dated May 16,
The
Schuylkil]
100.432.
SHENANGO TOWNSHIP SCHOOL DISTRICT (P. O. New Castle,
R. D. No. 6), Pa .—BOND SALE—The
$20,000 operating revenue bonds
offered May
16—-V. 146, p. 3233—were awarded to Singer, Deane &
Scribner of Pittsburgh, as 4s, at par and premium of $487,
equal to 102.435%
a basis of about
3.55%.
Dated April 22, 1938 and due April 22 as follows:
$3,000 from 1941
on
to 1944 incl. and $2,000 from 1945 to 1948 incl.
after April 22, 1944.
Other nids were:
and
Bidder—
Peoples Bank of New Castle
Glover & MacGregor, Inc
Leach Bros.. Inc
Callable
Premium
Rote
Int
__._4%
4%
^4.80%
_____4.80%
-
—
Johnson & McLean, Inc
$366
270
300
234
SMITH
TOWNSHIP SCHOOL DISTRICT
(P. O. Washington),
Pa.—BONDS DEFEATED—At the May 17 primary election the proposal
to issue $65,000 school
building bonds was defeated by a vote of 766 to 598.
TOWNSHIP SCHOOL DISTRICT (P. O.
Somerset,
Pa.—BOND SALE—The issue of $30,000 coupon school bonds
146, p. 2900—was awarded to the Peoples National
Bank of Somerset.
Dated May 1, 1938, and due $.3,000 on May 1 from
1939 to 1948, incl.
offered
May
operating
14—V.
SWATARA TOWNSHIP SCHOOL DISTRICT
(P. O. Oberlin), Pa.
—BOND SALE—The $15,000 3 H % coupon school bonds offered
May 14—
V. 146, p. 3233—were awarded to the Palmyra Bank & Trust Co. of
Palmyra
Dated May 14, 1938 and due May 14 as follows:
$1,000 from 1939 to 1943, incl. and $2,000 from 1944 to 1948, incl.
TOPTON
coupon,
SCHOOL
registerable
May 13—V. 146,
as
as
DISTRICT,
Pa.—BOND
SALE—The
$5,000
to principal only, operating revenue bonds offered
p. 2900—were awarded to the National Bank of Topton,
2j^s, at par plus
a
premium of $26, equal to
100.52,
a
basis of about
2.32%.
incl.
Dated May 1. 1938 and due $1,000 on May 1 from 1939 to 1943
E. H, Rollins & Sons, Inc. of Philadelphia, second high bidder, offered
premium of $15 for 3s.
a
UPPER
Darby),
awarded
DARBY
TOWNSHIP
SCHOOL
Pa.—BOND SALE—The
May 13
School
DISTRICT
District
P.
Sinking
O. Upper
Fund was
issue of $245,000 school bonds as 1 lAs, at a price of
100.75, a basis of about 1.35%.
Dated May 1, 1938.
Denom. $1,000.
Due May 1 as follows: $25,000 from 1939 to 1947 incl. and $20,000 in 1948.
Other bids were reported as follows:
on
an
Bidder—
Int. Rate
Rate Bid
Graham, Parsons & Co., and Dougherty, Corkran &
Co., jointly
2%
100.265
Halsey, Stuart
jointly
100.039
___
WILLI
&
___—
Co.,
Inc.,
and
Stroud & Co.,
_____—2%
AMSPORT, Pa.—BOND SALE—The issue of $160,000 refunding
bonds offered
May 19—V. 146, p. 2900—was awarded to Halsey, Stuart
& Co.. Inc., New York, as l%s. at par plus a premium of $846, equal to
luO.529%, a basis of about 1.65%.
Dated June 1, 1938 and due June 1
as follows: $15,000 from 1939 to 1942 incl. and $20,000 from 1943 to 1947
incl.
Second high bidder was Brown Harriman & Co., Inc., New York,
which offered
expenses;
County,
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Portaee),
Pa.—BONDS NOT SOLD—The issue of $12,000
4*4% bonds offered May
14—V. 146, p. 2900—was not sold, as no bids were received.
Due as
follows: $2,000 from 1940 to 1942 incl. and $3,000 from
1943 to 1948 incl.
paying
County,
$70,000; paying operating
Olyphant Borough, Lackwanna
County, $30,000; paying operating
May 10.
Brackenridge Borough Sch. Dist.,
Allegheny County, $40,000; paying
operating expenses; May 11.
Yeadon Borough Sch.
Dist., Delaware County, $35,000;
paying operat¬
ing expenses; May 11.
Connellsville City, Fayette
County, $100,000; paying operating expenses;
May 11.
expenses; May 10.
22, Miners Bank Building,
Pittston.
provided
a
voters
rate
of moneys
if Pe designated "General
the
R. D. No. 2),
..$10,000,000
in the
provide sinking funds
fhe payment of
tax
anticipation notes, authorized by the Act
approved
May 20, 1937,
aforesaid, are payable into, and shall be set aside
in, said
sinking funds in the amounts
and at the time
specified, prior to all other
expenditures, expenses, debts and
appropriations, including current exPenses payable from
the General Fund.
1 he
foregoing sinking fund payments which shall
be cumulative, will be
deposited in the General
Fund to a special
account, or accounts, in escrow
£
£ holders of said Tax Anticipation Notes. Said
account, or
Sa
17
SOMERSET
for Principal of Notes
May 15,1939.
May 31, 1939.
May
standing and unredeemed bonds, said new bonds to bear interest at the
of 3H%No proposals will be received in which the broker's com¬
mission proposed to be charged exceeds 1
% of the face value of saia bonds.
Further information as to the amount of
outstanding bonded indebtedness
of the city together with the
maturity date on all bonds may be secured
from Joseph P. Fitzpatrick, City Clerk, Room
Ross
announces that sealed bids will be
received at the office
of Governor George H. Earle
until noon (Eastern Standard Time) on June
1
for the purchase of all or
any part of $60,000,000 series DT 1
A% tax
anticipation notes.
Dated June 1, 1938 and
payable on May 31, 1939 at
the Philadelphia National
Bank, Philadelphia, Loan and Transfer agent
of the Commonwealth.
Interest
payable semi-annually on Dec. 1, 1938
and on May 31, 1939.
The notes are exempt from taxation for
State and
local purposes and are
exempt from the Federal income tax under
existing
laws.
Tney are being issutxl pursuant to the
provisions of Act No
197
as passed
by the General Assembly of the Sesson of 1937 and
approved by
the Governor on May 20, 1937.
The constitutionality of the issuance of
tax ancicipation notes has been
upheld by the Supreme Court of Pennsyl¬
vania in the case of
Kelley vs. Baldwin, et at, 319 Pa. 53.
The notes will
be payable to bearer and title shall
pass by delivery.
They are registerable
as to
principal only, and shall be issued in denoms. of
$5,000, $10,000.
$25,000 and $100,000, as the purchaser
may require.
The notes shall be
countersigned by the Philadelphia National
Bank, Loan and Transfer
Agent of the Commonwealth.
Proposals must be made upon the prescribed
form of blanks,
copies of which may be obtained
upon application at the
office of the Governor or from
the State Treasurer at
Harrisburg.
All
envelopes must be distinctly marked on the outside as
follows: Sealed pro¬
posals for the purchase of series DT
tax
APPROVED—Oh
Pa.—SEEKS REFUNDING AGENT—Sea led proposals
will be received at the City Clerk's Office until
10 a. m. on May 23 for
brokers services in securing the
exchange of the present outstanding bonds
of the city which bear interest at the rate of
414% and 4% for new oonds
which are proposed to be issued by the
way of refunding the present out¬
NEW
OFFERING—F.
Pa.—BONDS
PITTSTON,
BRIGHTON, Pa.—BONDS VOTED—At the May 17 election an
issue of $35,000 (not $50,000)
refunding and general purposes bonds was
approved by a vote of 1,183 to 927.
of)—NOTE
may
authorized the issuance of $1,350,000
hospital construction bonds.
-
(State
Bids must be unconditional in form and must be submitted
tary
and due $1,000 from 1939 to 1947 incl.
SALE—The $35,000 3%
p. 3062—were awarded
to the First Milton National Bank
at par plus a premium of
$315, equal to
100.90. a basis of about 2.69%.
Dated May 1, 1938.
Due May 1, 1948;
callable at par and accrued interest on
May 1, 1941, or on any subsequent
interest date.
PENNSYLVANIA
of
on
blanks which may be obtained from the above
Secretary.
Bidders,
however, may bid subject to the opinion of their own counsel as to
legality
of the loan.
Settlement in full for the loan must be made with the Secre¬
DEFERRED—Formal action has been
with the bids received at the
May 9
interest storm sewer project bonds—
State Treasurer,
taxes,
the District assumes and agrees to pay.
The bonds are direct and general
obligations of the District, payable from ad valorem taxes within the limits
imposed by law, levied on all the property taxable for school purposes within
DISTRICT, Pa.—BOND
revenue bonds offered
or
may
law
operating
the interest thereon will be payable without deduction for
any
except gift, succession or inheritance taxes, which are now
hereafter be levied or assessed thereon under any present or future
tne Commonwealth, all of which
taxes, except as above provided,
bonds and
to
down
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. O.
Erie), Pa.—
BOND SALE—The Security-Peoples Trust Co. of Erie
purchased as 2^8,
at par, the $55,000 building bond issue which
was approved by the Penn¬
sylvania Department of Internal Affairs on May 11.
Due serially from
1941 to 1959 incl.
MILFORD, Pa.—BOND A WARD
deferred until May 23 in connection
offering of $9,000 not to exceed 4%
V. 146, P. 2736.
Dated June 1, 1938
OFFERING—
purchaser,
$100,000, or both.
Due June 15 as follows: $270,000
$260,000 from 1943 to 1963 incl.
They will be issued
in coupon form, registerable as to principal only, or in
fully registered form,
as requested,
and bonds of the same series will be interchangeable from
coupon to registered form, or from registered to coupon form, and will also
be interchangeable as to the denoms. as previously stated.
Bidder to name
a single rate of interest, expressed in a
multiple of
of 1 %.
Bids must be
for not less than the par value of the bonds and accrued interest.
Said
proposal
turned
Pa .—BOND
in 1941 and 1942, and
DISTRICT, Pa .—BOND SALE—The
$40,000 4% operating revenue bonds offered May 16—V. 146,
p. 3062—
were awarded to the Union National Bank of
Mahanoy City, at par plus a
premium of $160.50, equal to 100.40. a basis of about
3.90%.
Dated May
1 1938 and due $5,000 on May 1. from 1939 to 1946 incl.
The Merchants
Banking Co. of Mahanoy City, second high bidder, offered a
price of par.
MECHANICSBURG,
DISTRICT,
in units of $10,000 or
SCHOOL
issue $185,000 sewage disposal plant coastruction bonds
by the voters at the May 17 primary election.
SCHOOL
Add B. Anderson, Secretary of the Board of Public Education, will receive
sealed bids until 1:45 p. m. (Eastern Standard Time) on June 13 for the
purchase of $6,000,000 not to exceed 4% interest school building bonds.
Dated June 15, 1938.
Denoms. $1,000 or, at the request of the
name a single rate of interest, payable semi-annually M. & N,
A certified
check for 2%. payable to the order of the District
Treasurer, must ac¬
MAHANOY
1938
Township Sch. Dist., Allegheny County, $4,000: tax anticipation
notes: May 13.
Wheatland Borough Sch. Dist., Mercer
County, $10,000; paying operat¬
ing expenses; May 13.
2JA, 2%, 3,
4^%
May 21,
Patton
a
premium of $841 for 1
Halsev, Stuart & Co., Inc., is offering at prices to yield 0.50 to 1.75%
issue of $160,000 l%% bonds due June 1, 1939-1947, inclusive
The
bonds, in the opinion of counsel, will Constitute general obligations of the
city, are payable from limited ad valorem taxes, and are regarded by the
bankers as legal investment for savings banks in New York. Massachusetts,
Connecticut and Pennsylvania.
Assessed valuation of the City of Williamsport, 1938, is officially reported as $29,486,060, and net bonded debt,
including this issue, is $758,960.
The following is a list of the bids:
an
Bidder—
E.
H.
Rollins &
Int. Rate
Sons
2%
2%
♦Halsey, Stuart & Co., Inc—l%%
Blyth & Co
2%
Bancamerica-Blair Corp._
—
—
—
_________
Granberry & Co
—
Schmidt, Poole & Co_
Mackey. Dunn & Co. and Yarnall & Co_________
—
E.
W.
Clark
W. H. Newbold's Sons & Co.
M. M. Freeman & Co_
*
Successful bidder.
2%
2%
2%
Rate Bid
100.685
101.39
100.o29
100.383
100.271
100.9493
101.01
1
100.179
134%
2%
100.03
100 26
Volume
Financial
146
WEST DEER SCHOOL DISTRICT (P. O. Russellton), Pa.—BONDS
VOTED—At the May 17 election the proposal to issue $150,000 high school
building bonds carried by a vote of 1,195 to 605.
SCHOOL DISTRICT,
CAROLINA
SOUTH
for the remaining 20 years.
This is the second time the bonds have been
refunded, having been refunded previously in 1933.
CROSS
Pa.—BONDS VOTED—At'the^vlay
17 election an issue of $150,000 school building bonds carried by a vote of
1,095 to 355, according to L. R. Schneider. District Secretary.
YEADON
3389
Chronicle
Route
SCHOOL
INDEPENDENT
ROADS
DISTRICT
O.
(P.
Texas—BONDS PARTIALLY SOLD—Of the two
$64,000, offered for sale on April 30, as noted
here—-V. 146, p. 2737—the $40,000 issue of school house bonds is said to
have been purchased by the State, as 33^s.
We have not been informed
what disposition was made of the $24,000 refunding bonds.
issues
2,
Malakoff),
of bonds aggregating
DENISON,
Tex.—BONDS
VOTED—At
O. Aiken), S. C.—BOND SALE—The $150,000
sale on May 18—V. 146, p. 3233—was
& Co. of Savannah, and associates, at a
price of 103.073, according to the Clerk of the County Court.
,
proved
GREENWOOD,
S.
C.—REFUNDING AUTHORIZED—The City
Council recently authorized the issuance of $50,000 bonds to refund an
equal principal amount of bonds due on July 1, 1938.
Bonds are to be
sold to tne County Bank at par and accrued interest as 3%s.
a
recent
Orangeburg), S. C.—CONSTRUC¬
TION BONDS TO BE ISSUED—It is reported that the county will presently
offer $200,000 of bonds to finance construction of an office building, roads
and bridges under Acts of the recent General Assembly.
$115,000 school construction
election voters ap¬
bonds by a vote of
house and jail bonds by a count of
AIKEN COUNTY (P.
issue of county bonds offered for
awarded to Johnson, Lane, Space
the issuance of
844 to 47.
Bonds
were
sold subject to
the election.
FREDERICKSBURG, Texas—BONDS DEFEATED—At the election
on May 12 the voters defeated the proposal to issue $150,000 in court
597 "for" to 1,020 "against."
held
FRIENDSWOOD,
Tex.—BONDS
VOTED—The proposal to issue
the voters at a recent
$5o,000 school construction bonds was approved by
election.
Vote was 32 to 1.
ORANGEBURG COUNTY (P. O.
ROCK
June
14
HILL, S. C.—BOND ELECTION—At an election to be held on
will be asked to approve the issuance of $75,000 water
voters
system improvement bonds.
CAROLINA, State of—LOCAL BOND BILLS APPROVED—
Assembly is said to have approved bills calling for the issuance
of the following bonds: $400,000 Anderson County Highway: $360,000
Richland County road construction: $82,000 Spartanburg County airport
improvement; $10,100 Spartanburg County School District bonds.
SOUTH
The General
O. Spartanburg), S. C.—BOND
SALE—The $130,000 issue of coupon highway bonds offered for sale on
May 17—V. 146, p. 3063—was awarded to the Commercial National Bank
of Spartanburg, as 3s, paying a premium of $136.00, equal to 100.140, a
basis of about 2.99%.
Dated May 1, 1938.
Due $13,000 from Nov. 1,
SPARTANBURG
COUNTY
(P.
O.tEdinburg), Texas—BOND REDEMPT¬
C. Hogan, Assistant County Auditor,
in the sinking funds created to service
its bonds and warrants, that can be used to purchase and cancel some of its
outstanding bonds and warrants. The following is a list of such issues and
tne approximate amount available for purchase:
HIDALGO COUNTY
(P.
ION NOTICE—It is stated by D.
that the county has cash on hand,
Permanent improvement refunding
Permanent improvement refunding
Road and bridge refunding warrants,
series 1932-A
Special road refunding bonds, series 1935
Special road refunding bonds, series 1935-A
Road District No. 1 bonds, series 1916
20,000
1,000
are solicited.
Prices quoted should be firm
the Commissioners' Court time for considering
Tenders of these securities
for 10 days in order to give
such tenders.
1945 to 1954 incl.
UNION COUNTY (P. O. Union), S. C—TEMPORARY LOAN—A
$5,000 temporary loan was offered for sale on May 14 and was purchased
jointly by the Arthur State Bank of Union, and the Bank of Jonesvilie, at
5%.
DISTRICT NO. 17 (P. O. Walhalla),
S. C.—BOND SALE—The $15,000 issue of 4% semi-ann. school bonds
offered for sale on May 18—V. 146, p. 3233—was awarded to Johnson,
Lane, Space & Co. of Savannah, according to the Chairman of the Board
WESTMINSTER
SCHOOL
of Trustees.
$2,500
6,000
3,000
5,000
5,000
—
8,000
bonds, series 1932
warrants, series 1932
Permanent improvement refunding warrants, series 1932-A
Road and bridge refunding warrants, series 1932___.._-
HONEY
GROVE
INDEPENDENT
SCHOOL
DISTRICT (P. O.
election voters ap¬
Honey Grove), Tex.—BONDS VOTED—At a recent
school district bonds.
proved the issuance of $35,000
LAKE
INDEPENDENT
VIEW
SCHOOL
DISTRICT
(P. O. Lake
View), Texas—BONDS SOLD—A $25,000 issue of 4% semi-ann. building
bonds, approved by tne voters on April 23, have been purchased at par by
the State Board of Education.
connection~with
ODESSA, Texas—BOAT) TENDERS ACCEPTED— In
refunding bonds, Series of 1936, noted in
recently—V. 146, p. 2738—it is stated by L. L. Anthony,
City Secretary, that tenders were accepted as follows: one at 95.00, and
the call for tenders of six $1,000
these columns
SOUTH
DAKOTA
INDEPENDENT
SCHOOL DISTRICT
(P. O. Wallace), S. Dak.—BOND OFFERING— Dealed bids will
be received until 8 p.m. on May 23, by Herman K. Gilbraa, District Clerk,
for the purchase of a $10,000 issue of building bonds.
Interest rate is not
to exceed 5%
payable semi-annually.
Due serially in from 3 to 20 years
37
,
from date of issue.
CUSTER
COUNTY
(P.
O.
S. Dak.—BOND OFFERING—
Gustafson, County Auditor, until
Custer),
Sealed bids will be received by Sadie E.
June 7, for the purchase of a $30,000 issue of court house and
jail bonds.
Interest rate is not to exceed 4%, payable J. & J, j Denom.
$1,000.
Dated July 1, 1938.
Due on July 1 as follows: $2,OO0 in 1943:
$3,000, 1944 to 1951, and $4,000 in 1952; callable on any interest payment
date on and after July 1, 1948.
Prin. and int. payable at the County
Treasurer's office.
The bids are to be made subject to the acceptance of
2 p.
m. on
the building of the court house
tion.
A certified check for 1%
and jail by the Public Works
must accompany the bid.
the offering report given in
(This notice supplements
recently—V. 146, p. 3238.)
Administra¬
SCHOOL DISTRICT (P. O. Pasadena),
will be received until 8 p. m. on
May 24, by Karl Kruse, Secretary of the School Board, for the purchase of
an $80,000 issue of 3%% semi-ann. school house bonds.
Dated Oct. 5,
1937.
Due on April 10 as follows: $3,000, 1941 to 1952: $4,000, 1953 to
1957; $5,000, 1958 to 1961, and $4,000 in 1962.
The State Board of Edu¬
cation has preferential right to purchase the bonds at the best price offered.
The approving opinion of Chapman & Cutler of Chicago, will be furnished
A certified check for $2,000 must accompany the bid.
PASADENA INDEPENDENT
Texas—BOND OFFERING—Sealed bids
JAVA, S. Dak.—BONDS NOT SOLD—It is stated oy the City Auditor
the $16,000 4H% coupon semi-ann. water works bonds offered on
April 20—V. 146, p. 2577—were not sold.
Dated April 1, 1938.
Due
from April 1, 1941 to 1953 incl.
that
INDEPENDENT SCHOOL
Knott,
from 70.00 to
SAN
authorization
WATERTOWN, S. Dak.—BOND SALE—The two issues of bonds ag¬
$68,000, offered for sale on May 16—V. 146, p. 3063—were
Minneapolis, as 2%s, paying a premium
of $376.00, equal to 100.5529, a basis of about 2.65%.
The issues are
awarded to the Wells-Dickey Co. of
divided
as
follows:
Due from May 25, 1940 to 1948, incl.
Due from May 25, 1940 to 1948, incl.
of
works refunding
Tex.—REFUNDING UPHELD—Judge DuVal West of
District recently declared valid the City Commission s
$213,000 general refunding, bonds and $24,000 water¬
bonds.
Suit was brought by the Bankers Life Company.
O. San Saba), Texas—BONDS VOTED—At
approved the issuance of $135,000 road bonds by a
SAN SABA COUNTY (P.
a
recent election voters
majority.
4 to 1
gregating
87.00.
SABA,
the United States
DISTRICT (P. O. Kadoka).
Clerk that the $14,000
Nov. 2, have since been
WHARTON
COUNTY (P. O. Wharton),
1941 incl.
UTAH
TENNESSEE
construction bonds.
FAYETTEVILLE, Tenn.-FORMER BOND
SALE RESCINDED—
SALE CONFIRMED—The Mayor and Aldermen have passed an
rescinding a previously authorized sale of $105,000 refunding
bonds to Lincoln County and confirming the sale of the bonds to the Union
Nationai Bank of Fayetteville at par and accrued interest, which equalled
the bid of Lincoln County.
Bonds will refund waterworks extension bonds
dated June 1, 1923.
NEW
ordinance
HARDIN
COUNTY
O. Savannah), Tenn.—BOND SALE—The
offered for sale on May 10—
(P.
according to report.
Tex.—BONDS TO BE IS¬
Court has filed notice of its intention to issue
improvement funding bonds on June 13 to fund and
cancel warrants heretofore issued to The Texas Railway Equipment Co.
for equipment to be used in making county improvements.
Bonds are to
bear 2H% interest and are to be due $15,000 annually on April 10, 1939
SUED—The Commissioners
$45,000 permanent
to
COLUMBIA, Tenn.—BOND ELECTION—At an election to be held
on June 15 voters will be asked to approve the issuance of $35,000 school
$36,000 issue of 4 H % semi-ann. funding bonds
V. 146, p. 2737—was purchased by the Thomas
with
Series of 1935, dated Nov. 1, 1935,
recently—V. 146, p. 3063—it is stated by B. B.
City Secretary, that $8,000 of bonds were tendered at prices ranging
of refunding bonds,
noted in these columns
S. Dak.—BONDS SOLD—It is stated by the District
5% semi-ann. building bonds offered for sale on
purchased by the county.
TENDERS RECEIVED—In connection
Texas—BOAT)
ROTAN,
(P. O. Beau¬
by Roy H. Guess,
not to exceed 4%
here recently—V.
SCHOOL DISTRICT
called off.
146, p. 3233—was
the call for tenders
HURON, S. DAK.—BONDS DEFEATED—At a recent election voters
of $125,000 auditorium construction bonds.
$58,000 auditorium bonds.
10,000 auditorium bonds.
INDEPENDENT
ROSEDALE
mont), Texas—BOND SALE CANCELED—It is stated
Superintendent of Schools, that the sale of the $25,000
semi-ann. school bonds scheduled for May 16, as noted
these columns
defeated the proposed issuance
KADOKA
five at 99.90.
COUNTY
CODINGTON
NO.
H. Temple Co. of Nashville,
Due $4,000 from Jan. 1, 1940 to 1948.
SCHOOL DISTRICT (P. O. Salt Lake City), Utah—•
BONDS PROPOSED—Taxpayers of the district have requested the School
Board to issue $250,000 school construction and improvement bonds.
GRANITE
SALT
LAKE
CITY, Utah—SCHOOL BOND REFUNDING AP¬
PROVED—The Board of Education recently approved the refunding
$615 000 school 5% bonds, dated July 1, 1919.
Bonds will be
as of May 1, 1938, to bear interest at 5% to July 1, 1939 and 2%%
until maturity as term bonds in 1958.
The Board is said to have
the First Security Trust Co., Salt Lake City: Blyth & Co., Inc., New
York City Ure, Pett & Morris, Inc., and Edward L. Burton & Co., both
of Salt Lake City, as the refinancing syndicate.
of
reissued
thereafter
designated
SOUTH
KINGSPORT, Tenn.—BOND SALE—The $25,000 issue of public im¬
sale on May 17—V. 146, p. 3063—was pur¬
by the Knoxville Securities Co. of Knoxville, as 3^s, paying a
premium of $11.00, equal to 100.044, a basis of about 3.24%.
Dated
May 1, 1938.
Due from May 1, 1939 to 1948 incl.
The following is an official tabulation of the other bids received:
Bidders—
Premium Rate Int.
Minnich Wright & Co., Inc., Bristol, Tenn.
$150.00
3%%
Booker & Davidson, Inc., Knoxville, Tenn
80.00
3H%
Cumberland Securities Corp., Knoxville. Tenn
52.50
Scott, Horner <fc Mason, Inc., Lynchburg, Va
3H%
Equitable Securities Corp., Knoxville, Tenn
151.60
3H%
Pohl & Co., Inc., Cincinnati, Ohio
95.16
3H%
Fidelity-Bankers Trust Co., Knoxville, Tenn
78.25
3%%
C. H. Little & Co., Jackson, Term
25.10
3%%
Jack M. Bass& Co., Nashville, Tenn
_
35.00
3% %
Utah—BOND ELECTION—On June 3 an
of submitting to the voters the proposed
exceed 5% water works construction bonds.
OGDEN,
will be held for the purpose
of $58,000 not
to
election
issuance
provement bonds offered for
chased
KNOXVILLE, Tenn.-—BONDS PLRCHASED—It is stated by A. Pthat the Sinking Fund Board has purchased
Frierson, Director of Finance,
$54,000 6% refunding bonds,
dated Jan. 1, 1933.
TEXAS
ELECTION—At an election to be held
the issuance of $75,000 Redfish
Bay seawall protection and maintenance bonds.
ARANSAS PASS, Tex.—BOND
on
June 6, voters will be asked to approve
CAMERON
COUNTY
(P.
O.
Brownsville),
Texas—REFUNDING
AUTHORIZED BY COURT—Judge Oscar Dancy of the County Com¬
missioners Court recently approved the issuance of $6,930,099 of road
refunding bonds and warrants under a refunding agreement entered
three months ago.
The State of Texas is refunding $1,035,576 of
into
the
of interest as before, the county is refunding
$4,638,523 at 3% for the first five years, 4% for the next 10 years and 5%
bonds at .5%, or the saime rate
VERMONT
MIDDLEBURY SCHOOL
Vt
to
DISTRICT NO. 4 (P. O. Middlebury),
AUTHORIZED—At a recent meeting the Prudential
authorized to issue about $74,000 of school construction
BONDS
mittee
was
supplement a
Public Works Administration
Com¬
bonds
loan of $60,545.
VIRGINIA
HEIGHTS (P. O. Petersburg), Va.—FINANCIAL
STATEMENT—The following official information is furnished in connection
with the offering scheduled for May 23, of the $30,000 3%% general public
improvement bonds, by Mayor Fred R. Shepherd, to supplement the offer¬
ing notice given in our issue of May 14:
«
Estimated true value real estate..
$3,964,000
Assessed value, real value
1,585,880
Value of municipal owned property
97,783
Bonded debt (sewer and water)..
ri'Xoo
COLONIAL
Sinking fund —
—
---Population, 1930, 2,389.
Population, 1937, 3,200.
Tax colletions average 90% of assessments.
Budgetary: 1937 revenues
1937 disbursements
—
16,033
—
45,261
4«'£37
NEWPORT NEWS, Va.—SCHOOL BONDS UNDER CONSIDERATION
The City Council is considering the proposal of the Board of Education
Public Works Administration grant of $122,000 be accepted and that
the city shall issue about $149,000 of school construction bonds.
that a
Financial
3390
Chronicle
May
1938
21,
WAUWATOSA, Wf•.—BOND SALE— The $50,000 issue of water works.
Series bonds offered for sale on May 17—V. 146,
p. 3234—was
jointly to Harley, Haydon & Co. of Madison, and the Citizens
State Bank of Sheboygan, as 2Ms, paying a premium of $12.50, equal to
100.025, a basis of about 2.245%.
Dated May 15, 1938.
Due from
WASHINGTON
Ninth
awarded
Wash.—BOND OFFERING—Sealed bids will be re¬
ceived until 7:30 p. m. on June 1, by W. H. Fowler, Town Clerk, for the
purchase of a $15,000 issue of coupon street improvement bonds.
Interest
rate is not to exceed 4M%. payable semi-annually.
Denom. $200.
Due
as follows: $1,000 from
1940 to 1942: $2,000, 1943; $1,000, 1944 to 1946:
$2,000, 1947: and $1,000, 1948 to 1952.
Each bidder shall specify (a) the
ARLINGTON,
March 15, 1939 to 1958.
The second highest bidder was the Securities Co.
of Milwaukee, offering a premium of
lowest rate of interest, and premium, if any, above par, at which he will
on
2Ms.
X-
>
WYOMING
purchase said bonds; or (b) the lowest rate of interest at which the bidder
will purchase the bonds at par.
Prin. and int. payable at the Town Treas¬
urer's office, or at the fiscal agency of the State in New York. A certified
check for 5% of the amount of the bid is required.
ALBANY COUNTY (P. O.
Laramie), Wyo.—REFUNDING AUTHOR¬
IZED—The Board of County Commissioners has entered into an agree¬
ment with the First National Bank of Laramie, in which the Bo&rd author¬
ized the issuance of $200,000 refunding 4M% bonds, dated Jan. 1, 1939,
KING COUNTY SCHOOL DISTRICT NO.
198 (P. O. Seattle),
Wash.—BOND SALE DETAILS—It is reported by the County Treasurer
bonds purchased by the State, as noted here re¬
146, p. 3234—were sold as 4s at par, and mature in from two
$1,018
to refund
an
equal amount of courthouse construction bonds.
Bonds are
of $1,000, and will mature serially $15,000 annually
to 1953 incl., and $20,000 on Jan. 1, 1954.
Bonds are
that the $10,000 school
to be in denominations
cently—V.
on
to 20 years..
'
JOINT
1942
1.
optional after Jan. 1, 1951.
F.
COUNTY
SNOHOMISH
TRICT NO. 333
Jan.
CONSOLIDATED
SCHOOL
DIS¬
(P. O. Everett), Wash.—MATURITY—It is stated by
the County Treasurer that the $50,000 school building bonds purchased
by Bramhall & Stein of Seattle, as 3 Ms. at a price of 100.31, as noted here
recently—V. 146, p. 3234-—are due on April 1 as follows: $2,000, 1940 to
1948; 13,000, 1949 to 1956, and $4,000 in 1957 and 1958.
EVANSTON, Wyo.—BONDS DEFEATED—At the election held on
May 10—V. 146, p. 2738—the voters rejected the proposal to issue $80,000
disposal plant construction bonds, the count being 575 "for" to 819
"against."
sewage
KEMMERER, Wyo.—BONDS VOTED—At the election held on May 9—
V.
VIRGINIA
WEST
WEST
VIRGINIA, State of—BOND OFFERING—Sealed bids will be
received until
1
(Eastern Standard Time), on May 25, by Governor
Bidders
interest, not to exceed 4 %, in a multiple of M of 1 %,
it being provided that a part of the issue may bear one rate and a
part a
146, p. 2902—tne voters approved the issuance of the not to exceed
$350,000 water system construction bonds by a count of 606 to 146.
In¬
terest rate not to exceed 5%, payable semi-annually.
Due serially over 25
years.
The date of offering nas not been scheduled as yet.
p. m.
RAWLINS STREET DRAINAGE & BITUMINOUS SURFACING
DISTRICTS NO. 1 and 2 (P. O. Rawlins, Wyo.—BOND OFFERING—
Homer A. Holt, for the purchase of a $500,000 issue of road bonds.
to name the rate of
are
different rate.
Not more than two rates will be considered in any one bid.
Coupon bonds in $1,000 denominations, convertible into fully registered
of $1,000 and $5,000 denominations.
Dated June 1, 1938.
Due
$20,000 from June 1, 1939 to 1963. incl.
Prin. and int. (J. & D.) payable
in lawful money of the United States at the State Treasurer's office in
Charleston, or at tne option of the holder, at the National City Bank in
bonds
New York.
Sealed bids will be received by W. L. Wallace, City Cierk, on June 7 at
7:30 p. m. for $23,000 Street and Drainage and Bituminous Surfacing
District
No.
1
(10
year)
bonds.
Interest
rate 4M% payable A. & O.
Payable at option of city.
Sealed
for $1,300 Street Drainage and
Bituminous Surfacing District No. 2 (10 year) bonds.
Interest rate 4M%:
payable A. & O.
Denom. $100.
Payable at option of city.
Certified
check for 5% of the bid Is required.
Denom. $500.
will- also
bids
Dated April 1, 1938.
be received
at
that
time
These bonds are issued under authority of amendment to the Constitution
known as $50,000,000 State Itoad Bond Amendment, and under authority
of
an Act of the Legislature of the State of West
Virginia known as Chapter
77, Acts of 1937, regular session.
To secure the payment of this bond,
principal sum and interest, when other funds and revenues sufficient are
not available for that purpose, it is agreed that, within the limits
prescribed
by the Constitution, the Board of Public Works of the State of West Vir¬
ginia shall annually cause to be levied and collected an annual State tax
on all property in the State, until said bond is
fully paid, sufficient to pay the
annua] interest-on said bond and the principal sum thereof within the time
this bond becomes due and payaole.
The bonds will be sold to the bidder offering to take the bonds bearing the
lowest interest rate and to pay the highest price offered for oonds bearing
such
rate.
bank
or
Each
bid must
be accompanied
by
a
certified check
upon
a
trust company
for 2% of the face value of the bonds bid for, pay¬
the State for security for the performace of such bid and
as liquidated
damages in case a successful bidder fails to take up and pay
for the bonds.
able to the order
or
The bonds cannot be sold at less than par and accrued-interest.
Pur¬
chasers will be required to pay accrued interest to the date of
delivery.
Delivery will be made in N. Y. City.
To expedite delivery, interim cer¬
tificates will be furnished purchasers.
The purchaser or purchasers will
be furnished with the final approving
opinion of Caldwell 8c
Raymond,
the fee for approving said bonds.
awarded an option until 1 p. m.
to purchase an additional $500,000
issue at the same price, conditions
the option is not exercised, the addi¬
New York,
but will be required to pay
Option—The successful bidder will be
(Eastern Standard Time), May 28, 1938,
of road bonds alike in all
respects to this
and terms bid for this issue.
In case
tional bonds will not be offered for sale until after the
successful bidder has
had a reasonable
opportunity to dispose of this issue.
Financial Statement
Assessed
valuation, 1937
Bonded indebtedness—State road bonds
State refunding bonds b
1935 Virginia debt refunding bonds c
a
-
$1,783,121,691
76,617,000
4,000,000
1,120,000
Total bonded indebtedness—not including this offer
Outstanding
$81,737,000
notes
Good
Roads
Amendments to theConstitution
and payable, serially hist
maturity May 1, 1962.
serially $250,000 each year, last maturity June 1, 1953.
k^yable
(Province
c$560,000 to be retired annually, July 1, 1938, 1939.
All of the original issue (1919
Virginia debt $13,500,000) retired except
as hereinafter stated.
$861,225 of the 1919 Virginia debt bonds
(3M%)
were held in escrow
by the State of W7est Virginia to be exchanged for
Virginia deferred certificates which had not been
deposited with the Com¬
monwealth of Virginia prior to
April, 1919.
$439,700 remain in escrow, although eligible for exchange since 1919.
provides any part of the bonds remaining in escrow and uncalled
on Jan.
1, 1939 shall be conclusively presumed to have been lost or
destroyed and shall be immediately canceled by the State of West Virginia.
Hence the State wid be liable for
payment for whatever part of tne $439,700
presented for payment prior to Jan. 1, 1939.
Population (1920 census), 1,463,701; (1930 census), 1,728,510.
lhe law
for
i*
2no5?ay.ani£
1939 to
the
disposal plant bonds.
will be received
purchase of a
& 2-,
Denom. $500.
Due
Interest rate is not to exceed
on
April 15
as
1943; $2,500 in 1944, and $2,000 in 1945 and 1946.
be callable by the village before maturity.
approved by the voters at an election held on April 5.
bonds may
were
—
bids
Esther Stenerson, Villlage Clerk, for the
y
of sewage
■ir
V,
146,
I°WA
lhe
supersedes the report given in
our
3234.)
p.
follows:
$500,
Any or all of
These bonds
of Mrs. I. K. Kerr of Calgary, who challenged the right
on dividends she received (and used
Province) from investments
in
the
State
of Washington,
Justice Ewing ruled:
"(1) The Province has no legal right to collect income tax from Alberta
residents when that income is derived from investments outside the Province
In the action
the
outside
unless dividend checks
Alberta
in
(P. O. Dodgeville), Wis.—BONDS APPROVED—
Attorney General recently approved the issuance of $73,000
highway
bonds and another issue of $54,000
highway improvement
improvement
ROCKBRIDGE, Wis.—BONDS
approved the
SAINT
of
issuance
COUNTY
(P.
O.
Hudson),
*Jz~rAttoruey General Loomis recently
$104,000 highway improvement bonds.
SHEBOYGAN,
ceived until
purchase of
a
a.
penom. $1,000.
$12,000,
election
voters
Wis .—BONDS
approved
the
APof
issuance
Wis.—BOND
1944
m.
on
Dated March 15, 1938.
to
1955;
$35,000,
1956
tand
Due
on
1957,
March 15 as follows:
$36,000 in 1958.
and
Prin. and int. (M. & S.) payable at the
City Treasurer's office.
A certi¬
fied check for $12,500, payable to the
City Treasurer, must accompany
the bid.
VERNON
COUNTY
(P.
O.
Wis.—BOND OFFERING—
(Central Standard Time), on
June 6, by Berlie Moore, County Clerk, for the
purchase of a $98,000 issue
of 2% highway improvement, series L bonds.
Denom. $1,000.
Dated
May 1, 1938.
Due on May 1, 1941.
The bonds will be sold at not less
Sealed bids
will
be received
than par and accrued interest.
opinion of Chapman &
executed
reserved to
1
p.
m.
Prin. and int.
(M. & N.) payable at the
issued subject to the approving
Cutler of Chicago, to be furnished together with
the successful bidder without cost.
The right is
County Treasurer's office.
the
Viroqua),
until
The bonds
at auction on the above
A
certified check for 2% of the par value of
bonds, payable to the County Treasurer, must accompany the bid.
Note—On the same date, immediately following the sale of the above
the
bonds,
an
issue of 2%
corporate purpose notes, in the sum of $140,000,
dated July 15, 1938, due on July
15, 1939; callable at the option of the
county on April 1, 1939, will be offered for sale.
or
deposited
.
Justice Ewing held that the Income Tax Act of Alberta, so far as it pur¬
to affect the income obtained and spent outside the Province, is
beyond the constitutional powers of the Alberta Legislature."
In challenging the validity of the Act, Mrs. Kerr claimed income in the
ports
•
form of dividends from investments in the State of
Washington were spent
California, where she spends the winters.
were Premier William Aberhart, as
Attorney
General for Alberta, and the Provincial Superintendent of Income Tax.
The Province's defense was that income tax was a personal tax and the
income which tne taxpayer received was merely the basis on wnich the tax
was computed, or the yardstick by which it was measured.
The origin of
the income, it was claimed, was of no importance.
Justice Ewing stated it was cleir the Province had not an unlimited
power to tax.
There were two limitations.
The first was as to the kind
of taxto be levied, namely, "direct" tax as distinguished from an "indirect"
in British Columbia and
Defendants in the action
The second was a territorial limitation, in
within the Province.
It is believed to be the first decision in Canada
that
taxation
must
be
holding that Provincial
income tax is limited to income within the Province.
The judgment, local legal authorities said, would
affect all residents in
Alberta who have moved their investments outside the Province.
CANADA
(Dominion
of)—OFFERS $140,000,000 LOAN ON SUB¬
Dunning, Minister of Finance, has an¬
be received up ro May 18 to a new loan
in the approximate amount of $140,000,000.
Of this total, about $90,000,SCRIPTION
nounced
BASIS—Charles
tnat subscriptions will
000 will be offered on a conversion basis and the other $50,000,000 for cash.
The offering is being made in two series, as follows: 2% bonds due June 1,
1944, priced at 99.375, to yield about 2.11% to maturity; 3% bonds due
June 1, 1958, priced at 99 and interest, the yield" to maturity being around
3.07%.
BONDS ALLOTTED—Charles
announced
loan
the result of allotments in
Dunning, Minister of Fi¬
$140,000,000 cash and
the
offered
May 18, as follows:
Subscriptions were accepted
for $90,625,000 2% bonds, due June 1, 1944. issued at a price of 99.375,
to yield about 2.11%, and $49,200,000 3% bonds, due June 1, 1958. call¬
able on or after June 1, 1953, issued at 99 and accrued interest, yielding
about 3-07% to maturity.
Of the new bonds $50,000,000 were offered for
cash to provide funds for general government purposes, and the other $90,000,000 to convert a similar amount of 2s maturing Oct. 15, 1938.
The
conversion
was carried out to the extent of $89,825,000.
Both the new 2%
bonds will be aated June 1, 1938 and in denoms. of $1,000, $500
Principal and interest (J. & D.) payable in lawful money of
Canada at any branch in Canada of any chartered bank.
The 2% bonds
due Oct. 15, 1938 (with final coupons attached) were accepted for conversion
to the new bonds at a price of 100.80, which included an adjustment for
and
$100.
accrued interest.
an
issue of
$68,000 4% improvement bonds, due in 1948.
DIGBY COUNTY (P. O. Digby), N. S.—BONDS SOLD—The Dominion
Securities Corp. of Toronto was awarded an issue of $35,000 4% power
plant bonds, due April 1, 1968.
ST- THOMAS, Ont.—OTHER BIDS—The $100,000 improvement bonds
maturing in installments of $25,000 each, with the 1939 and 1940 maturities
bearing interest at 2% and those of 1941 and 1942 at 2M%. awarded to
Mills, Spence & Co. of Toronto, at a price of 100.71, as previously reported
n these columns—V.
146, p. 3064, were also bid for as follows:
Bidder—
1
Rate Bid
Bell, Gouinlock & Co
A. E. Ames & Co., Ltd-—
—,—
Royal Securities Corp
Imperial Bank of Canada
Wood, Gundy & Co___
100.54
-_-._100.25
100.06
99.80
-
Midland Securities
Corp
Dominion Securities Corp
R. A. Daly & Co.
T. E. Rogers Ltd
-
99.53
99.53
99.50
—
—.—__ —
.
—
99.18
§8.68
are
bonds, to
reject any and all bids and sell the bends
mentioned hour and date.
.,.v
a
OFFERING—Sealed bids
will
be
re¬
June 6, by J. E. Leberman, City
Clerk, for the
$250,000 issue of 2M % coupon General Sewer District bonds,
10
received in Alberta and cashed here
DELTA, B. C.—BONDS SOLD—A. E. Ames & Co. of Toronto purchased
recent
a
$30,000 road grading and graveling bonds by
103.
CROIX
VOTED—At
are
banks:
"(2) fWhen income is obtained by an Alberta resident from investment
outside the Province and income checks are not cashed in Alberta (even
though they are received in Alberta and forwarded to banks outside the
Province) that income cannot be taxed by the Province."
and 3%
issue of May 14
COUNTY
vote of 112 to
SOURCES
the Province is not taxable.
$140,000,000
issue
FOREIGN
of the Province to demand income tax
conversion
9/^J~fTON, Wis.—BOND OFFERING—Sealed
FROM
HELD NON-TAXABLE WHEN NOT SPENT IN PROVINCE—'The Al¬
berta Income Tax Act, passed by the Provincial Legislature in 1932, was
declared ultra vires, in part, in a judgment of Justice A. F. Ewing on May 10.
He held tnat income derived from outside Alberta when not used in
nance,
WISCONSIN
$9,000
of)—INCOME
tax.
None
Issued pursuant to the
a
CANADA
ALBERTA
SOREL, Que.—BOND SALE—The issue of $30,000 improvement bonds
offered
Jean
May
16
was
sold at
a
price of 97.276, according to Town Clerk
L. Portier.
The above bonds
Other
bids
were
awarded to Bruno Jeannotte of Montreal.
were:
Bidder—
Rate Bid
Dube, Leolond 8c Co
97.04
Dominion
9o.27
95.00
Securities
Corp
Banque Canadienne Nationale
@FedFRASER